Income Taxes

Due to the prior period operating losses, the Company did not record a material amount of income tax expense for the third quarter of 2009. The Company will continue to review the value of our net deferred tax assets and may reverse a portion of its valuation allowance associated with these net deferred tax assets if the Company continues to generate sufficient operating income in the future.

Capital

Cash and cash equivalents were $20.1 million at September 30, 2009, compared to $14.3 million at June 30, 2009. Liquid assets were $30.2 million at September 30, 2009, consisting of cash and cash equivalents, “Level I” assets less “Level I" liabilities and current receivables, compared to $19.5 million at June 30, 2009. Book value per common share at September 30, 2009 was $1.36. Book value per common share, excluding non-controlling interest, is based on common shares outstanding including unvested and vested restricted stock and restricted stock units.

Because of the nature of our business, and the volatility of the capital markets, we regularly monitor our liquidity position and explore capital raising alternatives. In that respect, on October 21, 2009, we filed a shelf registration statement with the SEC covering our potential sale, from time to time, of up to $75 million of our equity and/or debt securities. Such filing also covers the potential sale, from time to time, of up to three million shares of our currently outstanding common stock by specified selling stockholders.

About Rodman & Renshaw Capital Group, Inc.

Rodman & Renshaw Capital Group, Inc. is a holding company with a number of direct and indirect subsidiaries, including Rodman & Renshaw, LLC.

Rodman & Renshaw, LLC is a full-service investment bank dedicated to providing corporate finance, strategic advisory and related services to public and private companies across multiple sectors and regions. The company also provides research and sales and trading services to institutional investors. Rodman is the leader in the PIPE (private investment in public equity) and RD (registered direct offering) transaction markets. Rodman has been ranked the #1 Placement Agent in terms of the aggregate number of PIPE and RD financing transactions completed every year since 2005 and 2009 year-to-date. For more information visit Rodman & Renshaw on the Internet at www.rodm.com.

MEMBER FINRA, SIPC Cautionary Note Regarding Forward Looking Statements

This press release contains forward-looking statements regarding future events and financial performance. In some cases, you can identify these statements by words such as “may,” “might,” “will,” “should,” “except,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” the negative of these terms and other comparable terminology. These statements involve a number of risks and uncertainties and are based on numerous assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. There are or may be important factors that could cause our actual results to materially differ from our historical results or from any future results expressed or implied by such forward looking statements.

These factors include, but are not limited to, those discussed under the section entitled “Risk Factors” in our Annual Report on Form 10-K, filed March 12, 2009, which is available at the U.S. Securities and Exchange Commission website at www.sec.gov. The forward-looking statements in this press release are based upon management's reasonable belief as of the date hereof. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

Conference Call Information

In conjunction with this earnings release, Rodman & Renshaw senior management will host a conference call at 10:00 A.M. EDT, hosted by Edward Rubin, Chief Executive Officer and David Horin, Chief Financial Officer. Investors and analysts can participate in the conference call by dialing 1-877-407-8031 (United States) or 1-201-689-8031 (International).

The conference will be replayed in its entirety beginning at approximately 1:00 P.M. EDT on October 22, 2009, through to 11:59 P.M. EDT on October 29, 2009. If you wish to listen to the replay of this conference call, please dial 1-877-660-6853 (United States) or 1-201-612-7415 (International) and use Account #286, Conference #335225.

The conference call will also be simultaneously broadcast live over the Internet, as well as for replay, and can be accessed through the webcasts and presentations tab of the investor relations section of the Rodman website located at www.rodm.com. Please allow for some time following the completion of the conference call to access the archive of the Web cast.

3