Yukos Board Express Support for Company Management

The Board of Directors of Yukos Oil Company expresses its full support for and confidence in the Company's management. The Board of Directors firmly believes that if open and public court hearings take place, all allegations against Mikhail Khodorkovsky and his arrest will be declared invalid.

The Board of Directors confirms that the Company cooperates with investigative authorities in strict compliance with current legislation and will continue to do so.

The Board of Directors believes that the latest events around Yukos will not have a material impact on the Company's operational and financial activities. As the acknowledged leader of the Russian oil and gas sector, Yukos Oil Company has a strong management system and team in place. Further, the Board of Directors commends Mikhail Khodorkovsky for his significant contribution to the achievements of the Company.

The Board of Directors of Yukos Oil Company will direct its energies to ensuring the growth of the Company's operational and financial results.

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