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Cowen to Build Products to Support Small-Cap Pilot Program

First Organization to Announce Creation of Products to Help Clients
Trade Efficiently

Cowen Group, Inc. (“Cowen”) (NASDAQ:COWN) today announced that it is
initiating the development of a customized suite of electronic products
and analytic tools for customers to efficiently trade the 1400
securities that will comprise the U.S. Security and Exchange
Commission’s (“SEC”) recently approved two-year pilot program. This
program, which will begin by May 6, 2016, will widen the minimum quoting
and trading increments for stocks of certain small-cap companies to test
for long-term changes to trading these stocks. Products and analytics
will be developed by Cowen / ATM, a leading provider of broker neutral
and execution algorithms.

“Regulators have worked tirelessly to develop a pilot program aimed at
helping to evaluate ways to improve trading liquidity for smaller
companies, and now it is our job to develop appropriate products that
will be available for clients starting on day one of the pilot program,”
said Jeffrey M. Solomon, President of Cowen Group and Co-Chair of the
Equity Capital Formation (ECF) Task Force, a group dedicated to
supporting the country’s startup and small-cap company ecosystems. “We
intend to work closely with our clients throughout the development
process to ensure that these products help our clients to efficiently
trade the securities participating in the pilot program and enable the
SEC to draw as many meaningful conclusions as possible.”

Cowen / ATM has a history of focusing specifically on providing superior
execution to institutional clients and helping traders to make informed
trading decisions, including traditional and proprietary algorithms.
Cowen / ATM will take the same approach to helping clients navigate the
pilot program.

“We are speaking with institutional clients, technology partners,
exchanges and alternative trading systems to ensure we are creating
products that incorporate feedback across the ecosystem,” said John
, Co-Head of Cowen / ATM. “Once the pilot program begins, trading
rules will no longer be ‘one-size-fits-all.’ As a leader in
non-conflicted, algorithmic execution and development of solutions to
efficiently execute trades, products that address the small-cap pilot
program will be an important component of our overall product suite. We
envision new execution strategies, optimization of models and routing of
existing products as well as tailored execution analytics for the pilot

By integrating a client first approach with a venue-neutral business
model consisting of execution algorithms, routing strategies, portfolio
trading and analytics products, Cowen / ATM is uniquely positioned for
the future U.S. equity ecosystem.

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 and a
sales and trading platform for institutional investors. Founded in 1918,
the firm is headquartered in New York and has offices located worldwide.
To download Cowen’s investor relations app, which offers access to SEC
filings, news releases, webcasts and presentations, please visit the App
for iPhone and iPad or Google
for Android mobile devices.

Source: Cowen Group, Inc.

Sard Verbinnen & Co
Dan Gagnier/Carissa