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Stock Trading History of Sg Americas Securities Holdings, Inc.

The following table details the trading activities (stock purchases, stock sales, and stock option exercises) reported to the Securities and Exchange Commission (SEC) by insider Sg Americas Securities Holdings, Inc. since year 2005. The trader's CIK number is 1368585. At the time of this reporting, Sg Americas Securities Holdings, Inc. is the 10% Owner of Cowen Group, Inc. (stock ticker symbol COWN).

Stock purchases, sales, and option exercises reported by *Sg Americas Securities Holdings, Inc.* since 2005.
Trade Date	Symbol	Company Name (Issuer)	Trade Type	Shares	Price ($)	Value ($)
2006-07-26	COWN	Cowen Group, Inc.	Sale	300,000	16.00	4,800,000
2006-07-18	COWN	Cowen Group, Inc.	Sale	11,217,392	16.00	179,478,272

Insider trading activities including stock purchases, stock sales, and option exercises listed in the above table cannot be completely guaranteed as to their accuracy. For more information regarding the trades made by Sg Americas Securities Holdings, Inc. (10% Owner of Cowen Group, Inc. at the time of this reporting) see the Securities and Exchange Commission (SEC) website.