Moscow, Russia - 10 June 2008 - 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 its summary unaudited consolidated US GAAP financial results for the first quarter ended March 31, 2008.

FIRST QUARTER HIGHLIGHTS

• Consolidated revenues up 43.8% year on year to US$ 445.8 million
• Telecommunications Solutions segment revenues up 36.9% year on year to US$ 155.3 million
• Information Technology Solutions segment revenues up 38.1% year on year to US$ 200.1 million
• Microelectronic Solutions segment revenues up 87.1% year on year to US$ 69.8 million
• OIBDA more than tripled quarter on quarter to US$ 20.6 million, compared to OIBDA loss of US$ 11.4 million in the first quarter of 2007
• Total assets increased by 8.8 % year on year to US$ 2.2 billion at the end of the first quarter of 2008 (US$ 2.0 billion in first quarter of 2007)
• Net loss of US$ 8.2 million compared to net loss of US$ 46.1 million in the fourth quarter of 2007 and net loss of US$ 28.0 million in the first quarter of 2007

Sergey Aslanian, President of SITRONICS, commented: "We have over delivered on our promises made during the full year results announcement in April as all our segments showed positive OBIDA in the first quarter.

The first quarter saw significant growth in revenue and OIBDA compared to the previous year. The considerable improvement in SITRONICS' quarterly results reflects the continued progress of the business restructuring led by the new management team as well as the associated measures implemented to improve business efficiency following the launch of the new strategy ‘Crystal' during the quarter. The net loss decreased substantially both year on year and quarter on quarter, and it is expected that this trend will continue with the OIBDA margin forecast to be at least 5% for the whole year. Already with an OIBDA margin of 4.6% in the first quarter we are well on course to meet this target. In fact, all key business indicators, including revenues and OIBDA, have increased year on year.

In the first quarter, SITRONICS continued to reorganize and optimize its business segments thereby increasing its sales capacity and leveraging cross and up-sell opportunities. We intend to drive further growth in the business segments, reducing costs and improving operating profitability throughout the Group."

Other information

Conference call

SITRONICS management will host a conference call today at 4.30 PM Moscow local time, 1.30 PM London local time and 8.30 AM New York local time to present and discuss these results. Participants may dial the following numbers in order to access the call:

UK / International: +44 (0) 20 8609 0582

US: +1 866 928 1925

A replay facility will also be made available for 7 days after the call and may be accessed by dialing the following numbers and using the following pin code:

UK / International: +44 (0) 20 8609 0289

US: +1 866 676 5865

PIN CODE: 219433 #

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

Corporate Communications          Shared Value Limited

Irina Lanina                                Larisa Kogut-Millings

Vice President                            Investor Relations

Tel: +7 495 225 0030                Tel: +44 (0) 20 7321 5037

lanina@sitronics.com                   sitronics@sharedvalue.net

ABOUT SITRONICS

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 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.