Update on Management Changes

11 November 2010

MirLand Development Corporation plc

('MirLand' / the 'Company')

UPDATE ON MANAGEMENT CHANGES

MirLand Development Corporation plc, one of the leading residential and commercial property developers in Russia, announces that the management changes referred to in the Company's announcement of 8 October 2010 in relation to the appointment of Mr Roman Rozental as MirLand's CEO and Mr Emile Budilovsky as CFO and Mr Morag's retirement as CEO of MirLand, will now take effect on 1 December 2010 as a result of Mr Moshe Morag being appointed as CEO of Industrial Building Corporation Ltd with effect from 1 December 2010. 

Industrial Building Corporation Ltd is interested in 37,200,272 ordinary shares in the Company, representing 35.92% of the Company's entire issued share capital, which together with JEC and Darban Investments Ltd. (a company controlled by Mr Eliezer Fishman), effectively hold an interest in approximately 78.2% of the Company.

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