AFI Development : Submission of Application for Squeeze Out to CySEC

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

28 January 2020

ANNOUNCEMENT

of submission of application for squeeze out to

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')

Flotonic Limited announces that following the announcement made on 14 January 2020 that the Offers had become unconditional in all respects, and the lapse of the period for acceptances of the Offers on 27 January 2020 (as provided in the Offers), it has exercised its right to squeeze out pursuant to section 36 of the Cypriot Takeover Law 42(I)/2007 and has today applied to the Cyprus Securities and Exchange Commission for approval to proceed with the squeeze out.

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.