MERGER AGREEMENT WITH BALTIC MOONTECH INVESTMENTS HOLDING AS AS Starman hereby announces that it has concluded a merger agreement with its majority shareholder Baltic Moontech Investments Holding AS (hereinafter: “Moontech”). The merger agreement will enter into force after the approval thereof by the general meetings of shareholders of AS Starman and Moontech. Moontech (reg. code 11428391; address: Suur-Karja 3 / Sauna 2, 10140 Tallinn) is a holding company. Its activities are limited to holding the shares of AS Starman. Moontech will be dissolved as a result of the merger and its shares will be replaced by the shares of AS Starman on the conditions set forth in the merger agreement. Current shareholders of Moontech will, as a result of the merger, receive the following holdings in AS Starman: OÜ Com Holding shall receive 2,733,417 shares, OÜ Polaris Invest shall receive 1,480,275 shares and Xalto CDO II B.V. shall receive 8,839,878 shares of AS Starman. No additional payments will be made in the course of the merger. Economic and legal justification of the merger and the reasons for the choice of the manner of the merger are stipulated in the merger report appended to this notice. The merger is a transaction with a related person in the meaning of Nasdaq OMX Tallinn rules. The companies controlled by the member of the management board of AS Starman Peeter Kern (OÜ Com Holding) and the member of the supervisory board of AS Starman Indrek Kuivallik (OÜ Polaris Invest), currently the shareholders of Moontech, will, as a result of the merger, acquire direct holdings in AS Starman. Moontech was incorporated and registered in the Estonian Commercial Register as at 28 September 2007 and therefore it is impossible to indicate the latter's financial data for the last three financial years; nor is it possible to provide audited annual reports of Moontech for the last three financial years. As at 31 December 2008, Moontech had no turnover as it is merely a holding company with no economic activity of its own. The current share capital of Moontech is 999 990 EEK. The shareholders of Moontech are Xalto CDO II B.V. (66,72%), OÜ Com Holding (21,59%) and OÜ Polaris Invest (11,69%). There are no court or arbitration proceedings involving Moontech, which may have a significant effect on the business activity of Moontech or the merged entity. There has been one transaction executed between Moontech and AS Starman. Namely, on 23 December 2008, Moontech and AS Starman executed a loan agreement according to which Moontech provided AS Starman a loan in the total amount of 1.8 million euros with the interest rate of 8.5% per annum. The final repayment date of the loan provided under the loan agreement described above is 3 (three) years as from the date of transfer of the loan amount to AS Starman. The members of the supervisory board of Moontech are: Krisztina Havas (born 10.05.1964), Tamas Szalai (born 15.06.1967) and John Frederick Martin (born 24.02.1953). The sole member of the management board of Moontech is Ursula Laido (personal ID code 48209260331). On 5 March 2009, the Board of Nasdaq OMX Tallinn AS resolved to exempt AS Starman from the obligation to publish the merger prospectus, since there is reason to believe that the merger will not have a significant effect on the price of the listed shares of AS Starman. Henri Treude Marketing Director AS Starman E-mail: henri.treude@starman.ee Tel: 6779 977