Cowen : Investor Presentation

INVESTOR PRESENTATION

JUNE 8, 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
High Quality	Proprietary
Financing
Content
Transactions
Scalable	Independent
Institutional	Trade
Quality	Execution
Platform
Innovative	Value-added
Investment	Tools and
Products	Insights

810	88
SECURITIES UNDER	BANKING
COVERAGE (AS OF	TRANSACTIONS IN
3/31/21)	1Q'21

~12.3B	5
SHARES TRADED BY	DIFFERENTIATED
THE EQUITIES DESK	INVESTMENT
IN 1Q'21	MANAGEMENT
	STRATEGIES

5