First Eagle Private Credit (NEWS) SC 13E3 Going private transaction

Exhibit (c)(11)

DRAFT Project Osprey DISCUSSION MATERIALS FOR THE    BOARD OF DIRECTORS OCTOBER 16, 2017 CONFIDENTIAL Preliminary—Subject to Further Review

Table of Contents Page 1. Transaction Background 3 2. Public Market Observations 7 3. Financial Analyses 11 4. Contingent Value Right 17 5. Appendix 23 Historical and Projected Financial Information 24 6. Disclaimer 28 2

Page 1. Transaction Background 3 2. Public Market Observations 7 3. Financial Analyses 11 4. Contingent Value Right 17 5. Appendix 23 6. Disclaimer 28

Preliminary Draft (10/16/17) Summary of Selected Transaction Terms Form of Transaction Merger Asset Sale followed immediately by Merger Parties to the Merger Asset Sale NewStar Financial, Inc. (“NewStar” or the “Company“) Parties to Asset Sale FE Holdco, LLC (“Buyer”) The Company FE Merger Sub, Inc. (“Merger Sub”) GSO Diamond Portfolio Holdco LLC (“Asset Buyer”) First Eagle Holdings, Inc. (“Parent”) Asset Sale Consideration Merger Consideration: $2.4 billion in cash [1] Each shareholder will have the right to receive for each share of common stock (i) $11.44 in cash (the “Closing Per Share Cash Consideration”) and (ii) one contingent value right entitling the holder to receive certain cash payments following the receipt by the Company of certain tax refunds related to the Transaction (“Contingent Value Right” and together with the Closing Per Share Cash Consideration, the “Merger Consideration”) 1. Subject to certain adjustments per the Asset Purchase Agreement. Note: This summary is intended only as an overview of selected terms and is not intended to cover all terms or details of the Transaction. Source: Draft dated October 15, 2017 of the Agreement and Plan of Merger, to be entered into by and among NewStar, First Eagle Holdings, Inc., FE Holdco, LLC, and FE Merger Sub, Inc., the most recent draft of the merger agreement provided to us. Draft dated October 15, 2017 of the Asset Purchase Agreement to be entered into by and between Asset Buyer and the Company. 4

Preliminary Draft (10/16/17) Implied Illustrative Premiums to Historical Stock Trading Prices The chart below illustrates the premium implied by the Merger Consideration to the Company’s stock price. Merger Consideration of $12.32 per share [1] represents an 11.0% premium over the share price on 8/1/17, prior to NewStar’s Q2 2017 earnings call, as well as a range of premiums of 3.3% to 23.8% based on the VWAPs of the Company’s common stock over the periods set forth in the chart below. Illustrative Merger Consideration (dollars and shares in millions, except per share values) Merger Consideration Closing Per Share Cash Consideration $11.44 Illustrative Contingent Value Right per Share [1] $0.88 Illustrative Merger Consideration $12.32 Premium of Illustrative Merger Consideration (dollars per share) 50.0% 47.4%Pre-Q2 As of 10/13/17 45.0% Earnings Announcement 40.0% ($11.10) 35.0% 30.0% 23.8% 25.0% 20.0% 17.7% 15.0% 11.0% 10.6% 8.7% 10.0% 3.3% 2.8% 3.5% 5.0% 0.4% 0.0% Share Price1-Day5-Day10-Day30-Day60-Day180-Day1-Year52-Week52-Week as of VWAP VWAP VWAP VWAP VWAP VWAP VWAP High Low 8/1/17 ($11.93) ($11.99) ($11.91) ($11.33) ($11.14) ($10.47) ($9.95) ($12.27) ($8.36) ($11.10) 1. For illustrative purpose, based on the midpoint of the implied Contingent Value Right reference range. Refer to the “Contingent Value Right” section for further details. VWAP refers to Volume Weighted Average Price. Source: Bloomberg as of 10/13/17, Company management. 5

Preliminary Draft (10/16/17) Transaction Value Overview (dollars and shares in millions, except per share values) Illustrative Merger Implied Total Equity Value Closing Per Share Cash Consideration $11.44 Shares Outstanding [1] 41.5 Total Closing Cash Consideration $474.8 Illustrative Contingent Value Right per Share [2] $0.88 Contingent Value Rights Outstanding [1] [3] 41.5 Total Contingent Value Rights $36.5 Illustrative Implied Total Equity Value $511.3 Corresponding Implied Illustrative Implied Transaction Multiples Base Amount Multiples Net Income LTM (6/30/17) [4] $27.1 18.9x NFY (12/31/17) [5] $17.3 29.6x NFY+1 (12/31/18) [5] $27.9 18.4x Book Value [6] 6/30/17 $643.2 0.79x Adjusted Book Value [6] [7] 6/30/17 $592.9 0.86x 1. Based on 41.5 million outstanding shares as of as of October 16, 2017, per Company management, which includes 0.8 million restricted shares; and 24,436 options as of October 16, 2017, calculated per treasury method. 2. For illustrative purposes, represents the midpoint of the implied Contingent Value Right reference range. Refer to the “Contingent Value Right” section for further details. 3. Excludes Contingent Value Rights attributable to option holders in excess of net shares per treasury method. 4. Adjusted to exclude certainone-time gains and expenses, per Company management. Adjustmentstax-affected at Company’s reported tax rate in each quarter. 5. Source: Bloomberg estimates. 6. Source: Company management. 7. Adjusted Book Value is Book Value, adjusted to exclude portion of 8.25% Subordinated Notes recorded in equity due to issuance of warrants in connection with the 8.25% Subordinated Notes. LTM refers to Latest 12 Months. NFY refers to the next fiscal year for which financial information has been made public. NFY+1 refers to the fiscal year following NFY. Source: Draft dated October 15, 2017 of the Agreement and Plan of Merger, to be entered into by and among NewStar, First Eagle Holdings, Inc., FE Holdco, LLC, and FE Merger Sub, Inc., the most recent draft of the merger agreement provided to us; Company management; Bloomberg. 6

Page 1. Transaction Background 3 2. Public Market Observations 7 3. Financial Analyses 11 4. Contingent Value Right 17 5. Appendix 23 6. Disclaimer 28

Preliminary Draft (10/16/17) Trading Summary Public Market Summary (Shares outstanding and dollars in millions, except per share values and where otherwise noted) Public Market Value of Equity Derivation(Pre-Transaction) Price Per Share Closing Stock Price October 13, 2017 $11.9010-Day VWAP [7] $11.91 Common Shares Outstanding [1] 41.630-Day VWAP [7] $11.33 Dilutive Shares [2] 0.060-Day VWAP [7] $11.14 Fully Diluted Shares 41.6180-Day VWAP [7] $10.47 Market Value of Equity $495.552-Week High [8] $12.2752-Week Low [8] $8.36 Implied Multiples Other Market Information Equity Market Value / Net Income90-Day Average Daily Trading Volume (in thousands) [8] 56.5 LTM (6/30/17) [3] [4] 18.3x Dividend Yield [8] 0.7% NFY (12/31/17) [5] 28.6x NFY+1 (12/31/18) [5] 17.8x Number of Analysts Covering the Company [7] 2 Equity Market Value / Book Value [3] Total Public Float [8] 23.5 6/30/17 0.77x % of Total Shares Outstanding 56.6% Equity Market Value / Adjusted Book Value [3] [6] 6/30/17 0.84x Note: Data based on publicly available information that differs from transaction-specific information. 1. Per the Company’s Form10-Q for the period ended 6/30/17. 2. Dilutive Shares reflect dilutive impact ofin-the-money outstanding options for the three month period ended 6/30/17. 3. Per public filings. 4. Adjusted to exclude certainone-time gains and expenses, per Company management. Adjustmentstax-affected at Company’s reported tax rate in each quarter. 5. Reflects consensus analysts’ estimates per Bloomberg. 6. Adjusted Book Value is Book Value, adjusted to exclude portion of 8.25% Subordinated Notes recorded in equity due to issuance of warrants in connection with the 8.25% Subordinated Notes. 7. Per Bloomberg. 8. Per Capital IQ. LTM refers to Latest 12 Months. NFY refers to the next fiscal year for which financial information has been made public. NFY+1 refers to the fiscal year following NFY. VWAP refers to Volume Weighted Average Price. Sources: Public filings, Capital IQ and Bloomberg. 8

Preliminary Draft (10/16/17) Summary Management Projections vs. Analyst Projections Net Income [1] (dollars in millions) $40.0 $32.2 $29.0 $31.1 $30.0 $27.9 $20.0 $17.3 $16.2 $10.0 $0.0 2017 2018 2019 Management Wall Street Earnings Per Share [1] Price Per Share $1.00 $0.83 $0.80 $0.73 $0.75 $0.69 $0.50 $0.39 $0.43 $0.25 $0.00 2017 2018 2019 Management Wall Street 1. Analyst estimates based on two analysts for 2017 and 2018 and one analyst in 2019. Source: Management projections per Company management. Analyst estimates per Bloomberg. 9

Preliminary Draft (10/16/17) Return on Equity Observations 2017E Return on Equity 13.5% 13.2% Median: 10.8% 11.1% 10.8% 7.6% 5.6% 3.9% 2.8% NewStar Financial Chesswood GATX Marlin Element Fleet PacWest CIT Group ECN 2018E Return on Equity 14.0% 13.9% Median: 10.9% 11.9% 10.9% 8.5% 6.6% 4.4% 4.5% NewStar Financial Chesswood GATX Marlin Element Fleet PacWest CIT Group ECN E refers to Estimated. Source: Bloomberg. 10

Page 1. Transaction Background 3 2. Public Market Observations 7 3. Financial Analyses 11 4. Contingent Value Right 17 5. Appendix 23 6. Disclaimer 28

Preliminary Draft (10/16/17) Preliminary Financial Analyses Summary $11.44 Plus Implied CVR Reference Range $12.21 [1] $12.43 [1] Preliminary 13.0x—16.0x Terminal Multiple: 2020E Earnings Per Share Discounted Cash 11.0%—13.0% Discount Rate $9.58 $12.44 Flow Analysis LTM (6/30/17) Adj. Earnings $8.50 $10.45 13.0x—16.0x 2017E Earnings $5.86 $7.03 15.0x—18.0x Preliminary Selected 2018E Earnings Companies Analysis $9.09 $11.18 13.0x—16.0x Book Value (6/30/17) $12.40 $14.25 0.80x—0.95x Adj. Book Value (6/30/17) $11.43 $13.35 0.80x—0.95x Note: No particular weight was attributed to any analysis. Based on 41.5 million outstanding shares as of as of October 16, 2017, per Company management, which includes 0.8 million restricted shares; dilutive impact of 110,000 options outstanding as of October 16, 2017, calculated per treasury method; and 12.0 million warrants outstanding as of October 16, 2017, calculated per treasury method. 1. Represents $11.44 Closing Per Share Cash Consideration plus Contingent Value Right implied value reference range. Refer to “Contingent Value Right” section for further details. LTM refers to Latest 12 Months. E refers to Estimated. Adj. Book Value is Book Value, adjusted to exclude portion of 8.25% Subordinated Notes recorded in equity due to issuance of warrants in connection with the 8.25% Subordinated Notes. Adj. Earnings is earnings adjusted to exclude certainone-time gains and expenses. Adjustmentstax-affected at Company’s reported tax rate in each quarter. Source: Company management, public filings. 12

Preliminary Draft (10/16/17) Preliminary Financial Analyses Summary Implied per Share Reference Range Low High Corresponding Selected Multiples Range Implied Price / Price / amounts in millions, except per share amounts Base Amount Low High Reference Range Share [1] Share [1] I. Preliminary Discounted Cash Flow Analysis $9.58—$12.44 II. Preliminary Selected Companies Analysis LTM Adjusted Earnings (6/30/17) $27.1 13.0x—16.0x $352.4—$433.8 $8.50—$10.45 2017E Earnings $16.2 15.0x—18.0x $243.0—$291.6 $5.86—$7.03 2018E Earnings $29.0 13.0x—16.0x $377.0—$464.0 $9.09—$11.18 Book Value (6/30/17) $643.2 0.80x—0.95x $514.6—$611.1 $12.40—$14.25 Adjusted Book Value (6/30/17) [2] $592.9 0.80x—0.95x $474.3—$563.3 $11.43—$13.35 We did not rely upon a review of the publicly available financial terms of other transactions because we did not identify a sufficient number of relevant transactions in which we deemed the acquired companies to be sufficiently similar to the Company. 1. Based on 41.5 million outstanding shares as of as of September 30, 2017, per Company management, which includes 0.8 million restricted shares; dilutive impact of 110,000 options outstanding as of October 16, 2017, calculated per treasury method; and 12.0 million warrants outstanding as of October 16, 2017, calculated per treasury method. 2. Adjusted Book Value is Book Value, adjusted to exclude portion of 8.25% Subordinated Notes recorded in equity due to issuance of warrants in connection with the 8.25% Subordinated Notes. Source: Company management. 13

Preliminary Draft (10/16/17) Selected Company Historical and Projected Financial Data (dollars in millions) Fiscal Year Ended December 31, LTM Ended Fiscal Year Ending December 31, 2015 2016 6/30/2017 2017E 2018E 2019E 2020E Interest Income $201.8 $250.7 $241.4 $228.0 $238.1 $208.9 $179.2 Interest Expense (121.0) (161.3) (166.4) (168.6) (170.8) (149.2) (107.2) Provision for Credit Losses (18.4) (27.5) (15.1) (13.1) (8.7) (4.3) (7.6) Net Interest Income after Credit Losses $62.4 $61.9 $59.9 $46.2 $58.6 $55.5 $64.4Non-Interest Income 18.4 54.3 42.1 27.1 39.6 47.4 56.1 Total Revenue $99.2 $143.7 $117.0 $86.5 $107.0 $107.1 $128.1 Total Net Revenue $80.8 $116.2 $102.0 $73.3 $98.3 $102.8 $120.4 Salary and Benefits (36.6) (44.9) (39.9) (31.7) (32.7) (33.7) (34.9) Other Operating Expenses (15.4) (22.5) (19.6) (14.1) (16.5) (16.4) (16.5) Earnings before Tax $28.1 $48.7 $42.5 $27.6 $49.1 $52.7 $69.0 Tax Expense (12.0) (20.4) (18.0) (11.4) (20.1) (21.6) (28.3) Net Income $16.1 $28.3 $24.5 $16.2 $29.0 $31.1 $40.7 Adjusted Net Income [1] $27.1 Book Value $659.5 $647.5 $643.2 $651.4 $630.3 $661.5 $702.2 Adjusted Book Value [2] $599.5 $593.8 $592.9 $606.0 $591.5 $639.9 $680.6 Diluted Earnings Per Share $0.34 $0.62 $0.58 $0.39 $0.73 $0.83 $1.07 Dividends Per Share $0.00 $0.00 $0.04 $0.08 $0.08 $0.08 $0.08 Book Value per Share $14.46 $15.12 $15.40 $15.68 $16.94 $17.65 $18.62 Adjusted Book Value per Share [2] $13.15 $13.87 $14.20 $14.59 $15.89 $17.08 $18.05 1. Adjusted to exclude certainone-time gains and expenses, per Company management. Adjustmentstax-affected at Company’s reported tax rate in each quarter. Refer to the Appendix for further details. 2. Adjusted Book Value is Book Value, adjusted to exclude portion of 8.25% Subordinated Notes recorded in equity due to issuance of warrants in connection with the 8.25% Subordinated Notes. E refers to Estimated. LTM refers to Latest 12 Months. Source: Company management. 14

Preliminary Draft (10/16/17) Preliminary Discounted Cash Flow Analysis Summary Projected Financial Data Q4 17 2018 2019 2020 Terminal Discount Period 0.25 0.75 1.75 2.75 3.25 Net Income $6.0 $29.0 $31.1 $40.7 $40.7 Average Diluted Shares 41.5 39.6 37.4 38.0 38.0 Diluted Earnings Per Share $0.14 $0.73 $0.83 $1.07 $1.07 Dividends $3.2 $3.0 $3.0 $36.6 Dividends per Share $0.02 $0.08 $0.08 $0.08 $0.96 Implied Payout Ratio 13.8% 11.0% 9.6% 7.4% 90.0% Book Value per Share (Basic) $15.68 Adj. Book Value per Share (Basic) $14.59 Discount Rate (Cost of Equity) 11.0% 12.0% 13.0% Terminal Price / Earnings Per Share 13.0x 14.0x 15.0x 16.0x 13.0x 14.0x 15.0x 16.0x 13.0x 14.0x 15.0x 16.0x Present Value of: Dividends (Q417—2020) $0.22 $0.22 $0.22 $0.22 $0.22 $0.22 $0.22 $0.22 $0.21 $0.21 $0.21 $0.21 Terminal Value (2020) $9.93 $10.69 $11.46 $12.22 $9.64 $10.38 $11.13 $11.87 $9.37 $10.09 $10.81 $11.53 Total DCF Value (price per share) $10.15 $10.91 $11.67 $12.44 $9.86 $10.60 $11.34 $12.08 $9.58 $10.30 $11.02 $11.74 Implied Multiples of DCF Value Price / Adj. LTM Earnings (6/30/17) 14.5x 15.6x 16.8x 17.9x 14.1x 15.2x 16.3x 17.4x 13.7x 14.8x 15.8x 16.9x Price / 2017E Earnings 26.3x 28.3x 30.3x 32.3x 25.6x 27.5x 29.4x 31.3x 24.9x 26.7x 28.6x 30.5x Price / 2018E Earnings 13.9x 14.9x 15.9x 17.0x 13.5x 14.5x 15.5x 16.5x 13.1x 14.1x 15.1x 16.0xPrice-to-Book (12/31/17) 0.6x 0.7x 0.7x 0.8x 0.6x 0.7x 0.7x 0.8x 0.6x 0.7x 0.7x 0.7xPrice-to-Adj. Book (12/31/17) 0.7x 0.7x 0.8x 0.9x 0.7x 0.7x 0.8x 0.8x 0.7x 0.7x 0.8x 0.8x Terminal Value Analysis ImpliedPrice-to-Book (12/31/20) 0.7x 0.8x 0.9x 0.9x 0.7x 0.8x 0.9x 0.9x 0.7x 0.8x 0.9x 0.9x ImpliedPrice-to-Adj. Book (12/31/20) 0.8x 0.8x 0.9x 1.0x 0.8x 0.8x 0.9x 1.0x 0.8x 0.8x 0.9x 1.0x Implied Perpetual Growth Rate [1] 3.8% 4.3% 4.7% 5.1% 4.7% 5.2% 5.7% 6.0% 5.7% 6.2% 6.6% 7.0% % of Value in Terminal Value 97.8% 98.0% 98.1% 98.2% 97.8% 98.0% 98.1% 98.2% 97.8% 97.9% 98.1% 98.2% Terminal Price / Earnings Per Share 13.0x 14.0x 15.0x 16.0x 13.0% $9.58 $10.30 $11.02 $11.74 Discount 12.0% $9.86 $10.60 $11.34 $12.08 Rate 11.0% $10.15 $10.91 $11.67 $12.44 Note: Present value as of 10/13/2017. 1. Implied perpetual growth rate calculated based on 90% payout ratio in terminal period. Adj. Book Value is Book Value, adjusted to exclude portion of 8.25% Subordinated Notes recorded in equity due to issuance of warrants in connection with the 8.25% Subordinated Notes. DCF refers to discounted cash flow analysis. E refers to Estimated. LTM refers to Latest 12 Months. Q4 17 refers to the fourth fiscal quarter of 2017. Source: Company management. 15

Preliminary Draft (10/16/17) Preliminary Selected Companies Analysis (dollars in millions, except per share values) Equity Market Value [1, 2] to Share Equity Market Adjusted Net Income Book Selected Company Price [1] Value [1,2] LTM FY 2017E FY 2018E Value [3] Chesswood Group Limited $9.68 $165.5 12.2x # 10.8x # 8.8x # 1.45x ## CIT Group Inc. $49.20 6,734.4 13.8x # 17.0x # 14.5x # 0.96x ## ECN Capital Corp. $3.22 1,281.1 25.1x # 23.4x # 17.9x # 0.88x ## Element Fleet Management Corp. $7.44 2,900.7 11.6x # 11.2x # 10.7x # 1.10x ## GATX Corporation $63.35 2,483.3 10.3x # 13.6x # 15.5x # 1.72x ## Marlin Business Services Corp. $29.70 372.2 20.9x # 20.4x # 14.9x # 2.27x ## PacWest Bancorp $47.96 5,757.5 16.4x # 16.4x # 13.4x # 1.26x ## Low 10.3x 10.8x 8.8x 0.88x High 25.1x 23.4x 17.9x 2.27x Median 13.8x 16.4x 14.5x 1.26x Mean 15.8x 16.1x 13.7x 1.38x Note: No company used in this analysis for comparative purposes is identical to the Company. 1. Based on closing prices as of 10/13/17. 2. Based on reported fully-diluted shares. 3. Calculated as shareholder’s equity. Adjusted Net Income refers to earnings, adjusted for certainnon-recurring items. E refers to Estimated. FY refers to Fiscal Year. LTM refers to the most recently completed12-month period for which financial information has been made public. Sources: Bloomberg, Capital IQ, and public filings. 16

Page 1. Transaction Background 3 2. Public Market Observations 7 3. Financial Analyses 11 4. Contingent Value Right 17 5. Appendix 23 6. Disclaimer 28

Contingent Value Right—Preliminary Financial Preliminary Draft (10/16/17) Analysis Summary Preliminary Implied Contingent Value Right Reference Range (in millions, except per share values) Low High Preliminary Implied Total Contingent Value Right Reference Range $32.1 A—$41.1 B Preliminary Diluted Shares Outstanding for Contingent Value Rights [1] 41.6—41.6 Preliminary Implied Per Share Contingent Value Right Reference Range $0.77—$0.99 Preliminary Illustrative Midpoint $0.88 On October 16, 2017, Company management provided Houlihan Lokey with revised assumptions regarding the timing of the amounts to be paid pursuant to the Contingent Value Rights to be issued pursuant to the contemplated transaction prepared by Company management with input from its tax advisors. As a result of the revised assumptions, the preliminary implied per share contingent value right reference range did not change on a per share basis. 1. Based on 41.5 million outstanding shares as of as of October 16, 2017, per Company management, which includes 0.8 million restricted shares; and 110,000 options outstanding as of October 16, 2017. Sources: Company management; Draft dated October 15, 2017 of the Agreement and Plan of Merger, to be entered into by and among NewStar, First Eagle Holdings, Inc., FE Holdco, LLC, and FE Merger Sub, Inc., the most recent draft of the merger agreement provided to us. 18

Contingent Value Right—Preliminary Anticipated Preliminary Draft (10/16/17) Timing of Distributions (Per Company Management) 2017 Merger Closing Per Company Management (dollars in millions) Plan to Expected Anticipated Shareholder File Funding Refund Distributions Claim 2016 Overpayment N/A N/A $0.0 $0.0 File 2017 Quick Refund 1/1/18 2/15/18 5.6 1.7 File Final 2017 Federal Tax Return 8/31/18 NM File 2015 NOL Carryback Claim 9/1/18 10/16/18 7.7 2.3 File 2016 NOL Carryback Claim 9/1/18 10/16/18 25.5 7.7 File NOL State Carryback Claim 9/1/18 10/16/18 0.7 0.2 Per Company Management File Final 2017 State Tax Return 9/15/18 12/31/18 2.1 0.6 Total $41.6 $12.5 Expected completion of review: 2/29/20 70% Portion Paid Upon JCT Review 29.1 Earliest completion of review: 5/31/19 $41.6 Latest completion of review: 8/31/21 Total Distribution 2018 Merger Closing Per Company Management (dollars in millions) Plan to Expected Anticipated Shareholder File Funding Refund Distributions File 2016 NOL Carryback Claim 9/1/18 10/16/18 $25.5 $7.7 File 2017 NOL Carryback Claim 9/1/18 10/16/18 8.5 2.5 File 2016 NOL State Carryback Claim 9/1/18 10/16/18 0.6 0.2 Per Company Management File Final 2017 State Tax Return 9/15/18 12/31/18 2.1 0.6 Total $36.6 $11.0 Expected completion of review: 2/29/20 70% Portion Paid Upon JCT Review 25.6 Earliest completion of review: 5/31/19 Latest completion of review: 8/31/21 Total Distribution $36.6 NM refers to Not Meaningful. 19 Source: Company management.

Preliminary Draft (10/16/17) Preliminary Contingent Value Rights Analysis Per Company management, the estimated loss resulting from the Asset Sale is approximately $205 million. The taxable income generated in 2015, 2016 and YTD 2017 was approximately $105 million in the aggregate. As such, the loss is anticipated by management to be approximately twice the amount required to generate the projected refund. Further, we note, any tax refund not paid to the Contingent Value Rights holders, due to certain payment restrictions under the Merger Agreement, will be put into an escrow account and invested with the interest or earnings on such funds accruing to the benefit of the Contingent Value Rights holders. As such, in the analysis below, we have only discounted the funds from the date hereof until the date the funds are projected to be received by the Company (refer to the previous page for expected funding dates). For purposes of our analyses, we assume the interest accrued on the funds in escrow thereafter is equal to the applicable discount rate. 2017 Merger Closing 2018 Merger Closing (dollars in millions) (dollars in millions) Key Assumption: Key Assumption: Loss incurred during 2017 Loss incurred during Q1 2018 Carryback Tax Refunds Carryback Tax Refunds 2015 Federal taxes paid $ 7.7 2016 Federal taxes paid $ 25.5 2016 Federal taxes paid 25.5 2017 Federal taxes paid 8.5 State Carrybacks 0.7 State Carrybacks 2.6 Subtotal: Carryback Claims $ 33.9 Total Tax Refund $ 36.6 Refund 2016 Federal Overpayment 3.9 Present Value Discount [1] $ (0.5) Refund 2016 State Overpayment 2.0 Present Value of Tax Refund $ 36.1 Subtotal $ 5.9 Refund on 2017 Taxes Paid $ 1.8 Total Tax Refund $ 41.6 Present Value Discount [1] $ (0.5) Present Value of Tax Refund $ 41.1 B 1. Represents the present value of the total tax refund, assuming a discount rate of interpolated US treasury rates, for time period from valuation date through expected funding date. As of 10/13/2017. Source: Company management. 20

Contingent Value Right—Preliminary Preliminary Draft (10/16/17) Discounted Cash Flow Analysis (2017 Merger Closing) We have analyzed the Contingent Value Right using a discounted cash flow analysis with the following assumptions: We have applied a discount rate based on the interpolated US Treasury rates for the 30% of the refund which is distributed to Contingent Value Right holders immediately upon receipt. We have applied a discount rate of 5% to the remaining 70%, which is subject to approval to the Joint Committee on Taxation and the expiration of the statute of limitations, given the increased risk of receipt of these payments. The discount rate of 5% is based on the yield on the Company’s $380 million senior unsecured notes. Expected Refund Funding Dates (per Company Management) 2/15/18 10/16/18 12/31/18 5/31/19 2/29/20 8/31/21 Discount Period 0.34 1.01 1.22 1.63 2.38 3.88 Discount Rate [1] 1.15% 1.39% 1.42% 5.00% 5.00% 5.00% Portion of Distributions Paid Upon Receipt of Refund 2017 Quick Refund $1.7 2015 NOL Carryback $2.3 2016 NOL Carryback $7.7 State NOL Carryback $0.2 Final 2017 State Tax Return $0.6 Total $1.7 $10.2 $0.6 Total Present Value Implied Present Value of Cash Flows—Prior to JCT Review $12.3 $1.7 $10.0 $0.6 Portion of Distributions Paid Upon JCT Review & Approval Most Likely Scenario (2/29/20) [2] $25.9 $29.1 Earliest Scenario (5/31/19) $26.9 $29.1 Latest Scenario (8/31/21) $24.1 $29.1 Summary of Present Values Most Likely Scenario (2/29/20) $38.3 Earliest Scenario (5/31/19) $39.2 Latest Scenario (8/31/21) $36.4 Note: Does not include potential interest or earnings which could be accrued to the benefit of the Contingent Value Rights holders. 1. Discount rates for 30% of funds distributed immediately upon receipt calculated based on interpolated US treasury rates for time period from valuation date through receipt of cash flow. As of 10/13/2017. Discount rate for remaining cash flows based on approximate yield on Company’s $380 million senior unsecured notes, per Bloomberg. 2. Most likely scenario per Company management. 21 Source: Company management.

Contingent Value Right—Preliminary Preliminary Draft (10/16/17) Discounted Cash Flow Analysis (2018 Merger Closing) Expected Refund Funding Dates (per Company Management) 10/16/18 12/31/18 5/31/19 2/29/20 8/31/21 Discount Period 1.01 1.22 1.63 2.38 3.88 Discount Rate [1] 1.39% 1.42% 5.00% 5.00% 5.00% Portion of Distributions Paid Upon Receipt of Refund 2016 NOL Carryback $7.7 2017 NOL Carryback $2.5 2016 State NOL Carryback $0.2 2017 State NOL Carryback $0.6 Total $10.4 $0.6 Total Present Value Implied Present Value of Cash Flows—Prior to JCT Review $10.8 $10.2 $0.6 Portion of Distributions Paid Upon JCT Review & Approval Most Likely Scenario [2] (2/29/20) $22.8 $25.6 Earliest Scenario (5/31/19) $23.7 $25.6 Latest Scenario (8/31/21) $21.2 $25.6 Summary of Present Values Most Likely Scenario (2/29/20) $33.7 Earliest Scenario (5/31/19) $34.5 Latest Scenario (8/31/21) $32.1 A Note: Does not include potential interest or earnings which could be accrued to the benefit of the Contingent Value Rights holders. 1. Discount rates for 30% of funds distributed immediately upon receipt calculated based on interpolated US treasury rates for time period from valuation date through receipt of cash flow. As of 10/13/2017. Discount rate for remaining cash flows based on approximate yield on Company’s $380 million senior unsecured notes, per Bloomberg. 2. Most likely scenario per Company management. 22 Source: Company management.

Page 1. Transaction Background 3 2. Public Market Observations 7 3. Financial Analyses 11 4. Contingent Value Right 17 5. Appendix 23 Historical and Projected Financial Information 24 6. Disclaimer 28

Page 1. Transaction Background 3 2. Public Market Observations 7 3. Financial Analyses 11 4. Contingent Value Right 17 5. Appendix 23 Historical and Projected Financial Information 24 6. Disclaimer 28

Management Forecast Preliminary Draft (10/16/17) Balance Sheet Balance Sheet Historical Management Projection (in millions, except per share amounts) 2015 2016 6/30/2017 2017 2018 2019 2020 Assets Unrestricted Cash(1) $35.9 $154.5 $49.7 $81.9 $24.2 $24.1 $25.2 Restricted Cash 117.3 262.6 223.3 102.9 83.5 54.5 54.5 Investments in Funds 61.1 0.0 0.0 0.0 0.0 0.0 0.0 Gross Loans 3,824.5 3,584.1 3,614.1 3,612.7 3,349.9 2,525.3 2,433.0 Less: Deferred Loan Fees (47.4) (39.6) (36.7) (43.2) (39.5) (30.4) (28.0) Less: Allowance for Loan Losses (58.7) (50.9) 4.8 (51.6) (40.4) (32.4) (28.0) Other Adjustments 4.4 9.1 (46.8) 4.3 3.8 4.1 3.9 Net Loans 3,722.7 3,502.5 3,535.4 3,522.3 3,273.9 2,466.7 2,380.9 Property & Equipment, Net 0.6 0.3 0.2 0.2 0.2 0.2 0.2 Deferred Tax Asset / NOL 33.1 40.8 36.9 38.4 35.1 26.9 22.6 Goodwill and Intangibles 18.8 18.5 NA NA NA NA NA Other Assets 32.8 48.8 82.1 92.6 90.7 88.7 86.2 Total Assets $4,041.4 $4,028.1 $3,927.7 $3,838.3 $3,507.7 $2,661.1 $2,569.5 Liabilities and Equity Bonus Payable 16.5 12.9 6.2 13.8 14.0 14.6 15.2 Warehouse Debt 940.7 509.3 483.0 553.2 481.8 559.3 601.1 Securitized Debt 1,805.1 2,215.8 2,116.8 1,986.5 2,040.5 1,235.4 1,123.2 Corporate Debt 380.0 380.0 380.0 380.0 80.0 0.0 0.0 Subordinated Notes 275.0 300.0 300.0 300.0 300.0 200.0 120.0 Debt Discount (60.7) (54.3) (50.8) (47.4) (40.5) (22.4) (10.7) Capitalized Financing Fees (40.9) (37.2) 0.0 (31.4) (27.0) (13.9) (8.4) Other Liabilities 43.6 54.1 85.4 32.2 28.5 26.7 26.9 Total Liabilities 3,422.9 3,380.6 3,284.4 3,186.9 2,877.3 1,999.6 1,867.3 Paid in Capital 570.6 527.9 515.1 514.3 467.4 470.3 473.2 Warrants 63.6 63.6 63.6 63.6 63.6 63.6 63.6 Retained Earnings / (Losses) 31.4 59.6 63.4 72.4 98.3 126.5 164.3 OCI (6.1) (3.6) 1.1 1.1 1.1 1.1 1.1 Total Equity 659.5 647.5 643.2 651.4 630.3 661.5 702.2 Total Liabilities & Equity $4,041.4 $4,028.1 $3,927.6 $3,838.3 $3,507.7 $2,661.1 $2,569.5 Total Equity $659.5 $647.5 $643.2 $651.4 $630.3 $661.5 $702.2 Unamortized Subordinate Debt Discount (52.0) (50.3) (45.4) (38.9) (21.5) (21.5) Adjusted Book Value $659.5 $595.5 $592.9 $606.0 $591.5 $639.9 $680.6 Shares Outstanding—Basic 45.6 42.8 41.8 41.5 37.2 37.5 37.7 Book Value per Share—Basic $14.46 $15.12 $15.40 $15.68 $16.94 $17.65 $18.62 Average Shares Outstanding—Diluted 47.5 46.4 42.1 42.0 39.6 37.4 38.0 1. Total liquidity (unrestricted cash + temporary warehouse paydowns) of $82 million, 73 million, 51 million, in 2017, 2018, 2019, and 2020, respectively. Source: Company management. Note: Capitalized financing fees have been reclassified as contra accounts of related debt liabilities to reflect the adoption of ASU2015-03. 25

Management Forecast Preliminary Draft (10/16/17) Income Statement Income Statement Summary Historical LTM Management Projection (in millions, except per share amounts) 2015 2016 (6/30/17) 2017 2018 2019 2020 Interest Income $201.8 $250.7 $241.4 $228.0 $238.1 $208.9 $179.2 Interest Expense 121.0 161.3 166.4 168.6 170.8 149.2 107.2 Net Interest Income 80.8 89.4 74.9 59.4 67.3 59.7 72.0 Provision for Credit Losses 18.4 27.5 15.1 13.1 8.7 4.3 7.6 Net Interest Income after Credit Losses 62.4 61.9 59.9 46.2 58.6 55.5 64.4Non-Interest Income 18.4 54.3 42.1 27.1 39.6 47.4 56.1 Total Revenue 99.2 143.7 117.0 86.5 107.0 107.1 128.1 Total Net Revenue 80.8 116.2 102.0 73.3 98.3 102.8 120.4 Operating Expenses Salary and Benefits 36.6 44.9 39.9 31.7 32.7 33.7 34.9 IDC Contra Salary—(1.6) (1.8) (1.7) (1.3) (1.4) (1.1) Occupancy 2.1 2.1 1.8 1.9 2.0 2.0 2.1 Travel & Entertainment 0.5 0.5 0.5 0.5 0.5 0.5 0.5 Professional Services 4.0 5.1 5.1 3.5 3.5 3.6 3.7 General & Administrative 8.8 16.4 14.1 10.0 11.8 11.7 11.3 Total Operating Expenses 52.7 67.4 59.5 45.8 49.1 50.2 51.4 Earnings before Tax 28.1 48.7 42.5 27.6 49.1 52.7 69.0 Tax (Expense)/Benefit (12.0) (20.4) (18.0) (11.4) (20.1) (21.6) (28.3) Net Income $16.1 $28.3 $24.5 $16.2 $29.0 $31.1 $40.7 EPS—Basic $0.35 $0.66 $0.59 $0.39 $0.78 $0.83 $1.08 EPS—Diluted $0.34 $0.62 $0.58 $0.39 $0.73 $0.83 $1.07 Dividends per share $0.00 $0.00 NA $0.08 $0.08 $0.08 $0.08 Payout Ratio 0.0% 0.0% NA 20.5% 10.3% 9.6% 7.4% Net Interest Margin 2.4% 2.2% 1.9% 1.6% 1.9% 2.0% 2.9% Efficiency Ratio (Including IDC) 53.1% 47.0% 50.8% 52.9% 45.9% 46.8% 40.2%Pre-tax Margin 28.3% 33.9% 36.3% 31.9% 45.9% 49.2% 53.9%After-tax Margin 7.3% 9.3% 20.9% 6.3% 10.4% 12.1% 17.3% Source: Company management. 26

Preliminary Draft (10/16/17) Adjusted LTM Earnings Calculation Adjusted LTM Earnings Calculation Quarter Ended (in millions, except per share amounts) 9/30/16 12/31/16 3/30/17 6/30/17 LTMPre-tax Income $14.6 $18.4 $2.4 $7.2 $42.5Non-Recurring Adjustments — — Gain on Sale of Equipment Finance Assets 0.0 (6.7) 0.0 0.0 (6.7) Severance 4.2 3.5 0.0 0.0 7.7 Transaction Expenses 1.0 2.3 0.0 0.0 3.3 Total Adjusted Pre Tax $19.8 $17.5 $2.4 $7.2 $46.9 Tax 8.1 7.7 1.0 3.0 19.7 Adjusted After Tax Income $11.7 $9.9 $1.4 $4.2 $27.1 Reported GAAP Net Income $8.6 $10.3 $1.4 $4.2 $24.5 GAAP EPS—per Diluted Share $0.19 $0.24 $0.03 $0.10 $0.59 Adjusted EPS—per Diluted Share $0.26 $0.23 $0.03 $0.10 $0.65 Weighted Average Diluted Shares 45.8 43.8 41.8 41.3 41.6 Reported Tax Rate 40.7% 43.8% 41.3% 42.3% 42.1% Source: Company management. 27

Page 1. Transaction Background 3 2. Public Market Observations 7 3. Financial Analyses 11 4. Contingent Value Right 17 5. Appendix 23 6. Disclaimer 28

Preliminary Draft (10/16/17) Disclaimer This presentation, and any supplemental information (written or oral) or other documents provided in connection therewith (collectively, the “materials”), are provided solely for the information of the Board of Directors (the “Board”) of NewStar Financial, Inc. (the “Company”) by Houlihan Lokey in connection with the Board’s consideration of a potential transaction (the “Transaction”) involving the Company. This presentation is incomplete without reference to, and should be considered in conjunction with, any supplemental information provided by and discussions with Houlihan Lokey in connection therewith. Any defined terms used herein shall have the meanings set forth herein, even if such defined terms have been given different meanings elsewhere in the materials. The materials are for discussion purposes only. 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