Cacti Asset Management’s Cowen Inc. Class A Common Stock COWN Stock Holding History

Quarter	Market Value	Status	Shares	Shares Change %	Trade Value	Portfolio Weight	Portfolio Position
2017 Q4	–	Sell	-5,000	Closed	-$87K	–	91
2017 Q3	$87K	Sell	5,000 -2,500	-33%	-$43.5K	0.01%	80
2017 Q2	$125K	Sell	7,500 -2,500	-25%	-$41.7K	0.01%	79
2017 Q1	$151K	Hold	10,000	–	–	0.01%	80
2016 Q4	$155K	Sell	10,000 -30,000	-75%	-$465K	0.01%	81
2016 Q3	$145K	Sell	40,000 -1,000	-2%	-$3.63K	0.01%	80
2016 Q2	$121K	Sell	41,000 -4,000	-9%	-$11.8K	0.01%	88
2016 Q1	$169K	Hold	45,000	–	–	0.02%	73
2015 Q4	$172K	Hold	45,000	–	–	0.02%	68
2015 Q3	$205K	Hold	45,000	–	–	0.02%	64
2015 Q2	$288K	Hold	45,000	–	–	0.03%	61
2015 Q1	$234K	Hold	45,000	–	–	0.02%	63
2014 Q4	$216K	Hold	45,000	–	–	0.02%	63
2014 Q3	$169K	Hold	45,000	–	–	0.02%	65
2014 Q2	$193K	Hold	45,000	–	–	0.02%	65
2014 Q1	$198K	Sell	45,000 -5,000	-10%	-$22K	0.03%	63
2013 Q4	$196K	Sell	50,000 -25,000	-33%	-$98K	0.03%	60
2013 Q3	$258K	Hold	75,000	–	–	0.04%	59
2013 Q2	$217K	Buy	+75,000	New	+$217K	0.04%	61