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NewStar Financial Supports New Financing For North American Communication Resource, Inc.

NewStar Partners with Madison Capital Funding LLC

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Boston, MA, July 20, 2005 - NewStar Financial, Inc. ("NewStar"), a Boston-based commercial finance company, announces that it has participated in a senior financing for Nautic Partners recapitalize Minneapolis based North American Communication Resource, Inc. ("NACR"). NACR is a leading national provider of enterprise telephony equipment, and is the largest "Value-Added Solution Provider" of Avaya Inc.'s products in the United States. NewStar was a partner in the financing which was led by Madison Capital Funding.

NewStar provided $15 million of the transaction. Proceeds from the financing were used to recapitalize the Company and were made alongside equity investments from Nautic Partners and NACR's management.

"The NACR financing is the latest example of NewStar's expertise within an industry providing 'value added' assistance for a company with an equally strong management team and equity investor," said NewStar's Chief Executive Officer, Tim Conway.

NewStar's deal team for the transaction included Bob Kosian, David Belanger, Robert Hornstein, and Michael Chen.

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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