AFI Development announced that its Board of Directors has accepted the resignation of Mr. Lev Leviev from the position of Executive Chairman of the Company effective August 31, 2018. The Board has appointed Mr. David Tahan as Non-executive Chairman of the Company effective from September 1, 2018. The Board has also appointed Mr. Mark Groysman as an Executive Director effective from September 1, 2018. Mr. Groysman will serve as a Board member for an interim period until a new Board member has been appointed. Mr. Mark Groysman leads the Russian operations of AFI Development in the capacity of CEO of AFI RUS LLC, the main operating subsidiary of the Company. Mr. Groysman was an executive member of the Board of AFI Development between 2012 and 2016.