Director/PDMR Shareholding

1.

Details of PDMR/person closely associated with them (PCA)

(a)

Name

Lev Leviev

(b)

Position/status

Director (Executive Chairman)

(c)

Initial notification/ amendment

Initial Notification

2.

Details of the issuer

a)

Name

AFI Development PLC

3.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

(a)

Description of the financial instrument

GDRs of US$0.001 each

B ordinary shares of US$0.001 each

(b)

Nature of the transaction

1. Purchase of securities.

Acquisition from Africa Israel Investments Ltd of:

336,948,796 GDRs; and

342,799,658 B ordinary shares

2. Grant of call option to Africa Israel Investments Ltd. in respect of 51,933,807 GDRs and 52,835,598 B ordinary shares

Flotonic Limited, the acquiror of the above GDRs and B ordinary shares and which is indirectly owned and controlled as to 100% by Mr Leviev, has granted a pledge in respect of 336,948,796 GDRs and 342,799,658 B ordinary shares in connection with the financing of the above purchase of securities

(c)

Price(s) and volume(s)

Price(s)

Volume(s)

PURCHASE

NIS 0.80912284 per GDR

336,948,796 GDRs

PURCHASE

NIS 0.80912284 per B ordinary share

342,799,658 B ordinary shares

CALL OPTION

US$0.216 per GDR

US$0.295 per B ordinary share

51,933,807 GDRs

52,835,598 B ordinary shares

(d)

Aggregated information Aggregated volume Price

Total consideration NIS 550,000,000 for 679,748,454 securities in AFI Development PLC

(e)

Date of the transaction

2016-09-07 (Israel Daylight Time)

(f)

Place of the transaction

Outside a trading venue