The creation of Russia’s

leading integrated

telecoms company

28 January 2008

Exhibit (A)(5)(C)

28 January 2008

2

Disclaimer

This presentation is provided for informational purposes only and is neither an offer to purchase nor

a solicitation of an offer to sell any shares of Golden Telecom common stock. The solicitation and

the offer to buy shares of Golden Telecom common stock is being made pursuant to a tender offer

statement on Schedule TO (including an offer to purchase, a letter of transmittal and related

materials) that Lillian Acquisition, Inc., an indirect subsidiary of VimpelCom, filed with the U.S.

Securities and Exchange Commission ( “SEC”) on January 18th, 2008. Golden Telecom also filed a

solicitation/recommendation statement on Schedule 14D-9 with the SEC with respect to the tender

offer. Investors and Golden Telecom stockholders are urged to read both the tender offer statement

and the solicitation/recommendation statement because they contain important information.

Investors and security holders may obtain a free copy of these statements and other documents

filed

by

VimpelCom,

Lillian

Acquisition

Inc.,

Golden

Telecom

and

their

affiliates

with

the

SEC

at

the

website maintained by the SEC at www.sec.gov. In addition, the tender offer statement (including

the offer to purchase, letter of transmittal and related materials) may be obtained for free at

VimpelCom’s website at www.vimpelcom.com

or by directing such requests to VimpelCom (Investor

Relations) at +7 (495) 910-5977, investor_relations@vimpelcom.com, or by calling D.F. King & Co.

Inc., the information agent for the offer toll-free at +1 (800) 431-9633 (for stockholders) or collect

at +1 (212) 269-5550 (for banks and brokers). The solicitation/recommendation statement may be

obtained

by

directing

such

requests

to

Golden

Telecom

(Investor

Relations)

at

+

7

(495)

797-9300,

ir@gldn.net.

28 January 2008

3

Forward-looking statements

This presentation includes certain forward-looking statements. Such statements include those

concerning the potential acquisition of all of the outstanding shares of Golden Telecom by a

subsidiary of VimpelCom, VimpelCom’s intention to integrate Golden Telecom into the VimpelCom

business and the intended synergies and other benefits to VimpelCom from the transaction

described herein. These statements are based on VimpelCom management’s best assessment of

each of its and Golden Telecom’s strategic and financial position and on future market conditions

and trends. These statements involve risks and uncertainties including, without limitation, the

possibility that the parties are not able to consummate the transaction. Certain factors could affect

the

outcome

of

the

matters

described

in

this

presentation.

These

factors

include,

but

are

not

limited

to: (1) the occurrence of any event, change or other circumstances that could give rise to the

termination of the merger agreement; (2) the inability to complete the offer or complete the merger

due to the failure to satisfy conditions required to complete the offer and the merger; (3) the failure

to obtain the necessary debt financing arrangements set forth in

commitment letters received in

connection with the offer and the merger; (4) difficulties in integrating Golden Telecom into

VimpelCom’s business, leading to greater costs and lower integration benefits than anticipated; (5)

regulatory conditions being imposed in connection with the acquisition of Golden Telecom; (6) the

impact of actions taken by competitors, regulatory authorities and taxing authorities; (7) the impact

of any failure by third parties to supply materials, equipment or services; and (8) changes in

general

political

and

economic

conditions

in

Russia

and

the

CIS.

Additional

information

concerning

factors

that

could

cause

results

to

differ

materially

from

those

in

the

forward-looking

statements

is

contained in VimpelCom’s public filings with the SEC, including VimpelCom’s annual report on Form

20-F for the year ended December 31, 2006, and in Golden Telecom’s filings with the SEC, including

Golden Telecom’s quarterly reports on Form 10-Q and Golden Telecom’s annual report on Form 10-

K for the year ended December 31, 2006.

28 January 2008

4

A perfect fit

Customer

focus

Product

focus

Geography

Enable customer growth in both corporate

and residential sectors

Create cross-selling opportunities

Bundling opportunities anticipated

Significant cost synergies and investment

savings expected

Introduce convergent products

Overlapping geographies allow for creation

of the leading pan-CIS integrated operator

Enhance VimpelCom operations in Ukraine

Residential

Corporate

Mobile

voice

and data

Fixed voice

and data

Internet

DVBT

Russia,

CIS

Russia,

CIS

Infrastructure

Scale synergies from combining networks

Enhance Golden Telecom’s wholesale

operations

Generate additional revenues from FTTB

local access network

Transport

network

Access

28 January 2008

5

Golden Telecom—a high quality asset

Fixed-line market growth

(nominal revenues US$bn)

Golden Telecom position

13.2

25-26

~4.5

~4.0

~4.5

0

5

10

15

20

25

30

2007

2010

Incremental demand

(~65% of growth)

‘Business

as usual’

No. 1 alternative carrier for corporates in Moscow

and St. Petersburg

Rapidly expanding into Russian regions

–

33% of revenues from regions in 2007

Leading broadband provider in Russia and CIS

–

4.5 million households covered

–

448,000 subscribers

–

Triple 65 project in Russia and Ukraine

25% market share in long distance telephony

State-of-the-art network

–

The largest zonal network covering 24 regions

–

FTTB access network

1

2

3

4

5

Revenue growth in the mid-30s (%)

EBITDA growth in the mid-40s (%)

20% capex/revenues 2007-08

Source: J’Son and Partners, Renaissance Capital

2008

guidance¹

Additional

regional and

corporate

services

Additional

residential

broadband

1

Golden Telecom 3Q 2007 investor presentation

28 January 2008

6

247

0

50

100

150

200

250

300

2006

Golden Telecom at a glance

Revenue breakdown 3Q 2007

Key financials (US$m)

54%

37%

2%

7%

Carrier

Business

Mobile

Consumer

Internet

Source: Golden Telecom 3Q 07 results

Source:

Golden Telecom 3Q 07 results

Notes:

EBITDA pre-Equity Based Compensation

2006

data

not

pro

forma

for

Corbina

Telecom

33%

67%

Regions

Moscow

93

65

0

50

100

150

200

3Q 06

3Q 07

855

0

200

400

600

800

1000

2006

350

229

0

100

200

300

400

500

600

3Q 06

3Q 07

Revenues

EBITDA

Growth 53%

year-on-year

Growth 42%

year-on-year

28 January 2008

7

Synergies

•

Cross-selling and bundling of

convergent products

VimpelCom to leverage Golden

Telecom’s access to Russian

corporates

Combined entity to market

Golden Telecom’s residential

broadband products using

VimpelCom’s sales channels

FMC in the corporate sector

•

Sale of spare capacity to third

party carriers

•

CIS co-operation: Ukraine, 

Kazakhstan, Uzbekistan, Armenia

Estimated opex and capex synergies

Additional potential revenue upside

Joint network

development

Procurement

savings

Channel

leasing

Local loops (FTTB)

Traffic

termination

Source: VimpelCom analysis

Approx. NPV of US$474 million

8%

14%

21%

34%

23%

Opex

Capex

28 January 2008

8

Integration plan

Sales and support

Network operations

Corporate centre

Sales and support

Network operations

Corporate centre

28 January 2008

9

Transaction overview

Key terms

All cash tender offer by VimpelCom acquisition subsidiary for 100% of

shares outstanding, followed by second-step merger

US$105

per Golden Telecom share, implying fully-diluted equity value of

approx. US$4.3 billion

Timeline

18 January: tender offer launched

18 January –

15 February: tender offer period, subject to extension by

VimpelCom

if certain conditions are not satisfied or waived

Following completion of the tender offer, effect short-form merger if acquisition

subsidiary owns 90% or more Golden Telecom shares (including any

purchased

by exercise of a top-up option); otherwise, effect long-form merger

Financing

Consideration financed from existing cash balances and new banking

facilities pursuant to a commitment letter from a group of lenders

Additional

considerations

Approved by the Special Independent Committees and the Boards of

Directors of each of Golden Telecom and VimpelCom

Subject to 63.3% minimum tender condition

Also subject to regulatory approvals, consent of Golden Telecom’s lenders

and customary closing conditions; no financing conditions

28 January 2008

10

VimpelCom and Golden Telecom

VimpelCom¹

Golden Telecom

Market cap.

US$34.0 billion²

Enterprise value

US$35.7 billion²

Market cap.

US$4.3 billion³

Enterprise value

US$4.4 billion

1

Percentage indicate share of total voting shares

2

At the ADR closing price of US$33.18 as of January 25, 2008

3

Fully-diluted market capitalisation at offer price of US$105

Sources: company data, Datastream

Telenor

29.9%

Altimo

44.0%

Free float

24.4%

VimpelCom

Golden Telecom

Telenor

18.3%

Altimo

26.6%

Rostelecom

11.0%

Other

1.7%

Inure

7.9%

Free float

36.2%

28 January 2008

11

Summary

A compelling, transformational transaction for VimpelCom’s

shareholders which creates the first truly integrated

telecommunications operator across Russia and the CIS

Enhances growth profile by combining strong mobile presence

with leading fixed-line operator

Creation of additional value through anticipated exploitation of

synergies

1

2

3

28 January 2008

12