INVESTOR PRESENTATION

DECEMBER 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+ 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

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* $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 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

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.

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 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 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 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 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.

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 9M’20 $469 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 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.

16 3. FINANCIALS 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

18 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 Stifel

19 FINANCIALS Our Long-Term Strategy is Increasing Profitability

Economic Operating Income Stock 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

20 FINANCIALS 3Q 2020: UPDATE

• Business highlights: – Second-highest quarter on record for revenues and economic operating income, behind only 2Q’20, despite -$96.6m Nikola mark-to-market – Investment Banking: Revenues +167% y/y, Outstanding HC ECM, Record M&A, growing Cap Mkts Advisory (34% of IB revs) – Markets: Revenues +50% y/y, strength in non-US trading, special situations, prime services, outsourced trading, securities finance – Investment Management: Assets under management up year-over-year, management fee run-rate at 4-yr high – Doubled quarterly dividend from $0.04 to $0.08/shr. Repurchased $18.9m of stock, biggest quarterly buyback in 5 years

FINANCIAL SUMMARY

21 FINANCIALS Strong Profitability Despite $96.6mm Nikola Mark-to-Market 3Q’20 vs 3Q’19: Operating Profit Margin 13.6% vs. 4.6% and ROCE (annualized) 18.6% vs. 5.6%, respectively

3Q2020 3Q2019 DELTA

OpCo AssetCo Cowen Inc OpCo AssetCo Cowen Inc OpCo AssetCo Cowen Inc (US$ in mm) Investment Banking $ 185.2 $ - $ 185.2 $ 69.4 $ - $ 69.4 $ 115.7 $ - $ 115.7 Brokerage 167.1 - 167.1 110.2 - 110.2 56.9 - 56.9 Management Fees 14.4 0.3 14.6 10.3 0.6 10.9 4.1 (0.3) 3.7 Incentive Income (2.6) 1.3 (1.3) 15.3 (0.9) 14.4 (17.9) 2.2 (15.7) Investment Income (90.4) (0.1) (90.5) 10.5 0.8 11.4 (100.9) (0.9) (101.9) Other (0.8) 0.0 (0.8) 0.2 0.0 0.2 (1.0) (0.0) (1.0) Gross Revenue 272.8 1.5 274.3 216.0 0.6 216.5 56.9 0.9 57.8 Interest Expense (6.0) (1.1) (7.1) (5.8) (1.4) (7.1) (0.3) 0.3 0.0 Net Revenue 266.8 0.3 267.2 210.2 (0.8) 209.4 56.6 1.2 57.8

Compensation & Benefits 152.8 1.0 153.8 121.9 0.7 122.6 30.9 0.2 31.2 Non Compensation - Fixed 34.3 0.4 34.7 36.5 0.8 37.3 (2.2) (0.5) (2.7) Non Compensation - Variable 37.7 0.0 37.7 37.2 0.0 37.3 0.5 (0.0) 0.5 Depreciation & Amortization 5.7 0.0 5.7 5.1 0.0 5.1 0.6 (0.0) 0.6 Reimbursement from Affiliates (0.0) (0.3) (0.3) (0.0) (0.2) (0.3) 0.0 (0.0) (0.0) Non-Controlling Interest 2.1 - 2.1 0.7 - 0.7 1.4 - 1.4 Direct Expenses 232.6 1.1 233.7 201.3 1.4 202.7 31.3 (0.3) 31.0

Economic Income $ 34.2 $ (0.7) $ 33.5 $ 8.9 $ (2.2) $ 6.7 $ 25.3 $ 1.5 $ 26.8

Less: Preferred Dividend (1.4) (0.3) (1.7) (1.3) (0.4) (1.7) (0.1) 0.1 - Eco Income to Comm Shareholders $ 32.8 $ (1.0) $ 31.8 $ 7.6 $ (2.6) $ 5.0 $ 25.2 $ 1.6 $ 26.8 % Margin 12.0% 11.6% 3.5% 2.3% 44.3% 46.4%

Add: Depreciation 2.4 0.0 2.5 1.8 0.0 1.8 0.6 (0.0) 0.6 Add: Amortization 3.2 - 3.2 3.2 - 3.2 (0.0) - (0.0) Eco Op Income to Comm Sharehdrs $ 38.4 $ (1.0) $ 37.4 $ 12.6 $ (2.6) $ 10.1 $ 25.8 $ 1.6 $ 27.4 % Margin 14.1% 13.6% 5.9% 4.6% 45.4% 47.4%

Comp to Rev Ratio 56.0% 56.1% 56.4% 56.6% Comp+NCI to Rev Ratio 56.8% 56.8% 56.7% 56.9%

Average Common Equity 762.4 42.7 805.1 673.5 42.7 716.2 Period ROCE 5.0% -2.4% 4.6% 1.9% -6.1% 1.4% Annual ROCE 20.2% -9.5% 18.6% 7.5% -24.2% 5.6%

22 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 9/30/2020

Op-Co Event Driven 21.6 2% Activist 40.1 4% Portfolio Hedge 15.0 2% Cowen Healthcare Investments - Public 26.1 3% Cowen Healthcare Investments - Private 28.3 3% Cowen BD Merchant Banking 71.3 8% Merchant Banking includes $41.6mm Nikola position Cowen Sustainable Investments 20.9 2% Healthcare Royalty Partners 7.6 1% Cowen Syndicate 0.6 0% Operating Cash 49.2 5% Subtotal 280.9 31%

Regulatory Capital Broker Dealer Capital 503.3 55% Subtotal 503.3 55%

Op-Co Total 784.2 86% Non-Core Investments: Asset-Co Privates Private Investments 121.2 13% Non-core Investments: Real Estate 1.8 0% Linkem 77.4 Trade Claims 4.7 1% Formation8/Eclipse 39.1 Asset-Co Total 127.7 14% Other Privates 9.3

TOTAL INVESTED CAPITAL 911.9 100% Real Estate Other 1.8 Minus Non-Core Investments (127.7) 14% Total 127.7 INVESTED + REGULATORY CAPITAL (NET OF NON-CORE) 784.2 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; Real estate: Remaining investments from real estate strategy which was exited in 2019

23 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 - Oppenheimer Holdings 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

24 FINANCIALS Well-capitalized balance sheet

AS OF SEPTEMBER 30, 2020

Total Assets $5.6 billion

Total Stockholders’ Equity $911 million

Total Debt* $451 million

Total Capitalization $1.36 billion

Equity / Total Assets 16%

Total Debt / Capital 33%

*Includes $135 million of 3% convertible senior notes due 2022, $78 million of 7.25% senior notes due 2024, $138 million of 7.35% senior notes due 2027, $100 million of 7.75% senior notes due 2033

25 FINANCIALS Balance Sheet (September 30, 2020) (Unaudited)

($ in millions) September 30, 2020 December 31, 2019 Δ Assets Cash and cash equivalents $ 540 $ 301 $ 239 Cash collateral pledged 111 7 104 Segregated cash 139 107 32 Securities owned, at fair value 1,089 1,623 (535) Receivable on derivative contracts, at fair value - 63 (63) Securities purchased under agreement to resell 58 - 58 Stock borrow 1,272 754 518 Other investments 294 329 (35) Clearing deposits 90 92 (2) Receivable from brokers 1,391 688 703 Receivable from customers 83 92 (9) Fees receivable 139 127 12 Due from related parties 24 27 (3) Fixed assets 37 33 4 Right of use asset 81 93 (12) Goodwill 138 138 (0) Intangible assets 26 36 (10) Deferred tax asset 31 79 (48) Other assets 51 84 (33) Total Assets $ 5,593 $ 4,672 $ 921 Liabilities and Redeemable Group Equity Securities sold, not yet purchased, at fair value 280 452 (171) Securities sold under agreement to repurchase 6 23 (17) Payable for derivative contracts, at fair value 223 61 162 Stock loan 1,327 1,602 (275) Payable to brokers 313 277 36 Payable to customers 1,151 416 735 Compensation payable 345 223 122 Lease liability 84 98 (14) Note payable and short-term borrowings 384 345 38 Convertible debt 122 119 4 Soft dollar payable 118 72 46 Fees payable 82 22 60 Due to related parties 0 0 0

Accounts payable, accrued expenses and other liabilities 174 141 33 Total Liabilities $ 4,609 $ 3,850 $ 759 Redeemable non-controlling interests 73 12 61 Stockholders' equity $ 911 $ 810 $ 101 Common equity $ 810 $ 709 $ 101 Total Liabilities and Stockholders' Equity $ 5,593 $ 4,672 $ 921

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 Reconciliation to GAAP Balance Sheet (Unaudited) – (1/2) As of September 30, 2020 GAAP minus in $000's GAAP Funds Funds

Assets Cash and cash equivalents 539,733 - 539,733 Cash collateral pledged 110,666 - 110,666 Segregated Cash 139,152 - 139,152 Securities owned, at fair value 1,088,566 - 1,088,566 Securities purchased under agreement to resell - - - Receivable on derivative contracts, at fair value 58,194 - 58,194 Stock Borrow 1,272,428 - 1,272,428 Other investments 204,610 88,992 293,602 Clearing Deposits 90,075 - 90,075 Receivable from brokers 1,390,821 - 1,390,821 Receivable from customers 83,208 - 83,208 Fees receivable 138,234 319 138,553 Due from related parties 23,480 760 24,240 Fixed assets, net of accumulated dep and amort 37,052 - 37,052 Right of use asset 80,805 - 80,805 Goodwill 137,728 - 137,728 Intangible assets, net of accumulated amortization 26,043 - 26,043 DTA 31,110 - 31,110 Other assets 50,917 (3) 50,914 Consolidated Cowen Funds - - - Cash and cash equivalents 946 (946) 0 Securities owned, at fair value 187,991 (187,991) 0 Receivable on derivative contracts, at fair value - - - Other investments, at fair value 98,267 (98,267) (0) Receivable from brokers - - - Other assets 692 (692) (0) Total Assets 5,790,718 (197,828) 5,592,890

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) – (2/2) As of September 30, 2020 GAAP minus in $000's GAAP Funds Funds

Liabilities and Redeemable Group Equity Securities sold, not yet purchased, at fair value 280,350 - 280,350 Securities sold under agreement to repurchase 6,218 - 6,218 Payable for derivative contracts, at fair value 222,634 - 222,634 Stock Loan 1,326,917 - 1,326,917 Payable to brokers 312,850 - 312,850 Payable to customers 1,151,139 - 1,151,139 Compensation payable 345,470 - 345,470 Lease liability 84,044 - 84,044 Other debt (Bbonds, plane, cap leases, ) 383,722 - 383,722 Convertible debt (march 2015) 122,485 - 122,485 Soft Dollar payable 117,778 - 117,778 Fees payable 81,851 - 81,851 Due to related parties 25 - 25 Accounts payable, accrued expenses and other liabilities 173,681 (24) 173,657 - - - Consolidated Cowen Funds - - - Securities sold, not yet purchased, at fair value - - - Payable to brokers - - - Due to related parties 136 (136) (0) Contributions received in advance - - - Capital withdrawals - - - Payable for derivative contracts, at fair value - - - Accounts payable, accrued expenses and other liabilities 217 (217) 0 Total Liabilities 4,609,517 (377) 4,609,140

Permanent Equity Stockholders' equity 911,179 - 911,179 Non-Redeemable Non-controlling interests in consolidated subsidiaries 270,021 (197,451) 72,570 Total Permanent Equity 1,181,200 (197,451) 983,749

Total Liabilities and Redeemable Group Equity 5,790,717 (197,828) 5,592,889

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 GAAP to Economic Income Reconciliation – 3Q’2020 (Unaudited)

29 FINANCIALS GAAP to Economic Income Reconciliation – 3Q’2019 (Unaudited)

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

31 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.

©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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