Pricing Supplement

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EU MIFID II product governance / Retail investors, professional investors and ECPs 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, including investment advice, portfolio management, non-

advised sales and pure execution services. 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.

UK MIFIR product governance / Retail investors, professional investors and ECPs only target market –

Solely for the purposes of the 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 the FCA Handbook Conduct of Business Sourcebook, and professional

clients, as defined in Regulation (EU) No 600/2014 as it forms part of domestic law of the United Kingdom by

virtue of the European Union (Withdrawal) Act 2018 ("UK MiFIR"); 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 manufacturer's target market assessment; however, a distributor subject to the

FCA Handbook Product Intervention and Product Governance Sourcebook (the "UK MiFIR Product

Governance Rules") is responsible for undertaking its own target market assessment in respect of the Notes (by

either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution

channels.

Pricing Supplement dated 21 October 2025

The Republic of Estonia

Issue of EUR 500,000,000 3.250 per cent. Notes due 17 January 2034

to be consolidated and form a single series with the

EUR 1,000,000,000 3.250 per cent. Notes due 17 January 2034 issued on 17 January 2024

Legal entity identifier (LEI): 254900EIG0O7C6C9R437

under its

Euro Medium Term Note 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 Offering Circular dated 20 October 2023 as supplemented by the supplement dated 17 October

2025 (together, the "Offering Circular"). This document must be read in conjunction with the Offering Circular

in order to obtain all the relevant information.

The Offering Circular has been published at https://www.fin.ee/en/government-long-term-debt

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

the Notes described herein.

1. Issuer: The Republic of Estonia, Acting through the

Ministry of Finance

2. (i) Series Number: 1

(ii) Tranche Number: 2

(iii) Date on which the Notes become

fungible:

The Notes shall be consolidated, form a single

series and be interchangeable for trading

purposes with the EUR 1,000,000,000 3.250

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per cent. Notes due 17 January 2034 issued on

17 January 2024 on the Issue Date.

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

4. Aggregate Principal Amount:

(i) Series: EUR 1,500,000,000

(ii) Tranche: EUR 500,000,000

5. Issue Price: 100.484 per cent. of the Aggregate Principal

Amount, plus accrued interest from (and

including) 17 January 2025 to (but excluding)

the Issue Date

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

(ii) Calculation Amount: EUR 1,000

7. (i) Issue Date: 28 October 2025

(ii) Interest Commencement Date: 17 January 2025

8. Maturity Date: 17 January 2034

9. Interest Basis: 3.250 per cent. Fixed Rate

(see paragraph 14 below)

10. 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.

11. Change of Interest or

Redemption/Payment Basis:

Not Applicable

12. Put/Call Options: Not Applicable

13. Status of the Notes: Senior

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

14. Fixed Rate Note Provisions Applicable

(i) Rate of Interest: 3.250 per cent. per annum payable annually in

arrear on each Interest Payment Date

(ii) Interest Payment Date(s): 17 January in each year

(iii) Fixed Coupon Amount: 32.50 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

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15. Floating Rate Note Provisions Not Applicable

16. Zero Coupon Note Provisions Not Applicable

PROVISIONS RELATING TO REDEMPTION

17. Issuer Call Option Not Applicable

18. Put Option Not Applicable

19. Clean-up Call Option Not Applicable

20. Final Redemption Amount of each

Note

EUR 1,000 per Calculation Amount

21. 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

22. Form of Notes: Registered Notes:

Global Note Certificate exchangeable for

Individual Note Certificates in the limited

circumstances described in the Global Note

Certificate

23. New Safekeeping Structure: Yes

24. Additional Financial Centre(s) or

other special provisions relating to

payment dates:

Not Applicable

25. Collective Action Clause: 2012 CAC

Signed on behalf of THE REPUBLIC OF ESTONIA, ACTING THROUGH THE MINISTRY OF FINANCE:

- 3y­ Duly authoriseD

7üKGCN Il HIRStCk O FNCE

[Signature Page to Pricing Supplement]

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PART B – OTHER INFORMATION

1. LISTING AND ADMISSION TO

TRADING

(i) Admission to Trading:

Application is expected to be made by the

Issuer (or on its behalf) for the Notes to be

admitted to trading on Euronext Dublin with

effect from 28 October 2025.

(ii) Estimate of total expenses related

to admission to trading:

EUR 1,000

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

Ratings: S&P Global Ratings Europe Limited ("S&P"):

AA-

S&P is established in the EEA and registered

under Regulation (EC) No 1060/2009, (the

"EU CRA Regulation"). S&P appears on the

latest update of the list of registered credit

rating agencies (as of 27 March 2023) on the

ESMA website. The rating S&P has given to

the Notes is endorsed by S&P Global Ratings

UK Limited, 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 (the "UK CRA

Regulation").

3. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE

ISSUE/OFFER

Save for any fees payable to the 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 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: 3.181 per cent. per annum

5. OPERATIONAL INFORMATION

ISIN: XS2740429076

Common Code: 274042907

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

CFI: As set out on the website of the Association of

National Numbering Agencies (ANNA) or

alternatively sourced from the responsible

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National Numbering Agency that assigned the

ISIN

Any clearing system(s) other than

Euroclear and Clearstream,

Luxembourg and the relevant

identification number(s):

Not Applicable

Delivery: Delivery against payment

Names and addresses of additional

Paying Agent(s) (if any):

Not applicable

Relevant Benchmark: Not Applicable

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 deposited with one of Euroclear and

Clearstream, Luxembourg as common

safekeeper, and registered in the name of a

nominee of one of Euroclear and Clearstream,

Luxembourg acting as common safekeeper 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 Managers

Erste Group Bank AG

J.P. Morgan SE

Société Générale

(B) Stabilisation Manager(s), if any: J.P. Morgan SE

(iii) If non-syndicated, name of

Dealer:

Not Applicable

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

7. REASONS FOR THE OFFER

AND ESTIMATED NET

AMOUNT OF PROCEEDS

Reasons for the offer: See "Use of Proceeds" in Offering Circular

Estimated net proceeds: EUR 514,263,835.62