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Ramius and Ramius Global Credit Portfolio Managers to Extend Partnership

Ramius LLC, the global investment management business of Cowen Group,
(“Cowen”) (NASDAQ: COWN), today announced that it will enter into a
long-term extension of its partnership with portfolio managers, Norman
and D. Richard Dowdle.

Thomas W. Strauss, President and CEO of Ramius LLC said, “It is a part
of Ramius’s strategy to enable successful portfolio managers to become
partners in their businesses while maintaining a significant interest in
their continued successes. We believe this partnership will allow for
broader opportunities for the business and its investors going forward.”

The funds managed by Messrs. Milner and Dowdle will operate under the
name Orchard Square Partners, and will remain committed to operating a
global long/short credit strategy, with a focus on long-term capital
appreciation and capital preservation through challenging markets. Since
the funds launched in 2009, the investment team has invested in
corporate credit across large, liquid capital structures.

Norman Milner said, “We believe that the current environment in global
long/short credit provides investors with an attractive opportunity to
deploy capital defensively and we look forward to pursuing those
investments under our new brand. We are pleased to extend our
partnership with Ramius, both as an investor and for the operational and
distribution platform they will provide for the funds.”

Since inception in 1994, Ramius has assembled a strong group of
portfolio managers supported by institutional quality operational and
technology infrastructure and has developed a firm wide commitment to
excellence in client service.

About Norman Milner

In his most recent role, Mr. Milner was a Managing Director and
Co-Portfolio Manager in the Credit Trading group at Ramius LLC. He
joined Ramius in September 2008.

Previously, Mr. Milner was a Partner, Portfolio Manager and Head of
Trading at Arx Investment Management. Prior to Arx, he worked at Trident
Investment Management LLC
as a Portfolio Manager for the Macro Hedge
in New York. From 1996 to 1999, Mr. Milner was the Head Derivative
Trader at Morgan Stanley in New York and London. Prior to that, he
worked at Investec Bank and Price Waterhouse in Johannesburg, South

Mr. Milner holds an undergraduate degree in Commerce and a postgraduate
degree in Accountancy from the University of the Witwatersrand, in

About D. Richard Dowdle

In his most recent role, Mr. Dowdle served as a Managing Director and
Co-Portfolio Manager in the Credit Trading group at Ramius LLC since
joining Ramius in September 2008.

Previously, Mr. Dowdle was a Partner, Portfolio Manager at Arx
Investment Management
from 2002 through 2008. Prior to Arx, he was a
Vice President at Salomon Smith Barney focusing on the steel, metals and
mining industries. He began his career at Salomon Brothers as a
Financial Analyst in the Energy and Chemicals Group.

Mr. Dowdle received an M.B.A. from the University of Chicago and a B.A.
from the University of Utah.

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 make 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 Ramius LLC

Ramius, the global alternative investment management business of Cowen
Group, Inc.
, offers a broad range of investment solutions to
institutions and private clients worldwide. Founded in 1994, Ramius and
affiliates manage $10.4 billion (as of October 1, 2012) across multiple
asset classes and investing styles. A significant portion of Cowen’s
proprietary capital is managed by Ramius in strategies alongside its

Source: Cowen Group, Inc.

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