INVESTOR PRESENTATION

JULY 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 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 $1B+ 107 IN TOTAL BANKING CAPITALIZATION TRANSACTIONS IN 1H’20

Impactful Deep Domain Strategic Knowledge Advice ~800 22B High Quality SECURITIES UNDER SHARES TRADED BY Financing Proprietary COVERAGE (AS OF THE EQUITIES DESK Content Transactions 6/30/20) IN 1H’20 Scalable Independent Institutional Trade Quality Execution Platform 5 8,300+ Innovative Value-added DIFFERENTIATED Investment Tools and CONFERENCE 1X1 Products Insights INVESTMENT MEETINGS IN 1H’20 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 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 trades at a significant discount to peers. Strategy aims to 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”)

• Improve 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 : 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* $289 • Expanding footprint in merger advisory – 2019 was a record year for advisory revenue – Growing organically and through acquisition $223 $224 $219

$247 $200 • Closed acquisition of Quarton International in January 2019 • Provides advisory business with significant scale, revenue $133 diversification, and cross-border expertise $182 $199 • Mandated pipeline continues to look strong $49

$107 • Key industry verticals experiencing growth $38 – Consumer / Cannabis $82 $84 – Healthcare $42 $50 $24 $27 – Industrials – Information Technology & Services 2015 2016 2017 2018 2019 1H'20 – Technology M&A Capital Markets CM Advisory CM Underwriting

*Source: ECM Analytics as of June 30, 2020. Excludes issuers with proceeds less than $20mm and greater than $1bn 11 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

120,000 71% 120,000 72%

100,000 100,000

80,000 80,000 62% 69% 62% 67% 58% 42% 48% 75% 60,000 57% 60,000 76% 85% 60% 68% 57% 46% 71% 57% 82% 40,000 13% 40,000 9% 9% 14% 28% 19% 19% 58% 20,000 20,000 52% 38% 54% 42% 40% 34% 16% 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 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'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.

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

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 800 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 2018 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 and scaled research sales Million shares LTM (1) – Offers clients meaningful advantages vs. larger JEFFERIES 21,644 and smaller competitors RBC 12,935 – Positive impact on client portfolio decisions COWEN 11,888 11,643 • Platform emphasizes: BTIG 6,872 – Cutting-edge research BMO 5,084 – Exceptional algorithmic execution capability PIPER JAFFRAY 5,059 RAYMOND JAMES 4,849 – Award-winning prime services product 3,238 • Growing market share 2,451 CANTOR FITZGERALD 2,280 – General consolidation of commissions to top OPPENHEIMER 1,966 brokers such as Cowen that provide value in SUNTRUST 1,477 research and trading MACQUARIE 1,444 KEYBANC 1,409 • Well positioned for ongoing post-MiFID II B. RILEY 1,207 reallocation of commission dollars WILLIAM BLAIR 1,109 – Clients have showed willingness to pay for CANACCORD 828 impactful research and high-quality liquidity STEPHENS 762 LEERINK 490

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

(1) Advertised Bloomberg volume 30 June 2019 - 30 June 2020.

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 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 1H’20 $301 revenue MILLION revenue MILLION revenue MILLION revenue 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 new 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: $821 Million* AUM: $3.5 Billion* AUM: $5.7 Billion* AUM: $470 Million* AUM: $207 Million* PRIVATE EQUITY ✓ ✓ ✓

HEDGE FUND ✓ ✓

MANAGED ACCOUNT ✓ ✓ ✓

UCITS ✓

AUM figures provided for each individual strategy group are approximate as of June 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.

16 3. FINANCIALS FINANCIALS Key statistics

$17.58 $22.94 $487M Tangible Book Value NASDAQ GS: COWN Per Share Market Cap as of July 24, 2020 as of July 24, 2020 as of June 30, 2020

$769.3M $159.8M $179.1M Economic Operating Op Co Economic Revenue (1H’20) as of June 30, 2020 Income (1H’20)* Operating Income as of June 30, 2020 (1H’20)* as of June 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

18 FINANCIALS Revenue growth across business lines Multi-year strategy to rebuild and position the platform for long-term value creation

ECONOMIC INCOME REVENUE : +17% CAGR SINCE 2011* “Value Creation Period” In millions Banking Brokerage Management Fees Incentive Fees Investment Income Other $909 $945 900.0

$769 800.0 “Position Period”

700.0 $666

600.0 $530 $498 500.0 $468 “Rebuild Period”

400.0 $344 $288 300.0 $270

200.0

100.0

- 2011 2012 2013 2014 2015 2016 2017 2018 2019 1H'20 Added options Added electronic Added sector Added prime Added credit Added macro Expanded depth Added Exited two and event trading capabilities expertise across service research & research in global Quarton (Jan non-core capabilities (ATM) banking, markets capabilities special (Washington execution and 2019), investment and research (Concept Capital, situations Research Group) new capabilities significantly strategies Established (Dahlman Rose) Conifer trading (CRT) in clearing and expanding Launched merger arbitrage Securities) Added banking securities finance M&A advisory sustainable fund team from Morgan (Convergex) practice and investments Joseph global strategy Withdrew from footprint Launched Cowen three affiliated Healthcare investment *January 1, 2011 through December 31, 2019 Investments (CHI) strategies

19 FINANCIALS 2Q 2020: Record revenues and profitability driven by outperformance across all operating businesses • Business highlights: – Unrealized gain on Nikola investment added $129.8m in investment revs and $64.9m, or $2.21 per share, in econ op income – Investment Banking: highest–ever revenues, +83% y/y, Outstanding HC ECM, Solid M&A, growing Cap Mkts Advisory (29% of revs) – Markets: Record revenues +35% y/y, strength in electronic trading, European trading, derivatives, prime brokerage – Investment Management: Record incentive income, management fee run-rate at 4-yr high – Declared quarterly dividend ($0.04/shr), Repurchased $6.6m of ; future buybacks depend on cashflow/business conditions

FINANCIAL SUMMARY

20 FINANCIALS Record Quarter Across the Board Driven by Operating Businesses Economic Income by Segment – 2Q 2020 vs. Prior Year

Actual Actual Variance ($ in thousands) 2Q'2020 2Q'2019 2020 vs 2019 OperatingCo AssetCo Total OperatingCo AssetCo Total OperatingCo AssetCo Total Economic Income Revenue Management Fees $ 14,234 $ 168 14,402 $ 9,968 $ 500 10,468 $ 4,266 $ (332) $ 3,934 Incentive Income 45,392 983 46,375 2,633 1,596 4,229 42,759 (613) 42,146 Investment Income 142,379 (1,893) 140,486 (6,513) 3,626 (2,887) 148,892 (5,519) 143,373 Investment Banking 190,430 - 190,430 104,216 - 104,216 86,214 - 86,214 Brokerage 167,067 - 167,067 124,044 - 124,044 43,023 - 43,023 Other (62) 2 (60) 4,304 15 4,319 (4,366) (13) (4,379) Total Economic Income Revenues 559,440 (740) 558,700 238,652 5,737 244,389 320,788 (6,477) 314,311 Interest Expense / Discount Amortization 6,102 1,469 7,571 5,298 1,408 6,706 804 61 865 Total Economic Income Net Revenues 553,338 (2,209) 551,129 233,354 4,329 237,683 319,984 (6,538) 313,446

Economic Income Expenses Compensation & Benefits 304,644 438 305,082 134,454 1,955 136,409 170,190 (1,517) 168,673 Fixed non-compensation expense 34,755 105 34,860 37,171 1,244 38,415 (2,416) (1,139) (3,555) Variable non-compensation expense 40,817 5 40,822 39,428 40 39,468 1,389 (35) 1,354 Depreciation & Amortization 5,657 6 5,663 4,945 7 4,952 712 (1) 711 Non-Controlling Interest 1,739 - 1,739 1,258 - 1,258 481 - 481 Total Economic Income Expenses 387,612 554 388,166 217,256 3,246 220,502 170,356 (2,692) 167,664 Income (Loss) Attributable to Cowen Inc. $ 165,726 $ (2,763) $ 162,963 $ 16,098 $ 1,083 $ 17,181 $ 149,628 $ (3,846) $ 145,782 Preferred Dividend 1,387 311 1,698 1,341 357 1,698 46 (46) - Economic Income to Common Shareholders $ 164,339 $ (3,074) $ 161,265 $ 14,757 $ 726 $ 15,483 $ 149,582 $ (3,800) $ 145,782 Eco Income Margin 29.4 % N/A 28.9 % 6.2 % 12.7 % 6.3 % 23.2 % N/A 22.5 % Add: Depreciation 2,383 6 2,389 1,686 8 1,694 697 (2) 695 Add: Amortization 3,274 - 3,274 3,259 (1) 3,258 15 1 16 Economic Op Income to Common Shareholders $ 169,996 $ (3,068) $ 166,928 $ 19,702 $ 733 $ 20,435 $ 150,294 $ (3,801) $ 146,493 Eco Op Income Margin 30.4 % N/A 29.9 % 8.3 % 12.8 % 8.4 % 22.1 % N/A 21.5 % Comp to Rev Ratio 54.5 % N/A 54.6 % 56.3 % 34.1 % 55.8 % Comp+NCI to Rev Ratio 54.8 % N/A 54.9 % 56.9 % 34.1 % 56.3 %

Average Common Equity 710.4 31.2 741.6 683.4 31.2 714.6 Quarterly ROCE 23.9 % (9.8)% 22.5 % 2.9 % 2.3 % 2.9 %

Annualized ROCE 95.7 % (39.3)% 90.0 % 11.5 % 9.4 % 11.4 %

21 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 6/30/2020

Op-Co Event Driven 13.7 2% Activist 38.2 5% Portfolio Hedge 15.0 2% Cowen Healthcare Investments - Public 19.9 2% Cowen Healthcare Investments - Private 27.8 3% Cowen BD Merchant Banking 159.7 19% Includes $129.8m Nikola investment Cowen Sustainable Investments 11.8 1% Healthcare Royalty Partners 6.5 1% Cowen Syndicate 1.1 0% Lux 2.8 0% Operating Cash 27.8 3% Subtotal 324.4 39%

Regulatory Capital Broker Dealer Capital 387.3 46% Subtotal 387.3 46% Non-Core Investments: Op-Co Total 711.8 85% Privates

Asset-Co Non-core Investments: Private Investments 117.6 14% Linkem 73.6 Real Estate 2.1 0% Formation8/Eclipse 38.9 Trade Claims 4.7 1% Other Privates 9.8 Asset-Co Total 124.4 15%

TOTAL INVESTED CAPITAL 836.2 100% Real Estate Surfside - Minus Non-Core Investments (124.4) 15% Other 2.1 INVESTED + REGULATORY CAPITAL (NET OF NON-CORE) 711.8 85% Total 124.4

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; Real estate: Remaining investments from real estate strategy which was exited in 2019

24 FINANCIALS Valuation and Trading

EV / EBITDA Price Diluted Enterprise Revenue Margin % P / E Price / % Div Company 07/24/20 Mkt Cap Value LTM LTM LTM BV TBV Beta Yeld

Mid-Sized Peers Jefferies Financial Group Inc.(1) $16.82 $4,484.6 $7,329.0 1.3x 9.2% 12.8x 0.5x 0.6x 1.34 3.5 JMP Group LLC 2.67 52.3 (90.1) NM (43.3) NM 1.0 1.0 0.85 - Inc. 21.45 278.1 394.2 0.4 8.4 6.0 0.5 0.7 0.96 2.2 63.04 914.3 998.3 1.1 8.8 11.7 1.2 2.3 1.48 2.4 , Inc. 72.12 9,882.6 8,566.6 1.1 16.4 10.7 1.5 1.6 1.14 2.0 Stifel Financial Corp. 48.00 3,287.3 4,074.6 1.2 16.7 9.0 1.0 1.8 1.43 1.4

Mean 1.0x 2.7 10.0x 0.9x 1.3x 1.20 1.9 Median 1.1x 9.0 10.7x 1.0x 1.3x 1.24 2.1

Cowen(2) $17.58 $486.8 $1,038.4 0.8x 17.7 3.1x 0.6x 0.8x 1.88 0.9

Source: Capital IQ as of July 24, 2020. (1) Revenue mix only includes Jefferies reporting segment. All other metrics reflect consolidated company (2) Cowen metrics based on Non-GAAP Economic Income reporting

23 FINANCIALS Well-capitalized balance sheet

AS OF JUNE 30, 2020

Total Assets $5.4 billion

Total Stockholders’ Equity $902 million

Total Debt* $436 million

Total Capitalization $1.3 billion

Equity / Total Assets 17%

Total Debt / Capital 33%

*Includes $135 million of 3% convertible senior notes due 2022, $138 million of 7.35% senior notes due 2024, $78 million of 7.25% senior notes due 2024

24 FINANCIALS Balance Sheet (June 30, 2020) (Unaudited) ($ in millions) June 30, 2020 December 31, 2019 Δ Assets Cash and cash equivalents $ 340 $ 301 $ 39 Cash collateral pledged 8 7 1 Segregated cash 178 107 70 Securities owned, at fair value 955 1,623 (669) Receivable on derivative contracts, at fair value - 63 (63) Securities purchased under agreement to resell 89 - 89 Stock borrow 1,553 754 799 Other investments 284 329 (44) Clearing deposits 104 92 12 Receivable from brokers 1,129 688 441 Receivable from customers 107 92 15 Fees receivable 179 127 53 Due from related parties 25 27 (3) Fixed assets 35 33 2 Right of use asset 84 93 (9) Goodwill 138 138 (0) Intangible assets 29 36 (7) Deferred tax asset 36 79 (43) Other assets 121 84 37 Total Assets $ 5,392 $ 4,672 $ 720 Liabilities and Redeemable Group Equity Securities sold, not yet purchased, at fair value 545 452 93 Securities sold under agreement to repurchase - 23 (23) Payable for derivative contracts, at fair value 54 61 (6) Stock loan 1,622 1,602 21 Payable to brokers 241 277 (37) Payable to customers 788 416 371 Compensation payable 279 223 56 Lease liability 88 98 (10) Note payable and short-term borrowings 314 345 (31) Convertible debt 121 119 3 Soft dollar payable 125 72 53 Fees payable 86 22 64 Due to related parties (0) 0 (0)

Accounts payable, accrued expenses and other liabilities 166 141 25 Total Liabilities $ 4,429 $ 3,850 $ 579 Redeemable non-controlling interests 61 12 49 Stockholders' equity $ 902 $ 810 $ 92 Common equity $ 800 $ 709 $ 92 Total Liabilities and Stockholders' Equity $ 5,392 $ 4,672 $ 720

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

25 FINANCIALS Reconciliation to GAAP Balance Sheet (as of June 30, 2020) (Unaudited)

GAAP GAAP in $000's minus in $000's minus GAAP Funds Funds GAAP Funds Funds Assets Liabilities and Redeemable Group Equity Cash and cash equivalents 340,075 - 340,075 Securities sold, not yet purchased, at fair value 544,654 - 544,654 Cash collateral pledged 7,511 - 7,511 Securities sold under agreement to repurchase - - - Segregated Cash 177,526 - 177,526 Payable for derivative contracts, at fair value 54,469 - 54,469 Securities owned, at fair value 954,512 - 954,512 Stock Loan 1,622,484 - 1,622,484 Securities purchased under agreement to resell - - - Payable to brokers 240,561 - 240,561 Receivable on derivative contracts, at fair value 88,846 - 88,846 Payable to customers 787,662 - 787,662 Stock Borrow 1,553,385 - 1,553,385 Compensation payable 279,492 - 279,492 Other investments 207,663 76,563 284,226 Lease Liability 87,704 - 87,704 Clearing Deposits 103,838 - 103,838 Other debt (Bbonds, plane, cap leases, ) 314,329 - 314,329 Receivable from brokers 1,128,617 - 1,128,617 Convertible debt (march 2015) 121,195 - 121,195 Receivable from customers 106,874 - 106,874 Soft Dollar payable 124,572 - 124,572 Fees receivable 179,125 266 179,391 Fees payable 85,812 - 85,812 Due from related parties 24,059 619 24,678 Due to related parties (8) - (8) Fixed assets, net of accumulated dep and amort 34,898 - 34,898 Accounts payable, accrued expenses and other liabilities 166,219 - 166,219 Right of use asset 83,833 - 83,833 Goodwill 137,728 - 137,728 Consolidated Cowen Funds - - - Intangible assets, net of accumulated amortization 28,557 - 28,557 Securities sold, not yet purchased, at fair value - - - DTA 35,947 - 35,947 Payable to brokers - - - Other assets 121,108 7 121,115 Due to related parties - - - Consolidated Cowen Funds - - - Contributions received in advance - - - Cash and cash equivalents 118 (118) (0) Capital withdrawls - - - Securities owned, at fair value 113,176 (113,176) (0) Payable for derivative contracts, at fair value - - - Receivable on derivative contracts, at fair value - - - Accounts payable, accrued expenses and other liabilities 237 (237) 0 Other investments, at fair value 92,522 (92,522) 0 Total Liabilities 4,429,382 (237) 4,429,145 Receivable from brokers - - - Other assets 75 (75) 0 Stockholders' equity 901,685 - 901,685 Total Assets 5,519,993 (128,436) 5,391,557 Non-Redeemable Non-controlling interests in consolidated subsidiaries 188,925 (128,199) 60,726 Permanent Equity 1,090,610 (128,199) 962,411 Total Liabilities and Redeemable Group Equity 5,519,992 (128,436) 5,391,556

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

26 FINANCIALS GAAP to Economic Income Reconciliation – Q2’2020 (Unaudited)

27 FINANCIALS GAAP to Economic Income Reconciliation - Q2’2019 (Unaudited)

28 FINANCIALS Adjustments Made to U.S. GAAP Net Income Footnotes

29 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 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.

©2020, 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.

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