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Cowen Announces Redemption of 8.25% Senior Notes Due 2021

NEW YORK–(BUSINESS WIRE)–Dec. 11, 2017–
Cowen Inc. (NASDAQ:COWN) (the “Company”) announced today that it is
redeeming the currently outstanding $63.25 million principal amount of
its 8.25% senior notes due 2021 (the “2021 Notes”) on January 8, 2018
(the “Redemption Date”), following which the 2021 Notes will be delisted
from NASDAQ. The redemption is being made pursuant to the terms of the
2021 Notes and the indenture governing the 2021 Notes. The redemption
price for the 2021 Notes will be equal to 106.188% of the principal
amount of the 2021 Notes plus accrued and unpaid interest to, but
excluding, the Redemption Date, which accrued interest will be payable
to the holders of record of the 2021 Notes as of January 1, 2018.
Interest on the 2021 Notes will cease to accrue on and after the
Redemption Date. The Company will use a portion the proceeds of its
previously announced public offering of $120 million of 7.35% senior
notes due 2027, which closed December 8, 2017, to redeem the 2021 Notes.

The Company has instructed The Bank of New York Mellon, as the trustee
for the 2021 Notes, to distribute a Notice of Redemption to all
currently registered holders of the 2021 Notes on December 8, 2017.
Copies of such Notice of Redemption and additional information relating
to the procedure for redemption of the 2021 Notes may be obtained from
The Bank of New York Mellon by calling toll-free at (800)-254-2826.

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.

This press release does not constitute a notice of redemption under the
indenture governing the 2021 Notes.

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.

Cautionary Note Regarding Forward-Looking Statements
This
press release contains forward-looking statements, including, but not
limited to, statements relating to the expected redemption of the 2021
Notes and the anticipated use of the proceeds of the offering.
Forward-looking statements provide the Company’s current expectations or
forecasts of future events. Forward-looking statements include
statements about the Company’s expectations, beliefs, plans, objectives,
intentions, assumptions and other statements that are not historical
facts. Forward-looking statements are subject to known and unknown risks
and uncertainties and are based on potentially inaccurate assumptions
that could cause actual results to differ materially from those expected
or implied by the forward-looking statements. The Company’s actual
results could differ materially from those anticipated in
forward-looking statements for many reasons, including the factors
described in the section entitled “Risk Factors” in the prospectus
relating to the offering of the Notes, the section entitled “Risk
Factors” in the Company’s Annual Report on Form 10-K, as amended, for
the year ended December 31, 2016, as updated by the Company’s Quarterly
Report on Form 10-Q for the quarterly period ended June 30, 2017, and
the section entitled “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in the Company’s Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q, as filed with the SEC. The
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q are
available at our website at www.cowen.com
and at the SEC website at www.sec.gov.
Unless required by law, the Company undertakes no obligation to publicly
update or revise any forward-looking statement to reflect circumstances
or events after the date of this press release.

Source: Cowen Inc.

Investor Relations:
Cowen
Stephen Lasota, 212-845-7919
Chief
Financial Officer
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