Philadelphia Financial Management of San Francisco, LLC

Holdings History for COWEN GROUP INC NEW - CL A (COWN)

Symbol: COWN
Investment type: Equity / CL A

Shares, Excluding Options vs Price

Value, Excluding Options

Holdings date	Weight	Change	Value $	Shares	Change	Activity %	Price	All Holders
31 Mar 2015		-0.84%	$0	0	-1,000,000	-100%		Q1 2015
31 Dec 2014	0.84%	+0.84%	$4,800,000	1,000,000	+1,000,000	NEW	$4.80	Q4 2014
30 Jun 2014		-1.1%	$0	0	-1,037,307	-100%		Q2 2014
31 Mar 2014	1.1%	+1.1%	$4,575,000	1,037,307	+1,037,307	NEW	$4.41	Q1 2014

* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.