Further to the announcement made on 8 July 2016 in relation to the agreements entered into between four Subsidiaries of MirLand Development Corporation PLC and SberBank with respect to loans granted by the Bank, totaling approximately $160 million (the ‘Debt Settlement’), the company announced that on September 20, 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.