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VimpelCom Presentation of 4Q and Full Year 2007 Financial and Operating Results March 12, 2008 Disclaimer This presentation contains "forward-looking statements", as the phrase is defined in Section 27A of the Securities Act of 1933

  1. VimpelCom Presentation of 4Q and Full Year 2007 Financial and Operating Results March 12, 2008

  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 strategy and development plans in Russia and the CIS. The forward-looking statements are based on management's best assessment of the Company's strategic and financial position, and future market conditions and trends. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of unforeseen developments from competition, governmental regulation of the telecommunications industries in Russia and the CIS, general political uncertainties in Russia and the CIS and general economic developments in Russia and the CIS, continued volatility in the world economy, challenges to 3G and Far East tenders and/or litigation with third parties. The actual outcome may also differ materially if the Company is unable to obtain all necessary corporate approvals relating to its business (including approval of funding and specific transactions), if the Company is unable to successfully integrate newly-acquired businesses, including Golden Telecom, and other factors. There can be no assurance that these risks and uncertainties will not have a material adverse effect on the Company, that the Company will be able to grow or that it will be successful in executing its strategy and 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, 2006 and other public filings made by the Company with the United States Securities and Exchange Commission, which risk factors are incorporated herein by reference. The Company 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 release, or to make corrections to reflect future events or developments. 2

  3. Agenda Welcome Remarks Alexander Izosimov, CEO Elena Shmatova, CFO Financial Overview Operational Overview Alexander Izosimov, CEO Q&A Session will be joined by: Nikolay Pryanishnikov, Executive VP, General Director, Russia Kent McNeley, CMO Jean-Pierre Vandromme, CEO of Golden Telecom 3

  4. 2007 Financial Highlights Net Revenues, $ mln Net Income, $ mln +47.3% +80.2% 7,171 1,463 4,868 811 615 3,211 350 2,113 229 1,330 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 OIBDA Margin OIBDA, $ mln +46.7% 3,597 50.4% 50.2% 48.9% 48.6% 46.1% 2,452 1,571 1,027 613 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 4

  5. Quarterly Financial Dynamics Net Revenues, $ mln Net Income, $ mln +38.5% +86.0% 2,010 1,956 458 1,717 359 368 1,359 1,451 1,488 277 268 198 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 OIBDA Margin OIBDA, $ mln +33.1% 45.7% 1,015 51.9% 918 51.5% 52.2% 52.8% 897 766 47.5% 718 690 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 5

  6. Stock Price Based Compensation Plans Accruals and ADS Price 41,60 40 140 118,7 35 120 27,04 30 100 25 21,07 80 18,97 20 15,79 60 12,12 15 40,5 9,16 8,60 40 27,8 10 24,2 21,3 15,1 20 5 6,8 3,2 0 0 Q 106 Q 206 Q 306 Q 406 Q 107 Q 207 Q 307 Q 407 Accruals, (US$ M) ADS price, ($) 6

  7. Continuing Increase in Free Cash Flow 3,038 1,971 1,265 1,293 804 459 2004 2005 2006 2007 -342 -438 -1,242 -1,773 -1,512 -1,635 Operating Cash Flow, $ mln CAPEX, $ mln Free Cash Flow, $ mln 7

  8. Strong Balance Sheet ($ mln) Dec 31,'07 Dec 31,'06 Dec 31,'05 1. 40 C ash and C ash Equivalents 1,004 344 364 1.27 29. 00 Total Assets 10,569 8,437 6,307 1. 20 1.02 Total Debt 2,767 2,489 1,998 1. 00 0.73 0.77 23. 00 -Short-term 527 424 421 0. 80 0.63 0.51 -Long-term 2,240 2,065 1,577 0. 60 Shareholders' Equity 5,412 3,943 2,741 0. 40 17. 00 0. 20 LTM OIBDA* 3,597 2,452 1,571 18.45 0. 00 - LTM Depreciation and 11. 00 - 0. 20 amortization 1,391 1,055 593 13.18 10.69 - 0. 40 - LTM Operating Income 2,206 1,397 978 5. 00 - 0. 60 LTM Interest 195 186 147 Dec 31, '05 Dec 31, '06 Dec 31, '07 Debt/ Assets 0.26 0.30 0.32 O IBDA LTM/ Interest LTM Debt/ Equity Debt/ O IBDA LTM Net Debt 1,763 2,145 1,634 * In cases when OIBDA is part of financial ratios it is deemed to be calculated in accordance with the reconciliation tables herein 8

  9. Operating Highlights: Russia Subscriber Market Share * Active Subscriber Base, mln 34% 34% 33% 33% 33% 33% 32% 42.2 32% 31% 31% 30% 30% 41.8 40.1 20% 21% 21% 39.8 38.6 19% 20% 38.8 19% 16% 16% 16% 16% 15% 15% 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 VimpelC om MTS MegaFon O thers ARPU, US$ MOU, min 209 204 13.5 13.4 193 12.3 161 158 10.9 10.9 152 10.6 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 9 * ) Source: AC&M Consulting, based on registered subscriber numbers

  10. Financial Highlights: Russia Net Revenues, $ mln OIBDA, $ mln +32.8% +19.9% 1,701 773 1,652 871 780 1,459 1,281 666 1,228 1,278 676 645 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 CAPEX, $ mln CAPEX / Revenue, LTM 32.5% 467 23.9% 22.9% 380 19.0% 17.4% 17.6% 217 226 200 189 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 10

  11. Sources of Year-on-Year Growth Net Revenue Growth, $ mln OIBDA Growth, $ mln 7,171 3,597 613 1,081 348 496 1,690 4,868 797 2,452 468 148 6,090 3,101 4,400 2,304 2006 Russia CIS 2007 2006 Russia CIS 2007 Subscriber Growth, ‘000 51,740 3,754 45,548 2,438 9,519 5,765 42,221 39,783 2006 Russia CIS 2007 11 Russia CIS

  12. Operating Highlights: Kazakhstan Active Subscriber Base, mln Subscriber Market Share * 50% 49% 49% 48% 47% 47% 4.6 47% 46% 47% 45% 46% 46% 4.3 3.9 3.5 3.1 2.6 5% 5% 5% 6% 7% 5% 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 VIP K'C ell O thers ARPU, US$ MOU, min 113 14.4 99 13.8 13.6 13.6 89 88 13.0 78 72 12.2 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 * ) Source: AC&M Consulting, based on registered subscriber numbers 12

  13. Financial Highlights: Kazakhstan Net Revenues, $ mln OIBDA, $ mln +54.7% +157.9% 174 92 88 166 80 149 62 119 49 112 104 36 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 CAPEX, $ CAPEX / Revenue, LTM mln 64.2% 96 50.2% 41.2% 37.3% 55 35.2% 49 30.5% 46 41 31 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 13

  14. Operating Highlights: Ukraine Active Subscriber Base, mln Subscriber Market Share * 44% 43% 43% 43% 43% 42% 41% 41% 40% 39% 37% 36% 2.2 1.9 1.8 2.0 16% 14% 1.5 12% 12% 11% 11% 0.8 5% 4% 5% 5% 5% 2% 1% 1% 1% 1% 1% 1% 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 VIP Kyivstar UMC (MTS) Astelit O thers ARPU (US$) MOU, min 183 6.7 5.8 168 168 5.6 160 4.2 4.2 149 3.0 138 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 * ) Source: AC&M Consulting , based on registered subscriber numbers 14

  15. Financial Highlights: Ukraine Net Revenues, $ mln OIBDA, $ mln +114.5% 6.5 3.6 36.3 30.7 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 -3.1 22.7 15.7 -6.1 -6.5 14.3 11.5 -10.5 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 CAPEX, $ CAPEX / Revenue, LTM mln 682% 78 599% 461% 56 46 55 326% 176% 29 26 148% 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 15

  16. Operating Highlights: Uzbekistan Active Subscriber Base, mln Subscriber Market Share * 54% 52% 50% 51% 50% 48% 36% 37% 33% 33% 2.1 27% 25% 1.6 14% 1.2 13% 11% 11% 12% 1.1 9% 0.7 0.5 12% 8% 4% 4% 3% 3% 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 VIP Uzdunrobita C oscom O ther ARPU (US$) MOU, min 11.8 305 9.8 290 283 7.6 269 266 7.2 6.8 6.7 242 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 * ) Source: AC&M Consulting , based on registered subscriber numbers 16

  17. Financial Highlights: Uzbekistan Net Revenues, $ mln OIBDA, $ mln +130.2% +127.2% 36.4 17.8 29.9 16.9 23.1 9.5 11.4 18.0 7.8 8.7 15.8 15.7 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 CAPEX, $ mln CAPEX / Revenue, LTM 126% ** 43 * 85% 86% 82% 82% 81% 63% 41 24 20 19 15 8 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 3Q 06 4Q 06 1Q 07 2Q 07 3Q 07 4Q 07 * In 4Q 2007 $43 million was paid for 3G license and ** Organic CAPEX/Revenue ratio excluding payments for numbering capacity numbering capacity and 3G licenses 17

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