29.07.2008    CHANGES IN MANAGEMENT AND DIRECTOR SHAREHOLDINGS

MOSCOW, Russia - July 29, 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 members of its Management Board and Board of Directors have executed transactions in the shares of JSC SITRONICS according to the share option programme launched in March 2006. These changes have been announced in line with the Disclosure and Transparency Rules of UK Financial Services Authority. The percentages of outstanding shares are therefore calculated excluding treasury shares.

• Sergey Aslanian - President of SITRONICS, Member of the Board of Directors and Member of the Management Board - has acquired 0,274% shares for RUB 1.00 per share
• Alexander Krasovsky - Vice President for Sales and Marketing, Member of the Management Board - has acquired 0,046 % shares for RUB 1.00 per share
• Gennady Krasnikov - Head of SITRONICS Microelectronic Solutions and Member of the Management Board - has acquired 0,107 % shares for RUB 1.00 per share
• Alexander Lutsenko - Vice President, Chief of Strategy and Member of the Management Board - has acquired 0,077 % shares for RUB 1.00 per share
• Alexandros Manos - CEO of INTRACOM TELECOM and Member of the Management Board - has acquired 0,107 % shares for RUB 1.00 per share
• Mikhail Minkovsky - Vice President for New Technologies and Member of the Management Board - has acquired 0,055 % shares for RUB 1.00 per share
• Konstantin Khachaturov - Vice President for Corporate Development and Member of the Management Board - has acquired 0,037 % shares for RUB 1.00 per share
• Nikhad Hurem - Member of the Board of Directors - has acquired 0,214 % shares for RUB 1.00 per share
• Oleg Sherbakov - Vice President for Corporate Property and Member of the Management Board - has acquired 0,015 % shares for RUB 1.00 per share

• Vladimir Yasinsky - Head of SITRONICS Information Technology and Member of the Management Board - has sold 0,077% shares for RUB 1.00 per share

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

Corporate Communications
Irina Lanina
Vice President
Tel: +7 495 225 0030
lanina@sitronics.com Shared Value Limited
Matthew Hooper
Investor Relations
Tel: +44 (0) 20 7321 5023
sitronics@sharedvalue.net

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.