Eesti Post                    NEWS RELEASE                      10/14/2003



EESTI POST TO BE LED BY PEETER RAUDSEPP



As decided by the supervisory board of AS Eesti Post, the

company will be led by Peeter Raudsepp, elected from

among 56 candidates.

Peeter Raudsepp was the chairman of the management board

of Rautakesko AS (former Fanaal AS) in 1999-2003 and the

managing director of Valior Tolliteenused

OÜ since spring since year. He will assume office as the

chairman of the management board of Eesti Post within a

month.

Peeter Raudsepp will be paid a monthly fee of EEK 58,000,

which is less than the fee of the former chairman, Alo

Streimann. "It is also somewhat lower than the average

fee of the directors of companies of the same size in

Estonia," Jüri Ehasalu said. In view of the government’s

general saving policy, the supervisory board of Eesti

Post did not wish to increase management costs. "The

compensations to be paid to the new chairman in case of

premature termination of the service contract are also

much smaller than those specified in the contract between

the previous supervisory board and Alo Streimann, and as

the parties agreed, the amount of such compensations is

exactly as prescribed by the Employment Contracts Act."

Jüri Ehasalu said that as Peeter Raudsepp does not and

has never belonged to a political party, this should

overthrow any suspicions voiced in the media earlier that

the leader of Eesti Post is being replaced on political

considerations.

Peeter Raudsepp graduated from the Faculty of Economics

of the University of Tartu in 1992 in the speciality of

finance and credit.





Inge Rumessen

PR Manager

056 356 326