COWEN GROUP INC NEW

CUSIP: 223622101 Class: CMN

Philadelphia Financial Management of San Francisco, LLC's Holding History (CIK: 0001351407)

Note: Option positions (PUT/CALL) are excluded.

Q4 2014
Shares 1,000,000 Value ($000) $4,800 Avg Close — Range —
Q1 2014
Shares 1,037,307 Value ($000) $4,575 Avg Close — Range —