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SITRONICS Announces Results of AGM

MOSCOW, Russia - June 30, 2009 - JSC SITRONICS (SITRONICS or the “Group”) (LSE: SITR), a leading provider of telecommunications, information technology and microelectronic solutions in Russia and the CIS, with a growing presence in other EEMEA emerging markets, today announced the decisions made at the Annual General Meeting of its shareholders (“AGM”) on June 30, 2009.

The AGM approved SITRONICS’ Annual Report and annual financial statements for 2008, including the profit and loss statement of SITRONICS for 2008, and considered the issues related to the distribution of the profit and loss of SITRONICS upon the results of the fiscal year 2008. The shareholders approved the proposal of the Board of Directors not to pay an annual dividend for the twelve months ended December 31, 2008.

The AGM also approved the election of the members of SITRONICS’ Board of Directors as follows:

• - Anton Abugov – First Vice President, Head of Strategy and Development Functional Division, Sistema
• - Yuval Almog – Chairman, Coral Group
• - Sergey Aslanian – President, SITRONICS
• - Anatoly Ballo – Deputy Chairman, Member of the Management Board, Vnesheconombank
• - Sergey Boyev – Vice President, Head of High Technologies and Industry Operating Unit, Sistema
• - Alexey Buyanov – Senior Vice President, Head of Financial Functional Division, Sistema
• - Dmitry Gayev – Head of the Moscow Subway
• - Nikhad Hurem – First Vice President for New Products and Technology Development, SITRONICS
• - David Khidasheli – Executive Vice President of External Relations Functional Division, Sistema
• - Denis Muratov – Member of the Board of Directors, SITRONICS
• - Kirill Poltevskiy – Head of Strategy Department of High Technologies and Industry Operating Unit, Sistema

The shareholders approved the election of the members of SITRONICS’ Audit Committee as follows:

• - Vasily Platoshin – Chief Accountant, Director of Accounting and Reporting Department, Financial Functional Division, Sistema
• - Artyom Popov – Executive Director of Finance Planning and Budget Unit, Financial Functional Division, Sistema
• - Mikhail Tokun – Head of Audits and External Auditors Relations Directorate of Internal Control and Audit Unit, Sistema

The AGM approved the following changes in the internal documents: the new edition of the Regulation on the Annual General Meeting of SITRONICS’s shareholders; the new edition of the Regulation on President of SITRONICS; the new edition of the Regulation on the Audit Committee of SITRONICS; the Regulation on Remuneration and Compensation for the members of the Board of Directors of SITRONICS; changes in the Regulation on the Board of Directors of SITRONICS; changes in the Regulation on the Management Board of SITRONICS; changes in SITRONICS’ Charter related to the expansion of the range of SITRONICS’ activities, including operations with regards to state secrets’ protection, software development and hardware production.

In addition, the shareholders approved the related party transactions, which may be implemented by SITRONICS in the future.

Deloitte & Touche CIS and Paliy & Sons were appointed as independent auditors for 2009.

Anatoly Ballo was born in 1961 in Moscow. He graduated from the Moscow Finance Institute with a degree in International Economic Relations in 1983. From 1983 to 1991, Mr. Ballo worked as Economist and Research Specialist at Research Institute of Scientific and Technical Information and Construction Materials Industry Management of the USSR Construction Materials Ministry. He worked as Chief Expert at the Central Bank of Russia in 1992, and was Chief Expert at Gosbank of the USSR from 1991 to 1992. From 1992 to 2000, Anatoly Ballo held the positions of Chief Expert, Manager, Executive Secretary of the Board, Executive Director and Financial Director at the Russian Project Financing Bank. Mr. Ballo served as a Consultant to Vnesheconombank from 2000 to 2002. From 2002 to 2005, he was Deputy Head and Head of Department at Foreign Trade Bank. From 2005 to 2007, Mr. Ballo held the positions of Department Director and Directorate Director at Vnesheconombank. Anatoly Ballo has been serving as Deputy Chairman and Member of the Management Board of Vnesheconombank since 2007.

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For further information, please visit www.sitronics.com or contact:

SITRONICS is a leading provider of telecommunication solutions, including software, equipment and systems integration, IT solutions and microelectronic solutions in Russia and the Commonwealth of Independent States with a strong presence in Central and Eastern Europe and a growing presence in the Middle East and Africa.

SITRONICS serves over 3,500 clients, maintains offices in 32 countries and exports its products and services to more than 60 countries. SITRONICS has around 10,000 employees of whom approximately 4,500 are involved in research and development.

SITRONICS’ key Telecommunication Solutions operations are based in Prague, Czech Republic and Athens, Greece, while the company’s IT Solutions and Microelectronics divisions are based in Kiev, Ukraine and Zelenograd, Russia respectively.

SITRONICS generated revenues of US$ 214.9 million for the three months ended March 31, 2009 and had total assets of US$ 1,743.6 million at the end of the period. SITRONICS is majority owned by Sistema, the largest public diversified corporation in Russia and the CIS, which manages fast growing companies operating in the consumer services sector.

SITRONICS has developed strategic alliances in its home markets with Cisco Systems, STMicroelectronics, Infineon and Giesecke & Devrient in relation to certain products and services. SITRONICS has vendor relationships with Siemens, Ericsson, Motorola, ORACLE, Intel, Sun Microsystems and Microsoft. Key customers include Sistema group companies, such as MTS, Comstar-UTS and MTT, and also OTE, Cosmote, Vodafone, Ericsson, Arcelor Mittal (formerly Mittal Steel) and TCL.

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of SITRONICS. You can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might" the negative of such terms or other expressions. These statements are only predictions and actual events or results may differ materially. We do not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, and other factors specifically related to SITRONICS and its operations.