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ARBITER PARTNERS LP
> COWN
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 09/30/2017 | Cowen Holdings, Inc. | COWN | 0 | -1,636,651 | 0 | -4,427,000 | |
| 06/30/2017 | Cowen Holdings, Inc. | COWN | 0 | -1,636,651 | 0 | -4,427,000 | |
| 03/31/2017 | Cowen Holdings, Inc. | COWN | 0 | -1,636,651 | 0 | -4,427,000 | |
| 12/31/2016 | Cowen Holdings, Inc. | COWN | 0 | -1,636,651 | 0 | -4,427,000 | |
| 09/30/2016 | Cowen Holdings, Inc. | COWN | 0 | -1,636,651 | 0 | -4,427,000 | |
| 06/30/2016 | Cowen Holdings, Inc. | COWN | 0 | -1,636,651 | 0 | -4,427,000 | |
| 03/31/2016 | Cowen Holdings, Inc. | COWN | 0 | -1,636,651 | 0 | -4,427,000 | |
| 12/31/2015 | Cowen Holdings, Inc. | COWN | 0 | -1,636,651 | 0 | -4,427,000 | |
| 09/30/2012 | Cowen Holdings, Inc. | COWN | 1,636,651 | 1,636,651 | 4,427,000 | 4,427,000 | $2.70 |
| 06/30/2012 | Cowen Holdings, Inc. | COWN | 1,349,701 | 1,349,701 | 3,590,000 | 3,590,000 | $2.66 |
| 03/31/2012 | Cowen Holdings, Inc. | COWN | 366,597 | 366,597 | 993,000 | 993,000 | $2.71 |
| 12/31/2011 | Cowen Holdings, Inc. | COWN | 230,506 | 230,506 | 597,000 | 597,000 | $2.59 |
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