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Ramius Launches Event Driven Equity Mutual Fund (Ticker: REDIX/REDAX)

Actively Managed Alternative Mutual Fund with a Focus on Activism and
Event Driven Strategies

Ramius LLC, (“Ramius”) the global investment management business of
Cowen Group, Inc. (“Cowen”) (NASDAQ: COWN), today announced the launch
of the Ramius Event Driven Equity Fund (Ticker: REDIX, REDAX) (“the
Fund”), an actively managed alternative mutual fund providing investors
with daily liquidity and exposure to a broad spectrum of transformative
corporate events. The strategy focuses on publicly listed companies that
are targets of shareholder activism, mergers, spin-offs,
recapitalizations and restructurings. Co-portfolio managers Andrew Cohen and Ethan Johnson oversee investments in the Fund.

Michael Singer, Chief Executive Officer of Ramius, said, “The Ramius
Event Driven Equity Fund is a truly differentiated product, offering
investors the chance to diversify their portfolios by accessing equity
event strategies in a liquid format. For years, many sophisticated
institutional investors have benefited from the success of best-in-breed
activists and from investments in public company securities undergoing
corporate events. Today, we are bringing this opportunity to a much
broader range of investors. This launch demonstrates Ramius’ commitment
to developing and offering creative solutions that have the potential to
meet the specific needs of investors by utilizing the breadth of our
alternative asset management capabilities.”

Together, Andrew Cohen and Ethan Johnson said, “We are very excited to
launch this Fund with the full institutional support and know-how of
Ramius. We believe the Ramius Event Driven Equity Fund is the only
single advisor mutual fund investing directly in activism and
transformative corporate events. We look forward to drawing on our years
of experience investing in activist and event driven situations at
Ramius. We are seeking to capture the enhancement in shareholder value
created by corporate events. Our strategy offers investors the
opportunity to pursue attractive risk-adjusted returns relative to the
broader equity markets.”

The Fund will be managed by Ramius Advisors LLC, a wholly-owned
subsidiary of Ramius.

For more information, please see

About Andrew Cohen

Mr. Cohen is the Lead Portfolio Manager of the Fund and is a Managing
Director of Ramius LLC. Mr. Cohen joined Ramius in 2001 and is
responsible for the firm’s fundamental proprietary investments in public
equity related strategies. He is also the risk manager for the Ramius
Merger Fund LLC
, a merger arbitrage hedge fund. Since joining Ramius in
2001, Mr. Cohen has served in a number of different capacities,
including working with Ramius’ US Small Cap Value Fund, managing a
mezzanine and senior secured lending vehicle, working with the Ramius
distressed investing team, and overseeing much of Ramius’ energy
investments. Prior to joining Ramius in 2001, Mr. Cohen worked as an
analyst in the investment banking and private equity groups at Thomas
Wiesel Partners
. Mr. Cohen received a B.A. in Public Policy from the
Terry Sanford Institute at Duke University and an MBA from Columbia
Business School

About Ethan Johnson

Mr. Johnson is the Co-Portfolio Manager of the Fund and is a Managing
Director of Ramius LLC. Mr. Johnson joined Ramius in 2007 and is
responsible for the firm’s risk arbitrage investments. He is also the
portfolio manager for the Ramius Merger Fund LLC, a merger arbitrage
hedge fund. Prior to joining Ramius, Mr. Johnson was an Associate
specializing in mergers & acquisitions at Legacy Partners Group, a
middle market advisory firm. Prior to that, Mr. Johnson worked at Lehman
as an Equity Research Analyst focused on technology companies.
Mr. Johnson received a B.A. in Economics (Honors & Distinction) from the
University of Michigan and an MBA from The Wharton School at the
University of Pennsylvania. Mr. Johnson was a member of the 1999 NCAA
National Champion Michigan Men’s Gymnastics Team.

About Ramius LLC

Ramius, a global contemporary investment management firm with $9.2
in assets under management (as of August 1, 2013), offers a
broad suite of investment products and solutions to institutional and
private clients worldwide. Founded in 1994, the firm’s capabilities
include event driven, value equity activism, healthcare royalties,
alternative solutions, real estate direct lending, credit, and managed
futures. A significant portion of Cowen Group, Inc.’s proprietary
capital is managed by Ramius in strategies alongside our clients.

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 in major
financial centers around the world.

Important Disclosures:

You should consider the Fund’s investment objectives, risks,
charges and expenses carefully before investing. For a prospectus and
summary prospectus that contains this and other information about the
Fund call 1.877.6RAMIUS (1.877.672.6487). Please read the prospectus and
summary prospectus carefully prior to investing.

An investment in the Fund is subject to risks, including the possible
loss of principal. The Fund is new and has a limited history of
operations. Additionally, the Fund utilizes investment strategies that
are non-traditional and may be highly volatile. Event-Driven and Merger
Arbitrage involves risks associated with the Advisor’s evaluation of the
outcome of a proposed Event, whether it be a merger, reorganization,
regulatory issue or other event, may prove incorrect and the Fund’s
return on the investment may be negative. Accordingly, the Fund may
underperform the markets under certain market conditions, such as
periods when there is rapid appreciation in the markets.

Select activist risk exists in that companies in which the Fund invest
may not be successful, or even if successful, the Fund’s investment may
lose value. (An activist investor uses an equity stake in a corporation
to put public pressure on a company’s management team and board in order
to achieve certain objectives.) High yield (“junk”) bonds are debt
securities rated below investment grade. Junk bonds are speculative,
tend to be less liquid than higher rated securities; are subject to
greater price volatility and greater sensitivity to interest rate and
economic changes. Derivatives involve greater risks than the underlying
obligations because in addition to general market risks, they are
subject to illiquidity risk, counterparty credit risk and operational
leveraging risk. The use of derivatives includes futures, options, swaps
and forward contracts. Short sales are speculative transactions and
involve special risks, including that the Fund’s losses are potentially
unlimited. Options trading involves greater than ordinary investment
risks and is not suitable for all investors. The Fund is non-diversified
meaning it may invest a relatively high percentage of its assets in a
limited number of positions making it more vulnerable to changes in the
market value of a single position. Foreign investments present
additional risks and increased volatility not associated with investing
solely in the U.S. These risks include currency fluctuations, economic
and political factors, lower liquidity, different legal and accounting
standards, and other factors. There are risks associated with small and
mid-capitalization issues such as market illiquidity and greater market
volatility than larger capitalization issues. There can be no guarantee
that the Fund will achieve its investment objective.

Best-in-breed securities represent the most optimal investment choice
for a specific sector or industry due to its high quality compared to
its competitors.

The Ramius Funds are distributed by IMST Distributors, LLC.

Source: Cowen Group, Inc.

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