Cowen Group, Inc. Announces Investment Banking Hires in its Asia and Technology Groups

David Lu and Margaret Mi Join Cowen and Company Asia; Matthew
Raubacher Joins Cowen’s Technology Investment Banking Group

NEW YORK–(BUSINESS WIRE)–Jan. 19, 2012–
Cowen Group, Inc. (“Cowen” or “the Company”) (NASDAQ: COWN) today
announced that David Lu and Margaret Mi have joined the Company’s
China-based investment banking platform, Cowen and Company Asia, as
Managing Director and Director, respectively. Mr. Lu, who will also
serve as Deputy Head of the Company’s China-based investment banking
activities, and Ms. Mi will be based in Hong Kong and report to Frank
Au, Chief Executive Officer of Cowen and Company Asia.

Cowen also announced that Matthew Raubacher joined the firm’s Technology
Investment Banking group, where he will serve as Managing Director and
part of the Company’s software coverage team. Mr. Raubacher will be
based in San Francisco and report to Chris McCabe, Co-Head of Investment
Banking and Head of Technology, Media and Telecommunications Investment
Banking.

“I am very pleased to announce the expansion of our Asia and Technology
investment banking platforms with these strategic hires,” said Jeff
Solomon, Chief Executive Officer of Cowen and Company, Cowen’s
broker-dealer business. “David and Margaret will further enhance our
already strong team at Cowen and Company Asia, which has completed
twenty transactions emanating out of China since 2010. Their extensive
financial advisory experience in China will strengthen our active
presence in the region, which remains a core growth initiative for the
firm.”

He continued, “I am also delighted to announce the appointment of Matthew Raubacher, who will serve as a Managing Director in our software
investment banking practice. Over the past six months, we have announced
several important additions to our Technology, Media & Telecommunication
group, and Matt’s leadership will allow us to further upgrade our
coverage of this growing sector. With over a dozen years experience
focused in software investment banking, he is a great addition to the
firm, and his insight will be a valuable asset to our clients.”

Mr. Lu joins Cowen from Rodman & Renshaw where he served as Managing
Director and Head of China Investment Banking. Prior to this, Mr. Lu
served as Managing Director and Chief Representative at Piper Jaffray’s
Shanghai-based office, where he successfully built a strong investment
banking coverage and execution team. Mr. Lu holds a M.B.A. and a
Bachelor of Laws from the University of Western Ontario.

Ms. Mi joins Cowen from Rodman & Renshaw where she served as a Director
in the company’s China Investment Banking group based in Beijing. Prior
to this, Ms. Mi served as a Vice President in Piper Jaffray’s China
Investment Banking team in Shanghai. Ms. Mi holds a Bachelor of Arts
Degree in Economic from Cornell University.

Mr. Raubacher joins Cowen from Ridgecrest Capital Partners where he
served as a Managing Director spearheading the firm’s Enterprise
Software Investment Banking team. Prior to this, Mr. Raubacher served as
a Principal and Global Head of Applications Software Investment Banking
at Thomas Weisel Partners. Mr. Raubacher holds a M.B.A. and B.S. in
Industrial Management from Carnegie Mellon University.

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 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.

Source: Cowen Group, Inc.

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