VimpelCom Annual Report 1998 Company profile Letter to shareholders The effect of the Russian economic crisis Expansion across Russia: Vimpelcom receives new GSM licenses Vimpelcom's strategic alliance with Telenor Investor relations Financial highlights Summary financial data Management’s discussion and analysis of financial condition and results of operations Report of Independent Auditors Consolidated Balance Sheets Consolidated Statements of Operations Consolidated Statements of Shareholders' Equity Consolidated Statements of Cash Flows 1. Organization, Basis of Presentation and Significant Accounting Policies 2. Acquisitions 3. Cash and Cash Equivalents 4. Other Current Assets 5. Property and Equipment 6. Bank Loan 7. Equipment Financing 8. Shareholders' Equity 9. Income Taxes 10. Valuation and Qualifying Accounts 11. Related Party Transactions 12. Commitments and Contingencies 13. Impact of Year 2000 (Unaudited) 14. Quarterly Financial Data (Unaudited) 15. Subsequent Events (Unaudited)