Cowen Group, Inc. To Acquire Dahlman Rose & Co. LLC

NEW YORK, Feb 01, 2013 (BUSINESS WIRE) –Cowen Group, Inc. (NASDAQ: COWN) (“Cowen” or “the Company”) and Dahlman
Rose & Company, LLC (“Dahlman Rose”) today announced the signing of a
definitive agreement under which Cowen will acquire Dahlman Rose, a
privately-held investment bank specializing in the energy, metals and
mining, transportation, chemicals and agriculture sectors. This
acquisition is an all-stock transaction and financial terms of the deal
were not disclosed. The definitive agreement was approved by the board
of directors of both companies.

Peter A. Cohen, Chairman and CEO of Cowen Group said, “Dahlman Rose’s
expertise in energy, transportation, metals and mining, chemicals and
agriculture is a strong complement to Cowen core sectors of health care,
technology, media, telecommunications, consumer, aerospace and
defense/industrials and REITs. Through this combination, Cowen will gain
sector focus in new verticals which we believe will be active areas for
capital raising over the foreseeable future. In addition, Dahlman Rose’s
domain expertise and focus on fundamental research dovetails with
Cowen’s philosophy of excelling in our chosen sectors.”

Jeffrey M. Solomon, Chief Executive Officer of Cowen and Company added,
“At Cowen, we are dedicated to providing our clients with access to
unparalleled domain knowledge, thoughtful advice and practical insights
that will enable them to be better investors, business operators and
decision makers. Dahlman Rose shares a similar culture, and we look
forward to integrating their businesses into ours. We have made
significant progress in strengthening Cowen over the past two years.
This transformational transaction will expand our client reach and
accelerate our strategy to grow intelligently and productively by adding
depth and breadth to our research, sales and trading, and investment
banking teams, without compromising the quality of our product. We
remain extremely committed to developing high quality services that are
focused on making a positive impact for clients first and foremost.”

The transaction, which is expected to close by the end of the first
quarter of 2013, is subject to customary closing conditions and
regulatory approval.

Willkie Farr & Gallagher LLP acted as legal advisor to Cowen on this
transaction. Morgan Lewis & Bockius, LLP acted as legal advisor to
Dahlman Rose for this transaction.

Conference Call with Management

Management of Cowen and Dahlman Rose will host a conference call to
discuss the transaction on Monday, February 4, 2013, at 9:00 am EST. The
call can be accessed by dialing 1-866-271-5140 domestic or
1-617-213-8893 international. The passcode for the call is 54527173. A
replay of the call will be available beginning at 11:00 am EST February
4, 2013 through February 11, 2013. To listen to the replay of this call,
please dial 1-888-286-8010 domestic or 1-617-801-6888 international and
enter passcode 72705310. The call can also be accessed through live
audio webcast or by delayed replay on the Company’s website at www.cowen.com.

About Cowen Group, Inc.

Cowen Group, Inc. is a diversified financial services firm and, together
with its consolidated subsidiaries, provides alternative investment,
investment banking, research, and sales and trading services through its
two business segments: Ramius and its affiliates makes up the Company’s
alternative investment segment, while Cowen and Company is its
broker-dealer segment. Its alternative investment products, solutions
and services include hedge funds, replication products, managed futures
funds, fund of funds, real estate and health care royalty funds. 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.

About Dahlman Rose & Co., LLC

Dahlman Rose & Co., LLC is a research-driven investment bank focused on
energy, transportation, infrastructure, and other industries that
compose the global supply chain. The firm’s industry-leading analysts,
bankers, and traders offer unique insight into the companies and markets
that provide the building blocks of the global economy. Dahlman Rose
provides institutional sales and trading, equity research, mergers and
acquisitions advisory, and underwriting services.

Cautionary Note Regarding Forward-Looking Statements

This communication may contain forward-looking statements including
statements relating to the market opportunity and future business
prospects of Cowen and Dahlman Rose. Such statements are subject to
certain risks and uncertainties that could cause actual results to
differ materially from those expressed or implied in the forward-looking
statements. Consequently, all forward-looking statements made during
this communication are qualified by those risks, uncertainties and other
factors.

Actual results may differ materially and reported results should not be
considered an indication of future performance. Please reference the SEC
filings of Cowen, which is available on its website, for detailed
descriptions of factors that could cause actual results to differ
materially from those expressed or implied in such forward-looking
statements.

Certain statements in this communication relate to future results that
are forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Except for the ongoing obligations of
Cowen and Dahlman Rose to disclose material information under the
federal securities laws, neither Cowen nor Dahlman Rose undertakes any
obligation to release any revisions to any forward-looking statements,
to report events or to report the occurrence of unanticipated events
unless required by law.

SOURCE: Cowen Group, Inc.

INVESTORS:
Cowen Group, Inc.
Stephen Lasota, 212-845-7919
or
MEDIA:
Sard
Verbinnen & Co
Dan Gagnier/Carissa Ramirez
212-687-8080