Cowen Inc.

Cowen Inc. (www.cowen.com) is a diversified financial services company. The Company provides investment banking, research, sales and trading, prime brokerage, global clearing, securities financing, commission management services and investment management. It operates through two segments: the Operating Company (Op Co) and the Asset Company (Asset Co). The Op Co segment consists of four divisions: the Investment Banking division, the Markets division, the Research division and the Cowen Investment Management (CIM) division. The Company refers to the Investment Banking division, the Markets division and the Research division combined as its investment banking businesses. Its Op Co's CIM division includes advisers to investment funds, including private equity structures and privately placed hedge funds, and registered funds. The Asset Co segment consists of certain of the Company's private investments, private real estate investments and other legacy investment strategies.

• Cowen Inc.