VimpelCom Presentation of 4Q and Annual 2003 Financial and Operating Results Presentation of 4Q and Annual 2003 Financial and Operating Results March 25, 2004

2 Disclaimer This presentation contains "forward-looking statements", as the phrase is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of These statements relate, in part, to the Company’s development plans, such as national expansion. These statements also relate to the consummation of the merger between VimpelCom and each of VimpelCom-Region and KB Impuls each of which is subject to regulatory and certain other approvals, as well as certain other conditions precedent, including the transfer of all respective licenses and permissions to VimpelCom. If any of the respective approvals are not obtained or any condition precedent is not met, the mergers will not be consummated. The forward-looking statements are based on management's best assessment of the Company's strategic and financial position, future market conditions and trends and its ability to consummate the mergers. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of unforeseen developments from regulatory authorities, competition, governmental regulations of the wireless telecommunications industry, general political and social uncertainties in Russia, general economic developments in Russia, the Company’s ability to continue to grow its overall subscriber base, continued volatility in the world economy and other factors. There can be no assurance that such risks and uncertainties will not have material adverse effects on the Company’s development plans. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risks described in the Company's Annual Report on Form 20-F for the year ended December 31, 2002 and other public filings made by the Company with the United States Securities and Exchange Commission, which risk factors are incorporated herein by reference. VimpelCom disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this presentation, or to make corrections to reflect future events or developments.

3 VimpelCom 2003 Financial Highlights 80.6% 90.3% 73.8% Source: VimpelCom

4 VimpelCom-R 4Q2003 Financial Highlights 102.3% 25.1% 20.6% Source: VimpelCom

5 Operating Highlights ‣ 13.2 million subscribers in Russia as of March 25, 2004 ‣ National market share increased from 28% to 31% during 2003 ‣ Fastest growing operator in Central, Volga, South and Siberia super-regions ‣ 15 new regions launched in 2003 increasing VimpelCom’s footprint to 55 regions ‣ Migration of regional subscribers to the unified integrated billing and customer relations management system is completed ‣ Introduction of countrywide prepaid on-line roaming and GPRS based services

6 National GSM Network Rollout In commercial operation Other licensed regions Unlicensed territories Moscow Population: 17.0 mln. Moscow Population: 17.0 mln. Central Population: 21.0 mln. Central Population: 21.0 mln. South Population: 22.9 mln. South Population: 22.9 mln. Volga Population: 25.2 mln. Siberia Population: 15.3 mln. Far East Population: 11.4 mln. Urals Population: 18.3 mln. Urals Population: 18.3 mln. Northwest Population: 14.0 mln. Northwest Population: 14.0 mln.

7 National GSM network rollout (regions) Network Launch Network Launch 1.City of Moscow 2.Moscow Region 3.Voronezh 4.Tver 5.Kaluga 6.Vladimir 7.Ryazan 8.Lipetsk 9.Tula 10.Yaroslavl 11.Smolensk 12.Belgorod 13.N. Novgorod 14.Saratov 15.Rostov 16.Barnaul 17.Kemerovo 18.Novosibirsk 19.Bryansk 20.Kostroma 21.Ivanovo 22.Orenburg ** 23.Kursk 24.Orel 25.Omsk 26.Kazan 27.Tomsk 28.Krasnodar 29.Maykop 30.Volgograd 31.Ufa 1.City of Moscow 2.Moscow Region 3.Voronezh 4.Tver 5.Kaluga 6.Vladimir 7.Ryazan 8.Lipetsk 9.Tula 10.Yaroslavl 11.Smolensk 12.Belgorod 13.N. Novgorod 14.Saratov 15.Rostov 16.Barnaul 17.Kemerovo 18.Novosibirsk 19.Bryansk 20.Kostroma 21.Ivanovo 22.Orenburg ** 23.Kursk 24.Orel 25.Omsk 26.Kazan 27.Tomsk 28.Krasnodar 29.Maykop 30.Volgograd 31.Ufa Jul 1999 May 2000 Sep 2001 Oct 2001 Nov 2001 Jan 2002 May 2002 Jun 2002 Jul 2002 Aug 2002 Sep 2002 Oct 2002 Jul 1999 May 2000 Sep 2001 Oct 2001 Nov 2001 Jan 2002 May 2002 Jun 2002 Jul 2002 Aug 2002 Sep 2002 Oct 2002 Area Super Region Super Region 10,358 6,627 2,379 1,473 1,041 1,525 1,228 1,213 1,676 1,368 1,050 1,512 3,524 2,669 4,407 2,607 2,900 2,692 1, ,149 2,177 1, ,079 3,780 1,046 5, ,702 4,103 10,358 6,627 2,379 1,473 1,041 1,525 1,228 1,213 1,676 1,368 1,050 1,512 3,524 2,669 4,407 2,607 2,900 2,692 1, ,149 2,177 1, ,079 3,780 1,046 5, ,702 4,103 Area Popul. (‘000) Area Popul. (‘000) MLA * Central Volga South Siberia Central Volga Central Siberia Volga Siberia South Volga MLA * Central Volga South Siberia Central Volga Central Siberia Volga Siberia South Volga Network Launch Network Launch Area Super Region Super Region Area Popul. (‘000) Area Popul. (‘000) 32. Cheboksary 33. Nalchik 34. Gorno-Altaysk 35. Krasnoyarsk 36. Samara 37. Astrakhan 38. Ulyanovsk 39. Kaliningrad ** 40. Norilsk 41. Makhachkala 42. Stavropol ** 43. Cherkessk ** 44. St. Petersburg 45. Tura 46. Tambov 47. Leningrad Reg. 48. Ekaterinburg 49. Novgorod 50. Penza 51. Yoshkar-Ola 52. Chelyabinsk 53. Tyumen 54. Saransk 55. Elista 56. Vladikavkaz Volga South Siberia Volga South Volga North W Siberia South North W Siberia Central North W Ural North W Volga Ural Volga South 1, ,966 3,240 1,007 1, ,584 2, , ,180 1,671 4, , ,606 3, Oct 2002 Nov 2002 Dec 2002 Jan 2003 April 2003 Aug 2003 Oct 2003 Dec 2003 Mar 2004 * Moscow license area ** Acquisitions

8 Strong Subscriber Growth Source: VimpelCom, independent sources %

9 Strong Growth In The Regions 4,183 3,005 2,242 1,440 5,777

10 Note: BTS – base transceiver station BSC – base station controller MSC – mobile switching center Network Rollout As Of 12/31/03 Source: VimpelCom № of BTSs 2,681 2,556 4,330 3,525 7,011 6,081 № of BSCs № of MSCs Q2003 3Q2003 4Q2003 3Q2003 4Q2003 3Q2003 Moscow Regions Total

11 Key Subscriber Statistics Moscow5,660 3,713 52% 5,076 12% Contract % 799 3% Prepaid 4,840 2,988 62% 4,277 13% Regions 5,777 1, % 4,183 38% Total 11,437 5, % 9,259 24% Contract 1,491 1,082 38% 1,470 1% Prepaid 9,946 4, % 7,789 28% Churn (quarterly) 9.7% 8.7% - 9.6% - (‘000) 31 Dec Dec 02 YtY 30 Sept 03 QtQ

12 Key Financial Figures Net Revenues* % % Moscow* % % Regions* % % Gross Margin82.0% 79.1% % -- OIBDA % % OIBDA Margin 45.8% 37.0% % -- Net Income* % % Net Income Margin 16.6% 17.1% % -- Moscow % % Regions 35.5 (8.7)507.3% % SG&A % % % of Net Revenues 36.5% 39.2% % -- Bad Debt % % % of Net Revenues -0.3% 2.9% % -- Capex % % ($ mln) 4Q03 4Q02 YtY 3Q03 QtQ * Net operating revenues and net income excluding inter-company transactions

13 Operational Indicators ARPU, Blended ($) % % ARPU Moscow % % Contract (Moscow) % % Prepaid (Moscow) % % ARPU Regions % % MOU, Blended (min) % % MOU Moscow % % Contract (Moscow) % % Prepaid (Moscow) % % MOU Regions % % SAC, Blended ($) % % Moscow % % Regions % % 4Q03 4Q02 YtY 3Q03 QtQ

14 Strong Balance Sheet Cash and Cash Equivalents 157, , ,172 Total Assets 2,302,232 1,692, ,806 Total Debt 606, , ,673 - Short-term 214, ,265 90,350 - Long-term 392, , ,323 Shareholder’s Equity 998, , ,121 LTM OIBDA* 613, , ,456 - LTM Depreciation and amortization 185,326 97,417 61,306 - LTM Operating income 427, ,792 87,150 LTM Interest 68,246 46,586 26,865 Debt/Equity Debt/OIBDA * * OIBDA/Interest Debt/Assets ($’000) 12/31/03 12/31/02 12/31/01 Source: VimpelCom * LTM OIBDA constitutes the sum of the lines: LTM Operating income and LTM Depreciation and amortization LTM stands for “last twelve months” to reporting date * * In cases when OIBDA is part of financial ratios it is deemed to be calculated in accordance with the reconciliation tables herein

15 Net Operating Cash Flow vs CAPEX Source: VimpelCom

16 Corporate Actions ‣ Merger between VimpelCom and VimpelCom-R Major remaining steps: Approval at the Joint EGM of VimpelCom and VimpelCom-R shareholders on April 16; Transfer of licenses and frequencies to VimpelCom; Liquidation of VimpelCom-R; Placement of VimpelCom shares to Alfa and Telenor in exchange for their ownership position in VimpelCom-R

17 Corporate Actions (con’t) ‣ Merger between VimpelCom and KB Impuls Major steps: Approval at the AGM on May 26 by more than 50% of all disinterested shareholders; Approval by anti-monopoly authorities; Obtaining third party consents (suppliers, creditors); Approval at the Joint EGM of VimpelCom and KB Impuls shareholders (a formality required by Russian law); Transfer of licenses and frequencies from KB Impuls to VimpelCom; Liquidation of KB Impuls

18 Summary ‣ Ongoing rapid subscriber growth resulted in more than 13 million subscribers ‣ Strong financial results with net income growth over 80% ‣ Leader in the key Moscow market; overall market share in Russia has increased to 31% ‣ Ongoing corporate actions will create full exposure for minority shareholders to regional growth and simplify corporate structure ‣ Proposed merger with KB Impuls will safeguard VimpelCom’s Moscow operations against regulatory risks and simplify corporate structure ‣ Operational focus going forward: maintain growth, sustain profitability and combat churn

19 Reconciliation of OIBDA and OIBDA margin Reconciliation of VimpelCom OIBDA to operating income OIBDA 186,893 84, , ,209 Less: Depreciation (42,776) (26,679) (151,262) (85,204) Less: Amortization (9,083) (3,476) (34,064) (12,213) Operating Income 135,034 54, , ,792 (Three months ended) (Years ended) ($ ‘000) Dec. 31, 2003 Dec. 31, 2002 Dec.31, 2003 Dec. 31, 2002 Reconciliation of VimpelCom OIBDA margin to operating income as percentage of net operating revenues OIBDA margin 45.8% 37.0% 45.9% 41.9% Less: Depreciation as % of net operating revenues (10.5%) (11.7%) (11.3%) (11.0%) Less: Amortization as % of net operating revenues (2.2%) (1.5%) (2.6%) (1.6%) Operating income as % of net operating revenues 33.1% 23.8% 32.0% 29.3%

20 Reconciliation of OIBDA and OIBDA margin Reconciliation of VimpelCom-Region OIBDA to operating income OIBDA 62,345 (26) 160,766 (3,064) Less: Depreciation (11,740) (3,871) (39,917) (9,350) Less: Amortization (5,995) (713) (21,970) (1,530) Operating Income 44,610 4,610 98,879 13,944 (Three months ended) (Years ended) ($ ‘000) Dec. 31, 2003 Dec. 31, 2002 Dec.31, 2003 Dec. 31, 2002 Reconciliation of VimpelCom-Region OIBDA margin to operating income as percentage of net operating revenues OIBDA margin 40.2% (0.1%) 36.5% (3.7%) Less: Depreciation as % of net operating revenues (7.6%) (9.9%) (9.1%) (11.2%) Less: Amortization as % of net operating revenues (3.9%) (1.8%) (5.0%) (1.8%) Operating income as % of net operating revenues 28.7% (11.8%) 22.4% (16.7%)