Timothy Lufkin Joins Cowen’s Industrials Investment Banking Group

NEW YORK, May 11, 2011 (BUSINESS WIRE) —

Cowen Group, Inc. (“Cowen”) (NASDAQ: COWN) announced today that Timothy
Lufkin has joined the firm as Managing Director in the Industrials
Investment Banking group. Mr. Lufkin will be based in New York and will
report to Jeff Porphy, Cowen’s Head of Industrials and Financial
Sponsors.

“We are pleased to welcome Tim to Cowen. He brings almost 20 years of
experience and a proven track record in M&A advisory and investment
banking execution,” commented Jeffrey Solomon, Cowen’s Chief Operating
Officer and Head of Investment Banking. “I expect that seasoned hires
like Tim will add to the momentum we’ve generated in investment banking
over the past few quarters.”

Mr. Lufkin was most recently at FBR Capital Markets where he was a
Managing Director responsible for initiating new business development
focusing on both buyside and sellside M&A and public and private
capital. Prior to FBR, Mr. Lufkin helped build Legacy Partners Group
LLC, a boutique M&A and capital raising firm, which was sold to FBR
Capital Markets in 2007. Before that, Mr. Lufkin spent over ten years at
Donaldson, Lufkin and Jenrette where he held a variety of positions. Mr.
Lufkin holds a Bachelor of Science from the University of Alabama.

About Cowen Group, Inc.

Cowen Group, Inc. is a diversified financial services firm and, together
with its consolidated subsidiaries, provides alternative investment
management, investment banking, research, and sales and trading services
through its two business segments: Ramius and its affiliates makes up
the Company’s alternative investment management segment, while Cowen and
Company is its broker-dealer segment. Its alternative investment
management products, solutions and services include hedge funds,
replication products, managed futures funds, fund of funds, real estate,
health care royalty funds and cash management services. Cowen and
Company offers industry focused investment banking for growth-oriented
companies, domain knowledge-driven research and a sales and trading
platform for institutional investors. Founded in 1918, the firm is
headquartered in New York and has offices located in major financial
centers around the world.

SOURCE: Cowen Group, Inc.

Cowen Group, Inc.
Peter Poillon, 646-562-1983
Head of Investor Relations/Corporate Communications