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Q1 2012 INVESTOR PRESENTATION May 2012


Disclaimer This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of AFI Development Plc (the "Company") or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with the document. This communication is only being distributed to and is only directed at (1) qualified institutional buyers (within the meaning of Rule 144A of the United States Securities Act of 1933, as amended (the "Securities Act") or (2) accredited investors (as defined in Rule 501(a) of Regulation D adopted pursuant to the Securities Act). Any person who is not a "qualified institutional buyer" or "accredited investor" should not act or rely on this document or any of its contents. This document contains "forward-looking statements", which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or GDRs, financial risk management and the impact of general business and global economic conditions. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. Neither the Company, nor any of its agents, employees or advisors intends or has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this document. The information contained in this document is provided as at the date of this document and is subject to change without notice. 2


Contents 1. 2. 3. 4. 5.

6.

AFI Development at glance Key Moscow projects Portfolio overview Company update a. Main events during 2012 Projects update a. AFIMALL City project highlights b. AFIMALL City Operational Summary c. Yielding Properties d. Property under construction e. Projects next for development f. Pipeline and land bank Q 1 2012 Financial Results a. Income Statement b. Loans and Cash Position c. Balance Sheet

4 5 6 8 11 12 13 17 20 21 22 23

3


AFI Development at Glance Market Cap, as of May 21, 2012

US$ 0.52 bn

Market Cap, 12months average

US$ 0.67 bn

Price per share, as of 21 May, 2012

US$ 0.50

•Focus on unique large scale commercial and residential projects

NAV(Equity), March 31, 2012

US$ 1.94 bn

•Primary market: Moscow, Russia

NAV per share, March 31, 2012

US$ 1.85

Portfolio MV*

US$ 2.7 bn

BUSINESS

HISTORY

Land Bank 15%

AFIMALL 43%

* Latest JLL report as of 31 December, 2011

FINANCIAL STABILITY

•Admitted to LSE in 2007 (Tickers: AFID.IL; AFRB.LN). Received premium listing in 2010

•10 completed projects with total c. 500K sqm of space TRACK RECORD

BRAND

•Impeccable credit history •Market reputation for high quality and professional property management

•Substantial income generating portfolio. Major project AFIMALL (p.11) completed in Q1 2011

•Strong global brand •Affiliate of Africa Israel Group (63.7% owner) , a major conglomerate with global focus on real estate, construction and infrastructure

•Secured financing for on-going projects •Low leverage: Debt/Total assets* is 24%

•Free float – 36.3% Income Producing Projects 12%

Projects Under Construction 7%

•Strong liquidity position with around US$104.1 mn in cash as of March 31, 2012

•Active on the market for 11years

Portfolio market breakdown* Next for Development 23%

•Full cycle real estate developer

PORTFOLIO

•2 projects close to completion (p.15), 3 project next for development (p.18) •Pipeline and land bank (p.20)

* Debt represents long-term and short-term loans 4


Key Projects in Moscow1 Current Portfolio Yielding Assets / Trading Stock AFIMALL City

Aquamarine II

Berezkovskaya

Ownership:50%

H2O

Four Winds

Botanic Garden

Plaza Spa*

Value (JLL): US$ 1.5 bn GLA: 169.9K sqm NOI stab.(AFID share) US$ 165.8 mn GSA: 2.2Ksqm Price psqm: 13K – 15K

*Outside of Moscow

Pochtovaya, Phase I

Paveletskaya, 1

Tverskaya Plazas Four Winds

Projects close to completion

AFIMALL City Berejkovskaya

Otradnoe

Aquamarine Hotel

Aquamarine Complex H2O Office Paveletskaya, 1

Paveletskaya, Phase # II

Kosinskaya

Aquamarine III

Value(JLL): US$ 191.1 mn GLA: 51.9K sqm NOI stab.(AFID share): US$ 24.8 mn

Kalinina Hotels* *Outside of Moscow

Development Projects

Tverskaya Plazas

Otradnoe

Pochtovaya, Phase I

Value(JLL): US$ 625.6mn GLA: 100.2K sqm NOI stab.(AFID share): US$ 99.7 mn GSA: 607.1K sqm CF from sale: US$ 2.3 mn

Pipeline and Land Bank

Kosinskaya

Botanic Garden

Paveletskaya, Phase # II

Other Other projects

Value(JLL): US$ 399.1 mn GBA upon completion: 559.6K sqm

1

- all data presented as of 31.12.2011

5 Note: the NOI projections are “forward looking statements” based on JLL valuation assumptions and Company estimations and they can be realized or not realized due to factors beyond the Company's control including, among others, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or GDRs, financial risk management and the impact of general business and global economic conditions


Portfolio Overview Track record* (sqm) hotel  Delivered 12,665 office  Under construction 78,647 retail 174,802

hotel 36,130

Company track record – c. 400K sqm of commercial and residential space

Current portfolio – up to 2 mn sqm

Active pipeline projects– c. 1.2 mn sqm

AFIMALL is the flagship yielding asset with 166K sqm GBA operation started in Q1 2011

residential 69,783

Aquamarine III delivery will add 79K sqm of high quality office stock to the Company yielding portfolio in H1 2012

office 102,376

*total gross area of projects shown inclusive of shares owned by partners and projects sold, exclusive of pipeline and land bank projects

Market Value breakdown** Next for Development 23%

Projects Under Construction 7%

Land Bank 15% Income Producing Projects 12%

Current portfolio MV – US$ 2.7 bn**

Current MV of yielding properties – US$ 1.5 bn**

Selection of attractive pipeline projects provides with wide opportunities for future development

AFIMALL 43%

** MV according to JLL’s valuation

as of December 31, 2011

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SECTION 1

Company Update


Company Update during Q1 2011 MANAGEMENT UPDATE - The Company has established an employee share option plan operated by the Board of Directors, which grants Company shares as an incentive to the Senior Management Team AFIMALL CITY - The Company reimbursed US$ 21 mn on AFIMALL City share buy-out VAT, which was recognized as revaluation gain in Q4 2011 - Management received positive decision from tax authorities to reimburse VAT on parking buy-out (expected in Q2 2012) - Company put part of the parking into operation (600 parking lots) in February 2012, completion of the rest of the parking is expected by the year end PLAZA SPA ZHELEZNOVODSK (KALININA HOTEL) - The project team conducted soft opening of the Hotel in May 2012; grand opening is scheduled for July 2012 TVERSKAYA PLAZAS - Following the non-binding agreement between AFI Development and the City of Moscow, the City is progressing with renewing and reapproving the Company development rights and leasehold interests in land plots at the Plaza Ic (part of Plaza I), Plaza IIa and Plaza IV projects ODINTSOVO PROJECT - Management significantly progressed on an approval of the project documentation from State Expertize Commission - Ultimate approval to obtain construction permit is expected in the next few months OZERKOVSKAYA III - The Company progressed towards construction completion in shell&core in H1 2012; grand opening is scheduled for this summer - A permit to start operations is expected to be received in Q2 2012 - Company is in continuous negotiations with potential tenants/buyers for the project 8


Main Targets for 2012 AFIMALL CITY - Improve operations in AFIMALL -

Settle the agreement on disposition of 665 parking units to VTB bank Reimburse VAT on parking buy-out in the amount of US$ 20 mn Finalize parking construction by the end of 2012 Increase occupancy level and number of visitors Introduce aggressive advertising campaign Secure refinancing for AFIMALL on favorable terms ( low interest rate and principal amortization)

OZERKOVSKAYA III - Complete construction of Ozerkovskaya III and proceed with lease up/sale - Upon completion and partial lease of the project the Company aimed to refinance the loan facility in US$ with lower interest rate payment

TVERSKAYA PLAZAS - Complete the process with the City regarding the renewal and re-approval of the Company development rights and leasehold interests in land plots at the Plaza Ic, Plaza IIa and Plaza IV - Finalize restructuring of existing loan facility on Tverskaya Mall project

ODINTSOVO (OTRADNOE) PROJECT - Decide on the further development of Odintsovo project - Secure construction debt financing

PLAZA SPA ZHELEZNOVODSK (KALININA HOTEL) - Conduct grand opening of Kalinina Hotel in July 2012

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SECTION 2

Projects Update


AFIMALL City Project Highlights KEY ADVANTAGES     

The largest mall in the city center Best quality construction and fit-out Attractive consumer target group, employed by worldwide institutional companies in the surrounding offices Perfect tenant mix: Banana Republic, Inditex, H&M, X5 Good transport accessibility – metro station underneath, 100 m distance to the Third Transport Ring PROJECT HIGHLIGHTS (as March 2012)

Ownership

100%

Land area

4.4 ha in the unique business district

GBA, sqm

165,924

GLA, sqm Parking units, #

107,121 2,700

Forecast NOI*(stab.)

US$ 134 mn

Average rent per sqm pa

US$ 1,278 per sqm pa

Market Value (JLL as of 31.12.2011)*

US$ 1,160 mn

Space leased

77%

* Valuation conducted by JLL as at December 31, 2011

Surrounding offices and apartments GBA: • Already completed – 1.1 mn sqm • In mid-term GBA to reach – 1.6 mn sqm • Total pipeline – over 2.5 mn sqm Source: http://eng.citynext.ru 11


AFIMALL City Operational Summary ACHIEVEMENTS Operation:  AFIMALL NOI reached US$ 13.8 mn in Q1 2012 compared to US$ 10.7 mn in Q4 2011 Finance:  The Company reimbursed US$ 21 mn on AFIMALL City share buyout VAT  The Company successfully registered the mortgage provided by VTB over the premises of AFIMALL City(excl. parking). It results in 2% decrease of the interest rates charged on loans AFIMALL parking:  Company put part of the parking buy-out into operation (600 parking lots) in February 2012  Management received positive decision from tax authorities to reimburse US$ 20 mn VAT on parking buy-out in AFIMALL (expected in Q2 2012)  The Company is continuing its negotiations with VTB Bank to dispose 665 parking spaces NEXT STEPS ON TRACK TO PROJECT PROMOTION

Daily average footfall in AFIMALL (‘000 visitors) 35

31.7K

30

 Settle the agreement on disposition of 665 parking units to VTB bank  Reimburse VAT on parking buy-out in the amount of US$ 20 mn  Finalize parking construction by the end of 2012

25 20

 Introduce aggressive advertising campaign  Secure refinancing at favorable terms of interest and amortization

15

The City of Moscow is progressing with its plan for the opening of additional metro station which is also expected to have a significant positive effect on the number of visitors in the Mall in the future

10 5 0

2012

12


Yielding Properties2

* JLL estimation

** Total MV dies not include Ozerkovskaya II residential (US 30 mn) and Four Winds Residential ( US 22 mn) value *** offices and retail only

2 - all data presented as of 31.12.2011 13


Property under Construction


Ozerkovskaya III KEY ADVANTAGES  Located in Zamoskvorechye, Moscow’s prestigious business area within the Garden Ring  3-rd phase of Ozerkovskaya Embankment development site  4 Class A office buildings comprising one complex

ACHIEVEMENTS Construction:

 Progressed towards completion in shell&core in H1 2012; grand opening is scheduled for this summer PROJECT HIGHLIGHTS (as of March 2012)

 Permit to begin operations is expected to be received in Q2 2012

Ownership

50%

GBA,sqm*

78,647

GLA, sqm*

46,394

Parking, # lots* Delivery Terminal Value (JLL est.,31.12.2011)* Exp. NOI (JLL est.), pa*

551 H1 2012 US$ 430.8 mn c. US$40.9mn

Operation Strategy:

 The project has been put on the market for both lease up and sale; the average market rate in this area is close to US$ 900 psm pa. The Company has started aggressive marketing of the project Finance:

 Upon completion and partial lease of the project the Company aimed to refinance the loan facility in US$ with lower interest rate payment. Negotiations with banks are ongoing

TARGETS  Complete construction of Ozerkovskaya III and proceed with lease up/sale

* For 100% of the projects

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Plaza Spa Zheleznovodsk (Kalinina Hotel) KEY ADVANTAGES

 Located in Russia’s south region in the city of Zheleznovodsk, popular resort destination  Inspired by the success of Plaza Spa Hotel in Kislovodsk ACHIEVEMENTS

Construction:  Hotel construction is completed, minor fit-out works are ongoing  On May 14, 2012 the Company was granted a permit to start operations of the complex  A soft opening of the hotel happened in May 2012 and the grand opening will take place in July 2012

PROJECT HIGHLIGHTS (as of March 2012)

Finance: Ownership

100%

GBA,sqm

12,665

# of keys

136

Delivery

Q2 2012

Stabilized occupancy(JLL est.)

Average Room Rate (Jll est.) Terminal Value (JLL est.,31.12.2011)

 The loan together with the expected VAT reimbursement is enough to cover outstanding costs on the property development TARGETS

 Conduct grand opening of Kalinina Hotel in July 2012  Roll-up operations in cooperation with Plaza SPA management

71%

US$ 136.7 US$ 26.2 mn

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Projects next for Development


Projects Next in Line for Development

Project

GBA (sqm) Odintsovo (Otradnoye)

GBA, sqm

Apartments left/occupancy Tverskaya Plazas

Bolshaya Pochtovaya

703,317 *

231,680*

169,700*

436,494 residential and 37,504 commercial *

123,750 residential*

100,175 */7,070*

Parking

2,053*

1,904 lots *

588 lots*

Ownership

100%

100%

100%

design stage

design stage

design stage

Expected revenue / outstanding investment costs *

US$ 1,331 mn/ US$ 871 mn*

US$ 807 mn/ US$ 334 mn*

USD1,207 mn/ US$ 358 mn*

• The project is located in the Moscow Central District on the Yauza river bank; total site area is 4.5 ha • Phased mixed use development dominated by residential component

• Located in one of Moscow’s most central neighborhoods near Belorussky rail terminal, on the intersection with Tverskaya Street

Details

• Located on 32 ha site in the town of Odintsovo, one of the newest and most environmentally clean areas bordering Moscow • Project includes multifunctional infrastructure with schools, kindergardens and sports facilities for children • Currently on-going concept refinement and design

GLA /GSA, sqm

Delivery

* Based on valuation conducted by JLL as of December 31, 2011, excl. entrepreneur’s profit from investment costs

Note: All pipeline projects projections are “forward looking statements” based on JLL valuation assumptions and Company estimates and they can be realized or not realized due to factors beyond the Company's control including, among others, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or GDRs, financial risk management and the impact of general business and global economic conditions

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Pipeline and Land Bank3

Project

Type

GBA upon completion (sqm)

Land (ha)

MV as of 31/12/2011, US$K (JLL)

8.07

111,770

146,120

Residential

3.2

173,300

68,300

Park Plaza Kislovodsk

Hotel resort

5.3

40,000

10,000

Versailles, Kislovodsk

Hotel resort

0.6

11,762

6,900

Ruza

Mixed use

387

n/a

3,922**

St. Petersburg

Mixed use

3.7

n/a

1,850

Paveletskaya, II

Mixed use

4.0

106,250

47,800

Boryspol

Residential

130.7

n/a

13,500

Tverskaya Plazas(Ib, II)

Mixed use

116,526

100,700

559,608

399,092

Kosinskaya

Office

Botanic Garden

TOTAL

Extensive land bank  Land bank – projects the Company is currently put on hold 

* Valuation by JLL as at 31.12.11

** Value presented as a BS value as at 31.12.11

Over 500 ha of land

Land bank strategy  Activate projects upon securing required financing and evaluation of demand level from prospective tenants/buyer 

Full flexibility regarding future development in various cycles of the economy – the major competitive advantage for the Company

Note: MV upon completion and GBA upon completion are “forward looking statements” based on JLL valuation assumptions and they can be realized or not realized due to factors beyond the Company's control including, among others, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or GDRs, financial risk management and the impact of general business and global economic conditions 3

- all data presented as of 31.12.2011 19


SECTION 3

Q1 2012 Financial Results


Income Statement NARRATIVE

1/1/1231/03/2012 US$' 000

1/1/11Changing 31/03/2011 US$' 000 US$ mn %

Revenue Rental income Construction consulting/management services

36,847 35,307 1,540

15,596 15,314 282

21,251 19,993 1,258

Other income Operating expenses Administrative expenses Other expenses

59 (10,308) (3,158) (1,925) 264 7,116 (3,001) 4,115

63 107% (5,969) 58% (200) 6% 1,679 -87% 16,824 6373%

Profit on disposal of investments in subsidiaries Valuation gain on investment property Net proceeds from sale of trading properties Carrying value of trading properties sold Profit on disposal of trading properties

122 (16,277) (3,358) (246) 17,088 2,337 1,068 3,463 (1,891) 1,572

Results from operating activities

22,065

4,379

Finance income Finance costs Net finance income Profit before income tax Tax expense Profit for the period Profit attributable to: Owners of the Company Non-controlling interests Profit for the period Earnings per share Basic and diluted earnings per share (cent)

9,918 (15,971) (6,053) 16,012 (8,139) 7,873

16,634 (3,877) 12,757 17,136 (476) 16,660

7,888 (15) 7,873

16,458 202 16,660

0.75

1.57

(3,653) 1,110 (2,543) 0 17,686 0 (6,716) (12,094) (18,810) (1,124) (7,663) (8,787) 0 (8,570) (217) (8,787)

136% 131% 446%

-51% -37% -62% 404%

 Revenues for the three months to 31 March 2012 to US$20.0 mn, driven by higher rental income. The contribution from AFIMALL City was US$21.7 million

 Results from operating activity for the three months to 31 March 2012 was US$ 22.1 mn compared to US$4.4 mn for the three months to 31 March 2011. The increase was mainly due to higher rental activity, which was the result of AFIMALL City start of operations  Net profit for the three months to 31 March 2012 was US$7.9 mn compared to US$16.7 mn for the three months to 31 March 2011. The reduction is mainly due to the increase in finance expenses  Finance expenses for the three months to 31 March 2012 amounted to US$15.9 mn compared to US$3.9 mn for the three months to 31 March 2011. The increase was mainly due to finance expenses related to AFIMALL City, which were capitalized for most of Q1 2011 and additional loan facilities drown down during Q2 2011 – Q1 2012 (for the acquisition of 25% city share and the underground parking)

-40% 312% -147% -7% 1610% -53% -52% -107% -53% 21


Loans and Cash Position as of Dec 31, 2011 Gross balance of the bank loan portfolio (as of March 31, 2012) – US$ 703.6 mn Total cash balance (as of March-31, 2012) – US$ 104.1 mn Project

AFIMALL (construction loan) AFIMALL 25% share buyout AFIMALL parking buyout

Lending bank

Max debt limit (US$ mn)

Balance as of March-31, (US$ mn)

Available (US$ mn)

Nominal Interest rate

VTB

$288

$288

-

9.5%

RUB

23.08.2013

VTB

$170

$170

-

9.5%

RUB

23.08.2013

VTB

$136

$45

$91

10.78%

RUB

23.08.2013

Principal amortization untill 31.12.2012

Maturity Currency (dd.mm.yy)

$504 Tverskaya Zastava

Sberbank

$280

$72

-

(6-month LIBOR, min 1,5% + 9,5%)

$5

USD

16.08.2014

Ozerkovskaya III (50%)

Sberbank

$37

$29

$3

13.0%

$8

RUB

17.06.2015

Kalinina Hotel

Sberbank

$20

$16

$4

6.75%

$1

RUB

20.12.2014

Nordea Bank

$85

$83

-

3-month LIBOR + 4,5%

$4

USD

13.07.2018

Four Winds (50%) Total/Average interest rate

$704

9.28%

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Balance Sheet # (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36)

NARRATIVE Investment property Investment property under development Property, plant and equipment Long-term loans receivable Inventory of real estate VAT recoverable Intangible assets

3/31/2012 12/31/2011 Changing US$ mn US$ mn US$ mn

%

1,452.9 1,042.0 104.3 0.0 72.0 6.2 0.2

1,403.6 983.6 92.0 0.0 66.2 5.4 0.2

49.3 58.4 12.3 0.0 5.8 0.8 0.0

4% 6% 13% 29% 9% 15% 0%

2,677.6

2,551.0

126.6

5%

10.4 134.1 1.3 0.9 91.8 0.7 104.1

11.1 129.6 0.7 0.8 107.2 n/a 84.8

-0.7 4.5 0.6 0.1 -15.4 n/a 19.3

-6% 3% 94% 15% -14% n/a 23%

Current assets TOTAL ASSETS Equity

343.3 3,020.9

334.1 2,885.1

9.2 135.8

3% 5%

Share capital Share premium Translation reserve Retained earnings Total equity attributable to owners of the Company Non-controlling interest TOTAL EQUITY

1.0 1,763.4 -112.5 285.4 1,937.3 3.8

1.0 1,763.4 -178.5 277.5 1,863.5 3.9

0.0 0.0 66.0 7.9 73.8 -0.1

0% 0% -37% 3% 4% -2%

1,941.1

1,867.4

73.8

4%

Long-term loans and borrowings Long-term amounts payable Deferred tax liability Deferred income

620.4 38.4 150.9 24.2

528.1 71.6 142.1 22.6

92.3 -33.2 8.8 1.6

17% -46% 6% 7%

Non-current liabilities

834.0

764.5

69.5

9%

Short-term loans and borrowings Trade and other payables Income tax payable

102.0 143.8 n/a

99.0 154.1 0.2

3.0 -10.3 n/a

3% -7% n/a

245.8 1,079.8

253.3 1,017.7

-7.4 62.1

-3% 6%

3,020.9

2,885.1

135.8

5%

Non-current assets Trading properties Trading properties under construction Inventory Short-term loans receivable Trade and other receivables Income tax receivable Cash and cash equivalents

 The company has a strong cash position presenting US$

104.1 mn in Q1 2012 compared US$ 84.8 mn, which is 23% higher  Trade and other payables include payables due to the City on

AFIMALL parking  The Company loans totaled US$722.4 mn compared to

US$627.1 mn as at 31 December 2011. This increase of approximately US$95 mn was due to the drawdown of the first tranche of the loan by VTB Bank OJSC (for the

acquisition of parking space in AFIMALL City) and appreciation of the Ruble versus the US Dollar, which increased the US$ value of the Ruble denominated loans

Liabilities

Current liabilities TOTAL LIABILITIES

(37) TOTAL EQUITY AND LIABILITIES

23


Contact Information

Registered office AFI DEVELOPMENT PLC 25 Olympion St., Omiros & Araouzos Tower, 3035 , Limassol, Cyprus. Tel: +357 25 340 058

Principal office of operating subsidiary AFI RUS 16 A Berezhkovskaya Embankment, building 5, Moscow, 121059, Russian Federation. Tel: +7 495 796 99 88 http://investors.afi-development.ru

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Q1 2012 investor presentation  
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