NASDAQ VIRTUAL INVESTOR CONFERENCE

DECEMBER 4, 2020 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 1. INTRODUCTION TO COWEN INTRODUCTION Cowen: advising and connecting providers and users of capital to help them consistently OutperformTM $1B+ 177 IN TOTAL BANKING CAPITALIZATION TRANSACTIONS IN 9M’20

Impactful Deep Domain Strategic Knowledge Advice 805 ~36B High Quality SECURITIES UNDER SHARES TRADED BY Financing Proprietary COVERAGE (AS OF THE EQUITIES DESK Content Transactions 9/30/20) IN 9M’20 Scalable Independent Institutional Trade Quality Execution Platform 5 9,500+ Innovative Value-added DIFFERENTIATED Investment Tools and CONFERENCE 1X1 Products Insights INVESTMENT MEETINGS IN 9M’20 MANAGEMENT STRATEGIES

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

$1,400 $25,000 Cowen Peers $1,292 CAGR 2012 - 2020 Sep LTM 20.6% 8.3% $1,200 CAGR 2017 - 2020 Sep LTM 24.7% 5.4% $20,000

$1,000 $909 $940

$15,000 $800 $666

$600 $530 $498 $468 $10,000

$400 $344

$288 Peer Revenues(in millions) Cowen Revenues millions)(in $5,000 $200

$- $- 2012 2013 2014 2015 2016 2017 2018 2019 LTM Sep'20 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 • Acquired trading capabilities expertise across service research & research depth in global additional non- Quarton, MHT partners (ATM) banking, markets capabilities special (Washington execution, new core expanding in Oct. to and research (Concept situations Research Group) capabilities in investment M&A practice boost middle (Dahlman Rose) Capital, Conifer trading (CRT) clearing and strategies Launched market Securities) • Added banking securities sustainable capabilities team from finance investments Morgan Joseph (Convergex) strategy

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

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

5 FINANCIALS Our Long-Term Strategy is Increasing Profitability

Economic Operating Income Price (at Year-End)

$213,518 Stock Price on $200,000 24.0 11/30 @ $23.96

20.0 $125,000 $80,483 $64,137 $53,715 16.0 $39,955 $50,000 $17,472 $20,563 12.0

$(25,000) $(8,147) Stock Price $(24,522) 8.0

$(100,000)

4.0 Economic Economic Income (inOperating 000's)

$(175,000) 0.0 2012 2013 2014 2015 2016 2017 2018 2019 LTM Sep'20

6 2. BUSINESS HIGHLIGHTS BUSINESS HIGHLIGHTS : 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 $352 the foreseeable future $329 – Top 3 bookrunner for life sciences transactions since 2016* $324

• Expanding footprint in merger advisory – 9M’20 already a record year for advisory revenue – Growing organically and through acquisition $223 $224 $219

$247 • Acquired Quarton (Jan 2019) and MHT Partners (Oct 2020) • Quarton provides advisory business with significant scale, revenue diversification, and cross-border capabilities $133 $182 • $199 MHT adds middle-market sponsor coverage and additional $68 sector expertise $49 • Mandated advisory pipeline at record levels $107

$84 • Key industry verticals experiencing growth $82 $83 $42 – Consumer / Cannabis $24 $27

– Healthcare 2015 2016 2017 2018 2019 9M'20 – Industrials/Sustainability – Information Technology & Services M&A Capital Markets CM Advisory CM Underwriting – Technology

*Source: ECM Analytics as of September 30, 2020. Excludes issuers with proceeds less than $20mm and greater than $1bn 8 BUSINESS HIGHLIGHTS Strength from Healthcare Focus and Capital Markets

REVENUE BY PRODUCT REVENUE BY INDUSTRY

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

200,000 200,000 Initiating Separation of CM-Advisory and CM-Underwriting

180,000 180,000

160,000 160,000

140,000 140,000

66% 120,000 71% 120,000 72% 78%

100,000 100,000

80,000 80,000 62% 69% 62% 66% 58% 42% 48% 75% 60,000 57% 60,000 76% 85% 60% 68% 57% 46% 71% 57% 82% 16% 40,000 13% 40,000 9% 9% 14% 28% 19% 19% 58% 20,000 20,000 52% 38% 54% 42% 22% 40% 34% 16% 18% 43% 29% 28% 24% 32% 25% 24% 20% 15% 18% 11% 0 0 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 M&A CM - Advisory CM - Underwriting CM - Total Non-Healthcare Healthcare Note: Inclusive of Quarton metrics beginning 1/1/19. 2019 Cowen metrics include $7.8M of TriArtisan advisory revenue.

9 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 with a market capitalization Today 54 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 805 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 declined 10% from 2012 to 2016. (2) Per 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.

10 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 20,589 and smaller competitors RBC 12,262 COWEN – Positive impact on client portfolio decisions 11,896 11,415 • Platform emphasizes: BTIG 6,980 – Cutting-edge research PIPER SANDLER 5,742 – Exceptional algorithmic execution capability RAYMOND JAMES 4,982 BMO 4,878 – Award-winning prime services product STIFEL 3,262 – Growing non-US execution business 2,488 • Growing market share CANTOR FITZGERALD 2,356 OPPENHEIMER – General consolidation of commissions to top 2,062 TRUIST 1,411 brokers such as Cowen that provide value in KEYBANC 1,406 research and trading B. RILEY 1,263 • Well positioned for ongoing post-MiFID II WILLIAM BLAIR 1,169 MACQUARIE 950 reallocation of commission dollars CANACCORD 855 – Clients have showed willingness to pay for STEPHENS 691 impactful research and high-quality liquidity LEERINK 481

0 5,000 10,000 15,000 20,000 25,000

(1) Advertised Bloomberg volume 30 November 2020 - 30 November 2020.

11 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 2020

• 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

FY’12 $94 FY’17 $324 FY’19 $465 9M’20 $469 revenue MILLION revenue MILLION revenue MILLION revenue MILLION

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

12 BUSINESS HIGHLIGHTS : 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: $807 Million* AUM: $3.5 Billion* AUM: $5.9 Billion* AUM: $413 Million* AUM: $385 Million* PRIVATE EQUITY ✓ ✓ ✓

HEDGE FUND ✓ ✓

MANAGED ACCOUNT ✓ ✓ ✓

UCITS ✓

AUM figures provided for each individual strategy group are approximate as of September 30, 2020 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 29 for additional important disclosures pertaining to Cowen’s Investment Management business.

13 3. TRENDS IN LIFE SCIENCES CAPITAL FORMATION: LONG-TERM DRIVER OF GROWTH Since the 2012 JOBS Act, the # of US Public Companies Has Been on the Upswing…

9000 600

8500 550 500 8000 Total # of Public Companies Biotech & Life Sciences Tools / Dx Listings 450 7500 400

7000 350

6500 300

250

6000 #of Biotech & LS LS / Tools Listings Dx #of Public Companies 200 Listed on Exchanges U.S. 5500 150 5000 100

4500 50

4000 0

Source: Capital IQ, NYSE Research and World-Exchanges.org as of 11/5/20. Includes foreign and domestic listings on the NYSE and Nasdaq.

15 Our Early Long-Term Plan Focused on Disruptive Industries: Healthcare “Do Well by Doing Good”

AN INCREASE IN # BIOTECH IPOS & FOLLOW ON’S, REPRESENTING NEARLY $200 BN IN PROCEEDS RAISED SINCE 2010… (# of Deals) (Proceeds in $B) 240 $50.0 215 202 212 200 188 165 174 $40.0 164 156 155 142 Total (since 2010): 160 139 120 105 126 $30.0 120 # IPOs: 399 94 80 $20.0 128 80 55 70 #FOs: 1,212 48 $10.0 40 47 38 69 Proceeds: $196 bn 40 47 38 56 46 50 0 10 8 11 24 $0.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD # of IPOs Priced # of FOs Priced Total Proceeds

…HAS LED TO 400+ NEW DRUG APPROVALS OVER THE LAST DECADE 70 Total drug 59 60 approvals (since 48 2010): 418 50 45 46 41 39 40 40 30 30 27 21 22 20

10

0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD 2020 Source: Dealogic, ECM Analytics as of September 25, 2020. Includes follow-ons > $20mm and IPOs > $30mm in proceeds https://www.fda.gov/drugs/new-drugs-fda-cders-new-molecular-entities-and-new-therapeutic-biological-products/novel-drug-approvals-2020 (as of September 16, 2020)

16 Healthy Biotech M&A Market Implies Significant Excess Capital Available To Be Recycled Into New Company Formation

Total M&A Deal Value: $714B $800 - Listed: $560B - Private: $155B

vs.

Total IPO & FO Issuance $189B - IPO: $43.6B

$600 - FO: $145.0B $ in in $ B

$400

$200

$- 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD

BioTech Life Science M&A Deal Value Issuances

Source: EvaluatePharma. Includes biotech transaction with value greater than $50M, excludes pharma consolidation. Dealogic, ECM Analytics as of September 25, 2020. Includes follow-ons > $20mm and IPOs > $30mm in proceeds.

17 4. COMPELLING VALUATION: AN EMERGING GROWTH STOCK AT A VALUE MULTIPLE FINANCIALS Key Statistics

$23.96 $24.32 $692M Tangible Book Value NASDAQ: COWN Per Share Market Cap as of November 30, 2020 as of November 30, 2020 as of September 30, 2020

$1,043.5M $197.2M $217.5M Economic Operating Op Co Economic Revenue (9M’20) as of September 30, 2020 Income (9M’20)* Operating Income as of September 30, 2020 (9M’20)* as of September 30, 2020

*Economic Operating Income to Common Stockholders is Economic Income to Cowen Inc. minus preferred dividends plus depreciation and amortization. Op Co Economic Operating Income excludes the Asset Co segment, which consists of non-core legacy private investments

19 FINANCIALS Valuation and Trading

EBITDA As of 11-30-20 Price Margin % P / E Price / % Div Company 11/30/20 Mkt Cap LTM LTM BV TBV Beta Yeld

Mid-Sized Peers Jefferies Financial Group Inc. $22.73 $5,806.0 14.6% 10.3x 0.6x 0.8x 1.22 2.5 JMP Group LLC 3.00 59.0 (31.9) NM 1.1 1.1 0.88 - Inc. 29.49 384.7 9.8 5.9 0.6 0.8 1.11 1.6 92.17 1,652.5 6.6 37.2 1.6 3.2 1.41 2.4 , Inc. 90.95 12,454.0 14.5 15.6 1.7 1.9 1.21 1.6 Stifel Financial Corp. 69.30 4,758.8 16.4 12.5 1.4 2.2 1.27 0.9

Mean 5.0 16.3x 1.2x 1.7x 1.18 1.5 Median 12.2 12.5x 1.2x 1.5x 1.22 1.6

Cowen* $23.96 $691.8 19.5 3.7x 0.8x 1.0x 1.47 1.3

Source: Capital IQ as of November 30, 2020. *Cowen metrics based on Non-GAAP Economic Income reporting

20 THANK YOU

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