OREANDA-NEWS. On June 27, 2007 JSC SITRONICS (“Sitronics” or “The Company”) (LSE: SITR), a leading provider of telecommunications, IT and microelectronic solutions in Russia and the CIS with a growing presence in other EEMEA emerging markets, announced the resolutions made at the Annual General Meeting of its shareholders (“AGM”) held on June 26, 2007, reported the press-centre of  JSC SITRONICS.

The AGM approved the Company’s annual report and annual financial statements for 2006, as well as the allocation of 5% of the Company’s net profit to set up a reserve fund. The AGM approved the proposal of the Board of Directors not to pay an annual dividend for the twelve months ended December 31, 2006.

The shareholders approved the election of the members of its Board of Directors as follows:

Anton Abugov – First Vice President, Head of Strategy and Development, Sistema

Yuval Almog – Senior Managing Director, Coral Capital Management

Igor Busarov – Head of Treasury, Sistema

Dmitry Gaev – Head of the Moscow Subway

Alexander Goncharuk – President, Sistema

Socrates P. Kokkalis – Chairman and CEO of Intracom Holdings

Nikolay Mikhailov – Member of the Board of Directors, Sistema

Denis Muratov – Vice President, Head of Innovations and Science, Sistema

Vladimir Uvakin – Director of Corporate Property Department, Sistema

Evgeny Utkin – President, Sitronics

The shareholders approved the election of the members of the Company’s Internal Audit Committee as follows:

Vasily Platoshin – Chief Accountant, Sistema

Artyom Popov – Executive Director of Financial Department, Sistema

Olga Shurygina – Head of Internal Control and Audit, Sistema

The shareholders approved the compensation of the expenses incurred by the members of the Board of Directors in relation to carrying out their directorship duties. Deloitte & Touche CIS and Paliy & Sons were appointed as auditors for 2007.

The AGM also approved the amendments to the Company’s Charter. The Amendments of the Charter specify the amount of the ordinary and authorized shares of the Company, as well as shareholders’ rights and obligations, and reflect Russian legislative requirements.

The changes to the Charter include the following:

1. The Section of the Charter entitled "Charter Capital of the Company. General provision" has been amended to reflect the increase in the number of ordinary shares of JSC SITRONICS as a result of the Initial Public Offering in February 2007.

2. Certain amendments to the Section of the Charter entitled "Shareholders of the Company" have been accepted to enable shareholders to take advantage of current corporate legislation.

3. The Section of the Charter entitled "Competence of the General Meeting of Shareholders" has been updated in accordance with the new amendments to the Russian legislation.

The Charter provisions have been revised to bring them in line with the best practice of corporate governance for the benefit of the Company’s shareholders.

At the Board meeting following the AGM, the Board of Directors of SITRONICS appointed Denis Muratov as Chairman.

The Board of Directors also approved the election of the members of SITRONICS’ Management Board as follows:

Maxim Ageev – President of Kvazar-Micro

Dmitry Ivanov – First Vice President and Chief Financial Officer, SITRONICS

Gennady Krasnikov – Director of NIIME & Micron, Head of SITRONICS Microelectronic Solutions

Alexander Lutsenko – First Vice President and Chief of Strategy, SITRONICS

Evgeny Utkin – President, SITRONICS

Igor Hulak – Head of SITRONICS Telecommunication Solutions

Vladimir Yasinsky – First Vice President, COO, Executive Director, SITRONICS

Evgeny Utkin was elected as the Chairman of the Management Board.