SERIES D BONDS

14 May 2013

MirLand Development Corporation plc

("MirLand" or "the Company")

SERIES D BONDS

MirLand, one of the leading residential and commercial property developers in Russia, announces that, further to the announcement made on 9 May 2013 that it had received commitments to subscribe for new D Series bonds (the "Bonds") to be issued by the Company to raise 35 million New Israeli Shekel ("NIS")) (approximately US$9.85 million) (before expenses), it has received additional commitments for new Bonds which, if issued, will raise a further NIS 25 million (approximately US$6.95 million) (before expenses), taking the total of new funds raised to NIS 60 million (approximately US$16.8 million). The issue of the Bonds is subject to the approval of the Tel Aviv Stock Exchange.

The Bonds will be issued on identical terms to the existing D Series bonds and will be rated as "ilBaa1/Stable" on a local Israeli scale by Midroog, a subsidiary of Moody's Investor Services.

The net proceeds of the issue of the Bonds will be applied for general working capital purposes.

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