VimpelCom

Presentation of 1Q2005Financial 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 1934. 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 In commercial operation

Other licensed regions Other licensed regions Unlicensed territories Unlicensed territories

12

3

4

5

678

9

1011

1213

1415

16

17

18

192021

22

2324

25

26

27

2829

30

31

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

59

58

57

61

62 63

64

6566

70

67

68

69

71

72

73

74

KazakhstanPopulation: 15.0 mln.Launched: Sept. 2004

KazakhstanPopulation: 15.0 mln.Launched: Sept. 2004

75

7

National GSM Network Rollout

NetworkLaunch

1.City of Moscow*2.Moscow Region*3.Voronezh4.Tver5.Kaluga6.Vladimir7.Ryazan8.Lipetsk9.Tula10.Yaroslavl11.Smolensk12.Belgorod13.N. Novgorod14.Saratov15.Rostov16.Barnaul17.Kemerovo

Jul 1999Jul 1999

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

AreaSuperRegion

10,3836,6192,3791,4711,0421,5241,2281,2131,6761,3671,0501,5123,5242,6684,4042,6072,899

AreaPopul. (‘000))

MLA *MLA *

CentralCentralCentralCentralCentralCentralCentralCentralCentralCentralVolgaVolgaSouthSiberiaSiberia

* Moscow license area

** Acquisitions

NetworkLaunch

18. Novosibirsk19. Bryansk20. Kostroma21. Ivanovo22. Orenburg**23. Kursk24. Orel25. Omsk26. Kazan27. Tomsk28. Krasnodar29. Maykop30. Volgograd31. Ufa32. Cheboksary33. Nalchik34. Gorno- Altaysk

Jan 2002May 2002May 2002Jun 2002Jul 2002

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

AreaSuperRegion

2,6921,379

7371,1482,1801,235

8602,0793,7791,0465,125

4472,6994,1041,314

901203

AreaPopul.(‘000)

SiberiaCentralCentralCentralVolga

CentralCentralSiberiaVolga

SiberiaSouthSouthSouthVolgaVolgaSouthSiberia

8

National GSM Network Rollout

NetworkLaunch

35. 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. Vladikavkaz

Oct 2002Nov 2002Nov 2002Dec 2002Dec 2002Dec 2002Jan 2003Jan 2003Jan 2003Apr 2003Aug 2003Oct 2003Oct 2003Dec 2003Dec 2003Dec 2003Dec 2003Dec 2003Dec 2003Dec 2003Dec 2003Mar 2004

Area SuperRegion

2,9663,2401,0051,383

955--

2,5772,735

4394,661

--1,1781,6694,486

6941,453

7283,6033,265

889292710

Area Popul..(‘000)

SiberiaVolgaSouthVolga

North WSiberiaSouthSouth

South North WSiberiaCentralNorth W

UralNorth W

VolgaVolgaUralUral

VolgaSouthSouth

** Acquisitions

NetworkLaunch

57. Kurgan58. Pskov59. Petrozavodsk60 Vologda61. Izhevsk62. Blagovesch.**63. Khabarovsk**64.P-Kamchatsky**

65. Arkhangelsk66. Naryan-Mar67. Perm68. Kudymkar69. Abakan70. Murmansk71. Kirov72. Surgut73. Kyzyl74. Salekhard75. Syktyvkar

Apr 2004Apr 2004Apr 2004May 2004Jun 2004Jun 2004Jun 2004Jun 2004July 2004July 2004Aug 2004Aug 2004Aug 2004Aug 2004Sep 2004Sep 2004Nov 2004Dec 2004Apr 2005

Area

1,020761716

1,2701,570

9031,437

3591,337

--2,819

--546893

1,504--

306--

1,019

Area Popul.(‘000)

UralNorth WNorth W North W

VolgaFar EastFar EastFar EastNorth WNorth W

VolgaVolga

SiberiaNorth W

VolgaUral

SiberiaUral

North W

SuperRegion

9

6.04

7.33

6.18

10.12

6.65

13.22

0.68

7.48

18.25

0.85

8.12

21.50

1.13

1Q04 2Q04 3Q04 4Q04 1Q05

VimpelCom Subscriber Base, mln

Moscow Regions Kazakhstan

VimpelCom Market Share

48%46% 45% 44% 44%

32% 33% 34% 35% 35%

32%

28%30%

32%

25%

29%32%

35%

0%

20%

40%

60%

1Q04 2Q04 3Q04 4Q04 1Q05

Moscow Russia Regions Kazakhstan

Strong Subscriber Growth

Source: VimpelCom, independent sources

13.37

16.30

20.55

26.58

30.75

10

Strong Growth in Russian Regions And Kazakhstan

2,023

1,830

1,494

1,26761996

2,711

2,442

1,938

1,615852240322

3,566

3,104

2,512

2,084

1,090479387676

4,851

4,244

3,415

2,642

1,510

1, 102484859

5,672

4,882

3,892

3,087

1,850

1,532585

1,131

1Q04 2Q04 3Q04 4Q04 1Q05

Subscribers, ('000)

Central Volga South Siberia

Northwest Ural Far East 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 906 827 10% 883 3% Prepaid 7,212 5,215 38% 6,594 9%

Regions 21,500 7,329 193% 18,247 18%KaR-Tel 1,131 n/a -- 859 32%

Total 30,748* 13,372 130% 26,583 16% Contract 3,543 1,823 94% 3,184 11% Prepaid 27,206 11,549 136% 23,399 16%

Churn (quarterly) 5.9% 8.6% -- 5.7% --

(‘000) 31 Mar 05 31 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

75.6109.7

1Q04 1Q05

Net Income, $ Million

VimpelCom 1Q05 Financial Highlights

413.8

640.6

1Q04 1Q05

Net Revenues, $ Million45.1%

202.0306.1

1Q04 1Q05

OIBDA, $ Million51.5%

48.8% 47.8%

1Q04 1Q05

OIBDA Margin

54.8%

Source: VimpelCom

13

Total Revenues 640.6 413.8 54.8% 624.9 2.5% Russia 605.6 413.8 46.4% 590.6 2.5% Kazakhstan 35.0 n/a -- 34.3 2.0%

Gross Margin 83.0% 82.7% -- 82.5% -- OIBDA 306.1 202.0 51.5% 284.3 7.7% OIBDA Margin 47.8% 48.8% -- 45.5% --OIBDA Russia 293.9 202.0 45.5% 271.6 8.2% OIBDA Kazakhstan 12.2 n/a -- 12.7 -3.9%

Net Income 109.7 75.6 45.1% 83.7 31.1% Net Income Margin 17.1% 18.3% -- 13.4% -- Russia 113.5 75.6 50.1% 84.2 34.8% Kazakhstan -3.8 n/a -- -0.4 -850%

SG&A 223.5 138.0 62.0% 231.1 -3.3% % of total revenues 34.9% 33.3% -- 37.0% --incl. sales and marketing expenses 83.9 50.1 67.5% 90.0 -6.8%

D&A 120.0 68.2 76.0% 112.4 6.8% % of Net Revenues 18.7% 16.5% -- 18.0% -- Capex (incl. acquisitions) 295.6 156.8 88.5% 466.2 -36.6%

Key Financial Figures

($ mln) 1Q05 1Q04 YtY 4Q04 QtQ

14

Operational Indicators

ARPU, Blended ($) 7.3 10.9 -33.0% 9.0 -18.9%

ARPU Russia 7.2 10.9 -33.9% 8.7 -17.2%

ARPU Kar-Tel 11.5 n/a -- 15.6 -26.3%

MOU, Blended (min) 86.9 91.4 -4.9% 97.3 -10.7%

MOU Russia 88.1 91.4 -3.6% 98.3 -10.4%

MOU Kar-Tel 53.6 n/a -- 68.9 -22.2%

SAC, Blended ($) 14.3 16.8 -14.9% 12.3 16.3%

SAC Russia 14.1 16.8 -16.1% 12.1 16.5%

SAC Kar-Tel 17.6 n/a -- 19.1 -7.9%

1Q05 1Q04 YtY 4Q04 QtQ

15

Strong Balance Sheet

607

2,281

1,581

4,780

1,864

5,151

2003 2004 3M2005

Assets and Liabilities, $'000

Total Debt Total Assets

Cash and Cash Equivalents 451,088 305,857 157,611 Total Assets 5,150,783 4,780,241 2,281,448 Total Debt 1,863,791 1,581,138 606,991 - Short-term 190,325 189,539 214,717 - Long-term 1,673,466 1,391,599 392,274Shareholder’s Equity 2,261,251 2,157,133 987,651 LTM OIBDA* 1,130,803 1,026,721 613,230 - LTM Depreciation and amortization * * 404,349 352,555 196,833 - LTM Operating income 726,454 674,166 416,397

LTM Interest 108,724 85,663 68,246

Debt/Equity 0.8 0.7 0.6 Debt/OIBDA * * * 1.6 1.5 1.0 OIBDA/Interest 10.4 12.0 9.0 Debt/Assets 0.4 0.3 0.3

($’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 amortizationLTM 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

221.7

509.1 511.9

728.0

903.9

1,372.8

2002 2003 31.03.2005, 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

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, 2005. 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 306,107 284,339 202,025 Less: Depreciation 86,334 81,971 59,026

Less: Amortization 33,629 30,454 9,143Operating Income 186,144 171,914 133,856

(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 12,174 271,647 12,692 Less: Depreciation 83,055 3,279 78,568 3,404

Less: Amortization 24,538 9,091 21,815 8,639Operating Income 186,340 (196) 171,265 649

(Three months ended) ($ ‘000) Mar. 31, 2005 Dec. 31, 2004

Russia Kazakhstan Russia KazakhstanTotal operating revenues 605,664 34,972 590,584 34,323 OIBDA 293,933 12,174 271,647 12,692OIBDA margin 48.5% 34.8% 46.0% 37.0%

Reconciliation of OIBDA margin to operating income as percentage of net operating revenuesOIBDA 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 expensesSelling, general and administrative expenses 223,523 231,064 138,013 Less: General and admin. expenses 139,672 141,025 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$) 14.3 12.3 16.8

(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 160 193 185 Less: Revenue from rent of fiber-optic channels 272 527 549 Service revenue used to calculate ARPU 631,309 612,000 402,938 Average number of subscribers, ‘000 28,783 22,764 12,318 ARPU (US$) 7.3 9.0 10.9

(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 expensesSelling, general and administrative expenses 211,487 220,620 138,013 Less: General and admin. expenses 133,047 134,728 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$) 14.1 12.1 16.8

(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 160 193 185 Less: Revenue from rent of fiber-optic channels 272 527 549 Service revenue used to calculate ARPU 596,337 577,677 402,938 Average number of subscribers, ‘000 27,770 22,030 12,318 ARPU (US$) 7.2 8.7 10.9

(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 expensesSelling, 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 959 926 N/A dealers’ commission expenses 4,452 3,221 N/A

New gross subs, ‘000 307 217 N/A

SAC (US$) 17.6 19.1 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 1,013 735 N/A ARPU (US$) 11.5 15.6 N/A

(Three months ended) ($ ‘000) Mar. 31, 2005 Dec. 31, 2004 Mar. 31, 2004