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

our website at http://www.cowen.com and at the Securities and Exchange Commission website at http://www.sec.gov. Unless required by law, the company undertakes no obligation to publicly update or revise any forward-looking statement to reflect circumstances or events after the date of this press release.

CONTACT: Thomas Conner, Chief Financial Officer

Cowen Group, Inc.

646-562-1719

Website: http://www.cowen.com

Cowen Group, Inc.

Preliminary Unaudited Consolidated Statements of Operations (Dollar amounts in thousands, except per share data and book value per share)

Three Months Ended

March 31,

2008 2007

Revenues

Investment banking $13,862 $25,363

Brokerage 38,083 45,211

Interest and dividend income 1,223 2,137

Other 1,822 830

Total revenues 54,990 73,541

Expenses

Employee compensation and benefits 28,809 45,167

Floor brokerage and trade execution 2,440 3,454

Service fees, net 4,209 3,503

Communications 3,649 4,197

Occupancy and equipment 4,189 4,277

Marketing and business development 3,626 3,215

Depreciation and amortization 638 766

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SOURCE Cowen Group, Inc.
Copyright©2008 PR Newswire.
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