Cowen Announces That Peter A. Cohen Has Chosen Not to Stand for Re-Election to Cowen’s Board of Directors

Cohen Will Focus on His Own Principal Investment Opportunities

Cohen Will Remain an Advisor to the Company

Jerome S. Markowitz, Cowen’s Lead Independent Director, to Become
Chairman

NEW YORK–(BUSINESS WIRE)–May 14, 2018–
Cowen Inc. (NASDAQ: COWN) (“Cowen” or the “Company”) today announced
that Chairman Peter A. Cohen has notified the board of directors that he
will not stand for re-election at the annual meeting of shareholders
scheduled for June 26, 2018.

Mr. Cohen has served as chairman of the board since November 2009,
following the business combination of Cowen and Ramius Capital, the firm
he founded in 1994. Under Cohen, Ramius became a multi-billion dollar
alternative asset manager. Cohen also served as the Company’s CEO from
November 2009 to December 2017. Throughout this period, he navigated
Cowen through substantial change and growth, and reshaped the Company
into a more diversified financial services organization with a strong
capital position and having tremendous growth opportunities.

Mr. Cohen’s term will expire upon the conclusion of the annual meeting.
He will remain an advisor to Cowen, focus on his own portfolio and
engage in a number of activities leveraging his 50-year career on Wall
Street.

Jerome S. Markowitz, the Company’s lead independent director, will
assume the role of chairman following the shareholders’ meeting. Cowen’s
board of directors intends on nominating two additional board members,
Brett Barth, Co-founder and Managing Partner of BBR Partners, and
Lawrence E. Leibowitz, President of Crux Informatics, at the upcoming
shareholders’ meeting.

Mr. Cohen said, “I have had the privilege of working with amazing people
during my 50-year career building businesses on Wall Street. With our
CEO transition complete and Cowen’s bright future ahead, I decided to
step down from the board so that I can devote my time to investments and
opportunities that I will pursue personally. Throughout my career, I
have always been a principal investor. Now I want to focus on investing
for my family, friends and myself. I am leaving this special company
with great satisfaction knowing that it is in its best position since
the Cowen/Ramius business combination in 2009 and that Cowen is in a
position to further distinguish itself. I am proud of what we have
accomplished as a team and am confident that my long-time business
partner, Jeffrey Solomon, and our remarkable colleagues will continue to
deliver across the spectrum of client needs like never before.”

Jeffrey M. Solomon, Cowen CEO, said, “Peter has been an incredible
leader, mentor and friend to me and all of us at Cowen. Having spent his
entire professional life on Wall Street, Peter has had a significant
influence on the industry. I am fortunate to have been alongside him for
the last 28 years. His vision, steadfastness and stewardship guided
Cowen to become the great company it is today. It is an honor to carry
on the entrepreneurial spirit and positive culture instilled at Cowen by
Peter. His many contributions, not only at Cowen but across the business
community, will continue to make a positive impact for years to come. I
look forward to continuing to work with Peter on various opportunities,
including many of the private investments on Cowen’s balance sheet. On
behalf of the management team, I want to express our gratitude for his
extraordinary service and commitment to all of us at Cowen.”

Cowen Inc. (“Cowen”) intends to file a definitive proxy statement (the
“2018 Proxy Statement”) with the Securities and Exchange Commission (the
“SEC”) in connection with the solicitation of proxies for Cowen’s 2018
annual general meeting of stockholders (the “2018 Annual Meeting”).
Cowen, its directors and certain of its executive officers will be
participants in the solicitation of proxies from stockholders in respect
to the 2018 Annual Meeting. Information regarding the names of Cowen’s
current directors and executive officers and their respective interests
in Cowen by security holdings or otherwise is set forth in Cowen’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2017,
filed with the SEC on March 6, 2018, as amended by Amendment No. 1,
filed with the SEC on Form 10-K/A on March 23, 2018, and Amendment No.
2, filed with the SEC on Form 10-K/A on April 30, 2018, and Cowen’s
definitive proxy statement for its 2017 annual general meeting of
stockholders, filed with the SEC on May 1, 2017 (the “2017 Proxy
Statement”). To the extent holdings of such participants in Cowen’s
securities are not reported, or have changed since the amounts
described, in the 2017 Proxy Statement, such changes have been reflected
on Initial Statements of Beneficial Ownership on Form 3 or Statements of
Change in Ownership on Form 4 filed with the SEC. Details concerning the
nominees of Cowen’s Board of Directors for election at the 2018 Annual
Meeting will be included in the 2018 Proxy Statement. BEFORE MAKING ANY
VOTING DECISION, INVESTORS AND STOCKHOLDERS OF COWEN ARE URGED TO READ
ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE
2018 PROXY STATEMENT AND ANY SUPPLEMENTS THERETO, BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION. Investors and stockholders will be able
to obtain a copy of the 2018 Proxy Statement and other documents filed
by Cowen free of charge from the SEC’s website at www.sec.gov.
Cowen’s stockholders will also be able to obtain, without charge, a copy
of the 2018 Proxy Statement and other relevant filed documents by
directing a request by mail to Cowen Inc., Attn: Secretary, 599
Lexington Avenue, New York, NY 10022, or from the investor relations
page of Cowen’s website at investor.cowen.com.

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 investment bank 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.

Media:
Cowen
Lynda Caravello, 646-562-1676
lynda.caravello@cowen.com
or
Gagnier
Communications
Dan Gagnier, 646-569-5897
dg@gagnierfc.com
or
Investors:
Cowen
Stephen
Lasota, 212-845-7919
or
Liolios Group, Inc.
Matt Glover,
Cody Slach, Najim Mostamand, CFA, 949-574-3860
COWN@liolios.com

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