Credit Rating for Bonds

2 December 2013

MirLand Development Corporation plc

("MirLand" or the "Company")

Midroog reconfirms ilBaa1/Stable credit rating for Mirland's series A, B, D and E bonds

Vernissage Mall Project - Negotiations to Purchase Remaining Outstanding Shares

MirLand, one of Russia's leading residential and commercial property developers, announces that Midroog, a subsidiary of Moody's Investor Services, the credit rating agency, has reconfirmed the "ilBaa1/Stable" credit rating for Mirland's Series A, B, D and E bonds on a local Israeli scale. Furthermore, Midroog has provided this rating for any issue of new bonds of either E series or a new series of up to NIS 140 million (approximately USD 40 million). This will enable Mirland to issue a further up to NIS 140 million par value of bonds, should the Board deem any such issue beneficial to the Company. There is no obligation to issue bonds now or in the future.

In addition, MirLand announces that it is in negotiations with Goodrock Real Estate Commercial Fund Limited ("Goodrock") to purchase all of Goodrock's shares in Inverton Enterprises Limited ("Inverton"), which holds the Vernissage Mall investment in Yaroslav together with 18 hectares of land adjacent to the Mall available for future development.

The Vernissage Mall is a 34,100 sqm Western standard single floor shopping centre, developed by MirLand in 2007, which is currently 100% let. MirLand is currently progressing plans to develop a new retail complex on the 18 hectares of developable land next to the Mall.

The Company currently holds 50.5% of the issued share capital in Inverton and Goodrock holds the remaining 49.5%.

The Company expects to be able to purchase the shares at a price close to the value of the Mall in the Company's financial reports dated 30 September 2013. The purchase is subject to certain approvals that have yet to be granted and there is no certainty that such purchase will be finalised.

For further information, please visit www.mirland-development.com, or contact: