Q3 2014 IR Presentation FINANCIAL & BUSINESS RESULTS November 2014 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 SECTION 1 Company Overview Company at Glance

Market Cap, as of November 17, 2014 US$ 0.61 bn Price per share, as of November 17, 2014 US$ 0.58 • Full cycle real estate developer NAV (Equity), as of September 30, 2014 US$ 1.69 bn NAV per share, as of September 30, 2014 US$ 1.61 BUSINESS • Focus on unique large scale commercial and residential Portfolio Value* US$ 2.5 bn & projects in and Moscow region PROJECTS PORTFOLIO STRATEGY • Maintain a mixed portfolio which holds both yielding and

Land Bank development projects from different sectors, with varying 17% 1% 21% Pipeline Yielding durations and phasing Projects

• Strong global brand • Affiliate of Africa Israel Group (64,88% owner, a major

15% conglomerate with global focus on real estate, Active stage of TRACK construction and infrastructure; Free float – 35,12% construction RECORD 46% AFIMALL • 13 years on the market

* Gross Asset Value of Portfolio based on C&W Valuation as for 30 June 2014 and BV of Land Bank projects, Trading Properties and Hotels( inc. JV) • Admitted to LSE in 2007 and Premium listing from 2010 0.95 1,600 Share Price since January, 2014 • 16 completed projects with GBA c. 0,6 mln sqm (incld sold) 0.90 1,400 0.85 1002.96 1,200 0.80 0.75 1,000 0.70 800 • Diversified portfolio: Offices class A and B, Hotels, 0.65 600 Residential Complexes and Retail Shopping Center 0.60 0.58 400 0.55 0.58 PORTFOLIO • 10 Investment Projects with GBA c. 0,5 mln sqm 0.50 200 0.45 0 • Development projects GBA is c. 1,6 mn sqm

AFID (B-share) AFID (A-share) Index RTS

4 Key Projects in Moscow

Yielding Assets (retail, offices and hotels)

Value** US$ 1.7 bn Tverskaya IB Aquamarine Hotel ( C&W, Jun 2014):

Berezhkovskaya GLA 194,4K PLAZA SPA ZHEL* (excl. hotels),sqm: NOI stab., US$ 202,7mn PLAZA SPA Kisl* Aquamarine III (excl. hotels): * * Hotels presented with cost value Ownership:50% AFIMALL Paveletskaya,1

H2O * Outside of Moscow Development Projects

US$ 825 mn Odinburg** Value*** Plaza IIa (afid share, C&W):

,sqm: 236,41K Paveletskaya II GLA Plaza IC GSA,sqm: 558,10K

Kossinskaya Pochtovaya

Plaza IV

*** Odinburg presented with cost value,

Land Bank Yielding Assets Value US$ 17 mn (book value): Projects under active stage of development and pipeline

Completed Assets

Other

Note: the NOI projections are “forward looking statements” 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 competitive5 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 2 Market Update Market Overview and Capital Markets

RUSSIAN MACROECONIMIC OVERVIEW Political and economic uncertainty continues to influence Russian macroeconomic forecasts. Sanctions, GDP Growth, % Y-O-Y falling oil and increasing risk perception have put Russian economic growth under continued pressure. 20 10 0.5% • Russian economic growth: According to estimates from the MED, in Q3 2014 Russian GDP increased by 0,7% Y-O-Y, taking into account seasonable factor the growth estimates around 0%. The forecast for the 0 2014 growth is no more than 0.5% annually. -10 -20 • Longer term, declining oil price will put pressure on the ruble and current account. In September Oil prices Brent dropped down on 19% compared to June 2014. (85 US$/barrel vs 105 US$/barrel.) Compared to the same period the price decreased on 21% ( 85 US$ vs 109 US$). 65 Exchange Currency 0.9 • Exchange rates: Russian national currency continued to depreciate. As for the 10th of November the 55 0.7 USD/RUB broke through the level in 46.9, and EUR/RUB in 58.5. From the beginning of the year the 45 Ruble depreciated more than 40%. 35 0.5 • Liquidity is tightening and getting more expensive. On the back of sanctions, external debt financing has 25 been significantly squeezed rising. Senior debt financing is becoming more expensive and construction 15 0.3 financing is difficult to obtain. EUR/RUB USD/RUB USD/UER • The weaker ruble and ban of food imports resulted in inflation jump. Inflation reached 8% YoY in 180 Oil Price(Brent) vs RUB/USD 50 September 2014 compared to 7.6% the previous month. The main driver of inflation is food price growth as 46.85 40 a result of self-imposed sanctions on the import of certain products. 130 30

RUSSIAN REAL ESTATE INVESTMENT MARKET 20 80 85.04 More than US$ 1,7 bln has been invested in Russian Commercial real estate in Q3 2014. 10 30 0 • After a quiet summer, investment volumes reached USD1.7 bn in Q3 2014, down only 2% YoY. On paper, these are an encouraging set of numbers, with Q3 results exceeding the total investment volume of H1 2014. Brent USD/RUB Given the current headwinds in the economy, particularly in debt markets, it is highly likely that volumes Russian Real Estate Market will remain subdued well into next year. Transactions (2003-2014)

8,000 60

50 • Foreign investors continue tread carefully. In Q1- Q3 2014 local investors continue to dominate the market, 6,000 40 Russian players accounted for 69% of deals in Q1-Q3 2014 vs. 54% in Q1-Q3 2013. Given the tension 4,000 30 20 between Russia and the West, real estate consulting companies do not expect a significant pick up in western 2,000 10

investment before the end of the year. $, mln Volume, 0 0 Amount of transactions of Amount • Total investment volume in 2014 (forecast): Colliers JLL CBRE C&W Source: IMF, MED, C&W, JLL, Colies 4.0-4.5 3.4 3.2 - 4.0 >5.0 7 Office and Retail Markets overview OFFICE MARKET OVERVIEW 1,300 • 15 new office buildings were delivered in 3Q 2014, totaling 496K sqm of Office Price (Class A, Class B), US$ psqm Key indicators Units additional office space. For 9 months new construction reached more than 1,100 Prime rate, 900-1,100 1 mln sqm of rental area. This year could mark the highest level of new 1,088 US$ sqmpa 807 construction since 2009. 900 (US$/sqm/year) 935 646 870 • The overall vacancy rate increased to 15.1% in Q3 compared to 14.8 % 700 796 810 Base rent 580-800 in Q2 2014 due to the increase and delivery new office projects. US$/psqm/pa 731 734 530 515 Class A (CBD) 509 645 444 466 500 US$ sqmpa • According to Q1-Q3 results, the annual class A average rental rate has 414 Overall vacancy,% 15,1% decreased 8% and is $800 (per year per sqm, triple net). The class B average 300 rental rate has decreased 3% and is $516. According to Cushman & 2007 2008 2009 2010 2011 2012 2013 2014F Wakefield, average rates for class A and B are on the downward trend. Vacancy rate,% 11,2% average Class A average Class B (Moscow downtown)

RETAIL MARKET OVERVIEW Retail Volume and Vacancy 5,000 4,648 6.0% Key Units • In Q3 2014, 3 shopping centers were opened in Moscow with a total GLA 5.0% 3,718 5.0% 4,000 3,360 3,504 indicators of 64,500 sq m. The biggest one, Vodniy SC (GLA 32 500 sq m), was 3,162 2,765 4.0% opened as part of a multifunctional complex. 3,000 3.0% 1,774 Prime rate, 3,300 2,000 • Vacancy rate has increased significantly from 3.5% to 5% due to: the 1,124 2.0% US$ psqma 1,000 (prime shopping volume of new retail space which is anticipated to reach 750,000 sq m by 1.0% center retail gallery) the end of 2014 – the highest level on record and moderate demand from 0 0.0% 2007 2008 2009 2010 2011 2012 2013 2014F tenants: tenants’ decision-making time is now more drawn out, some total area vacancy retailers have decided to limit their plans for new store openings and some Base rent, 500-1,800 5,000 plan to exit the market completely. Prime Rents, US$ psqmpa US$ psqma 4,000 • The downward rental rate trend became evident in the retail segment in 3,000 2014. Discounts from asking rents for new tenants could be up to 30%. 3,300 Vacancy 5,0% Moscow’s prime retail indicator decreased from US$ 4,000 to US$ rate,% 2,000 3,300. 2007 2008 2009 2010 2011 2012 2013 2014F Prime rents RESIDENTIAL MARKET MOSCOW AND MOSCOW REGION Asking Price Residential, rub/psqm 60 190,000 184,308 • The weighted average price in the primary market business class 50 185,000 180,000 residential in III quarter 2014 amounted to 244,650 rubles. (5,755 USD) 40 175,000 per 1 square. m. (Source: BEST Nedvizhimost) 30 170,000 20 165,000 160,000 • In Moscow region the City Odintsovo holds leading position at the average 10 155,000 price for sqm of primary residential. As for October 2014, the average 0 150,000 price for sqm is 94 684 rub. rub/persqm USD Euro 8

Source: http://www.peresvet.ru/temptext/1397046862160.pdf SECTION 3 Project Update Yielding Projects

AFIMALL City Update

AFIMALL CITY . In Q3 2014 the occupancy level remained the same at the level of 82%. (as of September 2014) . In September well-known fashion retailer “Forever 21” opened its Total GBA, sqm 283,2K first shop in Russia at AFIMALL (c. 1,500 sqm). Also AFIMALL Total GLA(shops, offices, storage), welcomed other new entry – American chain of furniture and household 107.2K sqm products “Crate & Barrel” (c. 3,000 sqm). The agreements have been

Occupancy end of June, (as % of GLA total) 82% signed in 2013. . Average monthly footfall up 8% in September 2014 compared to Parking lots, numbers 2,075 September 2013

Stabilized NOI (C&W est.) US$147,3 mn Q1 2014 Q2 2014 Q3 2014 9M 2014 9M 2013 MV (C&W est.) US$ 1.160 bn Revenue, mn USD 28.0 28.7 26.0 82.7 74.5 Operating Expenses, mn USD (11.1) (6.2) (1.0) (18.4) (26.2) Loan balance as for September, 2014 US$ 567mn NOI 16.8 22.5 25.0 * 64.3 48.3

* Increase NOI is mainly due to decrease in Property tax as positive decision from State committee on project cadastral value and overpayment in Q1 2014. +33%

10 AFIMALL and Moscow-City Development

MOSCOW-CITY DEVELOPMENT . At the moment “Moscow City” is in the process of development. Today Moscow-City consists of 8 complete building complexes accounting for c. 0.65 million sqm of rentable area among 1,2 mn sqm upon delivery. . In short-term perspectives Moscow city expects almost doubling of office space (c. 1mn sqmm). Thus, due to high concentration and new massive deliveries of high quality office AFIMALL stock, the office vacancy will remain relatively high. (for 2014 30,6%) . In October Russian oil company completed the deal on buy – out of office building Evolution in Moscow City. ( c. 1 bln USD according to press release) TRANSPORT ASSECIBILITY . Now three metro stations are opened. (Vistovochnaya, Mezhdunarodnaya, Devlovoy Tcentr) Vistovochnaya and Delovoy Tcentr have a direct enter to the Mall. . New metro stations will make it possible to approach Moscow-City from three different lines: the dark-blue and yellow lines - 2015 a route from Delovoy Tcents station to Nizhnaya Maslovka - 2016 a route from Park Pobedi to Ramenki - 2017-2018 – a prolongation of the yellow line to Solncevo, Kropotkinskaya, EXISTING OFFICE COMPLEX Smolenskaya and Delovoy Tcentr 4 – (GLA, sqm – 70K) . Also after opening a hub in 2015 it will take 40-50 min from Moscow-city to SVO and 9 – Capital City (GLA, sqm – 81K) Vnukovo airport. 19 – (GLA, sqm – 155K) 13a – (Zapad) 19 – (GLA, sqm – 60K) 6, 7,8 – Central Core (AFIMALL) 8a – City Point, Novotel (GLA, sqm – 10K)

PLANNED/UNDER CONSTRUCTION 2, 3 – Evolution (GLA, sqm – 70K) – 2015 11 – IQ-quarter (GLA, sqm – 123K) – 2015 12 – Tower (GLA, sqm – 86K) – 2014 13b – Federation Tower (Vostok) – 2016 15- MFC (GLA, sqm – 75K) – 2017-2018 16 – OKO (GLA, sqm – 110K) - 2014 17, 18 – (GLA, sqm – 131K) – 2017-2018

11 AFIMALL and Moscow-City Development

AFIMALL

Based on C&W report12 Yielding Properties Yielding Assets

Building AFIMALL Ozerkovskaya III* Berezkovskaya Tverskaya Plaza II Paveletskaya, bld. H2O Tvesrkaya Plaza Ib Aquamarine Hotel Plaza SPA Plaza SPA 1 Kislovodsk Zheleznovodsk TOTAL

Moscow Moscow Moscow Moscow Moscow Moscow Moscow Moscow Location Kavkaz region Kavkaz region Moscow City CBD CBD CBD CBD

Office A & Street * Office & Street Office & Street Class Retail Office B Office B Office B Hotel Hotel Hotel Retail Retail Retail

GBA, sqm 283,182 61,772 11,612 6,742 16,246 10,698 2,027 8,931 25,000 11,701 438K

GLA, sqm 107,208 46,247 10,250 5,856 14,085 8,990 1,740 159 keys 275 keys 134 keys 194K

Parking lots (total), # 2,075 466 143 - 126 81 - 15 - 15

Ocupancy rate 82% 0.0% 91% 83% 92% 86% 83% 67% 68% 72% (30.09.2014), % Average rent as of 750- Office 1,201 563 505 356 334 537 ADR 206 ADR 301 ADR 203 30.06.2014, $/sq m** 500 - retail NOI (12m forward) 98.6 10.1 4.3 2.4 3.1 1.7 0.9 - - - 121 (C&W est.), US mn NOI stab (C&West.), 147.3 38.5 5.1 3.4 4.5 2.7 1.2 - - - 203 US mn

MV,US$ mn*** 1,160 323.6 37.6 24 29.9 16.9 8.4 25.1 20.5 18.2 1,664

* Information after disposal of 1 Bld. Project is not leased yet ** Average rents presented as of June 30, 2014 ***MV based on C&W valuation as for 30.06.2014 for 100% of the property. Hotels presented by cost value and show AFI share as for 30.09.2014

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13 SECTION 4 Project Update Development Projects

Odinburg Residential

ODINBURG (as of September 2014 ) OVERIVEW

Type Residential . The ODINBURG residential district is located in the town of Odintsovo, a modern area considered to be one of the best and most GBA,sqm 767,1K environmentally clean towns in the Moscow region. (11 km from GSA, sqm/GSA MKAD) . commercial total: 453,0/36,4K Phase I, sqm: 145,1K . New highway to Moscow is right next to the complex. Phase II, sqm: 307,9K . The entire residential district takes up an area of 33.14 hectares, which will host eight 8-to-25 story buildings. The residential element will offer almost 9,000 apartments and a total sellable area of 453K sq.m. Apartments, total : 9,059 (Company share).

. Phase 1: 2,572 CONSTRUCTION STATUS and SALES . Bld 1 702 . As of today - 416 apartments have been signed

Parking units: 3,399 . The construction works is ongoing – 22nd floor of bld. 1 . Start of construction of Bld. 2

15 Plaza IC ( 2 Brestskaya, 50/2)

PlAZA IC

(as of September 2014 ) OVERIVEW . The Plaza 1C project is located in Moscow business district in close Total GBA, sqm 61,8K proximity to the Garden Ring and Belorussky railway station and implies A class office complex construction with retail zones on the ground floor. Total GLA, sqm 37,0K

CONSTRUCTION STATUS Parking lots, numbers 467 . Negotiations with several banks are ongoing . Upon the Company obtains finance on favorable terms from banks, the MV (C&W est.) US$ 136,0mn agreement with GC will be signed

16 Pipeline Projects

• The Company has several projects in pipeline with total GBA c. 550K sqm. Two of them are business class residential complexes located in central part of Moscow

1. POCHTOVAYA (RESIDENTIAL COMPLEX) Location: Moscow, CAD GBA, sqm 170,3K GSA/GLA, sqm 56,9K/34,2K Status: Stage P MV, US$ (C&W) 159,3 mn

2. PAVELETSKAYA (RESIDENTIAL COMPLEX) Location: Moscow, CAD GBA, sqm 151,4K Pochtovaya GSA/GLA, sqm 48,2K/26,1K Status: Stage P Plaza IV MV, US$ (C&W) 104,3 mn Kosinskaya

3. PLAZA IV (OFFICE COMPLEX) Paveletskaya Location: Moscow, CAD GBA, sqm 108,0K GLA, sqm 61,3K Status: Securing approval MV, US$ (C&W) 164,0 mn

4. KOSSINSKAYA (reconsideration of the project) Location: Moscow GBA, sqm 117,7K GLA, sqm 70,0K Status: *Reconsideration MV, US$ (C&W) 107,3 mn

* On 17 November, AFI Development’s Board of Directors decided to place on hold and reconsider further implementation of the development concept of the Company’s apparel and fashion wholesale trade centre “Expolon”, in light of the current economic situation in Russia. Other 17 Note: the NOI projections are “forward looking statements” 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 5 Financials Consolidated P&L

Q1 2014 Q2 2014 Q3 2014 9M 2014 9M 2013 # ITEM ('000) Comments: Actual Actual Actual Actual Actual (1) Construction consulting/management services - - 0.1 0.1 0.1 (2) Rental and hotel operating income (2) Rental income 36.7 38.2 35.0 109.8 105.1 grew 4% year-on-year to US$109.8 mn. (3) Sale of residential and trading property - 1.4 0.2 1.6 57.1 AFIMALL City contribution at US$82.7 million (compared to US$74.5 million in (4) TOTAL REVENUE 36.7 39.6 35.3 111.5 162.3 the first nine months of 2013) (5) Other income 1.7 1.3 0.1 3.1 4.4 (6) Operating expenses (21.8) (15.5) (11.5) (48.8) (57.5) (3) (8) Revenue for the 9M 2013 includes disposal of parking to VTB ( US$ 24,7 mn (7) Administrative expenses (7.4) (3.6) (7.1) (18.2) (13.0) in gross profit) (8) Cost of sales of residential and trading property - (1.0) 0.0 (1.0) (33.2) (9) Other expenses (2.3) (0.7) (3.1) (6.0) (4.1) Company demonstrates a solid financial performance for 9M 2014, with the (10) TOTAL EXPENSES (29.7) (19.6) (21.6) (70.9) (103.4) challenging market environment (11) Share of profit of equity-accounted investees (0.6) 1.2 (1.3) (0.7) (0.5) (12) GROSS PROFIT 6.3 21.2 12.3 39.8 58.4 (13) Valuation gains on investment property 73.3 (46.8) 108.4 134.8 105.9 (14) Impairement loss for trading property (0.4) (8.3) (8.8) (17.5) (1.0) (15) RESULTS FROM OPERATING ACTIVITIES 79.2 (34.0) 111.9 157.2 163.3 (16) Profit on sale/disposal of properties/investment 0.1 - - 0.1 32.1 (17) Finance income 2.5 2.0 0.8 5.3 18.5 (18) Finance expense (14.9) (14.1) (14.7) (43.6) (51.2) (19) FX Gain/( Loss) (37.7) 22.8 (63.8) (78.8) (23.7) (20) Translation reserve reclassification due to disposal of subsidiary - - - - (30.3) (21) Net finance income/(costs) (50.2) 10.7 (77.7) (117.1) (86.7) (22) PROFIT BEFORE INCOME TAX 29.1 (23.3) 34.2 40.1 108.7 (23) Current income tax (0.2) (0.3) (0.3) (0.8) (1.3) (24) Deferred income tax (4.8) 3.1 (9.7) (11.4) (23.4) (25) PROFIT FOR THE PERIOD 24.2 (20.5) 24.2 27.9 84.1

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19 Statement of Financial Position

30.09.2014 30.06.2014 Changing # NARRATIVE US$ mn US$ mn US$ mn %  Stable Cash position with US 97,3 mn in cash ,cash (1) Investment property 1,602.3 1,600.4 1.9 0% equivalents and marketable securities as at 30 September (2) Investment property under development 686.6 686.6 (0.0) 0% 2014 (3) Investment in Joint Ventures 3.9 6.0 (2.1) -35%  Debt to equity ratio ( 46%) (4) Property, plant and equipment 54.7 66.8 (12.1) -18% (5) Long-term loans receivable 21.4 22.5 (1.1) -5%  Investment property is significant part of total asset (6) VAT recoverable 0.1 0.1 (0.0) -16% portfolio (7) Total non-current assets 2,368.9 2,382.3 (13.4) -1% (8) Trading property 4.8 5.5 (0.7) (9) Trading properties under construction 143.4 139.6 3.8 3% (9) Odinburg (10) Inventory 0.4 0.5 (0.1) (15%) (11) Short-term loans receivable 0.8 0.7 0.0 2% (12) Trade and other receivables 67.3 111.2 (44.0) (13) Current tax assets (0.1) 0.1 (0.2) (14) Cash, cash equivalents and tradable securities 97.3 123.4 (26.1) (21%) (15) Total current assets 313.9 381.2 (67.3) (16) TOTAL ASSETS 2,682.8 2,763.5 (80.7) (3%) (17) Equity (18) Share capital 1.0 1.0 0.0 0% (19) Share premium 1763.4 1763.4 0.0 - (20) Translation reserve (229.2) (162.5) (66.7) (21) Retaining earnings 149.1 124.6 24.6 (22) TOTAL EQUITY 1,684.4 1,726.5 -42.2 (2%) (23) Minority interest (2.4) (3.0) 0.6 (24) Long-term loans and borrowings 540.7 592.4 (51.7) (9%) (25) Change in 30 September 2014 and 30 June 2014 exchange rate (25) Deferred tax liabilities 140.1 127.1 13.0 (26) Deferred income 18.3 21.8 (3.5) (16%) (27) Total non-current liabilities 699.1 741.3 (42.2) (6%) (28) Short-term loans and borrowings 231.8 232.0 (0.2) (0%) (29) Trade and other payables 35.4 44.1 (8.8) (20%) (30) Advances from customers 34.5 22.5 (30) Advance Payments from customers in Odinburg (31) Total current liabilities 301.7 298.6 3.1 1%

(32) TOTAL LIABILITIES 998.4 1036.9 (38.5) (4%)

(33) TOTAL EQUITY AND LIABILITIES 2,682.8 2,763.5 (80.7) (3%)

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20 Loans and cash position as of September 30, 2014

. Gross balance of the bank loan portfolio (as of September 30,2014) – US$ 772 mn . Total cash balance and deposits (as of September 30, 2014) – US$ 97,3 mn (including marketable securities)

Balance as of Available Project Bank Sept, 2014 Nominal Interest rate Currency Maturity (US$ mn) (US$ mn)

VTB $264 - 9.5% RUB AFIMALL 01.04.2018 VTB $303 - 3-m Libor+5.02% USD TOTAL AFIMALL $567 $0 7.23%

Ozerkovskaya III (100%) VTB $205 $0 3-m Libor+5.7% USD 26.01.2015

TOTAL/AVERAGE RATE $772 6.89%

The Company is in line with all financial covenants

21 Gross Asset Value

Net Company's PROJECT Book Value Bank Loan Share 30.09.2014 30.09.2014 30.09.2014 AFI Mall 1,160 (567) 593 Berezkovskaya (100%) 38 38 LTV= 31% Paveletskaya I (1) 30 30 Plaza H20 17 17 Ozerkovskaya III 324 (205) 118 LTE = 46% Plaza Ib 8 8 Plaza II 24 24 Sadovaya -Samotechnaya 2 2 TOTAL INVESTMENT PROPERTY: 1,602 (772) 830 Plaza Ic 136 136 Plaza II a 12 12 Plaza IV (100%) 164 164 Kosinskaya 107 107 Bolyshaya Pochtovaya 159 159 Paveletskaya II 104 104 Ruza 4 4 TOTAL INVESTMENT PROPERTY UNDER DEVELOPMENT: 687 0 687

Ozerkovskaya Phase II (26) 4 4 4Winds residential 1 1 TOTAL TRADING PROPERTY: 5 0 5 Aquamarine/Ozerkovskaya 26 25 25 Plaza SPA Zheleznovodsk 18 18 Pyatigorskaya (Park Plaza Kislovodsk) 6 6 Plaza Spa Kislovodsk (Tirel) (50%) 21 21 Versailles (Kislovodsk) 4 4 TOTAL PROPERTY PLANT AND EQUIPMENT: 74 0 74 Odinburg 143 143 TOTAL TRADING PROPERTY UNDER DEVELOPMENT: 143 0 143 TOTAL PORTFOLIO: 2,511 (772) 1,739 CASH AND CASH EQUIVALENT 97 DEFFERED TAX LIABILITY (140) TOTAL OTHER ASSETS AND LIABILITIES (11) TOTAL EQUITY: 1,684

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