VimpelCom

1. VimpelCom 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 1934. 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 71.4% 78.3% 74.0% Source: VimpelCom

4. VimpelCom-R 3Q2003 Financial Highlights 40.2% 102.9% 49.8% 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. Area Super Region Area Popul. (‘000) Network Launch/ Acquisition • Moscow • Voronezh • Tver • Kaluga • Vladimir • Ryazan • Lipetsk • Tula • Yaroslavl • Smolensk • Belgorod • N. Novgorod • Saratov • Rostov • Barnaul • Kemerovo • Novosibirsk • Bryansk • Kostroma • Ivanovo • Orenburg • Kursk • Orel • Omsk • Kazan • Tomsk • Krasnodar • Maykop • Volgograd • Ufa • Cheboksary • Nalchick • Gorno-Altaysk • Krasnoyarsk • Samara • Astrakhan • Ulyanovsk • Kaliningrad • Norilsk • Makhachkala • Stavropol • Cherkessk • St. Petersburg • Tura • Tambov • Leningrad Region Jul 1999 May 2000 Sep 2001 Sep 2001 Sep 2001 Sep 2001 Oct 2001 Oct 2001 Oct 2001 Nov 2001 Nov 2001 Jan 2002 Jan 2002 Jan 2002 Jan 2002 Jan 2002 Jan 2002 May 2002 May 2002 Jun 2002 Jul 2002 Aug 2002 Aug 2002 Aug 2002 Aug 2002 Sep 2002 Sep 2002 Sep 2002 Oct 2002 Oct 2002 Oct 2002 Oct 2002 Oct 2002 Oct 2002 Nov 2002 Nov 2002 Dec 2002 Dec 2002 Dec 2002 Jan 2003 Feb 2003 Feb 2003 April 2003 Aug 2003 Oct 2003 Oct 2003 Central Central Central Central Central Central Central Central Central Central Central Volga Volga South Siberia Siberia Siberia Central Central Central Volga Central Central Siberia Volga Siberia South South South Volga Volga South Siberia Siberia Volga South Volga North W Siberia South South 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 1,379 737 1,149 2,177 1,236 861 2,079 3,780 1,046 5,571 2,702 4,103 1,314 900 203 2,966 3,240 1,007 1,382 955 135 2,584 2,730 440 4,669 18 1,180 1,671 Launch in Q4 2003E Unlicensed territories Total 102,463 National GSM Network Rollout Far EastPopulation: 11.4 mln. Northwest Population: 14.0 mln. Moscow Population: 17.0 mln. Urals Population: 18.3 mln. Central Population: 21.0 mln. 38 43 46 3 39 10 9 4 18 1 19 20 23 8 5 22 6 12 7 11 45 2 31 37 25 44 29 14 27 35 13 28 30 42 41 21 36 32 26 24 34 40 17 VolgaPopulation: 25.2 mln. 16 15 South Population: 22.9 mln. 33 SiberiaPopulation: 15.3 mln. In commercial operation Other licensed regions

7. Strong Subscriber Growth 9.26 7.43 6.19 5.15 4.03 Source: VimpelCom, independent sources

8. Strong Growth In The Regions 4,183 3,005 2,242 1,440 723

9. Structure Of The Customer Base

10. Network Rollout As Of 9/30/03 Moscow Regions Total 3Q2003 2Q2003 3Q2003 2Q2003 3Q2003 2Q2003 № of BTSs2,556 2,388 3,525 2,794 6,081 5,182 № of BSCs 114 108 89 74 203 182 № of MSCs 10 10 45 38 55 48 Note: BTS – base transceiver station BSC – base station controller MSC – mobile switching center Source: VimpelCom

11. Key Subscriber Statistics (‘000) 30 Sept 03 30 Sept 02 YtY 30 Jun 03 QtQ Moscow 5,076 3,305 54% 4,429 15% Contract 799 715 12% 763 5% Prepaid 4,277 2,590 65% 3,666 17% Regions 4,183 723 479% 3,005 39% Total 9,259 4,028 130% 7,434 25% Contract 1,470 964 53% 1,415 4% Prepaid 7,789 3,065 154% 6,018 29% Churn(quarterly) 9.6% 8.5% - 10.5% -

12. Key Financial Figures ($ mln) 3Q03 3Q02 YtY 2Q03 QtQ Net Revenues* 379.0 221.1 71.4%304.4 24.5% Moscow* 259.7 199.6 30.1% 216.7 19.8% Regions* 119.3 21.5 454.9% 87.7 36.0% Gross Margin 81.8% 80.2% -- 81.8% -- OIBDA 178.5 102.6 74.0% 139.9 27.5% OIBDA Margin 47.1% 46.4% -- 46.0% -- Net Income* 72.2 40.5 78.3% 52.6 37.1% Net Income Margin 19.1% 18.3% -- 17.3% -- Moscow 61.6 43.5 41.8% 47.1 30.9% Regions 17.9 (2.4) 833.5% 9.0 98.3% SG&A 126.9 68.4 85.6% 106.7 18.9% % of Net Revenues 33.5% 30.9% -- 35.1% -- Bad Debt 4.9 6.3 -22.6% 2.4 104.9% % of Net Revenues 1.3% 2.8% -- 0.8% -- Capex 165.3 136.2 21.4% 174.2 -5.1% * Net operating revenues and net income excluding inter-company transactions

13. Operational Indicators 3Q03 3Q02 YtY 2Q03 QtQ ARPU, Blended ($) 14.4 19.8 -27.3%14.3 0.7% ARPU Moscow 17.5 21.0 -16.7% 16.9 3.6% Contract (Moscow) 53.6 56.5 -5.1% 51.0 5.1% Prepaid (Moscow) 10.4 10.4 0.0% 9.5 9.5% ARPU Regions 11.5 13.3 -13.5% 11.2 2.7% MOU, Blended (min) 92.7 97.2 -4.6% 93.8 -1.2% MOU Moscow 92.5 99.1 -6.7% 95.1 -2.7% Contract (Moscow) 284.2 233.4 21.8% 273.7 3.8% Prepaid (Moscow) 54.7 58.9 -7.1% 56.0 -2.3% MOU Regions 93.0 85.3 9.0% 91.6 1.5% SAC, Blended ($) 18.8 24.6 -23.6% 21.1 -10.9% Moscow 27.0 29.0 -6.9% 29.7 -9.1% Regions 12.3 12.4 -0.8% 12.3 0.0%

14. ($’000) 9/30/03 12/31/02 12/31/01 Cash and Cash Equivalents 272,950 263,657144,172 Total Assets 2,164,597 1,692,744 925,806 Total Debt 750,913 650,580277,673 - Short-term 265,886 176,265 90,350 - Long-term 485,027 474,315 187,323 Shareholder’s Equity 843,763 662,663 508,121 LTM OIBDA* 510,952 322,209 148,456 - LTM Depreciationand amortization 163,622 97,417 61,306 - LTM Operating income 347,330 224,792 87,150 LTM Interest 66,035 46,586 26,865 Debt/Equity 0.9 1.0 0.5 Debt/OIBDA ** 1.5 2.0 1.9 OIBDA/Interest 7.7 6.9 5.5 Debt/Assets 0.3 0.4 0.3 Strong Balance Sheet * LTM OIBDA constitutes the sum of the lines: LTM Operating income and LTM Depreciationand 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 Source: VimpelCom

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 (Three months ended) ($ ‘000) Sept. 30, 2003 June 30, 2003 Sept.30, 2002 Reconciliation of VimpelCom OIBDA to operating income OIBDA 178,472 139,929 102,567 Less: Depreciation (42,894)(33,914)(23,182) Less: Amortization (8,871) (8,738) (3,249) Operating Income 126,707 97,277 76,136 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 revenues33.4% 32.0% 34.4%

18. Reconciliation of OIBDA and OIBDA margin (Three months ended) ($ ‘000) Sept. 30, 2003 June 30, 2003 Sept.30, 2002 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) 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 revenues24.2% 20.8% 4.2%