SITRONICS Board of Directors Elects New Management Board

JSC SITRONICS ("SITRONICS” or "The Company”) (LSE:SITR), a leading provider of telecommunications, IT and microelectronic solutions in Russia and the CIS, today announced the decisions made at the meeting of the Board of Directors on June 30, 2008. Denis Muratov, Vice President and Head of Innovations and Venture Projects at Sistema, was appointed as Chairman of the Board of Directors. Marina Zabolotneva, Vice President, Finance and Investments, and Irina Lanina, Vice President, Corporate Communications, were elected as new Members of the Management Board. The Board of Directors also approved the election of the members of SITRONICS’ Management Board as follows: Sergey Aslanian – President of SITRONICS, and Chairman of the Management Board Marina Zabolotneva – Vice President, Finance and Investments Gennady Krasnikov – Head of SITRONICS Microelectronic Solutions Alexander Krasovsky – Vice President for Sales and Marketing Irina Lanina – Vice President, Corporate Communications Alexander Lutsenko –Vice President, Chief of the Strategy Mikhail Minkovsky – Vice President for New Technologies Konstantin Khachaturov – Vice President, Corporate Development Pavel Pavlovsky – Vice President, Head of SITRONICS Telecom Solutions Oleg Sherbakov – Vice President for Corporate Property Alexandros Manos – CEO of INTRACOM TELECOM Sergei Urezchenko – Vice President, Head of SITRONICS Consumer Services and Products Division Vladimir Yasinsky – Head of SITRONICS Information Technology *** For further information, please visit www.sitronics.com 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 30 countries and exports its products and services to more than 60 countries. SITRONICS has over 10,000 employees of whom approximately 4,600 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 Microelectronic Solutions divisions are based in Kiev, Ukraine and Zelenograd, Russia respectively. For the three months ended March 31, 2008, SITRONICS’ revenues were US$ 310 million. As of 31 March 2008, SITRONICS had total assets of US$ 1.97 billion. SITRONICS is majority owned by Sistema, the largest diversified holding company in Russia and CIS. 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.