Completion of Debt Settlement with SberBank

MirLand Development Corporation PLC

 (the "Company")

Completion of Debt Settlement with SberBank (the "Bank")

20 September 2016 - Further to the announcement made on 8 July 2016 in relation to the agreements entered into between four Subsidiaries of the Company and the Bank with respect to loans granted by the Bank, totaling approximately US$160 million (the "Debt Settlement"), the Company announces that on 20 September 2016 the Debt Settlement was completed.

Completion of the Debt Settlement is one of the conditions to the Company's settlement plan with the bondholders (the "Settlement Plan"), which has now been fulfilled.

The Company is continuing to progress the Settlement Plan and will make further announcements in due course.

All terms in this announcement have the meaning given to them in the Company's announcement made on 8 July 2016 unless otherwise defined herein.

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