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Covington Advises Cowen in Formation of New Healthcare Private Equity Initiative

January 8, 2007

NEW YORK, NY, January 8, 2007 — Covington & Burling LLP advised Cowen Group, Inc. in the creation of Cowen Healthcare Royalty Partners, a alternative asset management fund, and in the negotiation of employment and equity arrangements with its three principals, Dr. Gregory B. Brown, Todd C. Davis, and Clarke B. Futch, who will execute the initiative.

Cowen provides investment banking services to companies in the healthcare, technology, media and communications and consumer sectors.

The Covington team included Scott Smith, Carolyn Taylor and Peter Bogdanow (corporate), and Rob Heller (tax).

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