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Cowen Announces Closing of Underwriters’ Exercise of Over-Allotment Option to Purchase an Additional $18.0 Million of 7.35% Senior Notes Due 2027

NEW YORK–(BUSINESS WIRE)–Dec. 14, 2017–
Cowen Inc. (NASDAQ:COWN) (the “Company”) announced today the
underwriters for the recently completed public offering of the Company’s
7.35% senior notes due 2027 (the “2027 Notes”) exercised in full their
option to purchase an additional $18.0 million principal amount of the
2027 Notes on December 11, 2017. The sale of these additional 2027 Notes
closed today, which increases the total principal amount of the 2027
Notes sold by the Company in this offering to $138.0 million.

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 www.sec.gov.
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 www.cowen.com.

Source: Cowen Inc.

Investor Relations:
Cowen
Stephen Lasota, Chief
Financial Officer, 212-845-7919
or
Nancy Wu, 646-562-1259
or
Media:
Cowen
Lynda
Caravello, 646-562-1676
lynda.caravello@cowen.com
or
Gagnier
Communications
Dan Gagnier, 646-569-5897
dg@gagnierfc.com