11. Active on the market since 2001, operating as AFI Development since 2006 and admitted to the London Stock Exchange (LSE) in 2007
12. Strong reputation, track record of value creation and an established position on Moscow’s unsaturated real estate market with high entry barriers
13. Affiliate company of Africa Israel Group – a major Israeli conglomerate with global focus on real estate, construction and infrastructure
14. Successful track record of 8 completed projects with total of 193,000 sqm of commercial and residential space
15. Project pipeline: 5 ongoing projects to be completed within the next 1-3 years, 3 projects in active preparatory stage and 19 additional land plots in the portfolio for future development (land bank)
16. Strong liquidity position with over US$ 110 mln in cash (June 30, 2010) and secured credit facilities to complete ongoing projects
17.
18. Commitment to the highest standards of corporate governance, disclosure and operational predictability
20. Retaining only the highest quality / best located properties with certain residential, non-prime commercial projects and selected land bank sold off
21. Suspension of new acquisitions and staged development of acquired land bank: presently 5 major high-quality projects under development
31. Banks are holding on to pledged assets transferred to their ownership due to insolvencies
32.
33. Low number of quality assets and projects under construction on the market (excess supply of mid and low quality properties)
34. Virtually no investor interest in acquisition of new land plots / development sites leading to a dramatic drop in prices compared to pre-crisis levels
66. Hotel – 5% *Numbers based on valuation done by JLL, AFID share of projects shown, disposed projects not included , active projects include projects “next for development”
67. Completed Projects (1) Four Winds residential Aquamarine I,II office Aquamarine II residential Four Winds office
68. Completed Projects (2) Aquamarine II hotel Plaza SPA hotel in Kislovodsk H2O office Berezhkovskaya office
69.
70.
71. 70% pre-let at an average rate of US$ 1,200 per sqm per year for the first year, another 10% are under negotiation
72. Construction loan refinanced resulting in extension of maturity by 2 years to Aug 2013 and a decrease in interest rates from 16% to 13.25% in ruble terms *Valuation done by JLL , Dec 31, 2009
75. The Mall is part of AFID’s complex redevelopment of TverskayaZastava Square (over 500,000 of total commercial and residential space, part of AFID’s present land bank)
76. Easy access from subway, rail terminal and specifically built underground pedestrian passes
77.
78. The City of Moscow agreed to and started financing a part of the engineering infrastructure
79. Negotiations with a new general contractor are ongoing (to be finalized before year end)Valuation done by JLL, Dec 31, 2009
84. New credit facility for US$ 74 mln at 13.25% was signed with Sberbank. The loan is sufficient to cover all construction costsValuation done by JLL, Dec 31, 2009
107. In Q3 2010 long term liabilities increased by US$26 mlnfollowing drawdowns made to complete Mall of Russia and Aquamarine III projects
108.
109. Revenues for nine months to 30 September 2010 including net proceeds from the sale of trading properties increased by 15% year-on-year to US$53.9 million driven by higher rental income and residential sales.
110. Loss before tax driven by reevaluation for the period was US$49.8 million compared to profit of US$285 million for nine months to 30 September 2009.
111.
112. Following active development of several projects cash outflow from investment activities reached US$ 101 mlnfor 9m 2010 compared to cash outflow of US$ 45 mlnin 9m 2009
113. Cash flow from financing activities was negative for the period and constituted US$ 33 mln outflow
114.
115. Geographical focus on Moscow as it provides the strongest real estate fundamentals; concentration on high quality centrally located commercial and residential properties
116. Currently 5 projects under construction and several others at concept design stage with plan to start construction within 18 months