VimpelCom Presentation of 2Q2005 Financial and Operating Results August 25, 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.

3 Strong Subscriber Growth Source: VimpelCom, independent sources, competitors’ data 40.7% 51.2% 58.9% 67.2% 34.1% 15.4% 18.2% 21.4% 24.5% Subscribers in Russia Penetration Subscribers in Kazakhstan Penetration

4 Market Share Source: VimpelCom, independent sources, competitors’ data

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 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

6 Operating Highlights ‣ 38.3 million subscribers as of August 25, 2005, including 1.6 million in Kazakhstan ‣ Leader in subscriber net additions in Russia and Kazakhstan in 2Q2005 ‣ 6.8% increase in ARPU in 2Q2005 as compared with 1Q2005 ‣ Strong revenue, OIBDA and net income growth in 2Q2005 ‣ Substantial improvement in margins in the 2Q2005 as compared with 1Q2005 OIBDA: 51.4% vs. 47.8% Net income:20.6% vs. 17.1% ‣ Named number one operator in customer service by AC&M agency

7 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

8 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

9 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 76. Sakhalin** Apr 2004 May 2004 Jun 2004 July 2004 Aug 2004 Sep 2004 Nov 2004 Dec 2004 Apr 2005 July 2005 Area 1, ,270 1, , , , , , Area Popul. (‘000) Ural North W Volga Far East North W Volga Siberia North W Volga Ural Siberia Ural North W Far East Super Region

10 Strong Growth in Russian Regions And Kazakhstan 19,107 13,898 10,120 22,630 26,600

11 VimpelCom 2Q05 Financial Highlights 76.4% 61.7% 59.4% Source: VimpelCom

12 Key Subscriber Statistics Russia 33,700 16, % 29,618 14% % of prepaid * 96.4% 93.7% % -- Moscow 8,501 6,183 38% 8,118 5% % of prepaid * 88.9% 86.5% % -- Regions 25,199 10, % 21,500 17% % of prepaid * 99.0% 98.1% % -- Kazakhstan 1,402 n/a -- 1,131 24% % of prepaid * 98.0% n/a % -- Total 35,102* 16, % 30,748 14% % of prepaid * 96.5% 93.7% % -- % of active subs.** 87.2% n/a % -- Churn (quarterly) 6.7% 9.4% % -- (‘000) 30 Jun Jun 04 YtY 31 Mar 05 QtQ *) Including advance payment subscribers ; the 30 Jun 04 and 31 Mar 05 data were recalculated **) Active subscribers are defined as those who in the last three months made a chargeable transaction

13 Total Revenues % % Russia % % Kazakhstan 43.9 n/a % Gross Margin 83.4% 84.1% % -- OIBDA % % OIBDA Margin 51.4% 50.7% % -- OIBDA Russia % % OIBDA Kazakhstan 16.9 n/a % Net Income % % Net Income Margin 20.6% 18.6% % -- Russia % % Kazakhstan 2.4 n/a % SG&A % % % of total revenues 31.5% 32.8% % -- incl. sales and marketing expenses % % D&A * % % % of Net Revenues 17.9% 17.1% % -- Capex (excl. acquisitions) % % Key Financial Figures ($ mln) 2Q05 2Q04 YtY 1Q05 QtQ * Includes Impairment of long-lived assets

14 Operational Indicators ARPU, Blended ($) % % ARPU Russia % % ARPU Kazakhstan 11.7 n/a % MOU, Blended (min) % % MOU Russia % % MOU Kazakhstan 58.1 n/a % SAC, Blended ($) % % SAC Russia % % SAC Kazakhstan 10.6 n/a % 2Q05 2Q04 YtY 1Q05 QtQ

15 Strong Balance Sheet Cash and Cash Equivalents 151, , ,611 Total Assets 5,079,272 4,780,241 2,281,448 Total Debt 1,622,138 1,581, ,991 - Short-term 275, , ,717 - Long-term 1,347,064 1,391, ,274 Shareholder’s Equity 2,389,393 2,157, ,651 LTM OIBDA* 1,281,663 1,026, ,230 - LTM Depreciation and amortization * * 460, , ,833 - LTM Operating income 821, , ,397 LTM Interest 130,613 85,663 68,246 Debt/Equity Debt/OIBDA * * * OIBDA/Interest Debt/Assets ($’000) 6/30/05 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%* 69.0%* 70.3%*

17 Corporate Activities ‣ Merger between VimpelCom and KB Impuls was completed on May 31, ‣ Merger with 7 regional operating companies was approved at the AGM in order to streamline the Company’s corporate structure. ‣ Acquisition of an operator in Sakhalin in the Far East made it our 76 th operational region in Russia.

18 AGM/EGM and Board of Directors ‣ AGM held on June 22, 2005 elected a new Board of Directors which includes three executives of Alfa, three executives of Telenor and three unaffiliated directors. ‣ David Haines was elected Chairman of the Board. ‣ EGM was convened by Alfa on August 15 to approve VimpelCom’s acquisition of Wellcom, a Ukrainian mobile operator. ‣ The EGM was not held on August 15 because of lack of quorum and Alfa has announced that the rescheduled EGM will now take place on September 14.

19 Summary ‣ Continued subscriber growth resulted in approximately 35.1 million subscribers at the end of 2Q2005 (more than 38 million as of August 25, 2005). ‣ 6.8% increase in ARPU in 2Q2005 as compared with 1Q2005. ‣ Overall market share in Russia was 34.5% at the end of 2Q2005. ‣ Operations in Kazakhstan are developing successfully with market share exceeding 38%. ‣ 59% growth in total operating revenue, 62% growth in OIBDA and 76% growth in net income in 2Q2005 as compared with 2Q2004. ‣ OIBDA margin of 51.4% was the highest in VimpelCom’s history.

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 395, , , , ,719 Impairment loss (7,354) -- (7,354) Depreciation (103,393) (86,334) (65,677) (189,727) (124,703) Amortization (34,939) (33,629) (9,513) (68,568) (18,656) Operating Income 257, , , , ,006 (Three months ended) (Six months ended) ($ ‘000) Jun. 30, 2005 Mar. 31, 2005 Jun. 30, 2004 Jun.30, 2005 Jun.30, 2004 Reconciliation of OIBDA margin to operating income as percentage of net operating revenues OIBDA margin 51.4% 47.8% 50.7% 49.7% 49.8% Less: Impairment loss (1.5%) -- (0.8%) Less: Depreciation as % of net operating revenues (13.4%) (13.5%) (13.6%) (13.5%) (13.9%) Less: Amortization as % of net operating revenues (4.5%) (5.2%) (2.0%) (4.9%) (2.1%) Operating income as % of total operating revenues 33.5% 29.1% 33.6% 31.3% 33.0%

23 Reconciliation of OIBDA and OIBDA margin (Unaudited) Reconciliation of OIBDA to operating income OIBDA 378,607 16, ,933 12,174 Less: Depreciation 98,789 4,604 83,055 3,279 Less: Amortization 26,280 8,659 24,538 9,091 Operating Income 253,538 3, ,340 (196) (Three months ended) ($ ‘000) June 30, 2005 Mar. 31, 2005 Russia Kazakhstan Russia Kazakhstan Total operating revenues 725,913 43, ,664 34,972 OIBDA 378,607 16, ,933 12,174 OIBDA margin 52.2% 38.6% 48.5% 34.8% Reconciliation of OIBDA margin to operating income as percentage of net operating revenues OIBDA margin 52.2% 38.6% 48.5% 34.8% Less: Depreciation as % of net operating revenues (13.6%) (10.5%) (13.7%) (9.4%) Less: Amortization as % of net operating revenues (3.6%) (19.7%) (4.1%) (26.0%) Operating income as % of net operating revenues 35.0% 8.4% 30.7% (0.6)%

24 Reconciliation of SAC (Unaudited) Reconciliation of SAC to selling, general and administrative expenses Selling, general and administrative expenses 242, , , , ,550 Less: General and admin. expenses 155, , , , ,112 Sales and marketing expenses, including 87,149 56,290 83, , ,438 advertising & marketing expenses 36,103 16,468 20,217 56,320 29,713 dealers’ commission expense 51,046 39,822 63, ,680 76,725 New gross subs, ‘000 6,572 3,987 5,856 12,428 6,967 SAC (US$) (Three months ended) (Six months ended) ($ ‘000) Jun. 30, 2005 Jun. 30, 2004 Mar. 31, 2005 Jun. 30, 2005 Jun. 30, 2004

25 Reconciliation of ARPU (Unaudited) Reconciliation of ARPU to service revenue and connection fees Service revenue and connection fees US$ 760,723 US$ 473,032 US$ 631,741 US$1,392,464 US$876,704 Less: Connection fees Less: Revenue from rent of fiber-optic channels Service revenue used to calculate ARPU 760, , ,309 1,391, ,515 Average number of subscribers, ‘000 32,652 14,625 28,783 30,718 13,471 ARPU (US$) (Three months ended) (Six months ended) ($ ‘000) Jun. 30, 2005 Jun. 30, 2004 Mar. 31, 2005 Jun.30, 2005 Jun.30, 2004

26 Reconciliation of SAC in Russia (Unaudited) Reconciliation of SAC to selling, general and administrative expenses Selling, general and administrative expenses 230, , , , ,550 Less: General and admin. expenses 147, , , , ,112 Sales and marketing expenses, including 83,378 56,290 78, , ,438 advertising & marketing expenses 33,290 16,468 19,258 52,548 29,713 dealers’ commission expense 50,088 39,822 59, ,270 76,725 New gross subs, ‘000 6,217 3,987 5,549 11,766 6,967 SAC (US$) (Three months ended) (Six months ended) ($ ‘000) Jun. 30, 2005 Jun. 30, 2004 Mar. 31, 2005 Jun.30, 2005 Jun.30, 2004

27 Reconciliation of ARPU in Russia (Unaudited) Reconciliation of ARPU to service revenue and connection fees Service revenue and connection fees US$ 716,955 US$ 473,032 US$ 596,769 US$1,313,724 US$876,704 Less: Connection fees Less: Revenue from rent of fiber-optic channels Service revenue used to calculate ARPU 716, , ,337 1,312, ,515 Average number of subscribers, ‘000 31,395 14,625 27,770 29,583 13,471 ARPU (US$) (Three months ended) (Six months ended) ($ ‘000) Jun. 30, 2005 Jun. 30, 2004 Mar. 31, 2005 Jun.30, 2005 Jun.30, 2004

28 Reconciliation of SAC in Kazakhstan (Unaudited) Reconciliation of SAC to selling, general and administrative expenses Selling, general and administrative expenses 12,051 n/a 12,036 24,087 n/a Less: General and admin. expenses 8,280 n/a 6,625 14,905 n/a Sales and marketing expenses, including 3,771 n/a 5,411 9,182 n/a advertising & marketing expenses 2,813 n/a 959 3,772 n/a dealers’ commission expense 958 n/a 4,452 5,410 n/a New gross subs, ‘ n/a n/a SAC (US$) 10.6 n/a n/a (Three months ended) (Six months ended) ($ ‘000) Jun. 30, 2005 Jun. 30, 2004 Mar. 31, 2005 Jun.30, 2005 Jun.30, 2004

29 Reconciliation of ARPU in Kazakhstan (Unaudited) Reconciliation of ARPU to service revenue and connection fees Service revenue and connection fees US$ 44,002 n/a US$ 34,972 US$ 78,974 n/a Less: Connection fees 0 n/a 0 0 n/a Less: Revenue from rent of fiber-optic channels 0 n/a 0 0 n/a Service revenue used to calculate ARPU 44,002 n/a 34,972 78,974 n/a Average number of subscribers, ‘000 1,257 n/a 1,013 1,135 n/a ARPU (US$) 11.7 n/a n/a (Three months ended) (Six months ended) ($ ‘000) Jun. 30, 2005 Jun. 30, 2004 Mar. 31, 2005 Jun.30, 2005 Jun.30, 2004