SITRONICS Appoints Oksana Kovalevskaya as Vice President for Strategy

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 appointment of Oksana Kovalevskaya as Vice President for Strategy, with immediate effect. Ms. Kovalevskaya previously held the position of Deputy General Director for Strategy and M&A at Sistema Mass Media.

Sergey Aslanian, President and Chief Executive Officer of SITRONICS, commented: “We are pleased to welcome Oksana Kovalevskaya to our management team. In her new capacity, Ms. Kovalevskaya will be focused on executing on our strategy to further improve business efficiency levels, expand our operations into new geographical and vertical markets, and strengthen our leading position in the industry.”

Oksana Kovalevskaya served as Deputy General Director for Strategy and M&A at Sistema Mass Media since 2006, prior to which she was Executive Director of the Corporate Development Department at Sistema from 2004. From 2002 to 2004, Oksana Kovalevskaya served as Deputy Director for Sales at NTV-Plus. From 1998 to 2000, she worked as a Manager at Sonera’s office in Moscow. Ms. Kovalevskaya graduated from Moscow Engineering Physics Institute and holds an MBA from the University of Michigan Business School (US).

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 32 countries and exports its products and services to more than 60 countries. SITRONICS has over 11,000 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 Microelectronic Solutions divisions are based in Kiev, Ukraine and Zelenograd, Russia respectively.

SITRONICS generated revenues of US$ 926.8 million for the six months ended June 30, 2008 and had total assets of US$ 2.2 billion 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.
Contacts

SITRONICS
Corporate Communications
Irina Lanina, Vice President
Tel: +7 495 225 0030
lanina {at} sitronics(.)com
or
Shared Value Limited
Anastasia Gorokhova, Investor Relations
Tel: +44 (0) 20 7321 5010
sitronics {at} sharedvalue(.)net