AFI Development - Company Presentation

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION

IN OR INTO THE RUSSIAN FEDERATION, THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN

AFI Development - Company Presentation

London, 30 January 2012 - AFI Development ("AFI Development" or "the Company") is participating in the "Forum Russia 2012" investment conference, where it will have meetings with investors, from 31 January to 1 February. The event is being held in Moscow, at the Ritz-Carlton Hotel at 3 Tverskaya Street. During meetings with investors the Company will provide an updated company presentation.

The presentation will be available on the Investor Relations pages of AFI Development's website at www.afi-development.ru from 6.00 pm (UK) today.

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For further information, please contact:

AFI Development, +7 495 796 9988

Alexander Adadurov

Ilya Kutnov

Citigate Dewe Rogerson, London+44 20 7638 9571

David Westover

Sean Bride

About AFI Development

AFI Development is one of the leading real estate development companies operating in Russia. Established in 2001, AFI Development is a publicly traded subsidiary of Africa Israel Investments Ltd.

AFI Development is listed on the Main Market of the London Stock Exchange and aims to deliver shareholder value through a commitment to innovation and continuous project development, coupled with the highest standards of design, construction, and quality and customer service.

AFI Development focuses on developing and redeveloping high quality commercial and residential real estate assets across Russia, with Moscow being its main market.. The Company's existing portfolio comprises commercial projects focused on offices, shopping centers, hotels and mixed-use properties, and residential projects. AFI Development's strategy is to sell the residential properties it develops and to either lease the commercial properties or sell them for a favorable return.

AFI Development is a leading force in urban regeneration, breathing new life into city squares and neighborhoods and transforming congested and underdeveloped areas into thriving new communities. The Company's long-term, large-scale regeneration and city infrastructure projects establish the necessary groundwork for the successful launch of commercial and residential properties, providing a strong base for future.

establish the necessary groundwork for the successful launch of commercial and residential properties, providing a strong base for future.