1VimpelCom – Year 2002 results

Year 2002 Financial ResultsManagement Presentation

VIMPELCOM

March 27, 2003

2VimpelCom – Year 2002 results

2002 – a year of success

2002 Strategy has beensuccessfully implemented

Leadershipin

Moscow

Regionalbuild out andsuccessful

acquisitions

Improvedservicequality

Increasedprofitability

VAS revenuegrowth

UnifiedNationalBusiness

Model

3VimpelCom – Year 2002 results

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 Europe

with 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

Profitable growth 82% revenue growth, 117% EBITDA growth, 174% net income growth EBITDA margin improved from 35.1% in 2001 to 41.9% in 2002

Successful bond issueand equity inflow

to 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

4VimpelCom – Year 2002 results

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 improved

synergies, operational effectiveness and increased supply of knowledgeand experience to regional operations

5VimpelCom – Year 2002 results

2002 financial highlights

35.1%

41.9%

2001

2002

Source: VimpelCom data

Revenue, $ mln Net Income, $ mln

EBITDA, $ mln EBITDA Margin

422.6768.5

2001 2002

81.8%

129.6

47.3

2001 2002

173.9%

148.5322.2

2001 2002

117.0%

6VimpelCom – Year 2002 results

Key financial figures

$ millions 4Q02 4Q01 QoQ YE2002 YE2001 YoY

Net revenue 229.0 134.1 70.8% 768.5 422.6 81.8% Moscow 198.8 131.2 51.5% 708.2 415.2 70.6% Regions 42.7 6.3 579.7% 87.0 11.8 634.7%

Gross margin 79.1% 77.0% 80.1% 73.6%

EBITDA 84.6 43.8 93.4% 322.2 148.5 117.0% EBITDA margin 37.0% 32.6% 41.9% 35.1%

Net income 39.1 18.8 107.4% 129.6 47.3 173.9% Net income margin 17.1% 14.1% 16.9% 11.2% Moscow 46.3 23.1 100.4% 150.6 55.0 173.7% Regions (8.7) (2.5) -245.9% (23.2) (7.0) -232.2%

SG&A 89.8 55.9 60.7% 272.0 149.1 82.5% SG&A margin 39.2% 41.7% 35.4% 35.3%

Bad debt 6.7 3.6 87.0% 21.2 13.4 57.9% % 2.9% 2.7% 2.8% 3.2%

Capex 185.7 104.7 77.4% 509.2 238.3 113.7%

7VimpelCom – Year 2002 results

National GSM network rollout

SouthPopulation: 17.7 mln

Moscow Population: 15.2 mln

VolgaPopulation: 24.1 mln

CentralPopulation: 26.0 mln

SiberiaPopulation: 15.9 mln

1

2

3

45

6

7

8

910

11

12

1314

15

1617

20 1918

2223

2426

25

21

North-WestPopulation: 13.7 mln

2728

29 30

31

32

- other licensed regions - in commercial operation - launch in 2003E

33

34

35

36

39

37

UralsPopulation: 24.3 mln

38

40

4142

AreaSuper Region

Area popul. ('000)

Network Launch /

Acquisition1 Moscow Central 15,200 Jul 19992 Voronezh Central 2,500 May 20003 Tver Central 1,650 Sep 20014 Kaluga Central 1,100 Sep 20015 Vladimir Central 1,650 Sep 20016 Ryazan Central 1,330 Sep 20017 Lipetsk Central 1,250 Oct 20018 Tula Central 1,815 Oct 20019 Yaroslavl Central 1,450 Oct 2001

10 Smolensk Central 1,173 Nov 200111 Belgorod Central 1,450 Nov 200112 N. Novgorod Volga 3,730 Jan 200213 Saratov Volga 2,740 Jan 200214 Rostov South 4,425 Jan 200215 Barnaul Siberia 2,670 Jan 200216 Kemerovo Siberia 3,177 Jan 200217 Novosibirsk Siberia 2,750 Jan 200218 Bryansk Central 1,425 May 200219 Kostroma Central 780 May 200220 Ivanovo Central 1,266 Jun 200221 Orenburg Volga 2,200 Jul 200222 Kursk Central 1,316 Aug 200223 Orel Central 899 Aug 200224 Omsk Siberia 2,163 Aug 200225 Kazan Volga 4,117 Aug 200226 Tomsk Siberia 1,067 Sep 200227 Krasnodar South Sep 200228 Maykop South Sep 200229 Volgograd South 2,679 Oct 200230 Ufa Volga 4,117 Oct 200231 Cheboksary Volga 1,360 Oct 200232 Nalchick South 790 Oct 200233 Gorno-Altaysk Siberia 204 Oct 200234 Krasnoyarsk Siberia 3,032 Oct 200235 Samara Volga 3,312 Nov 200236 Astrakhan South 1,015 Nov 200237 Ulyanovsk Volga 1,454 Dec 200238 Kaliningrad North W 947 Dec 200239 Norilsk Siberia 201 Dec 200240 Makhachkala South 2,120 Jan 200341 Stavropol South 2,700 Jan 200342 Cherkessk South 434 Jan 2003

Total 94,716

5,058

8VimpelCom – Year 2002 results

Market performance

Source: VimpelCom data, Consensus estimates

mln

28%27%27%27%27%24%24%24%

52%

39%40% 40%

47%

52% 52% 53%

10%

20%

30%

40%

50%

60%

70%

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

Russia Moscow

2.382.85

3.313.71 3.93

2.22

0.43

0.28

0.72

1.44

0

1

2

3

4

5

6

7

1Q02 2Q02 3Q02 4Q02 27.03.2003

Moscow Regions

2.66

3.28

4.03

5.15

6.15

VimpelCom market share VimpelCom subscriber base

9VimpelCom – Year 2002 results

Key subscriber statistics

('000) 31 Dec 02 31 Dec 01 YoY 30 Sep 02 QoQ

Moscow 3,713 1,911 94% 3,305 12%Contract 725 608 19% 715 1%Prepaid 2,987 1,304 129% 2,590 15%% of GSM 95% 86% 94%

Regions 1,440 200 619% 723 99%

Total 5,153 2,112 144% 4,028 28%Contract 1,082 723 50% 908 19%Prepaid 4,071 1,389 193% 3,121 30%% of GSM 94% 81% 91%

Churn (quarterly) 8.7% 6.3% 8.5%

10VimpelCom – Year 2002 results

Regions – number of subscribers

131212

317

523

698

0

200

400

600

800

1Q02 2Q02 3Q02 4Q02 27.03.2003

100 123

576

246

416

0

200

400

600

800

1Q02 2Q02 3Q02 4Q02 27.03.2003

3 8 16

106

410

0

100

200

300

400

500

1Q02 2Q02 3Q02 4Q02 27.03.2003

49

419

285

142

88

0

100

200

300

400

500

1Q02 2Q02 3Q02 4Q02 27.03.2003

Central Volga

South Siberia

‘000 ‘000

‘000 ‘000

Source: VimpelCom data

11VimpelCom – Year 2002 results

Operational indicators

4Q02 4Q01 QoQ YE2002 YE2001 YoY

ARPU, blended ($) 16.0 24.0 -33.2% 18.3 26.2 -30.3%

ARPU Moscow 17.6 24.3 -27.7% 19.4 26.5 -26.5%

Contract (Moscow) 48.9 53.3 -8.2% 49.7 59.6 -16.5%

Prepaid (Moscow) 9.4 9.4 -0.1% 9.7 9.2 5.5%

ARPU Regions (blended) 11.8 21.4 -44.9% 12.4 21.9 -43.5%

MOU, blended (min) 89.3 106.6 -16.3% 92.3 105.3 -12.4%

MOU Moscow 89.5 107.8 -17.0% 93.6 106.1 -11.8%

Contract (Moscow) 243.4 222.3 9.5% 220.1 221.9 -0.8%

Prepaid (Moscow) 49.6 49.1 0.9% 53.1 45.9 15.6%

MOU Regions (blended) 88.5 82.3 7.5% 84.7 85.5 -0.9%

SAC, blended ($) 20.9 35.7 -41.4% 25.7 37.6 -31.7%

Moscow 29.4 38.2 -23.0% 31.5 39.0 -19.4%

Regions 13.5 10.0 34.6% 13.2 15.1 -12.7%

12VimpelCom – Year 2002 results

2001 2002 2001 2002

# BTS 1,390 2,035 386 1,484

# BSC 45 76 15 44

# MSC 6 9 13 28

Moscow Regions

Network rollout as of 31 December 2002

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

13VimpelCom – Year 2002 results

Acquisitions

Orensot (Volga)

Jul / Oct 2002 $17.9 mln 98.8% 70% / 101,594

Bee Line - Samara (Volga)

Oct 2002 $0.5 mln 1% (resulting in

ownership 51%)19% / 104,612

Extel (North-West) Dec 2002 $25 mln

100% 64% / 108,549

Vostok-Zapad Telecom (Urals)

Dec 2002 $26.5 mln 100% -

StavTeleSot (South)

Jan 2003 $38.4 mln 90% 63% / 175,200

Market share / # of subscribers as of

31.12.2002

Company Acquired StakeAmount PaidAcquisition

14VimpelCom – Year 2002 results

Disclaimer

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.