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NewStar Financial Announces Closing of Initial Public Offering and Underwriters' Exercise of Option to Purchase Additional Shares

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(Boston, MA - - December 19, 2006) – NewStar Financial Inc.(NASDAQ: NEWS), a commercial finance company, announced today the completion of its initial public offering of 12,000,000 shares of its common stock priced at $17.00 per share. NewStar sold all of the shares in the offering. NewStar also announced today that the underwriters of its initial public offering exercised in full their option to purchase an additional 1,800,000 shares of common stock from NewStar. The sale of the additional 1,800,000 shares was completed today as well.

Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated were joint bookrunning managers on the transaction. Citigroup Global Markets Inc. and Wachovia Capital Markets, LLC were joint lead managers.

A copy of the final prospectus related to this offering may be obtained from Morgan Stanley & Co. Incorporated, Attn: Prospectus Delivery Department at 1585 Broadway, New York, NY 10036, by telephone at (212) 761-6775, or by email at; or from Goldman, Sachs & Co., Attn: Prospectus Dept. at 85 Broad St., New York, NY 10004, by fax at (212) 902-9316 or by email at

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

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 dedicated 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

Annie Donnelly

(860) 416-1365

Patrick Kinney

(860) 989-9549

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