Attention: Bankruptcy Manager
OJSC "NK YUKOS" Rebguna E.K.
Copy: To the Chairman of the Board of Directors
OJSC "NK YUKOS" Gerashchenko V.V.

June 15, 2007

Dear Eduard Konstantinovich!

CJSC PricewaterhouseCoopers Audit audited the financial (accounting) statements of OJSC NK YUKOS (hereinafter referred to as the “Company”) prepared as of December 31, 1995, and financial (accounting) statements for the years ending December 31, respectively, 1996, 1997, 1998, 1999, 2000, 2001, 2002, 2003 and 2004. Based on our audits of the Company's financial statements, conducted in accordance with applicable auditing standards, we have issued audit reports on the above financial statements (the “Opinion” or “Opinions”). Based on information that has recently become known to us after the issuance of these Opinions, as well as information that certain persons currently rely or may rely on the financial (accounting) statements of the Company and the contents of the Opinions issued by us, we hereby notify you, that our Conclusions should not be relied upon.

The information that has become known to us indicates the existence, as of the dates of issue of our Conclusions, of facts and circumstances that, if they had become known to us on these dates, could have affected the content of these Conclusions. In particular, during the investigation currently being conducted by the Prosecutor General's Office of the Russian Federation in case No. 18/41-03 against former managers and shareholders of the Company (hereinafter referred to as the “Investigation”), we were provided with information that casts doubt on the reliability of certain statements management of the Company received by us orally and in writing in connection with our audits (hereinafter referred to as “Management Representations”). This specifically relates to information and Management Representations that we have relied upon during our audits, including, but not limited to, the following matters:

During our audits, the Company's management repeatedly told us that the Company and the companies to which significant volumes of crude oil and petroleum products were exported, namely Behles Petroleum SA, Baltic Petroleum Trading Limited ( "Baltic Petroleum Trading Limited") and "South Petroleum Limited" ("Cayc Petroleum Limited") (hereinafter collectively - "BBS") were not affiliated persons. During the Investigation we were provided with information indicating that the BBS were controlled by the shareholders of Group Menatep Limited (“Group Menatep Limited”, hereinafter referred to as the “Menatep Group”) and were used for their benefit. The Menatep Group was the controlling shareholder of the Company at that time.

We currently have information indicating that the management of a number of the Company's Russian affiliated legal entities did not control the activities of these legal entities and that, on the contrary, these legal entities were completely controlled directly by the Company's management. Due to the lack of control over the activities of such affiliates on the part of their management, the activities of such persons were recognized by the court as fictitious. As a result, the courts recognized the profit received by such legal entities affiliated with the Company as the profit of the Company itself, and, accordingly, the Company was obliged to accrue and pay taxes on such profit. However, as part of our audits, the Company's management has represented to us that key matters relating to the operations of these affiliated entities were the responsibility and control of their management.

During the Investigation, we were familiarized with documents indicating that the Company made significant payments to repay obligations that companies actually owned and controlled by Menatep Group had to AKB Menatep Bank. Full details of the nature of such transactions and relationships were not provided to us during our audits.

The Company failed to promptly disclose to us certain payments made by Menatep Group shareholders to certain individuals who were members of the Company's senior management at the time of its privatization. During the course of the Investigation, information was disclosed to us that contradicts the explanations provided to us by the Company's management and shareholders during our audits regarding the precise nature of such payments.

Based on the foregoing, we believe that we can no longer rely on the Management Representations on which we relied in our audits.

As part of the audit, the auditor is obliged to obtain statements and explanations from the management of the audited entity. The truth and accuracy of such statements are essential to the performance of the audit in accordance with applicable professional standards. In conducting our audits of the Company and issuing our Reports, we had no reason to believe that management's Statements were misleading.

Based on the foregoing, in accordance with Russian federal auditing rules (standards), international auditing standards and auditing standards generally accepted in the United States, and taking into account the potential impact of unreliable information provided to us by the management of the Company, which could have a material impact on the financial ( financial statements of the Company and the Opinions we issued, we considered the need to revise our Opinions.

The Company is currently undergoing bankruptcy proceedings, and the former executives of the Company who were responsible for the content of the Management Statements on which we relied are no longer employed by the Company. The Company's accounting documents and registers, its financial statements and other audit evidence related to the Company's audit are no longer available to us. As a result, we are unable at this time to carry out any satisfactory tests and necessary audit procedures to determine the extent to which the information that has become known to us affects the financial statements of the Company.

Accordingly, because we believe that we can no longer rely on the contents of Management Statements and the information provided to us by management of the Company, you are hereby advised that all of our Opinions with respect to the consolidated financial statements and the financial statements statements prepared in accordance with Russian Accounting Standards for the periods from December 31, 1995 to December 31, 2004, including our opinions on the results of our audits of the interim financial statements, should no longer be relied upon as reliable and do not relate to the financial statements (accounting) statements of the Company. Those persons or regulatory agencies who, to the best of your knowledge, rely or may rely on such Opinions should be notified promptly.

Director (partner)
JSC "PricewaterhouseCoopers Audit"
D.Miller

Auditor
I. Turchina

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