May 2012

Q1 2012

INVESTOR PRESENTATION

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

Disclaimer

1. AFI Development at glance 4

2. Key Moscow projects 5

3. Portfolio overview 6

4. Company update

a. Main events during 2012 8

5. Projects update

a. AFIMALL City project highlights 11

b. AFIMALL City Operational Summary 12

c. Yielding Properties 13

d. Property under construction

e. Projects next for development 17

f. Pipeline and land bank 20

6. Q 1 2012 Financial Results

a. Income Statement 21

b. Loans and Cash Position 22

c. Balance Sheet 23

3

Contents

Portfolio market breakdown*

•Full cycle real estate developer

•Focus on unique large scale commercial and residential projects

•Primary market: Moscow, Russia

BUSINESS

•Active on the market for 11years

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

•Free float – 36.3%

HISTORY

•Strong global brand

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

BRAND

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

•Secured financing for on-going projects

•Low leverage: Debt/Total assets* is 24%

FINANCIAL STABILITY

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

•Impeccable credit history

•Market reputation for high quality and professional property management

TRACK RECORD

•Substantial income generating

portfolio. Major project

AFIMALL (p.11) completed in

Q1 2011

•2 projects close to completion (p.15), 3 project next for development (p.18)

•Pipeline and land bank (p.20)

PORTFOLIO

4

* Latest JLL report as of 31 December, 2011

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

NAV(Equity),

March 31, 2012

US$ 1.94 bn

NAV per share,

March 31, 2012

US$ 1.85

Portfolio MV* US$ 2.7 bn

* Debt represents long-term and short-term loans

AFI Development at Glance

Land Bank

15%

Income

Producing

Projects

12%

AFIMALL

43%

Projects

Under

Construction

7%

Next for

Development

23%

Current Portfolio

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

Key Projects in Moscow1

Yielding Assets / Trading Stock

Projects close to completion

Development Projects

Pipeline and Land Bank

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

Value(JLL): US$ 191.1 mn

GLA: 51.9K sqm

NOI stab.(AFID share): US$ 24.8 mn

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

Value(JLL): US$ 399.1 mn

GBA upon completion: 559.6K sqm

Ownership:50%

AFIMALL City

Aquamarine Complex

Four Winds

H2O Office

AFIMALL City Berezkovskaya Aquamarine II

H2O Four Winds

Aquamarine

Hotel Paveletskaya, 1

Aquamarine III

Tverskaya

Plazas

Kosinskaya Botanic

Garden

Otradnoe

Pochtovaya,

Phase I

Paveletskaya,

Phase # II

Kalinina Hotels*

Other

projects

Plaza Spa*

Berejkovskaya

Paveletskaya, 1

Tverskaya Plazas

Otradnoe

*Outside of Moscow

Kosinskaya

Pochtovaya, Phase I

Botanic Garden

Paveletskaya,

Phase # II

Other

*Outside of Moscow

1 - all data presented as of 31.12.2011

Portfolio Overview

Track record* (sqm)

*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**

** MV according to JLL’s valuation as of December 31, 2011

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

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

Aquamarine III delivery will add 79K sqm of high quality office stock to the

Company yielding portfolio in H1 2012

6

Delivered

Under construction

Land Bank

15%

Income

Producing

Projects

12%

AFIMALL

43%

Projects Under

Construction

7%

Next for

Development

23%

retail

174,802

office

102,376

residential

69,783

hotel

36,130

office

78,647

hotel

12,665

SECTION 1

Company Update

Company Update during Q1 2011

8

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

MANAGEMENT UPDATE

- The Company has established an employee share option plan operated by the Board of Directors, which grants

15 715 410 number of B ordinary shares as an incentive to the top management

Main Targets for 2012

9

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

Projects Update

SECTION 2

AFIMALL City Project Highlights

* Valuation conducted by JLL as at December 31, 2011

Презентация матрешек

Close

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

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

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PROJECT HIGHLIGHTS (as March 2012)

Ownership 100%

Land area 4.4 ha in the unique business district

GBA, sqm 165,924

GLA, sqm 107,121

Parking units, # 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%

AFIMALL City Operational Summary

NEXT STEPS ON TRACK TO PROJECT PROMOTION

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

Introduce aggressive advertising campaign

Secure refinancing at favorable terms of interest and amortization

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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

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

Daily average footfall in AFIMALL (‘000 visitors)

31.7K

0

5

10

15

20

25

30

35

2012

Yielding Properties2

13

13

2 - all data presented as of 31.12.2011

* 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

Property under Construction

Ozerkovskaya III

PROJECT HIGHLIGHTS (as of March 2012)

Ownership 50%

GBA,sqm* 78,647

GLA, sqm* 46,394

Parking, # lots* 551

Delivery H1 2012

Terminal Value

(JLL est.,31.12.2011)*

US$ 430.8 mn

Exp. NOI (JLL est.), pa* c. US$40.9mn

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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

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

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

Plaza Spa Zheleznovodsk (Kalinina Hotel)

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PROJECT HIGHLIGHTS (as of March 2012)

Ownership 100%

GBA,sqm 12,665

# of keys 136

Delivery Q2 2012

Stabilized occupancy(JLL est.) 71%

Average Room Rate (Jll est.) US$ 136.7

Terminal Value

(JLL est.,31.12.2011)

US$ 26.2 mn

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

Finance:

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

Projects next for Development

Project GBA

(sqm) Apartments left/occupancy

GBA, sqm 703,317 * 231,680* 169,700*

GLA /GSA, sqm 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%

Delivery 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*

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

• 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

Projects Next in Line for Development

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

Odintsovo (Otradnoye)

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Bolshaya Pochtovaya

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

Tverskaya Plazas

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

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

Pipeline and Land Bank3

Project Type Land (ha) GBA upon completion

(sqm)

MV as of 31/12/2011, US$K

(JLL)

Kosinskaya Office 8.07 111,770 146,120

Botanic Garden 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

TOTAL 559,608 399,092

* Valuation by JLL as at 31.12.11

** Value presented as a BS value as at 31.12.11

19

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

Q1 2012 Financial Results

SECTION 3

Income Statement

21

21

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)

1/1/12-

31/03/2012

1/1/11-

31/03/2011

US$' 000 US$' 000 US$ mn %

Revenue 36,847 15,596 21,251 136%

Rental income 35,307 15,314 19,993 131%

Construction consulting/management services 1,540 282 1,258 446%

Other income 122 59 63 107%

Operating expenses (16,277) (10,308) (5,969) 58%

Administrative expenses (3,358) (3,158) (200) 6%

Other expenses (246) (1,925) 1,679 -87%

17,088 264 16,824 6373%

Profit on disposal of investments in subsidiaries 2,337 -

Valuation gain on investment property 1,068 -

Net proceeds from sale of trading properties 3,463 7,116 (3,653) -51%

Carrying value of trading properties sold (1,891) (3,001) 1,110 -37%

Profit on disposal of trading properties 1,572 4,115 (2,543) -62%

0

Results from operating activities 22,065 4,379 17,686 404%

0

Finance income 9,918 16,634 (6,716) -40%

Finance costs (15,971) (3,877) (12,094) 312%

Net finance income (6,053) 12,757 (18,810) -147%

Profit before income tax 16,012 17,136 (1,124) -7%

Tax expense (8,139) (476) (7,663) 1610%

Profit for the period 7,873 16,660 (8,787) -53%

Profit attributable to: 0

Owners of the Company 7,888 16,458 (8,570) -52%

Non-controlling interests (15) 202 (217) -107%

Profit for the period 7,873 16,660 (8,787) -53%

Earnings per share

Basic and diluted earnings per share (cent) 0.75 1.57

NARRATIVE Changing

Loans and Cash Position as of Dec 31, 2011

22

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

Max debt

limit

Balance as of

March-31, Maturity

(US$ mn) (US$ mn) (dd.mm.yy)

AFIMALL (construction

loan) VTB $288 $288 - 9.5% RUB 23.08.2013

AFIMALL 25% share

buyoutVTB $170 $170 - 9.5% RUB 23.08.2013

AFIMALL parking buyout VTB $136 $45 $91 10.78% RUB 23.08.2013

$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

Four Winds (50%) Nordea Bank $85 $83 -3-month LIBOR +

4,5%$4 USD 13.07.2018

Total/Average interest rate $704 9.28%

ProjectLending

bank

Available

(US$ mn)

Nominal

Interest rate

Principal

amortization

untill 31.12.2012

Currency

23

Balance Sheet

23

3/31/2012 12/31/2011

US$ mn US$ mn US$ mn %

(1) Investment property 1,452.9 1,403.6 49.3 4%

(2) Investment property under development 1,042.0 983.6 58.4 6%

(3) Property, plant and equipment 104.3 92.0 12.3 13%

(4) Long-term loans receivable 0.0 0.0 0.0 29%

(5) Inventory of real estate 72.0 66.2 5.8 9%

(6) VAT recoverable 6.2 5.4 0.8 15%

(7) Intangible assets 0.2 0.2 0.0 0%

(8) Non-current assets 2,677.6 2,551.0 126.6 5%

(9) Trading properties 10.4 11.1 -0.7 -6%

(10) Trading properties under construction 134.1 129.6 4.5 3%

(11) Inventory 1.3 0.7 0.6 94%

(12) Short-term loans receivable 0.9 0.8 0.1 15%

(13) Trade and other receivables 91.8 107.2 -15.4 -14%

(14) Income tax receivable 0.7 n/a n/a n/a

(15) Cash and cash equivalents 104.1 84.8 19.3 23%

(16) Current assets 343.3 334.1 9.2 3%

(17) TOTAL ASSETS 3,020.9 2,885.1 135.8 5%

(18) Equity

(19) Share capital 1.0 1.0 0.0 0%

(20) Share premium 1,763.4 1,763.4 0.0 0%

(21) Translation reserve -112.5 -178.5 66.0 -37%

(22) Retained earnings 285.4 277.5 7.9 3%

(23) Total equity attributable to owners of the Company 1,937.3 1,863.5 73.8 4%

(24) Non-controlling interest 3.8 3.9 -0.1 -2%

(25) TOTAL EQUITY 1,941.1 1,867.4 73.8 4%

(26) Liabilities

(27) Long-term loans and borrowings 620.4 528.1 92.3 17%

(28) Long-term amounts payable 38.4 71.6 -33.2 -46%

(29) Deferred tax liability 150.9 142.1 8.8 6%

(30) Deferred income 24.2 22.6 1.6 7%

(31) Non-current liabilities 834.0 764.5 69.5 9%

(32) Short-term loans and borrowings 102.0 99.0 3.0 3%

(33) Trade and other payables 143.8 154.1 -10.3 -7%

(34) Income tax payable n/a 0.2 n/a n/a

(35) Current liabilities 245.8 253.3 -7.4 -3%

(36) TOTAL LIABILITIES 1,079.8 1,017.7 62.1 6%

(37) TOTAL EQUITY AND LIABILITIES 3,020.9 2,885.1 135.8 5%

NARRATIVE # Changing

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

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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