Kiri

To: Euroclear Bank SA/NV New Issues Acceptance Boulevard du Roi Albert II, 1 B-1210 Brussels, Belgium Re: The Republic of Estonia’s, acting through its Ministry of Finance, Euro Medium Term Note Programme (the “Programme”) Dear Sir or Madam, We confirm that the Programme (i) does not violate, when and as applicable, any economic sanctions administered or enforced by the U.S. Government (including OFAC), the United Nations Security Council, the European Union or His Majesty’s Treasury (collectively “Sanctions”) or any applicable anti-bribery or anti- corruption laws and regulations of any jurisdiction; and (ii) is not connected to or for the benefit of any country, person or entity with respect to which any persons are prohibited from doing business under any law, regulation or executive order administered pursuant to Sanctions; and (iii) that the proceeds of any issue(s) under the Programme will not be used for the purpose of financing or facilitating the activities of any person, entities or countries targeted by Sanctions, and will not be used in breach of any applicable anti-bribery or anti- corruption laws and regulations. Date: For and on behalf of The Republic of Estonia, acting through the Ministry of Finance Name: Mart Võrklaev Title: Minister of Finance Suur-Ameerika 1 / 10122 Tallinn / Estonia / +372 611 3558 / [email protected] www.rahandusministeerium.ee / Reg. code: 70000272