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VimpelCom-Region Merger

Capturing 100% of the growth

September 2003

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Disclaimer

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This presentation contains "forward-looking statements", as the phrase is defined in Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements relate, in part, to the consummation of the merger and related transactions which are subject to shareholder, regulatory and certain other approvals, as well as certain other conditions precedent, including the transfer 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 relate to the Company's development and are based on management's best assessment of the Company's ability to consummate the merger and related transactions, its strategic and financial position and future market conditions and trends. 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 uncertainties in Russia, general economic developments in Russia and other factors. As a result of such risks and uncertainties, there can be no assurance that the merger will be consummated. 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.

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Presentation team

 Jo Lunder  Elena A. Shmatova  Valery P. Goldin Chief Executive Officer, Chairman-Elect Chief Financial Officer Vice President - International and Investor Relations 3070351L

VimpelCom overview

3  Second largest cellular operator in Central and Eastern Europe – GSM license portfolio covering 134 million people in Russia – 49% market share in Moscow and 30% in Russia – ten-fold increase in subscriber base since the beginning of 2001   First Russian company to list on NYSE – $2.9 billion market cap. (as of August 28, 2003) – 50% free float 55.3% ownership in VimpelCom Region (“VIP-R”) – VIP-R EBITDA and net income positive in 2003  Benchmark for transparency and corporate governance in Russia 5 4 7 6

VimpelCom subscriber base, million

9 8 3 2 1 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 28/08

2001 2002

Moscow license area

2003

Regions

Source: VimpelCom

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VimpelCom 2Q2003 financial highlights

Net revenues, $ million

75.6% 173.4

2Q 2002

EBITDA, $ million

95.0% 304.4

2Q 2003 139.9

4 71.8

Source: VimpelCom

2Q 2002 2Q 2003

Net income, $ million

139.9% 21.9

2Q 2002

EBITDA margin

52.6

2Q 2003 41.4% 2Q 2002 46.0% 2Q 2003 3070351L

Significant milestones

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Phase 1

Commercial launch of BeeLine GSM 900/1800 network Strategic alliance with Telenor 1 million subscribers in Moscow Return to profitability

Phase 2

Alfa invests $103m of equity into VimpelCom No.1 market share in Moscow

1998 1999 Dec Jul Aug 2001 Mar May Nov 2002 Feb Sep Nov Dec 2003 Jun

4.8 million subscribers in Moscow

Aug

Strategic alliance with Alfa Group VIP-R established to develop super-regions with licenses in Central, Volga, Siberia, North Caucasus VimpelCom invests $117m Alfa and Telenor each 1 million subscribers in into VIP-R invest the regions $58.5m into VIP-R Acquisition of Acquisition of license for Urals GSM license for Northwest super-region super-region incl.

3.7 million subscribers in the regions Alfa invests further $58.5m into VIP-R Profitability in St. Petersburg the regions 3070351L

Phase 3

Merger announced

Attractive growth opportunities in the regions

Population, million

121.9

17.0

6.3

Moscow license area St. Petersburg and Leningrad region Regions (excl. St. P.)

GDP per capita (2002), $

5,850 1,770 1,770 Moscow St. Petersburg and Leningrad region Regions (excl. St. P.) 6

Source: Goskomstat, S&P, AC&M Consulting, J’Son & Partners

30 20 10 0 Wireless penetration, % 75 60 55.9

45 44.4

30 15 14.0

6.0

12.0

0 Jan 01 July 03 Mobile subscribers, million 40 Jan 01 14.6

9.5

2.8

July 03 73.5

71.4

Moscow St. Petersburg 28.2

Regions Dec 05E 34.4

Regions 12.5

Moscow 4.5

St. Petersburg Dec 05E

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VimpelCom in the regions

  Six super-regional licenses 150% revenue growth in first half 2003    Positive contribution to EBITDA since 3Q02 and to net income since 1Q03   No. 1 in Siberia super-region No. 2 and fastest growing in Central and Volga super-regions  Solid growth in South and promising start in Northwest Urals to be launched in 4Q2003 Regional and Moscow operations now equally important parts of our business

VimpelCom market share, %

60% 50% 40% 30% 20% 10% 0% 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 Moscow Regions Russia

VimpelCom regional subscribers, 000s

3,695 3,005 57 100 123 200 285 431 723 1,440 2,242

Source: VimpelCom

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Why accelerate the merger

 The 2001 VimpelCom-Region Shareholders Agreements give all parties the right to accelerate the merger process prior to December 2007  Risk profile of the regions has changed - the VimpelCom-Region structure has now served its purpose  VimpelCom’s management sees significant benefits in merging now – attractive terms achievable – capturing 100% growth in the regions instead of only 55% – unlocking synergies and achieving greater efficiencies – unified platform for further consolidation 3070351L

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The merger transaction

   In connection with the merger of VimpelCom and VIP-R, Alfa and Telenor will exchange their aggregate 44.7% interest in VIP-R for 10.9 million new VimpelCom common shares (equal to 14.6 million ADSs) – VimpelCom the surviving entity – 21.4% economic ownership dilution at closing (on a fully diluted basis) Fairness opinion received from UBS Limited EGM called for 24 October 2003 (on certain issues, only disinterested shareholders may vote) – 50% of disinterested shareholders are required to approve the transaction

The new VimpelCom ownership structure % Current Economic Voting Post-merger Economic Voting 100.0

100.0

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Relative valuation

10      Valuation ratio of 0.91 : 1 between VIP-R and the rest of VimpelCom (predominantly Moscow) – implying that 33.6% of VimpelCom’s market cap. is attributable to its 55.3% stake in VIP-R Number of subscribers in the regions to exceed Moscow during 2004 Revenues in the regions to exceed Moscow during 2005 EBITDA in the regions to equal Moscow during 2005 Merger expected to be EPS accretive in 2005 – assuming synergies from tax, interest expense, G&A

Subscribers

2003E

Net revenues

2003E

EBITDA

2004E 2004E 2005E 2005E 2003E

Source: VimpelCom

Moscow 2004E 2005E Regions 3070351L

Our capital expenditure program

11  Strong funding position – Strong cash flow generation – Strong balance sheet – Access to debt capital markets

Capital expenditure, $ million

700 600 500 400 300 200 100 0 2002 2003E Moscow 2004E Regions 2005E 3070351L

A strong balance sheet

VimpelCom’s balance sheet (as of June 30, 2003) $000 Actual consolidated

Cash and cash equivalents 188,490 Total assets 1,977,365 Interest bearing debt Total shareholders’ equity 755,897 760,000 Debt*** / total shareholders’ equity Debt*** / total assets Debt*** / EBITDA**** 99% 38% 1.74

VIP-R

28,640 753,687 340,610** 271,397

Pro forma consolidated*

246,990 2,613,647 755,897 1,491,269

12 * ** Pro forma for Alfa Group's $58.5 million VIP-R equity contribution and VimpelCom / VIP-R merger Includes long-term inter-company loans due to VimpelCom of $94,363 *** Interest bearing debt only **** EBITDA - Operating income before depreciation & amortization for the 12 months ended June 30, 2003 3070351L

51% 29% 1.74

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Summary

 Strong strategic rationale for merging with VimpelCom-Region  A strong platform for further consolidation  Poised to capture 100% of returns from the regions  Attractive merger terms achievable  EGM shareholder support required 3070351L