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Cowen and CEFC China Announce Mutual Agreement to Withdraw from Filing with the Committee on Foreign Investment in the United States (CFIUS)

NEW YORK–(BUSINESS WIRE)–Nov. 24, 2017–
Cowen Inc. (NASDAQ:COWN) (“Cowen” or the “Company”) and CEFC China
Energy Company Limited (“CEFC China”) today announced that given the
rapidly approaching end of the CFIUS review period, they mutually agree
to withdraw from the current filing with CFIUS and not to pursue the
previously announced transaction associated with the filing (“the
Transaction”) due to delays and uncertainty in securing approval from
CFIUS.

“Given how challenging the CFIUS approval process has been, both we and
CEFC China believe that it is in our best interests to withdraw at this
time,” said Peter A. Cohen, Chairman and CEO of Cowen. “Regardless,
Cowen will continue to remain committed to developing strategic
alliances for the purposes of creating shareholder value.”

As previously announced, on March 29, 2017, Cowen entered into the
Transaction with an affiliate of CEFC China, pursuant to which the
Company agreed to issue and sell to CEFC China shares representing 19.9%
of the outstanding shares of Class A Common Stock, for an aggregate
purchase price of approximately $100 million. CEFC China had also agreed
to provide Cowen with $175 million in debt financing concurrently with
the closing of the equity investment.

About Cowen Inc.

Cowen Inc. is a diversified financial services firm and, together with
its consolidated subsidiaries, provides alternative asset management,
investment banking, research, sales and trading, prime brokerage, global
clearing and commission management through its two business segments:
Cowen Investment Management and its affiliates make up the Company’s
alternative investment segment, while Cowen and Company, a member of
FINRA and SIPC, and its affiliates make up the Company’s broker-dealer
segment. Cowen Investment Management provides alternative asset
management solutions to a global client base and manages a significant
portion of Cowen’s proprietary capital. Cowen and Company and its
affiliates offer industry focused investment banking for growth-oriented
companies, domain knowledge-driven research, a sales and trading
platform for institutional investors and a comprehensive suite of prime
brokerage services. Founded in 1918, the firm is headquartered in New
York and has offices worldwide. For additional information, visit www.cowen.com.

Source: Cowen Inc.

Cowen Inc.
Lynda Caravello, 646-562-1676
lynda.caravello@cowen.com
or
Gagnier
Communications
Dan Gagnier, 646-569-5897
dg@gagnierfc.com