Resignation of Senior Manager

3 March 2011

RESIGNATION OF SENIOR MANAGER

AFI Development PLC ("AFI Development" or the "Company"), a leading real estate company focused on developing property in Russia and the CIS, today announces the resignation of Evgeny Luneev as Chief Financial Officer. Mr. Luneev will act as the CFO until 29 March 2011. Mr Luneev has decided to leave the Company in order to pursue other business opportunities. His successor will be announced in due course.

- ENDS -

AFI Development +7 495 796 9988

Stanislav Joukov

Natalia Ivanova

Citigate Dewe Rogerson, London +44 20 7638 9571

David Westover

Sandra Novakov

Lucie Holloway

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 29 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.