1 VimpelCom – Year 2002 results Year 2002 Financial Results Management Presentation VIMPELCOM March 27, 2003

2 VimpelCom – Year 2002 results 2002 – a year of success 2002 Strategy has been successfully implemented Leadership in Moscow Regional build out and successful acquisitions Improved service quality Increased profitability VAS revenue growth Unified National Business Model

3 VimpelCom – Year 2002 results 2002 major achievements Leadership in Moscow and strong growth of subscriber base in the regions  51.6% market share in Moscow  94% subscriber increase in Moscow and 619% in the regions  Second biggest mobile operator in Central and Eastern Europe with 6.15 mln subscribers as of today Dynamic regional expansion and important acquisitions  38 regional networks as of Dec. 31, 2002 including acquired companies Orensot, Bee Line-Samara, Extel  Market leader in Voronezh, Kemerovo, Barnaul, Lipetsk, Yaroslavl, Tula, Tver, Nalchik  Acquisition of GSM licenses for the North-West and Urals super regions Profitable growth  82% revenue growth, 117% EBITDA growth, 174% net income growth  EBITDA margin improved from 35.1% in 2001 to 41.9% in 2002 Successful bond issue and equity inflow to VimpelCom-Region  Strong demand for the VimpelCom $250 mln bond issue leveraged by strong financial performance and high level of corporate governance and transparency  VimpelCom and Alfa Group fulfilled their obligations and Telenor exercised its option of investing $58.48 mln each in VimpelCom-Region

4 VimpelCom – Year 2002 results 2002 major achievements (continued) Growth of VAS revenues  Revenues from VAS in Moscow in 2002 reached $53.8 mln and constituted 8.1% of service revenues (this portion grew to 9.8% in 4Q02)  High popularity of beepay system of payments and beeinfo mobile information guide  Growing GPRS traffic; GPRS roaming in 19 countries – far ahead of competitors Improvement of customer service and network quality  Successful migration to Amdocs’ Ensemble billing and customer care solution system  Commencement of super regional call centers build out  3,519 base stations in total throughout Russia - an increase of 1,743 base stations during 2002 Unified National Business Model  Unification of VIP and VIP-R management resulting in improved synergies, operational effectiveness and increased supply of knowledge and experience to regional operations

5 VimpelCom – Year 2002 results 2002 financial highlights Source: VimpelCom data Revenue, $ mln Net Income, $ mln EBITDA, $ mlnEBITDA Margin

6 VimpelCom – Year 2002 results Key financial figures

7 VimpelCom – Year 2002 results National GSM network rollout South Population: 17.7 mln Moscow Population: 15.2 mln Volga Population: 24.1 mln Central Population: 26.0 mln Siberia Population: 15.9 mln North-West Population: 13.7 mln other licensed regions - in commercial operation- launch in 2003E Urals Population: 24.3 mln

8 VimpelCom – Year 2002 results Market performance Source: VimpelCom data, Consensus estimates mln VimpelCom market shareVimpelCom subscriber base

9 VimpelCom – Year 2002 results Key subscriber statistics

10 VimpelCom – Year 2002 results Regions – number of subscribers Central Volga SouthSiberia ‘000 Source: VimpelCom data

11 VimpelCom – Year 2002 results Operational indicators

12 VimpelCom – Year 2002 results Network rollout as of 31 December 2002 Note: BTS – base transceiver station BSC – base station controller MSC – mobile switching center Source: VimpelCom data

13 VimpelCom – Year 2002 results Acquisitions

14 VimpelCom – Year 2002 results Disclaimer Except for historical information, some of the matters discussed in this presentation, such as VimpelCom's strategy, its estimates of capital expenditures and anticipated growth of the regional mobile telecommunications market in Russia, 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.