1. VimpelCom Presentation of 1Q2004 Financial and Operating Results Presentation of 1Q2004 Financial and Operating Results May 27, 2004

2. 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 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. 3 VimpelCom 1Q2004 Financial Highlights 83.9% 87.2% 70.9% Source: VimpelCom

4. 4 VimpelCom-R 1Q2004 Financial Highlights 3789.1% 354.3% 167.3% Source: VimpelCom

5. 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. 6 National GSM Network Rollout In commercial operation Other licensed regions Unlicensed territories 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 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. 60 59 58 57

7. 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 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 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 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 Jul 1999 May 2000 Sep 2001 Oct 2001 Nov 2001 Jan 2002 May 2002 Jun 2002 Jul 2002 Aug 2002 Sep 2002 Oct 2002 Jul 1999 May 2000 Sep 2001 Oct 2001 Nov 2001 Jan 2002 May 2002 Jun 2002 Jul 2002 Aug 2002 Sep 2002 Oct 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 2,692 1,379 737 1,149 2,177 1,236 861 2,079 3,780 1,046 5,571 -- 2,702 4,103 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 2,692 1,379 737 1,149 2,177 1,236 861 2,079 3,780 1,046 5,571 -- 2,702 4,103 Area Popul. (‘000) Area Popul. (‘000) MLA * Central Volga South Siberia Central Volga Central Siberia Volga Siberia South Volga MLA * Central Volga South Siberia Central Volga Central Siberia Volga Siberia South Volga Network Launch Network Launch Area Super Region Super Region Area Popul. (‘000) Area Popul. (‘000) 32. Cheboksary 33. Nalchik 34. Gorno-Altaysk 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 57. Kurgan 58. Pskov 59. Rep. of Karelia 60. Vologda Volga South Siberia Volga South Volga North W Siberia South North W Siberia Central North W Ural North W Volga Ural Volga South Ural North W 1,314 900 203 2,966 3,240 1,007 1,382 955 135 2,584 2,730 440 4,669 18 1,180 1,671 4,490 695 1,453 728 3,606 3,266 889 292 710 1,020 761 717 1,270 Oct 2002 Nov 2002 Dec 2002 Jan 2003 April 2003 Aug 2003 Oct 2003 Dec 2003 Mar 2004 Apr 2004 May 2004 * Moscow license area ** Acquisitions

8. 8 Strong Subscriber Growth Source: VimpelCom, independent sources 6.19 7.43 9.26 11.44 13.37 23%

9. 9 Strong Growth In The Regions 5,777 4,183 3,005 2,242 7,329 incl.96 ths. subs in Ural

10. 10 Note: BTS – base transceiver station BSC – base station controller MSC – 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

11. 11 Key Subscriber Statistics Moscow6,042 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% Prepaid11,549 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

12. 12 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

13. 13 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

14. 14 Strong Balance Sheet Cash and Cash Equivalents 130,552 157,611 263,657 Total 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 375,702 392,274 474,315 Shareholder’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 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

15. 15 Net Operating Cash Flow vs CAPEX * Net operating cash flow as % of Capex 43.5%* 70.3%* 74.0%*

16. 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. 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. 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

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

20. 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 revenues OIBDA 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. 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 revenues OIBDA 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. 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 5,845 MLA 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 5,022 MLA 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, ‘000 726 809 823 MLA ARPU per month (contract subscribers) 45.6 52.7 50.5

23. 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 6,473 Regional 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 12,318 Consolidated ARPU per month 13.5 12.5 10.8 Consolidated

24. 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 2,979 Total 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 1,168 890 MLA 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 2,090 Regional Subscriber Acquisition Cost (SAC) 11.7 12.1 12.2