1VimpelCom – 1Q 2003 results

1Q2003 Financial and Operating Results Management Presentation

VIMPELCOM

May 29, 2003

2VimpelCom – 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.

3VimpelCom – 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

4VimpelCom – 1Q 2003 results

1Q2003 financial highlights

Source: VimpelCom data

Revenue, $ mln Net Income, $ mln

EBITDA, $ mln EBITDA Margin

145.1244.4

1Q2002 1Q2003

68.5%

63.3107.9

1Q2002 1Q2003

70.6%

28.041.4

1Q2002 1Q2003

47.6%

43.6%

44.2%

1Q2002

1Q2003

5VimpelCom – 1Q 2003 results

Key financial figures

1Q03 1Q02 YoY 4Q02 QoQ

Net revenue 244.4 145.1 68.5% 229.0 6.8%

Moscow* 179.4 140.1 28.1% 192.5 -6.8%Regions* 65.1 7.0 830.0% 39.8 63.6%

Gross margin percentage 80.4% 81.3% - 79.1% -

EBITDA 107.9 63.3 70.6% 84.6 27.6%

EBITDA margin 44.2% 43.6% - 37.0% -

Net Income 41.4 28.0 47.6% 39.1 5.9%

Net Income margin 16.9% 19.3% - 17.1% -Moscow 39.9 33.6 18.5% 46.3 -13.8%Regions 0.04 (5.7) 100.7% (8.7) 100.4%

SG&A 85.3 50.0 70.8% 89.8 -5.0%

% 34.9% 34.4% - 39.2% -

Bad debt 3.3 4.7 -28.8% 6.7 -50.7%

% 1.4% 3.2% - 2.9% -

Capex 136.9 83.4 64.2% 185.7 -26.3%

* Total operating revenues excluding inter-company transactions

6VimpelCom – 1Q 2003 results

National GSM network rollout

SouthPopulation: 18.9 mln.

MoscowPopulation:17.0 mln.

VolgaPopulation: 23.6 mln.

CentralPopulation:24.5 mln.

SiberiaPopulation: 15.3 mln.

1

2

3

45

6

7

8

910

11

12

1314

15

1617

20 1918

2223

2426

25

21

North-WestPopulation: 13.0 mln.

2728

29 30

31

32

- other licensed regions

- in commercial operation - launch in 2003E

33

34

35

36

39

37

UralsPopulation:21.5 mln.38

40

4142

43

AreaSuper Region

Area popul. ('000)

Network Launch /

Acquisition1 Moscow Central 16,985 Jul 19992 Voronezh Central 2,379 May 20003 Tver Central 1,473 Sep 20014 Kaluga Central 1,041 Sep 20015 Vladimir Central 1,525 Sep 20016 Ryazan Central 1,228 Sep 20017 Lipetsk Central 1,213 Oct 20018 Tula Central 1,676 Oct 20019 Yaroslavl Central 1,368 Oct 2001

10 Smolensk Central 1,050 Nov 200111 Belgorod Central 1,512 Nov 200112 N. Novgorod Volga 3,524 Jan 200213 Saratov Volga 2,669 Jan 200214 Rostov South 4,407 Jan 200215 Barnaul Siberia 2,607 Jan 200216 Kemerovo Siberia 2,900 Jan 200217 Novosibirsk Siberia 2,692 Jan 200218 Bryansk Central 1,379 May 200219 Kostroma Central 737 May 200220 Ivanovo Central 1,149 Jun 200221 Orenburg Urals 2,177 Jul 200222 Kursk Central 1,236 Aug 200223 Orel Central 861 Aug 200224 Omsk Siberia 2,079 Aug 200225 Kazan Volga 3,780 Aug 200226 Tomsk Siberia 1,046 Sep 200227 Krasnodar South Sep 200228 Maykop South Sep 200229 Volgograd South 2,702 Oct 200230 Ufa Volga 4,103 Oct 200231 Cheboksary Volga 1,314 Oct 200232 Nalchick South 900 Oct 200233 Gorno-Altaysk Siberia 203 Oct 200234 Krasnoyarsk Siberia 2,966 Oct 200235 Samara Volga 3,240 Nov 200236 Astrakhan South 1,007 Nov 200237 Ulyanovsk Volga 1,382 Dec 200238 Kaliningrad North W 955 Dec 200239 Norilsk Siberia 135 Dec 200240 Makhachkala South 2,584 Jan 200341 Stavropol South 2,730 Feb 200342 Cherkessk South 440 Feb 200343 St. Petersburg North W 6,340 April 2003

Total 101,265

5,571

- unlicensed territories

7VimpelCom – 1Q 2003 results

Market performance

Source: VimpelCom data, Consensus estimates

mln

VimpelCom market share VimpelCom subscriber base

29%28%27%26%26%25%24%24%

50%

40%39%

47%

52% 52% 53% 52%

10%

20%

30%

40%

50%

60%

70%

2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03

Russia Moscow

2.853.31 3.71 3.95 4.22

2.702.24

1.44

0.43

0.72

0

1

2

3

4

5

6

7

8

2Q02 3Q02 4Q02 1Q03 29.05.03

Moscow Regions

3.28

4.03

5.15

6.19

6.92

Russia Moscow

8VimpelCom – 1Q 2003 results

Key subscriber statistics

('000) 31 Mar 03 31 Mar 02 YoY 31 Dec 02 QoQ

Moscow 3,946 2,377 66% 3,713 6%Contract 732 667 10% 725 1%Prepaid 3,214 1,710 88% 2,988 8%% of GSM 96% 90% - 95% -

Regions 2,242 285 688% 1,440 56%

Total 6,188 2,662 133% 5,153 20%Contract 1,360 806 69% 1,082 26%Prepaid 4,828 1,856 160% 4,071 19%% of GSM 95% 86% - 94% -

Churn (quarterly) 9.6% 5.7% - 8.7% -

9VimpelCom – 1Q 2003 results

Regions – number of subscribers

Central Volga

Source: VimpelCom data

523

317212

821

706

0

200

400

600

800

1000

2Q02 3Q02 4Q02 1Q03 29.05.03

699

246

123

579

416

0

200

400

600

800

1000

2Q02 3Q02 4Q02 1Q03 29.05.03

‘000‘000

10VimpelCom – 1Q 2003 results

Regions – number of subscribers

Source: VimpelCom data

South‘000Siberia

North-West

495

8

106

16

416

0

100

200

300

400

500

600

2Q02 3Q02 4Q02 1Q03 29.05.03

88

530

142

285

422

0

100

200

300

400

500

600

2Q02 3Q02 4Q02 1Q03 29.05.03

110 119

156

0

50

100

150

200

4Q02 1Q03 29.05.03

‘000

11VimpelCom – 1Q 2003 results

Operational indicators

1Q03 1Q02 YoY 4Q02 QoQ

ARPU, blended ($) 13.5 19.4 -30.4% 16.0 -15.6%

ARPU Moscow 15.2 20.0 -24.0% 17.6 -13.4%

Contract (Moscow) 45.6 46.1 -1.0% 48.9 -6.7%

Prepaid (Moscow) 8.1 9.0 -10.5% 9.4 -14.3%

ARPU Regions (blended) 10.8 12.5 -13.7% 11.8 -8.5%

MOU, blended (min) 81.5 87.0 -6.3% 89.3 -8.7%

MOU Moscow 78.9 88.8 -11.2% 89.5 -11.9%

Contract (Moscow) 237.2 184.2 28.8% 243.4 -2.5%

Prepaid (Moscow) 41.7 48.7 -14.4% 49.6 -15.9%

MOU Regions (blended) 86.9 69.1 25.8% 88.5 -1.7%

SAC, blended ($) 20.8 30.4 -31.6% 20.9 -0.5%

Moscow 29.9 33.1 -9.5% 29.4 1.6%

Regions 11.7 11.8 -0.5% 13.5 -13.2%

12VimpelCom – 1Q 2003 results

1Q2003 1Q2002 1Q2003 1Q2002

# BTS 2,218 1,474 1,963 437

# BSC 91 38 54 5

# MSC 10 6 33 13

Moscow Regions

Network rollout as of 31 March 2003

Note:BTS – base transceiver stationBSC – base station controllerMSC – mobile switching center Source: VimpelCom data