INVESTOR PRESENTATION

JULY 2020
Cautionary notice regarding forward-looking statements

This presentation contains forward-looking statements. Forward-looking statements provide the Company's current expectations or forecasts
of future events. Forward-looking statements include statements about the Company's expectations, beliefs, plans, objectives, intentions,
assumptions and other statements that are not historical facts. Forward-looking statements are subject to known and unknown risks and
uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or
implied by the forward-looking statements. As a result of the spread of COVID-19, economic uncertainties have arisen that have the potential
in future periods to negatively impact the Company’s business, financial condition, results of operation, cash flows, strategies and prospects.
The extent of the impact of COVID-19 on the Company’s operational and financial performance will depend on certain developments, including
the duration and spread of the outbreak and impact on our clients, employees, vendors and the markets in which we operate our businesses,
all of which are uncertain and cannot be reasonably estimated at this time. The Company's actual results could differ materially from those
anticipated in forward-looking statements for many reasons, including the factors described in the section entitled “Risk Factors” in the
Company’s Annual Report on Form 10-K and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the
Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as filed with the Securities and Exchange Commission. The
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q are available at our website at www.cowen.com and at the Securities and
Exchange Commission website at www.sec.gov.

2
TABLE OF CONTENTS 1. INTRODUCTION 4

2. BUSINESS HIGHLIGHTS 10

3. FINANCIALS 17

3
1. INTRODUCTION
INTRODUCTION

Cowen: advising and connecting providers and users of capital to

help them consistently Outperform TM

$1B+ 107
IN TOTAL BANKING
CAPITALIZATION TRANSACTIONS IN
1H’20

~800 22B
Impactful Deep Domain
Strategic Knowledge
Advice

High Quality SECURITIES UNDER SHARES TRADED BY

Proprietary COVERAGE (AS OF
Financing
Content
THE EQUITIES DESK
Transactions 6/30/20) IN 1H’20
Scalable Independent
Institutional Trade

5 8,300+
Quality Execution
Platform

Innovative Value-added
Investment Tools and
DIFFERENTIATED CONFERENCE 1X1
Products Insights INVESTMENT MEETINGS IN 1H’20
MANAGEMENT
STRATEGIES

5
INTRODUCTION

Why invest in Cowen?

SCALED, MARKET-LEADING Leading independent, unconflicted execution platform and global, multi-asset
EQUITIES PLATFORM capabilities. Taking share from underinvested competitors

INVESTMENT Provides opportunities for growth and margin expansion through organic
BANKING EXCELLENCE growth and acquisition. Revenue diversification (Advisory, non-Healthcare)

REPOSITIONING Focus on Cowen-owned scalable, differentiated, actively managed investment

INVESTMENT MANAGEMENT products where Cowen has domain expertise

WORLD CLASS, DATA DRIVEN Key differentiator in unbundled world, strong foundation for buyside and
INDEPENDENT RESEARCH corporate client relationships. Focus on coverage of growth sectors

IMPROVING Management and strategy focused on driving higher, consistent return on

FINANCIAL RESULTS common equity (ROCE)

COWN trades at a significant discount to peers. Strategy aims to eliminate

ATTRACTIVE VALUATION
this valuation gap and unlock more shareholder value

6
INTRODUCTION

Improving Cowen’s performance

Execution of these objectives aimed at driving higher return on common equity over the long term

OUTCOME FOR
OBJECTIVES SHAREHOLDER RETURNS

• Scale businesses that will drive margin

INCREASED
• Focus on opportunities with strong domain expertise EARNINGS POWER
(“Cowen DNA”)

• Improve revenue diversification

GREATER OPERATING
• Maintain and grow contribution from recurring revenue CONSISTENCY
businesses

• Harmonize balance sheet activities with our operating businesses

LOWER
• Implement philosophy that “balance sheets are meant to be seen, not VOLATILITY
heard”

• Simplify balance sheet by exiting non-core investments and strategies

IMPROVED
• Provide insight into earnings drivers and valuation via Operating Co. / TRANSPARENCY
Asset Co. segment reporting

7
INTRODUCTION

Our strategy to achieve these objectives

“Simpler, Fewer, Deeper” is a framework philosophy underlying our long-term objectives

1 2 3

Simplify the business in a Eliminate or resize Go deep in our areas of

manner that enables us to businesses as we focus our strength to enhance margin
select areas to press for efforts on businesses that opportunity around core
growth will drive margin industry strengths

Example: Example: Example:

Adjusting capital allocation
process such that our
balance sheet activities are
in harmony with our
operating businesses
Eliminated five capabilities
from investment
management platform in
2017-19 that were not
salable and scalable
Launched private healthcare
strategy, which leverages
Cowen’s strength in healthcare
research and banking, and
sustainability strategy, built on
team domain knowledge

8
INTRODUCTION

Cowen: the advantage is in our culture

WE INVEST IN OUR CLIENTS’ SUCCESS

TENACIOUS
VISION EMPATHY SUSTAINABILITY
TEAMWORK

• Focus on • Deep understanding • Over 100 years of • Leverage intellectual

outperformance in of clients’ needs capital markets capital and resources
innovative ways expertise across the platform
• Match the solution
• Core expertise areas with the circumstance • Solutions that pass • Aggressively pursue
provide actionable the test of time world-class outcomes
insights

9
2. BUSINESS HIGHLIGHTS
BUSINESS HIGHLIGHTS

Investment banking: leader in financings, growing advisory

Multi-year effort to diversify our mix towards higher margin activities while we press on our capital markets strengths

GROWING CAPITAL MARKETS AND ADVISORY REVENUE

• Market leader in financing and advising biopharmaceutical
Providing breakout of CM-Advisory and CM-Underwriting
companies
– Management expects these areas to continue to grow for $352
the foreseeable future $329
– Top 3 bookrunner for life sciences transactions since 2016*
$289
• Expanding footprint in merger advisory
– 2019 was a record year for advisory revenue
– Growing organically and through acquisition $223 $224 $219

$247
$200
• Closed acquisition of Quarton International in January 2019
• Provides advisory business with significant scale, revenue
$133
diversification, and cross-border expertise $182
$199
• Mandated pipeline continues to look strong $49

$107
• Key industry verticals experiencing growth $38
– Consumer / Cannabis $82 $84
– Healthcare $42 $50
$24 $27
– Industrials
– Information Technology & Services 2015 2016 2017 2018 2019 1H'20

– Technology
M&A Capital Markets CM Advisory CM Underwriting

*Source: ECM Analytics as of June 30, 2020. Excludes issuers with proceeds less than $20mm and greater than $1bn 11
BUSINESS HIGHLIGHTS

Strength from Healthcare Focus and Capital Markets

REVENUE BY PRODUCT REVENUE BY INDUSTRY

(US$ in thousands) (US$ in thousands)

200,000 200,000
Initiating Separation of CM-Advisory and CM-Underwriting

180,000 180,000

160,000 160,000

140,000 140,000

71% 72%
120,000 120,000

100,000 100,000

80,000 80,000
62%
69% 67% 58%
62%
48% 75%
60,000 57% 60,000 76%
42%
85% 60% 68% 57% 46%
71% 57%
82%
13%
40,000 40,000
9% 9%
14% 28%
19% 19% 58%
20,000 20,000 52% 38% 54% 42%
40% 34% 16% 43%
29% 28% 24% 32% 25%
15% 18% 24% 20%
11%
0 0
1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

M&A CM - Advisory CM - Underwriting CM - Total Non-Healthcare Healthcare

Note: Inclusive of Quarton metrics beginning 1/1/19. 2019 Cowen metrics include $7.8M of TriArtisan advisory revenue.

12
BUSINESS HIGHLIGHTS

Research: deep commitment to being premier

Ranked #3 U.S. Research provider in 2019 StarMine Analyst Awards

• Research drives key investment themes across the platform

• One of the largest research franchises on the Street that has consistently invested in its platform
– This is in contrast to a 10% decline in investment dollars for sell-side equity research on the Street overall(1)

• Taking share in wake of post-MiFID II unbundling

• World-class conferences and corporate access create important network effect

RESEARCH PLATFORM: RICH AND DEEP

• About two-thirds of our equity research is PUBLISHING ANALYSTS EQUITY COVERAGE

on stocks with a market capitalization Today 54 Basic Materials
27 3%
< $10 billion 2012

Capital
• Analysts average 15 years of research SECURITIES UNDER COVERAGE
Goods
11%
experience, including 8 years at Cowen Today 800 Consumer Healthcare
14% 32%
2012 424
• One of the strongest Washington research Energy
benches on the Street(2) S&P 500® COVERED
14% TMT
26%
Today 45%
2012 27%

(1) Change in average cost, 2009-2013. Source: McLagan Financial Benchmark. A study from Coalition similarly found that the number of analysts at the 12 largest banks declined 10% from 2012 to 2016.
(2) Per Institutional Investor 2018 poll. Cowen Washington Research Group produces commentaries on political, economic or market conditions and is not intended as a research report as defined by applicable regulation.

13
BUSINESS HIGHLIGHTS

Markets: diversified, scaled and differentiated

Leading independent, non-conflicted trade execution platform

• Leading independent, unconflicted trade execution COWEN IS A LEADING INDEPENDENT EQUITIES BROKERAGE
and scaled research sales Million shares LTM (1)

– Offers clients meaningful advantages vs. larger JEFFERIES 21,644

and smaller competitors RBC 12,935
– Positive impact on client portfolio decisions COWEN 11,888
WELLS FARGO 11,643
• Platform emphasizes: BTIG 6,872
– Cutting-edge research BMO 5,084
PIPER JAFFRAY 5,059
– Exceptional algorithmic execution capability
RAYMOND JAMES 4,849
– Award-winning prime services product STIFEL 3,238
BAIRD 2,451
• Growing market share
CANTOR FITZGERALD 2,280
– General consolidation of commissions to top
OPPENHEIMER 1,966
brokers such as Cowen that provide value in SUNTRUST 1,477
research and trading MACQUARIE 1,444
KEYBANC 1,409
• Well positioned for ongoing post-MiFID II B. RILEY 1,207
reallocation of commission dollars WILLIAM BLAIR 1,109
– Clients have showed willingness to pay for CANACCORD 828
impactful research and high-quality liquidity STEPHENS 762
LEERINK 490

0 5,000 10,000 15,000 20,000 25,000

(1) Advertised Bloomberg volume 30 June 2019 - 30 June 2020.

14
BUSINESS HIGHLIGHTS

Markets: expanded platform furthers our impact with clients

• Since 2012, we have completed seven acquisitions which significantly expanded client offerings and grew market share

• Global expansion – providing execution services in more than 100 markets worldwide and a range of multi-asset capabilities

2012 2020

• Cash equities • Cash equities • Corporate securities

• Electronic trading • High yield & distressed bonds • Options

INSTITUTIONAL • Options • Electronic trading • Swaps

BROKERAGE • Convertible bonds • Leveraged loans
• Program trading • Special situations
• Outsourced trading • Emerging markets

• None • Prime services • Plan sponsor

INSTITUTIONAL • Securities finance • Commission

SERVICES management
• Global clearing

FY’12 $94 FY’17 $324 FY’19 $465 1H’20 $301

revenue MILLION revenue MILLION revenue MILLION revenue MILLION

Note: Markets revenue includes brokerage, securities finance and other markets-related revenue

15
 BUSINESS HIGHLIGHTS

Investment management: business gaining momentum

Resizing and reshaping the division to offer high-margin, differentiated product
• Refocusing business on Cowen-owned operating businesses where Cowen has domain expertise (“Cowen DNA”)

• Focus on Cowen controlled and branded investment vehicles with long term stable fee revenues in active strategies

• Launched new Cowen sustainable investments strategy, raised new assets in healthcare investments and healthcare royalty strategies

• Multiple revenue streams: management fees, incentive income and investment income

PRIVATE
HEALTHCARE
CAPABILITY HEALTHCARE ACTIVISM MERGER SUSTAINABILITY
ROYALTIES
INVESTMENTS

TEAM

AUM: $821 Million* AUM: $3.5 Billion* AUM: $5.7 Billion* AUM: $470 Million* AUM: $207 Million*

PRIVATE EQUITY
✓ ✓ ✓
HEDGE FUND
✓ ✓
✓ ✓ ✓
MANAGED
ACCOUNT

UCITS
✓
AUM figures provided for each individual strategy group are approximate as of June 30, 2020 and are unaudited and net of applicable fees and expenses. The aggregate AUM of each individual strategy does not equal the AUM of
Cowen Investment Management due to cross-investments among strategies and the exclusion of certain legacy funds. The AUM for Cowen Healthcare Investments and Cowen Sustainable Investments include unfunded capital
commitments, where applicable. This information does not constitute an offer or solicitation or recommendation to invest in a particular investment product. Please also note that Starboard Value LP is not considered a "related
person" of Cowen per the definition provided by the SEC in Form ADV. See slide 29 for additional important disclosures pertaining to Cowen’s Investment Management business.

16
3. FINANCIALS
FINANCIALS

Key statistics

$17.58 $22.94 $487M

Tangible Book Value
NASDAQ GS: COWN Per Share Market Cap
as of July 24, 2020 as of July 24, 2020
as of June 30, 2020

$769.3M $159.8M $179.1M

Economic Operating Op Co Economic
Revenue (1H’20)
as of June 30, 2020 Income (1H’20)* Operating Income
(1H’20)*
as of June 30, 2020

as of June 30, 2020

*Economic Operating Income to Common Stockholders is Economic Income to Cowen Inc. minus preferred dividends plus depreciation and amortization. Op Co Economic Operating Income excludes the Asset Co segment,
which consists of non-core legacy private investments

18
 FINANCIALS

Revenue growth across business lines

Multi-year strategy to rebuild and position the platform for long-term value creation
ECONOMIC INCOME REVENUE : +17% CAGR SINCE 2011*
“Value Creation Period”
In millions
Banking Brokerage Management Fees Incentive Fees Investment Income Other $909 $945
900.0

800.0 $769
“Position Period”

700.0 $666

600.0
$530
$498
500.0 $468
“Rebuild Period”

400.0 $344
$270 $288
300.0

200.0

100.0

-
2011 2012 2013 2014 2015 2016 2017 2018 2019 1H'20
Added options Added electronic Added sector Added prime Added credit Added macro Expanded depth Added Exited two
and event trading capabilities expertise across service research & research in global Quarton (Jan non-core
capabilities (ATM) banking, markets capabilities special (Washington execution and 2019), investment
and research (Concept Capital, situations Research Group) new capabilities significantly strategies
Established (Dahlman Rose) Conifer trading (CRT) in clearing and expanding Launched
merger arbitrage Securities) Added banking securities finance M&A advisory sustainable
fund team from Morgan (Convergex) practice and investments
Joseph global strategy
Withdrew from footprint
Launched Cowen three affiliated
Healthcare investment
*January 1, 2011 through December 31, 2019 Investments (CHI) strategies

19
FINANCIALS

2Q 2020: Record revenues and profitability driven by outperformance across all

operating businesses
• Business highlights:
– Unrealized gain on Nikola investment added $129.8m in investment revs and $64.9m, or $2.21 per share, in econ op income
– Investment Banking: highest–ever revenues, +83% y/y, Outstanding HC ECM, Solid M&A, growing Cap Mkts Advisory (29% of revs)
– Markets: Record revenues +35% y/y, strength in electronic trading, European trading, derivatives, prime brokerage
– Investment Management: Record incentive income, management fee run-rate at 4-yr high
– Declared quarterly dividend ($0.04/shr), Repurchased $6.6m of stock; future buybacks depend on cashflow/business conditions

FINANCIAL SUMMARY

20
FINANCIALS

Record Quarter Across the Board Driven by Operating Businesses

Economic Income by Segment – 2Q 2020 vs. Prior Year
Actual Actual Variance
($ in thousands) 2Q'2020 2Q'2019 2020 vs 2019
OperatingCo AssetCo Total OperatingCo AssetCo Total OperatingCo AssetCo Total
Economic Income Revenue
Management Fees $ 14,234 $ 168 14,402 $ 9,968 $ 500 10,468 $ 4,266 $ (332) $ 3,934
Incentive Income 45,392 983 46,375 2,633 1,596 4,229 42,759 (613) 42,146
Investment Income 142,379 (1,893) 140,486 (6,513) 3,626 (2,887) 148,892 (5,519) 143,373
Investment Banking 190,430 - 190,430 104,216 - 104,216 86,214 - 86,214
Brokerage 167,067 - 167,067 124,044 - 124,044 43,023 - 43,023
Other (62) 2 (60) 4,304 15 4,319 (4,366) (13) (4,379)
Total Economic Income Revenues 559,440 (740) 558,700 238,652 5,737 244,389 320,788 (6,477) 314,311
Interest Expense / Discount Amortization 6,102 1,469 7,571 5,298 1,408 6,706 804 61 865
Total Economic Income Net Revenues 553,338 (2,209) 551,129 233,354 4,329 237,683 319,984 (6,538) 313,446

Economic Income Expenses

Compensation & Benefits 304,644 438 305,082 134,454 1,955 136,409 170,190 (1,517) 168,673
Fixed non-compensation expense 34,755 105 34,860 37,171 1,244 38,415 (2,416) (1,139) (3,555)
Variable non-compensation expense 40,817 5 40,822 39,428 40 39,468 1,389 (35) 1,354
Depreciation & Amortization 5,657 6 5,663 4,945 7 4,952 712 (1) 711
Non-Controlling Interest 1,739 - 1,739 1,258 - 1,258 481 - 481
Total Economic Income Expenses 387,612 554 388,166 217,256 3,246 220,502 170,356 (2,692) 167,664
Income (Loss) Attributable to Cowen Inc. $ 165,726 $ (2,763) $ 162,963 $ 16,098 $ 1,083 $ 17,181 $ 149,628 $ (3,846) $ 145,782
Preferred Dividend 1,387 311 1,698 1,341 357 1,698 46 (46) -
Economic Income to Common Shareholders $ 164,339 $ (3,074) $ 161,265 $ 14,757 $ 726 $ 15,483 $ 149,582 $ (3,800) $ 145,782
Eco Income Margin 29.4 % N/A 28.9 % 6.2 % 12.7 % 6.3 % 23.2 % N/A 22.5 %
Add: Depreciation 2,383 6 2,389 1,686 8 1,694 697 (2) 695
Add: Amortization 3,274 - 3,274 3,259 (1) 3,258 15 1 16
Economic Op Income to Common Shareholders $ 169,996 $ (3,068) $ 166,928 $ 19,702 $ 733 $ 20,435 $ 150,294 $ (3,801) $ 146,493
Eco Op Income Margin 30.4 % N/A 29.9 % 8.3 % 12.8 % 8.4 % 22.1 % N/A 21.5 %
Comp to Rev Ratio 54.5 % N/A 54.6 % 56.3 % 34.1 % 55.8 %
Comp+NCI to Rev Ratio 54.8 % N/A 54.9 % 56.9 % 34.1 % 56.3 %

Average Common Equity 710.4 31.2 741.6 683.4 31.2 714.6

Quarterly ROCE 23.9 % (9.8)% 22.5 % 2.9 % 2.3 % 2.9 %

Annualized ROCE 95.7 % (39.3)% 90.0 % 11.5 % 9.4 % 11.4 %

21
FINANCIALS

Operating Company and Asset Company: Invested capital detail

Op-Co investments are concentrated in liquid trading strategies, Asset-Co investments are less liquid
AS OF
(US$ millions) % Total
6/30/2020

Op-Co
Event Driven 13.7 2%
Activist 38.2 5%
Portfolio Hedge 15.0 2%
Cowen Healthcare Investments - Public 19.9 2%
Cowen Healthcare Investments - Private 27.8 3%
Cowen BD Merchant Banking 159.7 19% Includes $129.8m Nikola investment
Cowen Sustainable Investments 11.8 1%
Healthcare Royalty Partners 6.5 1%
Cowen Syndicate 1.1 0%
Lux 2.8 0%
Operating Cash 27.8 3%
Subtotal 324.4 39%

Regulatory Capital
Broker Dealer Capital 387.3 46%
Subtotal 387.3 46%

Non-Core Investments:
Op-Co Total 711.8 85%
Privates
Asset-Co Non-core Investments:
Private Investments 117.6 14% Linkem 73.6
Real Estate 2.1 0% Formation8/Eclipse 38.9
Trade Claims 4.7 1%
Other Privates 9.8
Asset-Co Total 124.4 15%

TOTAL INVESTED CAPITAL 836.2 100% Real Estate

Surfside -
Minus Non-Core Investments (124.4) 15% Other 2.1
INVESTED + REGULATORY CAPITAL (NET OF NON-CORE) 711.8 85% Total 124.4

Notes: Invested capital amounts and equity allocation percentages subject to change. Starting in 1Q20, Securities Finance and SPAC Trading allocations included in Broker-Dealer Capital, P&L for these allocations reflected in
Markets revenues, not Investment Income.
Non-Core Investments: Linkem - Italian wireless broadband telecom company; Formation 8/Eclipse – LP stakes in technology-focused venture capital firms; Real estate: Remaining investments from real estate strategy
which was exited in 2019

24
FINANCIALS

Valuation and Trading

EV / EBITDA
Price Diluted Enterprise Revenue Margin % P/E Price / % Div
Company 07/24/20 Mkt Cap Value LTM LTM LTM BV TBV Beta Yeld

Mid-Sized Peers
Jefferies Financial Group Inc. (1) $16.82 $4,484.6 $7,329.0 1.3x 9.2% 12.8x 0.5x 0.6x 1.34 3.5
JMP Group LLC 2.67 52.3 (90.1) NM (43.3) NM 1.0 1.0 0.85 -
Oppenheimer Holdings Inc. 21.45 278.1 394.2 0.4 8.4 6.0 0.5 0.7 0.96 2.2
Piper Sandler Companies 63.04 914.3 998.3 1.1 8.8 11.7 1.2 2.3 1.48 2.4
Raymond James Financial, Inc. 72.12 9,882.6 8,566.6 1.1 16.4 10.7 1.5 1.6 1.14 2.0
Stifel Financial Corp. 48.00 3,287.3 4,074.6 1.2 16.7 9.0 1.0 1.8 1.43 1.4

Mean 1.0x 2.7 10.0x 0.9x 1.3x 1.20 1.9

Median 1.1x 9.0 10.7x 1.0x 1.3x 1.24 2.1

Cowen(2) $17.58 $486.8 $1,038.4 0.8x 17.7 3.1x 0.6x 0.8x 1.88 0.9

Source: Capital IQ as of July 24, 2020.

(1) Revenue mix only includes Jefferies reporting segment. All other metrics reflect consolidated company
(2) Cowen metrics based on Non-GAAP Economic Income reporting

23
FINANCIALS

Well-capitalized balance sheet

AS OF
JUNE 30, 2020

Total Assets $5.4 billion

Total Stockholders’ Equity $902 million

Total Debt* $436 million

Total Capitalization $1.3 billion

Equity / Total Assets 17%

Total Debt / Capital 33%

*Includes $135 million of 3% convertible senior notes due 2022, $138 million of 7.35% senior notes due 2024, $78 million of 7.25% senior notes due 2024

24
FINANCIALS

Balance Sheet (June 30, 2020) (Unaudited)

($ in millions) June 30, 2020 December 31, 2019 Δ
Assets
Cash and cash equivalents $ 340 $ 301 $ 39
Cash collateral pledged 8 7 1
Segregated cash 178 107 70
Securities owned, at fair value 955 1,623 (669)
Receivable on derivative contracts, at fair value - 63 (63)
Securities purchased under agreement to resell 89 - 89
Stock borrow 1,553 754 799
Other investments 284 329 (44)
Clearing deposits 104 92 12
Receivable from brokers 1,129 688 441
Receivable from customers 107 92 15
Fees receivable 179 127 53
Due from related parties 25 27 (3)
Fixed assets 35 33 2
Right of use asset 84 93 (9)
Goodwill 138 138 (0)
Intangible assets 29 36 (7)
Deferred tax asset 36 79 (43)
Other assets 121 84 37
Total Assets $ 5,392 $ 4,672 $ 720

Liabilities and Redeemable Group Equity

Securities sold, not yet purchased, at fair value 545 452 93
Securities sold under agreement to repurchase - 23 (23)
Payable for derivative contracts, at fair value 54 61 (6)
Stock loan 1,622 1,602 21
Payable to brokers 241 277 (37)
Payable to customers 788 416 371
Compensation payable 279 223 56
Lease liability 88 98 (10)
Note payable and short-term borrowings 314 345 (31)
Convertible debt 121 119 3
Soft dollar payable 125 72 53
Fees payable 86 22 64
Due to related parties (0) 0 (0)

Accounts payable, accrued expenses and other liabilities 166 141 25

Total Liabilities $ 4,429 $ 3,850 $ 579

Redeemable non-controlling interests 61 12 49

Stockholders' equity $ 902 $ 810 $ 92

Common equity $ 800 $ 709 $ 92
Total Liabilities and Stockholders' Equity $ 5,392 $ 4,672 $ 720

Note: Balance sheet has been adjusted to eliminate consolidated funds. Balance sheet has not been prepared in accordance with Generally Accepted Accounting Principles (GAAP).

25
 FINANCIALS

Reconciliation to GAAP Balance Sheet (as of June 30, 2020) (Unaudited)

GAAP GAAP
in $000's minus in $000's minus
GAAP Funds Funds GAAP Funds Funds
Assets Liabilities and Redeemable Group Equity
Cash and cash equivalents 340,075 - 340,075 Securities sold, not yet purchased, at fair value 544,654 - 544,654
Cash collateral pledged 7,511 - 7,511 Securities sold under agreement to repurchase - - -
Segregated Cash 177,526 - 177,526 Payable for derivative contracts, at fair value 54,469 - 54,469
Securities owned, at fair value 954,512 - 954,512 Stock Loan 1,622,484 - 1,622,484
Securities purchased under agreement to resell - - - Payable to brokers 240,561 - 240,561
Receivable on derivative contracts, at fair value 88,846 - 88,846 Payable to customers 787,662 - 787,662
Stock Borrow 1,553,385 - 1,553,385 Compensation payable 279,492 - 279,492
Other investments 207,663 76,563 284,226 Lease Liability 87,704 - 87,704
Clearing Deposits 103,838 - 103,838 Other debt (Bbonds, plane, cap leases, Natixis) 314,329 - 314,329
Receivable from brokers 1,128,617 - 1,128,617 Convertible debt (march 2015) 121,195 - 121,195
Receivable from customers 106,874 - 106,874 Soft Dollar payable 124,572 - 124,572
Fees receivable 179,125 266 179,391 Fees payable 85,812 - 85,812
Due from related parties 24,059 619 24,678 Due to related parties (8) - (8)
Fixed assets, net of accumulated dep and amort 34,898 - 34,898 Accounts payable, accrued expenses and other liabilities 166,219 - 166,219
Right of use asset 83,833 - 83,833
Goodwill 137,728 - 137,728 Consolidated Cowen Funds - - -
Intangible assets, net of accumulated amortization 28,557 - 28,557 Securities sold, not yet purchased, at fair value - - -
DTA 35,947 - 35,947 Payable to brokers - - -
Other assets 121,108 7 121,115 Due to related parties - - -
Consolidated Cowen Funds - - - Contributions received in advance - - -
Cash and cash equivalents 118 (118) (0) Capital withdrawls - - -
Securities owned, at fair value 113,176 (113,176) (0) Payable for derivative contracts, at fair value - - -
Receivable on derivative contracts, at fair value - - - Accounts payable, accrued expenses and other liabilities 237 (237) 0
Other investments, at fair value 92,522 (92,522) 0 Total Liabilities 4,429,382 (237) 4,429,145
Receivable from brokers - - -
Other assets 75 (75) 0 Stockholders' equity 901,685 - 901,685
Total Assets 5,519,993 (128,436) 5,391,557 Non-Redeemable Non-controlling interests in consolidated subsidiaries
188,925 (128,199) 60,726
Permanent Equity 1,090,610 (128,199) 962,411
Total Liabilities and Redeemable Group Equity 5,519,992 (128,436) 5,391,556

Note: Balance sheet has been adjusted to eliminate consolidated funds. Balance sheet has not been prepared in accordance with Generally Accepted Accounting Principles (GAAP).

26
FINANCIALS

GAAP to Economic Income Reconciliation – Q2’2020 (Unaudited)

27
FINANCIALS

GAAP to Economic Income Reconciliation - Q2’2019 (Unaudited)

28
FINANCIALS

Adjustments Made to U.S. GAAP Net Income Footnotes

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