AFI Development announced that it has received notice from Michalis Sarris, an independent non-executive director of the company, of his resignation from the board, effective from March 1, 2013. The resignation follows the appointment of Mr. Sarris as the Minister of Finance of the Republic of Cyprus in its new government. The company intends to seek a new non-executive director to replace Mr. Sarris, and will update the market as and when a replacement is found.