Cowen Investor Presentation

INVESTOR PRESENTATION

MAY 4, 2021 Cautionary Notice Regarding Forward-looking Statements

This presentation contains forward-looking statements. Forward-looking statements provide the Company's current expectations or forecasts of future events. Forward-looking statements include statements about the Company's expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. As a result of the spread of COVID-19, economic uncertainties have arisen that have the potential in future periods to negatively impact the Company’s business, financial condition, results of operation, cash flows, strategies and prospects. The extent of the impact of COVID-19 on the Company’s operational and financial performance will depend on certain developments, including the duration and spread of the outbreak and impact on our clients, employees, vendors and the markets in which we operate our businesses, all of which are uncertain and cannot be reasonably estimated at this time. The Company's actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as filed with the Securities and Exchange Commission. The Annual Report on Form 10-K and Quarterly Reports on Form 10-Q are available at our website at www.cowen.com and at the Securities and Exchange Commission website at www.sec.gov.

2 TABLE OF CONTENTS 1. INTRODUCTION 4 2. BUSINESS HIGHLIGHTS 10

3. FINANCIALS 17

3 1. INTRODUCTION INTRODUCTION Cowen: Advising and Connecting Providers and Users of Capital to Help Them Consistently OutperformTM

$1.7B $687M IN TOTAL REVENUE IN 1Q’21 CAPITALIZATION

Impactful Deep Domain Strategic Knowledge Advice 810 88 SECURITIES UNDER BANKING High Quality Financing Proprietary COVERAGE (AS OF TRANSACTIONS IN Transactions Content 3/31/21) 1Q’21

Scalable Independent Institutional Trade Quality Execution Platform ~12.3B 5 Innovative Value-added SHARES TRADED BY DIFFERENTIATED Investment Tools and Products Insights THE EQUITIES DESK INVESTMENT IN 1Q’21 MANAGEMENT STRATEGIES

5 INTRODUCTION Why Invest in Cowen?

SCALED, MARKET-LEADING Leading independent, unconflicted execution platform and global, multi-asset EQUITIES PLATFORM capabilities. Taking share from underinvested competitors

INVESTMENT Provides opportunities for growth and margin expansion through organic BANKING EXCELLENCE growth and acquisition. Revenue diversification (Advisory, non-Healthcare)

REPOSITIONING Focus on Cowen-owned scalable, differentiated, actively managed investment INVESTMENT MANAGEMENT products where Cowen has domain expertise

WORLD CLASS, DATA DRIVEN Key differentiator in unbundled world, strong foundation for buyside and INDEPENDENT RESEARCH corporate client relationships. Focus on coverage of growth sectors

IMPROVING Management and strategy focused on driving higher, consistent return on FINANCIAL RESULTS common equity (ROCE)

COWN still trades at a discount to peers. Strategy aims to further eliminate ATTRACTIVE VALUATION this valuation gap and unlock more shareholder value

6 INTRODUCTION Improving Cowen’s Performance Execution of these objectives aimed at driving higher return on common equity over the long term

OUTCOME FOR OBJECTIVES SHAREHOLDER RETURNS

• Scale businesses that will drive margin INCREASED • Focus on opportunities with strong domain expertise EARNINGS POWER (“Cowen DNA”)

• Increase revenue diversification GREATER OPERATING • Maintain and grow contribution from recurring revenue CONSISTENCY businesses

• Harmonize balance sheet activities with our operating businesses LOWER • Implement philosophy that “balance sheets are meant to be seen, not VOLATILITY heard”

• Simplify balance sheet by exiting non-core investments and strategies IMPROVED • Provide insight into earnings drivers and valuation via Operating Co. / TRANSPARENCY Asset Co. segment reporting

7 INTRODUCTION Our Strategy to Achieve These Objectives “Simpler, Fewer, Deeper” is a framework philosophy underlying our long-term objectives

1 2 3

Simplify the business in a Eliminate or resize Go deep in our areas of manner that enables us to businesses as we focus our strength to enhance margin select areas to press for efforts on businesses that opportunity around core growth will drive margin industry strengths

Example: Example: Example: Adjusting capital allocation Eliminated five capabilities Launched private healthcare process such that our from investment strategy, which leverages balance sheet activities are management platform in Cowen’s strength in healthcare in harmony with our 2017-19 that were not research and banking, and operating businesses salable and scalable sustainability strategy, built on team domain knowledge

8 INTRODUCTION Cowen: The Advantage is in Our Culture

WE INVEST IN OUR CLIENTS’ SUCCESS

TENACIOUS VISION EMPATHY SUSTAINABILITY TEAMWORK

• Focus on • Deep understanding • Over 100 years of • Leverage intellectual outperformance in of clients’ needs capital markets capital and resources innovative ways expertise across the platform • Match the solution • Core expertise areas with the circumstance • Solutions that pass • Aggressively pursue provide actionable the test of time world-class outcomes insights

9 2. BUSINESS HIGHLIGHTS BUSINESS HIGHLIGHTS Investment Banking: Leader in Financings, Growing Advisory Multi-year effort to diversify our mix towards higher margin activities while we press on our capital markets strengths

GROWING CAPITAL MARKETS AND ADVISORY REVENUE • Market leader in financing and advising biopharmaceutical companies Providing breakout of CM-Advisory and CM-Underwriting – Management expects these areas to continue to grow for the foreseeable future $729 – Top 3 bookrunner for life sciences transactions since 2016*

• Expanding footprint in merger advisory – Growing organically and through acquisition $440 • Acquired Quarton (Jan 2019) and MHT Partners (Oct 2020) • Quarton provides advisory business with significant scale, $352 revenue diversification, and cross-border capabilities $329 • MHT adds middle-market sponsor coverage and additional $293

sector expertise $223 $224 $219 $118 • Mandated advisory pipeline at record levels $247 $161 $133 $199 $182 • Key industry verticals experiencing growth $49 $77 – Consumer / Cannabis $107 $171 $84 $82 $56 – Healthcare $24 $27 $42 – Industrials/Sustainability 2015 2016 2017 2018 2019 2020 1Q'21 – Information Technology & Services – Technology M&A Capital Markets CM Advisory CM Underwriting

*Source: ECM Analytics as of March 31, 2021. Excludes issuers with proceeds less than $20mm and greater than $1bn 11 BUSINESS HIGHLIGHTS Investment Banking Quarterly Growth Continues

REVENUE BY PRODUCT REVENUE BY INDUSTRY

(US$ in thousands) (US$ in thousands)

350,000 350,000

Initiating Separation of CM-Advisory and CM-Underwriting(before 1Q’19)

300,000 300,000

250,000 250,000

56% 56% 200,000 46% 200,000 57%

150,000 150,000

71% 66% 72% 20% 78% 100,000 100,000 24%

62% 69% 62% 66% 58% 44% 57% 42% 48% 75% 60% 57% 50,000 71% 57% 50,000 68% 46% 43% 82% 13% 16% 34% 9% 9% 14% 20% 28% 19% 19% 58% 52% 18% 43% 38% 54% 42% 22% 29% 40% 34% 28% 16% 32% 25% 18% 11% 24% 20% 0 0 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 M&A CM - Advisory CM - Underwriting CM - Total Non-Healthcare Healthcare Note: Inclusive of Quarton metrics beginning 1/1/19 and MHT beginning 10/1/20.

12 BUSINESS HIGHLIGHTS Research: Deep Commitment to Being Premier Ranked #3 U.S. Research provider in 2019 StarMine Analyst Awards

• Research drives key investment themes across the platform

• One of the largest research franchises on the Street that has consistently invested in its platform – This is in contrast to a 10% decline in investment dollars for sell-side equity research on the Street overall(1)

• Taking share in wake of post-MiFID II unbundling

• World-class conferences and corporate access create important network effect, virtual engagement remains strong

RESEARCH PLATFORM: RICH AND DEEP

• About two-thirds of our equity research is PUBLISHING ANALYSTS EQUITY COVERAGE on stocks with a market capitalization Today 51 Basic Materials < $10 billion 2012 27 3% Capital • Analysts average 15 years of research Goods SECURITIES UNDER COVERAGE 11% experience, including 8 years at Cowen Today 810 Consumer Healthcare 32% 2012 424 14% • One of the strongest Washington research Energy (2) 14% benches on the Street S&P 500® COVERED TMT 26% Today 45% 2012 27%

(1) Change in average cost, 2009-2013. Source: McLagan Financial Benchmark. A study from Coalition similarly found that the number of analysts at the 12 largest banks declined 10% from 2012 to 2016. (2) Per Institutional Investor 2020 poll. Cowen Washington Research Group produces commentaries on political, economic or market conditions and is not intended as a research report as defined by applicable regulation.

13 BUSINESS HIGHLIGHTS Markets: Diversified, Scaled and Differentiated Leading independent, non-conflicted trade execution platform

• Leading independent, unconflicted trade execution COWEN IS A LEADING INDEPENDENT EQUITIES BROKERAGE (1) and scaled research sales Million shares LTM – Offers clients meaningful advantages vs. larger JEFFERIES 19,283 and smaller competitors WELLS FARGO 11,519 – Positive impact on client portfolio decisions RBC 11,496 COWEN 11,449 • Platform emphasizes: BTIG 6,719 – Cutting-edge research PIPER SANDLER 5,414 – Exceptional algorithmic execution capability RAYMOND JAMES 4,782 – Award-winning prime services product BMO 4,394 – Growing non-US execution business STIFEL 3,408 CANTOR FITZGERALD 2,544 • Growing market share BAIRD 2,351 – General consolidation of commissions to top OPPENHEIMER 2,113 brokers such as Cowen that provide value in KEYBANC 1,431 research and trading TRUIST 1,312 B. RILEY 1,208 • Well positioned for ongoing post-MiFID II WILLIAM BLAIR 1,196 reallocation of commission dollars MACQUARIE 905 – Clients have showed willingness to pay for CANACCORD 833 impactful research and high-quality liquidity STEPHENS 640 LEERINK 552

0 5,000 10,000 15,000 20,000 25,000 (1) Advertised Bloomberg volume 31 March 2020 – 31 March 2021

14 BUSINESS HIGHLIGHTS Markets: Expanded Platform Furthers Our Impact with Clients • Since 2012, we have completed seven acquisitions which significantly expanded client offerings and grew market share

• Global expansion – providing execution services in more than 100 markets worldwide and a range of multi-asset capabilities

2012 2021

• Cash equities • Cash equities • Corporate securities • Electronic trading • High yield & distressed bonds • Options

INSTITUTIONAL • Options • Electronic trading • Swaps BROKERAGE • Convertible bonds • Leveraged loans • Program trading • Special situations • Outsourced trading • Emerging markets

• None • Prime services • Plan sponsor

INSTITUTIONAL • Securities finance • Commission SERVICES • Global clearing management

LTM FY’12 FY’17 FY’19 FY’20 $94 $324 $465 $657 revenue $747 revenue revenue revenue revenue MILLION MILLION MILLION MILLION (3/31/21) MILLION

Note: Markets revenue includes brokerage, securities finance and other markets-related revenue

15 BUSINESS HIGHLIGHTS Investment Management: Business Gaining Momentum Resizing and reshaping the division to offer high-margin, differentiated product • Refocusing business on Cowen-owned operating businesses where Cowen has domain expertise (“Cowen DNA”)

• Focus on Cowen controlled and branded investment vehicles with long term stable fee revenues in active strategies

• Launched Cowen sustainable investments strategy, raised new assets in healthcare investments and healthcare royalty strategies

• Multiple revenue streams: management fees, incentive income and investment income

PRIVATE HEALTHCARE CAPABILITY HEALTHCARE ACTIVISM MERGER SUSTAINABILITY ROYALTIES INVESTMENTS

TEAM

AUM: $946 Million* AUM: $3.65 Billion* AUM: $6.87 Billion* AUM: $345 Million* AUM: $1.48 Billion* PRIVATE EQUITY ✓ ✓ ✓

HEDGE FUND ✓ ✓

MANAGED ACCOUNT ✓ ✓ ✓

UCITS ✓

AUM figures provided for each strategy group are approximate as of March 31, 2021 and are unaudited and net of applicable fees and expenses. The aggregate AUM of each individual strategy does not equal the AUM of Cowen Investment Management due to cross-investments among strategies and the exclusion of certain legacy funds. The AUM for Cowen Healthcare Investments and Cowen Sustainable Investments include unfunded capital commitments, where applicable. This information does not constitute an offer or solicitation or recommendation to invest in a particular investment product. Please also note that Starboard Value LP is not considered a "related person" of Cowen per the definition provided by the SEC in Form ADV. See slide 32 for additional important disclosures pertaining to Cowen’s Investment Management business.

16 3. FINANCIALS FINANCIALS Key Statistics: Revenues & Profitability

$687.4M $145.6M $4.34 1Q’21 Economic 1Q’21 Economic 1Q’21 Economic Operating Income* Proceeds Operating Income* as of March 31, 2021 as of March 31, 2021 Per Share as of March 31, 2021

$12.50 $2,033M $1.45M LTM Average LTM Economic LTM Economic Economic Proceeds Operating Income* Proceeds Per Share as of March 31, 2021 Per Employee as of March 31, 2021 as of March 31, 2021

*Economic Operating Income to Common Stockholders is Economic Income to Cowen Inc. minus preferred dividends plus depreciation and amortization. Both of these measures are presented net of associated taxes, starting in the first quarter of 2021, as the Company utilized all available net operating losses during 2020 . Economic Operating Income for 1Q’21 LTM is pro-forma tax effected

18 FINANCIALS Key Statistics: Valuation & Capital Return

$39.86 $37.45 $1,238M NASDAQ: COWN Book Value Per Share Market Cap as of May 3, 2021 as of March 31, 2021 as of May 3, 2021

3.2x $0.40 Cowen P/E Multiple on $50M Annualized Quarterly LTM Economic Share Repurchase Cash Dividend Payment Operating Income* as of May 3, 2021 Authorization as of May 3, 2021 as of April 29, 2021

19 FINANCIALS Cowen Revenue CAGR Outperforms Peers(1): Long-term Growth Strategy is Working

$2,033 $25,000 $2,000 Cowen Peers CAGR 2012 - 1Q'21 LTM 26.7% 10.0% CAGR 2017 - 1Q'21 LTM 41.0% 9.8% $1,562 $20,000 $1,500

$15,000

$1,000 $909 $940 $10,000 $666 $530 $498 $468 $500 $344 $5,000 millions) (in Revenues Peer Cowen Revenues (in millions) (in Revenues Cowen $288

$- $- 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q'21 LTM Banking Brokerage Management Fees Incentive Fees Investment Income Peer Revenues

REBUILD PERIOD POSITION PERIOD VALUE CREATION PERIOD

• Added electronic • Added sector • Added prime • Added credit • Added macro • Expanded • Exited • Added Quarton, • Acquired MHT trading capabilities expertise across service research & research depth in global additional non- expanding M&A partners in Oct. (ATM) banking, markets capabilities special (Washington execution, new core practice to boost middle and research (Concept situations Research Group) capabilities in investment Launched market (Dahlman Rose) Capital, Conifer trading (CRT) clearing and strategies sustainable capabilities Securities) • Added banking securities investments team from finance strategy Morgan Joseph (Convergex)

• Launched Cowen • Withdrew from Healthcare three affiliated Investments investment (CHI) strategies

1) Aggregate Peer Revenue includes: Evercore, Greenhill, JMP, Lazard, Moelis, Oppenheimer, Piper Sandler, PJT, Raymond James, and Stifel

20 FINANCIALS Our Long-Term Strategy is Increasing Profitability

$391,947 Economic Operating Income* Stock Price (End of Period) 36.0 $375,000 $352,999 32.0

$300,000 28.0

24.0 $225,000 20.0 $150,000 16.0

$80,483 Stock Price $53,715 $64,137 12.0 $75,000 $39,955 $20,563

$17,472 8.0 Economic Income 000's) (in $- 4.0 $(8,147) $(24,522) $(75,000) 0.0 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q'21 LTM

*Economic Operating Income for 1Q’21 LTM is pro-forma tax effected. Starting in the first quarter of 2021 Economic Operating Income is presented net of associated taxes, as the Company utilized all available net operating losses during 2020 .

21 FINANCIALS 1Q 2021 Business Highlights: Broad Earnings Strength

– Record quarter for revenues +226% y/y, Record-high GAAP income and economic operating income. – Investment Banking: Record revenues +196% y/y, M&A and Capital Advisory Revs 45% of total, HC ECM, Sustainability key drivers – Markets: Record revenues +67% y/y, strength in cash, non-US & electronic trading, prime services, securities finance and special situations – Investment Management: Assets under management up year-over-year, quarterly records for management fees & incentive income

FINANCIAL SUMMARY

22 FINANCIALS Record Earnings and Robust Margins & ROCE in 1Q’21 1Q’21 vs 1Q’20: Operating Profit Margin 21.2% vs. -2.7% and ROCE (annualized) 62.2% vs. -3.2%, respectively

1Q 2021 1Q 2020* DELTA YTD 2021

OpCo AssetCo Cowen Inc OpCo AssetCo Cowen Inc OpCo AssetCo Cowen Inc (US$ in mm)

Investment Banking $ 293.5 $ - $ 293.5 $ 99.2 $ - $ 99.2 $ 194.3 $ - $ 194.3 Brokerage 221.8 - 221.8 132.7 - 132.7 89.2 - 89.2 Management Fees 26.9 0.3 27.2 13.1 0.2 13.3 13.8 0.1 13.9 Incentive Income 109.9 (1.2) 108.7 (1.9) (2.1) (4.1) 111.9 0.9 112.8 Investment Income 31.9 3.1 35.0 (19.4) (11.7) (31.1) 51.4 14.7 66.1 Other 1.2 (0.0) 1.2 0.6 (0.0) 0.6 0.6 (0.0) 0.6 Gross Revenue 685.2 2.2 687.4 224.2 (13.6) 210.6 461.1 15.8 476.9 Interest Expense (5.9) (1.1) (7.0) (6.3) (1.4) (7.8) 0.4 0.3 0.7 Net Revenue 679.3 1.1 680.4 217.8 (15.0) 202.8 461.5 16.1 477.6

Compensation & Benefits 385.6 2.8 388.4 125.0 0.7 125.7 260.6 2.1 262.7 Non Compensation - Fixed 37.5 0.2 37.7 37.4 0.4 37.8 0.1 (0.2) (0.1) Non Compensation - Variable 51.9 0.0 51.9 43.3 0.0 43.3 8.6 (0.0) 8.6 Depreciation & Amortization 4.3 0.0 4.4 5.4 0.0 5.4 (1.1) (0.0) (1.1) Reimbursement from Affiliates (0.0) (0.3) (0.3) (0.0) (0.2) (0.3) 0.0 (0.0) (0.0) Non-Controlling Interest 1.5 - 1.5 1.7 - 1.7 (0.3) - (0.3) Expenses 480.8 2.7 483.6 212.8 0.9 213.7 268.0 1.9 269.9

Economic Income $ 198.5 $ (1.6) $ 196.8 $ 5.0 $ (15.9) $ (10.9) $ 193.5 $ 14.2 $ 207.7

Less: Corporate Tax (53.2) 0.4 (52.8) (1.4) 4.4 3.0 (51.8) (4.0) (55.8) Economic Income After Tax $ 145.3 $ (1.2) $ 144.1 $ 3.6 $ (11.4) $ (7.8) $ 141.7 $ 10.2 $ 151.9 % Margin 21.2% 21.0% 1.6% -3.7% 30.7% 31.9%

Less: Preferred Dividend (1.4) (0.3) (1.7) (1.4) (0.3) (1.7) (0.1) 0.1 (0.0) Eco Income After Tax to Comm Sharehdrs $ 143.8 $ (1.5) $ 142.4 $ 2.2 $ (11.8) $ (9.5) $ 141.6 $ 10.3 $ 151.9 % Margin 21.0% 20.7% 1.0% -4.5% 30.7% 31.9%

Add: Depreciation (net of Tax) 1.9 0.0 1.9 1.6 0.0 1.6 0.3 (0.0) 0.3 Add: Amortization (net of Tax) 1.3 - 1.3 2.3 - 2.3 (1.0) - (1.0) Eco Op Inc. After Tax to Comm Sharehdrs $ 147.0 $ (1.5) $ 145.6 $ 6.1 $ (11.8) $ (5.6) $ 140.9 $ 10.3 $ 151.2 % Margin 21.5% 21.2% 2.7% -2.7% 30.6% 31.7%

Comp to Rev Ratio 56.3% 56.5% 55.8% 59.7% 0.5% -3.2% Comp+NCI to Rev Ratio 56.5% 56.7% 56.5% 60.5% -0.1% -3.8%

Average Common Equity 879.8 57.1 936.9 638.7 57.1 695.7 241.2 - 241.2 Period ROCE 16.7% -2.5% 15.5% 1.0% -20.6% -0.8% 15.7% 18.1% 16.3% Annual ROCE 66.8% -10.2% 62.2% 3.8% -82.4% -3.2% 63.0% 72.2% 65.4%

*Pro-forma tax effected P&L

23 FINANCIALS Operating Company and Asset Company: Invested capital detail Op-Co investments are concentrated in liquid trading strategies, Asset-Co investments are less liquid

AS OF (US$ millions) % Total 3/31/2021

Op-Co Event Driven 17.2 2% Activist 47.6 5% Portfolio Hedge 15.0 2% Cowen Healthcare Investments - Public 22.9 2% Cowen Healthcare Investments - Private 36.9 4% Cowen BD Merchant Banking 37.8 4% Cowen Sustainable Investments 9.3 1% Healthcare Royalty Partners 8.2 1% Cowen Syndicate 1.5 0% Operating Cash 82.1 9% Subtotal 278.6 30%

Regulatory Capital Broker Dealer Capital 521.5 56% Subtotal 521.5 56%

Op-Co Total 800.0 86%

Asset-Co Non-Core Investments: Private Investments 124.4 13% Privates Trade Claims 4.1 0% Non-core Investments: Asset-Co Total 128.5 14% Linkem 79.4 TOTAL INVESTED CAPITAL 928.5 100% Formation8/Eclipse 41.4 Other Privates 7.8 Minus Non-Core Investments (128.5) 14% Total 128.5 INVESTED + REGULATORY CAPITAL (NET OF NON-CORE) 800.0 86%

Notes: Invested capital amounts and equity allocation percentages subject to change. Starting in 1Q20, Securities Finance and SPAC Trading allocations included in Broker-Dealer Capital, P&L for these allocations reflected in Markets revenues, not Investment Income. Non-Core Investments: Linkem - Italian wireless broadband telecom company; Formation 8/Eclipse – LP stakes in technology-focused venture capital firms;

24 FINANCIALS Valuation and Trading

EBITDA Price Margin % P / E Price / Div Company 05/03/21 Mkt Cap LTM LTM FY'21E FY'22E BV TBV Yield %

Mid-Sized Peers Jefferies Financial Group Inc. $32.72 $8,081 21.5% 7.4x 7.5x 11.2x 0.8x 1.0x 2.4 JMP Group LLC 5.36 $116 8.6 13.3 9.4 8.2 1.6 1.6 - Oppenheimer Holdings Inc. 50.75 $768 16.8 4.3 NA NA 0.9 1.2 0.9 Piper Sandler Companies 117.17 $2,141 14.4 17.4 9.9 11.3 1.9 3.6 2.7 Raymond James Financial, Inc. 131.88 $18,094 16.4 17.6 14.4 14.5 2.5 2.8 1.2 Stifel Financial Corp. 70.57 $7,425 20.0 14.5 13.2 13.3 2.1 3.3 0.9

Mean 16.3 12.4x 10.9x 11.7x 1.6x 2.2x 1.3 Median 16.6 13.9x 9.9x 11.3x 1.8x 2.2x 1.1 M&A Peers Evercore Inc. $140.53 $5,755 29.2% 13.1x 12.1x 12.0x 4.7x 5.2x 1.9 Greenhill & Co., Inc. 15.30 $299 17.1 9.0 9.4 7.8 3.3 NM 1.3 Houlihan Lokey, Inc. 66.48 $4,584 25.5 16.6 16.6 17.0 3.4 9.4 2.0 Lazard Ltd 45.06 $4,700 20.5 12.1 11.2 10.5 6.3 12.6 4.2 Moelis & Company 54.54 $3,345 30.7 15.2 16.3 16.8 6.9 7.0 7.7 PJT Partners Inc. 72.68 $1,788 24.4 15.5 15.2 13.7 11.2 NM 0.3

Mean 24.6 13.6x 13.1x 12.8x 6.0x 8.6x 2.9 Median 24.9 14.1x 12.1x 12.0x 5.5x 8.2x 2.0

Cowen* $39.86 $1,238 28.2 3.2x 4.3x 6.4x 1.1x 1.3x 1.0

Source: Capital IQ as of May 3, 2021 *Cowen P/E metrics based on Non-GAAP Tax-Effected Economic Operating Income

25 FINANCIALS Well-Capitalized Balance Sheet

AS OF MARCH 31, 2021

Total Assets $9,907 mm

Total Stockholders’ Equity $1,106 mm

Total Debt* $565 mm

Total Capitalization $1,672 mm

Equity / Total Assets 11.2%

Total Debt / Capital 33.8%

*Includes $88mm of 3% convertible senior notes due 2022, $78mm of 7.25% senior notes due 2024, $299mm of 4 % term loan due 2028, and $100mm of 7.75% senior notes due 2033

26 FINANCIALS Balance Sheet (March 31, 2021) (Unaudited) ($ in millions) March 31, 2021 December 31, 2020 Δ Assets Cash and cash equivalents $ 1,148 $ 645 503 Cash collateral pledged 110 111 (1) Segregated cash 169 185 (16) Securities owned, at fair value 3,156 2,002 1,154 Receivable on derivative contracts, at fair value 96 51 45 Stock borrow 1,997 1,908 89 Other investments 435 341 94 Clearing deposits 82 105 (23) Receivable from brokers 1,921 1,730 191 Receivable from customers 200 104 96 Fees receivable 209 161 48 Due from related parties 22 22 - Fixed assets 31 33 (2) Right of use asset 77 78 (1) Goodwill 147 147 - Intangible assets 28 24 4 Deferred tax asset 2 9 (7) Other assets 77 55 22 Total Assets $ 9,907 $ 7,711 2,196

Liabilities and Redeemable Group Equity Securities sold, not yet purchased, at fair value $ 931 $ 728 203 Securities sold under agreement to repurchase 3 5 (2) Payable for derivative contracts, at fair value 52 76 (24) Stock loan 3,084 2,476 608 Payable to brokers 488 415 73 Payable to customers 2,658 1,680 978 Compensation payable 361 373 (12) Lease liability 82 83 (1) Note payable and short-term borrowings 543 383 160 Convertible debt 82 81 1 Soft dollar payable 140 117 23 Fees payable 43 44 (1) Due to related parties - - - Accounts payable, accrued expenses and other liabilities 241 197 44 Total Liabilities $ 8,708 $ 6,658 2,050 Redeemable non-controlling interests 93 84 9 Stockholders' equity 1,106 969 137 Common equity 1,005 868 137 Total Liabilities and Stockholders' Equity $ 9,907 7,711 2,196 Note: Balance sheet has been adjusted to eliminate consolidated funds. Balance sheet has not been prepared in accordance with Generally Accepted Accounting Principles (GAAP).

27 FINANCIALS Reconciliation to GAAP Balance Sheet (Unaudited) – (1/2) As of March 31, 2021

in $000's GAAP minus GAAP Funds Funds Assets Cash and cash equivalents 1,147,531 - 1,147,531 Cash collateral pledged 110,303 - 110,303 Segregated Cash 168,942 - 168,942 Securities owned, at fair value 3,156,100 - 3,156,100 Securities purchased under agreement to resell - - - Receivable on derivative contracts, at fair value 95,536 - 95,536 Stock Borrow 1,996,757 - 1,996,757 Other investments 366,783 (68,309) 435,092 Clearing Deposits 82,078 - 82,078 Receivable from brokers 1,920,753 - 1,920,753 Receivable from customers 199,668 - 199,668 Fees receivable 208,898 (319) 209,217 Due from related parties 20,921 (615) 21,536 Fixed assets, net of accumulated dep and amort 31,424 - 31,424 Right of use asset 77,268 - 77,268 Goodwill 147,084 - 147,084 Intangible assets, net of accumulated amortization 28,116 - 28,116 DTA 1,757 - 1,757 Other assets 76,921 2 76,919 Consolidated Cowen Funds - - - Cash and cash equivalents 935 935 (0) Securities owned, at fair value 8,940 8,940 0 Receivable on derivative contracts, at fair value - - - Other investments, at fair value 100,035 100,035 0 Receivable from brokers - - - Other assets 46 46 (0) Total Assets $ 9,946,796 $ 40,716 $ 9,906,081

Note: Balance sheet has been adjusted to eliminate consolidated funds. Balance sheet has not been prepared in accordance with Generally Accepted Accounting Principles (GAAP).

28 FINANCIALS Reconciliation to GAAP Balance Sheet (Unaudited) – (2/2) As of March 31, 2021

in $000's GAAP minus GAAP Funds Funds Liabilities and Redeemable Group Equity Securities sold, not yet purchased, at fair value 931,082 - 931,082 Securities sold under agreement to repurchase 2,546 - 2,546 Payable for derivative contracts, at fair value 52,125 - 52,125 Stock Loan 3,083,945 - 3,083,945 Payable to brokers 488,471 - 488,471 Payable to customers 2,657,600 - 2,657,600 Compensation payable 361,793 - 361,793 Lease liability 81,400 - 81,400 Other debt (Bbonds, plane, cap leases, Natixis) 542,519 - 542,519 Convertible debt (march 2015) 81,682 - 81,682 Soft Dollar payable 139,621 - 139,621 Fees payable 42,915 - 42,915 Due to related parties 99 - 99 Accounts payable, accrued expenses and other liabilities 240,790 1 240,790 - - Consolidated Cowen Funds - Securities sold, not yet purchased, at fair value - - - Payable to brokers - - - Due to related parties 9 9 0 Contributions received in advance - - - Capital withdrawals - - - Payable for derivative contracts, at fair value - - - Accounts payable, accrued expenses and other liabilities 219 219 (0) Total Liabilities $ 8,706,816 $ 229 $ 8,706,588

Temporary Equity Redeemable Non-controlling interests in consolidated subsidiaries ------Permanent Equity - - - Stockholders' equity 1,106,866 - 1,106,866 Non-Redeemable Non-controlling interests in consolidated subsidiaries 133,114 40,487 92,627 Total Permanent Equity 1,239,980 40,487 1,199,493 - Total Liabilities and Redeemable Group Equity $ 9,946,796 $ 40,716 $ 9,906,081

Note: Balance sheet has been adjusted to eliminate consolidated funds. Balance sheet has not been prepared in accordance with Generally Accepted Accounting Principles (GAAP).

29 FINANCIALS GAAP to Economic Income Reconciliation – 1Q’2021 (Unaudited) Three Months Ending March 31, 2021

30 FINANCIALS GAAP to Economic Income Reconciliation – 1Q’2020 (Unaudited) Three Months Ending March 31, 2020

31 FINANCIALS Adjustments Made to U.S. GAAP Net Income (Loss) to Arrive at Economic Income (Loss)

32 FINANCIALS Contact us

INVESTOR CONTACTS

Cowen J.T. Farley, Investor Relations [email protected] 646 562 1056

CORPORATE HEADQUARTERS 599 Lexington Avenue New York, NY 10022 646 562 1010 cowen.com

This material is a product of Cowen Inc. Unless otherwise specifically stated, any views or opinions expressed herein are solely those of the author and may differ from the views and opinions expressed by the various departments or divisions of Cowen Inc. and its affiliates (referred collectively herein as "Cowen"). This material is provided for information only and is not intended as a recommendation or an offer or solicitation for the purchase or sale of any security or financial instrument. The information contained herein is as of the date referenced above and Cowen does not undertake any obligation to update such information. All market data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Past performance is not indicative of future results. Clients should contact their Cowen representatives to receive additional information.

The information regarding Cowen Investment Management and its affiliated investment advisors was created solely for informational purposes with the express understanding that it does not constitute: (i) an offer, solicitation or recommendation to invest in a particular investment; (ii) a means by which any such investment may be offered or sold; or (iii) advice or an expression of our view as to whether a particular investment is appropriate. No sale of shares or interests will be made in any jurisdiction in which the offer, solicitation or sale is not authorized or to any person to whom it is unlawful to make the offer, solicitation or sale. Any offering of shares or interests by an investment fund will be made solely pursuant to the private placement memorandum prepared by and for such investment fund and will contain material information not contained in this document. Any decision to invest in any share or interest of any investment fund should be made solely in reliance upon the private placement memorandum and any supplemental documents.

©2021, COWEN INC., ALL RIGHTS RESERVED. COWEN AND COMPANY, LLC AND ATM EXECUTION LLC, MEMBERS FINRA NYSE, MSRB AND SIPC. COWEN PRIME SERVICES LLC, MEMBER FINRA, NFA AND SIPC. COWEN EXECUTION SERVICES, MEMBER OF FINRA, NYSE AND SIPC. WESTMINSTER RESEARCH ASSOCIATES LLC, MEMBER FINRA AND SIPC.

Cowen Outperform is the global trademark used by Cowen Inc., its subsidiaries and its affiliates. Cowen Outperform™ is not a rating or a recommendation and it is not a solicitation to purchase Cowen Inc. securities.