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Cowen Group, Inc. To Acquire Dahlman Rose & Co. LLC

Cowen Group, Inc. (NASDAQ: COWN) (“Cowen” or “the Company”) and Dahlman Rose & Company, LLC (“Dahlman Rose”) today announced the signing of a definitive agreement under which Cowen will acquire Dahlman Rose, a privately-held investment bank specializing in the energy, metals and mining, transportation, chemicals and agriculture sectors. This acquisition is an all-stock transaction and financial terms of the deal were not disclosed. The definitive agreement was approved by the board of directors of both companies.

Peter A. Cohen, Chairman and CEO of Cowen Group said, “Dahlman Rose’s expertise in energy, transportation, metals and mining, chemicals and agriculture is a strong complement to Cowen core sectors of health care, technology, media, telecommunications, consumer, aerospace and defense/industrials and REITs. Through this combination, Cowen will gain sector focus in new verticals which we believe will be active areas for capital raising over the foreseeable future. In addition, Dahlman Rose’s domain expertise and focus on fundamental research dovetails with Cowen’s philosophy of excelling in our chosen sectors.”

Jeffrey M. Solomon, Chief Executive Officer of Cowen and Company added, “At Cowen, we are dedicated to providing our clients with access to unparalleled domain knowledge, thoughtful advice and practical insights that will enable them to be better investors, business operators and decision makers. Dahlman Rose shares a similar culture, and we look forward to integrating their businesses into ours. We have made significant progress in strengthening Cowen over the past two years. This transformational transaction will expand our client reach and accelerate our strategy to grow intelligently and productively by adding depth and breadth to our research, sales and trading, and investment banking teams, without compromising the quality of our product. We remain extremely committed to developing high quality services that are focused on making a positive impact for clients first and foremost.”

The transaction, which is expected to close by the end of the first quarter of 2013, is subject to customary closing conditions and regulatory approval.

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