Cowen Appoints Craig E. Zaph as New Head of Debt Capital Markets

Cowen Group, Inc. (NASDAQ:COWN) (“Cowen” or the “Company”) today
announced that Craig E. Zaph has joined Cowen and Company’s investment
banking team as the Head of Debt Capital Markets. Mr. Zaph is based in
New York and reports to Kevin Raidy, Head of Investment Banking.

“Craig Zaph rounds out a series of important investment banking hires in
recent months and brings momentum to Cowen’s debt capital markets (DCM)
practice,” said Kevin Raidy, Head of Investment Banking. “Providing
clients with a full range of innovative debt financing solutions has
been a cornerstone of our capital markets franchise. Craig’s leadership
will further this effort. Craig has a significant amount of experience
in originating and structuring debt products, such as high yield bonds
and leveraged loans in facilitating leveraged buyouts, refinancings and
recapitalizations. In addition, he has an impressive number of
relationships in Cowen’s focus sectors, including consumer, industrials,
technology, media and telecom (TMT), health care, energy and

Mr. Zaph joins Cowen from Jefferies. During his over 18 year tenure, he
served in a variety of roles within investment banking. Most recently,
he spent 6 years as the Managing Director and Head of Energy & Shipping
Leveraged Finance. Prior to that, Mr. Zaph was the Head of Origination.
He began his career as an investment banking associate at the firm. Mr.
Zaph holds a Bachelor of Commerce degree from the University of British
and an IMBA from the University of Chicago’s Graduate School of

About Cowen Group, Inc.

Cowen Group, Inc. is a diversified financial services firm and, together
with its consolidated subsidiaries, provides alternative asset
management, investment banking, research, sales and trading and prime
brokerage services through its two business segments: Ramius 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. Ramius 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 Group, Inc.

Gagnier Communications
Dan Gagnier, 646-273-9391

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