Investor Presentaiton
1
Disclaimer (I/III)
The following applies to this document, the oral presentation of the information in this document by the Republic of Estonia ("Estonia") or any person on behalf of
Estonia, and any question-and-answer session that follows the oral presentation (collectively, the "Information").
In accessing or reviewing the Information, or by attending any meeting or oral presentation held in relation thereto, you agree to be bound by the following terms
and conditions. This document is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would
be contrary to law or regulation or which would require any registration or licensing within such jurisdiction, nor does it constitute an offer nor an inducement or
invitation to purchase of securities in, the United States, the United Kingdom, Canada, Australia, Japan or any other jurisdiction. In particular, this document and
the information contained herein do not constitute an offer of securities for sale in the United States and this document may not be disseminated, directly or
indirectly, into the United States, its territories or possessions, except pursuant to registration or an exemption from the registration requirements of the U.S.
Securities Act of 1933, as amended. Any failure to comply with this restriction may constitute a violation of United States securities law.
The Information does not constitute or form part of, and should not be construed as an offer or the solicitation of an offer nor an inducement or invitation to
subscribe for or purchase the securities referred to herein (the "Securities"), and nothing contained therein shall form the basis of or be relied on in connection
with any contract or commitment whatsoever, nor does it constitute a recommendation regarding the Securities. Any decision to purchase the Securities should
be made solely on the basis of the information to be contained in the offering circular produced in connection with the offering of the Securities, as completed by
the applicable pricing supplement, into which is incorporated by reference this Investor Presentation (the "Presentation"). Prospective investors are required to
make their own independent investigations and appraisals of the business and financial condition of Estonia and the nature of the Securities before taking any
investment decision with respect to the Securities. The offering circular should be read in its entirety. This Presentation has been prepared solely by Estonia.
The Information is confidential and is being provided to you solely for your information and may not be retransmitted, further distributed to any other person or
published, in whole or in part, by any medium or in any form for any purpose. If this document has been received in error, it must be returned immediately to
Estonia. The opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. Estonia relies
on information obtained from sources believed to be reliable but does not guarantee the accuracy or completeness of such information.
This Presentation is not intended to be an invitation or inducement to engage in investment activity for the purpose of Section 21 of the Financial Services and
Markets Act 2000 of the United Kingdom (the "FSMA"). This announcement is directed only at: (i) persons who are outside the United Kingdom; (ii) persons within
the United Kingdom who are investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005 (as amended) of the United Kingdom (the "Order"); or (iii) any other persons to whom this announcement for the purposes of Section 21 of the FSMA
can otherwise lawfully be distributed, falling within Article 49(2)(a) to (d) of the Order, (all such persons together being referred to as "relevant persons"), and
must not be acted on or relied upon by persons other than relevant persons. Any investment or investment activity to which this announcement relates is available
only to and will be engaged in only with relevant persons.
REPUBLIC OF ESTONIA
MINISTRY OF FINANCEView entire presentation