7th year of NYSE listing

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VIMPELCOM
7th year of NYSE listing
Valery Goldin Vice President, International and
Investor Relations
April 2003
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Company profile

• Second largest national cellular operator in
  Russia
• GSM license portfolio covering 137 million people
• 52 market share in Moscow and 28 in Russia
• Six-fold increase in subscriber base over the
  last 24 month
• First Russian company with NYSE listing
• 50 of common stock is in free float
• US2.0 billion market cap (as of April 16, 2003)
• Benchmark for transparency and corporate
  governance in Russia
• Strategic alliances with Telenor and Alfa Group
• Strong financial performance

VimpelCom subscriber base (mln)
2000
2001
2002
3
Company story
Commercial launch of BeeLine GSM 900/1800 network
in Moscow
Number 1in Moscow 2 mlnsubscribers
1st AMPS network launched in Moscow
38 regional networks in commercial operation
Listing on the NYSE
Return to profitability
Sep92
Jun94
Sep94
Nov96
May99
July99
Jul00
May01
Mar01
Apr02
Dec02
Jan02
Upgradeto DAMPS
Closure of transaction with Telenor
225 mln public offering
VimpelComfounded
Strategic alliance with Alfa Group 1 mln
subscribers
250 mlnbond placement
5 mln subscribers
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Shareholder Structure
As of March 3, 2003
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Complementary strategic partners

• 25 strategic partner since December 1998
• One of the largest strategic foreign investors in
  the Russian telecom sector
• The leading telecom company in Norway, operating
  in the following business areas mobile and fixed
  line communications, broadband services, and
  Internet
• Transfer of key management, as well as technical,
  operational and marketing expertise and support

• 25 strategic partner since May 2001
• One of the largest and most diversified financial
  and industrial groups in Russia
• Proven record of successful regional business
  development
• Dominant position in its key industries (oil,
  banking, retail, insurance)
• Committed to the development of a nationwide
  telecom presence

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VimpelCom Founders
Dr. Dmitri B. Zimin Founder, Honorary President
Augie K. Fabela II Co-Founder, Chairman Emeritus
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VimpelComs Fund Raising Activities

• 1996 111 M Initial public
  offering
• 1997 114 M Secondary
  offering
• 1999 164 M Telenor Investment
• 2000 225 M Equity and Convertible Bond
  Offering
• 2001 103 M Alfa Investment
• 2002 117 M Alfa and Telenor investment in
  VimpelCom-R
• 250 M International Bond Offering

TOTAL 1,084 M
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Activities To Comply With Corporate Governance
Requirements

• Detailed documented analysis by the Board of all
  related party transactions
• Detailed description of all items on the agenda
  of AGM/EGM with explanation of shareholder rights
  (no discretionary rights for management)
• Earnings releases and conference calls made
  quarterly
• Publication of press releases on all material
  issues
• Publication of annual reports
• Filings of Form 20-F reports (annually)
• Regular contacts with shareholders and industry
  analysts

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Market capitalization
US m.
10
Russian economy growth set to continue
Russian GDP
Annual inflation and official ruble exchange rate
Inflation,
Rub/
1998
1999
2000
2001
2002E
Monthly income per capita

Rub
1998
2000
2001
2002
1999
Source RECEP, Nov 2002 consensus estimates
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Wireless growth expected to continue
Subscriber Growth in Russia
Emerging Europe Cellular Penetration
Source Consensus forecasts
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The strategy for 2003 and beyond
Build national GSM network
Accelerate growth of non-voice and data services
Continue revenue andsubscriber growth in Moscow

• Increase market share of corporate and higher
  ARPU subscribers
• Continue development of the pre-paid product
• Continue emphasis on service quality and
  innovation
• Focus on profitability as the key to increasing
  shareholder value
• Focus on loyalty and retention of subscriber base

• Balanced and controlled development in all six
  super-regions
• Secure licenses for the last remaining not
  licensed super region the Far East
• Unified business model

• Traditional VAS services
• Messaging (SMS, MMS, UMS)
• Infotainment (CPA)
• Mobile Internet
• E/M-Commerce
• Corporate and high-end solutions

• Brand, tariffs and products
• Network rollout operations
• Customer Service
• IT, Billing and Reporting
• Organizational structure

Regional growth, enhanced profitability and
leadership
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Significant milestones of 2002
Extel Vostok-Zapad Telecom acquisition License
for the Urals
4 mln subscribers Stake in Beeline-Samara raised
to controlling
24 regional networks in commercial operation
Number 1in Moscow
250 mlnbond placement
Over 400K subs in the regions
Over 1mln subs in the regions
Jan
Feb
Mar
Apr
May
Jun
Jul
Sep
Aug
Oct
Nov
Dec
5 mln subscribers
2 mln subscribers 16 regional networks in
commercial operation
Launch of new billing system
3 mln subscribers
Orensot acquisition
License for the North-West
175.44 mln investment in VIP-R
38 regional networks in commercial operation
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Main Russian GSM players
MTS
Megafon
VimpelCom
Market share in Moscow as of Dec 31, 2002
Market share in Russia as of Dec 31, 2002
Source www.sotovik.ru, January 04, 2003
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VimpelCom 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
6
22
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
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2002 financial highlights
Revenue, mln
Net Income, mln
EBITDA, mln
EBITDA Margin
Source VimpelCom data
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VimpelComs growing revenues and margins
Net operating revenues and ARPU
EBITDA
Net income/loss
mln
mln
mln



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Strong balance sheet
Assets and Liabilities ( million)
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Disclaimer

• Except for historical information, some of the
  matters discussed in this presentation, such as
  VimpelCom's strategy 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.