AFI Development PLC Reports on Fire Safety Hazards (9637O)

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RNS Number : 9637O

AFI Development PLC

12 August 2014

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION

IN OR INTO THE RUSSIAN FEDERATION, THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN

AFI DEVELOPMENT PLC

("AFI Development" or "the Company")

statement regarding news reports on fire safety hazards at afimall city

London, 12 August 2014 - In reaction to news reports that appeared today in Russian media on fire safety hazards at AFIMALL City, the Company announces as follows:

Numerous Russian media outlets have today reported that the Public Prosecution Office of Moscow Central District had published a press release stating that it had filed a claim with a Moscow court against the owner of AFIMALL City, requesting that AFI Development eliminates fire safety hazards identified at AFIMALL City and suspends the Mall's operations until these fire safety hazards have been eliminated.

AFI Development confirms that it had previously received a report by the State Fire Safety Control Authorities which specified works to be undertaken to address minor fire safety issues at AFIMALL City. Part of these works are to be completed by 17 October 2014 and the remainder by 17 April 2015. In response to the submission by the Public Prosecution Office on the same subject, the Company had confirmed that all works requested by the State Fire Safety Control Authorities will be completed by the specified deadlines.

Whilst the Company has not yet received any official documents from the Public Prosecution Office nor from the Court, it has been able to confirm that the widely reported claim has indeed been filed. AFI Development is actively working on addressing all reported minor fire safety issues. The anticipated court proceedings are expected to take several months and the Company believes that it will complete all above-mentioned works by the time the final court decision has been made.

AFIMALL City continues its normal operations and AFI Development confirms that there are currently no fire safety or other public safety hazards for customers within the Mall.

- ENDS -

For further information, please contact:

AFI Development, Moscow +7 495 796 9988

Ilya Kutnov

Ekaterina Shubina

Citigate Dewe Rogerson, London+44 20 7638 9571

David Westover

Sandra Novakov

Shelly Chadda

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 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 favourable 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.

Legal Disclaimer

Some of the information in these materials may contain projections or other forward-looking statements regarding future events, the future financial performance of the Company, its intentions, beliefs or current expectations and those of its officers, directors and employees concerning, among other things, the Company's results of operations, financial condition, liquidity, prospects, growth, strategies and business. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could," "may" or "might" or the negative of such terms or other similar expressions. These statements are only predictions and that actual events or results may differ materially. Unless otherwise required by applicable law, regulation or accounting standard, the Company does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of the Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia and market change in the industries the Company operates in, as well as many other risks specifically related to the Company and its operations.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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