Annual Financial Report

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION

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

Publication of Annual Report 2015

London, 28 April 2016 - AFI Development Plc ("AFI Development" or "the Company") has today published its IFRS annual report for FY 2015. The document contains a comprehensive management report, responsibility statements, audited financial statements and other relevant information.

The full report is available for download on the Company's website at http://www.afi-development.com/en/investor-relations/reports-presentations.

A copy of the report has also been submitted to the FCA's National Storage Mechanism and will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM.

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For further information, please contact:

AFI Development, Moscow +7 495 796 9988

Ilya Kutnov

Citigate Dewe Rogerson, London +44 20 7638 9571

David Westover

Sandra NovakovMarina Zakharova de Calero

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 of 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 neighbourhoods 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.