1

PRICING SUPPLEMENT

EU MIFID II product governance / Professional investors and ECPs only target market – Solely for the

purposes of each manufacturer's product approval process, the target market assessment in respect of the Notes

has led to the conclusion that: (i) the target market for the Notes is eligible counterparties, professional clients and

retail clients, each as defined in Directive 2014/65/EU (as amended, "EU MiFID II"); and (ii) all channels for

distribution of the Notes are appropriate. Any person subsequently offering, selling or recommending the Notes

(a "distributor") should take into consideration the manufacturers' target market assessment; however, a

distributor subject to EU MiFID II is responsible for undertaking its own target market assessment in respect of

the Notes (by either adopting or refining the manufacturers' target market assessment) and determining appropriate

distribution channels.

Pricing Supplement dated 8 May 2026

The Republic of Estonia

Issue of EUR 1,000,000,000 3.500 per cent. Notes due 2036

Legal entity identifier (LEI): 254900EIG0O7C6C9R437

under its

Debt Issuance Programme

PART A – CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions (the "Conditions") set

forth in the Information Memorandum dated 5 May 2026 (the "Information Memorandum"). This document

must be read in conjunction with the Information Memorandum in order to obtain all the relevant information.

The Information Memorandum has been published at https://www.fin.ee/sites/default/files/documents/2026-

05/Juniper%20-%20Information%20Memorandum%20-%20Final%2810340822823.1%29_0.pdf.

In accordance with the EU Prospectus Regulation, no prospectus is required in connection with the issuance of the

Notes described herein.

1. (i) Issuer: The Republic of Estonia, acting through the

Ministry of Finance

1. (i) Series Number: 1

(ii) Tranche Number: 1

2. Specified Currency or Currencies: Euro ("EUR")

3. Aggregate Principal Amount: EUR 1,000,000,000

4. Issue Price: 99.098 per cent. of the Aggregate Principal

Amount

5. (i) Specified Denominations: EUR 1,000

(ii) Calculation Amount: EUR 1,000

6. (i) Issue Date: 14 May 2026

(ii) Interest Commencement Date: Issue Date

7. Maturity Date: 14 May 2036

8. Interest Basis: 3.500 per cent. Fixed Rate

(see paragraph 13 below)

2

9. Redemption/Payment Basis: Subject to any purchase and cancellation or

early redemption, the Notes will be redeemed

on the Maturity Date at 100 per cent. of their

principal amount.

10. Change of Interest or

Redemption/Payment Basis:

Not Applicable

11. Put/Call Options: Not Applicable

12. Status of the Notes: Senior

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

13. Fixed Rate Note Provisions Applicable

(i) Rate of Interest: 3.500 per cent. per annum payable annually in

arrear on each Interest Payment Date

(ii) Interest Payment Date(s): 14 May in each year, commencing on 14 May

2027

(iii) Fixed Coupon Amount: EUR 35.00 per Calculation Amount

(iv) Fixed Coupon Amount for a short

or long Interest Period ("Broken

Amount(s)")

Not applicable

(v) Day Count Fraction: Actual/Actual (ICMA)

(vi) Other terms relating to the

method of calculating interest for

Fixed Rate Notes:

Not Applicable

14. Floating Rate Note Provisions Not Applicable

15. Zero Coupon Note Provisions Not Applicable

PROVISIONS RELATING TO REDEMPTION

16. Issuer Call Option Not Applicable

17. Put Option Not Applicable

18. Clean-up Call Option Not Applicable

19. Final Redemption Amount of each

Note

EUR 1,000 per Calculation Amount

20. Early Redemption Amount

Early Redemption Amount(s) per

Calculation Amount payable on event

of default or other early redemption:

EUR 1,000 per Calculation Amount

GENERAL PROVISIONS APPLICABLE TO THE NOTES

21. Form of Notes: Dematerialised book-entry form and registered

in the Estonian Register of Securities operated

by Nasdaq CSD SE

3

22. Additional Financial Centre(s) or other

special provisions relating to payment

dates:

Not Applicable

23. Collective Action Clause: 2012 CAC

[Signature Page – Pricing

Supplement]

Signed on behalf of

THE REPUBLIC OF ESTONIA,

ACTING THROUGH THE MINISTRY OF FINANCE:

By: ............................................

Duly authorised

Jürgen Ligi Minister of Finance

4

PART B – OTHER INFORMATION

1. LISTING AND ADMISSION TO

TRADING

(i) Admission to Trading: Application will be made for the Notes to be

admitted to trading on the Baltic Bond List of

the Nasdaq Tallinn Stock Exchange with effect

from 14 May 2026.

(ii) Estimate of total expenses related

to admission to trading:

EUR 2,750

2. RATINGS The Notes to be issued are expected to be rated:

Ratings: Moody's Deutschland GmbH ("Moody's"): A1

Moody's is established in the EEA and

registered under Regulation (EC) No

1060/2009, (the "EU CRA Regulation").

Moody's appear on the latest update of the list

of registered credit rating agencies (as of 8 May

2026) on the ESMA website. The rating

Moody's has given to the Notes is endorsed by

Moody's Investor Services Ltd, which is

established in the UK and registered under

Regulation (EC) No 1060/2009 as it forms part

of domestic law of the United Kingdom by

virtue of the European Union (Withdrawal) Act

2018, as amended (the "UK CRA

Regulation").

3. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE

ISSUE/OFFER

Save for any fees payable to the Joint Lead Managers, so far as the Issuer is aware, no

person involved in the offer of the Notes has an interest material to the offer. The Joint

Lead Managers and their affiliates have engaged, and may in the future engage, in

investment banking and/or commercial banking transactions with, and may perform other

services for, the Issuer and its affiliates in the ordinary course of business.

4. YIELD

Indication of yield: 3.609 per cent. per annum.

5. OPERATIONAL INFORMATION

(i) ISIN: EE0000004109

(ii) Common Code: 337024874

(iii) FISN: As set out on the website of the Association of

National Numbering Agencies (ANNA) or

alternatively sourced from the responsible

National Numbering Agency that assigned the

ISIN.

(iv) CFI: As set out on the website of the Association of

National Numbering Agencies (ANNA) or

alternatively sourced from the responsible

5

National Numbering Agency that assigned the

ISIN.

(v) Delivery: Delivery against payment

(vi) Calculation Agent and

Information Agent:

Swedbank AS (Estonia)

(vii) Names and addresses of

additional Paying Agent(s)

(if any):

Not Applicable

(viii) Relevant Benchmark: Not Applicable

(vix) Intended to be held in a

manner which would allow

Eurosystem eligibility:

Yes. Note that the designation "yes" simply

means that the Notes are intended upon issue to

be in dematerialised form in Nasdaq CSD SE

and does not necessarily mean that the Notes

will be recognised as eligible collateral for

Eurosystem monetary policy and intra day

credit operations by the Eurosystem either

upon issue or at any or all times during their

life. Such recognition will depend upon the

ECB being satisfied that Eurosystem eligibility

criteria have been met.

6. DISTRIBUTION

(i) Method of Distribution: Syndicated

(ii) If syndicated:

(A) Names of Joint Lead

Managers:

(B) Name of the Co-Manager:

DZ Bank AG Deutsche Zentral-

Genossenschaftsbank, Frankfurt am Main

HSBC Continental Europe

J.P. Morgan SE

Swedbank AS (Estonia)

(B) Stabilisation Manager(s), if

any:

Not Applicable

(iii) If non-syndicated, name of

Dealer:

(iv) U.S. Selling Restrictions: Reg S Compliance Category 1

7. REASONS FOR THE OFFER AND

ESTIMATED NET AMOUNT OF

PROCEEDS

(i) Reasons for the offer: See "Use of Proceeds" in Information

Memorandum

(ii) Estimated net proceeds: EUR 989,230,000.00