1. VimpelCom Presentation of 3Q2004 Financial and Operating Results Presentation of 3Q2004 Financial and Operating Results November 18, 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 and international 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 certain conditions. If any of the conditions are not met, the merger will not be consummated. Furthermore, there are risks relating to such mergers due to the fact under Russian law, it appears that certain licenses and permissions should be issued after the consummation of the mergers, and it is possible that they may not be issued in a timely manner, or on the same terms as the existing licenses and permissions.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. 3 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 ‣ Acquisition in Kazakhstan ‣ 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 Become the leading wireless operator in Russia and the CIS

4. 4 Operating Highlights ‣ 22.3 million subscribers as of November 18, 2004, including 725,500 in Kazakhstan ‣ Operations encompass 72 Russian regions, the largest number of any Russian cellular operator ‣ Leader in subscriber net additions in Russia ‣ CIS expansion started with an acquisition of KaR- Tel, a GSM operator in Kazakhstan ‣ Strong financial results with the 3Q2004 OIBDA close to $300 million ‣ Roaming available in 171 countries with GPRS roaming available in 55 countries, one of the largest coverage in the world

5. 5 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 61 62 63 64 65 66 70 67 68 69 71 72

6. 6 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 1,379 737 1,149 2,177 1,236 861 2,079 3,780 1,046 5,571 -- 2,702 4,103 1,314 900 203 2,692 1,379 737 1,149 2,177 1,236 861 2,079 3,780 1,046 5,571 -- 2,702 4,103 1,314 900 203 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

7. 7 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. Tyumen 54. Saransk 55. Elista 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. Tyumen 54. Saransk 55. Elista 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 1,382 955 135 2,584 2,730 440 4,669 18 1,180 1,671 4,490 695 1,453 728 3,606 3,266 889 292 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 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 Volga South Siberia Volga South Volga North W Siberia South North W Siberia Central North W Ural North W Volga Ural Volga South ** Acquisitions Network Launch Network Launch 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 71. Kirov 72. Surgut 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 71. Kirov 72. Surgut Mar 2004 Apr 2004 May 2004 Jun 2004 July 2004 Aug 2004 Sep 2004 Mar 2004 Apr 2004 May 2004 Jun 2004 July 2004 Aug 2004 Sep 2004 Area Super Region Super Region 710 1,020 761 717 1,270 1,571 903 1,435 359 1,336 42 2,824 -- 546 893 1,504 1,433 710 1,020 761 717 1,270 1,571 903 1,435 359 1,336 42 2,824 -- 546 893 1,504 1,433 Area Popul. (‘000) Area Popul. (‘000) South Ural North W Volga Far East North W Volga Siberia North W Volga Ural South Ural North W Volga Far East North W Volga Siberia North W Volga Ural

8. 8 Strong Subscriber Growth Source: VimpelCom, independent sources 9.26 11.44 13.37 16.30 20.55 Including KaR-Tel’s 676,300

9. 9 Strong Growth In Russian Regions 7,329 5,777 4,183 10,120 13,223

10. 10 Note: BTS – base transceiver station BSC – base station controller MSC – mobile switching center Network Rollout As Of Sept. 30, 2004 Source: VimpelCom № of BTSs 2 957 2 847 6 809 5 641 9 766 8 488 № of BSCs 119 117 164 137 283 254 № of MSCs 12 12 66 57 78 69 3Q2004 2Q2004 3Q2004 2Q2004 3Q2004 2Q2004 Moscow Regions Total

11. 11 Key Subscriber Statistics Moscow6,646 5,076 31% 6,183 8% Contract 867 799 9% 844 3% Prepaid 5,779 4,277 35% 5,339 8% Regions 13,223 4,183 216% 10,121 31% KaR-Tel 676 n/a -- n/a -- Total 20,545 9,259 122% 16,304 26% Contract 2,865 1,470 95% 2,160 33% Prepaid17,680 7,789 127% 14,144 25% Churn (quarterly) 7.2% 9.6% - 9.4% - (‘000) 30 Sep 04 30 Sep 03 YtY 30 Jun 04 QtQ

12. 12 Total operating revenues (US$,000) 10,759 Kazakhstan Number of subscribers as of676,300 September 30, 2004 Contract 580,600 Prepaid 95,700 Net income (US$,000) 2,284 ARPU (US$) 16.3 MOU (min) 71.8 SAC (US$) 25.2 Key Financial and Operating Figures For the Period of September 3 – September 30, 2004

13. 13 VimpelCom 3Q2004 Financial Highlights 41.6% 65.7% 58.9% Source: VimpelCom

14. 14 Key Financial Figures Net Revenues*602.4 379.0 58.9% 490.9 22.7% Moscow*313.8 259.7 20.8% 289.1 8.5% Regions*277.8 119.3 132.9% 201.8 37.7% Kazakhstan* 10.8 n/a -- n/a -- Gross Margin 81.6% 81.8% -- 82.7% -- OIBDA 295.7 178.5 65.7% 244.7 20.8% OIBDA Margin 49.1% 47.1% -- 49.8% -- Net Income* 102.2 72.2 41.6% 91.0 12.3% Net Income Margin 17.0% 19.0% -- 18.5% -- Moscow 55.9 61.6 -9.3% 68.9 -18.9% Regions 75.2 17.9 320.1% 43.0 74.9% Kazakhstan 2.3 n/a -- n/a -- SG&A 192.5 126.9 51.7% 158.5 21.5% % of Net Revenues 32.0% 33.5% -- 32.3% -- D&A 85.7 51.8 65.4% 79.6 7.7% % of Net Revenues 14.2% 13.7% -- 16.2% -- Capex 346.5 165.3 109.6% 272.4 27.2% ($ mln) 3Q04 3Q03 YtY 2Q04 QtQ * Net operating revenues and net income excluding inter-company transactions

15. 15 Operational Indicators ARPU, Blended ($) 10.7 14.4 -25.7% 10.8 -0.9% ARPU Moscow 16.0 17.5 -8.6% 15.2 5.3% Contract (Moscow) 56.6 53.6 5.6% 54.0 4.8% Prepaid (Moscow) 9.7 10.4 -6.7% 9.0 7.8% ARPU Regions 8.4 11.5 -27.0% 8.3 1.2% MOU, Blended (min) 99.4 92.7 7.3% 96.3 3.2% MOU Moscow 123.7 92.5 33.7% 112.7 9.8% Contract (Moscow) 370.8 284.2 30.5% 364.1 1.8% Prepaid (Moscow) 85.2 54.7 55.8% 72.9 16.9% MOU Regions 86.7 93.0 -6.8% 84.5 2.6% SAC, Blended ($) 14.2 18.8 -24.5% 14.1 0.7% Moscow 25.4 27.0 -5.9% 23.4 8.5% Regions 10.8 12.3 -12.2% 11.0 -1.8% 3Q04 3Q03 YtY 2Q04 QtQ

16. 16 Strong Balance Sheet Cash and Cash Equivalents 189,044 157,611 263,657 Total Assets 3,607,015 2,302,232 1,692,744 Total Debt 1,324,420 606,991 650,580 - Short-term 476,037 214,717 176,265 - Long-term 848,383 392,274 474,315 Shareholder’s Equity 1,273,699 998,216 662,663 LTM OIBDA* 929,275 613,230 322,209 - LTM Depreciation and amortization * * 283,634 185,326 97,417 - LTM Operating income 645,641 427,904 224,792 LTM Interest 68,045 68,246 46,586 Debt/Equity 1.0 0.6 1.0 Debt/OIBDA * * * 1.4 1.0 2.0 OIBDA/Interest 13.7 9.0 6.9 Debt/Assets 0.4 0.3 0.4 ($’000) 09/30/04 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 * * 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

17. 17 Net Operating Cash Flow vs CAPEX * Net operating cash flow as % of Capex 43.5%* 70.3%* 68.0%*

18. 18 Corporate Activities ‣ Federal Agency on Communications granted VimpelCom 10 million telephone numbers since August 2004 ‣ Merger between VimpelCom and VimpelCom-R is planned to be completed by December 9, 2004 ‣ Merger between VimpelCom and KB Impuls is planned to be completed by year end of 2004 ‣ ADR to common share ratio change from 4:3 to 4:1 is effective November 22, 2004

19. 19 Summary ‣ Ongoing rapid subscriber growth resulted in more than 22 million subscribers ‣ Overall market share in Russia has increased to 34% ‣ The Company has taken a strong lead in the subscriber acquisitions in the regions of Russia ‣ Strong financial results with the 3Q2004 OIBDA close to $300 million ‣ Acquisition of Kar-Tel, a Kazakh cellular operator, gives VimpelCom an important footprint in the richest country in the CIS outside Russia

20. Reconciliation tables of non-U.S. GAAP measures to their most directly comparable U.S. GAAP financial measures

21. 21 Reconciliation of OIBDA and OIBDA margin Reconciliation of VimpelCom OIBDA to operating income OIBDA 295,663 178,472 742,382 426,337 Impairment loss -- -- (7,354) -- Depreciation (70,723) (42,894) (190,803) (108,486) Amortization (14,962) (8,871) (33,618) (24,981) Operating Income 209,978 126,707 510,607 292,870 (Three months ended) (Nine months ended) ($ ‘000) Sep. 30, 2004 Sep. 30, 2003 Sep. 30, 2004 Sep. 30, 2003 Reconciliation of VimpelCom OIBDA margin to operating income as percentage of net operating revenues OIBDA margin 49.1% 47.1% 49.1% 45.9% Impairment loss 0% 0% (0.5%) 0% Depreciation as % of net operating revenues (11.7%) (11.3%) (12.6%) (11.6%) Amortization as % of net operating revenues (2.5%) (2.4%) (2.2%) (2.7%) Operating income as % of net operating revenues 34.9% 33.4% 33.8% 31.6%

22. 22 Reconciliation of OIBDA and OIBDA margin Reconciliation of VimpelCom-Region OIBDA to operating income OIBDA 135,032 49,788 297,818 98,421 Depreciation (22,899) (12,893) (60,709) (28,177) Amortization (5,710) (5,788) (18,482) (15,975) Operating Income 106,423 31,107 218,627 54,269 (Three months ended) (Nine months ended) ($ ‘000) Sep. 30, 2004 Sep. 30, 2003 Sep. 30, 2004 Sep. 30, 2003 Reconciliation of VimpelCom-Region OIBDA margin to operating income as percentage of net operating revenues OIBDA margin 47.8% 38.7% 44.1% 34.4% Depreciation as % of net operating revenues (8.1%) (10.0%) (9.0%) (9.9%) Amortization as % of net operating revenues (2.0%) (4.5%) (2.7%) (5.6%) Operating income as % of net operating revenues 37.7% 24.2% 32.4% 19.0%

23. 23 Reconciliation of ARPU Reconciliation of ARPU to service revenue and connection fees Service revenue and connection fees US$ 583,278 US$ 359,815 US$ 1,456,989 US$ 880,340 Less: Connection fees 191 361 527 1,077 Less: Revenue from rent of fiber-optic channels 408 308 1,261 958 Service revenue used to calculate ARPU 582,679 359,146 1,455,201 878,305 Average number of subscribers, ‘000 18,184 8,305 15,042 6,906 ARPU per month (US$) 10.7 14.4 10.7 14.1 (Three months ended) (Nine months ended) ($ ‘000) Sep. 30, 2004 Sep. 30, 2003 Sep. 30, 2004 Sep. 30, 2003

24. 24 Reconciliation of SAC Reconciliation of SAC to selling, general and administrative expenses Selling, general and administrative expenses 192,513 126,860 489,063 318,891 Less: General and admin. expenses 122,913 77,220 313,025 199,337 Sales and marketing expenses, including 69,600 49,640 176,038 119,554 advertising & marketing expenses 16,780 11,668 46,493 34,631 dealers’ commission expenses 52,820 37,972 129,545 84,923 New gross subs, ‘000 4,894 2,641 11,861 5,974 SAC (US$) 14.2 18.8 14.8 20.0 (Three months ended) (Nine months ended) ($ ‘000) Sep. 30, 2004 Sep. 30, 2003 Sep. 30, 2004 Sep. 30, 2003