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Cowen Announces Closing of Public Offering of 7.35% Senior Notes Due 2027

Cowen Inc. (NASDAQ:COWN) (the “Company”) announced today that its
previously announced public offering of $120 million of 7.35% senior
notes due 2027 (the “2027 Notes”) closed on December 8, 2017. The net
proceeds of the offering, after deducting the underwriting discount and
estimated offering expenses payable by the Company, were approximately
$115.6 million and will be used to redeem all of its 8.25% senior notes
due 2021 and for general corporate purposes.

Morgan Stanley, UBS Investment Bank and Cowen are acting as joint
book-running managers, and JMP Securities and Ladenburg Thalmann are
serving as co-managers for the offering.

This offering was made only by the prospectus supplement and the
accompanying base prospectus related to the offering of the 2027 Notes
(collectively, the “prospectus”). The 2027 Notes were issued pursuant to
an effective shelf registration statement previously filed on Form S-3
with the U.S. Securities and Exchange Commission (the “SEC”). The
preliminary prospectus and the final prospectus were filed with the SEC
and are and will be available on the SEC’s website at
Copies of the preliminary prospectus and the final prospectus may also
be obtained by contacting Morgan Stanley & Co. LLC at 180 Varick Street,
New York, New York 10014, Attn: Prospectus Department, or UBS Securities
LLC at 1285 Avenue of the Americas, New York, New York 10019, Attn:
Prospectus Department.

This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.

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

Source: Cowen Inc.

Investor Relations:
Stephen Lasota, 212-845-7919
Financial Officer
Nancy Wu, 646-562-1259
Caravello, 646-562-1676
Dan Gagnier, 646-569-5897