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Cowen Group, Inc. Agrees To Acquire KDC Securities

Cowen Group, Inc. (“Cowen” or the “Company”) (NASDAQ: COWN) today announced its entry into a definitive agreement to acquire KDC Securities (“KDC”), a securities lending business. KDC is the broker-dealer subsidiary of Kellner Capital, LLC, an alternative investment manager.

Following the closing of the transaction, KDC will operate as the “Cowen Equity Finance Group” and will be based in New York. Rory Zirpolo, the current head of KDC’s securities lending business, will serve as Managing Director and Head of the Equity Finance Group and will report to Cowen’s Co-Heads of Equities, Tom O’Mara and Dan Charney.

“Kellner and its securities lending team have built an impressive equity finance platform since the business was launched seven years ago,” said Jeff Solomon, Chief Executive Officer of Cowen and Company, Cowen’s broker-dealer business. “We believe the business is well positioned for future growth and is a strong complement to our existing sales and trading footprint.”

The transaction, which is subject to certain regulatory approvals and customary closing conditions, is expected to close in the fourth quarter of 2012. Financial terms of the transaction were not disclosed.

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 make 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.

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