AFI Development : Approval of Application for Squeeze Out

Not for release, publication or distribution (in whole or in part, directly or indirectly) in, into or from the United States of America, Canada, Australia, Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.

FOR IMMEDIATE RELEASE

12 February 2020

ANNOUNCEMENT

of APPROVAL of application for squeeze out FROM

CYPRUS SECURITIES AND EXCHANGE COMMISSION

IN RELATION TO

offers ('the offers') by flotonic limited to acquire ALL THE CAPITAL OF

AFI DEVELOPMENT PLC dated 19.11.2019, as revised on 19.12.2019 (the 'Announcements')

Following the announcement made on 28 January 2020, Flotonic Limited ('Flotonic') announces that the Cyprus Securities and Exchange Commission has approved Flotonic's request to proceed with the squeeze out, in accordance with section 36(1) of the Cypriot Takeover Law 42(I)/2007, for the acquisition of the remaining securities of AFI Development Plc which are not in Flotonic's possession.

Capitalised terms in this announcement, unless otherwise defined, have the same meanings as set out in the Announcements.

For more information, please contact:

Natalia Pirogova

Flotonic Limited

[phone]

Important Notice

THE RELEASE, PUBLICATION OR DISTRIBUTION OF THIS ANNOUNCEMENT IN JURISDICTIONS OTHER THAN THE UNITED KINGDOM MAY BE RESTRICTED BY LAW AND THEREFORE ANY PERSONS WHO ARE SUBJECT TO THE LAWS OF ANY JURISDICTION OTHER THAN THE UNITED KINGDOM SHOULD INFORM THEMSELVES ABOUT, AND OBSERVE, ANY APPLICABLE REQUIREMENTS. THIS ANNOUNCEMENT HAS BEEN PREPARED FOR THE PURPOSES OF COMPLYING WITH ENGLISH LAW AND THE INFORMATION DISCLOSED MAY NOT BE THE SAME AS THAT WHICH WOULD HAVE BEEN DISCLOSED IF THIS ANNOUNCEMENT HAD BEEN PREPARED IN ACCORDANCE WITH THE LAWS AND REGULATIONS OF ANY JURISDICTION OUTSIDE OF ENGLAND.

THE RELEASE, PUBLICATION OR DISTRIBUTION OF THIS ANNOUNCEMENT IN JURISDICTIONS MAY BE RESTRICTED BY LAW AND THEREFORE PERSONS SHOULD INFORM THEMSELVES ABOUT THE LAWS OF THEIR JURISDICTION AND OBSERVE ANY APPLICABLE REQUIREMENTS.