Cowen Adds Health Care Service Analyst to Equity Research Department

NEW YORK, Jan. 6 /PRNewswire-FirstCall/ — Cowen Group, Inc. (Nasdaq:
COWN) announced today that Christine Arnold has joined the firm as a Senior
Analyst covering managed care and health care service providers.

Ms. Arnold joins Cowen from Morgan Stanley where she covered health care
services stocks from 1999 to 2008. She was previously employed by Goldman
Sachs, where she was the lead analyst covering healthcare services. Between
2000 and 2008, she has consistently ranked as a top health care analyst in
diverse categories by organizations such as Forbes, Greenwich Associates,
NASDAQ/Starmine and Institutional Investor.

Ms. Arnold has a Bachelor of Science degree from Georgetown University.
She will be based in Colorado and report directly to Barry Tarasoff, Cowen’s
Director of Research.

“Christine’s addition to the firm will bring an experienced but fresh
perspective to the managed care and health care service providers sectors.
Her perspicacious analysis is sought by a wide range of organizations, from
the U.S. Congress to Boards of Directors. I have been particularly impressed
by her ability to anticipate emerging health care trends. We are proud to add
such a highly respected analyst to our research team,” said Mr. Tarasoff.

Cowen’s Equity Research Department has 30 senior analysts closely
following more than 375 companies. Its primary focus is on growth sectors,
where new company formation is high. Most analysts work in the Health Care,
Technology, and Consumer areas, though the firm also has significant
commitments to Media & Communications, Aerospace & Defense and Alternative
Energy.

About Cowen Group, Inc.

Cowen Group, Inc., through its operating subsidiaries, provides investment
banking, equity research, sales and trading, asset management and alternative
asset management services to companies and institutional investor clients in
the healthcare, technology, telecommunications, aerospace and defense,
consumer and alternative energy sectors. Our asset management business
includes teams based in the U.S. and the U.K. Our investment banking business
includes Cowen Latitude Asia, a boutique specializing in crossborder M&A and
capital raising transactions.

SOURCE Cowen Group, Inc.

CONTACT: Jean Calleja of Cowen Group, Inc. Communications,
+1-646-562-1888, Jean.calleja@cowen.com