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March 27, 2007

JSC SITRONICS and ZTE CORPORATION Signed Memorandum of Understanding

JSC SITRONICS (LSE: SITR), major East Europe company which operates high-technology assets of AFK SISTEMA, and ZTE CORPORATION (China), one of the leading manufacturers of telecommunication equipment and supplier of network solutions, signed Memorandum of Understanding concerning development of cooperation in Russian, Chinese and international telecommunication markets.

The signature of Memorandum was held in Grand Kremlin Palace in the presence of Russian President Vladimir Putin and Chinese President Hu Jintao. It was one of tenth documents, prepared as the result of Russian-Chinese talks within the framework of official visit of President of the People's Republic of China Hu Jintao to Russia. «We are strongly believe that cooperation between our corporations will be fruitful, - said the Chairman of the Board of Directors of AFK SISTEMA Vladimir Evtushenkov. The traditional scientific school is still strong in Russia, and China succeeded in production of quality high-technology products. If we join our efforts we could solve highly complicated problems».

JSC SITRONICS and ZTE CORPORATION will focus their efforts on establishing of R&D center in Russia - joint strategic researching centre in the field of development of communication facilities and consumer electronics. The parties intend also to set up a joint venture in Shenzhen for production of electronics and telecommunication equipment. One of the articles of Agreement provides organization of joint development and production of receiving devices for global positioning system «GLONASS» and commercialization of this system on Russian territory.

Memorandum was signed by President of JSC SITRONICS Evgeniy Utkin and Chairman of the Board of Directors of ZTE CORPORATION Hou Vaigui.

ABOUT SITRONICS

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 29 countries and exports its products and services to more than 60 countries. SITRONICS has over 10,000 employees of which approximately 4,500 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 respectivelly.

For the nine months ended 30 September 2006, SITRONICS's revenues and OIBDA[1] were $1,050 million and $114.7 million, respectively. As of 30 September 2006, SITRONICS had total assets of approximately $1.6 billion.

SITRONICS is majority owned by Sistema, a leading 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), Banca Intesa and TCL of China.

ZTE Corporation is one of leading international manufacturers of telecommunication equipment and supplier of network solutions. The Corporation was found in 1985 in Shenzhen, China. ZTE has been listed on the Shenzhen Stock Exchange since 1997, and in December 2004 ZTE was successfully listed on the Main Board of The Stock Exchange in Hong Kong. The Government is 51.8% shareholder, the rest 31.5% of shares circuit at Shenzhen Stock Exchange, 16.7% of company shares - at The Stock Exchange in Hong Kong. ZTE Corporation is dynamically in progress at telecommunication market and from the day of its foundation the ?ompany achieves steady growth index. ZTE proceeding within nine month of 2006 amounts to $2,013 bln. Company capitalization as of March 25, 2007 - $4,643 bln.

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