Moscow, Russia – December 1, 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 that it has signed a US$ 230 million credit facility agreement with State Corporation “Bank for Development and Foreign Economic Affairs” (Vnesheconombank).

The one-year credit facility can be extended for a further 12 months subject to agreement between the parties. The new funds will be used to refinance loan facilities of US$ 125 million and US$ 75 million, which were provided by Dresdner Bank AG in November 2007 and March 2008, and which mature in November 2008 and March 2009, respectively. The facility will also be used to refinance other short-term borrowings which were secured in 2006 and 2007.

Marina Zabolotneva, Chief Financial Officer and First Vice President for Finance and Investments of SITRONICS, commented: “We are pleased to have qualified to receive funds from Vnesheconombank within the framework of the state programme to support strategically important assets. The credit line will be used to refinance borrowings that are now falling due for repayment.”