1 VimpelCom – September 2004 Company Presentation VIMPELCOM September 2004 Brunswick UBS Annual Conference

2 VimpelCom – September 2004 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 international expansion, and to estimated future growth in Russia of subscribers, wireless revenues and GDP. 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 in the case of the mergers. These statements also relate to the planned sale of a stake in KaR-Tel to a local Kazakh Partner, which is subject to the execution of definitive documentation as well as the satisfaction of certain conditions precedent that will be included in such documentation. If any of the respective approvals are not obtained or any condition precedent is not met, the mergers or stake sale, as applicable, 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 and stake sale. 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 and Kazakhstan, general economic developments in Russia and Kazakhstan, 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. This document is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as such terms are defined in Regulation S under the U.S. Securities Act of 1933 (the “Securities Act”)) absent registration under the Securities Act or an exemption therefrom. This document should not be distributed into the United States.

3 VimpelCom – September 2004 VimpelCom – company profile  Second-largest national cellular operator in Russia  GSM license portfolio covering 136 million people  45% market share in Moscow and 33% in Russia  First Russian company with NYSE listing  50% free float  US$ 5.3 billion market cap (as of August 31, 2004)  Benchmark for transparency and corporate governance in Russia  Strategic alliances with Telenor and Alfa Group  Strong financial performance VimpelCom subscriber base million Source: Company data MoscowRegions

4 VimpelCom – September 2004 VimpelCom-Region and shareholder structure  The merger of VimpelCom-Region (VimpelCom’s subsidiary for regional development) into VimpelCom was approved on October 24, 2003 at the EGM of VimpelCom  The merger was also approved at the Joint EGM of VimpelCom and VimpelCom-Region shareholders on April 16, 2004 as required by Russian law  The merger will be completed as soon as licenses and frequencies are transferred from VImpelCom-Region to VimpelCom  In connection with the merger of VimpelCom and VimpelCom-Region, Alfa and Telenor will exchange their aggregate 44.7% interest in VimpelCom-Region for 10.9 million new VimpelCom common shares (equal to 14.6 million ADSs) VimpelCom shareholder structure

5 VimpelCom – September 2004 Source: Consensus forecasts, independent research Subscriber Growth in Russia Wireless growth expected to continue Russia: Wireless Revenues and GDP Source: Goskomstat, Brunswick UBS, VimpelCom estimates million National penetration forecast

6 VimpelCom – September 2004 Goals and Directions Strategic Factors:  Macroeconomy  Political and regulatory environment  New technologies  Industry competition, mergers & acquisitions Become the leading operator in Russia and expand in the CIS countries  Strengthening VimpelCom’s position on the Russian market – “Market Leader”  New products and technologies  New markets VimpelCom in Russia 2.5G VimpelCom in Russia 3G VimpelCom in CIS ++ Strategic Factors Strategic Directions

7 VimpelCom – September 2004  KAZAKHSTAN: country profile  Population – 15 million  GDP per capita - $1,970 – second-largest in the CIS  Cellular penetration – 13%  KAR-TEL: company profile  Second-largest cellular operator in Kazakhstan National GSM-900 license Over 600,000 subscribers 31% market share  ACQUISITION DETAILS:  100% stake is purchased for $350 million & the assumption of $75 million in debt  Up to 50% - 1 share is to be sold to a local partner Acquisition in Kazakhstan

8 VimpelCom – September 2004 Main Russian GSM players Market share in Moscow as of July 31, 2004Market share in Russia as of July 31, 2004 Source: Company data MTSMegaFon VimpelCom

9 VimpelCom – September 2004 National GSM network rollout In commercial operation Other licensed regions Unlicensed territories 39 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.

10 VimpelCom – September 2004 National market – key trends Russia (Overall) Subscriber Market Share Source: Independent research Incremental Market Share (Organic Net Adds)

11 VimpelCom – September 2004 Moscow market – key trends Subscriber Market Share Incremental Market Share (Organic Net Adds) Note: VimpelCom recorded negative net additions in June 2004 Source: Independent research and Company estimates 2003

12 VimpelCom – September 2004 Market share – regions Source: Company data and independent research Central RegionSouth Region Incremental market share (net adds, July 2004) Market share (July 31, 2004) BeeLine MTS MegaFon Others Siberia Region

13 VimpelCom – September 2004 Market share – regions Source: Company data and independent research Northwest Region Volga Region BeeLine MTS MegaFonSmarts Others Incremental market share (net adds, July 2004) Market share (July 31, 2004) Ural Region

14 VimpelCom – September 2004 Ratios, cash flow and capex * Net operating cash flow as % of Capex 43.5%* 70.3%* 72.6%* $, mln

15 VimpelCom – September 2004 Summary  Leading national GSM operator in Russia  Committed and complementary strategic partners - Telenor and Alfa  Rapid subscriber growth and strong financial performance  A focused strategy for successful national expansion  The beginning of international expansion  A benchmark for corporate governance and transparency in Russia Any statement made or opinion expressed in the presentation by VimpelCom, including any slides shown, are those of VimpelCom only and not Brunswick UBS. Brunswick UBS was not involved in the preparation of these materials and Brunswick UBS assumes no responsibility for that presentation.

16 VimpelCom – September 2004 Debt/OIBDA, OIBDA/Interest expenses Reconciliation to U.S. GAAP measures Reconciliations related to other non-U.S. GAAP measures can be found at:

17 VimpelCom – September 2004 ROCE,% Reconciliation to U.S. GAAP measures ROCE, % = Operating income / Average Capital Employed *100%