Republic of Estonia Investor presentation 1 June 2020
Disclaimer (I/II) 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 the Information, 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, nor does it constitute an offer 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 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 (or equivalent disclosure document) produced in connection with the offering of the Securities. 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 (or equivalent disclosure document) may contain information different from the Information, and should be read in its entirety. This presentation has been prepared solely by Estonia for information purposes only. It is not to be used for any other purpose. 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 its accuracy or completeness. 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 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; or (iii) any other persons to whom this announcement for the purposes of Section 21 of the FSMA can otherwise lawfully be distributed (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. 1
Disclaimer (II/II) The Information which relates to countries other than Estonia has not been independently verified and no responsibility is accepted, and no representation, undertaking or warranty is made or given, in either case, expressly or impliedly, by Estonia or any of its officers or advisers as to the accuracy, reliability or completeness of the Information or as to the reasonableness of any assumptions on which any of the same is based or the use of any of the same. Accordingly, no such person will be liable for any direct, indirect or consequential loss or damage suggested by any person resulting from the use of the Information which relates to countries other than Estonia or for any opinions expressed by any such person, or any errors, omissions or misstatements made by any of them. The statements contained in this presentation are made as at the date of this presentation, unless another time is specified in relation to them, and delivery of this presentation shall not give rise to any implication that there has been no change in the facts set forth in this document since that date. Save as otherwise expressly agreed, none of Estonia, its officers or its advisers should be treated as being under any obligation to update or correct any inaccuracy contained herein or be otherwise liable to you or any other person in respect of any such information. Market data used in the Information not attributed to a specific source are estimates of Estonia and have not been independently verified. No reliance may be placed for any purpose whatsoever on the information contained in this document or on its completeness. This presentation may contain statements, statistics and projections that include words such as "intends", "expects", "anticipates", "estimates" and words of similar import. All statements included in this presentation other than statements of historical facts, including, without limitation, those regarding financial position, strategy, plans and objectives of management for future operations (including development plans and objectives) are forward-looking statements. Where forecasts have been included in the presentation, these are on the basis of government budget numbers. There can be no assurance that such forecasted or budgeted numbers will be achieved. If such figures are not achieved, this may have a negative impact on the performance of the economy of Estonia. By their nature, such statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. No assurances can be given that such expectations will prove to be correct and actual results may differ materially from those projected because such statements are based on assumptions as to future economic performance and are not statements of fact. Estonia expressly disclaims to the fullest extent permitted by law any obligation or undertaking to disseminate any updates to these forecasts, projections or estimates to reflect events or circumstances after the date hereof, nor is there any assurance that the policies, strategies or approaches discussed herein will not change. Nothing in the foregoing is intended to or shall exclude any liability for, or remedy in respect of, fraudulent misrepresentation. THIS DOCUMENT DOES NOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ISSUES RELATED TO AN INVESTMENT IN THE SECURITIES/TRANSACTION. PRIOR TO TRANSACTING, POTENTIAL INVESTORS SHOULD ENSURE THAT THEY FULLY UNDERSTAND THE TERMS OF THE SECURITIES/TRANSACTION AND ANY APPLICABLE RISKS. THIS DOCUMENT IS NOT A PROSPECTUS OR OFFERING CIRCULAR FOR ANY SECURITIES. 2
Table of contents I Introduction p. 2 II Economic Developments p. 8 III Banking Sector p. 20 IV Fiscal Discipline p. 24 V Educated and Competitive Estonia p. 30 VI COVID-19 Response p. 34 VII Debt Management p. 38 VIII Contemplated Transaction p. 41 3
Introduction 4
Republic of Estonia in a nutshell Small, fast-growing and dynamic Northern European country Republic of Estonia Population (1) 1,328,976 Narva Tallinn 45,227 km 2 Territory Estonia Capital Tallinn Estonia Currency Euro Pärnu Nominal GDP (2) Tartu EUR 28,037 million GDP per capita (2) EUR 21,163 GDP growth in 2019 (2) 4.3% Unemployment rate 2019 (2) 4.4% S&P: AA- positive Credit ratings Moody's: A1(u) stable Fitch: AA-(u) stable Finland: 16.30% Sweden 10.50% Largest export destinations (2) Latvia: 9.09% USA: 6.78% In 1993 first local bond issued, 300m Estonian In 2002 first Eurobond issued, EUR 100m Germany: 6.30% kroons (EUR 19.2m) Euro area membership 1 January 2011 Regains Joins the Joins EMU, and Latest parliamentary Joins NATO Independence WTO adopts Euro currency elections OECD membership 9 December 2010 EU membership 1 May 2004 NATO membership 29 March 2004 1991 1999 2004 2010 2011 2017 2019 2020 UN membership 17 September 1991 Independence restored 20 August 1991 OECD EU EU presidency Non-permanent UN membership Declaration of independence 24 February 1918 membership membership member of UN (1) Statistics Estonia, as of 1.1.2020 Security Council (2) Statistics Estonia, 2019 full year 5
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