VimpelCom

1. VimpelCom Presentation of 3Q2004 Financial and Operating Results November 18, 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 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. 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 Extract value from Win the regional Expansion outside existing operations growth game Russia • 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 • Acquisition in Kazakhstan • Selective acquisitions and green field opportunities in the CIS • Industrial approach utilizing synergies with existing VimpelCom operations Ensure cost efficiency Become the leading wireless operator in Russia and the CIS

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. Unlicensed territories National GSM network rollout Moscow Population: 17.0 mln. Northwest Population: 14.0 mln. Urals Population: 18.3 mln. Central Population: 21.0 mln. 70 39 59 44 58 47 49 65 4 11 60 66 10 1 5 19 40 2 20 9 21 24 6 23 7 8 13 71 12 46 68 54 51 3 32 64 61 50 72 38 26 67 48 15 14 28 36 30 45 29 31 52 22 53 42 55 43 57 37 33 27 56 25 41 35 18 VolgaPopulation: 25.2 mln. 63 62 17 69 16 34 South Population: 22.9 mln. SiberiaPopulation: 15.3 mln. Far EastPopulation: 11.4 mln. In commercial operation Other licensed regions

6. Area Area Super Region Super Region Area Popul. (‘000) Area Popul. (‘000) 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 • City of Moscow* • Moscow Region* • Voronezh • Tver • Kaluga • Vladimir • Ryazan • Lipetsk • Tula • Yaroslavl • Smolensk • Belgorod • N. Novgorod • Saratov • Rostov • Barnaul • Kemerovo 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 1,314 900 203 Siberia Central Central Central Volga Central Central Siberia Volga Siberia South South South Volga Volga South Siberia MLA * MLA * Central Central Central Central Central Central Central Central Central Central Volga Volga South Siberia Siberia Jul 1999 Jul 1999 May 2000 Sep 2001 Sep 2001 Sep 2001 Sep 2001 Oct 2001 Oct 2001 Oct 2001 Nov 2001 Nov 2001 Jan 2002 Jan 2002 Jan 2002 Jan 2002 Jan 2002 Jan 2002 May 2002 May 2002 Jun 2002 Jul 2002 Aug 2002 Aug 2002 Aug 2002 Aug 2002 Sep 2002 Sep 2002 Sep 2002 Oct 2002 Oct 2002 Oct 2002 Oct 2002 Oct 2002 National GSM network rollout (regions) ** Acquisitions * Moscow license area

7. Area Area Super Region Super Region Area Popul. (‘000) Area Popul. (‘000) 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 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 710 1,020 761 717 1,270 1,571 903 1,435 359 1,336 42 2,824 -- 546 893 1,504 1,433 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 Siberia Volga South Volga North W Siberia South South South North W Siberia Central North W Ural North W Volga Volga Ural Ural Volga South South Ural North W North W North W Volga Far East Far East Far East North W North W Volga Volga Siberia North W Volga Ural Oct 2002 Nov 2002 Nov 2002 Dec 2002 Dec 2002 Dec 2002 Jan 2003 Jan 2003 Jan 2003 April 2003 Aug 2003 Oct 2003 Oct 2003 Dec 2003 Dec 2003 Dec 2003 Dec 2003 Dec 2003 Dec 2003 Dec 2003 Dec 2003 Mar 2004 Apr 2004 Apr 2004 Apr 2004 May 2004 Jun 2004 Jun 2004 Jun 2004 Jun 2004 July 2004 July 2004 Aug 2004 Aug 2004 Aug 2004 Aug 2004 Sep 2004 Sep 2004 National GSM network rollout (regions) ** Acquisitions

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

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

10. Network Rollout As Of Sept. 30, 2004 Moscow Regions Total 3Q2004 2Q2004 3Q2004 2Q2004 3Q2004 2Q2004 № of BTSs2 957 2 847 6 809 5 641 9 766 8 488 № of BSCs 119 117164 137 283254 № of MSCs 12 12 66 57 78 69 Note: BTS – base transceiver station BSC – base station controller MSC – mobile switching center Source: VimpelCom

11. Key Subscriber Statistics (‘000) 30 Sep 04 30 Sep 03 YtY 30 Jun 04 QtQ Moscow 6,646 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% Prepaid 17,680 7,789 127% 14,144 25% Churn (quarterly) 7.2% 9.6% - 9.4% -

12. Kazakhstan Key Financial and Operating Figures For the Period of September 3 – September 30, 2004 Number of subscribers as of 676,300 September 30, 2004 Contract 580,600 Prepaid 95,700 Totaloperating revenues (US$,000)10,759 Net income (US$,000)2,284 ARPU (US$) 16.3 MOU (min) 71.8 SAC (US$) 25.2

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

14. Key Financial Figures ($ mln) 3Q04 3Q03 YtY 2Q04 QtQ Net Revenues* 602.4 379.0 58.9% 490.922.7% 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% * Net operating revenues and net income excluding inter-company transactions

15. Operational Indicators 3Q04 3Q03 YtY 2Q04 QtQ 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%

16. ($’000) 09/30/04 12/31/03 12/31/02 Cash and Cash Equivalents 189,044 157,611263,657 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 Depreciationand amortization **283,634 185,326 97,417 - LTM Operating income645,641 427,904 224,792 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 Strong Balance Sheet * LTM OIBDA constitutes the sum of the lines: LTM Operating income and LTM Depreciationand 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 Source: VimpelCom

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

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. 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. Reconciliation of OIBDA and OIBDA margin (Three months ended) (Nine months ended) ($ ‘000) Sep. 30, 2004 Sep. 30, 2003 Sep. 30, 2004 Sep. 30, 2003 Reconciliation of VimpelCom OIBDA to operating income OIBDA 295,663 178,472742,382 426,337 Impairment loss -- -- (7,354) -- Depreciation (70,723) (42,894) (190,803) (108,486) Amortization (14,962) (8,871) (33,618) (24,981) Operating Income 209,978126,707 510,607 292,870 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 revenues34.9% 33.4% 33.8% 31.6%

22. Reconciliation of OIBDA and OIBDA margin (Three months ended) (Nine months ended) ($ ‘000) Sep. 30, 2004 Sep. 30, 2003 Sep. 30, 2004 Sep. 30, 2003 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 106,42331,107 218,627 54,269 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 revenues37.7% 24.2% 32.4% 19.0%

23. Reconciliation of ARPU (Three months ended) (Nine months ended) ($ ‘000) Sep. 30, 2004 Sep. 30, 2003 Sep. 30, 2004 Sep. 30, 2003 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$880,340 Less: Connection fees 191 361527 1,077 Less: Revenue from rent of fiber-optic channels 408 308 1,261 958 Service revenue used to calculate ARPU 582,679 359,146 1,455,201 878,305 Average number of subscribers, ‘000 18,184 8,30515,042 6,906 ARPU per month (US$) 10.7 14.4 10.7 14.1

24. Reconciliation of SAC (Three months ended) (Nine months ended) ($ ‘000) Sep. 30, 2004 Sep. 30, 2003 Sep. 30, 2004 Sep. 30, 2003 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 expenses16,780 11,66846,493 34,631 dealers’ commission expenses 52,820 37,972129,545 84,923 New gross subs, ‘000 4,894 2,641 11,861 5,974 SAC (US$) 14.2 18.8 14.8 20.0