VimpelComVimpelCom

Presentation of 1Q2004Financial and Operating Results

Presentation of 1Q2004Financial and Operating Results

May 27, 2004

2

DisclaimerThis 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 1934. These statements relate, in part, to the Company’s development plans, such as national expansion. These statements also relate to the consummation of the merger between VimpelCom and each of VimpelCom-Region and KB Impuls each of which is subject to regulatory and certain other approvals, as well as certain other conditions precedent, including the transfer of all respective licenses and permissions to VimpelCom. If any of the respective approvals are not obtained or any condition precedent is not met, the mergers will not be consummated. The forward-looking statements are based on management's best assessment of the Company's strategic and financial position, future market conditions and trends and its ability to consummate the mergers. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of unforeseen developments from regulatory authorities, competition, governmental regulations of the wireless telecommunications industry, general political and social uncertainties in Russia, general economic developments in Russia, the Company’s ability to continue to grow its overall subscriber base, continued volatility in the world economy and other factors. There can be no assurance that such risks and uncertainties will not have material adverse effects on the Company’s development plans. 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 presentation, or to make corrections to reflect future events or developments.

3

VimpelCom 1Q2004 Financial Highlights

244.4

417.7

1Q2003 1Q2004

Net Revenues, $ Million

244.4

417.7

1Q2003 1Q2004

Net Revenues, $ Million

41.4

76.1

1Q2003 1Q2004

Net Income, $ Million

41.4

76.1

1Q2003 1Q2004

Net Income, $ Million

83.9%83.9%

107.9

202.0

1Q2003 1Q2004

OIBDA, $ Million

107.9

202.0

1Q2003 1Q2004

OIBDA, $ Million

87.2%87.2%

44.2% 48.4%

1Q2003 1Q2004

OIBDA Margin

44.2% 48.4%

1Q2003 1Q2004

OIBDA Margin

70.9%70.9%

Source: VimpelCom

4

VimpelCom-R 1Q2004 Financial Highlights

65.2

174.2

1Q2003 1Q2004

Net Revenues, $ Million

65.2

174.2

1Q2003 1Q2004

Net Revenues, $ Million

-0.726.7

1Q2003 1Q2004

Net Income, $ Million

-0.726.7

1Q2003 1Q2004

Net Income, $ Million

3789.1%3789.1%

15.4

69.9

1Q2003 1Q2004

OIBDA, $ Million

15.4

69.9

1Q2003 1Q2004

OIBDA, $ Million

354.3%354.3%

23.6%40.1%

1Q2003 1Q2004

OIBDA Margin

23.6%40.1%

1Q2003 1Q2004

OIBDA Margin

167.3%167.3%

Source: VimpelCom

5

Operating Highlights

‣14.9 million subscribers in Russia as of May 27, 2004

‣Operations encompass 60 regions including 5 regional networks launched in 2004

‣Strong financial results with OIBDA margin of 48.4%, the highest number since 1996

‣VAS revenues reached 15% of service revenues

‣Oracle’s financial system launched to reinforce internal control procedures

6

National GSM Network Rollout

In commercial operation In commercial operation

Other licensed regions Other licensed regions Unlicensed territories Unlicensed territories

1

2

3

4

5

678

9

1011

12 13

1415

16

17

18

192021

22

2324

25

26

27

2829

3031

32

33

34

35

36

37

38

39

40

41

4243

44

45

46

47

48

49

5051

52 53

54

55

56

MoscowPopulation: 17.0 mln.MoscowPopulation: 17.0 mln.

CentralPopulation: 21.0 mln.CentralPopulation: 21.0 mln.

SouthPopulation: 22.9 mln.SouthPopulation: 22.9 mln.

VolgaPopulation: 25.2 mln.VolgaPopulation: 25.2 mln.

SiberiaPopulation: 15.3 mln.SiberiaPopulation: 15.3 mln.

Far EastPopulation: 11.4 mln.Far EastPopulation: 11.4 mln.

UralsPopulation: 18.3 mln.UralsPopulation: 18.3 mln.

NorthwestPopulation: 14.0 mln.NorthwestPopulation: 14.0 mln.

60

5958

57

7

National GSM network rollout (regions)

NetworkLaunch

NetworkLaunch

1. City of Moscow2. Moscow Region3. Voronezh4. Tver5. Kaluga6. Vladimir7. Ryazan8. Lipetsk9. Tula10.Yaroslavl11.Smolensk12.Belgorod13.N. Novgorod14.Saratov15.Rostov16.Barnaul17.Kemerovo18.Novosibirsk19.Bryansk20.Kostroma21.Ivanovo22.Orenburg **23.Kursk24.Orel25.Omsk26.Kazan27.Tomsk28.Krasnodar29.Maykop30.Volgograd31.Ufa

1. City of Moscow2. Moscow Region3. Voronezh4. Tver5. Kaluga6. Vladimir7. Ryazan8. Lipetsk9. Tula10.Yaroslavl11.Smolensk12.Belgorod13.N. Novgorod14.Saratov15.Rostov16.Barnaul17.Kemerovo18.Novosibirsk19.Bryansk20.Kostroma21.Ivanovo22.Orenburg **23.Kursk24.Orel25.Omsk26.Kazan27.Tomsk28.Krasnodar29.Maykop30.Volgograd31.Ufa

Jul 1999Jul 1999

May 2000Sep 2001Sep 2001Sep 2001Sep 2001Oct 2001Oct 2001Oct 2001Nov 2001Nov 2001Jan 2002Jan 2002Jan 2002Jan 2002Jan 2002Jan 2002

May 2002May 2002Jun 2002Jul 2002

Aug 2002Aug 2002Aug 2002Aug 2002Sep 2002Sep 2002Sep 2002Oct 2002Oct 2002

Jul 1999Jul 1999

May 2000Sep 2001Sep 2001Sep 2001Sep 2001Oct 2001Oct 2001Oct 2001Nov 2001Nov 2001Jan 2002Jan 2002Jan 2002Jan 2002Jan 2002Jan 2002

May 2002May 2002Jun 2002Jul 2002

Aug 2002Aug 2002Aug 2002Aug 2002Sep 2002Sep 2002Sep 2002Oct 2002Oct 2002

AreaArea SuperRegionSuperRegion

10,3586,6272,3791,4731,0411,5251,2281,2131,6761,3681,0501,5123,5242,6694,4072,6072,9002,6921,379

7371,1492,1771,236

8612,0793,7801,0465,571

--2,7024,103

10,3586,6272,3791,4731,0411,5251,2281,2131,6761,3681,0501,5123,5242,6694,4072,6072,9002,6921,379

7371,1492,1771,236

8612,0793,7801,0465,571

--2,7024,103

AreaPopul.(‘000)

AreaPopul.(‘000)

MLA *MLA *

CentralCentralCentralCentralCentralCentralCentralCentralCentralCentralVolgaVolgaSouthSiberiaSiberiaSiberiaCentralCentralCentralVolga

CentralCentralSiberiaVolga

SiberiaSouthSouthSouthVolga

MLA *MLA *

CentralCentralCentralCentralCentralCentralCentralCentralCentralCentralVolgaVolgaSouthSiberiaSiberiaSiberiaCentralCentralCentralVolga

CentralCentralSiberiaVolga

SiberiaSouthSouthSouthVolga

NetworkLaunch

NetworkLaunchAreaArea Super

RegionSuperRegion

AreaPopul.(‘000)

AreaPopul.(‘000)

32. Cheboksary33. Nalchik34. Gorno-Altaysk35. Krasnoyarsk36. Samara37. Astrakhan38. Ulyanovsk39. Kaliningrad **40. Norilsk41. Makhachkala42. Stavropol **43. Cherkessk **44. St. Petersburg45. Tura46. Tambov47. Leningrad Reg.48. Ekaterinburg49. Novgorod50. Penza51. Yoshkar-Ola52. Chelyabinsk53. Tyumen54. Saransk55. Elista56. Vladikavkaz57. Kurgan 58. Pskov59. Rep. of Karelia60. Vologda

VolgaSouthSiberiaSiberiaVolgaSouthVolga

North WSiberiaSouthSouthSouth

North WSiberiaCentralNorth W

UralNorth W

VolgaVolgaUralUral

VolgaSouthSouthUral

North WNorth W North W

1,314900203

2,9663,2401,0071,382

955135

2,5842,730

4404,669

181,1801,6714,490

6951,453

7283,6063,266

889292710

1,020761717

1,270

Oct 2002Oct 2002Oct 2002Oct 2002

Nov 2002Nov 2002Dec 2002Dec 2002Dec 2002

Jan 2003Jan 2003Jan 2003

April 2003Aug 2003

Oct 2003Oct 2003

Dec 2003Dec 2003Dec 2003Dec 2003Dec 2003Dec 2003Dec 2003Dec 2003Mar 2004Apr

2004Apr

2004Apr

2004May 2004

* Moscow license area

** Acquisitions

8

3.95

2.24

4.43

3.00

5.08

4.18

5.66

5.78

6.04

7.33

1Q03 2Q03 3Q03 4Q03 1Q04

VimpelCom Subscriber Base, mln

Moscow Regions

3.95

2.24

4.43

3.00

5.08

4.18

5.66

5.78

6.04

7.33

1Q03 2Q03 3Q03 4Q03 1Q04

VimpelCom Subscriber Base, mln

Moscow Regions

VimpelCom Market Share

48%49%49%49%50%

32%31%31%30%29%

25%21%

19%17%

0%

20%

40%

60%

1Q03 2Q03 3Q03 4Q03 1Q04

Moscow Russia Regions

VimpelCom Market Share

48%49%49%49%50%

32%31%31%30%29%

25%21%

19%17%

0%

20%

40%

60%

1Q03 2Q03 3Q03 4Q03 1Q04

Moscow Russia Regions

Strong Subscriber Growth

Source: VimpelCom, independent sources

6.197.43

9.26

11.44

13.37

23%

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Strong Growth In The Regions

706

579

416422

119

903

775

545

594

188

1,226

1,073

744

824

316

1,616

1,458

1,166

1,030

496

2,023

1,830

1,494

1,267

619

1Q03 2Q03 3Q03 4Q03 1Q04

VimpelCom Regional Subscriber Base, ('000)

Central Volga South Siberia Northwest

706

579

416422

119

903

775

545

594

188

1,226

1,073

744

824

316

1,616

1,458

1,166

1,030

496

2,023

1,830

1,494

1,267

619

1Q03 2Q03 3Q03 4Q03 1Q04

VimpelCom Regional Subscriber Base, ('000)

Central Volga South Siberia Northwest

5,777

4,183

3,005

2,242

7,329

incl.96 ths. subs in Ural

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Note:BTS – base transceiver stationBSC – base station controllerMSC – mobile switching center

Network Rollout As Of March31, 2004

Source: VimpelCom

№ of BTSs 2,764 2,681 4,721 4,330 7,485 7,011

№ of BSCs 116 116 121 111 237 227

№ of MSCs 12 12 50 47 62 59

1Q2004 4Q2003 1Q2004 4Q2003 1Q2004 4Q2003

Moscow Regions Total

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Key Subscriber Statistics

Moscow 6,042 3,946 53% 5,660 7% Contract 827 732 13% 820 1% Prepaid 5,215 3,214 62% 4,840 8%

Regions 7,329 2,242 227% 5,777 27%

Total 13,372 6,188 116% 11,437 17% Contract 1,823 1,360 34% 1,491 22% Prepaid 11,549 4,828 139% 9,946 16%

Churn (quarterly) 8.6% 9.6% - 9.7% -

(‘000) 31 Mar 04 31 Mar 03 YtY 31 Dec 03 QtQ

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Key Financial Figures

Net Revenues* 417.7 244.4 70.9% 407.7 2.4% Moscow* 256.3 179.4 42.9% 263.0 -2.6% Regions* 161.4 65.0 148.1% 144.7 11.6% Gross Margin 81.9% 80.4% -- 82.0% -- OIBDA 202.0 107.9 87.2% 186.9 8.1% OIBDA Margin 48.4% 44.2% -- 45.8% --

Net Income* 76.1 41.4 83.9% 67.7 12.4% Net Income Margin 18.2% 16.9% -- 16.6% -- Moscow 60.0 39.9 50.5% 48.6 23.4% Regions 26.8 0.04 72291.9% 35.5 -24.5% SG&A 138.0 85.3 61.8% 148.8 -7.2% % of Net Revenues 33.0% 34.9% -- 36.5% --

D&A 66.5 39.1 70.2% 51.9 28.2% % of Net Revenues 15.9% 16.0% -- 12.7% --

Capex 156.8 136.9 14.5% 251.6 -37.7%

($ mln) 1Q04 1Q03 YtY 4Q03 QtQ

* Net operating revenues and net income excluding inter-company transactions

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Operational Indicators

ARPU, Blended ($) 10.8 13.5 -20.0% 12.5 -13.6%ARPU Moscow 14.1 15.2 -7.1% 15.7 -9.9% Contract (Moscow) 50.5 45.6 10.7% 52.7 -4.1% Prepaid (Moscow) 8.2 8.1 1.4% 9.1 -10.0%ARPU Regions 8.6 10.8 -20.2% 10.0 -13.9%

MOU, Blended (min) 91.4 87.5 4.5% 96.8 -5.6%MOU Moscow 103.0 90.3 14.1% 108.0 -4.6% Contract (Moscow) 333.7 258.6 29.0% 343.0 -2.7% Prepaid (Moscow) 65.3 50.8 28.4% 66.2 -1.4%MOU Regions 80.9 81.8 -1.1% 84.6 -4.4% SAC, Blended ($) 16.8 20.8 -19.2% 18.1 -7.0% Moscow 27.7 29.9 -7.5% 28.4 -2.6% Regions 12.2 11.7 4.3% 12.1 1.0%

1Q04 1Q03 YtY 4Q03 QtQ

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Strong Balance Sheet

278

926

651

1,693

607

2,302

594

2,376

2001 2002 2003 3M2004

Assets and Liabilities, $'000

Total Debt Total Assets

278

926

651

1,693

607

2,302

594

2,376

2001 2002 2003 3M2004

Assets and Liabilities, $'000

Total Debt Total Assets

Cash and Cash Equivalents 130,552 157,611 263,657Total Assets 2,376,063 2,302,232 1,692,744 Total Debt 593,783 606,991 650,580 - Short-term 218,081 214,717 176,265 - Long-term 375,702 392,274 474,315Shareholder’s Equity 1,075,875 998,216 662,663 LTM OIBDA* 707,319 613,230 322,209 - LTM Depreciation and amortization 212,756 185,326 97,417 - LTM Operating income 494,563 427,904 224,792

LTM Interest 66,066 68,246 46,586

Debt/Equity 0.6 0.6 1.0 Debt/OIBDA * * 0.8 1.0 2.0 OIBDA/Interest 10.7 9.0 6.9 Debt/Assets 0.2 0.3 0.4

($’000) 03/31/04 12/31/03 12/31/02

Source: VimpelCom

* LTM OIBDA constitutes the sum of the lines: LTM Operating income and LTM Depreciation and amortizationLTM stands for “last twelve months” to reporting date

* * In cases when OIBDA is part of financial ratios it is deemed to be calculated in accordance with thereconciliation tables herein

15

221.7

509.1 511.9

728.0

553.5

747.9

2002 2003 31.03.2004, LTM

Net Operating Cash Flow/Capex, $ mln

Net Operating Cash Flow Capex

221.7

509.1 511.9

728.0

553.5

747.9

2002 2003 31.03.2004, LTM

Net Operating Cash Flow/Capex, $ mln

Net Operating Cash Flow Capex

Net Operating Cash Flow vs CAPEX

* Net operating cash flow as % of Capex

43.5%*

70.3%*74.0%*

16

Corporate Actions

‣ Merger between VimpelCom and VimpelCom-R

Major remaining steps:

Transfer of licenses and frequencies to VimpelCom;

Liquidation of VimpelCom-R;

Placement of VimpelCom shares to Alfa and Telenor in exchange for their ownership position in VimpelCom-R

17

Corporate Actions (con’t)

‣ Merger between VimpelCom and KB Impuls was approved at the AGM on May 26 by more than 50% of all disinterested shareholders

Major remaining steps:

Approval by anti-monopoly authorities;Obtaining third party consents (suppliers, creditors);Approval at the Joint EGM of VimpelCom and KB

Impuls shareholders (a formality required by Russian law);

Transfer of licenses and frequencies from KB Impuls to VimpelCom;

Liquidation of KB Impuls

18

Summary

‣ Ongoing rapid subscriber growth resulted in almost 15 million subscribers

‣ Strong financial results with OIBDA margin of 48.4%

‣ Overall market share in Russia has increased to 32%

‣ Ongoing corporate actions will create full exposure for minority shareholders to regional growth and simplify corporate structure both in Moscow and nationwide

‣ Operational focus going forward: maintain growth, sustain profitability and combat churn

Reconciliation tables of non-U.S. GAAP measurements to their most directly

comparable U.S. GAAP financial measurements

Reconciliation tables of non-U.S. GAAP measurements to their most directly

comparable U.S. GAAP financial measurements

20

Reconciliation of OIBDA and OIBDA margin

Reconciliation of VimpelCom OIBDA to operating income

OIBDA 202,025 186,893 107,936 Depreciation (57,337) (42,776) (31,678)

Amortization (9,143) (9,083) (7,372)Operating Income 135,545 135,034 68,886

(Three months ended) ($ ‘000) March 31, 2004 Dec. 31, 2003 March 31, 2003

Reconciliation of VimpelCom OIBDA margin to operating income as percentage of net operating revenuesOIBDA margin 48.4% 45.8% 44.2% Less: Depreciation as % of net operating revenues (13.7%) (10.5%) (13.0%)

Less: Amortization as % of net operating revenues (2.2%) (2.2%) (3.0%) Operating income as %of net operating revenues 32.5% 33.1% 28.2%

21

Reconciliation of OIBDA and OIBDA margin

Reconciliation of VimpelCom-Region OIBDA to operating income

OIBDA 69,923 62,345 15,390 Depreciation (18,194) (11,740) (6,760)

Amortization (6,166) (5,995) (4,550)Operating Income 45,563 44,610 4,080

(Three months ended) ($ ‘000) March 31, 2004 Dec. 31, 2003 March 31, 2003

Reconciliation of VimpelCom-Region OIBDA margin to operating income as percentage of net operating revenuesOIBDA margin 40.1% 40.2% 23.6% Less: Depreciation as % of net operating revenues (10.4%) (7.6%) (10.4%)

Less: Amortization as % of net operating revenues (3.5%) (3.9%) (7.0%)Operating income as %of net operating revenues 26.2% (28.7%) 6.2%

22

Reconciliation of ARPU

Total operating revenues (MLA) 192,233 280,909 275,808 Less: Revenues from sales of handsets and accessories and other revenues 17,144 27,783 26,974 Less: Connection fees 426 179 162 Less: Revenue from rent of fiber-optic channels 372 417 549 Service revenue used to calculate ARPU 174,291 252,530 248,123 Average number of subscribers, ‘000 3,815 5,359 5,845MLA ARPU per month 15.2 15.7 14.1

($ ‘000) 2003 Q1 2003 Q4 2004 Q1

Service revenue from MLA prepaid subscribers 74,882 124,603 123,387 Average number of prepaid subscribers, ‘000 3,090 4,549 5,022MLA ARPU per month (prepaid subscribers) 8.1 9.1 8.2

Service revenue used to calculate MLA ARPU 174,291 252,530 248,123 Less: Service revenue from MLA prepaid subscribers 74,882 124,603 123,387 Service revenue used to calculate MLA contract ARPU 99,409 127,927 124,736 Average number of contract subscribers, ‘000 726 809 823MLA ARPU per month (contract subscribers) 45.6 52.7 50.5

23

Reconciliation of ARPU (con’t)

Total operating revenues (Regions) 70,118 159,445 178,096 Less: Revenues from sales of handsets and accessories and other revenues 10,296 12,212 10,606 Less: Connection fees 126 23 98 Service revenue used to calculate ARPU 59,696 147,211 167,392 Average number of subscribers, ‘000 1,842 4,919 6,473Regional ARPU per month 10.8 10.0 8.6

($ ‘000) 2003 Q1 2003 Q4 2004 Q1

Service revenue and connection fees 203,099 386,322 400,903 Less: Connection fees 337 202 185 Less: Revenue from rent of fiber –optic channels 372 417 549 Service revenue used to calculate ARPU 229,390 385,703 400,169 Average number of subscribers, ‘000 5,658 10,277 12,318Consolidated ARPU per month 13.5 12.5 10.8

Consolidated

24

Reconciliation of SAC

SG&A (Total) 85,310 148,764 138,013 Less: General and administrative expenses 56,643 91,533 87,865 Sales and marketing expenses, including 28,667 57,231 50,148 advertising & marketing expense 9,445 16,236 13,245 dealers’ commission expense 19,222 40,995 36,903 New gross subscribers 1,377 3,170 2,979Total Subscriber Acquisition Cost (SAC) 20.8 18.1 16.8

($ ‘000) 2003 Q1 2003 Q4 2004 Q1

SG&A (MLA) 60,883 91,634 76,591 Less: General and administrative expenses 40,156 58,458 51,987 Sales and marketing expenses, including 20,727 33,176 24,604 advertising & marketing expense 6,481 9,096 8,143 dealers’ commission expense 14,246 24,080 16,460 New gross subscribers 693 1,168 890MLA Subscriber Acquisition Cost (SAC) 29.9 28.4 27.7

SG&A (Regions) 24,500 59,859 64,507 Less: General and administrative expenses 16,490 35,662 38,962 Sales and marketing expenses, including 8,010 24,197 25,545 advertising & marketing expense 2,964 7,140 5,102 dealers’ commission expense 5,046 17,057 20,443 New gross subscribers 683 2,003 2,090Regional Subscriber Acquisition Cost (SAC) 11.7 12.1 12.2