AFI Development : New management appointment

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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')

NEW MANAGEMENT APPOINTMENT

London, 17 April 2018 - AFI Development Plc announces the appointment of Mr Alexei Miroshnikov to the position of Deputy CEO, Finance and Economics of AFI RUS LLC effective as of 16 April 2017. Mr Miroshnikov will be responsible for all financial issues of the Group, including reporting and accounting.

Mr Miroshnikov is an experienced finance professional with a long track record in the Russian real estate market. He joins AFI Development from the Etalon Group, a London Stock Exchange-listed Russian real estate developer, where he was responsible for financing, budgeting and asset management. Mr Miroshnikov has a master's degree in economics from the Financial University under the Government of the Russian Federation and holds a Russian auditor's certificate.

Mr Miroshnikov replaces Mrs Natalia Pirogova, who moves on to the new position of Deputy CEO, Strategic Development and Investments, of AFI RUS LLC.

Commenting on today's announcement, Mr Mark Groysman, CEO of AFI RUS LLC, said: 'We are excited to welcome Alexei to the Company and are confident that his experience in the Russian real estate market will be a great asset for AFI Development. We would also like to wish Natalia the best of luck in her new role as Deputy CEO, Strategic Development and Investments, of AFI RUS LLC.'

- ENDS -

For further information, please contact:

AFI Development, +7 495 796 9988

Ilya Kutnov, Corporate Affairs/Investments Director (Responsible for arranging the release of this announcement)

Citigate Dewe Rogerson, London+44 20 7638 9571

David Westover

Sandra Novakov

This announcement contains inside information.

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.