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NewStar Financial Arranges Financing For Zenith Products Corporation

Supports Acquisition by CharlesBank Capital Partners

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Boston, MA, November 1, 2005 - NewStar Financial, Inc. ("NewStar"), a Boston-based specialty finance company, announces that it has provided a senior credit facility to support Charlesbank Capital Partners' ("Charlesbank") acquisition of Zenith Product Corporation ("Zenith" or the "Company") from Masco Corporation. Charlesbank, also based in Boston, is a leading private equity investor in the middle market.

Zenith, which was founded in 1946, has developed a full suite of bathroom-related products and is a leading manufacturer of bathroom storage and organizational products. It manufactures a variety of finishes, materials, sizes, and innovative designs that enable homeowners to make maximum use of bathroom space. Zenith's products are distributed nationally through home centers, mass merchants, and bath specialty shops.

NewStar served as Joint Lead Arranger and Administrative Agent for the senior credit facilities comprised of a revolving credit facility, a five-year term loan, and a six-year term loan. The amount and terms of the senior facilities, subordinated debt, and equity investments were not disclosed.

NewStar was assisted in the structuring and syndication of the transaction by Madison Capital Funding LLC, who was Joint Lead Arranger and Syndication Agent for the transaction. Other investors included Friedberg Milstein, Golub Capital, and GSC Partners.

"It was a pleasure to work with Charlesbank on the transaction," said Managing Director Mark Cordes of NewStar, "The financing demonstrates NewStar's ability to successfully arrange and execute on larger transactions for leading private equity firms. The facilities also exhibit the firm's ability to bring together a diverse group of financial institutions as a result of deep relationships with the leveraged finance community."

"Newstar was a true value-added partner throughout this process and very helpful in structuring the debt deal," said Jon Biotti, Vice President at Charlesbank.

Joining Cordes on NewStar's deal teal for the transaction were Rob Hornstein, Keith Cox, Michael Purcell, and Jason Andreotes.

About NewStar Financial, Inc.:

NewStar Financial, Inc. was formed in June 2004 by a group of senior banking and capital markets executives from leading financial institutions, including FleetBoston Financial, Citigroup and JP Morgan Chase, and leading institutional investors including Capital Z Partners, JP Morgan Corsair Capital Partners and Och-Ziff Capital Management Group. NewStar is focused exclusively on providing customized financing solutions to mid-sized borrowers in three lending groups: Middle Market Corporate, Commercial Real Estate, and Structured Products. For more information, please contact the appropriate individual below.

Corporate Inquiries:
NewStar Financial
Scott Poirier
(617) 848-2525

Press-Related Inquiries:
Gaffney Bennett Public Relations
Chris Riley
(860) 690-0856

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