Cowen Group Announces Additions to Board of Directors

Ramius President and CEO Thomas Strauss and Cowen and Company CEO
Jeffrey Solomon Appointed to Board

NEW YORK–(BUSINESS WIRE)–Dec. 12, 2011–
Cowen Group, Inc. (NASDAQ: COWN) (“Cowen” or “the Company”) today
announced that its Board of Directors has appointed Thomas W. Strauss and Jeffrey M. Solomon to serve as members of the Company’s Board,
effective immediately. Mr. Strauss is the President and Chief Executive
Officer of Ramius and Mr. Solomon is the Chief Executive Officer of
Cowen and Company.

“Both Tom and Jeff are exceptional leaders with significant experience
in financial services that will further strengthen our Board as we
continue to grow Cowen Group and establish the company as a leader in
the industry,” said Peter Cohen, Chairman and CEO of Cowen Group.

He continued, “Over the course of Tom’s long tenure with Ramius, he has
seen the company through all market cycles and has helped to build the
extraordinary alternative investment management business that Ramius is
today. He will be a great asset to our Board going forward. Jeff is a
tested leader, having served with Ramius at its founding and in the role
as Chief Operating Officer of Cowen Group. His valuable insights will be
very beneficial in his role as a member of our Board.”

The addition of Mr. Strauss and Mr. Solomon will bring the total number
of directors on the Company’s Board to nine members.

About Thomas W. Strauss:
Mr. Strauss is the President and Chief
Executive Officer of Ramius, a Cowen Group Company, and a member of
Cowen Group’s Executive and Operating Committees. From 1995 to 2009, Mr.
Strauss was a Managing Member and a member of the Executive Committee of
Ramius LLC. Mr. Strauss was also the Chief Executive Officer of the Fund
of Funds Group. From 1963 to 1991, Mr. Strauss was with Salomon Brothers
Inc.
He was admitted as a General Partner in 1972 and was appointed to
the Executive Committee in 1981. In 1986, he became President of Salomon
Brothers and a Vice Chairman and member of the Board of Directors of
Salomon Inc, the holding company of Salomon Brothers and Phibro Energy,
Inc.
From 1986 through 1991, Mr. Strauss was responsible for the firm’s
Investment Banking, Sales and Trading, Asset Management and
International Activities. During his first nine years at Salomon
Brothers, he served in various Fixed Income Sales and Sales Management
capacities. From 1972 to 1981, Mr. Strauss managed the Government
Securities
, Money Market and Foreign Exchange departments. In 1978-1979,
with the advent of listed Fixed Income Futures and Options trading, he
separated the firm’s Proprietary Trading activities from the traditional
client based business, which provided the foundation for Global
Proprietary Trading in New York, London and Tokyo. From 1981 to 1986,
Mr. Strauss was responsible for the development of the firm’s
international business in Europe and the Far East, including both Sales
and Trading and Investment Banking. From a single office in London in
1971, the firm built an international presence in Europe, Asia and North
America
. In 1986, he further became responsible for the Global
Investment Banking, High Yield and Equity businesses and several years
later initiated the firm’s Global Asset Management efforts. In 1993, Mr.
Strauss became Co-Chairman of Granite Capital International Group, a
private investment management firm, where he developed an Absolute
Return Alternative Asset Class investment business. In July of 1995, he
joined Ramius.

Mr. Strauss is a former member of the Board of Governors of the American
Stock Exchange
, the Chicago Mercantile Exchange, the Public Securities
Association
, the Securities Industry Association, the Federal Reserve
International Capital Market Advisory Committee
and the U.S. Japan
Business-Council
. He is a past President of the Association of Primary
Dealers
in U.S. Government Securities. Mr. Strauss currently serves on
the Board of Trustees of the U.S.-Japan Foundation and is a member of
the Boards of Trustees and Executive Committees of The Mount Sinai
Medical Center
, Mount Sinai School of Medicine and The Mount Sinai
Hospital
. Mr. Strauss is also Trustee Emeritus of Riverdale Country
School
and Vice President and Treasurer and member of the Board of
Trustees of the Bachmann-Strauss Dystonia & Parkinson Foundation.

About Jeffrey M. Solomon:Jeffrey Solomon is Chief Executive
Officer of Cowen and Company, a Cowen Group company. Mr. Solomon is
responsible for overseeing all of Cowen and Company’s businesses,
including Investment Banking, Capital Markets, Sales & Trading and
Research. Previously, Mr. Solomon served as Cowen Group’s Chief
Operating Officer and Head of Investment Banking at Cowen and Company.
Mr. Solomon joined Ramius, a Cowen Group company, when it was founded in
1994 and was a Managing Member and Executive Committee member from
2003-2009. During his tenure at Ramius, Mr. Solomon was responsible for
the development, management and oversight of a number of the investment
strategies employed by Ramius. From 1991 to 1994, Mr. Solomon was at
Republic New York Securities Corporation, the brokerage affiliate of
Republic National Bank, now part of the HSBC Group, where he rose to the
position of Chief Administrative Officer. Mr. Solomon began his career
in the Mergers and Acquisitions Group at Shearson Lehman Brothers.

Currently, Mr. Solomon is a member of the Committee on Capital Markets
Regulation, a non-profit research organization dedicated to improving
the regulation of U.S. capital markets. He is also on the Board of
Directors of Hale & Hearty Soups, a New York based restaurant chain, and
NuGo Nutrition, the manufacturer of NuGo Nutrition Bars.

About Cowen Group, Inc.

Cowen Group, Inc. is a diversified financial services firm and, together
with its consolidated subsidiaries, provides alternative investment
management, investment banking, research, and sales and trading services
through its two business segments: Ramius and its affiliates make up the
Company’s alternative investment management segment, while Cowen and
Company
is its broker-dealer segment. Its alternative investment
management products, solutions and services include hedge funds,
replication products, managed futures funds, fund of funds, real estate,
health care royalty funds and cash management services. Cowen and
Company
offers industry focused investment banking for growth-oriented
companies, domain knowledge-driven research and a sales and trading
platform for institutional investors. Founded in 1918, the firm is
headquartered in New York and has offices located in major financial
centers around the world.

Source: Cowen Group, Inc.

Cowen Group, Inc.
Investors:
Steve Lasota, 646-562-1000
Chief
Financial Officer
or
Media:
Sard Verbinnen & Co
Dan
Gagnier, 212-687-8080

Press Inquiries

    If not, reach out to us directly for more information.