Commentary & Deal Flow

Guidance: 10yr: MS+75a

• Issuer: The Republic of Estonia
• Issuer Ratings: A1/A+ (Moody's/Fitch), both stable
• Expected Issue Ratings: A1 (Moody's)
• Format: Reg S (Category 1), Dematerialised Registered form
• Size: € Benchmark
• Maturity Date: 14-May-36 (10-year)
• Settlement Date: 14-May-26 (T+5)
• Guidance: MS+75 bps area
• Coupon: Fixed, Annual ACT/ACT ICMA
• Documentation: Issuer’s Debt Issuance Programme – Information Memorandum dated 05-May-26
• Use of Proceeds: Net proceeds will be used for general budgetary purposes
• Marketing: Investor Presentation Link: https://fin.ee/en/investor-presentation
• Denominations: €1,000
• Target Market: Professional, retail and eligible counterparties (all channels for distribution), as defined in EU MIFID II
• Listing: Nasdaq Tallinn Stock Exchange
• Clearing: Nasdaq CSD, with linkage to Euroclear/Clearstream
• ISIN: EE0000004109
• Common Code: 337024874
• Joint Lead Managers: DZ Bank, HSBC and J.P. Morgan (B&D)
• Co-manager: Swedbank AS (Estonia)
• Governing Law: Estonian
• Schedule: Books open, today’s business