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Cowen Group Announces Senior Executive Leadership Appointment

Fred S. Fraenkel Joins as a Vice Chairman

Cowen Group, Inc. (“Cowen”) (NASDAQ:COWN) today announced that Fred S.
Fraenkel has joined Cowen as a Vice Chairman.

Peter A. Cohen, Chairman and Chief Executive Officer of Cowen said,
“Fred is a highly accomplished leader on Wall Street with an impressive
track record as an investor, strategist and advisor, among other roles,
at many well-respected organizations. With his extensive experience, he
will provide relevant and valuable perspectives on our business. I have
known Fred for many years. I could not be more pleased to have someone
of his caliber and character join our organization.”

Mr. Fraenkel said, “My career has been about harnessing the intellectual
capital of organizations to create a positive impact on the clients we
serve. I am proud to join Cowen, a firm that holds similar values. As
one of few financial services firms focused on the value of active
management and outperformance, Cowen plays a critical role in the
industry. I look forward to working with senior management and other
talented members of the organization to further its mission.”

Prior to joining Cowen, Mr. Fraenkel was President of Fairholme Capital
Management and Chief Research Officer since 2011. Prior to Fairholme,
Mr. Fraenkel was Vice-Chairman and Chairman of the Investment Policy
Committee of Beacon Trust Company

Mr. Fraenkel founded Millennium 3 Capital in 2000, a venture firm
specializing in early stage companies, and served as Chairman until
2009. Prior to that, he served as Vice Chairman of ING Barings Furman
Selz and Chief Operating Officer of Furman Selz. Prior to Furman Selz,
Mr. Fraenkel spent seven years at Lehman Brothers, where he was a
Managing Director and Director of Global Research.

Prior to Lehman Brothers, Mr. Fraenkel was Chairman and Chief Executive
Officer of Market America Group, an investment advisory firm. He also
spent four and a half years as Director of Equity Research and a member
of the Board of Directors at Prudential Securities. Mr. Fraenkel began
his Wall Street career in 1974 as a securities analyst with Goldman
and was Chief Investment Strategist for E.F. Hutton in 1982.

Mr. Fraenkel received a B.S. in Economics and Finance from Lehigh
and an M.B.A. from the Wharton School, University of
. He is past Chairman of the Board of Advisors of the
College of Business and Economics of Lehigh University. Mr. Fraenkel was
also a member of Barron’s year-end roundtable from 1982-1985.

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, and sales and trading services
through its two business segments: Ramius and its affiliates make up the
Company’s alternative investment segment, while Cowen and Company 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.

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