Year 2002 Financial Results Management Presentation

1. VIMPELCOM Year 2002 Financial ResultsManagement Presentation March 27, 2003

2. 2002 – a year of success 2002 Strategy has beensuccessfully implemented LeadershipinMoscow Regionalbuild out andsuccessfulacquisitions Increasedprofitability Improvedservicequality VAS revenuegrowth UnifiedNational BusinessModel

3. 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 Europewith 6.15 mln subscribers as of today Dynamic regional expansion and important acquisitions • 38 regional networks as of Dec. 31, 2002 including acquired companiesOrensot, 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 • 82% revenue growth, 117% EBITDA growth, 174% net income growth • EBITDA margin improved from 35.1% in 2001 to 41.9% in 2002 Profitable growth Successful bond issueand equity inflowto VimpelCom-Region • Strong demand for the VimpelCom $250 mln bond issue leveraged bystrong financial performance and high level of corporate governance and transparency • VimpelCom and Alfa Group fulfilled their obligations and Telenorexercised its option of investing $58.48 mln each in VimpelCom-Region

4. 2002 major achievements (continued) Growth of VAS revenues • Revenues from VAS in Moscow in 2002 reached $53.8 mln andconstituted 8.1% of service revenues (this portion grew to 9.8% in 4Q02) • High popularity of beepay system of payments and beeinfo mobileinformation guide • Growing GPRS traffic; GPRS roaming in 19 countries – far ahead ofcompetitors Improvement of customerservice and network quality • Successful migration to Amdocs’ Ensemble billing and customer caresolution 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 improvedsynergies, operational effectiveness and increased supply of knowledgeand experience to regional operations

5. 2002 financial highlights Revenue, $ mln Net Income, $ mln EBITDA, $ mln EBITDA Margin Source: VimpelCom data

6. Key financial figures

7. - in commercial operation - launch in 2003E - other licensed regions National GSM network rollout North-West Population: 13.7 mln Moscow Population: 15.2 mln Urals Population: 24.3 mln 38 Central Population: 26.0 mln 39 3 10 9 4 19 18 1 20 5 23 8 22 6 12 7 31 11 25 2 37 35 13 14 29 30 27 26 21 34 28 24 36 41 42 17 16 32 15 VolgaPopulation: 24.1 mln 40 33 SiberiaPopulation: 15.9 mln SouthPopulation: 17.7 mln

8. Market performance VimpelCom market share VimpelCom subscriber base mln Source: VimpelCom data, Consensus estimates

9. Key subscriber statistics

10. Regions – number of subscribers Volga Central ‘000 ‘000 South Siberia ‘000 ‘000 Source: VimpelCom data

11. Operational indicators

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

13. Acquisitions

14. 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. Disclaimer