Cowen’s ADR Direct® Platform Launches New Global Client Portal Featuring Enhanced Functionality

Cowen Inc. (NASDAQ:COWN) and Cowen Execution Services LLC (collectively, “Cowen” or the “Company”) today announced the recent launch of an enhanced ADR Direct client portal, significantly improving the overall client experience for institutional investors looking to access the global ADR marketplace. Cowen’s ADR Direct platform and enhanced client portal allows investors to convert their ordinary shares into ADRs and to cost effectively manage market impact, reduce explicit execution costs and increase returns.

“Cowen’s suite of ADR products provides the marketplace with comprehensive solutions when converting ordinary shares to ADRs and ADRs to ordinary shares,” said Dan Charney, Cowen Managing Director and Head of Equities. “The recent enhancements to Cowen’s ADR Direct portal were made with our clients in mind as we added robust functionality and a streamlined client experience to guide clients through the ADR conversion trading process.”

Cowen’s enhanced ADR Direct client portal features include:

• Streamlined layout and graphics enabling easier navigation
• New calculator functionality differentiating between sponsored and unsponsored ADRs
• Enhanced color coding highlighting Buys and Sells
• Easier access to confirms via the ADR blotter
• Hyperlink for quicker access to Indications
• Faster FX lock-in time
• Global holiday schedule and settlement calendar
• Customizable blotter

Cowen’s ADR brokerage capabilities and ADR products, including the patented ADR Direct platform, allow clients to trade ordinary shares overseas, convert the ordinary shares to ADRs and settle the ADRs versus U.S. dollars. Cowen’s advanced U.S. liquidity management tools such as smart order routing, DMA, and algorithms are leveraged to power ADR Direct’s capabilities. Whether accessing Cowen’s high or low touch capabilities, clients can directly and anonymously trade ADRs by connecting seamlessly to Cowen through their OMS or EMS and utilizing ADR Direct or the firm’s 24-hour desk for the conversion process.

About Cowen Inc.

Cowen Inc. is a diversified financial services firm and, together with its consolidated subsidiaries, provides alternative asset management, investment banking, research, sales and trading, prime brokerage, global clearing and commission management through its two business segments: Cowen Investment Management and its affiliates make up the Company’s alternative investment segment, while Cowen and Company, a member of FINRA and SIPC, and its affiliates, including Cowen Execution Services LLC, make up the Company’s broker-dealer segment. Cowen Investment Management provides alternative asset management solutions to a global client base and manages a significant portion of Cowen’s proprietary capital. Cowen and Company and its affiliates offer industry focused investment banking for growth-oriented companies, domain knowledge-driven research, a sales and trading platform for institutional investors and a comprehensive suite of prime brokerage services. Founded in 1918, the firm is headquartered in New York and has offices worldwide. For additional information, visit www.cowen.com.

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