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NewStar Financial is Joint Lead Arranger and Syndication Agent on $80 Million Financing for Study Island, LLC

NewStar Financial Provides Financing to Support Providence Equity Partners in their Recapitalization of Study Island, LLC

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Boston, MA, November 16, 2007 – NewStar Financial, Inc. (NASDAQ: NEWS), a Boston-based specialty finance company, announces that it served as Joint Lead Arranger and Syndication Agent in connection with $80 million in senior financing provided to support the recent recapitalization of Study Island, LLC ("Study Island"), a portfolio company of Providence Equity Partners ("Providence"). Providence is a leading global private equity firm specializing in equity investments in media, entertainment, communications and information companies around the world. The principals of Providence manage funds with approximately $21 billion in equity commitments and have invested in more than 100 companies operating in over 20 countries since the firm's inception in 1989. Providence is headquartered in Providence, RI and has offices in New York, London, Hong Kong and New Delhi. "NewStar is excited to partner once again with Providence, a leading private equity firm in the media space" said David Dobies, Co-Head of middle market originations at NewStar. "We are also pleased to be supporting Study Island. The company has established itself quickly as a market leader with a strong product set and an excellent management team. We look forward to growing with the company as it executes on its growth strategy." Study Island is a leading provider of state standards based instructional materials for U.S. K-12 classrooms. Study Island provides web-based products tailored to meet each state's curriculum standards to over 10,000 schools in 36 states, serving over 4 million students. NewStar's deal team included David Dobies, Cheryl Carangelo, Scott Trefry and Chris Dias.About NewStar Financial, Inc.:

NewStar Financial (NASDAQ:NEWS) is a specialized commercial finance company focused on meeting the complex financing needs of companies and private investors in the middle markets. The Company specializes in providing senior secured debt financing for the acquisition or recapitalization of mid-sized companies and commercial real estate. NewStar originates loans directly through a team of experienced, senior bankers organized around key industry and market segments. The Company targets 'hold' positions of up to $20 million and selectively underwrites or arranges larger transactions for syndication to other lenders. NewStar is headquartered in Boston MA and has regional offices in Darien CT, Chicago IL, San Francisco CA, San Diego CA, and Charleston SC. For more detailed transaction and contact information, please
visit our website at www.newstarfin.com.




Corporate Inquiries:

NewStar Financial

Anne G. Bork

(617) 848-4318
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