Cowen Group, Inc. Announces 2008 First Quart...(ransaction volume due to an overall decr...),Health

capital raising activity, both market-wide and in Cowen's target

sectors. In the first quarter of 2008, the company co-managed 4

offerings of equity securities for 4 companies, raising proceeds of

$19.8 billion ($0.2 billion excluding Visa proceeds of $19.6 billion).

In the first quarter of 2007, the company lead-managed 3 offerings and

co-managed 9 offerings of equity and convertible securities for 11

companies raising proceeds of $2.0 billion.

-- Private equity revenue was $1.3 million in the first quarter of 2008,

a decrease of $2.8 million, or 69% compared to $4.1 million in the

first quarter of 2007. The decrease was primarily attributable to

decreased transaction volume consistent with the overall slowdown in

private capital raising activity. During the first quarter of 2008,

the company completed 1 private transaction raising proceeds of

approximately $55 million. In the first quarter of 2007, the Company

completed 3 private transactions raising proceeds of approximately

$87 million.

-- Strategic advisory revenue was $11.1 million in the first quarter of

2008, an increase of $3.1 million, or 39%, compared to $8.0 million in

the first quarter of 2007. The year-over-year increase was the result

of increased transaction volume. Volume across Cowen's sectors

increased modestly while activity across the broader market decreased.

During the first quarter of 2008, Cowen completed 6 strategic advisory

assignments with an aggregate value of $1.2 billion. In the first

quarter of 2007, the Company completed 3 strategic advisory

assignments with an aggregate value of $0.7 billion.

As of March 31, 2008, Cowen had 13 filed transactions in its public equity backlog,
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