Yukos Releases Statement on Arrest of Company Chairman

Yukos Oil Company dismisses as absurd all charges made by the Procuracy-General against Mikhail Khodorkovsky. Mikhail Khodorkovsky was the first Russian businessman to realize that the Russian economy and Russian business have no future if they do not make the switch to international standards of corporate governance, financial transparency, and social responsibility as quickly as possible. Khodorkovsky was the first to place the importance of business ethics and a good business reputation on a par with such corporate fundamentals as economic efficiency and consistent growth. And, he was the first to actually start running his business fully in line with these principles of civilized corporate behavior.

Mikhail Khodorkovsky's arrest will not have a significant impact on the Company's operations. According to the YukosSibneft management structure already in effect, Yuri Beilin, President of Yukos EP, is in charge of the upstream business unit, while Mikhail Brudno and Peter Zolotarev are in charge of downstream operations. Yukos Oil Company First Vice-President Stephen Theede is responsible for coordinating the Company's operational activities.

Yukos recognizes that it has a responsibility to its partners, shareholders, customers, and workforce. The Company also recognizes its responsibility to society as a good corporate citizen. Yukos will consistently work to reduce production costs, increase productivity, and improve the quality of its oil products. As winter approaches, our partners in dozens of regions of Russia know they can rely on the Company to be a dependable supplier of fuel. And, Yukos will conscientiously meet all of its obligations to its investors and creditors.

The Company believes that the vulgar brutality with which the head of one of the largest oil companies in the world has been treated is a disgrace for the entire Russian law enforcement system. Although we are confident that justice will triumph in the end, Yukos Oil Company does not doubt for a moment that the entire investigation is politically motivated.
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