Holding(s) in Company

28 March 2011

MirLand Development Corporation plc

("MirLand" or the "Company")

Notification of Interests

MirLand, one of Russia's leading residential and commercial property developers, announces that it has received notification that on 23 March 2011:

·; Jerusalem Economic Corporation ("JEC") acquired 459,666 ordinary shares in Mirland (approximately 0.4% of the issued share capital) at £2.77 per ordinary share. Following the transaction, JEC has a total holding of approximately 30%.

·; Darban Investment Ltd ("Darban") acquired 459,666 ordinary shares in Mirland (approximately 0.4% of the issued share capital) at £2.77 per ordinary share. Following the transaction, Darban has a total holding of approximately 14%.

Mr Eyal Fishman, a non-executive director of the Company, holds a 15.8% equity interest in two companies which, through various intermediate companies hold an effective interest of approximately 73% of JEC which holds an interest in approximately 30% of the Company.

Mr Eliezer Fishman, a non-executive director of the Company, and his wife Tova Fishman together hold approximately 53% of the intermediate companies referred to above and which hold an effective interest of approximately 73% of JEC.

JEC, together with Darban and Industrial Buildings Corporation Ltd (a company controlled by Mr Eliezer Fishman), effectively hold an interest in approximately 80.7% of the Company.

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