Statement by YUKOS Chairman Viktor Gerashchenko

In view of the announcements published by a number of mass media about the resignation of YUKOS' Board Members, and about the Company's bankruptcy allegedly "approved" by the Board of Directors, I deem it necessary to make a statement that these announcements do not correspond to the reality.

The Board of Directors did not make any decision on the Company's bankruptcy, but recommended that the Extraordinary General Meeting of shareholders, on 20 December 2004, consider the approval of the anti-crisis plan, which is to be approved by the shareholders and respective governmental agencies. In the event the anti-crisis plan is not approved, the Meeting will make a decision on the Company's liquidation or bankruptcy.

The Board Members continue to execute their responsibilities until YUKOS' Extraordinary General Meeting of shareholders scheduled for 13 January 2005. Included in the Meeting's agenda is the issue of early discontinuation of the powers of current Board of Directors members and election of a new Board.

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