Ramius Alternative Solutions and Perpetual Investment Management Announce Partnership

Ramius Selected by Perpetual to Advise on Customized Hedge Fund Products

NEW YORK, April 7, 2010 - Ramius Alternative Solutions LLC ("Ramius"), a division of Cowen Group,
Inc. (Nasdaq: COWN), and Perpetual Investment Management Limited
("Perpetual"), today announced that they have agreed to create a partnership
through which Ramius will advise Perpetual's Multi Manager Group on its hedge
funds investment activities. Ramius Alternative Solutions is an investment
advisor offering a range of hedge fund investment and advisory solutions,
including customized and commingled fund of funds, portfolio completion,
portfolio hedging, and hedge fund replication services to a global
institutional client base. Perpetual is one of Australia's most highly
regarded investment managers offering a broad range of products for personal
investment, superannuation and retirement as well as corporate funds
management.

Under the partnership, Ramius will work with Perpetual's Multi Manager
Group to manage two separate customized fund of hedge funds products
specifically designed to complement two multi-asset alternatives portfolios,
the Perpetual Defensive Alternatives Fund and the Perpetual Growth
Alternatives Fund. These Funds invest in a range of alternative strategies
including private equity, private real estate, infrastructure, specialist
credit and hedge funds.

Thomas W. Strauss, Chief Executive Officer of Ramius LLC, said, "We are
delighted to have been selected by Perpetual, one of the most prestigious
firms in the Australian financial market, as their hedge fund partner and
advisor and we look forward to working with their talented Multi Manager team
to maximize the potential of this relationship for both parties. Our
partnership with Perpetual further validates the model that Ramius has
established as a sophisticated global hedge fund investment platform that has
the team, experience, infrastructure and investment processes in place to
deliver value-added intellectual capital to sophisticated institutional
clients like Perpetual."

Damien Webb, Head of Multi Manager at Perpetual, stated, "We believe that
partnering with Ramius can create significant benefits and opportunities for
our alternative investments funds to meet the investment objectives of our
clients, specifically the high net worth client base of Perpetual Private
Wealth. Through this partnership, we will be able to take advantage of
Ramius' global expertise and contacts, rigorous due diligence process and
institutional platform. We are excited about the prospects that our work with
Ramius has to offer our clients and we look forward to the ongoing
development of this dynamic relationship."

About Ramius Alternative Solutions LLC

Ramius Alternative Solutions LLC is an investment advisor offering a
range of hedge fund investment and advisory solutions, including customized
and commingled fund of funds, portfolio completion, portfolio hedging, and
hedge fund replication services to a global institutional client base. The
group has offices in New York, London and Munich.

About Cowen Group, Inc.

Cowen Group, Inc. is a diversified financial services firm providing
alternative investment management, investment banking, research, and sales
and trading services through its business units, Ramius and Cowen and
Company. Its alternative investment management products include hedge funds,
fund of funds, real estate, healthcare royalty funds and cash management,
offered primarily under the Ramius name. 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 Perpetual Limited

Perpetual is one of Australia's most experienced investment services
groups, with an enduring passion for protecting and growing our clients'
wealth. Founded in Sydney in 1886 as Perpetual Trustees, we've helped
generations of Australians invest and manage their wealth through all market
conditions. Today we are one of the Top 100 companies listed on the
Australian Securities Exchange, and manage investment funds exceeding US$29
billion, administer over US$222 billion of client funds, and advise clients on
over US$8.1 billion of investments (as at 31 December 2009). We provide
quality investment products, financial advice and corporate services to
individuals, families, financial advisers and organisations. Clients can
access our investment products through a broad range of financial advisers,
other financial institutions and directly from us.

Dan Gagnier or Chris Kittredge, both of Sard Verbinnen & Co, +1-212-687-8080, Ramius at sardverb.com, or Jean Calleja, +1-646-562-1888