YUKOS CEO Issues an Open Letter to All Shareholders

The chief executive officer of YUKOS Oil Company, issued, through the Financial Times newspaper, an open letter to all shareholders. The open letter to shareholders from Mr. Kukes states:

"It has been almost a year since the acquisition of Sibneft Oil Company by YUKOS Oil Company was agreed and announced. It has been some seven months since this acquisition was completed and money and shares changed hands. It has been 162 days since I was appointed CEO of YUKOS Oil Company.

Many rumors have circulated concerning the status of the acquisition and future of the company including the possibility of a divorce, reversal or other form of break-up. Yet, despite this speculation, no proposal to sell the Sibneft shares owned by YUKOS Oil Company to the former Sibneft principal shareholders has been presented to the Company. This causes uncertainty and is damaging the interests of the company, its employees and all other stakeholders, including every single shareholder.

My responsibility is to all these parties.

I ask any shareholder or other interested party, who feels that final consolidation of our acquisition of Sibneft should not be completed to come forward now and provide concrete proposals for consideration by the Board and due decision by all shareholders.

If no such proposals are received, the Management Board will continue its plan for consolidation.