VimpelCom Presentation of 1Q2005 Financial and Operating Results June 2, 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 forward-looking statements are based on management's best assessment of the Company's strategic and financial position, and future market conditions and trends. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of unforeseen 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 other factors. As a result of such risks and uncertainties, there can be no assurance that the effects of competition or current or future changes in the political, economic and social environment or current or future regulation of the telecommunications industries in Russia or the countries of the CIS will not have a material adverse effect on the VimpelCom Group. 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 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 asset ‣ 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

5 Operating Highlights ‣ 33.2 million subscribers as of June 2, 2005, including 1.3 million in Kazakhstan ‣ Leader in subscriber net additions in Russia and Kazakhstan in 1Q2005 ‣ More than 50% growth in total operating revenue and OIBDA in 1Q2005 as compared with 1Q2004 ‣ Substantial recovery in margins in the 1Q2005 as compared with 4Q2004 OIBDA: 47.8% vs. 45.5% Net income:17.1% vs. 13.4%

6 National 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: 25.2 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

7 National GSM Network Rollout Network Launch 1.City of Moscow* 2.Moscow Region* 3.Voronezh 4.Tver 5.Kaluga 6.Vladimir 7.Ryazan 8.Lipetsk 9.Tula 10.Yaroslavl 11.Smolensk 12.Belgorod 13.N. Novgorod 14.Saratov 15.Rostov 16.Barnaul 17.Kemerovo Jul 1999 May 2000 Sep 2001 Oct 2001 Nov 2001 Jan 2002 Area Super Region 10,383 6,619 2,379 1,471 1,042 1,524 1,228 1,213 1,676 1,367 1,050 1,512 3,524 2,668 4,404 2,607 2,899 Area Popul. (‘000)) MLA * Central Volga South Siberia * Moscow license area** Acquisitions Network Launch 18. Novosibirsk 19. Bryansk 20. Kostroma 21. Ivanovo 22. Orenburg** 23. Kursk 24. Orel 25. Omsk 26. Kazan 27. Tomsk 28. Krasnodar 29. Maykop 30. Volgograd 31. Ufa 32. Cheboksary 33. Nalchik 34. Gorno- Altaysk Jan 2002 May 2002 Jun 2002 Jul 2002 Aug 2002 Sep 2002 Oct 2002 Area Super Region 2,692 1, ,148 2,180 1, ,079 3,779 1,046 5, ,699 4,104 1, Area Popul.(‘000) Siberia Central Volga Central Siberia Volga Siberia South Volga South Siberia

8 National GSM Network Rollout Network Launch 35. Krasnoyarsk 36. Samara 37. Astrakhan 38. Ulyanovsk 39. Kaliningrad** 40. Norilsk 41. Makhachkala 42. Stavropol** 43. Cherkessk** 44. St.Petersburg 45. Tura 46. Tambov 47. Leningrad Reg. 48. Ekaterinburg 49. Novgorod 50. Penza 51. Yoshkar-Ola 52. Chelyabinsk 53. Tyumen 54. Saransk 55. Elista 56. Vladikavkaz Oct 2002 Nov 2002 Dec 2002 Jan 2003 Apr 2003 Aug 2003 Oct 2003 Dec 2003 Mar 2004 Area Super Region 2,966 3,240 1,005 1, ,577 2, , ,178 1,669 4, , ,603 3, Area Popul.. (‘000) Siberia Volga South Volga North W Siberia South North W Siberia Central North W Ural North W Volga Ural Volga South ** Acquisitions Network Launch 57. Kurgan 58. Pskov 59. Petrozavodsk 60 Vologda 61. Izhevsk 62. Blagovesch.** 63. Khabarovsk** 64.P-Kamchatsky** 65. Arkhangelsk 66. Naryan-Mar 67. Perm 68. Kudymkar 69. Abakan 70. Murmansk 71. Kirov 72. Surgut 73. Kyzyl 74. Salekhard 75. Syktyvkar Apr 2004 May 2004 Jun 2004 July 2004 Aug 2004 Sep 2004 Nov 2004 Dec 2004 Apr 2005 Area 1, ,270 1, , , , , ,019 Area Popul. (‘000) Ural North W Volga Far East North W Volga Siberia North W Volga Ural Siberia Ural North W Super Region

9 Strong Subscriber Growth Source: VimpelCom, independent sources

10 Strong Growth in Russian Regions And Kazakhstan 13,898 10,120 7,329 19,107 22,630

11 Key Subscriber Statistics Moscow 8,118 6,042 34% 7,477 9% Contract % 883 3% Prepaid 7,212 5,215 38% 6,594 9% Regions 21,500 7, % 18,247 18% KaR-Tel 1,131 n/a % Total 30,748* 13, % 26,583 16% Contract 3,543 1,823 94% 3,184 11% Prepaid 27,206 11, % 23,399 16% Churn (quarterly) 5.9% 8.6% % -- (‘000) 31 Mar Mar 04 YtY 31 Dec 04 QtQ *) of which 88.0% are active. Pursuant to the definition "a subscriber is considered active if the subscribers' activity resulted in income to the Company during the most recent three months".

12 VimpelCom 1Q05 Financial Highlights 45.1% 51.5% 54.8% Source: VimpelCom

13 Total Revenues % % Russia % % Kazakhstan 35.0 n/a % Gross Margin 83.0% 82.7% % -- OIBDA % % OIBDA Margin 47.8% 48.8% % -- OIBDA Russia % % OIBDA Kazakhstan 12.2 n/a % Net Income % % Net Income Margin 17.1% 18.3% % -- Russia % % Kazakhstan -3.8 n/a % SG&A % % % of total revenues 34.9% 33.3% % -- incl. sales and marketing expenses % % D&A % % % of Net Revenues 18.7% 16.5% % -- Capex (incl. acquisitions) % % Key Financial Figures ($ mln) 1Q05 1Q04 YtY 4Q04 QtQ

14 Operational Indicators ARPU, Blended ($) % % ARPU Russia % % ARPU Kar-Tel 11.5 n/a % MOU, Blended (min) % % MOU Russia % % MOU Kar-Tel 53.6 n/a % SAC, Blended ($) % % SAC Russia % % SAC Kar-Tel 17.6 n/a % 1Q05 1Q04 YtY 4Q04 QtQ

15 Strong Balance Sheet Cash and Cash Equivalents 451, , ,611 Total Assets 5,150,783 4,780,241 2,281,448 Total Debt 1,863,791 1,581, ,991 - Short-term 190, , ,717 - Long-term 1,673,466 1,391, ,274 Shareholder’s Equity 2,261,251 2,157, ,651 LTM OIBDA* 1,130,803 1,026, ,230 - LTM Depreciation and amortization * * 404, , ,833 - LTM Operating income 726, , ,397 LTM Interest 108,724 85,663 68,246 Debt/Equity Debt/OIBDA * * * OIBDA/Interest Debt/Assets ($’000) 3/31/05 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 70.3%* 65.8%* 43.5%*

17 Corporate Activities ‣ VimpelCom received regional GSM licenses previously held by VimpelCom-Region. ‣ Merger between VimpelCom and KB Impuls was completed on May 31, Applications submitted for re-issuance of licenses and frequencies to VimpelCom. ‣ The 2005 AGM will be held on June 22. For the first time there are 12 nominations for 9 board seats.

18 Summary ‣ Continued subscriber growth resulted in approximately 30.8 million subscribers at the end of 1Q2005 (more than 33 million as of June 2, 2005) ‣ Overall market share in Russia was 34.6% at the end of 1Q2005 ‣ More than 50% growth in in total operating revenue and OIBDA in 1Q2005 as compared with 1Q2004. ‣ Corporate structure is being streamlined with subsidiaries being merged with and into VimpelCom ‣ Preparing for a new phase of competition in Russia as the market matures

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

20 Reconciliation of OIBDA and OIBDA margin (Unaudited) Reconciliation of OIBDA to operating income OIBDA 306, , ,025 Less: Depreciation 86,334 81,971 59,026 Less: Amortization 33,629 30,454 9,143 Operating Income 186, , ,856 (Three months ended) ($ ‘000) Mar. 31, 2005 Dec. 31, 2004 Mar. 31, 2004 Reconciliation of OIBDA margin to operating income as percentage of net operating revenues OIBDA margin 47.8% 45.5% 48.8% Less: Depreciation as % of net operating revenues (13.5%) (13.1%) (14.3%) Less: Amortization as % of net operating revenues (5.2%) (4.9%) (2.2%) Operating income as % of net operating revenues 29.1% 27.5% 32.3%

21 Reconciliation of OIBDA and OIBDA margin in Russia and Kazakhstan (Unaudited) Reconciliation of OIBDA to operating income OIBDA 293,933 12, ,647 12,692 Less: Depreciation 83,055 3,279 78,568 3,404 Less: Amortization 24,538 9,091 21,815 8,639 Operating Income 186,340 (196) 171, (Three months ended) ($ ‘000) Mar. 31, 2005 Dec. 31, 2004 Russia Kazakhstan Russia Kazakhstan Total operating revenues 605,664 34, ,584 34,323 OIBDA 293,933 12, ,647 12,692 OIBDA margin 48.5% 34.8% 46.0% 37.0% Reconciliation of OIBDA margin to operating income as percentage of net operating revenues OIBDA margin 48.5% 34.8% 46.0% 37.0% Less: Depreciation as % of net operating revenues (13.7%) (9.4%) (13.3%) (9.9%) Less: Amortization as % of net operating revenues (4.1%) (26.0%) (3.7%) (25.2%) Operating income as % of net operating revenues 30.7% (0.6%) 29.0% 1.9%

22 Reconciliation of SAC (Unaudited) Reconciliation of SAC to selling, general and administrative expenses Selling, general and administrative expenses 223, , ,013 Less: General and admin. expenses 139, ,025 87,865 Sales and marketing expenses, including 83,851 90,039 50,148 advertising & marketing expenses 20,217 21,649 13,245 dealers’ commission expense 63,634 68,390 36,903 New gross subs, ‘000 5,856 7,343 2,979 SAC (US$) (Three months ended) ($ ‘000) Mar. 31, 2005 Dec. 31, 2004 Mar. 31, 2004

23 Reconciliation of ARPU (Unaudited) Reconciliation of ARPU to service revenue and connection fees Service revenue and connection fees US$ 631,741 US$ 612,720 US$ 403,672 Less: Connection fees Less: Revenue from rent of fiber-optic channels Service revenue used to calculate ARPU 631, , ,938 Average number of subscribers, ‘000 28,783 22,764 12,318 ARPU (US$) (Three months ended) ($ ‘000) Mar. 31, 2005 Dec. 31, 2004 Mar. 31, 2004

24 Reconciliation of SAC (Unaudited) in Russia Reconciliation of SAC to selling, general and administrative expenses Selling, general and administrative expenses 211, , ,013 Less: General and admin. expenses 133, ,728 87,865 Sales and marketing expenses, including 78,440 85,892 50,148 advertising & marketing expenses 19,258 20,723 13,245 dealers’ commission expense 59,182 65,169 36,903 New gross subs, ‘000 5,549 7,126 2,979 SAC (US$) (Three months ended) ($ ‘000) Mar. 31, 2005 Dec. 31, 2004 Mar. 31, 2004

25 Reconciliation of ARPU (Unaudited) in Russia Reconciliation of ARPU to service revenue and connection fees Service revenue and connection fees US$ 596,769 US$ 578,397 US$ 403,672 Less: Connection fees Less: Revenue from rent of fiber-optic channels Service revenue used to calculate ARPU 596, , ,938 Average number of subscribers, ‘000 27,770 22,030 12,318 ARPU (US$) (Three months ended) ($ ‘000) Mar. 31, 2005 Dec. 31, 2004 Mar. 31, 2004

26 Reconciliation of SAC of Kar-Tel to selling,general and administrative expenses Reconciliation of SAC to selling, general and administrative expenses Selling, general and administrative expenses 12,036 10,444 N/A Less: General and admin. expenses 6,625 6,297 N/A Sales and marketing expenses, including 5,411 4,147 N/A advertising & marketing expenses N/A dealers’ commission expenses 4,452 3,221 N/A New gross subs, ‘ N/A SAC (US$) N/A (Three months ended) ($ ‘000) Mar. 31, 2005 Dec. 31, 2004 Mar. 31, 2004

27 Reconciliation of ARPU of Kar-Tel to service revenue and connection fees Reconciliation of ARPU to service revenue and connection fees Service revenue and connection fees US$ 34,972 US$ 34,323 N/A Less: Connection fees 0 0 N/A Less: Revenues from rent of fiber-optic channels 0 0 N/A Service revenue used to calculate ARPU 34,972 34,323 N/A Average number of subscribers, ‘000 1, N/A ARPU (US$) N/A (Three months ended) ($ ‘000) Mar. 31, 2005 Dec. 31, 2004 Mar. 31, 2004