Dahlman Rose & Company Announces Acquisition by Cowen Group, Inc.

      Dahlman Rose & Company Announces Acquisition by Cowen Group, Inc.

PR Newswire

NEW YORK, Feb. 1, 2013

NEW YORK, Feb. 1, 2013 /PRNewswire/ --Dahlman Rose & Company, LLC, ("Dahlman
Rose" or "the Company") and Cowen Group, Inc. (NASDAQ: COWN) ("Cowen") today
announced the signing of a definitive agreement under which Cowen will acquire
Dahlman Rose, a leading investment bank specializing in energy, metals and
mining, transportation, chemicals and agriculture sectors. This acquisition
is an all-stock transaction, and financial terms of the deal were not

Robert C. Meier, CEO of Dahlman Rose said, "Dahlman Rose's expertise in
energy, transportation, metals and mining, chemicals and agriculture is a
strong complement to Cowen core sectors of health care, technology, media,
telecommunications, consumer, aerospace and defense/industrials and REITs.
Dahlman Rose and its customers will benefit from the added breadth of Cowen's
product offerings and the strength and stability of their platform."

The transaction, which is expected to close by the end of the first quarter of
2013, is subject to customary closing conditions and regulatory approvals.

Willkie Farr & Gallagher LLP acted as legal advisor to Cowen on this
transaction. Morgan Lewis & Bockius, LLP acted as legal advisor to Dahlman
Rose for this transaction.

Dahlman Rose & Co., LLC is a research-driven investment bank focused on
energy, transportation, infrastructure, and other industries that compose the
global supply chain. The firm's industry-leading analysts, bankers, and
traders offer unique insight into the companies and markets that provide the
building blocks of the global economy. Dahlman Rose provides institutional
sales and trading, equity research, mergers and acquisitions advisory, and
underwriting services.

Cowen Group, Inc. is a diversified financial services firm and, together with
its consolidated subsidiaries, provides alternative investment, investment
banking, research, and sales and trading services through its two business
segments: Ramius and its affiliates makes up the Company's alternative
investment segment, while Cowen and Company is its broker-dealer segment. Its
alternative investment products, solutions and services include hedge funds,
replication products, managed futures funds, fund of funds, real estate and
health care royalty funds. Cowen and Company offers industry focused
investment banking for growth-oriented companies, domain knowledge-driven
research and a sales and trading platform for institutional investors. Founded
in 1918, the firm is headquartered in New York and has offices located in
major financial centers around the world.

Cautionary Note Regarding Forward-Looking Statements
This communication may contain forward-looking statements including statements
relating to the market opportunity and future business prospects of Cowen and
Dahlman Rose. Such statements are subject to certain risks and uncertainties
that could cause actual results to differ materially from those expressed or
implied in the forward-looking statements. Consequently, all forward-looking
statements made during this communication are qualified by those risks,
uncertainties and other factors.

Actual results may differ materially and reported results should not be
considered an indication of future performance. Please reference the SEC
filings of Cowen, which is available on its website, for detailed descriptions
of factors that could cause actual results to differ materially from those
expressed or implied in such forward-looking statements.

Certain statements in this communication relate to future results that are
forward-looking statements as defined in the Private Securities Litigation
Reform Act of 1995. Except for the ongoing obligations of Cowen and Dahlman
Rose to disclose material information under the federal securities laws,
neither Cowen nor Dahlman Rose undertakes any obligation to release any
revisions to any forward-looking statements, to report events or to report the
occurrence of unanticipated events unless required by law.

SOURCE Dahlman Rose & Company, LLC

Website: http://www.dahlmanrose.com
Contact: Michelle Becker, +1-212-920-2991
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