Company Press Release

Ramius Launches Event Driven Equity Mutual Fund

Actively Managed Alternative Mutual Fund with a Focus on Activism and Event Driven Strategies

NEW YORK, Sep 30, 2013 -- Ramius LLC, ("Ramius") the global investment management business of Cowen Group, Inc. ("Cowen") COWN -1.01% , today announced the launch of the Ramius Event Driven Equity Fund (ticker:REDIX)(ticker:REDAX) ("the Fund"), an actively managed alternative mutual fund providing investors with daily liquidity and exposure to a broad spectrum of transformative corporate events. The strategy focuses on publicly listed companies that are targets of shareholder activism, mergers, spin-offs, recapitalizations and restructurings. Co-portfolio managers Andrew Cohen and Ethan Johnson oversee investments in the Fund.

Michael Singer, Chief Executive Officer of Ramius, said, "The Ramius Event Driven Equity Fund is a truly differentiated product, offering investors the chance to diversify their portfolios by accessing equity event strategies in a liquid format. For years, many sophisticated institutional investors have benefited from the success of best-in-breed activists and from investments in public company securities undergoing corporate events. Today, we are bringing this opportunity to a much broader range of investors. This launch demonstrates Ramius' commitment to developing and offering creative solutions that have the potential to meet the specific needs of investors by utilizing the breadth of our alternative asset management capabilities."

Together, Andrew Cohen and Ethan Johnson said, "We are very excited to launch this Fund with the full institutional support and know-how of Ramius. We believe the Ramius Event Driven Equity Fund is the only single advisor mutual fund investing directly in activism and transformative corporate events. We look forward to drawing on our years of experience investing in activist and event driven situations at Ramius. We are seeking to capture the enhancement in shareholder value created by corporate events. Our strategy offers investors the opportunity to pursue attractive risk-adjusted returns relative to the broader equity markets."

The Fund will be managed by Ramius Advisors LLC, a wholly-owned subsidiary of Ramius.

For more information, please see www.ramiusmutualfunds.com/event.

About Andrew Cohen

Mr. Cohen is the Lead Portfolio Manager of the Fund and is a Managing Director of Ramius LLC. Mr. Cohen joined Ramius in 2001 and is responsible for the firm's fundamental proprietary investments in public equity related strategies. He is also the risk manager for the Ramius Merger Fund LLC, a merger arbitrage hedge fund. Since joining Ramius in 2001, Mr. Cohen has served in a number of different capacities, including working with Ramius' US Small Cap Value Fund, managing a mezzanine and senior secured lending vehicle, working with the Ramius distressed investing team, and overseeing much of Ramius' energy investments. Prior to joining Ramius in 2001, Mr. Cohen worked as an analyst in the investment banking and private equity groups at Thomas Wiesel Partners. Mr. Cohen received a B.A. in Public Policy from the Terry Sanford Institute at Duke University and an MBA from Columbia Business School.

About Ethan Johnson

Mr. Johnson is the Co-Portfolio Manager of the Fund and is a Managing Director of Ramius LLC. Mr. Johnson joined Ramius in 2007 and is responsible for the firm's risk arbitrage investments. He is also the portfolio manager for the Ramius Merger Fund LLC, a merger arbitrage hedge fund. Prior to joining Ramius, Mr. Johnson was an Associate specializing in mergers & acquisitions at Legacy Partners Group, a middle market advisory firm. Prior to that, Mr. Johnson worked at Lehman Brothers as an Equity Research Analyst focused on technology companies. Mr. Johnson received a B.A. in Economics (Honors & Distinction) from the University of Michigan and an MBA from The Wharton School at the University of Pennsylvania. Mr. Johnson was a member of the 1999 NCAA National Champion Michigan Men's Gymnastics Team.

About Ramius LLC

Ramius, a global contemporary investment management firm with $9.2 billion in assets under management (as of August 1, 2013), offers a broad suite of investment products and solutions to institutional and private clients worldwide. Founded in 1994, the firm's capabilities include event driven, value equity activism, healthcare royalties, alternative solutions, real estate direct lending, credit, and managed futures. A significant portion of Cowen Group, Inc.'s proprietary capital is managed by Ramius in strategies alongside our clients.

About Cowen Group, Inc.

Cowen Group, Inc. is a diversified financial services firm and, together with its consolidated subsidiaries, provides alternative asset management, investment banking, research, and sales and trading services through its two business segments: Ramius and its affiliates make up the Company's alternative investment segment, while Cowen and Company and its affiliates make up the Company's broker-dealer segment. Ramius provides alternative asset management solutions to a global client base and manages a significant portion of Cowen's proprietary capital. Cowen and Company and its affiliates offer 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.

Important Disclosures:

You should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. For a prospectus and summary prospectus that contains this and other information about the Fund call 1.877.6RAMIUS (1.877.672.6487). Please read the prospectus and summary prospectus carefully prior to investing.

An investment in the Fund is subject to risks, including the possible loss of principal. The Fund is new and has a limited history of operations. Additionally, the Fund utilizes investment strategies that are non-traditional and may be highly volatile. Event-Driven and Merger Arbitrage involves risks associated with the Advisor's evaluation of the outcome of a proposed Event, whether it be a merger, reorganization, regulatory issue or other event, may prove incorrect and the Fund's return on the investment may be negative. Accordingly, the Fund may underperform the markets under certain market conditions, such as periods when there is rapid appreciation in the markets.

Select activist risk exists in that companies in which the Fund invest may not be successful, or even if successful, the Fund's investment may lose value. (An activist investor uses an equity stake in a corporation to put public pressure on a company's management team and board in order to achieve certain objectives.) High yield ("junk") bonds are debt securities rated below investment grade. Junk bonds are speculative, tend to be less liquid than higher rated securities; are subject to greater price volatility and greater sensitivity to interest rate and economic changes. Derivatives involve greater risks than the underlying obligations because in addition to general market risks, they are subject to illiquidity risk, counterparty credit risk and operational leveraging risk. The use of derivatives includes futures, options, swaps and forward contracts. Short sales are speculative transactions and involve special risks, including that the Fund's losses are potentially unlimited. Options trading involves greater than ordinary investment risks and is not suitable for all investors. The Fund is non-diversified meaning it may invest a relatively high percentage of its assets in a limited number of positions making it more vulnerable to changes in the market value of a single position. Foreign investments present additional risks and increased volatility not associated with investing solely in the U.S. These risks include currency fluctuations, economic and political factors, lower liquidity, different legal and accounting standards, and other factors. There are risks associated with small and mid-capitalization issues such as market illiquidity and greater market volatility than larger capitalization issues. There can be no guarantee that the Fund will achieve its investment objective.

Best-in-breed securities represent the most optimal investment choice for a specific sector or industry due to its high quality compared to its competitors.

The Ramius Funds are distributed by IMST Distributors, LLC.

SOURCE: Cowen Group, Inc.