VimpelCom Presentation of 3Q2005 Financial and Operating Results November 17, 2005

2 Disclaimer This presentation contains "forward-looking statements", as the phrase is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of These statements relate, in part, to the Company’s strategy and development plans, such as national and CIS growth, the Company’s subscriber growth, planned capital investments, cash growth and position, and the benefits to the Company of its acquisition of URS. The forward-looking statements are based on management's best assessment of the Company's strategic and financial position, and future market conditions and trends in Russia and the CIS. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of risks and uncertainties relating to developments from competition, governmental regulations of the wireless telecommunications industry, general political uncertainties in Russia and the CIS, general economic developments in Russia and the CIS, and/or litigation by third parties or our shareholders (including Telenor). The actual outcome may also differ materially if the VimpelCom Group (including URS) is unable to (i) comply with the terms of its licenses and frequencies, (ii) obtain sufficient funding and/or (iii) obtain all necessary corporate approvals relating to the business of VimpelCom and its subsidiaries, including URS (including approval of the budget, funding, specific transactions, and operational and other issues by VimpelCom and its subsidiaries, including URS), and other factors. There can be no assurance that these risks and uncertainties will not have a material adverse effect on the VimpelCom Group, that the VimpelCom Group will be able to meet its capital investment plans, that URS subscriber growth will meet expectations, that the transactions with Ericsson (which are subject to conditions precedent) will be consummated, that URS will become profitable, or that the Company will be successful in integrating URS into the VimpelCom Group. There can also be no assurance that there will not be challenges with respect to whether the shareholder meeting that approved the URS acquisition has complied with Russian law, whether corporate approvals obtained were sufficient to complete the transactions on the terms thereof and/or whether further corporate approvals were required. There can also be no assurance that the decision and results of the shareholder meeting, transactions concluded, and actions taken by VimpelCom or URS will not be challenged by third parties or our shareholders (including Telenor). If any such challenges are successful, including if they were to lead to the possible unwinding of the URS acquisition or other transactions or the payment of damages, such challenges could have a material adverse effect on the Company, its operations and its financial condition. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risks described in the Company's Annual Report on Form 20-F for the year ended December 31, 2004 and other public filings made by the Company with the United States Securities and Exchange Commission, which risk factors are incorporated herein by reference. VimpelCom disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.

Welcome Remarks Alexander Izosimov, Chief Executive Officer

4 Strong Subscriber Growth Source: VimpelCom, independent sources, competitors’ data 51.2% 58.9% 67.2% 77.0% 40.7% 15.6% 18.3% 21.6% 25.3% Subscribers in Russia Penetration Subscribers in Kazakhstan Penetration 31.0%

5 VimpelCom’s Strategy ‣ Increase loyalty, reduce churn ‣ Improve network quality perception ‣ Increase market share in business/Hi-value segment ‣ Stimulate traffic usage and up-sell / cross-sell VAS ‣ Capture organic growth ‣ Utilize unified business model: Brand, tariffs and products Network rollout & operations Customer Service IT, Billing and Reporting Organizational structure ‣ Apply tailored strategy for each region Ensure cost efficiency ‣ Develop the Kazakh and Ukrainian assets ‣ Selective acquisitions and green field opportunities in the CIS ‣ Industrial approach utilizing synergies with existing VimpelCom operations Extract value from Win the regional Expansion outside existing operations growth game Russia

6 VimpelCom 3Q05 Financial Highlights 92.9% 52.2% 50.5% Source: VimpelCom

7 Operating Highlights ‣ 42.4 million subscribers as of November 17, 2005, including 1.8 million in Kazakhstan and 0.2 million in Ukraine ‣ Stable ARPU ‣ Expansion into Ukraine ‣ Acquisition in Sakhalin and launch in Ingushetia ‣ Brand “Beeline” named as the most valuable Russian brand by Interbrand Group ‣ Highest quality Moscow network according to an independent survey

8 Shareholder Structure (as of October 14, 2005) Telenor15,337, % -- 15,337, % Alfa12,563, %6,426,600 18,990, % Free Float22,616, % -- 22,616, % Treasury Stock259,7020.5% , % Other 503,2001.0% , % Total5 1,281,022100%6,426,600 57,707, % Common %Preferred Total voting% shares shares shares

9 Russia and CIS GSM Network Rollout Spreads over 11 time zones In commercial operation Other licensed regions Unlicensed territories Moscow Population: 17.0 mln. Moscow Population: 17.0 mln. Central Population: 21.0 mln. Central Population: 21.0 mln. South Population: 22.9 mln. South Population: 22.9 mln. Volga Population: 25.3 mln. Siberia Population: 15.3 mln. Far East Population: 11.4 mln. Urals Population: 18.3 mln. Urals Population: 18.3 mln. Northwest Population: 14.0 mln. Northwest Population: 14.0 mln. Kazakhstan Population: 15.0 mln. Launched: Sept Kazakhstan Population: 15.0 mln. Launched: Sept Ukraine Population: 47.6 mln. Launched: Nov.2005 Ukraine Population: 47.6 mln. Launched: Nov.2005

10 Strong Growth in Russian Regions and Kazakhstan 22,630 19,106 13,900 26,601 31,177

11 Market Share Source: VimpelCom, independent sources, competitors’ data *) This number was recalculated based on recently published data by the competitor

12 Key Subscriber Statistics Russia 38,401 19,869 93% 33,700 14% % of prepaid * 97% 95% -- 96% -- Moscow 8,876 6,646 34% 8,501 4% % of prepaid * 89% 87% -- 89% -- Regions 29,525 13, % 25,199 17% % of prepaid * 99% 98% -- 99% -- Kazakhstan 1, % 1,402 18% % of prepaid * 98% 96% -- 98% -- Total 40,053 20,545 95% 35,102 14% % of prepaid * 97% 95% -- 97% -- % of active subs.** 84.4% n/a % -- Churn (quarterly) 8.8% 7.2% % -- (‘000) 30 Sept Sept 04 YtY 30 Jun 05 QtQ *) Including advance payment subscribers ; the 30 Sept 04 data were recalculated **) Active subscribers are defined as those who in the last three months made a chargeable transaction

13 Total Revenues % % Russia % % Kazakhstan % % Gross Margin 82.9% 83.1% % -- OIBDA % % OIBDA Margin 50.5% 50.0% % -- OIBDA Russia % % OIBDA Kazakhstan % % Net Income % % Net Income Margin 21.9% 17.1% % -- Russia % % Kazakhstan % % SG&A % % % of total revenues 31.9% 32.5% % -- incl. sales and marketing expenses % % D&A * % % % of Total Revenues 17.1% 15.1% % -- Capex (excl. acquisitions) % % Key Financial Figures ($ mln) 3Q05 3Q04 YtY 2Q05 QtQ * Includes impairment of long-lived assets

14 Operational Indicators ARPU, Blended ($) % % ARPU Russia % % ARPU Kazakhstan % % MOU, Blended (min) % % MOU Russia % % MOU Kazakhstan % % SAC, Blended ($) % % SAC Russia % % SAC Kazakhstan % % 3Q05 3Q04 YtY 2Q05 QtQ

15 Strong Balance Sheet Cash and Cash Equivalents Total Assets 5,787 4,780 2,281 Total Debt 1,937 1, Short-term Long-term 1,577 1, Shareholder’s Equity 2,591 2, LTM OIBDA* 1,436 1, LTM Depreciation and amortization * * LTM Operating income LTM Interest Debt/Equity Debt/OIBDA * * * OIBDA/Interest Debt/Assets ($’mln) 9/30/05 12/31/04 12/31/03 Source: VimpelCom * LTM OIBDA constitutes the sum of the lines: LTM Operating income and LTM Depreciation and amortization LTM stands for “last twelve months” to reporting date * * Includes Impairment of long-lived assets * * * In cases when OIBDA is part of financial ratios it is deemed to be calculated in accordance with the reconciliation tables herein

16 Net Operating Cash Flow vs CAPEX * Net operating cash flow as % of Capex 64.8%* 83.1%* 70.3%*

17 URS Acquisition ‣ Extraordinary General Meeting of shareholders (EGM) held on September 14, 2005 approved the acquisition of URS, a Ukrainian GSM operator ‣ Last week VimpelCom consummated the acquisition of URS for the cash purchase price of $231.3 million ‣ Telenor announced it is still opposed to the acquisition of URS ‣ VimpelCom and URS entered into agreements with Ericsson to upgrade the network, improving the business case

18 Development plan for Ukraine ‣ Complete post-acquisition integration ‣ Establish control over operations ‣ Secure fast roll-out of the network ‣ Prepare for launch of the “Beeline” brand in 6-7 months ‣ Medium-term target: around 5 million subscribers

19 Summary ‣ Strong financial performance with Y-o-Y revenue growth of 50.5%, OIBDA growth of 52.2% and net income growth of 92.9% ‣ Continued strong subscriber growth in the Russian regions and Kazakhstan ‣ With the acquisition in Ukraine VimpelCom’s license portfolio now covers 200 million people ‣ Development opportunities in Russia and the CIS make VimpelCom a company with a great growth potential

20 Questions And Answers If you would like to ask a question, please press the star key followed by the digit one on your touch-tone telephone. Due to time constraints, we ask that you limit yourselves to one question and one follow-up question. If you are using a speakerphone, please make sure your mute button is turned off to allow your signal to reach the equipment Thank you for your interest in VimpelCom For more information visit or contact

Reconciliation tables of non-U.S. GAAP measures to their most directly comparable U.S. GAAP financial measures

22 Reconciliation of OIBDA and OIBDA Margin (Unaudited) Reconciliation of OIBDA to operating income OIBDA 449, , ,554 1,151, ,382 Impairment loss (7,354) Depreciation (118,000) (74,455) (103,393) (307,727) (199,158) Amortization (34,518) (14,962) (34,939) (103,086) (33,618) Operating Income 297, , , , ,252 (Three months ended) (Nine months ended) ($ ‘000) Sep. 30, 2005 Sep. 30, 2004 Jun. 30, 2005 Sep.30, 2005 Sep.30, 2004 Reconciliation of OIBDA margin to operating income as percentage of total operating revenues OIBDA margin 50.5% 50.0% 51.4% 50.1% 49.9% Less: Impairment loss (0.5%) Less: Depreciation as % of total operating revenues (13.3%) (12.6%) (13.4%) (13.4%) (13.4%) Less: Amortization as % of total operating revenues (3.9%) (2.5%) (4.5%) (4.5%) (2.3%) Operating income as % of total operating revenues 33.3% 34.9% 33.5% 32.2% 33.7%

23 Reconciliation of OIBDA and OIBDA Margin (Unaudited) Reconciliation of OIBDA to operating income OIBDA 431,423 18, ,634 5, ,607 16,947 Less: Depreciation 112,964 5,036 73, ,789 4,604 Less: Amortization 26,045 8,473 12,128 2,834 26,280 8,659 Operating Income 292,414 5, ,834 1, ,538 3,684 (Three months ended) ($ ‘000) Sep. 30, 2005 Sep. 30, 2004 Jun. 30, 2005 Russia Kazakhstan Russia Kazakhstan Russia Kazakhstan Total operating revenues 842,222 48, ,713 10, ,913 43,857 OIBDA 431,423 18, ,634 5, ,607 16,947 OIBDA margin 51.2% 38.6% 50.0% 46.7% 52.2% 38.6%

24 Reconciliation of SAC (Unaudited) Reconciliation of SAC to selling, general and administrative expenses Selling, general and administrative expenses 283, , ,762 Less: General and admin. expenses 190, , ,613 Sales and marketing expenses, including 93,111 69,600 87,149 advertising & marketing expenses 30,886 16,780 36,103 dealers’ commission expense 62,225 52,820 51,046 New gross subs, ‘000 8,159 4,894 6,572 SAC (US$) (Three months ended) ($ ‘000) Sep. 30, 2005 Sep. 30, 2004 Jun. 30, 2005

25 Reconciliation of ARPU (Unaudited) Reconciliation of ARPU to service revenue and connection fees Service revenue and connection fees US$ 881,841 US$ 581,296 US$ 760,723 Less: Connection fees Less: Revenue from rent of fiber-optic channels Service revenue used to calculate ARPU 880, , ,322 Average number of subscribers, ‘000 37,709 18,184 32,652 ARPU (US$) (Three months ended) ($ ‘000) Sep. 30, 2005 Sep. 30, 2004 Jun. 30, 2005

26 Reconciliation of SAC in Russia (Unaudited) Reconciliation of SAC to selling, general and administrative expenses Selling, general and administrative expenses 271, , ,711 Less: General and admin. expenses 182, , ,333 Sales and marketing expenses, including 89,123 68,542 83,378 advertising & marketing expenses 29,453 16,533 33,290 dealers’ commission expense 59,670 52,009 50,088 New gross subs, ‘000 7,761 4,853 6,217 SAC (US$) (Three months ended) ($ ‘000) Sep. 30, 2005 Sep. 30, 2004 Jun. 30, 2005

27 Reconciliation of ARPU in Russia (Unaudited) Reconciliation of ARPU to service revenue and connection fees Service revenue and connection fees US$ 833,888 US$ 570,537 US$ 716,955 Less: Connection fees Less: Revenue from rent of fiber-optic channels Service revenue used to calculate ARPU 833, , ,554 Average number of subscribers, ‘000 36,182 17,964 31,395 ARPU (US$) (Three months ended) ($ ‘000) Sep. 30, 2005 Sep. 30, 2004 Jun. 30, 2005

28 Reconciliation of SAC in Kazakhstan (Unaudited) Reconciliation of SAC to selling, general and administrative expenses Selling, general and administrative expenses 12,471 1,944 12,051 Less: General and admin. expenses 8, ,280 Sales and marketing expenses, including 3,988 1,058 3,771 advertising & marketing expenses 1, ,813 dealers’ commission expense 2, New gross subs, ‘ SAC (US$) (Three months ended) ($ ‘000) Sep. 30, 2005 Sep. 30, 2004 Jun. 30, 2005

29 Reconciliation of APRU in Kazakhstan (Unaudited) Reconciliation of ARPU to service revenue and connection fees Service revenue and connection fees US$ 48,282 US$ 10,759 US$ 44,002 Less: Connection fees Less: Revenue from rent of fiber-optic channels Service revenue used to calculate ARPU 48,282 10,759 44,002 Average number of subscribers, ‘000 1, ,257 ARPU (US$) (Three months ended) ($ ‘000) Sep. 30, 2005 Sep. 30, 2004 Jun. 30, 2005