21.05.2008    SITRONICS BOARD SETS AGM AGENDA

MOSCOW, Russia - May 21, 2008 - JSC SITRONICS ("SITRONICS" or "The Company") (LSE: SITR), a leading provider of telecommunications, IT and microelectronic solutions in Russia and the CIS, today announced that the Board of Directors (the "Board") has set a date for the Annual General Meeting of the Company's Shareholders ("AGM") for June 26, 2008. The AGM will take place at 4.00 pm Moscow time at the following address: 39/5, 3-ya Tverskaya-Yamskaya St., Str. 1, Moscow, 125047, Russia.
The Board recommended the AGM to approve the following:
- The Annual Report of JSC SITRONICS for 2007; the annual financial statements, including the profit and loss statement of JSC SITRONICS for 2007;
- Distribution of the profit and loss of JSC SITRONICS upon the results of the fiscal year, approval of the amount, procedure, form and due date of payment of the dividends for 2007 on the shares of JSC SITRONICS;
- The payment of compensation to the members of the Board of Directors of JSC SITRONICS;
- Determination of the total number of the members of the Board of Directors of JSC SITRONICS;
- Election of the members of the Board of Directors of JSC SITRONICS;
- Election of the members of the Audit Committee of JSC SITRONICS;
- The auditor of JSC SITRONICS for 2008.
- The new versions of the internal regulations of JSC SITRONICS: Regulations on the Board of Directors of JSC SITRONICS and Regulations on the Management Board of JSC SITRONICS;
- The related party transactions, which may be made by the Company in future.

Shareholders registered at the record date of May 12, 2008, will be eligible to participate and vote at the meeting. Registration of the participants will start at 3.00 p.m. Moscow time. The registrar of the Company will oversee counting of the votes. The information and materials regarding the AGM are available at the Company's office at 39/5, 3-ya Tverskaya-Yamskaya St., Str. 1, Moscow, 125047, between 10.00 a.m. and 6.00 p.m. from June 6, 2008 to June 26, 2008. The same information (materials) will also be made available to the participants at the AGM.

Notice to GDR holders: In order to submit your votes, you will need to fill in the voting card received from the Company's GDR Depositary (Deutsche Bank Trust Company Americas) and send the votes back to the Depositary before the voting deadline. Should you have any questions, please call: 212 250-1504 (New York) or +7 495 9705739 (Moscow).
Additional information: Any shareholder representatives wishing to attend the AGM of the Company should act in accordance with the authority based on the instructions of the federal laws or regulations of the state bodies or bodies of local self-government authorized to do so or a power of attorney prepared in written form. A power of attorney should contain the information on the represented person and the representative (name, place of living or residence, passport details). A power of attorney should be executed in accordance with the requirements of paragraphs 4 and 5 of Article 185 of the Civil Code of the Russian Federation or notarized.

Further information with regard to the AGM and other related issues will be available on the Company's website www.sitronics.com.

***

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

Irina Lanina
Vice-President
Corporate communications
Tel: +7 495 225 0030
lanina@sitronics.com Shared Value Limited
Investor Relations
Larisa Kogut-Millings
Tel: +44 (0) 20 7321 5037
sitronics@sharedvalue.net

SITRONICS (LSE: SITR) 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 over 10,000 employees.

SITRONICS' key Telecommunication Solutions operations are based in Prague (Czech Republic), Athens (Greece) and Moscow (Russia), while the company's IT Solutions and Microelectronic Solutions divisions are based in Kiev (Ukraine) and Zelenograd (Russia) respectively.

SITRONICS generated revenues of US$ 1.62 billion for the twelve months ended December 31, 2007, and had total assets of US$ 1.9 billion at the end of the period. SITRONICS is majority-owned by Sistema (61.3%), which is the largest diversified holding company in Russia and the CIS. SITRONICS' shares are listed under the symbol "SITR" on the London Stock Exchange, the Russian Trading System (RTS), and the Moscow Stock Exchange (MSE).

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, as well as OTE, Cosmote, Vodafone, Ericsson 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 similar 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.

This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of SITRONICS, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of SITRONICS.