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Cowen and CEFC China Provide Update on CFIUS Review

Cowen Inc. (NASDAQ:COWN) (“Cowen” or the “Company”) and CEFC China
Energy Company Limited
(“CEFC China”) today announced that they have
withdrawn and re-filed their joint voluntary notice to the Committee on
Foreign Investment in the United States (“CFIUS”) to permit more time
for review and discussion with CFIUS in connection with the proposed
acquisition by CEFC China of a common stock interest representing
approximately 19.9% of Cowen’s outstanding common shares for an
aggregate purchase price of approximately $100 million (“Equity
Investment”) contemplated by the Stock Purchase Agreement signed by the
parties on March 29, 2017. Pursuant to the Stock Purchase Agreement CEFC
China has also agreed to provide Cowen with $175 million in debt
financing (“Debt Financing”) concurrently with the closing of the Equity

The acceptance of the refiling of a joint voluntary notice by CFIUS will
trigger a new 30-day review period, which may be followed by an
additional 45-day investigation period.

Cowen and CEFC China are continuing to work diligently to satisfy the
closing conditions under the Stock Purchase Agreement, including CFIUS
clearance, and plan to continue to actively engage in further
discussions with CFIUS during its review. There can be no assurances,
however, that CFIUS will ultimately agree to clear the transaction.

In addition to CFIUS clearance, the closing of the proposed transaction
remains subject to the receipt of certain regulatory and government
approvals and the satisfaction of other customary closing conditions. As
a result of the refiling of the joint voluntary notice to CFIUS, the
parties are now targeting a closing of the Equity Investment and Debt
Financing by the end of the fourth quarter of 2017, subject to the
receipt of the required regulatory approvals.

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
and has offices worldwide. For additional information, visit

About CEFC China

CEFC China Energy Company Limited is one of the largest and most
internationalized private companies in China, listed as 222nd
on Fortune Global 500 with over 30,000 employees. With energy, finance
and international banking as its main business, the company has
conducted investment all over the world, promoted interactive
collaboration across different fields, established large-scale oil and
gas terminals system and invested and developed oil and gas blocks with
abundant resources in countries like Abu Dhabi and Chad. Equipped with
first class global finance and investment team, the company owns
multiple financial platforms of bank, security and asset management. The
company has a controlling stake in a European bank and invested in
various high-level European companies in the areas of airlines, tourism
and e-commerce.

Source: Cowen Inc.

Cowen Inc.
Lynda Caravello, 646-562-1676
Dan Gagnier, 646-569-5897