CAREERS IN RESEARCHI N V E S T I N G I N P E O P L E F O R O U T P E R F O R M A N C E

OPERA SINGER CINEPHILE SCIENTIST SPOUSE PATENT HOLDER MOUNTAIN CLIMBER

COMPETITIVE SKIER PHILANTHROPIST MOTHER MOTORCYCLE ENTHUSIAST MBA

FEMINIST SON VALUE INVESTOR NERD ENTREPRENEUR ENGINEER MEDICAL

DOCTOR ACCOUNTANT BASKETBALL PLAYER MENTOR FATHER PORTFOLIO

MANAGER ENGLISH MAJOR HOCKEY PLAYER SCOUT LEADER MATH MAJOR

CHARTERED FINANCIAL ANALYST MARATHONER OENOPHILE INVESTMENT

BANKER PERSONAL SHOPPER ACTIVIST DAUGHTER SOLDIER CONGRESSIONAL

STAFFER TRUCKER POLYGLOT CONDUCTOR JOURNALIST BARISTA CONSULTANT

PILOT TRIATHLETE SOFTWARE DESIGNER PROCESS IMPROVEMENT SPECIALIST

SCHOLAR CODER YOUTH LEADER LAWYER PHD ACTOR GEEK OVERACHIEVER

A MESSAGE FROM COWEN’S PRESIDENT

UNIQUE PERSONALITIES, TALENTS AND EXPERIENCES. ALL OUTPERFORMERS.At Cowen, culture is our most important asset. We enable our clients to Outperform in large part by attracting, retaining and promoting people from diverse educational and professional backgrounds who share our core values of Vision, Tenacity and Empathy. Nowhere are these traits more cherished than in Research, which represents the heart-and-soul of our organization.

The VISION to embrace new ideas and approaches is a key driver of Outperformance. We value TENACITY because we’ve observed that the achievement of great results often rests on the application of consistent determined effort, especially when faced with obstacles. Our sense of EMPATHY allows us to forge a deep understanding of our clients’ needs and of one other, nurturing our ability to clear pathways, establish bonds and solve problems.

Cowen’s outstanding Research platform is built on a foundation of highly talented people driven to Outperform through collaboration and teamwork. The creativity and acuity of our investment analysis emanates from the insights derived from the multi-faceted nature of our Research professionals.

While they come to Cowen from widely varying formative backgrounds, individuals who succeed at our firm are smart, hardworking, ambitious – and fun loving!

Moreover, we aim to consistently grow the value of our people by investing in our best-in-class Research Training Program and our long-standing practice of promotion from within. The strong mutual commitment between Cowen and its outperformers is what powers us to win, individually and collectively, every day.

Hopefully this has given you some insights into what makes our Research organization so special. Thank you for your interest in a career at Cowen.

Yours truly,

JEFFREY M. SOLOMON

TYRA ORANGEJEFF SOLOMON

COWEN LEADERSHIP TEAM

BUILDING CAREERS ON THE STRENGTH OF FUNDAMENTALS.

COWEN RESEARCH is committed to a thriving environment that primes the development of our professionals through exposure to a variety of experiences, both structured and organic.

Our robust TRAINING PROGRAM aims at skill development and honing of best practices across all levels. We also work on strengthening core writing, modeling and presentation skills, while creating opportunities for active dialogue on topical issues of the moment. In these conversations, we seek to elevate the craft of Research by sharing and perfecting the tools of the trade.

Representative training and best practices sessions include:

• Mechanics of Initiating Coverage • How Research Adds Value to Trading • Workshop - Persuasive Public Speaking • Workshop - Effective Writing • Mock Morning Call Series • Financial Modeling - Beginner through Advanced • Overview of Technical Analysis • Introduction to Bankruptcy, Restructuring and Covenant Analysis • Using Data to Drive Your Research • Integrating Non-Deal Roadshows into Your Research Franchise and Process • M&A and LBO Analysis • Role of Market Structure in Fund Performance • Vetting New Issues and Other Equity Capital Markets Transactions • Use of Real-Time Data Sources for Workflow Automation • Forensic Accounting and Analysis of Earnings Quality • Best Practices in Media Communications • How to Manage a Team

45% of Cowen’s publishing analysts started their careers as Cowen associates.

• Provide sophisticated, cutting-edge and differentiated content and advice• Be unafraid to challenge consensus views and conventional wisdom • Be the experts and thought leaders in our sectors• Be authoritative and agenda-setting• Emphasize teamwork, collaboration and cross-sector inputs as we formulate

investment views• Focus on best-in-class client service, delivered by responsive and accessible analysts• Boast a deep bench of sales professionals skilled in their ability to communicate complex ideas well-matched to each client’s investment style and objectives

AHEAD OF THE CURVE™ THE COWEN RESEARCH MISSION STATEMENT.

OUTPACECourtney Willson forged her own career path on her way to joining Cowen as a member of Oliver Chen’s Special Retail research team. She got here by harnessing the drive to outperform, which was second-nature to her as a seasoned athlete.

Courtney was a competitive skier and varsity soccer player in high school and in college before taking on the challenge of investment research. After her initial experience at a bulge-bracket firm, Courtney came to Cowen, where she found an organization that embraces diverse professional backgrounds and active contribution from all team members as strategic advantages.

“Building relationships is an incredibly important skill that you really get to develop here in Cowen Research,” Courtney emphasizes. “Our CEO knows me, and my senior analyst trusts me to represent him and the firm with C-suite executives and our best clients.”

Cowen publishes 175,000 pages of research annually.

COURTNEY WILLSON

COWEN SPECIALTY RETAIL RESEARCH

OUTSHINECowen’s industry-leading health care research team includes award-winning scientists, engineers, pharmacists, medical doctors, and PhD’s who marry unparalleled domain expertise with rigorous investment analysis, setting the standard for excellence in an area of pronounced market and human relevance.

Each member of our long-tenured and highly respected team could boast of credentials and affiliations, but perhaps the most impressive thing about this remarkable group is its commitment to shared success.

Readership of Cowen’s research is 3x - 8x greater than Street average.

JEFF CHEN, Ph.DPHIL NADEAU, Ph.D

COWEN BIOTECHNOLOGY RESEARCH

OUTDOBefore joining Cowen, Vivien Azer spent a number of years with a global bulge-bracket firm as a highly regarded Beverages & Tobacco industry analyst.

Driven by rigorous data analysis, Vivien saw big changes coming in her sector, and wanted to be the first research analyst from a major Wall Street investment bank to cover them. She came to Cowen to do just that.

In September 2016, Cowen published the 110-page “Cannabis Compendium,” reflecting the work of 10 research teams across Consumer, Washington Policy and Health Care to analyze implications of the emerging legal cannabis industry.

And she couldn’t have done it without her team. Aaron, Brian and Gerald each joined Cowen as a career-changer, bringing experience spanning Big Four accounting, investment management and applied mathematics. Together, they have established themselves as market leaders for their innovative work in this nascent sector.

VIVIEN AZERAARON GREY, CFAGERALD PASCARELLI, CFABRIAN VELEZ

COWEN BEVERAGES, TOBACCO & CANNABIS RESEARCH

OUTMANEUVERNovid Rassouli launched coverage of 16 stocks in the Metals & Mining sector in February 2017, marking a new and pivotal stage of his career.

In preparing for this important step, Novid leveraged Cowen’s extensive network of resources, developing a clear roadmap for succeeding in his franchise. He incorporated best practices, sought advice from mentors, and took every opportunity to learn from exposure to senior salespeople, traders, analysts and clients.

Novid’s progression marks just one recent example of Cowen’s commitment to promotion from within. We draw on a deep bench of homegrown talent that is given the tools to outperform and that has the drive to do it.

NOVID RASSOULI

COWEN METALS & MINING RESEARCH

LONDON

LUXEMBOURGLOS ANGELES

SAN FRANCISCO

HOUSTON

CHICAGO

ATLANTA

CLEVELAND

BOSTON

STAMFORD

NEW YORK

ORLANDO

BELFAST

$1B $10.4B

935+ $16B+COMPANIES UNDER COVERAGE

IN TOTALCAPITALIZATION

IN ASSETS UNDER MANAGEMENT AS OF 10/1/17

RAISED IN EQUITY AND DEBT FOR OUR CLIENTS IN THE LAST 12 MONTHS

OUTPERFORMANCE ENABLED BY THE POWER OF PEOPLE AND PLATFORM.

COWEN.COM COWENRESEARCH COWEN COWEN INC. MEMBER: FINRA/SIPC

CONTACT COWEN RESEARCH

Michael Caramico | Senior HR Business Partner, Research | 646.562.1767 | michael.caramico@cowen.com

NO

VEMBER 2017

Sources referenced: Cowen company data; Financial Times article dated February 8, 2017.

Cowen does not represent that any of the information contained herein is accurate, complete, or up to date, nor shall Cowen have any responsibility to update any opinions or other information contained herein. © Cowen and Company, LLC 2017

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