Cowen Adds Senior Talent to Technology, Media & Telecommunications Investment Banking Team

Cowen Group, Inc. ("Cowen”) (NASDAQ: COWN) today announced that Chris McCabe will become a Managing Director and Head of Technology, Media & Telecommunications ("TMT”) Investment Banking. Based in San Francisco, Mr. McCabe will join Cowen in September and will report to Jeffrey Solomon, Chief Operating Officer and Head of Investment Banking.

Also joining Cowen’s TMT investment banking team are Blake Williams as Managing Director, Head of Semiconductors and Capital Equipment Group, and Jose Cobos, as Managing Director, Head of Internet Group. Both Messrs. Williams and Cobos will join Cowen on July 6^th in San Francisco and both will report to Mr. Solomon on an interim basis until Mr. McCabe joins in September. Following these appointments, Peter Petitt, Managing Director based in San Francisco, will expand his responsibilities into Clean Technology coverage and mandates and will report to Mr. McCabe.

"We are very pleased to have individuals with the talent and reputation of Chris, Jose and Blake join the Cowen team,” commented Jeff Solomon. "Their addition to the firm adds breadth and depth to an already seasoned group of professionals who have distinguished themselves amongst clients on the Cowen platform.”

Mr. McCabe will join Cowen from Piper Jaffray where he was a Managing Director and Global Co-Head of both the Clean Technology and Renewables and Industrials Groups. Mr. McCabe led the Clean Tech practice from 2008 until he left the company, organizing and branding the group and helping to turn the practice into the top equity underwriter in the sector over the past three years. Mr. McCabe’s responsibilities included coverage of Solar, Energy Efficiency, Industrial Biotech, Industrial Technology and Industrial Growth. He joined Piper Jaffray in 2002 as Head of Semiconductor Banking and was Head of Technology from 2005 to 2008. Before that, Mr. McCabe was Head of Semiconductor Banking at Robertson Stephens, where he had a broad range of deal experience in IPOs, follow-ons, convertible debt and M&A transactions. Previously, Mr. McCabe was Head of West Coast Technology Banking at Bank of Boston. He is a graduate of the University of Massachusetts and holds a MBA in International Management from the University of South Carolina.

Mr. Williams will join Cowen from Piper Jaffray where he was a Managing Director in the Technology, Media and Telecommunications Group and Head of Semiconductor, Component and Communications Coverage. In that position, Mr. Williams helped to establish a leading Hardware practice among growth clients where he was responsible for originating a variety of equity, convertible debt, private capital, restructuring and exchange offerings and M&A transactions for public and private companies. Prior to joining Piper Jaffray, Mr. Williams was at Robertson Stephens where he worked with Chris McCabe and was responsible for Analog and Mixed Signal Semiconductor coverage. He was with Latham & Watkins, SPP Hambro & Co. and CS First Boston earlier in his career. Mr. Williams is a graduate of Harvard University and holds a J.D. from Columbia University School of Law.

Mr. Cobos also will join Cowen from Piper Jaffray where he was Principal and Head of Internet Investment Banking. Mr. Cobos joined Piper’s Technology Group in 2004 and held positions of increasing responsibility as he worked on a broad range of deals including M&A, IPO’s, follow-ons, convertible debt securities, private equity and PIPE financings. Prior to joining Piper Jaffray, he worked at General Mills and was a Lieutenant in the U.S. Navy SEALS Teams. Mr. Cobos holds a Bachelor of Science Degree in Economics from the United States Naval Academy and a MBA from Stanford University.

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.