Cowen

Ramius Announces Spin-Off of Value and Opportunity Business

NEW YORK, NY, MARCH 4, 2011 – Ramius LLC, the global alternative investment management business of Cowen Group, Inc (“Cowen”) (NASDAQ: COWN), today announced a plan to spin-off its Value and Opportunity business, which focuses on investing in deep value situations and using shareholder activism to generate superior returns, into a stand-alone and independent business that will be managed by Starboard Value LP (“Starboard" or "Starboard Value ”). Upon completion of the spin-off, Ramius will maintain a significant minority interest in Starboard, which will continue to be led by Jeff Smith, Mark Mitchell and Peter Feld. Ramius expects to complete the separation by March 31, 2011.

Thomas W. Strauss, President and CEO, Ramius LLC, said, “We have been exceedingly pleased with the overall performance and direction of the Value and Opportunity business and the team managing the business. Due to the nature of the strategy, we are confident that the Value and Opportunity business will be in a better position, managed as a stand-alone entity, to attract additional capital from institutional investors seeking an experienced, accomplished, and professional team with a proven methodology using shareholder activism. With a strong long-term track-record and outstanding performance in 2010, we have great confidence in Jeff, Mark, Peter and the rest of the team and we look forward to continuing to support the growth of the Starboard Value and Opportunity business.”

Jeff Smith, CEO and CIO of Starboard Value, said, “We believe that operating as an independent entity will be beneficial for our investors and our team. We continue to be focused on delivering strong returns for our investors by working with companies to make changes to unlock value for the benefit of all shareholders. We are pleased that Ramius will continue to be our partner and own a significant interest in the new management company and that Cowen will maintain a proprietary investment in the fund. In addition, Starboard will benefit from Ramius’ ongoing services that will include operations, fund legal, fund accounting, technology, and marketing support."

As of January 1, 2011, Cowen Group, Inc.’s alternative investment management business had approximately $9 billion of assets under management in a variety of products, solutions and services including hedge funds, replication products, mutual funds, managed futures funds, fund of funds, real estate, healthcare royalty funds and cash management services.

About Cowen Group, Inc.
Cowen Group, Inc. is a diversified financial services firm and, together with its consolidated subsidiaries, provides alternative investment management, investment banking, research, and sales and trading services through its two business segments: Ramius and its affiliates makes up the Company’s alternative investment management segment, while Cowen and Company is its broker-dealer segment. Its alternative investment management products, solutions and services include hedge funds, replication products, managed futures funds, fund of funds, real estate, health care royalty funds and cash management services. 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.


About Ramius LLC
Ramius LLC is a registered investment advisor that manages assets in a variety of alternative investment strategies and is the global alternative investment management business of Cowen Group, Inc. Ramius LLC is headquartered in New York with offices located in London, Tokyo, Luxembourg and Munich.


About Starboard Value
Starboard Value is a New York-based investment adviser with a focused and differentiated fundamental approach to investing in publicly traded US small cap companies. The investment team has a successful track record of generating significant alpha for investors using their expertise in shareholder activism.

Cowen Contact:
Dan Gagnier/Chris Kittredge
Sard Verbinnen & Co
212-687-8080

Starboard Contact:
Ken Marlin
Starboard Value LP
212-845-7906