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Cowen Group, Inc. Announces 2008 First Quarter Results
Date:5/8/2008

this ratio.

We have reported in this press release our core brokerage revenue for the quarters ended March 31, 2008, March 31, 2007 and December 31, 2007 on a non-GAAP basis by:

-- excluding the income or loss from warrants, asset management seed

funds, restricted stock received in connection with the

demutualization of certain exchanges and mutual fund investments held

as a hedge against legacy deferred compensation obligations.

Management believes that the non-GAAP calculation of core brokerage revenue will allow for a better understanding of the revenue generated by our sales and trading activities as it excludes gains and losses associated with activities that are not conducted by our sales and trading professionals, but that are required to be reported in the brokerage line item.


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SOURCE Cowen Group, Inc.
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3. Transdel Pharmaceuticals to Present at Cowen and Companys 28th Annual Health Care Conference
4. Transition Therapeutics to Present at Cowen & Company 28th Annual Healthcare Conference
5. MannKind to Present at the Cowen and Company Healthcare Conference
6. Johnson & Johnson to Participate in the 28th Annual Cowen & Company Health Care Conference
7. Medivation to Present at Cowen and Companys 28th Annual Health Care Conference
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11. Edwards Lifesciences to Present at the Cowen and Company Annual Healthcare Conference

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