VimpelCom Presentation of 2Q2004 Financial and Operating Results Presentation of 2Q2004 Financial and Operating Results August 26, 2004

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 international expansion. These statements also relate to the consummation of the merger between VimpelCom and each of VimpelCom- Region and KB Impuls, and the acquisition of KaR-Tel, 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. If any of the respective approvals are not obtained or any condition precedent is not met, the mergers or acquisition, 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 acquisition. 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.

3 VimpelCom 2Q2004 Financial Highlights 72.8% 74.9% 61.2% Source: VimpelCom

4 VimpelCom-R 2Q2004 Financial Highlights 429.1% 179.8% 138.1% Source: VimpelCom

5 Operating Highlights ‣ 18.3 million subscribers in Russia as of August 26, 2004 ‣ VimpelCom’s presence established in the Far East as a result of acquisition of Dal Telecom International ‣ Operations encompass 70 regions, the largest number of any Russian cellular operator ‣ Strong financial results with OIBDA margin reaching new height of 49.8% ‣ Multimedia Messaging Services (MMS) launched nationwide

6 National GSM Network Rollout 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

7 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 10,358 6,627 2,379 1,473 1,041 1,525 1,228 1,213 1,676 1,368 1,050 1,512 3,524 2,669 4,407 2,607 2,900 10,358 6,627 2,379 1,473 1,041 1,525 1,228 1,213 1,676 1,368 1,050 1,512 3,524 2,669 4,407 2,607 2,900 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, ,149 2,177 1, ,079 3,780 1,046 5, ,702 4,103 1, ,692 1, ,149 2,177 1, ,079 3,780 1,046 5, ,702 4,103 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

8 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. Ekatirinburg 49. Novgorod 50. Penza 51. Yoshkar-Ola 52. Chelyabinsk 53. Tyument 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. Ekatirinburg 49. Novgorod 50. Penza 51. Yoshkar-Ola 52. Chelyabinsk 53. Tyument Oct 2002 Nov 2002 Dec 2002 Jan 2003 April 2003 Aug 2003 Oct 2003 Dec 2003 Oct 2002 Nov 2002 Dec 2002 Jan 2003 April 2003 Aug 2003 Oct 2003 Dec 2003 Area Super Region Super Region 2,966 3,240 1,007 1, ,584 2, , ,180 1,671 4, , ,606 3,266 2,966 3,240 1,007 1, ,584 2, , ,180 1,671 4, , ,606 3,266 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 Siberia Volga South Volga North W Siberia South North W Siberia Central North W Ural North W Volga Ural ** Acquisitions Network Launch Network Launch 54. Saransk 55. Elista 56. Vladikavkaz 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 54. Saransk 55. Elista 56. Vladikavkaz 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 Dec 2003 Mar 2004 Apr 2004 May 2004 Jun 2004 July 2004 Aug 2004 Dec 2003 Mar 2004 Apr 2004 May 2004 Jun 2004 July 2004 Aug 2004 Area Super Region Super Region , ,270 1, , , , , ,270 1, , , , Area Popul. (‘000) Area Popul. (‘000) Volga South Ural North W Volga Far East North W Volga Siberia North W Volga South Ural North W Volga Far East North W Volga Siberia North W

9 Strong Subscriber Growth Source: VimpelCom, independent sources

10 Strong Growth In The Regions 5,777 4,183 3,005 7,329 10,120

11 Note: BTS – base transceiver station BSC – base station controller MSC – mobile switching center Network Rollout As Of June30, 2004 Source: VimpelCom № of BTSs № of BSCs № of MSCs Q2004 1Q2004 2Q2004 1Q2004 2Q2004 1Q2004 Moscow Regions Total

12 Key Subscriber Statistics Moscow6,183 4,429 40% 6,042 2% Contract % 827 2% Prepaid 5,339 3,666 46% 5,215 2% Regions 10,121 3, % 7,329 38% Total 16,304 7, % 13,372 22% Contract 2,160 1,415 53% 1,823 19% Prepaid14,144 6, % 11,549 23% Churn (quarterly) 9.4% 10.5% - 8.6% - (‘000) 30 Jun Jun 03 YtY 31 Mar 04 QtQ

13 Key Financial Figures Net Revenues* % % Moscow* % % Regions* % % Gross Margin 82.7% 81.8% % -- OIBDA % % OIBDA Margin 49.8% 46.0% % -- Net Income* % % Net Income Margin 18.5% 17.3% % -- Moscow % % Regions % % SG&A % % % of Net Revenues 32.3% 35.1% % -- D&A % % % of Net Revenues 16.2% 14.0% % -- Capex % % ($ mln) 2Q04 2Q03 YtY 1Q04 QtQ * Net operating revenues and net income excluding inter-company transactions

14 Operational Indicators ARPU, Blended ($) % % ARPU Moscow % % Contract (Moscow) % % Prepaid (Moscow) % % ARPU Regions % % MOU, Blended (min) % % MOU Moscow % % Contract (Moscow) % % Prepaid (Moscow) % % MOU Regions % % SAC, Blended ($) % % Moscow % % Regions % % 2Q04 2Q03 YtY 1Q04 QtQ

15 Strong Balance Sheet Cash and Cash Equivalents 243, , ,657 Total Assets 2,813,976 2,302,232 1,692,744 Total Debt 870, , ,580 - Short-term 383, , ,265 - Long-term 487, , ,315 Shareholder’s Equity 1,167, , ,663 LTM OIBDA* 812, , ,209 - LTM Depreciation and amortization 249, ,326 97,417 - LTM Operating income 562, , ,792 LTM Interest 61,009 68,246 46,586 Debt/Equity Debt/OIBDA * * OIBDA/Interest Debt/Assets ($’000) 06/30/04 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 * * 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 43.5%* 70.3%* 72.6%*

17 Corporate Activities ‣ Federal Agency on Communications granted VimpelCom approximately 5.6 million telephone numbers ‣ Merger between VimpelCom and VimpelCom-R will be accomplished after the transfer of licenses and frequencies ‣ A joint EGM of shareholders of VimpelCom and KB Impuls is expected in the beginning of October which should open the way for the merger of KB Impuls into VimpelCom

18 Summary ‣ Ongoing rapid subscriber growth resulted in more than 18 million subscribers ‣ Overall market share in Russia has increased to 33% ‣ The Company has taken a strong lead in the subscriber acquisitions in the regions of Russia ‣ Strong financial results with OIBDA margin reaching 49.8% in 2Q2004 ‣ Placement of a $450 million bond issue enables the Company to finance external expansion ‣ Acquisition of Kar-Tel, a Kazakh cellular operator, gives VimpelCom an important footprint in the richest country in the CIS outside Russia

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 Reconciliation of VimpelCom OIBDA to operating income OIBDA 244, , , ,865 Impairment loss (7,354) - (7,354) - Depreciation (62,743) (33,914) (120,080) (65,592) Amortization (9,513) (8,738) (18,656) (16,110) Operating Income 165,084 97, , ,163 (Three months ended) (Six months ended) ($ ‘000) Jun. 30, 2004 Jun. 30, 2003 Jun. 30, 2004 Jun. 30, 2003 Reconciliation of VimpelCom OIBDA margin to operating income as percentage of net operating revenues OIBDA margin 49.8% 46.0% 49.2% 45.2% Less: Impairment loss (1.5%) 0% (0.8%) 0% Less: Depreciation as % of net operating revenues (12.8%) (11.1%) (13.2%) (12.0%) Less: Amortization as % of net operating revenues (1.9%) (2.9%) (2.1%) (2.9%) Operating income as % of net operating revenues 33.6% 32.0% 33.1% 30.3%

21 Reconciliation of OIBDA and OIBDA margin Reconciliation of VimpelCom-Region OIBDA to operating income OIBDA 92,863 33, ,786 48,633 Depreciation (19,616) (8,524) (37,810) (15,284) Amortization (6,606) (5,637) (12,772) (10,187) Operating Income 66,641 19, ,204 23,162 (Three months ended) (Six months ended) ($ ‘000) Jun. 30, 2004 Jun. 30, 2003 Jun. 30, 2004 Jun. 30, 2003 Reconciliation of VimpelCom-Region OIBDA margin to operating income as percentage of net operating revenues OIBDA margin 42.5% 36.2% 41.4% 31.0% Less: Depreciation as % of net operating revenues (9.0%) (9.3%) (9.6%) (9.7%) Less: Amortization as % of net operating revenues (3.0%) (6.1%) (3.3%) (6.5%) Operating income as % of net operating revenues 30.5% 20.8% 28.5% 14.8%

22 Reconciliation of ARPU Reconciliation of ARPU to service revenue and connection fees Service revenue and connection fees US$ 472,808 US$ 290,426 US$ 873,711 US$ 520,525 Less: Connection fees Less: Revenue from rent of fiber-optic channels Service revenue used to calculate ARPU 472, , , ,160 Average number of subscribers, ‘000 14,625 6,754 13,471 6,207 ARPU per month (US$) (Three months ended) (Six months ended) ($ ‘000) Jun. 30, 2004 Jun. 30, 2003 Jun. 30, 2004 Jun. 30, 2003

23 Reconciliation of SAC Reconciliation of SAC to selling, general and administrative expenses Selling, general and administrative expenses 158, , , ,031 Less: General and admin. expenses 102,247 65, , ,117 Sales and marketing expenses, including 56,290 41, ,438 69,914 advertising & marketing expenses 16,468 13,518 29,713 22,963 dealers’ commission expenses 39,822 27,729 76,725 46,951 New gross subs, ‘000 3,987 1,959 6,967 3,333 SAC (US$) (Three months ended) (Six months ended) ($ ‘000) Jun. 30, 2004 Jun. 30, 2003 Jun. 30, 2004 Jun. 30, 2003