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 Companys
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 Companys
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
Companys 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

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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
41
42
21
36
32
26
24
34
17
40
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 BTSs 2,556 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
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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 -
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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 SGA
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
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Strong Balance Sheet
LTM OIBDA constitutes the sum of the lines LTM
Operating income and LTM Depreciation and
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
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Net Operating Cash Flow vs CAPEX
Source VimpelCom
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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 VimpelComs corporate
  structure and strengthen the balance sheet
• Issues to address high churn rate and falling
  ARPU on a year-on-year basis

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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 revenues 33.4
32.0 34.4
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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
revenues 24.2 20.8
4.2