REPLACEMENT: Notice of Conference Call

This release replaces the AFI Development Notice of Conference Call announcement which was released on Friday 16 March 2012 at 17:44 (UK) under RNS Number 5580Z. The date of the conference call should read Thursday 22 March, and not as previously stated. All other details remain unchanged. The full announcement text appears below.

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION

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

AFI Development Notice of Conference Call

AFI Development Notice of Conference Call

London, 20 March 2012 - AFI Development ("AFI Development" or "the Company") today announces that it will hold its FY 2011 results conference call for analysts and investors on Thursday 22 March 2012 and not Wednesday, 21 March 2012 as previously advised. AFI Development apologises for rescheduling this call.

The details for the conference call are as follows:

The details for the conference call are as follows:

Date: Thursday, 22 March 2012

Time: 18:00 Moscow (14:00 UK)

Dial-in Tel: International: 44(0)20 3106 7162

UK toll free: 0800 279 4849

US toll-free: 1866 564 0425

Russia toll-free: 8 800 500 9316

Please dial in 5/10 minutes prior to the commencement time giving your name, company and stating that you are dialling into the AFI Development conference call quoting reference 4451114.

- ENDS -

For further information, please contact:

AFI Development, Moscow +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 in Moscow, the Moscow Region, and other major cities in Russia and the CIS. The Company's existing portfolio of 30 development projects 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.