Bonds update

14 July 2015

MirLand Development Corporation plc

("MirLand" or the "Company")

Bonds update

Further to its announcement on 7 July 2015 (the "Announcement") regarding an application made to the Cypriot Court to sanction the convening of meetings of the Bondholders and shareholders of the Company to approve the Arrangement, the Company announces that, today, the Cypriot Court has approved the said application.

As described in the Announcement, an amendment to the application will be made to the Cypriot Court and once that amendment is sanctioned by the Cypriot Court, the Company will convene meetings of Bondholders and shareholders to approve the Arrangement.

If the Arrangement is approved by both the Bondholders and the shareholders, a further application to the Cypriot Court will be made to sanction the Arrangement. Once sanctioned by the Cypriot Court, the Arrangement will be binding on all Bondholders and shareholders.

Unless otherwise defined, capitalised terms in this announcement have the meaning given in the Announcement.

Further updates will be provided in due course.