1 VimpelCom - April th year of NYSE listing VIMPELCOM: April 2003 Valery Goldin Vice President, International and Investor Relations

2 VimpelCom - April 2003 Company profile  Second largest national cellular operator in Russia  GSM license portfolio covering 137 million people  52% market share in Moscow and 28% in Russia  Six-fold increase in subscriber base over the last 24 month  First Russian company with NYSE listing  50% of common stock is in free float  US$2.0 billion market cap (as of April 16, 2003)  Benchmark for transparency and corporate governance in Russia  Strategic alliances with Telenor and Alfa Group  Strong financial performance VimpelCom subscriber base (mln)

3 VimpelCom - April 2003 Company story VimpelCom founded 1 st AMPS network launched in Moscow Sep 92 Jun 94 Sep 94 Nov 96 May 99 July 99 Jul 00 May 01 Mar 01 Jan 02 Upgrade to DAMPS Listing on the NYSE Closure of transaction with Telenor Commercial launch of BeeLine GSM 900/1800 network in Moscow $225 mln public offering Return to profitability Strategic alliance with Alfa Group & 1 mln subscribers Number 1 in Moscow & 2 mln subscribers Apr 02 $250 mln bond placement 5 mln subscribers Dec regional networks in commercial operation

4 VimpelCom - April 2003 Shareholder Structure * As of March 3, 2003

5 VimpelCom - April 2003 Complementary strategic partners  25% strategic partner since December 1998  One of the largest strategic foreign investors in the Russian telecom sector  The leading telecom company in Norway, operating in the following business areas: mobile and fixed line communications, broadband services, and Internet  Transfer of key management, as well as technical, operational and marketing expertise and support  25% strategic partner since May 2001  One of the largest and most diversified financial and industrial groups in Russia  Proven record of successful regional business development  Dominant position in its key industries (oil, banking, retail, insurance)  Committed to the development of a nationwide telecom presence

6 VimpelCom - April 2003 VimpelCom Founders Dr. Dmitri B. Zimin Founder, Honorary President Augie K. Fabela II Co-Founder, Chairman Emeritus

7 VimpelCom - April $111 M Initial public offering 1997$114 M Secondary offering 1999$164 MTelenor Investment 2000$225 MEquity and Convertible Bond Offering 2001$103 MAlfa Investment 2002 $117 MAlfa and Telenor investment in VimpelCom-R $250 MInternational Bond Offering VimpelCom’s Fund Raising Activities TOTAL:$1,084 M

8 VimpelCom - April 2003 Activities To Comply With Corporate Governance Requirements  Detailed documented analysis by the Board of all related party transactions  Detailed description of all items on the agenda of AGM/EGM with explanation of shareholder rights (no discretionary rights for management)  Earnings releases and conference calls made quarterly  Publication of press releases on all material issues  Publication of annual reports  Filings of Form 20-F reports (annually)  Regular contacts with shareholders and industry analysts

9 VimpelCom - April 2003 Market capitalization US$ m.

10 VimpelCom - April 2003 Russian GDPAnnual inflation and official ruble exchange rate Source: RECEP, Nov 2002 & consensus estimates Russian economy growth set to continue E Inflation, % Rub/$ Monthly income per capita $ Rub

11 VimpelCom - April % 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% RussiaMoscowTurkeyPolandCzech Rep. Hungary F Subscriber Growth in Russia Wireless growth expected to continue Emerging Europe Cellular Penetration Source: Consensus forecasts E2004E2005E MoscowRegions mln

12 VimpelCom - April 2003 The strategy for 2003 and beyond Build national GSM network Accelerate growth of non-voice and data services Continue revenue and subscriber growth in Moscow Regional growth, enhanced profitability and leadership  Increase market share of corporate and higher ARPU subscribers  Continue development of the pre-paid product  Continue emphasis on service quality and innovation  Focus on profitability as the key to increasing shareholder value  Focus on loyalty and retention of subscriber base  Balanced and controlled development in all six super-regions  Secure licenses for the last remaining not licensed super region – the Far East  Unified business model:  Traditional VAS services  Messaging (SMS, MMS, UMS)  Infotainment (CPA)  Mobile Internet  E/M-Commerce  Corporate and high-end solutions Brand, tariffs and products Network rollout & operations Customer Service IT, Billing and Reporting Organizational structure

13 VimpelCom - April 2003 Significant milestones of mln subscribers 16 regional networks in commercial operation Number 1 in Moscow JanFebMarAprMay JunJulSep Aug OctNovDec Launch of new billing system $250 mln bond placement 3 mln subscribers Over 400K subs in the regions Orensot acquisition 24 regional networks in commercial operation License for the North-West 4 mln subscribers Stake in Beeline- Samara raised to controlling $ mln investment in VIP-R 5 mln subscribers Extel & Vostok-Zapad Telecom acquisition License for the Urals 38 regional networks in commercial operation Over 1mln subs in the regions

14 VimpelCom - April 2003 Main Russian GSM players Market share in Moscow as of Dec 31, 2002Market share in Russia as of Dec 31, 2002 Source: January 04, 2003 MTSMegafon VimpelCom

15 VimpelCom - April 2003 VimpelCom 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

16 VimpelCom - April financial highlights Source: VimpelCom data Revenue, $ mln Net Income, $ mln EBITDA, $ mlnEBITDA Margin

17 VimpelCom - April 2003 Net operating revenues and ARPU EBITDA Net income/loss VimpelCom’s growing revenues and margins mln $ $ % %

18 VimpelCom - April 2003 Strong balance sheet Assets and Liabilities ($ million)

19 VimpelCom - April 2003 Disclaimer Except for historical information, some of the matters discussed in this presentation, such as VimpelCom's strategy 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.