Cowen Group, Inc. and CRT Capital Group LLC Form Strategic Partnership

Partnership Will Provide Origination and Distribution For Fixed
Income and Convertible Securities

NEW YORK, Nov 09, 2011 (BUSINESS WIRE) —

Cowen Group, Inc. (“Cowen”) (NASDAQ: COWN) and CRT Capital Group, LLC
(“CRT”) today announced that they have entered into an exclusive
relationship for the origination and distribution of corporate fixed
income and convertible securities. Under the terms of the agreement, it
is anticipated that Cowen’s Investment Banking and Global Capital
Markets teams will focus on origination activities, while CRT will
utilize its sales force in the distribution of these securities.

“We are very pleased to announce this strategic alliance with CRT,”
commented Jeffrey Solomon, Chief Executive Officer of Cowen and Company,
Cowen Group’s broker-dealer platform. “We believe that CRT’s outstanding
credit research and fixed income and convertible sales & trading
capabilities will dovetail nicely with Cowen’s comprehensive sourcing
and execution abilities. We view this as an important step forward for
both organizations in our efforts to meet evolving client needs across
all layers of the capital structure.”

“We believe the synergies created by this alliance will help CRT and
Cowen become a preferred resource for both growing and established
companies seeking to bring fixed income and convertible transactions to
market,” added Ron Kripalani, Chief Executive Officer of CRT. “During a
period when best-in-class execution and distribution are all the more
important, we are fortunate to be joining with a well-regarded partner
like Cowen, whose skilled origination team and diverse client base will
help CRT better leverage its cross capital research capabilities and
long-established sales and trading platform.”

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 makes 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.

CRT Capital Group LLC

CRT provides security brokerage and research services to over 1,200
institutional accounts with established counterparty relationships
around the world. The firm caters to asset managers, insurance
companies, pension funds, hedge funds and investment firms. CRT,
formerly known as Credit Research and Trading LLC, was founded in 1989
and is headquartered in Stamford, Connecticut.

SOURCE: Cowen Group, Inc.

Dan Gagnier, 212-687-8080
John Nielsen, 203-569-4316
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