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VIMPELCOM:. 7th year of NYSE listing. Valery Goldin Vice President, International and Investor Relations. April 2003. Second largest national cellular operator in Russia GSM license portfolio covering 137 million people 52% market share in Moscow and 28% in Russia

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7th year of nyse listing

VIMPELCOM:

7th year of NYSE listing

Valery Goldin

Vice President, International and Investor Relations

April 2003


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

US$2.0 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

Company profile

VimpelCom

subscriber base (mln)

2002

2000

2001


Company story
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

Apr02

Dec02

July99

Jul00

May01

Sep92

Jun94

Sep94

Nov96

May99

Mar01

Jan02

Upgradeto DAMPS

Closure of transaction with Telenor

$225 mln public offering

VimpelComfounded

$250 mlnbond placement

5 mln subscribers

Strategic alliance with Alfa Group

&

1 mln subscribers


Shareholder structure
Shareholder Structure

* As of March 3, 2003


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

Complementary strategic partners


Vimpelcom founders
VimpelCom Founders

Dr. Dmitri B. Zimin

Founder, Honorary President

Augie K. Fabela II

Co-Founder, Chairman Emeritus


7th year of nyse listing

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

VimpelCom’s Fund Raising Activities

TOTAL: $1,084 M


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

Activities To Comply With Corporate Governance Requirements


Market capitalization
Market capitalization party transactions

US$ m.


Russian economy growth set to continue
Russian economy growth set to continue party transactions

Russian GDP

Annual inflation and official ruble exchange rate

Inflation, %

Rub/$

1998

1999

2000

2001

2002E

Monthly income per capita

$

Rub

1998

1999

2000

2001

2002

Source: RECEP, Nov 2002 & consensus estimates


Wireless growth expected to continue

mln party transactions

30

100%

27

90%

24

80%

21

70%

18

60%

15

50%

40%

12

9

30%

20%

6

10%

3

0%

0

Russia

Moscow

Turkey

Poland

Czech

Hungary

2000

2001

2002

2003E

2004E

2005E

Rep.

2002

2005F

Moscow

Regions

Wireless growth expected to continue

Emerging Europe Cellular Penetration

Subscriber Growth in Russia

Source: Consensus forecasts


The strategy for 2003 and beyond

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

The strategy for 2003 and beyond

Continue revenue andsubscriber growth in Moscow

Build national GSM network

Accelerate growth of non-voice and data services

  • 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


Significant milestones of 2002
Significant milestones of 2002 subscribers

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

Jun

Jul

Sep

Jan

Feb

Mar

Apr

May

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


7th year of nyse listing

Main Russian GSM players subscribers

VimpelCom

MTS

Megafon

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


Vimpelcom national gsm network rollout

- in commercial operation subscribers

- launch in 2003E

- other licensed regions

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

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


2002 financial highlights
2002 financial highlights subscribers

Revenue, $ mln

Net Income, $ mln

EBITDA, $ mln

EBITDA Margin

Source: VimpelCom data


Vimpelcom s growing revenues and margins
VimpelCom’s growing revenues and margins subscribers

Net operating revenues

and ARPU

EBITDA

Net income/loss

mln $

mln $

mln $

$

%

%


Strong balance sheet
Strong balance sheet subscribers

Assets and Liabilities ($ million)


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.

Disclaimer