COWEN INC.

Q1 2015 13F Holdings Report, Options Holdings

Signature - Title: Owen Littman - General Counsel
Location: New York, New York
Options holdings as of: March 31, 2015
Options notional value $: $116M
Number of options holdings: 27
Date filed: 5/15/2015, 05:53 PM
Description: All US holdings of this investor are reported in this report.
Previous filing: Q4 2014 - Feb 17, 2015
Next filing: Q2 2015 - Sep 18, 2015
Stock holdings: Showing options holdings, see here for stock holdings

Sym	Company	Class	Option	Share Change	Activity	* Price $	Shares	Notional Value

Filing 2015 Q1 compared to 2014 Q4 by default.

Compare Q1 2015 to

* 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.

Person Signing this Report on Behalf of Reporting Manager:

Name	Title	City, State	Date
Owen Littman	General Counsel	New York, New York	5/15/2015

Other Included Managers (3):

Num	Name	File Number
1	RAMIUS ADVISORS LLC	028-10674
2	Ramius Alternative Solutions LLC	028-14361
3	COWEN & COMPANY, LLC	028-04125