H1 2013 Investor Presentation by AFI Development

H1 2013 Investor Presentation FINANCIAL & BUSINESS RESULTS August 2013

Disclaimer

This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of AFI Development Plc (the "Company") or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with the document. This communication is only being distributed to and is only directed at (1) qualified institutional buyers (within the meaning of Rule 144A of the United States Securities Act of 1933, as amended (the "Securities Act") or (2) accredited investors (as defined in Rule 501(a) of Regulation D adopted pursuant to the Securities Act). Any person who is not a "qualified institutional buyer" or "accredited investor" should not act or rely on this document or any of its contents. This document contains "forward-looking statements", which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or GDRs, financial risk management and the impact of general business and global economic conditions. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. Neither the Company, nor any of its agents, employees or advisors intends or has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this document. The information contained in this document is provided as at the date of this document and is subject to change without notice. 2

AFI Development at Glance Market Cap, as of July 31, 2013 Price per share as of July, 31 2013

US$ 0.57

NAV (Equity), as of June 30, 2013

US$ 1.67 bn

NAV per share, as of June 30, 2013 Portfolio Value*

•Full cycle real estate developer

US$ 0.60 bn

BUSINESS

US$ 1.59 US$ 2.5 bn

•Focus on unique large scale commercial and residential projects

•Strong liquidity position: US$ 161,4 mn as at June, 2013 FINANCIAL STABILITY

•Secured financing for on-going projects

•Primary market: Moscow, Russia

• 31% Debt to Total Assets**

•12 years on the market

•16 completed projects with total c. 0,6 mln sqm of space

Portfolio Value* Next for Development 28%

Land Bank 0,2%

HISTORY

•Admitted to LSE in 2007 •Premium listing from 2010

TRACK RECORD

•Market reputation for high quality and professional property management

•Free float – 35,12%

•Strong global brand Delivered Projects 25%

AFIMALL 47%

BRAND * Gross Asset Value of Portfolio based on C&W Valuation as for 30 June 2013 and BV of Land Bank projects, Trading Properties and Hotels

•Affiliate of Africa Israel Group (64,88% owner) , a major conglomerate with global focus on real estate, construction and infrastructure

•Impeccable credit history

•Substantial income generating portfolio. Major project AFIMALL PORTFOLIO

•2 projects are in active stage of development •5 Pipeline projects & land bank

** Bank loans only

Key Projects in Moscow Current Portfolio Yielding Assets (retail, offices and hotels) Value **(C&W):

GLA(excl. hotels),sqm: AFIMALL City

Ownership:50%

Aquamarine II

US$ 1.8 bn

204K sqm

Berezkovskaya

NOI stab*.

US$ 217 mn

(AFID share, excl. hotels):

Four Winds*** Botanic Garden H2O

Plaza SPA Zhel*

Plaza SPA Kisl *

Paveletskaya, 1

Aquamarine Hotel

Ozerkovskaya III

Pochtovaya, Phase I Tverskaya Plazas Four Winds

AFIMALL City

*Outside of Moscow

Aquamarine Complex

Berejkovskaya H2O Office

Otradnoe

** Hotets presented with BV

Paveletskaya, Phase # II Paveletskaya, 1

Tverskaya Ib, II

Kosinskaya

Development Projects Value** (C&W): GLA,sqm: Tverskaya Plazas

Odinburg

Pochtovaya

GSA, sqm: NOI stab:

Kosinskaya

US$ 673 mn 252K 574,3K US$ 142,3 mn

Paveletskaya II

Land Bank and Pipeline

**Paveletskaya II, Otradnoe presented with BV

Value (BV):

US$ 20 mn

Other 4 Note: the NOI projections are â&#x20AC;&#x153;forward looking statementsâ&#x20AC;? based on C&W valuation assumptions and Company estimations and they can be realized or not realized due to factors beyond the Company's control including, among others, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or GDRs, financial risk management and the impact of general business and global economic conditions

SECTION 1 Project Update Yielding Projects

AFIMALL City Update CURRENT STATUS:  Occupancy level has increased from 81% in Q1 2013 to 83% in Q2 2013 due to additional lease of new area  In the first half of 2013, from January to June more than 40 new tenants have started running their stores at the AFIMALL City. New brands, which have never been presented on the Moscow market, now have open their doors for Mall visitors:

 there are two grand openings of the new JamilCo's stores planned - NEW BALANCE and MARC O'POLO.  FOREVER 21 will add 1,500 sqm of quality space in the nearest future  H&M HOME has signed a contract on 420 sqm PROJECT HIGHLIGHTS (as of June 2013) Total GLA(shops, offices, storage), sqm

Total GLA shops only, sqm % of GLA shops only

100%  The management of the AFIMALL has confirmed the new aggressive marketing campaign which will be launched in Q3 2013. share  Following to final launching of underground parking, the Management of the AFIMALL has agreed 107.2K to implement a new way-finding strategy, which will help visitors to be oriented distinctly better 96,8K 83%

Stabilized NOI (C&W est.)

US$151.2 mn

MV (C&W est.)

US$ 1.160 bn

Loan balance as for June, 2013

US$ 600 mn

AFIMALL and Moscow-City Development AFIMALL

EXISTING OFFICE COMPLEX 0 – Tower 2000 4 – Imperia Tower 9 – Capital City 19 – Naberezhnaya Tower 13a – Federation Tower (Zapad) 19 – Northern Tower 6, 7 – Central Core (AFIMALL PLANNED/UNDER CONSTRUCTION

2, 3 – Evolution Tower 8 – City Point 11 – Transport Terminal 12 – Eurasia Tower 13b – Federation Tower (Vostok) 14 – Mercury City Tower 15 – Moscow City Government Bdl 16a – OKO 16b – Parking 17, 18 – Russia Tower 20 – Exposition and Business Center

MOSCOW CITY DEVELOPMENT

TRANSPORT SITUATION

 500K sqm of office buildings have been completed in Moscow City

 2013 – section between Delovoy Center and Park Pobedi

 The Moscow City vacancy rate is c.80%

 2015 – transport terminal by Gals Development (aeroexpress to Vnukovo, SVO); further construction, line from Tretiakovskaya to Ramenki station

 Hotel Novotel, launched last quarter, will bring additional visitors to the Mall

FUTURE DEVELOPMENT  In 2014 350K sqm of GLA will be build up in Tower Evolution, OKO, Tower Federation Vostok, Expocenter

 2018 Double avenue - Kutuzovskiy Prospect  2019 – line extension to Solntsevo

Yielding Properties

Building Ownership Location

AFIMALL

Berezkovskaya

Paveletskaya, bld. 1

Tvesrkaya Plaza Tverskaya Plaza Ozerkovskaya III Ib II

H2O

Aquamarine Hotel*

Plaza Spa* Kislovodsk

100%

74%

99,1%

100%

Moscow

CBD

CBD 11 701

Moscow City

Plaza SPA Zheleznovodsk

50% Kavkaz region

100% Kavkaz region

GBA, sqm

304 205

11 612

16 246

10 698

2 104

6 008

73 346

GLA, sqm

107 208

10 250

14 085

8 990

1 909

6 008

55 422

2 075

150

126

551

98%

96%

84%

94%

64%

60%

61%

455

F750

ADR 242

ADR 379

ADR 229

Parking lots (total), # Average Ocupancy rate, %

83%

***

Current Net Rent as of 30.06.2013, $/sq m

1 259

443

244

206

527

Class

Retail

Office B

Street retail & Office

NOI stab (C&W est.), US mn

151,6

5,8

4,6

2,9

1,3

4,5

86,3

4,6

3,4

2,0

1,0

MV(AFID share),US$ mn**

1 160

31,3

30,1

18,3

CAP Rate (C&W), as for June 2013

10%

12%

13,5%

14%

NOI next 12 months (C&W est.), US mn

Street retail & Office A & Street Office Retail

159 keys

25 000 275 keys

8 931 134 keys

Hotel

46,0

3,0

F 15,0

9,0

31,5

389,1

31,0

25,0

22,0

12%

11,5%

10%

9,5%

13%

Occupancy rate for AFIMALL presented as for end of June, 2013

** MV based on C&W valuation as for 30.06.2013 except hotel *** Current net Rent in AFIMALL does not include discounts

SECTION 2 Project Update Projects next for Development

Pipeline Projects PARAMETERS:

CURRENT STATUS:

Type: Residential

•

The company has launched the new marketing campaign with a new name of the project Odinburg

•

GBA(Phase I), sqm: 200,8K GSA(Phase I total), sqm: 149,4K # of Apartments: 2,620

In June the first construction works on the land plot, allocated for the 1st stage in Phase # 1 has been launched (54,5K sqm from 200,8K sqm of GBA)

•

The Company plans to start sales in Q3 2013

•

The company is in negotiations with banks to finance the Project

•

The mortgage accreditation was passed with one bank

ODINBURG PARAMETERS: Type: Mix

CURRENT STATUS:

GBA, sqm: GLA, sqm:

KOSINSKAYA

111,7K 90,3K

MV(C&W),mn:

GBA, sqm: GLA, sqm:

51,2K 32,5K US$ 105,8 mn

PARAMETERS:

10,5K/7,6K US$ 25,7mn 108K/61,4K US$ 168,6 mn

PAVELETSKAYA

The project was submitted to top Russian banks

•

Approval documentation GPZU and GZK are in place

•

Design works are in process. Project design stage – stage P will be finalized in Q3 2013

•

The company finalized the top list to choose General Contractor

•

Start of construction : Q4 2013 – H1 2014

Securing approval documentation

• Land plot’s borders clarification CURRENT STATUS (Plaza IIa): •

Securing approval documentation

CURRENT STATUS: 170,4K 63,2K/28,0K

MV(C&W),mn: PARAMETERS: Type: Residential GBA, sqm: GSA/GLA, sqm:

•

Plaza IIa: GBA/GLA, sqm: MV Plaza II(C&W): Plaza IV: GBA/GLA, sqm: MV Plaza IV(C&W):

PARAMETERS: Type: Residential GBA, sqm: GSA/GLA, sqm:

BOLSHAYA POCHTOVAYA

The end of construction works scheduled to H1 2014

CURRENT STATUS (Plaza IV):

Type: Office, Retail

PLAZA IV PLAZA IIa

•

CURRENT STATUS:

Type: Office

MV(C&W):

Reinforced existing buildings; working documentation for electricity and heating are in place

S$ 103,5

PARAMETERS:

TVERSKAYA IC

•

Design works are in process

•

Securing approval documentation

US$ 142,3

CURRENT STATUS: 151,4K 53,2K/21,0K

MV(C&W), mn: (in portfolio presented BV)

US$ 97,3

•

Design works are in process

•

Securing approval documentation

Land Bank Projects

Project

Type

Land (ha)

GBA upon completion (sqm)

BV as of 30.06.2013, US$ mn

Park Plaza Kislovodsk

Hotel resort

5.3

40,000

7,2

Versailles, Kislovodsk

Hotel resort

0.6

12,350

7,2

Ruza

Mixed use

387

n/a

3,6

St. Petersburg

Mixed use

3.07

n/a

1,8

TOTAL

19,8

Extensive land bank 

Land bank – projects of the Company is currently put on hold

Land bank strategy 

Activate projects upon securing required financing and evaluation of demand level from prospective tenants/buyer



Full flexibility regarding future development in various cycles of the economy – the major competitive advantage for the Company

Note: MV upon completion and GBA upon completion are “forward looking statements” based on JLL valuation assumptions and they can be realized or not realized due to factors beyond the Company's control including, among others, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or GDRs, financial risk management and the impact of general business and global economic conditions

SECTION 3 Financial Update

Income Statement and Statement of Financial Position # (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25)

ITEM ('000) Construction consulting/management services Rental income Sale of residential and trading property TOTAL REVENUE Other income Operating expenses Administrative expenses Cost of sales of residential and trading property Other expenses TOTAL EXPENSES Share of profit of equity-accounted investees GROSS PROFIT Valuation gains on investment property Impairement loss for trading property and hotels RESULTS FROM OPERATING ACTIVITIES Profit on sale/disposal of properties/investment Finance income Finance expense FX Gain/( Loss) Translation reserve reclassification due to disposal of subsidiary Net finance income/(costs) PROFIT BEFORE INCOME TAX Current income tax Deferred income tax PROFIT FROM CONTINUING OPERATION

Q1 2013 US$mn 0,0 33,1 0,2 33,4 3,2 (21,4) (4,0) (0,2) (1,8) (24,2) (0,6) 8,6 16,5 25,1 32,1 15,7 (16,8) (9,2) (30,3) (40,5) 16,7 (0,4) (0,7) 15,6

Q2 2013 US$mn 0,0 35,4 55,0 90,5 0,4 (17,8) (7,0) (31,8) (0,8) (56,9) (0,1) 33,5 41,0 74,5 1,5 (17,7) (19,6) (35,8) 38,8 (0,4) (10,7) 27,7

• (3) Parking sale • (13) Valuation gain related mainly to the change in USD/RUB rate

H1 2013 US$mn 0,1 68,5 55,3 123,9 3,7 (39,2) (10,9) (32,0) (2,6) (81,1) (0,8) 42,1 57,5 99,6 32,1 17,2 (34,4) (28,8) (30,3) (76,2) 55,5 (0,8) (11,4) 43,3

H1 2012 US$mn 2,2 58,8 3,9 64,9 0,1 (32,3) (12,8) (3,0) (0,3) (48,2) 15,4 32,1 (183,8) (65,4) (217,2) 2,3 8,6 (32,7) (4,4) (28,5) (243,3) (1,1) 3,8 (240,6)

# (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34)

NARRATIVE Investment property Investment property under development Investment in Joint Ventures Property, plant and equipment Long-term loans receivable VAT recoverable Goodwill Inventory of real estate Non-current assets Trading properties Trading properties under construction Inventory Short-term loans receivable Trade and other receivables Current tax assets Cash and cash equivalents Current assets TOTAL ASSETS Share capital Share premium Translation reserve Retained earnings TOTAL EQUITY Minority interest Trade and other payables Long-term loans and borrowings Deferred tax liabilities Deferred income Non-current liabilities Short-term loans and borrowings Trade and other payables Income tax payable Current liabilities

Changing 30.06.2013 31.03.2013 US$ mn US$ mn US$ mn % 1679,9 1680,8 (0,9) 564,0 568,3 (4,3) (1%) 5,6 6,0 69,2 74,0 (4,8) (7%) 21,2 21,7 (0,5) 1,2 0,6 0,6 0,0 0,0 0,0 0,0 0,0 2341,1 2351,5 (10,3) 7,7 39,8 (32,0) (81%) 115,3 114,4 0,9 1% 0,6 0,7 (0,1) (17%) 0,1 0,1 0,0 (3%) 78,5 71,0 7,5 11% 3,1 3,0 0,1 161,4 200,8 (39,4) (20%) 366,6 429,8 (63,2) (15%) 2707,8 2781,3 (73,5) (3%) 1,0 1,0 0,0 1763,4 1763,4 0,0 (149,5) (124,8) (24,8) 20% 53,8 26,2 27,7 106% 1668,7 1663,0 4,2 (1,5) (2,8) 1,3 0,0 0,0 0,0 809,4 846,6 (37,2) (4%) 113,9 103,2 10,7 10% 20,2 21,0 (0,7) (4%) 943,6 970,8 (27,2) (3%) 18,2 9,6 8,6 89% 78,8 137,9 (59,1) (43%) 0,0 0,0 0,0 97,0 147,5 (50,5) (34%)

(35) TOTAL LIABILITIES

1040,6

1118,3

(77,7)

(7%)

(36) TOTAL EQUITY AND LIABILITIES

2707,8

2781,3

(66,1)

(2%)

• (10) Parking sale

Loans and Cash Position as of June 30, 2013 Gross balance of the loan portfolio (as of June 30, 2013) – US$ 827 mn Total cash balance (as of June 30, 2013) – US$ 161,4 mn

Project

Bank

Balance as of June 30, 2013

Available (US$ mn)

Nominal Interest rate

Currency

Maturity

RCB

$291

9,5%

RUB

01.04.2018

RCB

$309

3-m Libor+6,7%

USD

$600

$40

8,20%

AFIMALL TOTAL AFIMALL

Ozerkovskaya III (100%)

VTB

$220

3-m Libor+5,7%

USD

26.01.2015

Plaza SPA Zheleznovodsk

Sberbank

$6 *

13,50%

RUB

20.12.2014

TOTAL/AVERAGE RATE

$827

7,6%

* Was fully repaid in July 2013 As of June 30, 2013 the Company is in line with the covenants

Portfolio NAV as of June 30, 2013 PROJECT AFI Mall Berezkovskaya (100%)* Paveletskaya I (1) Plaza H20 Ozerkovskaya III Plaza Ib Plaza II

TOTAL INVESTMENT PROPERTY: Plaza Ic Plaza II a Plaza IV (100%) Kosinskaya Bolyshaya Pochtovaya Paveletskaya II Ruza St. Petrsburg OZE Phase III (underground utilities)

TOTAL INVESTMENT PROPERTY UNDER DEVELOPMENT:

Bank loan

30.06.2013

1 160 42 30 18 388 9 32

(600)

1 680

(821)

(220)

Net Company's share 560 42 30 18 168 9 32

859

106 26 169 104 142 12 4 2 1

106 26 169 104 142 121 4 2 1

564

672

Four Winds II Ozerkovskaya Phase II (26)

0 8

Aquamarine/Ozerkovskaya 26 Plaza SPA Zheleznovodsk Pyatigorskaya (Park Plaza Kislovodsk) Plaza Spa Kislovodsk (Tirel) (50%) Versailles (Kislovodsk)

31 22 7 25 7

31 16 7 25 7

TOTAL TRADING PROPERTY:

TOTAL PROPERTY PLANT AND EQUIPMENT: Odinburg AFIMALL parking sold to VTB

TOTAL TRADING PROPERTY UNDER DEVELOPMENT:

* TOTAL PORTFOLIO:

CASH AND CASH EQUIVALENT DEFFERED TAX LIABILITY TOTAL OTHER ASSETS AND LIABILITIES

TOTAL EQUITY:

Book Value

(6)

115 0

115

(827)

LTE = 50%

115 0

2 460

LTV = 34%

1 741 161 (114) (120)

1 669 15

ANNEX Market Overview Yielding Projects

Market Overview (1/2) MACROECONOMIC UPDATE • GDP: In H1 2013 the GDP growth reached 1.7%, compared to 4,3% growth in Q1 2012. Russian performance remains superior to large developed and neighbouring developing economies . Russian GDP per capita is the highest among BRICS and amounted to USD17,665 in 2012.

MACROECONOMIC UPDATE 10,00

GDP Growth

8,00

140

6,00

120

4,00

100

2,00

• Oil price (Brent): In June oil price slowed down compare to Jan 2013 on 3%, but increased on 3% compare to H1 2012. The situation on the market looks rather expectable for the summer period. • Consumer sector remains strong. A strong labour market and solid wage growth rates provided favorable conditions for consumptions, with retail sales being up 3.5% YoY in June 2013

Oil price (Brent, US$ per barrel)

0,00

Jun 28, 2012 112,14

-2,00

-4,00 -6,00

-8,00

United States Germany Czech Republic Russia

-10,00

France United Kingdom Poland

• Inflation: Relatively low and declining inflation (6.9% YoY in June 2013) continue to provide support to retail sales

• Supply: Over Q2 2013 6 new office buildings were brought on the market with rentable area of 81,500 sq m. The major one is office center class A “Wall Street” with rentable area 20,500 sq m, located in downtown of the Moscow city • Overall vacancy rate has decreased to 13.1% in Q2 compare to 14.2% in previous quarter indicating that the new office space was absorbed relatively fast • Rental rates: In Class A, the average asking rental rate grew from $850 in Q1 to $870 in Q2 2013. Rental rates of prime office space are at a level of $1,150 per year.

• Yield: The capitalization rates in Moscow remained almost the same in Q2 2013

MOSCOW OFFICE MARKET OVERVIEW 2 200

2 000

2 000 1 800 1 500

1 600

US$/psqm/pa

MOSCOW OFFICE MARKET OVERVIEW

1 400 1 200

1 200 1 000

1 000 800

800

1 150

Units

Prime rate (trophy assets)* (US$/sqm/year)

1,150

Base rent Class A (US$/sqm/year)

870

850

Yields

1 000

800

8,75%

850 850 850 870

600 400

1 400

Key indicators

750 600

620 650

2005 2006 2007 2008 2009 2010 2011 2012 Q1 Q2 2013 2013 average Class A

class A CBD Prime

Overall Vacancy rate Vacancy rate, Class A

13,15% 17,9%

Source: Commercial Real Estate Report, JLL; Cushman and Wakefield Report; EIU Russia, Rosstat *Prime base rents refer to rents in high quality 17 buildings in the Central Business District (CBD).

Market Overview (2/2) MOSCOW RETAIL MARKET OVERVIEW

MOSCOW RETAIL MARKET OVERVIEW 5 000

• Supply: In Q2 2013, 3 quality shopping centers were opened with GLA of 112,350 sq m. (Fashion House Outlet Mall; Vnukovo Outlet Village; RIO Leninsky)

• Rental rates: During Q2 2013 rental rates were stable across all sub-sectors.(US$ 500 – 1,800 sqm pa and US$ 3,000 – 4,500 per sqm pa for the ground floor of retail gallery)

4 000 USD psqm pa

• Vacancy: The level of available space in quality shopping centers reached a negligible amount of less than 2,5%,which is lower than in most European cities. (6%)

3 500

3 000 2 500 2 000

2 000 1 500 1 700

1 500 1 300

• At the moment the price for business-class residential unit in CBD of Moscow in the primary market reached a level of US$ 11,000 – 13,000 US$ psqm.

1 200

1 350 1 150 1 350 1 350

1 150

Key indicators

Units

CBD prime rates (US$/sqm/year)

3,000 – 4,500

Average base rent (US$/sqm/year)

500 – 1,800

Prime Yields

1 000

500

Vacancy rate (market average)

Prime rents

2,5%

Base rents

MOSCOW RESIDENCTIAL MARKET

MOSCOW RESIDENTIAL MARKET

• Prices Moscow: in Q2 2013 average asking units price for primary business-class residential premises amounted to US$ 7,390 psqm compared to US$ 7,100 in Q1 2013

4 500 4 500 4 000 4 000 4 000 4 500 3 700

3 500 3 000

• Yield: The capitalization rates in Moscow remained the same as in Q1 2013 and amounted at 9% for retail sector (prime area)

• Supply: For the H1 2013 it was closed 163 business class deal on the primary market, which is almost the same as last year.

4 800

4 500

8 000 7,390

7 500 7 000

Key indicators (Moscow)

Units

CBD prime (US$/sqm)

11,000

6 500 6 000

Average price (US$/sqm)

7,390

Key indicators (Moscow Region)

Units

Average Price (US$/sqm)

3,000

5 500 5 000

• Prices in Moscow region were unchanged and stood at the average rate c. US$ 3,000 psqm 2010

2011

2012

2013

Source: Commercial Real Estate Report, JLL; Cushman and Wakefield Report; EIU Russia, Rosstat

Contact Information

Registered office AFI DEVELOPMENT PLC Spryou Araouzou 165, Lordos Waterfront Building 5th Floor, Flat/Office 505, 3035 Limassol, Cyprus Tel. +357 25 310975 Principal office of operating subsidiary AFI RUS 16 A Berezhkovskaya Embankment, building 5, Moscow, 121059, Russian Federation. Tel: +7 495 796 99 88 http://investors.afi-development.ru