Ramius And Ramius Global Credit Portfolio Managers To Extend Partnership

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

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

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 clients.

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