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Cowen Group, Inc. Mistakenly Identified as Party to Aurum and Societe Generale Arbitration

Company Issues Statement to Correct Public Record

NEW YORK, Oct 11, 2011 (BUSINESS WIRE) —

Cowen Group, Inc. (“Cowen”) (NASDAQ: COWN) today issued the following
clarifying statement related to reports that Cowen is implicated in the
recent FINRA arbitration between Societe Generale SA and Aurum STS
Aggressive Trading LLC:

“The businesses underlying the Societe Generale and Aurum arbitration
were never part of the independent Cowen Group that was spun-out of
Societe Generale in 2006. Claimants in the original litigation
misidentified the parties and any decisions related to this issue remain
the sole responsibility of Societe Generale.”

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.

Sard Verbinnen & Co
Dan Gagnier, 212-687-8080