1. Year End 2012 Investor Presentation
FINANCIAL & BUSINESS RESULTS
March 2012

2. 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

3. AFI Development at Glance
Market Cap, as of March 18, 2013 US$ 0.72 bn •Full cycle real estate
developer •Strong liquidity position:
Price per share as of March, 18 2013 US$ 0.68 S$178mn as at Dec 31, 2012
NAV (Equity), as of Dec 31, 2012 US$ 1.63 bn •Focus on unique large FINANCIAL
BUSINESS scale commercial and •Secured financing for on-going
STABILITY
NAV per share, as of Dec 31, 2012 US$ 1.56 residential projects projects
Portfolio Value* US$ 2.48 bn •Primary market: • 21% Debt to Total assets**
Moscow, Russia
Portfolio Value*
•12 completed projects with
Land Bank •12 years on the market total c. 600,000 sqm of space
1%
•Admitted to LSE in 2007 TRACK •Impeccable credit history
HISTORY •Premium listing in 2010 RECORD
Next for •Market reputation for high
development •Free float – 35,12% quality and professional
27% property management
•Strong global brand •Substantial income generating
portfolio. Major project
AFIMALL •Affiliate of Africa Israel AFIMALL
47% BRAND Group (64,88% owner) , PORTFOLIO
Delivered •5 projects are next for
a major conglomerate
25% development
with global focus on real
estate, construction and
infrastructure •Pipeline and land bank
* Gross Asset Value of Portfolio based on C&W Valuation as for
31 Dec. 2012 and BV of Land Bank projects, Trading Properties
and Hotels ** Bank loans only
3

4. Key Projects in Moscow
Current Portfolio
Yielding Assets (retail, offices and hotels)
AFIMALL City Aquamarine II Berezkovskaya
Value (C&W): US$ 1.7 bn
GLA(excl. hotels),sqm: 200K sqm
Ownership:50%
NOI stab*. US$ 223 mn
H2O Four Winds*** Plaza Spa ** (AFID share, excl. hotels):
Botanic Garden
Pochtovaya, Phase I Aquamarine
Tverskaya Plazas Hotel
Aquamarine III
Paveletskaya, 1
Four Winds
AFIMALL City
Aquamarine Complex
Paveletskaya, *Ozerkovskaya – 100%
Berejkovskaya
Phase # II Kalinina Hotels** Tverskaya Ib, II **Outside of Moscow
H2O Office
Paveletskaya, 1 Kosinskaya ** *Sold in Q4 2012
Otradnoe Development Projects m
Value** (C&W): US$ 666 mn
Tverskaya GLA(excl. hotels),sqm: 252K
Plazas Otradnoe Pochtovaya
GSA, sqm: 574,3K
NOI stab: US$ 142,3 mn
Paveletskaya,
Kosinskaya Phase # II
**Paveletskaya II, Otradnoe presented as a BV
Land Bank and Pipeline
Value (BV): US$ 23 mn
Other
4
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

5. SECTION 1
Company Update

6. Main Achievements during 2012 (1/2)
Achievements 2012 (1/2)
STATUS TARGET FOR 2012 COMMENT
MANAGEMENT
STRENGTHEN SMT  The Company strengthened the development block
 Risk management and internal control have been improved
FINANCIAL
DEBT SERVICE COSTS  Increased the credit line limit with VTB bank on project AFIMALL ( + USD110 mn additional
REFINANCING cash for the Company) with lower interest rate (8,2% vs 9,6%)
 Decreased the Company average interest rate from 9,4% to 8,1%
(saving c. US$7,6 mn)
 Obtained the new loan facility in the amount of US$ 220 mn with VTB to refinance
construction costs on Ozerkovskaya III project with lower interest rate
( LIBOR+5,7% vs 13%)
 Made the early debt repayment with Sberbank on Ozerkovskaya III project ( US$ 47 mn)
VAT  Reimbursed the VAT in the amount of US$ 48 mn
FINANCIAL RESTRUCTURING  Completed the group finance restructuring, as a result US$ 5 mn saving on income tax
ACQISITION AND DISPOSITION
AFIMALL PARKING  Disposal of 643 parking lots to VTB was finalized - the resulting estimated total net cash flow
for the Company is US$ 57.1 mn, net profit is c. US$20 mn
FOUR WINDS  The transaction relating to the disposal of 50% share in its subsidiary, Westec Four Winds
Limited was finalized. The consideration is US$103.4 mn for AFID share, c. US$ 50 mn as
a net profit
OZERKOVSKAYA III
 The company acquired the share of its partner and settled all outstanding liabilities, for a total
cash consideration of US$ 227.5 million in Ozerkovskaya III project
PLAZA SPA KISLOVODSK  The company acquired the shares of operating company of Plaza SPA Kislovodsk, the result:
6
increase in revenue in US$ 1,3 mn

7. Main Achievements during 2012 (2/2)
Achievements 2012 (2/2)
STATUS TARGET FOR 2012 COMMENT
OPERATION
 FOOTFALL: Daily average footfall increased 36% and reached 40K in Dec 2012 vs 28K in
AFIMALL
Dec 2011
 COLLECTIONS: The Company recognized income of US$ 3.5 mn as decrease in bad debt
provision
 AFIMALL PARKING was fully constructed and put into operation (c. 2,075 parking units)
 AFIMALL recognised at the prestigious “International Property Awards Europe” for
excellence in development quality and highest level of customer experience
OZERKOVSKAYA III  DELIVERY: the project has been delivered in Q2 2012; operational permit is on place;
negotiations with potential buyers and tenants are in progress
 DELIVERY: the project has been delivered in Q2 2012 and put into operation; the hotel
PLAZA SPA experienced significant demand from customers and has already obtained positive feedback
ZHELOEZNOVODSK from its guests. The occupancy was higher than budgeted: 50% on actual vs 30% budgeted
CONSTRUCTION
KOSINSKAYA  REPAIR WORKS: Performing of capital repair works has been started. The project is
planned as a mix-use complex with concept for small DIY(do-it-yourself) shops and
offices
 OFFICES CLASS “A”: The process of securing approvals is ongoing. The first
TVERSKAYA PLAZAS
milestone achieved – the land lease certificate for PLAZA IC is in place (GBA – 51K
sqm and GLA – 32,5K sqm)
BOLSHAYA BOCHTOVAYA  DEVELOPMENT RIGHTS: Both projects are under active development stage. The
GZK and GPZU were obtained with following parameters:
PAVELETSKAYA - Bolshaya Pochtovaya: GBA: 170,6K sqm, where 67,8K is residential and 39,2 sqm is commercial
- Paveletskaya: GBA: 151,4Ksqm,where 61,4K is residential and 15K sqm is commercial. The
Company is working on securing the land lease agreement to allow construction in accordance with the 7
new development documentation as well as on the planning and design of the project.

8. Company share performance in 2012
Company share performance in 2012
70
50
Up to 60%
30
Price Change (%)
10
-10  The diagram shows
Company share price
-30 performance over 2012.
The December 2011
-50
value is assumed at 0
-70
AFI DEVELOPMENT-GDR REG S AFI DEVELOPMENT PLC - B SHS MIRLAND DEVELOPMENT CORP LSR GROUP OJSC-GDR REGS
PIK GROUP-GDR REG S ETALON GROUP-GDR REG S RGI INTERNATIONAL LTD
14% 18% 19% 33% 58% 62%
1
0.86
0.82 0.81  AFI shares –
0.8 fundamentally
0.67
undervalued stock
0.6
% Discount to NAV
0.42
0.38
0.4
0.2
0
LSR PIK Etalon RGI Mirland AFI Dev
8

9. SECTION 2
Projects Update

10. AFIMALL City Project Highlights
AFIMALL City Update (1/3)
ACHIEVEMENTS in 2012:
 During the year 2012 the Mall has continued to see increases in footfall, growing at the rate
of c. 5% per month. The average daily footfall in December has reached c. 40K visitors
 The occupancy is stable, showing rate in 77% as it was on the end of the 2011 year
 Stable development and gradual occupancy rate is also the main trigger in surrounding office
and residential buildings
 The company refinanced the project with a total multi-currency credit line of US$ 666 mn,
reducing the average interest rate from 9.6% to around 8.2%
 The underground parking space, purchased in December 2011 has been put into operation
and now available for all costumers, serving shopping center with c. 2,075 parking spaces
 The agreement with VTB on acquisition of 643 parking lots has been finalized. The
resulting estimated total net cash flow for AFI Development is US$57.1 mn and net profit
expected in 2013 is circa US$20 mn
PROJECT HIGHLIGHTS 100%
(as of December 2012) share
50.0 Daily Average Footfall ('000 visitors)
Total GLA(shops, offices, storage), sqm 107.2K 45.0 40K
40.0
35.0 30K
30.0
Total GLA shops only, sqm 96,8K 25.0
20.0
15.0
% of GLA shops only 77% 10.0
5.0
-
Stabilized NOI (C&W est.) US$156.9 mn
MV (C&W est.) US$ 1.160 bn
Loan balance as for December, 2012 US$ 536 mn Workdays average Weekends average Daily average
10

11. AFIMALL and Moscow-City Development
AFIMALL and Moscow-CityMOSCOW CITY DEVELOPMENT
Development (2/3)
 By the end of 2012 circa 500K sqm of office building have been completed
 According JLL report as of November 2012 in 2013 additional 308K of leasable area will be
build up in CityPoint, Mercury City Tower, Federation Tower (Vostok), Eurasia Towers
AFIMALL  Employees of office tenants of Moscow City represent significant percentage of the Mall’s
footfall and therefore additions to completed and let office space in Moscow City shall bring
additional customers to AFIMALL City (Employees will incease mora than double)
FUTURE DEVELOPMENT OF TRANSPORTATION STRUCTURE(SUBWAY)
 2013 – section between Delovoy Center and Park Pobedi
 2015 – metro line from Tretiyakovskaya till Ramenki
NOVATEL
AFIMALL
EXISTING OFFICE COMPLEX PLANNED/UNDER CONSTRUCTION
0 – Tower 2000 2, 3 – Evolution Tower
4 – Imperia Tower 8 – CityPoint
9 – Capital City 11 – Transport Terminal
10 – Naberezhnaya Tower 12 – Eurasia Tower
13a – Federation Tower (Zapad) 13b – Federation Tower (Vostok)
19 – Northern Tower 14 – Mercury City Tower
15 – Moscow City Government Building
OTHERS
16a – OKO
1 – Expocenter
16b – Parking
6, 7 – Central Core (AFIMALL
City) 17, 18 – Russia Tower
20 – Exposition and Business Center
11

12. Yielding Properties
AFIMALL Four Four Winds Berezkovskaya Paveletskaya, bld. H2O Tvesrkaya Tverskaya Ozerkovskaya Aquamarine Plaza Spa* Plaza SPA TOTAL
Building
Winds*** F&R*** 1 Plaza Ib Plaza II III Hotel* Kislovodsk Zheleznovodsk*
Ownership 100% 50% 50% 74% 99.1% 100% 100% 100% 50% 100% 50% 100%
Moscow Moscow Moscow Moscow Moscow Moscow Moscow Moscow Moscow Moscow
Location Kavkaz region Kavkaz region
Moscow City CBD CBD CBD CBD CBD CBD
GBA, sqm 304,205 28,241 5,970 11,612 16,246 10,698 2,104 6,008 73,346 11,130 25,000 9,526 504K
GLA, sqm 107,208 22,035 5,069 10,250 14,085 8,990 1,909 6,008 55,423 159 keys 274 keys 134 keys 200K
Parking lots (total), # 2,075 138 78 150 126 81 - - 551 15 - 15
Ocupancy rate, % 77% 100% 100% 94% 93% 99% 98% 72% - 70% 63% 54%
Average rent as of
1,243 1,428 556 600 362 377 677 493 750-500 ADR 187 ADR 367 ADR 171
31.12.2012, $/sq m
Street retail & Street retail & Office A &
Class Retail Office A Street Retail Office B Office B Office B Hotel Hotel Hotel
Office Office Street Retail
NOI stab (C&W
156.9 15.9 2.0 5.8 4.6 2.9 1.4 4.3 46.7 5.0 4.6 3.5 236
est.), US mn
NOI Year 2013 (C&W
77.7 5.0 3.5 2.4 1.1 3.3 10.4 2.7 3.7 3.2 113
est.), US mn
MV/BV (AFID
1,160 160 18 32 30 19 10 31 195 34 26 24 1,738
share),US$ mn
CAP Rate** 10% 9% 9% 12% 13% 14% 12% 12% 10% n/a n/a n/a
*ADR, NOI – company data for hotels
Cap Rate based on C&W valuation as for 31.12.2012
**Asset sold in December 2012
12

13. Projects next for Development

14. Development Hotel 2012
Update
Kalinina SpaUpdate 2012
Development
DEVELOPMENT ASSETS
PARAMETERS:  The City is progressing with renewing and re-approving the Company’s development rights and leasehold
TVERSKAYA
TVERSKAYA
Type: Office interests in land plots at the Plaza Ic (part of Plaza I), Plaza IIa and Plaza IV projects
PLAZAS
GBA, sqm: 169,7K
 In Q2 2012 the Company reclassified Tverskaya Plaza Ib and Tverskaya Plaza II from “investment properties
GLA, sqm: 101,4K under development” to “investment properties”. This was also reflected in the change of valuation approach,
• Ic: 32,5K implemented by the independent appraiser (Jones Lang LaSalle) by valuing the assets as yielding properties,
• Iia: 7,6K
rather than as development projects
• IV: 61,4K  The registration of 10 years land lease in November 2012 for Plaza 1c represents significant milestone in
the development process
Total MV(C&W): US$ 306,6 mn
 Construction start in Q4 2013 for Plaza IC
As of 31.12.2012
KOSINSKAYA PARAMETERS:
Type: Mix  The Company had to re-visit development concept of the project to build a property of higher quality
GBA, sqm: 111,7K
GLA, sqm: 90,3K
 The Company is started capital repair works in the property
MV(C&W): US$ 102,7 mn
As of 31.12.2012
FOUR
PARAMETERS:  The project involves a construction of multistory residential micro district consisting of two phases:
WINDS  Phase I – construction of 22-section residential building, named Korona (Crown), construction of infrastructure (Kindergarten,
OTRADNOE Type: Residential
School) with total sellable area of 149,432 sqm (2,620 apartments);
(ODINTCOVO) GBA(Phase I), sqm: 200,8K
 Phase II – construction of 8 residential buildings, construction of infrastructure (Kindergarten, school, outdoor multi-level parking)
GSA(Phase I total), sqm: 149,4K with total sellable area of 319,775 sqm (6,247 apartments)
 The design of the “Otradnoe” micro district is approved by the government of Moscow
 The Company has approved a general contractor for the project
POCHTOVAYA PARAMETERS:  Based on the planned construction density the Company obtained “GZK” and the land plot master-plan
Type: Residential “GPZU” in respect to the property
OTRADNOE GBA, sqm: 170,4K
GSA/GLA, sqm: 57K/34K  The development of total gross building area of 170,3K sq.m, where 67,8K sq.m of residential area, 39,2K
OZERKOVSKAYA MV(C&W): US$ 141,3 mn sq.m of commercial area and 62,2K sq.m. of underground area
III As of 31.12.2012
 The Company is working on design and planning of project
PAVELETSKAYA PARAMETERS:  The Company obtained “GZK” and the land plot master-plan (“GPZU”) with new parameters for the future
Type: Residential development. GBA of the project is 151,3K sq.m, where 61,4K sq.m of residential area, circa 15K sq.m of
commercial area and 57,3K sq.m of underground space*
GBA, sqm: 151,4K
PLAZA  The Company is currently working on obtaining land lease agreement for construction in accordance with the
GSA/GLA, sqm: 48K/26K
SPA development plan 14
MV(C&W): US$ 117,4 mn *Do not include reconstructed
As of 31.12.2012
 Book Value of the project is US$ 12 mn; MV - US$ 117 mn buildings

15. Pipeline and Land Bank
Pipeline and Land Bank
Project Type Land (ha) GBA upon completion (sqm) BV as of 31.12.2012, US$ ‘000
Park Plaza Kislovodsk Hotel resort 5.3 40,000 8,000
Versailles, Kislovodsk Hotel resort 0.6 12,350 9,000
Ruza Mixed use 387 n/a 4,000
St. Petersburg Mixed use 3.07 n/a 2,000
TOTAL 23,000
Extensive land bank
 Land bank – projects 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
15

16. SECTION 3
2012 Financial Results

17. Income Statement
# ITEM ('000) Q1 2012 Q2 2012 Q3 2012 Q4 2012 2012 2011
(1) Construction consulting/management services 1.5 0.3 0.4 0.3 2.5 1.0
(2) Rental income 35.3 36.8 37.4 36.5 146.0 117.0  Revenues - up 21% year-on-year to
(3) Sale of residential 3.5 4.1 4.8 1.8 14.1 15.9 US$163 mn driven by higher rental
(4) TOTAL REVENUE 40.3 41.1 42.6 38.6 162.6 133.9 income. AFIMALL City contribution
(5) Other income (0.2) 2.2 0.5 0.8 3.3 0.7 at US$81.4 mn
(6) Operating expenses (16.3) (19.0) (18.3) (20.9) (74.4) (72.1)
(7) Administrative expenses (3.4) (9.9) (3.0) (4.1) (20.4) (30.3)
(8) Cost of sales of residential (1.9) (3.2) (3.7) (0.5) (9.2) (10.4)
(9) Other expenses (0.2) (0.1) (1.2) (1.1) (2.6) (2.3)  Gross profit - up by three times
(10) TOTAL EXPENSES (22.0) (30.0) (25.6) (25.8) (103.4) (114.4) ( 203%) year-on-year to US$59 mn
(11) GROSS PROFIT 18.3 11.2 17.0 12.8 59.3 19.5
on stronger revenues
(12) Profit on disposal of subsidiaries 2.7 2.7  Decrease in bad debt provisions due to the
(13) Impairment of prepayment for investments - - - - - (1.2) strong collection in 2012
(14) Valuation gains on investment property 1.1 (173.5) (73.2) (0.4) (246.1) 268.0
(15) Negative goodwill - - - - - -
(16) Impairment loss for trading property and hotels - (65.4) - - (65.4) 1.0
(17) RESULTS FROM OPERATING ACTIVITIES 22.1 (227.7) (56.2) 12.3 (249.6) 287.3
(18) Finance income 2.1 1.9 2.1 5.4 9.3 8.2
(19) Finance expense (15.9) (17.7) (13.4) (14.3) (60.5) (43.3)
(20) FX Gain/( Loss) 7.8 (11.1) 17.1 2.1 17.3 (5.6)
(21) Impairment of financial asset - - - - - -
(22) Net finance income/(costs) (6.1) (26.8) 5.7 (6.8) (34.0) (40.6)
(23) PROFIT BEFORE INCOME TAX 16.0 (254.6) (50.5) 5.5 (283.5) 246.6
(24) Current income tax (0.3) (1.2) (1.5) (1.6) (4.6) (13.6)
(25) Deferred income tax (7.8) 7.2 16.1 (2.9) 12.6 (61.5)
(26) PROFIT FROM CONTINUING OPERATION 7.9 (248.5) (35.9) 1.0 (275.5) 171.5
17

18. Loans and Cash Position as of Dec 31, 2012
Gross balance of the loan portfolio (as of December 31, 2012) – US$ 555,7 mn;
Total cash balance (as of December 31, 2012) – US$ 178 mn
Balance as of Dec-
Available Maturity
Project Lending bank 31, 2012 Nominal Interest rate Currency
(US$ mn)
(US$ mn) (dd.mm.yy)
3-month LIBOR + *
RCB $309 - USD 01.04.2018
6,7%
AFIMALL (Refinance) *
RCB $226 $131 9.5% RUB 01.04.2018
**
Total AFIMALL $535.8
Ozerkovskaya III (100%) VTB $0 $220 3-m Libor+5,7% USD 26.01.2015
Plaza SPA Zheleznovodsk Sberbank $20 - 6.75% RUB 20.12.2014
Total/Blind interest rate 555.7 *** 8.1%
Debt service expected up to 31.12.2013
Total VTB Sberbank
Interest payments $64.6 $62.1 $2.4
Repayments $1.1 $0.0 $1.1
AFIMALL
Liquidation Value of the property should be higher than sum of the outstanding principal and six months interest
Q4 Revenue: not less than US$ 19,8 mn (including VAT)
As of December, 2012 the Company is in line with the covenants
18

19. Balance Sheet
31.12.2012 31.12.2011 Changing
# NARRATIVE
US$ mn US$ mn US$ mn %
(1) Investment property 1486.4 1403.7 82.7 6%  Strong cash position with US$178 million in cash and cash equivalents as
(2) Investment property under development 568.2 983.7 (415.5) (42%) at 31 December 2012, compared to US$85 million as at 31 December
(3) Property, plant and equipment 102.9 92.0 10.9 12%
2011
(4) Long-term loans receivable 0.8 0.0 0.7
(5) VAT recoverable 0.6 5.4 (4.8) • Increase in cash balance attributed to the disposal of Westec Four
(6) Goodwill 0.2 0.2 (0.0) 0% Winds Ltd. and parking areas at AFIMALL City to JSC VTB Bank
(8) Inventory of real estate 0.0 66.2 (66.2)
(9) Non-current assets 2159.0 2551.2 (392.2) -15%
(11) Trading properties 2.1 11.1 (8.9) (81%)  Low level of debt to equity ratio ( 35%)
(12) Trading properties under construction 141.8 129.6 12.2 9%
(13) Inventory 1.1 0.7 0.5 71%
(14) Short-term loans receivable 0.1 0.8 (0.7) (88%)
 Investment property is significant part of total asset portfolio (60%)
(15) Trade and other receivables 81.4 107.2 (25.7) (24%)
(16) Cash and cash equivalents 178.2 84.8 93.4 110%
(17) Current assets 404.7 334.1 70.7 21%
• (2) The difference in IPUD is a result of Ozerkovskaya III project transfer from
(18) Assets held for sale 185.9 185.9
IPUD to IP and revaluation made in Q2 2012
(19) TOTAL ASSETS 2749.6 2885.3 (135.6) -5%
(20) Equity • (5) The amount of VAT, which was received back during the period
(21) Share capital 1.0 1.0 0.0 0%
• (8) Botanic Garden write-off in Q2 2012
(22) Share premium 1763.4 1763.4 0.0 -
(23) Translation reserve (144.6) (178.5) 33.9 (19%) • (11) Sale of apartments and parking lots
(24) Retained earnings 9.7 277.5 (267.8) (97%)
• (15) The amount 107,2 included 21,9 mn USD VAT reimbursement during 2012
(25) Equity attributable to owner of the Company 1629.5 1863.5 (234.0) (13%) year
(26) Minority interest (3.0) 3.9 (6.9) -177%
(27) TOTAL EQUITY 1626.5 1867.4 (240.8) -13% • (18) W4W
(28) Trade and other payables 38.3 71.6 (33.3) (46%) • (33) The amount of US$ 273 mn includes US$ 61 mn of advance payment for the
(29) Long-term loans and borrowings 554.6 528.1 26.4 5% parking disposal to VTB bank and US$ 100 mn of advance payment for Four Winds
(30) Deferred tax liabilities 104.6 142.1 (37.5) (26%) project
(31) Deferred income 20.2 22.6 (2.5) (11%)
(32) Non-current liabilities 717.6 764.5 (46.8) -6% • (36) W4W
(33) Short-term loans and borrowings 17.3 99.0 (81.6) (82%)
(34) Trade and other payables 273.5 154.1 119.4 78%
(35) Income tax payable 0.2 (0.2)
(36) Current liabilities 290.9 253.3 37.6 15%
(37) Liabilities held for sale 114.5 114.5
(38) TOTAL LIABILITIES 1123.0 1017.7 105.3 10%
(39) TOTAL EQUITY AND LIABILITIES 2749.6 2885.1 (135.5) (5%)
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20. Portfolio NAV as of December,31 2012
Portfolio NAV as of December,31 2012
PROJECT Book Value Bank loan Portfolio NAV
31.12.2012 31.12.2012
AFI Mall 1,160 (536) 624
Four Winds building (50%)
Berezkovskaya (100%)*
160
43
(81) 79
43
• Total projects portfolio - US$2.5
Paveletskaya I (1) 30 30 bn as at 31 December 2012
Four Winds fitness & retail (50%) 18 18
Plaza H20 19 19
OZE Phase III (Аквамарин, №22-24, офисы) - 50% 194 194
Plaza Ib
Plaza II
10
31
10
31
• Debt/BV of Portfolio – 25%
TOTAL INVESTMENT PROPERTY: 1,664 (617) 1,047
Ozerkovskaya III (50%) 0 0
Plaza Ic 107 107
Plaza II a 32 32 • Yielding Assets (Investment
Plaza IV (100%)** 168 168 Property and Trading Property)
Kosinskaya 103 103
Bolyshaya Pochtovaya 141 141 represents 71% in total BV of
Paveletskaya II 12 12 Portfolio
Ruza 4 4
St. Petrsburg 2 2
TOTAL INVESTMENT PROPERTY UNDER DEVELOPMENT: 569 0 569
Four Winds II 1 1 • As per last valuation report the value of
Ozerkovskaya Phase II (26) 1 1
TOTAL TRADING PROPERTY: 2 0 2 Paveletskaya 2 is 117M
Aquamarine/Ozerkovskaya 26 34 34
Plaza Spa Kislovodsk (Tirel) (50%) 26 26
Kalinina 24 (20) 4
Pyatigorskaya (Park Plaza Kislovodsk) 8 8
Versailles (Kislovodsk) 9 9
TOTAL PROPERTY PLANT AND EQUIPMENT: 102 (20) 82
Odintsovo-Otradnoeye 112 112
AFIMALL parking sold to VTB 30 30
TOTAL TRADING PROPERTY UNDER DEVELOPMENT: 142 0 142
TOTAL PORTFOLIO: 2,479 (637) 1,842
Notes:
(1) AFID share in Berezkovskaya is 74%, the asset presented at 100% due to its full consolidation
(2) AFID share in Plaza IV is 100%, the asset presented at 100% due to its full consolidation
Gross Asset Value, based partially on the valuation of our projects portfolio independently verified by
Cushman & Wakefield and partially on book cost,

21. Contact Information
Registered office
AFI DEVELOPMENT PLC
25 Olympion St., Omiros & Araouzos Tower,
3035 , Limassol, Cyprus.
Tel: +357 25 340 058
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
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