SYS-CON MEDIA Authors: Liz McMillan, Sean Houghton, Glenn Rossman, Ignacio M. Llorente, Xenia von Wedel

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Och-Ziff Capital Management Group LLC Reports 2014 First Quarter Results

2014 First Quarter Dividend of $0.23 per Class A Share

NEW YORK, NY--(Marketwired - May 02, 2014) - Och-Ziff Capital Management Group LLC (NYSE: OZM) (the "Company" or "Och-Ziff") today reported GAAP Net Income(1) of $23.9 million, or $0.14 per basic and diluted Class A Share, for the first quarter ended March 31, 2014. The Company also declared a $0.23 per share cash dividend on its Class A Shares for the 2014 first quarter.

Summary Highlights

  • Distributable Earnings of $127.8 million, or $0.25 per Adjusted Class A Share, for the 2014 first quarter, 7% lower than $136.9 million, or $0.29 per Adjusted Class A Share, for the 2013 first quarter.
  • Estimated assets under management of $43.5 billion as of May 1, 2014, which reflected year-to-date capital net inflows of approximately $3.6 billion and performance-related depreciation of $290.5 million.
  • Estimated year-to-date net returns through April 30, 2014 of the OZ Master Fund of -0.93%, the OZ Europe Master Fund of -1.33% and the OZ Asia Master Fund of -9.18%.

"The first quarter of this year was marked by challenging equity market conditions and increased volatility globally, and these conditions persisted into April," said Daniel S. Och, Chairman and Chief Executive Officer of Och-Ziff. "As always, we actively managed our exposures as market conditions evolved. We have a twenty-year history of protecting capital and generating consistent, positive, absolute returns, and we believe that we are well positioned to create substantial, incremental value for our fund investors.

"We are pleased with the progress we have made towards our strategic objective of becoming a multi-product, alternative asset manager. Our year-to-date net inflows through May 1st are the highest for this period that we have had since going public in 2007, and are reflective of the growing diversification of our platforms. We experienced strong net inflows into our multi-strategy funds, as well as into our dedicated credit and long/short platforms. Additionally, we successfully completed the first two closings of our third real estate fund, raising $952.2 million through May 1st. We believe that demand will continue to grow for managers that have global reach, offer a diverse range of products, and can create customized solutions for their clients. We view this trend as a substantial growth opportunity for our business, and believe that it will result in meaningful new capital allocations to us over time from investors globally."

(1) References to the Company's GAAP Net Income throughout this press release refer to the Company's GAAP Net Income Allocated to Class A Shareholders.

GAAP NET INCOME ALLOCATED TO CLASS A SHAREHOLDERS

For the 2014 first quarter, Och-Ziff reported GAAP Net Income of $23.9 million, or $0.14 per basic and diluted Class A Share, compared to $30.0 million, or $0.20 per basic and diluted Class A Share, for the 2013 first quarter.

The year-over-year decline in the Company's GAAP results was primarily due to a combination of lower incentive income and higher compensation and benefits expenses, partially offset by an increase in management fees as discussed in the "Economic Income (Non-GAAP)" section of this press release.

The Company's GAAP results in the 2014 first quarter were impacted by non-cash expenses of $27.1 million for equity-based compensation. These expenses primarily relate to Och-Ziff Operating Group A Units ("Group A Units"), which represent equity interests in the Company's principal operating subsidiaries (the "Och-Ziff Operating Group"), granted to executive managing directors, as well as Class A Restricted Share Units ("RSUs") granted to employees and executive managing directors. Each RSU represents the right to receive one Class A Share upon vesting. Vested Group A Units may be exchanged on a one-to-one basis for Class A Shares, subject to transfer restrictions and minimum retained ownership requirements.

Throughout this press release, the Company presents financial measures that are not prepared in accordance with GAAP. For a discussion of these non-GAAP measures, please see the discussion of "Non-GAAP Financial Measures" at the end of this press release.

DISTRIBUTABLE EARNINGS (NON-GAAP)

The Company's Distributable Earnings for the 2014 first quarter were $127.8 million, or $0.25 per Adjusted Class A Share, 7% lower than $136.9 million, or $0.29 per Adjusted Class A Share, for the 2013 first quarter.

The year-over-year decrease in Distributable Earnings was primarily due to lower incentive income and an increase in compensation and benefits expenses, partially offset by an increase in management fees and lower non-compensation expenses. See the "Economic Income (Non-GAAP)" section of this press release for a discussion of the drivers impacting the Company's revenues and operating expenses.

Distributable Earnings is a non-GAAP measure. For reconciliations of Distributable Earnings to the respective GAAP Net Income for the periods discussed above, please see Exhibit 2 that accompanies this press release. Additionally, please see the discussion of "Non-GAAP Financial Measures" at the end of this press release, including the definitions of Distributable Earnings and Adjusted Class A Shares.

ASSETS UNDER MANAGEMENT

                                                                            
Assets under management by fund:                                            
                                                                % Change(1) 
                                                               ------------ 
                                                                 Mar. 2014  
                                     March 31,     March 31,        vs.     
(dollars in billions)                   2014          2013       Mar. 2013  
                                   ------------- ------------- ------------ 
                                                                            
Multi-strategy funds                                                        
  OZ Master Fund                   $        25.8 $        22.2           16%
  OZ Europe Master Fund                      1.3           1.9          -29%
  OZ Asia Master Fund                        1.4           1.2           18%
  Other multi-strategy funds                 4.0           3.1           32%
                                   ------------- -------------              
Multi-strategy funds                        32.5          28.4              
Credit funds                                 4.8           3.7           32%
CLOs                                         2.6           1.6           67%
Real estate funds                            1.6           0.9           84%
Other                                        1.1           0.4           69%
                                   ------------- -------------              
Total                              $        42.6 $        35.0           22%
                                   ============= =============              
                                                                            
(1) Rounding differences may occur.                                         
                                                                            

As of March 31, 2014, assets under management totaled $42.6 billion, an increase of $7.6 billion, or 22%, from March 31, 2013, which was driven by capital net inflows of $4.2 billion and performance-related appreciation of $3.4 billion. These capital net inflows included $1.0 billion related to two CLOs that the Company closed in the year-over-year period, as well as $763.5 million related to the first close of the Company's third real estate fund, which occurred in the first quarter of 2014.

During the month of March, the Company had approximately $901.7 million of intra-month capital net inflows, primarily related to the first close of the Company's third real estate fund discussed above, which are included in the $42.6 billion of assets under management as of March 31, 2014. Assets under management increased to an estimated $43.5 billion as of May 1, 2014. This increase reflected estimated performance-related depreciation of approximately $467.3 million in April and capital net inflows of approximately $1.4 billion, which was comprised of approximately $194.3 million of net inflows on April 1, 2014 and approximately $1.2 billion of net inflows from April 2, 2014 to May 1, 2014.

INVESTMENT PERFORMANCE

For the 2014 first quarter, performance was driven primarily by the funds' credit-related strategies, which were partially offset by the underperformance of the funds' long/short equity special situations strategy globally.

                                                                            
Net returns by fund (1) :                                                   
                                                        2014                
                                         ---------------------------------- 
                                         January  February   March     1Q   
                                         -------  --------  -------  ------ 
                                                                            
OZ Master Fund                             -0.16%     2.51%   -1.87%   0.43%
OZ Europe Master Fund                      -0.03%     1.29%   -1.28%  -0.04%
OZ Asia Master Fund                        -3.20%     0.51%   -4.09%  -6.69%
                                                                            
(1) Please see important disclosures on Exhibit 5 that accompanies this press release. 
                                                                                       

ECONOMIC INCOME (NON-GAAP)

In addition to analyzing the Company's results on a GAAP basis, management also reviews the Company's results on an "Economic Income" basis. Economic Income excludes certain adjustments that are required for presentation of the Company's results on a GAAP basis, but that management does not consider when evaluating operating performance in any given period.

For reconciliations of Economic Income and its components to the respective GAAP measures, please see Exhibits 2 and 3 that accompany this press release. Additionally, please see the discussion of "Non-GAAP Financial Measures" at the end of this press release.

Economic Income Revenues (Non-GAAP)

Economic Income revenues for the 2014 first quarter were $214.0 million, down 6% from $228.6 million for the 2013 first quarter. Management fees were $154.6 million, 22% higher than management fees of $126.4 million for the prior-year period. Incentive income was $59.0 million, compared to $101.3 million for the prior-year period.

The year-over-year decrease in Economic Income revenues was driven by lower incentive income. The primary driver of the year-over-year decline related to $69.6 million of incentive income crystallized in the first quarter of 2013 on certain credit assets that was not repeated in the first quarter of 2014, partially offset by tax distributions taken on the Company's longer-term assets. The year-over-year decline in incentive income was partially offset by an increase in management fees primarily due to the year-over-year growth in assets under management, which was driven by a combination of performance-related appreciation and capital net inflows.

The average management fee rate was 1.51% for the 2014 first quarter, compared to 1.56% for the 2013 first quarter. This decline was due primarily to an increase in assets under management in the Company's dedicated credit platforms and CLOs, which earn lower management fees as is reflective of the market for these products.

Compensation and Benefits (Non-GAAP)

Compensation and benefits for the 2014 first quarter totaled $29.2 million, up 24% from compensation and benefits of $23.5 million for the 2013 first quarter. Salaries and benefits totaled $25.6 million, 20% higher than salaries and benefits of $21.4 million in the prior-year period.

The year-over-year increase in compensation and benefits was primarily driven by higher salaries and benefits due to the Company's hiring activities globally.

The ratio of salaries and benefits to management fees was 17% for the first quarters of 2014 and 2013, respectively.

Non-Compensation Expenses (Non-GAAP)

Non-compensation expenses for the 2014 first quarter totaled $28.8 million, down 6% from non-compensation expenses of $30.7 million for the 2013 first quarter. The decrease was driven primarily by lower professional services fees, partially offset by higher insurance costs.

The ratio of non-compensation expenses to management fees was 19% for the 2014 first quarter, compared to 24% for the 2013 first quarter.

Economic Income (Non-GAAP)

Economic Income for the 2014 first quarter was $160.8 million, down 8% from Economic Income of $174.2 million for the 2013 first quarter.

The decrease in Economic Income was primarily due to a decrease in incentive income and an increase in compensation and benefits expenses, partially offset by an increase in management fees and lower non-compensation expenses.

CAPITAL

As of March 31, 2014, the number of Class A Shares outstanding was 170,684,241. For purposes of calculating Distributable Earnings per Share, the Company assumes that all the interests held by its executive managing directors and Ziff Investors Partnership, L.P. II and certain of its affiliates and control persons (the "Ziffs") in the Och-Ziff Operating Group (collectively, "Partner Units"), as well as RSUs outstanding during the applicable period, have been converted on a one-to-one basis into Class A Shares ("Adjusted Class A Shares"). For the first quarter ended March 31, 2014, the total weighted-average Adjusted Class A Shares outstanding were 505,341,354.

DIVIDEND

The Board of Directors of Och-Ziff declared a 2014 first-quarter dividend of $0.23 per Class A Share. The dividend is payable on May 19, 2014 to holders of record as of the close of business on May 12, 2014.

For U.S. federal income tax purposes, the dividend will be treated as a partnership distribution. Based on the best information currently available, the Company estimates that when calculating withholding taxes, $0.2025 of the 2014 first-quarter dividend will be treated as U.S. source dividend income and $0.0037 will be treated as U.S. source interest income.

Non-U.S. holders of Class A Shares are generally subject to U.S. federal withholding tax at a rate of 30% (subject to reduction by applicable treaty or other exception) on their share of U.S. source dividends and certain other types of U.S. source income realized by the Company. With respect to interest, however, no withholding is generally required if proper certification (on an IRS Form W-8) of a beneficial owner's foreign status has been filed with the withholding agent. Non-U.S. holders must generally provide the withholding agent with a properly completed IRS Form W-8 to obtain any reduction in withholding.

The Company will host a conference call today, May 2, 2014, at 8:30 a.m. Eastern Time to discuss its 2014 first-quarter results. The call will be open to the public and can be accessed by dialing +1-888-679-8034 (callers inside the U.S.) or +1-617-213-4847 (callers outside the U.S.). The number should be dialed at least ten minutes prior to the start of the call and the passcode will be 96514800. A simultaneous webcast of the call will be available to the public on a listen-only basis through the Class A Shareholders section of the Company's website (www.ozcap.com).

For those unable to listen to the live broadcast, a replay will be available by dialing +1-888-286-8010 (callers inside the U.S.) or +1-617-801-6888 (callers outside the U.S.), passcode 96547678, beginning approximately two hours after the event for two weeks. A webcast replay of the event will also be available on the Company's website as noted above.

Non-GAAP Financial Measures

Management evaluates Economic Income for the Och-Ziff Funds segment, the Company's only reportable segment under GAAP, and for the Company's Other Operations. Economic Income for the Company equals the sum of Economic Income for the Och-Ziff Funds segment and the Company's Other Operations.

The Company conducts substantially all of its business through the Och-Ziff Funds segment, which provides asset management services to its multi-strategy funds, credit funds, CLOs and other alternative investment vehicles. The Company's Other Operations are primarily comprised of its real estate business, which provides asset management services to its real estate funds.

The Company's non-GAAP measures should not be considered as alternatives to the Company's GAAP Net Income (Loss) or cash flow from operations, or as indicative of liquidity or the cash available to fund operations. The Company's non-GAAP measures may not be comparable to similarly titled measures used by other companies.

For reconciliations of the Company's non-GAAP measures to the most directly comparable GAAP measures, please see Exhibits 2 and 3 that accompany this press release.

Economic Income

In addition to analyzing the Company's results on a GAAP basis, management also reviews the Company's results on an "Economic Income" basis. Economic Income excludes the adjustments described below that are required for presentation of the Company's results on a GAAP basis, but that management does not consider when evaluating the operating performance of the Company in any given period. Management, therefore, uses Economic Income as the basis on which it evaluates the financial performance of the Company and makes resource allocation and other operating decisions. Management considers it important that investors review the same operating information that it uses.

Economic Income is a measure of pre-tax operating performance that excludes the following from the Company's results on a GAAP basis:

  • Income allocations to the Company's executive managing directors and the Ziffs on their direct interests in the Och-Ziff Operating Group. Management reviews operating performance at the Och-Ziff Operating Group level, where substantially all of the Company's operations are performed, prior to making any income allocations.
  • Reorganization expenses related to the Company's IPO, equity-based compensation expenses and depreciation and amortization expenses, as management does not consider these non-cash expenses to be reflective of operating performance. However, the fair value of RSUs that are settled in cash to employees or executive managing directors is included as an expense at the time of settlement.
  • Changes in the tax receivable agreement liability and net gains (losses) on investments in Och-Ziff funds, as management does not consider these items to be reflective of operating performance.
  • Amounts related to the consolidated Och-Ziff funds, including the related eliminations of management fees and incentive income, as management reviews the total amount of management fees and incentive income earned in relation to total assets under management and fund performance. The Company also defers the recognition of incentive income allocations from the consolidated Och-Ziff funds until all clawback contingencies are resolved, consistent with the revenue recognition policy for the funds the Company does not consolidate.

In addition, expenses related to compensation and profit-sharing arrangements based on fund investment performance are recognized at the end of the relevant performance measurement period, as management reviews the total compensation expense related to these arrangements in relation to any incentive income earned by the relevant fund.

As a result of the adjustments described above, as well as an adjustment to present management fees net of recurring placement and related service fees (rather than considering these fees an expense), management fees, incentive income, compensation and benefits, non-compensation expenses and net income allocated to noncontrolling interests as presented on an Economic Income basis are also non-GAAP measures.

Distributable Earnings

Distributable Earnings is a non-GAAP measure of after-tax operating performance and equals Economic Income less Adjusted Income Taxes. Adjusted Income Taxes are estimated assuming the conversion of all outstanding Partner Units into Class A Shares, on a one-to-one basis, and include the impact of payments under the tax receivable agreement. Therefore, all income (loss) of the Och-Ziff Operating Group allocated to the Partner Units is treated as if it were allocated to Och-Ziff Capital Management Group LLC. Partner Units represent interests in the Och-Ziff Operating Group held by the Company's executive managing directors and the Ziffs, including the Group A Units and Group D Units. Distributable Earnings per Share is equal to Distributable Earnings divided by the weighted-average number of Adjusted Class A Shares.

Management believes Distributable Earnings provides useful information to investors because it uses Distributable Earnings, among other financial information, to determine the earnings available to distribute as dividends to holders of the Company's Class A Shares and to the Company's executive managing directors and the Ziffs with respect to their Partner Units.  

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that reflect the Company's current views with respect to, among other things, future events and financial performance. The Company generally identifies forward-looking statements by terminology such as "outlook," "believe," "expect," "potential," "continue," "may," "will," "should," "could," "seek," "approximately," "predict," "intend," "plan," "estimate," "anticipate," "opportunity," "comfortable," "assume," "remain," "maintain," "sustain," "achieve," "see," "think," "position" or the negative version of those words or other comparable words.

Any forward-looking statements contained herein are based upon historical information and on our current plans, estimates and expectations. The inclusion of this or other forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We caution that forward-looking statements are subject to numerous assumptions, estimates, risks and uncertainties, including but not limited to the following: global economic, business, market and geopolitical conditions, including Euro-zone sovereign debt issues; U.S. and foreign regulatory developments relating to, among other things, financial institutions and markets, government oversight, fiscal and tax policy; conditions impacting the alternative asset management industry; our ability to successfully compete for fund investors, assets, professional talent and investment opportunities; our ability to retain our active executive managing directors, managing directors and other investment professionals; our successful formulation and execution of our business and growth strategies; our ability to appropriately manage conflicts of interest and tax and other regulatory factors relevant to our business; and assumptions relating to our operations, investment performance, financial results, financial condition, business prospects, growth strategy and liquidity.

If one or more of these or other risks or uncertainties materialize, or if our assumptions or estimates prove to be incorrect, our actual results may vary materially from those indicated in these statements. These factors are not and should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and risks that are included in our filings with the Securities and Exchange Commission ("SEC"), including but not limited to our annual report on Form 10-K for the year ended December 31, 2013, filed on March 18, 2014, which we refer to as our "Annual Report." There may be additional risks, uncertainties and factors that we do not currently view as material or that are not known. The forward-looking statements contained in this press release are made only as of the date of this press release. We do not undertake to update any forward-looking statement because of new information, future developments or otherwise.

This press release does not constitute an offer of any Och-Ziff fund.

About Och-Ziff Capital Management Group LLC

Och-Ziff Capital Management Group LLC is one of the largest institutional alternative asset managers in the world with offices in New York, London, Hong Kong, Mumbai, Beijing and Dubai. Och-Ziff provides asset management services to institutional investors globally through its multi-strategy funds, credit funds, CLOs, real estate funds, equity funds and other alternative investment vehicles. Och-Ziff seeks to generate consistent, positive, absolute returns across market cycles, with low volatility compared to the broader markets, and with an emphasis on preservation of capital. Och-Ziff's funds invest across multiple strategies and geographies, consistent with the investment objectives for each fund. The global investment strategies Och-Ziff employs include convertible and derivative arbitrage, corporate credit, long/short equity special situations, merger arbitrage, private investments and structured credit. As of May 1, 2014, Och-Ziff had approximately $43.5 billion in assets under management. For more information, please visit Och-Ziff's website (www.ozcap.com).

                                                                            
                                                                            
                                  EXHIBIT 1                                 
                    OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC                   
         Consolidated Statements of Comprehensive Income (Unaudited)        
              (dollars in thousands, except per share amounts)              
                                                                            
----------------------------------------------------------------------------
                                                                            
                                                Three Months Ended March 31,
                                               -----------------------------
                                                    2014           2013     
                                               -------------- --------------
                                                                            
Revenues                                                                    
  Management fees                              $      158,770 $      128,798
  Incentive income                                     52,093        100,160
  Other revenues                                          446            961
  Income of consolidated Och-Ziff funds                74,171         56,292
                                               -------------- --------------
  Total Revenues                                      285,480        286,211
                                               -------------- --------------
                                                                            
Expenses                                                                    
  Compensation and benefits                            65,855         51,415
  Reorganization expenses                               4,021          4,021
  Interest expense                                      1,666          1,730
  General, administrative and other                    35,912         37,873
  Expenses of consolidated Och-Ziff funds              38,677         15,326
                                               -------------- --------------
  Total Expenses                                      146,131        110,365
                                               -------------- --------------
                                                                            
Other Income                                                                
  Net gains on investments in Och-Ziff funds                                
   and joint ventures                                   5,483            305
  Net gains of consolidated Och-Ziff funds             54,499        107,250
                                               -------------- --------------
  Total Other Income                                   59,982        107,555
                                               -------------- --------------
                                                                            
Income before Income Taxes                            199,331        283,401
  Income taxes                                         33,591         25,295
                                               -------------- --------------
Consolidated Net Income                        $      165,740 $      258,106
                                               ============== ==============
                                                                            
Allocation of Consolidated Net Income                                       
  Class A Shareholders                         $       23,852 $       30,035
  Noncontrolling interests                            132,065        225,792
  Redeemable noncontrolling interests                   9,823          2,279
                                               -------------- --------------
                                               $      165,740 $      258,106
                                               ============== ==============
                                                                            
Earnings Per Class A Share                                                  
  Basic                                        $         0.14 $         0.20
                                               ============== ==============
  Diluted                                      $         0.14 $         0.20
                                               ============== ==============
                                                                            
Weighted-Average Class A Shares Outstanding                                 
  Basic                                           171,920,763    150,646,754
                                               ============== ==============
  Diluted                                         175,925,367    151,625,895
                                               ============== ==============
                                                                            
                                                                            
                                                                            
                                                                            
                                  EXHIBIT 2                                 
                   OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC                    
     Reconciliation of Non-GAAP Measures to the Respective GAAP Measures    
                                 (Unaudited)                                
              (dollars in thousands, except per share amounts)              
                                                                            
----------------------------------------------------------------------------
                                                                            
                                       Three Months Ended March 31, 2014    
                                    --------------------------------------- 
                                       Och-Ziff       Other        Total    
                                    Funds Segment  Operations     Company   
                                    -------------  ----------  ------------ 
                                                                            
Net income allocated to Class A                                             
 Shareholders-GAAP                  $      24,445  $     (593) $     23,852 
Net income allocated to the Och-                                            
 Ziff Operating Group A Units              73,581           -        73,581 
Income taxes                               33,591           -        33,591 
Equity-based compensation                  27,130           -        27,130 
Incentive income allocations from                                           
 consolidated funds subject to                                              
 clawback                                  (7,644)       (673)       (8,317)
Allocations to Och-Ziff Operating                                           
 Group D Units                              5,157           -         5,157 
Adjustment for expenses related to                                          
 compensation arrangements based on                                         
 fund investment performance                1,101       3,265         4,366 
Reorganization expenses                     4,021           -         4,021 
Changes in tax receivable agreement                                         
 liability                                 (3,815)          -        (3,815)
Depreciation and amortization               1,643         185         1,828 
Other                                        (612)         58          (554)
                                    -------------  ----------  ------------ 
Economic Income-Non-GAAP            $     158,598  $    2,242       160,840 
                                    =============  ==========               
Adjusted Income Taxes-Non-GAAP(1)                                   (33,039)
                                                               ------------ 
Distributable Earnings-Non-GAAP                                $    127,801 
                                                               ============ 
                                                                            
Weighted-Average Class A Shares                                             
 Outstanding                                                    171,920,763 
Weighted-Average Partner Units                                  320,836,835 
Weighted-Average Class A Restricted                                         
 Share Units (RSUs)                                              12,583,756 
                                                               ------------ 
Weighted-Average Adjusted Class A                                           
 Shares                                                         505,341,354 
                                                               ============ 
                                                                            
Distributable Earnings Per Adjusted                                         
 Class A Share-Non-GAAP                                        $       0.25 
                                                               ============ 
                                                                            
                                       Three Months Ended March 31, 2013    
                                    --------------------------------------- 
                                       Och-Ziff       Other        Total    
                                    Funds Segment  Operations     Company   
                                    -------------  ----------  ------------ 
                                                                            
Net income allocated to Class A                                             
 Shareholders-GAAP                  $      20,348  $    9,687  $     30,035 
Net income allocated to the Och-                                            
 Ziff Operating Group A Units             105,879           -       105,879 
Income taxes                               25,295           -        25,295 
Equity-based compensation                  22,718           -        22,718 
Incentive income allocations from                                           
 consolidated funds subject to                                              
 clawback                                 (12,293)    (11,153)      (23,446)
Allocations to Och-Ziff Operating                                           
 Group D Units                              4,200           -         4,200 
Adjustment for expenses related to                                          
 compensation arrangements based on                                         
 fund investment performance                1,003           -         1,003 
Reorganization expenses                     4,021           -         4,021 
Changes in tax receivable agreement                                         
 liability                                     19           -            19 
Depreciation and amortization               2,135         185         2,320 
Other                                         (90)      2,261         2,171 
                                    -------------  ----------  ------------ 
Economic Income-Non-GAAP            $     173,235  $      980       174,215 
                                    =============  ==========               
Adjusted Income Taxes-Non-GAAP(1)                                   (37,295)
                                                               ------------ 
Distributable Earnings-Non-GAAP                                $    136,920 
                                                               ============ 
                                                                            
Weighted-Average Class A Shares                                             
 Outstanding                                                    150,646,754 
Weighted-Average Partner Units                                  313,117,025 
Weighted-Average Class A Restricted                                         
 Share Units (RSUs)                                              10,772,238 
                                                               ------------ 
Weighted-Average Adjusted Class A                                           
 Shares                                                         474,536,017 
                                                               ============ 
                                                                            
Distributable Earnings Per Adjusted                                         
 Class A Share-Non-GAAP                                        $       0.29 
                                                               ============ 
(1) Presents an estimate of income tax expense by assuming the conversion of
    all Partner Units into Class A Shares, on a one-to-one basis, as well as
    the impact of payments under the tax receivable agreement. Therefore,   
    all income (loss) of the Och-Ziff Operating Group allocated to the      
    Partner Units is treated as if it were allocated to Och-Ziff Capital    
    Management Group LLC.                                                   
                                                                            
                                                                            
                                                                            
                                                                            
                                  EXHIBIT 3                                 
                   OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC                    
 Components of Economic Income and Reconciliation of These Non-GAAP Measures
                 to the Respective GAAP Measures (Unaudited)                
                           (dollars in thousands)                           
                                                                            
----------------------------------------------------------------------------
                                                                            
                                       Three Months Ended March 31, 2014    
                                    --------------------------------------- 
                                       Och-Ziff       Other        Total    
                                    Funds Segment  Operations     Company   
                                    -------------  ----------  ------------ 
                                                                            
Management fees-GAAP                $     156,096  $    2,674  $    158,770 
Adjustment to management fees(1)           (4,210)          -        (4,210)
                                    -------------  ----------  ------------ 
Management Fees-Economic Income                                             
 Basis-Non-GAAP                           151,886       2,674       154,560 
                                    -------------  ----------  ------------ 
                                                                            
Incentive income-GAAP                      52,093           -        52,093 
Adjustment to incentive income(2)           6,915           -         6,915 
                                    -------------  ----------  ------------ 
Incentive Income-Economic Income                                            
 Basis-Non-GAAP                            59,008           -        59,008 
                                    -------------  ----------  ------------ 
Other revenues(3)                             439           7           446 
                                    -------------  ----------  ------------ 
Total Revenues-Economic Income                                              
 Basis-Non-GAAP                     $     211,333  $    2,681  $    214,014 
                                    =============  ==========  ============ 
                                                                            
Compensation and benefits-GAAP      $      61,513  $    4,342  $     65,855 
Adjustment to compensation and                                              
 benefits(4)                              (33,389)     (3,265)      (36,654)
                                    -------------  ----------  ------------ 
Compensation and Benefits-Economic                                          
 Income Basis-Non-GAAP              $      28,124  $    1,077  $     29,201 
                                    =============  ==========  ============ 
                                                                            
Interest expense and general,                                               
 administrative and other expenses-                                         
 GAAP                               $      38,031  $     (453) $     37,578 
Adjustment to interest expense and                                          
 general, administrative and other                                          
 expenses(5)                               (8,545)       (185)       (8,730)
                                    -------------  ----------  ------------ 
Non-Compensation Expenses-Economic                                          
 Income Basis-Non-GAAP              $      29,486  $     (638) $     28,848 
                                    =============  ==========  ============ 
                                                                            
Net gains on investments in Och-                                            
 Ziff funds and joint ventures-GAAP $       5,483  $        -  $      5,483 
Adjustment to net gains on                                                  
 investments in Och-Ziff funds and                                          
 joint ventures(6)                           (609)          -          (609)
                                    -------------  ----------  ------------ 
Net Gains on Joint Ventures-GAAP    $       4,874  $        -  $      4,874 
                                    =============  ==========  ============ 
                                                                            
Net income allocated to                                                     
 noncontrolling interests-GAAP      $      96,229  $   35,836  $    132,065 
Adjustment to net income allocated                                          
 to noncontrolling interests(7)           (96,230)    (35,836)     (132,066)
                                    -------------  ----------  ------------ 
Net Income (Loss) Allocated to                                              
 Noncontrolling Interests-Economic                                          
 Income Basis-Non-GAAP              $          (1) $        -  $         (1)
                                    =============  ==========  ============ 
                                                                            
                                       Three Months Ended March 31, 2013    
                                    --------------------------------------- 
                                       Och-Ziff       Other        Total    
                                    Funds Segment  Operations     Company   
                                    -------------  ----------  ------------ 
                                                                            
Management fees-GAAP                $     125,921  $    2,877  $    128,798 
Adjustment to management fees(1)           (2,406)          -        (2,406)
                                    -------------  ----------  ------------ 
Management Fees-Economic Income                                             
 Basis-Non-GAAP                           123,515       2,877       126,392 
                                    -------------  ----------  ------------ 
                                                                            
Incentive income-GAAP                     100,160           -       100,160 
Adjustment to incentive income(2)           1,114           -         1,114 
                                    -------------  ----------  ------------ 
Incentive Income-Economic Income                                            
 Basis-Non-GAAP                           101,274           -       101,274 
                                    -------------  ----------  ------------ 
Other revenues(3)                             957           4           961 
                                    -------------  ----------  ------------ 
Total Revenues-Economic Income                                              
 Basis-Non-GAAP                     $     225,746  $    2,881  $    228,627 
                                    =============  ==========  ============ 
                                                                            
Compensation and benefits-GAAP      $      50,353  $    1,062  $     51,415 
Adjustment to compensation and                                              
 benefits(4)                              (27,920)          -       (27,920)
                                    -------------  ----------  ------------ 
Compensation and Benefits-Economic                                          
 Income Basis-Non-GAAP              $      22,433  $    1,062  $     23,495 
                                    =============  ==========  ============ 
                                                                            
Interest expense and general,                                               
 administrative and other expenses-                                         
 GAAP                               $      39,007  $      596  $     39,603 
Adjustment to interest expense and                                          
 general, administrative and other                                          
 expenses(5)                               (8,687)       (185)       (8,872)
                                    -------------  ----------  ------------ 
Non-Compensation Expenses-Economic                                          
 Income Basis-Non-GAAP              $      30,320  $      411  $     30,731 
                                    =============  ==========  ============ 
                                                                            
Net gains on investments in Och-                                            
 Ziff funds and joint ventures-GAAP $         305  $        -  $        305 
Adjustment to net gains on                                                  
 investments in Och-Ziff funds and                                          
 joint ventures(6)                            (70)          -           (70)
                                    -------------  ----------  ------------ 
Net Gains on Joint Ventures-GAAP    $         235  $        -  $        235 
                                    =============  ==========  ============ 
                                                                            
Net income allocated to                                                     
 noncontrolling interests-GAAP      $     149,680  $   76,112  $    225,792 
Adjustment to net income allocated                                          
 to noncontrolling interests(7)          (149,687)    (75,684)     (225,371)
                                    -------------  ----------  ------------ 
Net Income (Loss) Allocated to                                              
 Noncontrolling Interests-Economic                                          
 Income Basis-Non-GAAP              $          (7) $      428  $        421 
                                    =============  ==========  ============ 
                                                                            
(1) Adjustment to present management fees net of recurring placement and    
    related service fees, as management considers these fees a reduction in 
    management fees, not an expense. The impact of eliminations related to  
    the consolidated Och-Ziff funds is also removed.                        
(2) Adjustment to exclude the impact of eliminations related to the         
    consolidated Och-Ziff funds.                                            
(3) These items are presented on a GAAP basis, accordingly no adjustment to 
    or reconciliation of these items is presented.                          
(4) Adjustment to exclude equity-based compensation, as management does not 
    consider these non-cash expenses to be reflective of the operating      
    performance of the Company. However, the fair value of RSUs that are    
    settled in cash to employees or executive managing directors is included
    as an expense at the time of settlement. Further, expenses related to   
    compensation and profit-sharing arrangements based on fund investment   
    performance are recognized at the end of the relevant performance       
    measurement period, as management reviews the total compensation expense
    related to these arrangements in relation to any incentive income earned
    by the relevant fund. Distributions to the Och-Ziff Operating Group D   
    Units are also excluded, as management reviews operating performance at 
    the Och-Ziff Operating Group level, where substantially all of the      
    Company's operations are performed, prior to making any income          
    allocations.                                                            
(5) Adjustment to exclude depreciation, amortization and changes in the tax 
    receivable agreement liability, as management does not consider these   
    items to be reflective of the operating performance of the Company.     
    Additionally, recurring placement and related service fees are excluded,
    as management considers these fees a reduction in management fees, not  
    an expense.                                                             
(6) Adjustment to exclude net gains (losses) on investments in Och-Ziff     
    funds, as management does not consider these gains (losses) to be       
    reflective of the operating performance of the Company.                 
(7) Adjustment to exclude amounts allocated to the executive managing       
    directors and the Ziffs on their interests in the Och-Ziff Operating    
    Group, as management reviews the operating performance of the Company at
    the Och-Ziff Operating Group level. The Company conducts substantially  
    all of its activities through the Och-Ziff Operating Group.             
    Additionally, the impact of the consolidated Och-Ziff funds, including  
    the allocation of earnings (losses) to investors in those funds, is also
    removed.                                                                
                                                                            
                                                                            
                                                                            
                                                                            
                                 EXHIBIT 4                                  
                   OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC                    
                      Financial Supplement (Unaudited)                      
                           (dollars in millions)                            
                                                                            
--------------------------------------------------------------------------- 
                                                   Year Ended December 31,  
                                                  ------------------------- 
                                Three Months                                
                            Ended March 31, 2014    2013     2012     2011  
                            --------------------  -------  -------  ------- 
                                                                            
Total Assets Under                                                          
 Management(1)                                                              
  Beginning of period                                                       
   balance                  $             40,239  $32,604  $28,766  $27,935 
  Net flows                                2,210    3,104      480    1,116 
  Appreciation                                                              
   (depreciation)(2)                         177    4,531    3,358     (285)
                            --------------------  -------  -------  ------- 
  End of Period Balance     $             42,626  $40,239  $32,604  $28,766 
                            ====================  =======  =======  ======= 
                                                                            
Assets Under Management by                                                  
 Fund(1)                                                                    
  OZ Master Fund            $             25,815  $25,211  $21,780  $20,198 
  OZ Europe Master Fund                    1,325    1,437    1,961    2,272 
  OZ Asia Master Fund                      1,375    1,342    1,394    1,620 
                                                                            
Net Returns(3)                                                              
  OZ Master Fund                             0.4%    13.9%    11.6%    -0.5%
  OZ Europe Master Fund                      0.0%    12.4%     8.6%    -4.9%
  OZ Asia Master Fund                       -6.7%    13.5%     7.0%    -3.8%
                                                                            
                                                                            
Past performance is no indication or guarantee of future results.           
                                                                            
(1) Includes amounts invested by the Company, its executive managing        
    directors, employees and certain other related parties for which the    
    Company charged no management fees and received no incentive income for 
    the periods presented. Amounts presented in this table are not the      
    amounts used to calculate management fees and incentive income for the  
    respective periods.                                                     
(2) Appreciation (depreciation) reflects the aggregate net capital          
    appreciation (depreciation) for the entire period and is presented on a 
    total return basis, net of all fees and expenses (except incentive      
    income on unrealized gains attributable to investments that the Company,
    as investment manager, determines lack a readily ascertainable fair     
    value, are illiquid or otherwise should be held until the resolution of 
    a special event or circumstance ("Special Investments") that could      
    reduce returns on these investments at the time of realization), and    
    includes the reinvestment of all dividends and other income. Management 
    fees and incentive income vary by product.                              
(3) Net return represents a composite of the average return of the feeder   
    funds that comprise each of the master funds presented. Net return is   
    presented on a total return basis, net of all fees and expenses (except 
    incentive income on Special Investments that could reduce returns on    
    these investments at the time of realization), and includes the         
    reinvestment of all dividends and other income. Performance includes    
    realized and unrealized gains and losses attributable to Special        
    Investments and initial public offering investments that are not        
    allocated to all investors in the feeder funds. Investors that were not 
    allocated Special Investments and/or initial public offering investments
    may experience materially different returns.                            
                                                                            
                                                                            
                                                                            
                                                                            
                                  EXHIBIT 5                                 
                   OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC                    
           Fund Performance of Certain Och-Ziff Funds (Unaudited)           
                                                                            
----------------------------------------------------------------------------
                                                                                                                                  
                                  2014                                                                                            
                    -------------------------------                                                                               
                    January  February  March    1Q                                                                                
                    -------  --------  -----  -----                                                                               
                                                                                                                                  
Net Returns(1)                                                                                                                    
  OZ Master Fund      -0.16%     2.51% -1.87%  0.43%                                                                              
  OZ Europe Master                                                                                                                
   Fund               -0.03%     1.29% -1.28% -0.04%                                                                              
  OZ Asia Master                                                                                                                  
   Fund               -3.20%     0.51% -4.09% -6.69%                                                                              
                                                                                                                                  
  S&P 500 Index(2)    -3.46%     4.57%  0.84%  1.81%                                                                              
  MSCI World                                                                                                                      
   Index(2)           -3.22%     4.26%  0.24%  1.15%                                                                              
                                                                                                                                  

 

                                                                         
                                             2013                        
                    -----------------------------------------------------
                    January  February  March  April   May    June   July 
                    -------  --------  -----  -----  -----  -----  ----- 
                                                                         
Net Returns(1)                                                           
  OZ Master Fund       2.37%     0.41%  1.18%  1.78%  1.28% -0.69%  1.07%
  OZ Europe Master                                                       
   Fund                3.41%     0.29%  0.14% -0.45%  1.51% -0.01%  1.67%
  OZ Asia Master                                                         
   Fund                3.64%     0.31%  1.56%  4.68% -0.93% -0.90% -0.51%
                                                                         
  S&P 500 Index(2)     5.18%     1.36%  3.75%  1.93%  2.34% -1.33%  5.09%
  MSCI World                                                             
   Index(2)            5.40%     1.53%  2.73%  2.86%  1.53% -2.38%  4.76%
                                                                         
                                                                            
                                             2013                           
                   -------------------------------------------------------- 
                    August  September  October  November  December   FY2013 
                    ------  ---------  -------  --------  --------   ------ 
                                                                            
Net Returns(1)                                                              
  OZ Master Fund      0.07%      1.91%    1.15%     1.04%     1.53%   13.87%
  OZ Europe Master                                                          
   Fund              -0.45%      1.53%    2.05%     1.49%     0.60%   12.36%
  OZ Asia Master                                                            
   Fund               0.31%      1.54%    0.10%     1.59%     1.51%   13.51%
                                                                            
  S&P 500 Index(2)   -2.90%      3.14%    4.60%     3.05%     2.53%   32.39%
  MSCI World                                                                
   Index(2)          -2.02%      3.77%    3.98%     2.22%     2.13%   29.57%
                                                                            
Past performance is no indication or guarantee of future results.           
                                                                            
(1) Net return represents a composite of the average return of the feeder   
    funds that comprise each of the master funds presented. Net return is   
    presented on a total return basis, net of all fees and expenses (except 
    incentive income on unrealized gains attributable to investments that   
    the Company, as investment manager, determines lack a readily           
    ascertainable fair value, are illiquid or otherwise should be held until
    the resolution of a special event or circumstance ("Special             
    Investments") that could reduce returns on these investments at the time
    of realization), and includes the reinvestment of all dividends and     
    other income. Performance includes realized and unrealized gains and    
    losses attributable to Special Investments and initial public offering  
    investments that are not allocated to all investors in the feeder funds.
    Investors that were not allocated Special Investments and/or initial    
    public offering investments may experience materially different returns.
(2) This comparison shows the returns of the S&P 500 Index (SPTR) and the   
    MSCI World Index (GDDLWI) ("Broader Market Indices") against certain    
    Och-Ziff funds (the "funds"). This comparison is intended solely for    
    illustrative purposes to show a historical comparison of the funds to   
    the broader equity markets, as represented by the Broader Market        
    Indices, and should not be considered as an indication of how the funds 
    will perform relative to the Broader Market Indices in the future. The  
    Broader Market Indices are not performance benchmarks of the funds. The 
    funds are not managed to correlate in any way with the returns or       
    composition of the Broader Market Indices, which are unmanaged. It is   
    not possible to invest in an unmanaged index. You should not assume that
    there is any material overlap between the securities in the funds and   
    those that comprise the Broader Market Indices. The S&P 500 Index is an 
    equity index whose value is calculated as the free-float weighted       
    average of the share prices of the 500 large-cap companies listed on the
    NYSE and NASDAQ. The MSCI World Index is a free-float adjusted market   
    capitalization weighted index that is designed to measure the equity    
    market performance of developed markets. Returns of the Broader Market  
    Indices have not been reduced by fees and expenses associated with      
    investing in securities and include the reinvestment of dividends.      
                                                                            
                                                                            
                                                                            
                                                                            
                                 EXHIBIT 6                                  
                   OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC                    
                      Financial Supplement (Unaudited)                      
                            As of April 1, 2014                             
                                                                            
--------------------------------------------------------------------------- 
                                                                            
                                                                            
OZ Master Fund by Investment              Investors by Type(1)              
 Strategy                                                                   
  Long/Short Equity Special                 Pensions                        
   Situations                      67%                                   32%
  Structured Credit                15%      Private Banks                16%
  Convertible and Derivative                Fund-of-Funds                   
   Arbitrage                        8%                                   14%
  Corporate Credit                          Corporate, Institutional and    
                                    7%       Other                       14%
  Merger Arbitrage                  2%      Foundations and Endowments   11%
  Private Investments                       Family Offices and              
                                    1%       Individuals                  7%
  Cash                              0%      Related Parties               6%
                                                                            
Assets Under Management by                Investors by Geography(1)         
 Geography(2)                                                               
  North America                    66%      North America                73%
  Europe                           23%      Europe                       16%
  Asia                             11%      Asia and Other               11%
                                                                            
(1) Presents the composition of the Company's fund investor base across its 
    funds excluding investors in its CLOs.                                  
(2) The North American exposure includes the United States, Canada, Central 
    America and South America. The European exposure includes Africa and the
    Middle East. The Asian exposure includes Australia and New Zealand.     
                                                                            
                                                                            

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