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Neuberger Berman Enters into Agreement with Ramius to Purchase Orchard Square Partners

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Neuberger Berman, one of the world’s leading employee-controlled investment managers, and Ramius LLC (“Ramius”), the global investment management business of Cowen Group, Inc. (“Cowen”) (Nasdaq:COWN), today announced that they have entered into an agreement whereby Neuberger Berman will purchase Ramius’ interest in Orchard Square Partners, which manages a global long/short credit investment strategy with approximately $475 million in client assets.

Orchard Square Partners is led by four senior investment professionals, Norman Milner, Rick Dowdle, Darren Carter and Itai Baron, who have worked together for over eight years and have an average of eighteen years of experience. The team is supported by seven professionals who will also be joining Neuberger Berman. Orchard Square Partners manages capital for a diversified investor base comprised of insurance companies, institutions, family offices, high net worth individuals, foundations and endowments from North America, Europe, Asia and the Middle East.

Terms of the deal are undisclosed. The transaction is expected to close on December 31, 2014.

About Neuberger Berman

Neuberger Berman is a 75-year-old private, independent, employee-controlled investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 17 countries, Neuberger Berman’s team is more than 2,000 professionals and the company was named by Pensions & Investments as a 2013 Best Place to Work in Money Management. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $257 billion in client assets as of June 30, 2014. For more information, please visit www.nb.com.

About Cowen Group, Inc.

Cowen Group, Inc. is a diversified financial services firm and, together with its consolidated subsidiaries, provides alternative asset management, investment banking, research, and sales and trading services through its two business segments: Ramius and its affiliates make up the Company’s alternative investment segment, while Cowen and Company and its affiliates make up the Company’s broker-dealer segment. Ramius 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 and a sales and trading platform for institutional investors. Founded in 1918, the firm is headquartered in New York and has offices worldwide.

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