VimpelCom Presentation of 3Q2003 Financial and Operating Results Presentation of 3Q2003 Financial and Operating Results November 20, 2003

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 VimpelCom-Region which is subject to regulatory and certain other approvals, as well as certain other conditions precedent, including the transfer of all of VimpelCom-Region's licenses and permissions to VimpelCom. If any of the approvals are not obtained or any condition precedent is not met, the merger 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 merger. 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 3Q2003 Financial Highlights 78.3% 74.0% 71.4% Source: VimpelCom

4 VimpelCom-R 3Q2003 Financial Highlights 102.9% 49.8% 40.2% Source: VimpelCom

5 Operating Highlights ‣ 10.4 million subscribers in Russia as of November 20, 2003 ‣ Leader in net additions in Russia ‣ Fastest growing operator in Moscow and in Central, Volga, South and Siberia super-regions ‣ 260,000 subscribers in St. Petersburg as of November 20, 2003 ‣ Largest call center in Russia opened in Moscow serving more than 7 million subscribers in the Moscow license area and Central super-region

6 National GSM Network Rollout South Population: 22.9 mln. South Population: 22.9 mln. Moscow Population: 17.0 mln. Moscow Population: 17.0 mln. Volga Population: 25.2 mln. Central Population: 21.0 mln. Central Population: 21.0 mln. Siberia Population: 15.3 mln. Northwest Population: 14.0 mln. Northwest Population: 14.0 mln. In commercial operation Other licensed regions Urals Population: 18.3 mln. Urals Population: 18.3 mln. Unlicensed territories Launch in Q4 2003E Network Launch/ Acquisition Network Launch/ Acquisition 1.Moscow 2.Voronezh 3.Tver 4.Kaluga 5.Vladimir 6.Ryazan 7.Lipetsk 8.Tula 9.Yaroslavl 10.Smolensk 11.Belgorod 12.N. Novgorod 13.Saratov 14.Rostov 15.Barnaul 16.Kemerovo 17.Novosibirsk 18.Bryansk 19.Kostroma 20.Ivanovo 21.Orenburg 22.Kursk 23.Orel 24.Omsk 25.Kazan 26.Tomsk 27.Krasnodar 28.Maykop 29.Volgograd 30.Ufa 31.Cheboksary 32.Nalchick 33.Gorno-Altaysk 34.Krasnoyarsk 35.Samara 36.Astrakhan 37.Ulyanovsk 38.Kaliningrad 39.Norilsk 40.Makhachkala 41.Stavropol 42.Cherkessk 43.St. Petersburg 44.Tura 45.Tambov 46.Leningrad Region 1.Moscow 2.Voronezh 3.Tver 4.Kaluga 5.Vladimir 6.Ryazan 7.Lipetsk 8.Tula 9.Yaroslavl 10.Smolensk 11.Belgorod 12.N. Novgorod 13.Saratov 14.Rostov 15.Barnaul 16.Kemerovo 17.Novosibirsk 18.Bryansk 19.Kostroma 20.Ivanovo 21.Orenburg 22.Kursk 23.Orel 24.Omsk 25.Kazan 26.Tomsk 27.Krasnodar 28.Maykop 29.Volgograd 30.Ufa 31.Cheboksary 32.Nalchick 33.Gorno-Altaysk 34.Krasnoyarsk 35.Samara 36.Astrakhan 37.Ulyanovsk 38.Kaliningrad 39.Norilsk 40.Makhachkala 41.Stavropol 42.Cherkessk 43.St. Petersburg 44.Tura 45.Tambov 46.Leningrad Region Jul 1999 May 2000 Sep 2001 Oct 2001 Nov 2001 Jan 2002 May 2002 Jun 2002 Jul 2002 Aug 2002 Sep 2002 Oct 2002 Nov 2002 Dec 2002 Jan 2003 Feb 2003 April 2003 Aug 2003 Oct 2003 Jul 1999 May 2000 Sep 2001 Oct 2001 Nov 2001 Jan 2002 May 2002 Jun 2002 Jul 2002 Aug 2002 Sep 2002 Oct 2002 Nov 2002 Dec 2002 Jan 2003 Feb 2003 April 2003 Aug 2003 Oct 2003 Area Super Region Area Popul. (‘000) Central Volga South Siberia Central Volga Central Siberia Volga Siberia South Volga South Siberia Volga South Volga North W Siberia South North W Siberia Central North W 16,985 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 5,571 2,702 4,103 1, ,966 3,240 1,007 1, ,584 2, , ,180 1,671 Total 102,463 Far East Population: 11.4 mln. 7

7 Strong Subscriber Growth Source: VimpelCom, independent sources

8 Strong Growth In The Regions 4,183 3,005 2,242 1,

9 Structure Of The Customer Base

10 Note: BTS – base transceiver station BSC – base station controller MSC – mobile switching center Network Rollout As Of 9/30/03 Source: VimpelCom № of BTSs 2,556 2,388 3,525 2,794 6,081 5,182 № of BSCs № of MSCs Q2003 2Q2003 3Q2003 2Q2003 3Q2003 2Q2003 Moscow Regions Total

11 Key Subscriber Statistics Moscow5,076 3,305 54% 4,429 15% Contract % 763 5% Prepaid 4,277 2,590 65% 3,666 17% Regions 4, % 3,005 39% Total 9,259 4, % 7,434 25% Contract 1, % 1,415 4% Prepaid 7,789 3, % 6,018 29% Churn(quarterly) 9.6% 8.5% % - (‘000) 30 Sept Sept 02 YtY 30 Jun 03 QtQ

12 Key Financial Figures Net Revenues* % % Moscow* % % Regions* % % Gross Margin81.8% 80.2% % -- OIBDA % % OIBDA Margin 47.1% 46.4% % -- Net Income* % % Net Income Margin 19.1% 18.3% % -- Moscow % % Regions 17.9 (2.4)833.5% % SG&A % % % of Net Revenues 33.5% 30.9% % -- Bad Debt % % % of Net Revenues 1.3% 2.8% % -- Capex % % ($ mln) 3Q03 3Q02 YtY 2Q03 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 % % 3Q03 3Q02 YtY 2Q03 QtQ

14 Strong Balance Sheet Cash and Cash Equivalents 272, , ,172 Total Assets 2,164,597 1,692, ,806 Total Debt 750, , ,673 - Short-term 265, ,265 90,350 - Long-term 485, , ,323 Shareholder’s Equity 843, , ,121 LTM OIBDA* 510, , ,456 - LTM Depreciation and amortization 163,622 97,417 61,306 - LTM Operating income 347, ,792 87,150 LTM Interest 66,035 46,586 26,865 Debt/Equity Debt/OIBDA * * OIBDA/Interest Debt/Assets ($’000) 9/30/03 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 Summary ‣ Ongoing rapid subscriber growth resulted in more than 10 million subscribers ‣ Strong financial results with net income growth over 70% ‣ Leader in the key Moscow market; overall market share in Russia has increased to 31% ‣ Merger with VimpelCom-Region approved by shareholders will simplify VimpelCom’s corporate structure and strengthen the balance sheet ‣ Issues to address: high churn rate and falling ARPU on a year-on-year basis

17 Reconciliation of OIBDA and OIBDA margin Reconciliation of VimpelCom OIBDA to operating income OIBDA 178, , ,567 Less: Depreciation (42,894) (33,914) (23,182) Less: Amortization (8,871) (8,738) (3,249) Operating Income 126,707 97,277 76,136 (Three months ended) ($ ‘000) Sept. 30, 2003 June 30, 2003 Sept.30, 2002 Reconciliation of VimpelCom OIBDA margin to operating income as percentage of net operating revenues OIBDA margin 47.1% 46.0% 46.4% Less: Depreciation as % of net operating revenues (11.3%) (11.1%) (10.5%) Less: Amortization as % of net operating revenues (2.4%) (2.9%) (1.5%) Operating income as % of net operating revenues 33.4% 32.0% 34.4%

18 Reconciliation of OIBDA and OIBDA margin Reconciliation of VimpelCom-Region OIBDA to operating income OIBDA 49,788 33,243 2,124 Depreciation (12,893) (8,524) (2,564) Amortization (5,788) (5,637) (546) Operating Income 31,107 19,082 (986) (Three months ended) ($ ‘000) Sept. 30, 2003 June 30, 2003 Sept.30, 2002 Reconciliation of VimpelCom-Region OIBDA margin to operating income as percentage of net operating revenues OIBDA margin 38.7% 36.2% 9.0% Depreciation as % of net operating revenues (10.0%) (9.3%) (10.9%) Amortization as % of net operating revenues (4.5%) (6.1%) (2.3%) Operating income as % of net operating revenues 24.2% 20.8% 4.2%