Execution Version

_____ May 2026

THE REPUBLIC OF ESTONIA

DEED POLL

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THIS DEED POLL is made on May 2026 by:

(1) THE REPUBLIC OF ESTONIA ACTING THROUGH THE MINISTRY OF

FINANCE (the “Issuer”)

in favour of

(2) THE ACCOUNTHOLDERS (as defined below); and

(3) THE PERSONS for the time being and from time to time registered as

holders of the Notes referred to below (the "Noteholders" and, together

with the Accountholders, the "Beneficiaries").

WHEREAS:

(A) On 10 June 2020, the Issuer issued EUR1,500,000,000 0.125 per cent.

Notes due 2030 (the “2030 Notes”). The terms and conditions of the 2030

Notes are scheduled to the agency agreement between the Issuer and

Citibank, N.A., London Branch, among others, dated 10 June 2020 (the

“2030 Notes Terms and Conditions”).

(B) On 12 October 2022, the Issuer issued EUR1,000,000,000 4.000 per cent.

Notes due 2032. On 13 June 2023, the Issuer issued EUR500,000,000 4.000

per cent. Notes due 2032 (to be consolidated and form a single series with

the EUR1,000,000,000 4.000 per cent. Notes due 2032 issued on 12

October 2022) (together, the “2032 Notes”). The terms and conditions of

the 2032 Notes are scheduled to the agency agreement between the Issuer

and Citibank, N.A., London Branch, among others, dated 12 October 2022

(the “2032 Notes Terms and Conditions”).

(C) On 20 October 2023, the Issuer established a Euro Medium Term Note

Programme (the “EMTN Programme”), pursuant to which it issued

EUR1,000,000,000 3.25 per cent. Notes due 2034 on 17 January 2024 and

EUR500,000,000 3.25 per cent. Notes due 2034 on 28 October 2025 (to be

consolidated and form a single series with the EUR1,000,000,000 3.25 per

cent. Notes due 2034 issued on 17 January 2024) (together, the “2034

Notes” and, together with the 2030 Notes, the 2032 Notes and any future

notes to be issued under the EMTN Programme, the “Notes”). The terms

and conditions of the 2034 Notes are scheduled to the agency agreement

between the Issuer and Citibank, N.A., London Branch, among others, dated

20 October 2023 (the “2034 Notes Terms and Conditions” and, together

with the 2030 Notes Terms and Conditions and the 2032 Notes Terms and

Conditions, the “Existing Conditions”).

(D) On the date hereof, the Issuer has established a further note programme

pursuant to which notes will be governed by Estonian law and registered in

Nasdaq CSD SE (the “New Programme”).

(E) Pursuant to the terms of the Existing Conditions, any notes issued under the

New Programme (“New Notes”) will (i) be excluded from the definition of

“External Indebtedness” used in the status conditions of the Existing

Conditions and (ii) be excluded from the definition of “Relevant

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Indebtedness” used in the negative pledge conditions and cross-acceleration

provisions of the Existing Conditions.

(F) In order to provide the Beneficiaries with assurance that the protections

otherwise afforded to them by Existing Conditions will not be diminished by

the issuance of any New Notes, the Issuer now enters into this Deed Poll

and gives the undertakings set out herein directly in favour of the

Beneficiaries.

IT IS DECLARED as follows:

1. Interpretation

Definitions

1.1 All terms and expressions which have defined meanings in the Existing

Conditions shall have the same meanings in this Deed Poll except where the

context requires otherwise or unless otherwise stated. In addition, in this

Deed Poll the following expressions have the following meanings:

Accountholder means any accountholder or participant with a Clearing

System which at any relevant time has credited to its securities account with

such Clearing System one or more entries in respect of a Global Note

Certificate representing the Notes, except for either Clearing System in its

capacity as an accountholder of the other Clearing System.

Clearing System means each of Euroclear Bank SA/NV and Clearstream

Banking S.A.

1.2 Clauses

Any reference in this Deed Poll to a Clause is, unless otherwise stated, to a

clause hereof.

2. Undertakings of the Issuer

2.1 So long as any Notes remain outstanding, the Issuer irrevocably undertakes

to each Beneficiary that, notwithstanding the terms of the Existing

Conditions:

2.1.1 for the purpose of Condition 1(b) (Status of the Notes) of the 2030 Notes

Terms and Conditions, Condition 1(b) (Status of the Notes) of the 2032

Notes Terms and Conditions, Condition 4 (Status) of the 2034 Notes Terms

and Conditions and any future issuance under the EMTN Programme where

the relevant terms and conditions contain equivalent provisions, any New

Notes shall be deemed to be included in the definition of “External

Indebtedness” and any New Notes will therefore rank pari passu with all

other unsecured External Indebtedness of the Issuer, from time to time

outstanding;

2.1.2 for the purpose of Condition 3 (Negative Pledge) of the 2030 Notes Terms

and Conditions, Condition 3 (Negative Pledge) of the 2032 Notes Terms and

Conditions, Condition 5 (Negative Pledge) of the 2034 Notes Terms and

Conditions and any future issuance under the EMTN Programme where the

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relevant terms and conditions contain equivalent provisions, any New Notes

shall be deemed to be included in the definition of “Relevant Indebtedness”

and will not benefit from any security without equal and rateable security

being afforded to the Notes; and

2.1.3 for the purpose of Condition 8(c) (Events of Default) of the 2030 Notes

Terms and Conditions, Condition 8(c) (Events of Default) of the 2032 Notes

Terms and Conditions, Condition 12(iii) (Events of Default) of the 2034

Notes Terms and Conditions and any future issuance under the EMTN

Programme where the relevant terms and conditions contain equivalent

provisions, any New Notes shall be deemed to be included in the definition

of “Relevant Indebtedness” and therefore included within the cross-

acceleration event of default.

2.2 The undertakings in Clause 2.1 are supplemental to, and do not otherwise

limit, qualify or restrict, the obligations of the Issuer under the Existing

Conditions. For the avoidance of doubt, the Issuer may continue to issue

other instruments (which are not New Notes) registered on the Nasdaq CSD

SE.

3. Deposit of Deed Poll

This Deed Poll shall be deposited with and held by Citibank, N.A., London

Branch until the date on which all the obligations of the Issuer under or in

respect of the Notes have been discharged in full. The Issuer hereby

acknowledges the right of every Beneficiary to the production of this Deed

Poll.

4. Benefit of Deed Poll

4.1 This Deed Poll shall take effect as a deed poll for the benefit of the

Beneficiaries from time to time.

4.2 This Deed Poll shall enure to the benefit of each Beneficiary and its (and any

subsequent) successors and assigns, each of which shall be entitled

severally to enforce this Deed Poll against the Issuer.

4.3 The Issuer shall not be entitled to assign or transfer all or any of its rights,

benefits and obligations under this Deed Poll. Each Beneficiary shall be

entitled to assign all or any of its rights and benefits hereunder without

restriction.

5. Partial Invalidity

If at any time any provision hereof is or becomes illegal, invalid or

unenforceable in any respect under the laws of any jurisdiction, neither the

legality, validity or enforceability of the remaining provisions hereof nor the

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legality, validity or enforceability of such provision under the laws of any

other jurisdiction shall in any way be affected or impaired thereby.

6. Governing law

This Deed Poll (including a dispute relating to its existence, validity or

termination) and any non-contractual obligation or other matter arising out

of or in connection with this Deed Poll shall be governed by, and construed

in accordance with, English law. The governing law of Clauses 5 to 9 shall

also be the substantive law of England.

7. Arbitration

Any dispute, claim, difference or controversy arising out of or in connection

with this Deed Poll (including any dispute relating to its existence, validity

or termination, or any non-contractual obligation or other matter arising out

of or in connection with it) (a "Dispute") shall be referred to and finally

resolved by arbitration under the Arbitration Rules of the London Court of

International Arbitration ("LCIA") (the "Rules"), which Rules (as amended

from time to time) are incorporated by reference into this Clause 7

(Arbitration). For these purposes:

7.1 any Request for Arbitration (as defined in the Rules) may be served by

delivery to the process agent in accordance with Clause 8 (Service of

process);

7.2 the seat, or legal place of arbitration, shall be London, England where all

hearings and meetings shall be held, unless the parties agree otherwise;

7.3 there shall be three arbitrators, each of whom shall be disinterested in the

arbitration, shall have no connection with any party thereto and shall be an

attorney experienced in international securities transactions. The

claimant(s) and the respondent(s) shall nominate an arbitrator respectively.

If one party fails to appoint an arbitrator within 30 days of receiving notice

of the appointment of an arbitrator by the other party, then that arbitrator

shall be appointed by the LCIA. The third arbitrator, who shall be the

chairman of the tribunal, shall be nominated by the two party-nominated

arbitrators. If he is not chosen and appointed within fifteen (15) days of the

last of their appointments, he shall be appointed by the LCIA;

7.4 the language of the arbitration shall be English;

7.5 any award of the tribunal shall be binding from the day it is made, and the

parties to this Deed Poll hereby waive any right to refer any question of law

and any right of appeal on the law and/or merits to any court;

7.6 it is agreed that the arbitrators shall have no authority to award exemplary

or punitive damages of any type under any circumstances whether or not

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such damages may be available under the relevant applicable law, the

parties hereby waive their right, if any, to recover such damages;

7.7 this arbitration Clause 7 including its validity and scope, shall be governed

by English law;

7.8 nothing in this Clause 7 shall be construed as preventing any party to this

Deed Poll from seeking conservatory or similar interim relief in any court of

competent jurisdiction; and

7.9 the parties agree that the arbitration and any facts, documents, awards or

other information related to the arbitration or the dispute, controversy or

claim to which it relates shall be kept strictly confidential and shall not be

disclosed to any third party without the express written consent of the other

party, unless such disclosure is required to comply with any legal or

regulatory requirement.

8. Service of process

8.1 For the purposes of any court proceedings commenced in support of, or in

relation to, arbitral proceedings brought under Clause 7 (Arbitration), the

Issuer agrees that service of process may be effected on it by delivering or

posting that process to the Embassy of the Republic of Estonia in London at

44 Queen's Gate Terrace, South Kensington, London SW7 5PJ and agrees

that, if for any reason service of process by such means is not possible, it

will appoint a third party agent for service of process in England. Nothing in

this paragraph shall affect the right of any party to serve process in any

other manner permitted by law.

9. Waiver of immunity and consent to enforcement

9.1 To the extent that the Issuer may in any jurisdiction claim for itself or its

revenues, assets or properties ("Sovereign Assets") immunities from suit,

execution, attachment (whether in aid of execution, before award or

otherwise) in all cases related to the Notes, and to the extent that in any

such jurisdiction there may be attributed to itself or its Sovereign Assets

such immunity (whether or not claimed), the Issuer hereby irrevocably

agrees for the benefit of the Noteholders not to claim and confirms that any

such immunity is or has been irrevocably waived to the fullest extent

permitted by the laws of such jurisdiction. For the avoidance of doubt, the

Issuer submits to the jurisdiction of any arbitral body constituted in

accordance with Clause 7 (Arbitration), the courts at the legal seat of

arbitration in the matters related to the arbitral proceedings and court

proceedings in any jurisdiction relating to the enforcement of an arbitral

award.

9.2 To the extent that the Issuer or any of its Sovereign Assets may be entitled

in any jurisdiction to any immunity from set-off or any similar right or

remedy, and to the extent that there shall be attributed, in any jurisdiction,

such an immunity, the Issuer hereby irrevocably agrees not to claim and

confirms that any such immunity is or has been irrevocably waived to the

fullest extent permitted by the laws of such jurisdiction with respect to any

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claim, suit, action, proceeding, right or remedy arising out of or in

connection with the Notes.

9.3 The Issuer further irrevocably consents to the giving of any relief or the

issue of any process, including, without limitation, the making, enforcement

or execution against any Sovereign Assets whatsoever of any order, award

or judgment, made or given in connection with any Dispute.

9.4 The waiver of immunity by the Issuer herein shall not constitute a waiver of

immunity in relation to:

9.4.1 present or future "premises of the mission" as defined in the Vienna

Convention on Diplomatic Relations signed in 1961;

9.4.2 "consular premises" as defined in the Vienna Convention on Consular

Relations signed in 1963;

9.4.3 any other property or assets used solely or mainly for official non-

commercial state purposes in the Republic of Estonia or elsewhere;

9.4.4 military property or military assets of the Republic of Estonia related

thereto; or

9.4.5 any non-transferable national assets and national assets with priority

importance as defined in or in accordance with applicable Estonian laws. It

is acknowledged that there is no specific law in Estonia governing the

waiving of immunity by the Issuer. Further, in accordance with the Code of

Enforcement Procedure, assets or things in restricted commerce which the

Republic of Estonia or local government need for the performance of public

duties or the enforcement of which would be contrary to public interest, shall

not be subject to enforcement.

10. Consolidation of disputes

10.1 In this clause:

"Consolidation Order" means an order by a Tribunal that a Primary

Dispute and a Linked Dispute be consolidated and heard as one dispute in

the same arbitral proceedings.

"Linked Agreement" means the Notes, Global Note Certificate, Deed Poll,

Agency Agreement, Dealer Agreement, Subscription Agreement and any

other agreement entered into in connection with the issue of the Notes.

"Linked Dispute" means any Dispute and/or any dispute, claim, difference

or controversy arising out of or in connection with any Linked Agreement

(including any dispute relating to its existence, validity or termination or any

non-contractual obligation or other matter arising out of or in connection

with it), in which a Request for Arbitration is served after a Request for

Arbitration has been served in respect of a Primary Dispute.

"Primary Dispute" means any Dispute and/or any dispute, claim,

difference or controversy arising out of or in connection with any Linked

Agreement (including any dispute relating to its existence, validity or

termination or any non-contractual obligation or other matter arising out of

or in connection with it) in which a Request for Arbitration has been served

before a Request for Arbitration is served in relation to a Linked Dispute.

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"Tribunal" means any arbitral tribunal appointed under this Deed Poll or

any Linked Agreement.

10.2 If any Linked Dispute raises issues of fact and/or law which are substantially

the same as or similar to issues raised in any Primary Dispute then,

notwithstanding that a Tribunal may already have been agreed or appointed

in respect of the Linked Dispute, any party (the "Notifying Party") to both

the Primary Dispute and the Linked Dispute (the "Notified Disputes") may

apply, by service of a written notice (a "Consolidation Notice") in

accordance with this Clause, to the Tribunal appointed in relation to the

Primary Dispute for a Consolidation Order.

10.3 The Notifying Party must serve the Consolidation Notice on all parties to the

Notified Disputes, and on any arbitrators already appointed or agreed in

connection with any Notified Dispute.

10.4 The Tribunal appointed in relation to the Primary Dispute may make a

Consolidation Order on hearing an application brought under Clause 10.2

above if it considers it just, equitable and procedurally efficient to do so and

that no party to either the Primary Dispute or the Linked Dispute would be

materially prejudiced as a result of such consolidation. In determining

whether to make a Consolidation Order, the Tribunal must take account of:

10.4.1 the likelihood and consequences of inconsistent decisions if consolidation is

not ordered;

10.4.2 any fault on the part of the party seeking consolidation to make a timely

application; and

10.4.3 the likely consequences of consolidation in terms of cost and time.

10.5 If the Tribunal appointed in respect of the Primary Dispute makes a

Consolidation Order:

10.5.1 it will immediately, to the exclusion of the other Tribunal appointed in a

Linked Dispute, have jurisdiction to resolve finally the Notified Disputes;

10.5.2 it must order that notice of the Consolidation Order and its effect be given

immediately to any arbitrators already appointed in relation to the Linked

Dispute and to all parties to the Notified Disputes;

10.5.3 any appointment of an arbitrator in relation to the Linked Dispute before the

date of the Consolidation Order will terminate immediately and that

arbitrator will be deemed to be functus officio. The termination is without

prejudice to:

(a) the validity of any act done, or order made, by that arbitrator or by

the court in support of that arbitration before his appointment is

terminated;

(b) his entitlement to be paid his proper fees and disbursements; and

(c) the date when any claim or defence was raised for the purpose of

applying any limitation bar or any similar rule or provision;

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10.5.4 it may also give any other directions it considers appropriate to:

(a) give effect to the Consolidation Order and make provisions for any

costs which may result from it (including costs in any arbitration

terminated as a result of the Consolidation Order); and

(b) ensure the proper organisation of the arbitration proceedings and the

proper formulation and resolution of the issues between the parties;

10.5.5 If a Tribunal appointed in respect of the Primary Dispute arising under a

Linked Agreement makes a Consolidation Order which confers on that

Tribunal jurisdiction to resolve a Linked Dispute arising under this Deed Poll,

that Consolidation Order and the award of that Tribunal will bind the parties

to the Linked Dispute arising under this Deed Poll.

10.5.6 For the avoidance of doubt, where a Tribunal is appointed under this Deed

Poll or any Linked Agreement, the whole of its award (including any part

relating to a Linked Dispute) is deemed for the purposes of the New York

Convention on the Recognition and Enforcement of Arbitral Awards 1958 to

be contemplated by this Deed Poll and that Linked Agreement.

10.5.7 Each of the Issuer and the Joint Lead Managers hereby waives any right to

object to the validity and/or enforceability of any arbitral award made by a

Tribunal following the grant of a Consolidation Order on the basis that such

award was made in arbitral proceedings which were consolidated under this

Clause 10 or in accordance with an equivalent provision under another

Linked Agreement.

10.6 Should the Tribunal appointed in relation to the Primary Dispute decline

appointment in respect of the Linked Dispute, any rights to submit a Linked

Dispute arising under this Deed Poll to separate arbitration proceedings

under Clause 7 (Arbitration) shall be unaffected.