Company Presentation

1
VIMPELCOM
Company Presentation
Brunswick UBS Annual Conference
September 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 Companys
  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 Companys 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
  Companys 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 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
2003
2002
2004
Moscow
Regions
Source Company data
4
VimpelCom-Region and shareholder structure

• The merger of VimpelCom-Region (VimpelComs
  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
Wireless growth expected to continue
Subscriber Growth in Russia
Russia Wireless Revenues and GDP
million
National penetration forecast
Source Goskomstat, Brunswick UBS, VimpelCom
estimates
Source Consensus forecasts, independent
research
6
Goals and Directions
Become the leading operator in Russia and expand
in the CIS countries
Strategic Factors
Strategic Directions

• Strategic Factors
• Macroeconomy
• Political and regulatory environment
• New technologies
• Industry competition, mergers acquisitions

• Strengthening VimpelComs position on the Russian
  market Market Leader
• New products and technologies
• New markets

VimpelComin CIS
VimpelComin Russia 3G
VimpelComin Russia 2.5G


7
Acquisition in Kazakhstan

• 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

8
Main Russian GSM players
MTS
MegaFon
VimpelCom
Market share in Moscow as of July 31, 2004
Market share in Russia as of July 31, 2004
Source Company data
9
National GSM network rollout
Moscow Population 17.0 mln.
Urals Population 18.3 mln.
Northwest Population 14.0 mln.
Central Population 21.0 mln.
39
VolgaPopulation 25.2 mln.
South Population 22.9 mln.
SiberiaPopulation 15.3 mln.
Far EastPopulation 11.4 mln.
In commercial operation
Other licensed regions
10
National market key trends
Russia (Overall) Subscriber Market Share
Incremental Market Share (Organic Net Adds)
2004
2003
Source Independent research
11
Moscow market key trends
Subscriber Market Share
Incremental Market Share (Organic Net Adds)
2003
Note VimpelCom recorded negative net additions
in June 2004
Source Independent research and Company estimates
12
Market share regions
Central Region
South Region
Siberia Region
Incremental market share (net adds, July 2004)
Market share (July 31, 2004)
BeeLine
MegaFon
Source Company data and independent research
MTS
Others
13
Market share regions
Northwest Region
Ural Region
Volga Region
Incremental market share (net adds, July 2004)
Market share (July 31, 2004)
BeeLine
MTS
Others
Source Company data and independent research
MegaFon
Smarts
14
Ratios, cash flow and capex
, mln
72.6
70.3
43.5
Net operating cash flow as of Capex
15
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
Debt/OIBDA, OIBDA/Interest expenses
Reconciliation to U.S. GAAP measures
Reconciliations related to other non-U.S. GAAP
measures can be found at http//www.vimpelcom.com
/docs/VimpelCom_2Q2004_results.ppt
17
ROCE, Reconciliation to U.S. GAAP measures
ROCE, Operating income / Average Capital
Employed 100