AS Starman                 Stock Exchange Release                    20.12.2005



CHANGE OF HOLDING IN A SHAREHOLDER AND CHANGE IN THE NAME OF A SHAREHOLDER



AS Starman hereby announces that:



     1. Portagas N.V. (a full subsidiary of Royalton Capital Investors) sold on

        December 15, 2005, 100% of its shareholding in Highbury Investments B.V.

        (who holds 33.381% shareholding in AS Starman) to Royalton Investors Four

        (also a full subsidiary of Royalton Capital Investors). The shareholding

        of Highbury Investments B.V. in Starman did not change;



     2. according to the deed of amendment of the articles of association of

        Highbury Investments B.V. dated November 29, 2005, the corporate name

        of Highbury Investments B.V. was changed to Royalton Investors One B.V.





Henri Treude

Marketing Director

AS Starman

Email: henri.treude@starman.ee

Tel: 6779 977