1 VimpelCom – 1Q 2003 results 1Q2003 Financial and Operating Results Management Presentation VIMPELCOM May 29, 2003

2 VimpelCom – 1Q 2003 results Disclaimer Except for historical information, some of the matters discussed in this presentation, such as the anticipated rollout of VimpelCom’s regional network, contain forward-looking statements and are subject to certain risks and uncertainties that could differ materially from those projected. Other risks that may affect VimpelCom are identified in VimpelCom's Form 20-F and other filings with the U.S. Securities and Exchange Commission.

3 VimpelCom – 1Q 2003 results 1Q2003 Highlights  Improvements in financial performance (slide 4)  Net income breakeven in regional operations ($0.04 mln.)  Continued subscriber growth (slides 8-10)  Acquisition of StavTeleSot  Super-region: South  Acquisition date: January 31, 2003  Amount paid: $38.4 mln.  Stake acquired: 90%  Market share/number of subscribers: 63% / 201,905 as of January 31, 2003  Network build-out continued (slide 6)  Access to GSM-900 granted for St. Petersburg and the Leningrad region  Date: March 6, 2003

4 VimpelCom – 1Q 2003 results 1Q2003 financial highlights Source: VimpelCom data Revenue, $ mln Net Income, $ mln EBITDA, $ mlnEBITDA Margin

5 VimpelCom – 1Q 2003 results Key financial figures * Total operating revenues excluding inter-company transactions

6 VimpelCom – 1Q 2003 results National GSM network rollout South Population: 18.9 mln. Moscow Population: 17.0 mln. Volga Population: 23.6 mln. Central Population: 24.5 mln. Siberia Population: 15.3 mln North-West Population: 13.0 mln other licensed regions - in commercial operation - launch in 2003E Urals Population: 21.5 mln unlicensed territories

7 VimpelCom – 1Q 2003 results Market performance Source: VimpelCom data, Consensus estimates mln VimpelCom market shareVimpelCom subscriber base RussiaMoscow

8 VimpelCom – 1Q 2003 results Key subscriber statistics

9 VimpelCom – 1Q 2003 results Regions – number of subscribers CentralVolga Source: VimpelCom data ‘000

10 VimpelCom – 1Q 2003 results Regions – number of subscribers Source: VimpelCom data South ‘000 Siberia North-West ‘000

11 VimpelCom – 1Q 2003 results Operational indicators

12 VimpelCom – 1Q 2003 results Network rollout as of 31 March 2003 Note: BTS – base transceiver station BSC – base station controller MSC – mobile switching center Source: VimpelCom data