VimpelCom Presentation of 4Q and Annual 2004 Financial and Operating Results Presentation of 4Q and Annual 2004 Financial and Operating Results April 14, 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 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, 2003 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.

3 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

4 Operating Highlights ‣ 31.2 million subscribers as of April 14, 2005, including 1.2 million in Kazakhstan ‣ Operations encompass 75 Russian regions ‣ Leader in subscriber net additions in Russia with more than 3 percentage points market share gain in 2004 ‣ Leader in subscriber net additions in Kazakhstan with approximately 5% market share gain between September 2004 and February 2005 ‣ Strong financial results with the 2004 total revenues over $2.1 billion and OIBDA exceeding $1 billion

5 National GSM network rollout covers 9 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

6 National GSM network rollout (regions) Network Launch 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 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 Jul 1999 May 2000 Sep 2001 Oct 2001 Nov 2001 Jan 2002 Area Super Region 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 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) Area Popul. (‘000) MLA * Central Volga South Siberia MLA * Central Volga South Siberia * Moscow license area** Acquisitions Network Launch 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 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 Jan 2002 May 2002 Jun 2002 Jul 2002 Aug 2002 Sep 2002 Oct 2002 Area Super Region Super Region 2,692 1, ,148 2,180 1, ,079 3,779 1,046 5, ,699 4,104 1, ,692 1, ,148 2,180 1, ,079 3,779 1,046 5, ,699 4,104 1, Area Popul.(‘000) Area Popul.(‘000) Siberia Central Volga Central Siberia Volga Siberia South Volga South Siberia Central Volga Central Siberia Volga Siberia South Volga South Siberia

7 National GSM network rollout (regions) Network Launch 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 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 Oct 2002 Nov 2002 Dec 2002 Jan 2003 Apr 2003 Aug 2003 Oct 2003 Dec 2003 Mar 2004 Area Super Region Super Region 2,966 3,240 1,005 1, ,577 2, , ,178 1,669 4, , ,603 3, ,966 3,240 1,005 1, ,577 2, , ,178 1,669 4, , ,603 3, Area Popul. (‘000) Area Popul. (‘000) Siberia Volga South Volga North W Siberia South North W Siberia Central North W Ural North W Volga Ural Volga South Siberia Volga South Volga North W Siberia South North W Siberia Central North W Ural North W Volga Ural Volga South ** Acquisitions Network Launch 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 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 Apr 2004 May 2004 Jun 2004 July 2004 Aug 2004 Sep 2004 Nov 2004 Dec 2004 Apr 2005 Area Super Region Super Region 1, ,270 1, , , , , ,019 1, ,270 1, , , , , ,019 Area Popul. (‘000) Area Popul. (‘000) Ural North W Volga Far East North W Volga Siberia North W Volga Ural Siberia Ural North W Ural North W Volga Far East North W Volga Siberia North W Volga Ural Siberia Ural North W

8 Strong Subscriber Growth Source: VimpelCom, independent sources

9 Strong Growth In Russian Regions And Kazakhstan 10,120 7,329 5,777 13,898 19,107

10 Key Subscriber Statistics Moscow 7,477 5,660 32% 6,646 13% Contract % 867 2% Prepaid 6,594 4,840 36% 5,779 14% Regions 18,247 5, % 13,223 38% KaR-Tel 859 n/a % Total 26,583 11, % 20,545 29% Contract 3,184 1, % 2,865 11% Prepaid 23,399 9, % 17,680 32% Churn (quarterly) 5.7% 9.7% % -- (‘000) 31 Dec Dec 03 YtY 30 Sept 04 QtQ

11 VimpelCom 2004 Financial Highlights 53.1% 67.4% 60.7% Source: VimpelCom

12 Key Financial Figures Net Revenues* % % Moscow* % % Regions* % % Kazakhstan* 34.3 n/a % Gross Margin 81.1% 82.0% % -- OIBDA % % OIBDA Margin 44.7% 45.8% % -- Net Income* **) 27.6% 101.0**) -17.1% Net Income Margin 13.2% 16.1%**) %**) -- Moscow **) -38.8% 57.6**) -47.9% Regions **) 133.3% 72.0**) 6.9% Kazakhstan % SG&A % % % of Net Revenues 36.4% 36.5% % -- incl. dealer commissions and advertising % % D&A **) 101.4% 89.4**) 25.7% % of Net Revenues 17.7% 13.7%**) %**) -- Capex % % ($ mln) 4Q04 4Q03 YtY 3Q04 QtQ * Net operating revenues and net income excluding inter-company transactions **) Numbers restated as specified in 4Q and annual 2004 earnings release

13 Operational Indicators ARPU, Blended ($) % % ARPU Moscow % % Contract (Moscow) % % Prepaid (Moscow) % % ARPU Regions % % ARPU Kar-Tel 15.6 n/a % MOU, Blended (min) % % MOU Moscow % % Contract (Moscow) % % Prepaid (Moscow) % % MOU Regions % % MOU Kar-Tel 68.9 n/a % SAC, Blended ($) % % Moscow % % Regions % % SAC Kar-Tel 19.1 n/a % 4Q04 4Q03 YtY 3Q04 QtQ

14 Strong Balance Sheet Cash and Cash Equivalents 305, , ,657 Total Assets 4,780,241 2,281,448 *) 1,683,467*) Total Debt 1,581, , ,580 - Short-term 189, , ,265 - Long-term 1,391, , ,315 Shareholder’s Equity 2,157, ,651*) 657,251*) LTM OIBDA* 1,026, , ,209 - LTM Depreciation and amortization * * 352, ,833*) 102,385*) - LTM Operating income 674, ,397 *) 219,824*) LTM Interest 85,663 68,246 46,586 Debt/Equity Debt/OIBDA * * * OIBDA/Interest Debt/Assets ($’000) 12/31/04 12/31/03 12/31/02 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 *) numbers restated as specified in 4Q and annual 2004 earnings release

15 Net Operating Cash Flow vs CAPEX * Net operating cash flow as % of Capex 43.5%* 70.3%* 64.8%*

16 Corporate Activities ‣ Federal Agency on Communications granted VimpelCom additional telephone numbers so that in total the Company now holds 50 million federal telephone numbers ‣ Merger between VimpelCom and VimpelCom-R was completed on November 26, The decision to reissue the licenses to VimpelCom has been approved by the regulator. ‣ Merger between VimpelCom and KB Impuls is planned to be completed later this year. ‣ Tax issues related to the 2001 and 2002 audits have been resolved

17 Summary ‣ Ongoing rapid subscriber growth resulted in more than 26 million subscribers at the end of 2004 (more than 31 million as of April 14, 2005) ‣ Overall market share in Russia increased by more than 3 percentage points to reach 34.8% ‣ Strong financial results with the 2004 OIBDA over $1 billion and OIBDA margin 47.8% ‣ Poised for continued strong growth in the regions of Russia and the CIS ‣ 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

19 Reconciliation of OIBDA and OIBDA margin (Unaudited) Reconciliation of OIBDA to operating income OIBDA 284, ,893 1,026, ,230 Less: Impairment loss (7,354) -- Less: Depreciation (81,970) (46,732)*) (281,129) (162,769)*) Less: Amortization (30,455) (9,083) (64,072) (34,064) Operating Income 171, ,078*) 674, ,397*) (Three months ended) (Year ended) ($ ‘000) Dec. 31, 2004 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2003 Reconciliation of OIBDA margin to operating income as percentage of net operating revenues OIBDA margin 44.7% 45.8% 47.8% 45.9% Less: Impairment loss as % of net operating revenues (0.3%) -- Less: Depreciation as % of net operating revenues (12.9%) (11.5%) *) (13.1%) (12.2%)*) Less: Amortization as % of net operating revenues (4.8%) (2.2%) (3.0%) (2.6%) Operating income as % of net operating revenues 27.0% 32.1%*) 31.4% 31.2%*) *) Numbers restated as specified in 4Q and annual 2004 earnings release

20 Reconciliation of SAC (Unaudited) Reconciliation of SAC to selling, general and administrative expenses Selling, general and administrative expenses 231, , , ,655 Less: General and admin. expenses 141,025 91, , ,870 Sales and marketing expenses, including 90,039 57, , ,785 advertising & marketing expenses 21,649 16,236 68,142 50,867 dealers’ commission expenses 68,390 40, , ,918 New gross subs, ‘000 7,343 3,170 19,204 9,144 SAC (US$) (Three months ended) (Year ended) ($ ‘000) Dec. 31, 2004 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2003

21 Reconciliation of ARPU (Unaudited) Reconciliation of ARPU to service revenue and connection fees Service revenue and connection fees US$ 620,117 US$ 389,181 US$ 2,091,198 US$ 1,275,872 Less: Connection fees ,279 Less: Revenue from rent of fiber-optic channels ,788 1,299 Service revenue used to calculate ARPU 619, ,562 2,088,690 1,273,294 Average number of subscribers, ‘000 22,764 10,277 16,986 7,749 ARPU (US$) (Three months ended) (Year ended) ($ ‘000) Dec. 31, 2004 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2003

22 Reconciliation of SAC (Unaudited) in Moscow license area Reconciliation of SAC to selling, general and administrative expenses Selling, general and administrative expenses 96,190 91, , ,745 Less: General and admin. expenses 70,974 58, , ,256 Sales and marketing expenses, including 25,216 33, , ,489 advertising & marketing expenses 12,932 9,096 42,357 31,031 dealers’ commission expenses 12,284 24,080 59,151 84,458 New gross subs, ‘000 1,235 1,168 4,235 4,055 SAC (US$) (Three months ended) (Year ended) ($ ‘000) Dec. 31, 2004 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2003

23 Reconciliation of ARPU (Unaudited) in Moscow license area Reconciliation of ARPU to service revenue and connection fees Total operating revenue US$ 328,635 US$ 280,909 US$ 1,265,122 US$ 977,199 Less: Revenues from sales of handsets and accessories and other revenues 48,939 27, ,454 87,883 Less: Connection fees Less: Revenue from rent of fiber-optic channels ,788 1,299 Service revenue used to calculate ARPU 279, ,530 1,111, ,240 Average number of subscribers, ‘000 6,906 5,359 6,307 4,522 ARPU (US$) (Three months ended) (Year ended) ($ ‘000) Dec. 31, 2004 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2003

24 Reconciliation of SAC (Unaudited) in Regions Reconciliation of SAC to selling, general and administrative expenses Selling, general and administrative expenses 126,969 62, , ,153 Less: General and admin. expenses 66,163 38, , ,503 Sales and marketing expenses, including 60,806 23, ,494 61,650 advertising & marketing expenses 8,062 7,140 24,883 19,835 dealers’ commission expenses 52,744 16, ,611 41,815 New gross subs, ‘000 5,892 2,003 14,711 5,089 SAC (US$) (Three months ended) (Year ended) ($ ‘000) Dec. 31, 2004 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2003

25 Reconciliation of ARPU (Unaudited) in Regions Reconciliation of ARPU to service revenue and connection fees Total operating revenues US$ 337,568 US$ 159,446 US$ 1,042,489 US$ 459,355 Less: Revenues from sales of handsets and accessories and other revenues 5,507 9,353 23,209 33,225 Less: Connection fees Service revenue used to calculate ARPU 331, ,070 1,018, ,608 Average number of subscribers, ‘000 15,124 4,919 10,650 3,227 ARPU (US$) (Three months ended) (Year ended) ($ ‘000) Dec. 31, 2004 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2003

26 Reconciliation of SAC (Unaudited) in Kazakhstan Reconciliation of SAC to selling, general and administrative expenses Selling, general and administrative expenses 10,444 N/A 12,388 N/A Less: General and admin. expenses 6,297 N/A 6,972 N/A Sales and marketing expenses, including 4,147 N/A 5,416 N/A advertising & marketing expenses 926 N/A 953 N/A dealers’ commission expenses 3,221 N/A 4,463 N/A New gross subs, ‘ N/A 259 N/A SAC (US$) 19.1 N/A 20.9 N/A (Three months ended) (Year ended) ($ ‘000) Dec. 31, 2004 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2003

27 Reconciliation of ARPU (Unaudited) in Kazakhstan Reconciliation of ARPU to service revenue and connection fees Total operating revenues US$ 34,323 N/A US$ 45,082 N/A Less: Revenues from sales of handsets and accessories and other revenues 0 N/A 0 N/A Less: Connection fees 0 N/A 0 N/A Service revenue used to calculate ARPU 34,323 N/A 45,082 N/A Average number of subscribers, ‘ N/A 716 N/A ARPU (US$) 15.6 N/A 15.7 N/A (Three months ended) (Year ended) ($ ‘000) Dec. 31, 2004 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2003