AFI Development - Change to the Board of Directors

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

AFI DEVELOPMENT PLC

("AFI DEVELOPMENT" OR "THE COMPANY")

Changes to the Board of Directors

London, 18 December 2018 - AFI Development announces that on 17 December 2018 its Board of Directors accepted the resignation of Mr David Tahan from the position of Non-Executive Director and Chairman, with effect from 1 January 2019.

The Board, at its meeting on 17 December 2018, appointed Mr Elias Ebrahimpour (Eli Avrahampour) as a Non-Executive Director and Chairman to replace Mr Tahan, effective from 1 January 2019.

Mr Ebrahimpour is currently an economist and advisor on corporate finance and private markets to Deloitte LLP in London. Formerly, he worked as the First Vice President of Meryll Lynch UK and a Managing Director for Europe, Middle East and Africa at Citibank UK. Mr Ebrahimpour holds a BA in Economics, Philosophy and Political Sciences from the Hebrew University in Jerusalem, Israel.

Mr Ebrahimpour does not hold other directorship positions in publicly quoted companies and has not held such positions in the previous five years. He has no unspent convictions in relation to indictable offences.

There are no further details in respect of Mr Ebrahimpour requiring disclosure under Listing Rules 9.6.13(2) to 9.6.13(6) inclusive.

- ENDS -

For further information, please contact:

AFI Development, +7 495 796 9988

Ilya Kutnov

Citigate Dewe Rogerson, London +44 20 7638 9571

Sandra Novakov

Lucy Eyles

About AFI Development

Established in 2001, AFI Development is one of the leading real estate development companies operating in Russia.

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 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.