OREANDA-NEWS. On 30 June 2008 was JSC Sitronics, a leading provider of telecommunications, IT and microelectronic solutions in Russia and the CIS, announced decisions made at the Annual General Meeting of its shareholders ("AGM") on June 26, 2008.

The AGM approved the Company's annual report and annual financial statements for 2007, as well as the allocation of 5% of the Company's net profit to set up a reserve fund, the rest of the net profit is to remain at the Company's disposition. The AGM approved the proposal of the Board of Directors not to pay an annual dividend for the twelve months ended December 31, 2007.

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 2008.

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

• Yuval Almog - Founder and Senior Managing Director, Coral Capital Management

• Sergey Aslanian - President, SITRONICS

• Igor Busarov - Deputy Director of Finance Unit, Head of Active Operations of the Finance and Investment Division, Sistema

• Dmitry Gaev - Head of the Moscow Subway

• Rudolf Lamprecht - Executive Advisor to the CEO of Siemens AG

• Evgeny Madorsky - Director of the Corporate Development Unit of the Strategy and Development Division, Sistema

• Denis Muratov - Vice President, Head of Innovations and Science, Sistema

• Evgeny Utkin - Member of the Board of Directors of NIIME & Micron and SITRONICS Nanotechnology, Member of the Management Board of Kvazar-Micro

• Nikhad Hurem - First Vice President for New Products and Technology Development, SITRONICS

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

• Vasily Platoshin - Chief Accountant, Sistema

• Artyom Popov - Executive Director of Finance Planning and Budget Unit of the Finance and Investment Division, Sistema

• Mikhail Tokun - Head of the Expertise and Methodology Directorate of Sistema's Internal Control and Audit Department

In addition, the AGM approved the updated internal Company Regulations: the Regulation on the Board of Directors of SITRONICS and the Regulation on the Management Board of SITRONICS.