Och-Ziff Capital Management Group LLC Reports 2009 Third Quarter Results

2009 Third Quarter Dividend of $0.07 per Class A Share


NEW YORK, Nov. 3  /PRNewswire-FirstCall/ -- Och-Ziff Capital Management Group LLC (NYSE:OZM) (the "Company" or "Och-Ziff") today reported a GAAP Net Loss(1) of $80.0 million, or $1.02 per basic and $1.06 per diluted Class A Share, for the third quarter ended September 30, 2009. The Company also declared a $0.07 per share third quarter cash dividend on its Class A Shares.

  Summary Highlights

  --  Distributable Earnings of $34.2 million, or $0.08 per Adjusted Class A
      Share, for the 2009 third quarter
  --  Assets under management of $22.6 billion as of November 1, 2009,
      compared to $22.1 billion as of October 1, 2009

  --  Year-to-date net returns through October 31, 2009 of the OZ Master
      Fund of 21.3%, the OZ Europe Master Fund of 15.6%, the OZ Asia Master
      Fund of 28.0% and the OZ Global Special Investments Master Fund of
      7.2%



"We continued to generate very strong investment performance across all of our funds during the third quarter and in the month of October," said Daniel Och, Chairman and Chief Executive Officer of Och-Ziff.  "We have now surpassed the high water marks for the majority of our capital.  Our diversified, multi-strategy approach, which adheres to disciplined investment and risk management processes and the limited use of leverage, has driven the consistency and low volatility of our investment returns since our founding in 1994 and this year has been no different.

"We believe that redemptions have now normalized to historical levels for the hedge fund industry as a whole as market conditions have further improved and investor confidence has increased.  We remain confident that as investors re-deploy capital to alternative investments, we will be a leading beneficiary of those flows because of our track record, infrastructure, transparency and the consistency of our model."

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

GAAP Net Loss Allocated to Class A Shareholders

For the 2009 third quarter, Och-Ziff reported a GAAP Net Loss of $80.0 million, or $1.02 per basic and $1.06 per diluted Class A Share, compared to a GAAP Net Loss of $69.4 million, or $0.94 per basic and $1.07 per diluted Class A Share, for the 2008 third quarter. The primary drivers of the year-over-year increase were a decline in Management Fees due to lower assets under management and higher compensation expenses, as discussed below.

For the first nine months of 2009, Och-Ziff reported a GAAP Net Loss of $250.2 million, or $3.23 per basic and $3.25 per diluted Class A Share, compared to a GAAP Net Loss of $398.4 million, or $5.37 per basic and diluted Class A Share, for the first nine months of 2008.  The primary driver of the year-over-year decrease was an increase in the Net Loss Allocated to Partners' and Others' Interests in Income of Consolidated Subsidiaries resulting from the adoption of SFAS No. 160, partially offset by a decline in Management Fees due to lower assets under management and higher compensation expenses, as discussed below.

The GAAP Net Loss in the 2009 third quarter and first nine months primarily resulted from non-cash expenses of $417.5 million and $1.3 billion, respectively, associated with the Company's reorganization in connection with its initial public offering ("IPO") in November 2007.  These expenses are related to the amortization of 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") that were issued to the Company's pre-IPO owners in exchange for their pre-IPO interests in those subsidiaries.  The Group A Units vest annually over five years until November 2012.  Accordingly, the amortization of these expenses is expected to result in a GAAP Net Loss each quarter through the end of 2012.  Once vested, the Group A Units may be exchanged on a one-to-one basis for Class A Shares.

Additionally, the GAAP Net Loss in the 2009 third quarter and first nine months were driven by non-cash expenses of $33.5 million and $86.1 million, respectively, for the amortization of equity-based compensation.  This expense relates primarily to Class A Restricted Share Units ("RSUs") awarded to all of the Company's employees in connection with the IPO, which vest annually over four years from the closing of the IPO, and subsequent compensation-related grants.  Each RSU represents the right to receive one Class A Share upon vesting.

Also contributing to the GAAP Net Loss in the 2009 third quarter and first nine months was compensation expense relating to the accrual of estimated discretionary cash bonuses.  These cash bonuses are funded by total annual revenues, which are significantly influenced by incentive income earned by the Company at the end of the year.  In the second quarter of 2009, the Company began to accrue for the estimated discretionary cash bonuses that it expected to pay its employees at year-end.  The Company did this in order to provide a competitive compensation structure taking into account the high-water marks in its funds, which if not recovered could preclude it from earning any incentive income, and the fact that its funds had generated strong year-to-date investment performance due to the efforts of the Company's employees.  In the third quarter of 2009, management revised its annual discretionary bonus compensation methodology for years in which high-water marks are in effect.  During the second and third quarter, the Company accrued a total of $31.5 million.  Any remaining amount will be expensed in the fourth quarter.  The actual cash bonuses paid in the 2009 fourth quarter may vary materially from management's current estimate as discretionary cash bonuses are based on total annual revenues, including any year-end incentive income, which is influenced by, among other things, the Company's funds' investment performance, the level of assets under management, the ability of its funds to continue to satisfy the high-water marks at the end of the year and global economic and market conditions.  As the Company has done historically, it will determine the actual amount of annual discretionary cash bonuses in the fourth quarter of this year.

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

Distributable Earnings (NON-GAAP)

The Company's Distributable Earnings for the 2009 third quarter were $34.2 million, or $0.08 per Adjusted Class A Share, compared with $52.7 million, or $0.13 per Adjusted Class A Share, in the 2008 third quarter.  Distributable Earnings for the first nine months of 2009 were $73.9 million, or $0.18 per Adjusted Class A Share, compared with $156.2 million, or $0.39 per Adjusted Class A Share, in the first nine months of 2008.  The year-over-year reduction in Distributable Earnings for both periods was primarily attributable to the decline in Management Fees due to lower assets under management and higher compensation expenses (as discussed above), partially offset by lower Non-compensation Expenses and lower taxes.

Distributable Earnings is a non-GAAP financial measure.  For reconciliations of Distributable Earnings to the respective GAAP Net Losses for the periods described above, please see Exhibits 3 through 6 of the financial tables that accompany this press release.  Additionally, please see the discussion of "Non-GAAP and Segment Financial Measures" at the end of this press release.

Assets Under Management

Och-Ziff's assets under management were $22.3 billion as of September 30, 2009, 2% higher than the $21.9 billion in assets under management as of June 30, 2009 and 29% lower than the $31.2 billion in assets under management as of September 30, 2008.  The $8.9 billion year-over-year decrease was driven by net outflows of $9.3 billion, partially offset by performance-related appreciation of $424 million during the period.  During the 2009 third quarter, the $358 million increase in assets under management was driven by performance-related appreciation of approximately $1.5 billion, partially offset by net outflows of approximately $1.1 billion.  The net outflows for the 2009 third quarter included redemption requests received for June 30, 2009, but excluded redemption requests received for September 30, 2009 as these redemptions were reflected in assets under management as of October 1, 2009.

Assets under management as of October 1, 2009 were $22.1 billion, which reflected redemption requests received for September 30, 2009 (net of October 1, 2009 capital inflows) of approximately $200 million.  Virtually all redemptions for a quarter generally are paid on the first day of the month following the quarter in which the redemption notice was submitted, and capital inflows for that month are accepted on the same day.  The Company believes that redemptions have now normalized to historical levels for the hedge fund industry as a whole as market conditions have further stabilized and institutional investor confidence has improved.

Estimated assets under management as of November 1, 2009 were $22.6 billion, which reflected November 1, 2009 capital inflows (net of redemption requests received for October 31, 2009) of approximately $400 million, and performance-related appreciation of approximately $100 million.

  Assets under management by fund:


                                                          % Change (1)
                                                      ----------------------
                                                      Sep. 2009   Sep. 2009
                           Sep. 30, June 30, Sep. 30,     vs.         vs.
  (dollars in billions)      2009     2009     2008    Jun. 2009   Sep. 2008
                             ----     ----     ----    ---------   ---------
  OZ Master Fund             14.8     14.4     18.8        2%        -22%
  OZ Europe Master Fund       3.0      3.0      5.8        0%        -49%
  OZ Asia Master Fund         1.3      1.4      3.2       -5%        -59%
  OZ Global Special
   Investments Master Fund    2.0      1.9      2.0        2%         -2%
  Other (1)(2)                1.2      1.2      1.4       NM          NM

  (1) Rounding differences may occur.
  (2) Includes real estate funds, managed accounts and other funds not
      significant to the Company's assets under management.


  Investment Performance



In the 2009 third quarter, performance-related appreciation was due primarily to attractive investment opportunities globally in long/short equities, convertible arbitrage, credit and structured credit.

  Performance by fund(1):



                                                 2009
                               -------------------------------------------
                               July   August   September    3Q      YTD
                               -----  ------   ---------  ------   ------
  OZ Master Fund               3.26%   1.37%      2.51%    7.30%   20.49%
  OZ Europe Master Fund        2.36%   2.06%      3.28%    7.90%   15.47%
  OZ Asia Master Fund          9.50%   0.24%      1.70%   11.63%   26.36%
  OZ Global Special
   Investments Master Fund     1.55%   0.33%      1.47%    3.38%    7.09%

  (1) Please see important disclosures on Exhibit 10 of the financial
      supplement accompanying this press release.

  ECONOMIC INCOME OF THE OCH-ZIFF FUNDS SEGMENT



The Company conducts substantially all of its business through the Och-Ziff Funds segment, which is currently the Company's only reportable segment.  This segment provides management and advisory services to the Company's hedge funds and separately managed accounts.

The measures discussed below are presented on an Economic Income basis. For reconciliations of these segment measures to the respective GAAP measures, please see Exhibits 3 through 6 of the financial tables that accompany this press release. Additionally, please see the discussion of "Non-GAAP and Segment Financial Measures" at the end of this press release.

Total Revenues - Economic Income Basis

Total Revenues for the 2009 third quarter were $89.6 million, a 41% decrease from Total Revenues for the 2008 third quarter of $153.0 million.  Management Fees were $86.3 million, 42% lower than Management Fees in the prior year period of $147.7 million.

Total Revenues for the first nine months of 2009 were $267.3 million, a 40% decrease from Total Revenues for the first nine months of 2008 of $446.7 million.  Management Fees were $263.2 million, 40% lower than Management Fees in the prior year period of $438.0 million.

Total Revenues were lower year-over-year for both periods as a result of lower Management Fees due to the decline in assets under management, which was driven by performance-related depreciation in the second half of 2008 and investor redemptions in the fourth quarter of 2008 and first half of 2009.

Compensation and Benefits - Economic Income Basis

Compensation and Benefits expenses for the 2009 third quarter totaled $23.5 million, 18% lower than Compensation and Benefits expense for the 2008 third quarter of $28.8 million. The year-over-year decrease was attributable to lower salaries and benefits expense due to lower headcount as assets under management declined. The decrease was also attributable to a lower level of one-time, non-recurring bonus payments as well as lower guaranteed bonus expense due to reduced hiring activity. These factors were partially offset by the $5.9 million expense recorded in the 2009 third quarter for the estimated, annual discretionary cash bonuses the Company anticipates paying its employees in the Och-Ziff Funds segment in the fourth quarter (as discussed above).

Compensation and Benefits expenses for the first nine months of 2009 totaled $86.5 million, 12% higher than Compensation and Benefits expenses for the first nine months of 2008 of $77.0 million.  The year-over-year increase for this period was due primarily to the $30.5 million expense recorded in the 2009 second and third quarters for the estimated, annual discretionary cash bonuses the Company anticipates paying its employees in the Och-Ziff Funds segment in the fourth quarter (as discussed above).  Partially offsetting this increase was the year-over-year decline in salaries and benefits expense due to lower headcount as assets under management declined.  Additionally there was a lower level of one-time, non-recurring bonus payments, as well as lower guaranteed bonus accruals due to reduced hiring activity.

Non-compensation Expenses - Economic Income Basis

Non-compensation Expenses for the 2009 third quarter were $22.3 million, a 27% decrease from Non-compensation Expenses for the 2008 third quarter of $30.5 million.  Non-compensation Expenses for the first nine months of 2009 were $68.1 million, a 28% decrease from Non-compensation Expenses for the first nine months of 2008 of $95.0 million.

The decrease in both periods was driven principally by lower professional services fees and lower business development costs. Also contributing to the decrease was lower interest expense on the Company's variable rate borrowings due to the decline in LIBOR. The overall decline in Non-compensation Expenses in both periods was partially offset by higher occupancy expense related to the expansion of leased office space, and higher insurance costs.

Economic Income

Economic Income for the Och-Ziff Funds segment for the 2009 third quarter was $43.8 million, compared with $93.8 million for the 2008 third quarter. Economic Income for the Och-Ziff Funds segment for the first nine months of 2009 was $112.6 million, compared with $274.7 million for the first nine months of 2008.

ECONOMIC INCOME OF THE COMPANY'S OTHER OPERATIONS (NON-GAAP)

The Company's Other Operations are comprised of its real estate business, which manages and provides advisory services to its real estate funds, and investments in new businesses established to expand certain of the Company's private investment platforms.  The businesses within Other Operations are currently in early growth stages, and are not included in the results of the Och-Ziff Funds segment.

Economic Income for the Company's Other Operations for the 2009 third quarter was a net loss of $4.3 million, compared with a net loss of $1.6 million for the 2008 third quarter. Economic Income for the Company's Other Operations for the first nine months of 2009 was a net loss of $12.8 million, compared with a net loss of $5.0 million for the first nine months of 2008.  The increase in the Economic Income net losses for the 2009 third quarter and first nine months was principally the result of compensation costs associated with the Company's Asia real estate business, as well as the expense recorded during the 2009 second and third quarters for the estimated, annual discretionary cash bonuses the Company anticipates paying the employees in its domestic real estate business in the fourth quarter of 2009 (as discussed above). For the 2009 third quarter and first nine months, this expense was $0.2 million and $0.9 million, respectively. The Economic Income net losses for the 2008 third quarter and first nine months were primarily due to the net losses from the Company's share of the start-up costs associated with its African joint venture, which more than offset the Economic Income earned in the Company's domestic real estate business.

Economic Income for Other Operations as discussed above is a non-GAAP measure.  For reconciliations of Economic Income of the Company's Other Operations to the respective GAAP Net Losses for the periods described above, please see Exhibits 3 through 6 of the financial tables that accompany this press release.  Additionally, please see the discussion of "Non-GAAP and Segment Financial Measures" at the end of this press release.

ECONOMIC INCOME OF THE TOTAL COMPANY (NON-GAAP)

Economic Income for the Total Company for the 2009 third quarter was $39.5 million, a 57% decrease from Economic Income for the 2008 third quarter of $92.1 million. Economic Income for the Total Company for the first nine months of 2009 was $99.8 million, a 63% decrease from Economic Income for the first nine months of 2008 of $269.7 million.

Economic Income for the Total Company as discussed above is a non-GAAP measure. For reconciliations of Economic Income for the Total Company to the respective GAAP Net Losses for the periods described above, please see Exhibits 3 through 6 of the financial tables that accompany this press release. Additionally, please see the discussion of "Non-GAAP and Segment Financial Measures" at the end of this press release.

CAPITAL

As of September 30, 2009, the number of Class A Shares outstanding was 79,830,851.  For purposes of calculating Distributable Earnings per Share, the Company assumes that all Partner Units (as defined below) and RSUs outstanding as of September 30, 2009 have been converted on a one-to-one basis into Class A Shares.  For the third quarter and first nine months ended September 30, 2009, the total weighted-average Adjusted Class A Shares outstanding were 403,594,032 and 403,235,945, respectively.

DIVIDEND

The Board of Directors of Och-Ziff declared a 2009 third quarter dividend of $0.07 per Class A Share, to be paid on November 10, 2009 to holders of record at the close of business on October 1, 2009.

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, the entire amount of the 2009 third quarter dividend will be treated as U.S. source dividend 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.  In addition, non-U.S. holders must generally provide the withholding agent with a properly completed IRS Form W-8 to obtain any reduction in withholding.

*          *          *          *

Och-Ziff will host a conference call today, November 3, 2009, at 8:30 a.m. Eastern Time to discuss the Company's 2009 third quarter results.  The call will be open to the public and can be accessed by dialing 888-713-4214 (callers inside the U.S.) or 617-213-4866 (callers outside the U.S.).  The number should be dialed at least ten minutes prior to the start of the call.  The passcode for the call will be 72523219.  A simultaneous webcast of the call will be available to the public on a listen-only basis on the For Shareholders page of the Company's website at http://www.ozcap.com/.

For those unable to listen to the live broadcast, a replay will be available by dialing 888-286-8010 (callers inside the U.S.) or 617-801-6888 (callers outside the U.S.), passcode 54636117, beginning approximately two hours after the event for two weeks.  A webcast replay of the event will also be available on the For Shareholders page of the Company's website.

                       *          *          *          *

  Non-GAAP and Segment Financial Measures



In addition to analyzing the Company's results on a GAAP basis, Och-Ziff's 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 performance of the Company's business and makes resource allocation and other operating decisions.  In addition, management believes that Economic Income provides a more comparable view of the Company's operating performance from period to period.  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 GAAP Net Loss:

  --  income allocations to the Company's partners and Ziff Brothers
      Investments (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 when evaluating
      operating performance;
  --  changes in the tax receivable agreement liability and gain on early
      retirement of debt, as management does not consider these items to be
      reflective of the Company's operating performance;
  --  net earnings (losses) on the deferred balances and investments in
      Och-Ziff funds, as these amounts primarily relate to earnings (losses)
      on amounts due to the Company's partners and the Ziffs for pre-IPO
      deferred or reinvested incentive income, and earnings (losses) on
      amounts due to employees under deferred cash compensation
      arrangements, and as such are not reflective of the Company's
      operating performance; and

  --  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 from the Och-Ziff funds in relation to total assets
      under management and fund performance.



In addition, deferred cash compensation expense is recognized in the period in which it is awarded, as management determines the total amount of compensation based on the Company's performance in the year of the award.

Management evaluates Economic Income for the Och-Ziff Funds segment, the Company's one reportable segment under GAAP, and for the Company's Other Operations.  Economic Income for Other Operations is a non-GAAP measure that is calculated on the same basis as the methodology that is used to calculate Economic Income for the Och-Ziff Funds segment. Management also evaluates Economic Income for the Total Company, which is a non-GAAP measure that equals the sum of Economic Income for the Och-Ziff Funds segment and Other Operations.  In addition, as a result of the adjustments described above, Management Fees, Compensation and Benefits, Non-compensation Expenses and Net Loss (Income) Allocated to Partners' and Others' Interests in Income of Consolidated Subsidiaries are presented on an Economic Income basis for Other Operations and the Total Company and are also Non-GAAP measures. No adjustments to the GAAP basis have been made for Incentive Income, Other Revenues and Net Losses on Joint Ventures. For reconciliations of these Non-GAAP measures to the respective GAAP measures, please see Exhibits 3 through 6 of the financial tables that accompany this press release.

Distributable Earnings is a non-GAAP measure of after-tax operating performance and equals Economic Income for the Total Company (as defined above) 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. Therefore, all income (loss) of the Och-Ziff Operating Group allocated to the partners 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 partners and the Ziffs, including the Group A Units and other non-equity interests.  Distributable Earnings per Share is equal to Distributable Earnings divided by the weighted-average number of Adjusted Class A Shares.  Adjusted Class A Shares are determined assuming all Partner Units and RSUs were converted on a one-to-one basis into Class A Shares. Management uses Distributable Earnings, among other financial data, to determine the earnings available to distribute as dividends to holders of the Company's Class A Shares and to the Company's partners and the Ziffs with respect to their Partner Units.

The Company's non-GAAP financial measures should not be considered as alternatives to the Company's GAAP Net Loss or cash flow from operations, or as indicative of liquidity or the cash available to fund operations.

Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are included in the tables attached to this press release.

                       *          *          *          *

  Forward-Looking Statements



The information contained in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the current views of the Company with respect to, among other things, its future financial or business performance, events, strategies or expectations, including but not limited to its ability to generate returns and preserve capital and its ability to expand its investment platforms.  Such  forward-looking statements are generally identified by the use of words such as "outlook," "believe," "expect," "potential," "continue," "may," "will," "should," "could," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," "opportunity," "assume," "remain," "sustain," "achieve" or the negative version of those words or other comparable words.

Any forward-looking statements contained in this press release are based upon historical performance of the Company and its subsidiaries and on current plans, estimates and expectations of the Company and its subsidiaries.  The inclusion of this forward-looking information should not be regarded as a representation by the Company or any other person that the future plans, estimates or expectations contemplated by the Company will be achieved.  Such forward-looking statements are subject to various risks and uncertainties, including but not limited to global and domestic market and business conditions, the Company's ability to successfully compete for fund investors, talent and investment opportunities, successful formulation and execution of its business and growth strategies, the Company's ability to appropriately manage conflicts of interest, and tax and other regulatory factors relevant to the Company's structure and status as a public company, as well as assumptions relating to the Company's operations, financial results, financial condition, business prospects, growth strategy and liquidity.

If one or more of these or other risks or uncertainties materialize, or if the Company's assumptions prove to be incorrect, the Company's actual results may vary materially from those indicated in these statements.  These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and risks that are included in the Company's filings with the Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2008.  Any forward-looking statements contained in this press release are made only as of the date hereof.  The Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result 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 world's largest institutional alternative asset managers with offices in New York, London, Hong Kong, Tokyo, Bangalore and Beijing.  Och-Ziff's funds seek to deliver consistent, positive, risk-adjusted returns throughout market cycles, with a strong focus on capital preservation.  Och-Ziff's multi-strategy approach combines global investment strategies, including merger arbitrage, convertible and derivative arbitrage, equity restructuring, credit and distressed investments, private investments and real estate.

As of November 1, 2009, Och-Ziff had approximately $22.6 billion in assets under management with approximately 600 investor relationships.  For more information, please visit http://www.ozcap.com/.

                                  Exhibit 1
                    OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
              Consolidated Statements of Operations (Unaudited)
              (dollars in thousands, except per share amounts)

                             Three Months Ended         Nine Months Ended
                                September 30,              September 30,
                             ------------------         -----------------
                              2009         2008         2009         2008
                              ----         ----         ----         ----
  Revenues
    Management fees        $88,127     $148,976     $268,598     $441,770
    Incentive income         3,071        4,373        3,336        5,483
    Other revenues             355          925          908        3,179
    Income of consolidated
     Och-Ziff funds         10,127        2,768       21,629        7,654
                            ------        -----       ------        -----
    Total Revenues         101,680      157,042      294,471      458,086
                           -------      -------      -------      -------
  Expenses
    Compensation and
     benefits               64,074       50,377      191,975      155,388
    Allocations to non-
     equity partner
     interests               8,052       (3,039)      12,627         (865)
    Reorganization
     expenses              417,486      425,585    1,262,171    1,276,753
    Profit sharing             663         (305)         954       (1,736)
    Interest expense         2,168        7,118       10,823       24,791
    General,
     administrative and
     other                  40,687       24,732       84,069       83,771
    Expenses of
     consolidated
     Och-Ziff funds            880        1,043        2,776        2,400
                               ---        -----        -----        -----
    Total Expenses         534,010      505,511    1,565,395    1,540,502
                           -------      -------    ---------    ---------

  Other Income (Loss)
    Net earnings
     (losses) on
     deferred balances      20,840      (18,776)      24,270      (18,975)
    Net gains (losses)
     on investments in
     Och-Ziff funds and
     joint ventures            730       (2,049)       1,036       (6,020)
    Gain on early
     retirement of debt          -            -        2,013            -
    Net gains (losses)
     of consolidated
     Och-Ziff funds            (47)       1,290         (145)         787
                               ---        -----         ----          ---
    Total Other Income
     (Loss)                 21,523      (19,535)      27,174      (24,208)
                            ------      -------       ------      -------

  Loss before Income
   Taxes                  (410,807)    (368,004)  (1,243,750)  (1,106,624)
  Income taxes             (20,889)      14,735      (17,611)      22,696
                           -------       ------      -------       ------
  Consolidated Net
   Loss                  $(389,918)   $(382,739) $(1,226,139) $(1,129,320)
                         =========    =========  ===========  ===========

  Net Loss Allocated
   to Partners' and
   Others' Interests
   in Income of
   Consolidated
   Subsidiaries          $(309,891)   $(313,295)   $(975,945)   $(730,957)
                         =========    =========    =========    =========

  Net Loss Allocated
   to Class A
   Shareholders           $(80,027)    $(69,444)   $(250,194)   $(398,363)
                          ========     ========    =========    =========


  Net Loss per Class
   A Share
    Basic                   $(1.02)      $(0.94)      $(3.23)      $(5.37)
                            ======       ======       ======       ======
    Diluted                 $(1.06)      $(1.07)      $(3.25)      $(5.37)
                            ======       ======       ======       ======

  Weighted-Average
   Class A Shares
   Outstanding
    Basic (1)           78,818,314   74,138,572   77,398,416   74,138,572
                        ==========   ==========   ==========   ==========
    Diluted            387,874,793  385,238,096  387,719,637   74,138,572
                       ===========  ===========  ===========   ==========

  (1)  Includes fully-vested RSUs that have not been exchanged into Class A
       Shares as of the end of the period.



                                  Exhibit 2
                    OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
                     Economic Income Summary (Unaudited)
                           (dollars in thousands)

                               Three Months Ended September 30, 2009
                               -------------------------------------
                                                Other          Total
                              Och-Ziff       Operations        Company
  Economic Income Basis  Funds Segment (1) (Non-GAAP) (2)  (Non-GAAP) (2)
  ---------------------  ----------------- --------------  --------------

  Management fees                  $86,262         $1,312         $87,574
  Incentive income                   3,071              -           3,071
  Other revenues                       268             87             355
  Total Economic Income
   revenues                         89,601          1,399          91,000

  Compensation and
   benefits                         23,539          4,578          28,117
  Non-compensation
   expenses                         22,255            811          23,066
  Total Economic Income
   expenses                         45,794          5,389          51,183

  Net losses on joint
   ventures (3)                          -           (244)           (244)
  Net loss (income)
   allocated to
   partners' and others'
   interests in income
   of consolidated
   subsidiaries (4)                      -            (47)            (47)
  Economic Income                   43,807         (4,281)         39,526



                               Three Months Ended September 30, 2008
                               -------------------------------------
                                                Other          Total
                              Och-Ziff       Operations        Company
  Economic Income Basis  Funds Segment (1) (Non-GAAP) (2)  (Non-GAAP) (2)
  ---------------------  ----------------- --------------  --------------

  Management fees                 $147,747         $1,312        $149,059
  Incentive income                   4,373              -           4,373
  Other revenues                       919              6             925
  Total Economic Income
   revenues                        153,039          1,318         154,357

  Compensation and
   benefits                         28,813          1,015          29,828
  Non-compensation
   expenses                         30,463            283          30,746
  Total Economic Income
   expenses                         59,276          1,298          60,574

  Net losses on joint
   ventures (3)                          -         (1,544)         (1,544)
  Net loss (income)
   allocated to
   partners' and others'
   interests in income
   of consolidated
   subsidiaries (4)                      -           (107)           (107)
  Economic Income                   93,763         (1,631)         92,132



                                Nine Months Ended September 30, 2009
                                ------------------------------------
                                                Other          Total
                              Och-Ziff       Operations        Company
  Economic Income Basis  Funds Segment (1) (Non-GAAP) (2)  (Non-GAAP) (2)
  ---------------------  ----------------- --------------  --------------

  Management fees                 $263,209         $3,953        $267,162
  Incentive income                   3,336              -           3,336
  Other revenues                       713            195             908
  Total Economic Income
   revenues                        267,258          4,148         271,406

  Compensation and
   benefits                         86,502         12,995          99,497
  Non-compensation
   expenses                         68,149          2,717          70,866
  Total Economic Income
   expenses                        154,651         15,712         170,363

  Net losses on joint
   ventures (3)                          -         (1,236)         (1,236)
  Net loss (income)
   allocated to
   partners' and others'
   interests in income
   of consolidated
   subsidiaries (4)                      -             28              28
  Economic Income                  112,607        (12,772)         99,835



                                Nine Months Ended September 30, 2008
                                ------------------------------------
                                                Other          Total
                              Och-Ziff       Operations        Company
  Economic Income Basis  Funds Segment (1) (Non-GAAP) (2)  (Non-GAAP) (2)
  ---------------------  ----------------- --------------  --------------

  Management fees                 $438,034         $3,934        $441,968
  Incentive income                   5,483              -           5,483
  Other revenues                     3,149             30           3,179
  Total Economic Income
   revenues                        446,666          3,964         450,630

  Compensation and
   benefits                         76,989          1,674          78,663
  Non-compensation
   expenses                         94,967            632          95,599
  Total Economic Income
   expenses                        171,956          2,306         174,262

  Net losses on joint
   ventures (3)                          -         (6,144)         (6,144)
  Net loss (income)
   allocated to
   partners' and others'
   interests in income
   of consolidated
   subsidiaries (4)                      -           (524)           (524)
  Economic Income                  274,710         (5,010)        269,700

  (1)  The Och-Ziff Funds segment is the Company's only reportable segment.
       Management uses Economic Income to evaluate the financial performance
       of and to make operating decisions for the segment. For
       reconciliations of these segment measures to the nearest U.S. GAAP
       measures, see Exhibits 3 through 6.
  (2)  Each of the measures below is a non-GAAP financial measure, with the
       exception of incentive income, other revenues and net losses on joint
       ventures, for which no adjustments to the U.S. GAAP basis have been
       made. Management calculates non-GAAP financial measures on an
       Economic Income basis for the Company's Other Operations and for the
       Company as a whole to assess the financial performance of the
       Company's entire business. For reconciliations of these non-GAAP
       measures to the nearest U.S. GAAP measures, see Exhibits 3 through 6.
  (3)  Represents the Company's losses in joint ventures established to
       expand certain of the Company's private investments platforms.
  (4)  Represents the residual interests in the domestic real estate
       management business not owned by the Company.



                                    Exhibit 3
                    OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
   Reconciliation of Non-GAAP and Segment Financial Measures to U.S. GAAP
                                   Measures
               (dollars in thousands, except per share amount)

                                   OCH-ZIFF FUNDS SEGMENT
                                   ----------------------
                               Reconciling Adjustments (1)
                               ---------------------------
  Three Months
   Ended           Economic                                         U.S.
   September 30,    Income         Funds           Other            GAAP
   2009           Basis (2)    Consolidation    Adjustments        Basis
  --------------  ---------    -------------    -----------        -----

  Management
   fees             $86,262          $(56)        $609  (a)       $86,815
  Incentive
   income             3,071             -            -              3,071
  Other revenues        268             -            -                268
  Income of
   consolidated
   Och-Ziff funds         -             -            -                  -
  Total revenues     89,601           (56)         609             90,154

  Compensation
   and benefits      23,539             -       29,197   (b) (c)   52,736
  Allocations to
   non-equity
   partner
   interests              -             -        8,052   (d)        8,052
  Reorganization
   expenses               -             -      417,486   (e)      417,486
  Profit sharing          -             -          663   (f)          663
  Interest
   expense            2,168             -            -              2,168
  General,
   administrative
   and other         20,087             -       19,600   (a) (g)   39,687
  Expenses of
   consolidated
   Och-Ziff funds         -            11            -                 11
  Total expenses     45,794            11      474,998            520,803

  Net earnings
   (losses) on
   deferred
   balances and
   investments in
   Och-Ziff funds
   and joint
   ventures               -             -       21,814   (h)       21,814
  Net gains
   (losses) of
   consolidated
   Och-Ziff funds         -           (57)           -                (57)

  Income taxes            -             -      (21,077)  (g)      (21,077)

  Net loss
   (income)
   allocated to
   partners' and
   others'
   interests in
   income of
   consolidated
   subsidiaries           -           124      318,776   (i)      318,900

  Net Income
   (Loss)
   Allocated to
   Class A
   Shareholders      43,807             -     (112,722)           (68,915)




                                       OTHER OPERATIONS
                                       ----------------
                                    Reconciling Adjustments (1)
                                    ---------------------------
  Three Months       Economic
   Ended              Income                                          U.S.
   September 30,       Basis            Funds          Other          GAAP
   2009           (Non-GAAP) (3)    Consolidation   Adjustments      Basis
  --------------  --------------    -------------   -----------      -----

  Management
   fees                $1,312             $-           $-         $1,312
  Incentive
   income                   -              -            -              -
  Other revenues           87              -            -             87
  Income of
   consolidated
   Och-Ziff funds           -         10,127            -         10,127
  Total revenues        1,399         10,127            -         11,526

  Compensation
   and benefits         4,578              -        6,760   (c)   11,338
  Allocations to
   non-equity
   partner
   interests                -              -            -              -
  Reorganization
   expenses                 -              -            -              -
  Profit sharing            -              -            -              -
  Interest
   expense                  -              -            -              -
  General,
   administrative
   and other              811              -          189   (g)    1,000
  Expenses of
   consolidated
   Och-Ziff funds           -            869            -            869
  Total expenses        5,389            869        6,949         13,207

  Net earnings
   (losses) on
   deferred
   balances and
   investments in
   Och-Ziff funds
   and joint
   ventures              (244)           (99)          99   (h)     (244)
  Net gains
   (losses) of
   consolidated
   Och-Ziff funds           -             10            -             10

  Income taxes              -              -          188   (g)      188

  Net loss
   (income)
   allocated to
   partners' and
   others'
   interests in
   income of
   consolidated
   subsidiaries           (47)        (9,169)         207   (i)   (9,009)

  Net Income
   (Loss)
   Allocated to
   Class A
   Shareholders        (4,281)             -       (6,831)       (11,112)



                                                    TOTAL COMPANY
                                                    -------------

                                                Economic
                                                 Income
                                                  Basis      U.S. GAAP
  Three Months Ended September 30, 2009      (Non-GAAP) (3)    Basis
  -------------------------------------      --------------  ---------

  Management fees                                $87,574    $88,127
  Incentive income                                 3,071      3,071
  Other revenues                                     355        355
  Income of consolidated Och-Ziff funds                -     10,127
  Total revenues                                  91,000    101,680

  Compensation and benefits                       28,117     64,074
  Allocations to non-equity partner
   interests                                           -      8,052
  Reorganization expenses                              -    417,486
  Profit sharing                                       -        663
  Interest expense                                 2,168      2,168
  General, administrative and other               20,898     40,687
  Expenses of consolidated Och-Ziff funds              -        880
  Total expenses                                  51,183    534,010

  Net earnings (losses) on deferred
   balances and investments in Och-Ziff funds
   and joint ventures                               (244)    21,570
  Net gains (losses) of consolidated
   Och-Ziff funds                                      -        (47)

  Income taxes                                         -    (20,889)

  Net loss (income) allocated to partners'
   and others' interests in income of
   consolidated subsidiaries                         (47)   309,891

  Net Income (Loss) Allocated to
     Class A Shareholders                         39,526    (80,027)
  Adjusted Income Taxes - Non-GAAP (4)            (5,357)
                                                  ------
  Distributable Earnings - Non-GAAP              $34,169
                                                 =======

  Weighted-Average Class A Shares
   Outstanding                                78,818,314
  Weighted-Average Partner Units             309,074,414
  Weighted-Average Class A Restricted Share
   Units (RSUs)                               15,701,304
                                              ----------
  Weighted-Average Adjusted Class A Shares   403,594,032
                                             ===========

  Distributable Earnings Per Adjusted
     Class A Share - Non-GAAP                       0.08
                                                    ====

  (1)  See Exhibit 7 for a description of the adjustments made to arrive at
       Total Company U.S. GAAP Net Loss.
  (2)  The Och-Ziff Funds segment is the Company's only reportable segment.
       Management uses Economic Income to evaluate the financial performance
       of and to make operating decisions for the segment.
  (3)  Each of the measures below is a non-GAAP financial measure, with the
       exception of incentive income, other revenues and net losses on joint
       ventures, for which no adjustments to the U.S. GAAP basis have been
       made. Management calculates non-GAAP financial measures on an
       Economic Income basis for the Company's Other Operations and for the
       Company as a whole to assess the financial performance of the
       Company's entire business.
  (4)  Presents an estimate of income tax expense by assuming the conversion
       of all outstanding Partner Units into Class A Shares, on a one-to-one
       basis. Therefore, all income (loss) of the Och-Ziff Operating Group
       allocated to the partners is treated as if it were allocated to Och-
       Ziff Capital Management Group LLC.



                                    Exhibit 4
                      OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
     Reconciliation of Non-GAAP and Segment Financial Measures to U.S. GAAP
                                     Measures
                 (dollars in thousands, except per share amount)

                                     OCH-ZIFF FUNDS SEGMENT
                                     ----------------------
                                  Reconciling Adjustments (1)
                                  ---------------------------
  Three Months
   Ended           Economic                                            U.S.
   September        Income        Funds            Other               GAAP
   30, 2008       Basis (2)   Consolidation      Adjustments          Basis
  ------------    ---------   -------------      -----------          -----

  Management
   fees            $147,747          $(83)             $-          $147,664
  Incentive
   income             4,373             -               -             4,373
  Other
   revenues             919             -               -               919
  Income of
   consolidated
   Och-Ziff funds         -            72               -                72
  Total
   revenues         153,039           (11)              -           153,028

  Compensation
   and benefits      28,813             -          19,686   (b) (c)  48,499
  Allocations
   to non-
   equity
   partner
   interests              -             -          (3,039)  (d)      (3,039)
  Reorganization
   expenses               -             -         425,585   (e)     425,585
  Profit
   sharing                -             -            (305)  (f)        (305)
  Interest
   expense            7,118             -               -             7,118
  General,
   administrative
   and other         23,345             -             915   (g)      24,260
  Expenses of
   consolidated
   Och-Ziff funds         -           146               -               146
  Total
   expenses          59,276           146         442,842           502,264

  Net earnings
   (losses) on
   deferred
   balances and
   investments
   in Och-Ziff
   funds and
   joint
   ventures               -             -         (19,281)  (h)     (19,281)
  Net gains
  (losses) of
   consolidated
   Och-Ziff funds                    (569)              -              (569)

  Income taxes            -             -          14,716   (g)      14,716

  Net loss
   (income)
   allocated to
   partners' and
   others'
   interests in
   income of
   consolidated
   subsidiaries           -           726         316,445   (i)     317,171

  Net Income
   (Loss)
   Allocated to
   Class A
   Shareholders      93,763             -        (160,394)          (66,631)




                                      OTHER OPERATIONS
                                      ----------------
                                    Reconciling Adjustments (1)
                                    ---------------------------
  Three Months       Economic
   Ended              Income                                         U.S.
   September           Basis            Funds          Other         GAAP
   30, 2008       (Non-GAAP) (3)    Consolidation   Adjustments      Basis
  ------------    --------------    -------------   -----------      -----

  Management
   fees                   $1,312             $-           $-        $1,312
  Incentive
   income                      -              -            -             -
  Other
   revenues                    6              -            -             6
  Income of
   consolidated
   Och-Ziff funds              -          2,696            -         2,696
  Total
   revenues                1,318          2,696            -         4,014

  Compensation
   and benefits            1,015              -          863   (c)   1,878
  Allocations
   to non-
   equity
   partner
   interests                   -              -            -             -
  Reorganization
   expenses                    -              -            -             -
  Profit
   sharing                     -              -            -             -
  Interest
   expense                     -              -            -             -
  General,
   administrative
   and other                 283              -          189   (g)     472
  Expenses of
   consolidated
   Och-Ziff funds              -            897            -           897
  Total expenses           1,298            897        1,052         3,247

  Net earnings
   (losses) on
   deferred
   balances and
   investments
   in Och-Ziff
   funds and
   joint
   ventures               (1,544)           (36)          36   (h)  (1,544)
  Net gains
   (losses) of
   consolidated
   Och-Ziff funds              -          1,859            -         1,859

  Income taxes                 -              -           19   (g)      19

  Net loss
   (income)
   allocated to
   partners' and
   others'
   interests in
   income of
   consolidated
   subsidiaries             (107)        (3,622)        (147)  (i)  (3,876)

  Net Income
   (Loss)
   Allocated to
   Class A
   Shareholders           (1,631)             -       (1,182)       (2,813)




                                                   TOTAL COMPANY
                                                   -------------

                                                Economic
                                                 Income
                                                  Basis      U.S. GAAP
  Three Months Ended September 30, 2008      (Non-GAAP) (3)    Basis
  -------------------------------------      --------------  ---------

  Management fees                                  $149,059   $148,976
  Incentive income                                    4,373      4,373
  Other revenues                                        925        925
  Income of consolidated Och-Ziff funds                   -      2,768
  Total revenues                                    154,357    157,042

  Compensation and benefits                          29,828     50,377
  Allocations to non-equity partner
   interests                                              -     (3,039)
  Reorganization expenses                                 -    425,585
  Profit sharing                                          -       (305)
  Interest expense                                    7,118      7,118
  General, administrative and other                  23,628     24,732
  Expenses of consolidated Och-Ziff funds                 -      1,043
  Total expenses                                     60,574    505,511

  Net earnings (losses) on deferred
   balances and investments in Och-Ziff funds
   and joint ventures                                (1,544)   (20,825)
  Net gains (losses) of consolidated
   Och-Ziff funds                                         -      1,290

  Income taxes                                            -     14,735

  Net loss (income) allocated to partners'
   and others' interests in income of
   consolidated subsidiaries                           (107)   313,295

  Net Income (Loss) Allocated to
     Class A Shareholders                            92,132    (69,444)
  Adjusted Income Taxes - Non-GAAP (4)              (39,452)
                                                    -------
  Distributable Earnings - Non-GAAP                 $52,680
                                                    =======

  Weighted-Average Class A Shares
   Outstanding                                   74,138,572
  Weighted-Average Partner Units                311,099,524
  Weighted-Average Class A Restricted Share
   Units (RSUs)                                  15,132,928
                                                 ----------
  Weighted-Average Adjusted Class A Shares      400,371,024
                                                ===========

  Distributable Earnings Per Adjusted
     Class A Share - Non-GAAP                          0.13
                                                       ====


  (1)  See Exhibit 7 for a description of the adjustments made to arrive at
       Total Company U.S. GAAP Net Loss.
  (2)  The Och-Ziff Funds segment is the Company's only reportable segment.
       Management uses Economic Income to evaluate the financial performance
       of and to make operating decisions for the segment.
  (3)  Each of the measures below is a non-GAAP financial measure, with the
       exception of incentive income, other revenues and net losses on joint
       ventures, for which no adjustments to the U.S. GAAP basis have
       been made. Management calculates non-GAAP financial measures on an
       Economic Income basis for the Company's Other Operations and for the
       Company as a whole to assess the financial performance of the
       Company's entire business.
  (4)  Presents an estimate of income tax expense by assuming the conversion
       of all outstanding Partner Units into Class A Shares, on a one-to-one
       basis. Therefore, all income (loss) of the Och-Ziff Operating Group
       allocated to the partners is treated as if it were allocated to Och-
       Ziff Capital Management Group LLC.



                                    Exhibit 5
                      OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
     Reconciliation of Non-GAAP and Segment Financial Measures to U.S. GAAP
                                     Measures
                 (dollars in thousands, except per share amount)

                                      OCH-ZIFF FUNDS SEGMENT
                                      ----------------------
                                  Reconciling Adjustments (1)
                                  ---------------------------
  Nine Months
   Ended           Economic                                             U.S.
   September        Income        Funds             Other               GAAP
   30, 2009       Basis (2)   Consolidation      Adjustments           Basis
  ------------    ---------   -------------      -----------           -----

  Management
   fees            $263,209         $(167)         $1,622  (a)     $264,664
  Incentive
   income             3,336             -               -             3,336
  Other
   revenues             713             -               -               713
  Income of
   consolidated
   Och-Ziff funds         -             -               -                 -
  Total
   revenues         267,258          (167)          1,622           268,713

  Compensation
   and benefits      86,502             -          74,665   (b) (c) 161,167
  Allocations
   to non-
   equity
   partner
   interests              -             -          12,627   (d)      12,627
  Reorganization
   expenses               -             -       1,262,171   (e)   1,262,171
  Profit
   sharing                -             -             954   (f)         954
  Interest
   expense           10,823             -               -            10,823
  General,
   administrative
   and other         57,326             -          23,466   (a) (g)  80,792
  Expenses of
   consolidated
   Och-Ziff funds         -            19               -                19
  Total
   expenses         154,651            19       1,373,883         1,528,553

  Net earnings
   (losses) on
   deferred
   balances and
   investments
   in Och-Ziff
   funds and
   joint
   ventures               -             -          26,542   (h)      26,542
  Gain on
   early
   retirement
   of debt                -             -           2,013   (g)       2,013
  Net gains
   (losses) of
   consolidated
   Och-Ziff funds         -        (1,744)              -            (1,744)

  Income taxes            -             -         (17,902)  (g)     (17,902)

  Net loss
   (income)
   allocated to
   partners' and
   others'
   interests in
   income of
   consolidated
   subsidiaries           -         1,930         994,260   (i)     996,190

  Net Income
   (Loss)
   Allocated to
   Class A
   Shareholders     112,607             -        (331,544)         (218,937)



                                       OTHER OPERATIONS
                                       ----------------
                                     Reconciling Adjustments (1)
                                     ---------------------------
  Nine Months       Economic
   Ended              Income                                           U.S.
   September 30,       Basis            Funds            Other         GAAP
   2009           (Non-GAAP) (3)    Consolidation     Adjustments     Basis
  --------------  --------------    -------------     -----------     -----

  Management
   fees                   $3,953           $(19)          $-         $3,934
  Incentive
   income                      -              -            -              -
  Other revenues             195              -            -            195
  Income of
   consolidated
   Och-Ziff funds              -         21,629            -         21,629
  Total revenues           4,148         21,610            -         25,758

  Compensation
   and benefits           12,995              -       17,813   (c)   30,808
  Allocations to
   non-equity
   partner
   interests                   -              -            -              -
  Reorganization
   expenses                    -              -            -              -
  Profit sharing               -              -            -              -
  Interest
   expense                     -              -            -              -
  General,
   administrative
   and other               2,717              -          560   (g)    3,277
  Expenses of
   consolidated
   Och-Ziff funds              -          2,757            -          2,757
  Total expenses          15,712          2,757       18,373         36,842

  Net earnings
   (losses) on
   deferred
   balances and
   investments
   in Och-Ziff
   funds and
   joint ventures         (1,236)          (216)         216   (h)   (1,236)
  Gain on early
   retirement of
   debt                        -              -            -              -
  Net gains
   (losses) of
   consolidated
   Och-Ziff funds              -          1,599            -          1,599

  Income taxes                 -              -          291   (g)      291

  Net loss
   (income)
   allocated to
   partners' and
   others'
   interests in
   income of
   consolidated
   subsidiaries               28        (20,236)         (37)  (i)  (20,245)

  Net Income
   (Loss)
   Allocated to
   Class A
   Shareholders          (12,772)             -      (18,485)       (31,257)



                                                   TOTAL COMPANY
                                                   -------------

                                                Economic
                                                 Income
                                                  Basis      U.S. GAAP
  Nine Months Ended September 30, 2009      (Non-GAAP) (3)    Basis
  -------------------------------------      --------------  ---------

  Management fees                                  $267,162   $268,598
  Incentive income                                    3,336      3,336
  Other revenues                                        908        908
  Income of consolidated Och-Ziff funds                   -     21,629
  Total revenues                                    271,406    294,471

  Compensation and benefits                          99,497    191,975
  Allocations to non-equity partner
   interests                                              -     12,627
  Reorganization expenses                                 -  1,262,171
  Profit sharing                                          -        954
  Interest expense                                   10,823     10,823
  General, administrative and other                  60,043     84,069
  Expenses of consolidated Och-Ziff funds                 -      2,776
  Total expenses                                    170,363  1,565,395

  Net earnings (losses) on deferred
   balances and investments in Och-Ziff funds
   and joint ventures                                (1,236)    25,306
  Gain on early retirement of debt                        -      2,013
  Net gains (losses) of consolidated Och-
   Ziff funds                                             -       (145)

  Income taxes                                            -    (17,611)

  Net loss (income) allocated to partners'
   and others' interests in income of
   consolidated subsidiaries                             28    975,945

  Net Income (Loss) Allocated to
     Class A Shareholders                            99,835   (250,194)
  Adjusted Income Taxes - Non-GAAP (4)              (25,898)
                                                    -------
  Distributable Earnings - Non-GAAP                 $73,937
                                                    =======

  Weighted-Average Class A Shares
   Outstanding                                   77,398,416
  Weighted-Average Partner Units                310,327,265
  Weighted-Average Class A Restricted Share
   Units (RSUs)                                  15,510,264
                                                 ----------
  Weighted-Average Adjusted Class A Shares      403,235,945
                                                ===========

  Distributable Earnings Per Adjusted
     Class A Share - Non-GAAP                          0.18
                                                       ====


  (1)  See Exhibit 7 for a description of the adjustments made to arrive at
       Total Company U.S. GAAP Net Loss.
  (2)  The Och-Ziff Funds segment is the Company's only reportable segment.
       Management uses Economic Income to evaluate the financial performance
       of and to make operating decisions for the segment.
  (3)  Each of the measures below is a non-GAAP financial measure, with the
       exception of incentive income, other revenues and net losses on joint
       ventures, for which no adjustments to the U.S. GAAP basis have been
       made. Management calculates non-GAAP financial measures on an
       Economic Income basis for the Company's Other Operations and for the
       Company as a whole to assess the financial performance of the
       Company's entire business.
  (4)  Presents an estimate of income tax expense by assuming the conversion
       of all outstanding Partner Units into Class A Shares, on a one-to-one
       basis. Therefore, all income (loss) of the Och-Ziff Operating Group
       allocated to the partners is treated as if it were allocated to Och-
       Ziff Capital Management Group LLC.



                                    Exhibit 6
                      OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
     Reconciliation of Non-GAAP and Segment Financial Measures to U.S. GAAP
                                     Measures
                 (dollars in thousands, except per share amount)

                                      OCH-ZIFF FUNDS SEGMENT
                                      ----------------------
                                   Reconciling Adjustments (1)
                                   ---------------------------
  Nine Months
   Ended           Economic                                             U.S.
   September        Income        Funds                                 GAAP
   30, 2008       Basis (2)   Consolidation    Other Adjustments       Basis
  ------------    ---------   -------------    -----------------       -----

  Management
   fees            $438,034         $(198)             $-          $437,836
  Incentive
   income             5,483             -               -             5,483
  Other
   revenues           3,149             -               -             3,149
  Income of
   consolidated
   Och-Ziff funds         -           106               -               106
  Total
   revenues         446,666           (92)              -           446,574

  Compensation
   and benefits      76,989             -          75,430   (b) (c) 152,419
  Allocations
   to non-
   equity
   partner
   interests              -             -            (865)  (d)        (865)
  Reorganization
   expenses               -             -       1,276,753   (e)   1,276,753
  Profit
   sharing                -             -          (1,736)  (f)      (1,736)
  Interest
   expense           24,791             -               -            24,791
  General,
   administrative
   and other         70,176             -          12,401   (g)      82,577
  Expenses of
   consolidated
   Och-Ziff funds         -           509               -               509
  Total
   expenses         171,956           509       1,361,983         1,534,448

  Net earnings
   (losses) on
   deferred
   balances and
   investments
   in Och-Ziff
   funds and
   joint
   ventures               -             -         (18,851)  (h)     (18,851)
  Net gains
   (losses) of
   consolidated
   Och-Ziff funds         -        (1,974)              -            (1,974)
  Income taxes            -             -          22,470   (g)      22,470

  Net loss
   (income)
   allocated to
   partners' and
   others'
   interests in
   income of
   consolidated
   subsidiaries           -         2,575         737,837   (i)     740,412

  Net Income
   (Loss)
   Allocated to
   Class A
   Shareholders     274,710             -        (665,467)         (390,757)



                                      OTHER OPERATIONS
                                      ----------------
                                      Reconciling Adjustments (1)
                                      ---------------------------
  Nine Months        Economic
   Ended               Income                                           U.S.
   September 30,       Basis             Funds           Other          GAAP
   2008             (Non-GAAP) (3)   Consolidation    Adjustments      Basis
  --------------    --------------    -------------    -----------     -----

  Management
   fees                   $3,934             $-           $-        $3,934
  Incentive
   income                      -              -            -             -
  Other revenues              30              -            -            30
  Income of
   consolidated
   Och-Ziff funds              -          7,548            -         7,548
  Total revenues           3,964          7,548            -        11,512

  Compensation
   and benefits            1,674              -        1,295   (c)   2,969
  Allocations to
   non-equity
   partner
   interests                   -              -            -             -
  Reorganization
   expenses                    -              -            -             -
  Profit sharing               -              -            -             -
  Interest
   expense                     -              -            -             -
  General,
   administrative
   and other                 632              -          562   (g)   1,194
  Expenses of
   consolidated
   Och-Ziff funds              -          1,891            -         1,891
  Total expenses           2,306          1,891        1,857         6,054

  Net earnings
   (losses) on
   deferred
   balances and
   investments in
   Och-Ziff funds
   and joint
   ventures               (6,144)           (84)          84   (h)  (6,144)
  Net gains
   (losses) of
   consolidated
   Och-Ziff funds              -          2,761            -         2,761

  Income taxes                 -              -          226   (g)     226

  Net loss
   (income)
   allocated to
   partners' and
   others'
   interests in
   income of
   consolidated
   subsidiaries             (524)        (8,334)        (597)  (i)  (9,455)

  Net Income
   (Loss)
   Allocated to
   Class A
   Shareholders           (5,010)             -       (2,596)       (7,606)



                                                   TOTAL COMPANY
                                                   -------------

                                                Economic
                                                 Income
                                                  Basis      U.S. GAAP
  Nine Months Ended September 30, 2008       (Non-GAAP) (3)    Basis
  -------------------------------------      --------------  ---------

  Management fees                                  $441,968   $441,770
  Incentive income                                    5,483      5,483
  Other revenues                                      3,179      3,179
  Income of consolidated Och-Ziff funds                   -      7,654
  Total revenues                                    450,630    458,086

  Compensation and benefits                          78,663    155,388
  Allocations to non-equity partner
   interests                                              -       (865)
  Reorganization expenses                                 -  1,276,753
  Profit sharing                                          -     (1,736)
  Interest expense                                   24,791     24,791
  General, administrative and other                  70,808     83,771
  Expenses of consolidated Och-Ziff funds                 -      2,400
  Total expenses                                    174,262  1,540,502

  Net earnings (losses) on deferred
   balances and investments in Och-Ziff
   funds and joint ventures                          (6,144)   (24,995)
  Net gains (losses) of consolidated Och-
   Ziff funds                                             -        787

  Income taxes                                            -     22,696

  Net loss (income) allocated to partners'
   and others' interests in income of
   consolidated subsidiaries                           (524)   730,957

  Net Income (Loss) Allocated to
     Class A Shareholders                           269,700   (398,363)
  Adjusted Income Taxes - Non-GAAP (4)             (113,464)
                                                   --------
  Distributable Earnings - Non-GAAP                $156,236
                                                   ========

  Weighted-Average Class A Shares
   Outstanding                                   74,138,572
  Weighted-Average Partner Units                311,099,524
  Weighted-Average Class A Restricted Share
   Units (RSUs)                                  14,765,768
                                                 ----------
  Weighted-Average Adjusted Class A Shares      400,003,864
                                                ===========

  Distributable Earnings Per Adjusted
     Class A Share - Non-GAAP                          0.39
                                                       ====

  (1)  See Exhibit 7 for a description of the adjustments made to arrive at
       Total Company U.S. GAAP Net Loss.
  (2)  The Och-Ziff Funds segment is the Company's only reportable segment.
       Management uses Economic Income to evaluate the financial performance
       of and to make operating decisions for the segment.
  (3)  Each of the measures below is a non-GAAP financial measure, with the
       exception of incentive income, other revenues and net losses on joint
       ventures, for which no adjustments to the U.S. GAAP basis have been
       made. Management calculates non-GAAP financial measures on an
       Economic Income basis for the Company's Other Operations and for the
       Company as a whole to assess the financial performance of the
       Company's entire business.
  (4)  Presents an estimate of income tax expense by assuming the conversion
       of all outstanding Partner Units into Class A Shares, on a one-to-one
       basis. Therefore, all income (loss) of the Och-Ziff Operating Group
       allocated to the partners is treated as if it were allocated to Och-
       Ziff Capital Management Group LLC.



                                  Exhibit 7
                    OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
      Description of Adjustments Made to Reconcile Economic Income to U.S.
                                 GAAP Net Loss

  Funds Consolidation
    Economic Income excludes the impacts of consolidated Och-Ziff funds,
    including the related eliminations.

  Other Adjustments
  (a)  Economic Income presents management fees net of recurring
       placement and related service fees on assets under management, as
       management considers these fees a reduction in management fees, not
       an expense.
  (b)  Economic Income recognizes deferred cash compensation expense in
       the period in which it is awarded, as management determines the total
       amount of compensation based on the Company's performance in the year
       of the award.
  (c)  Economic Income excludes equity-based compensation expense, as
       management does not consider these non-cash expenses when evaluating
       the performance of the Company. The Company includes the number of
       shares granted in its Adjusted Class A Share count when determining
       Distributable Earnings Per Share.
  (d)  Economic Income excludes allocations to non-equity partner
       interests.  Management reviewed the performance of the Company before
       it made any allocations to the Company's non-equity founding partners
       for periods prior to the Reorganization. For these periods,
       allocations to the founding partners, other than Mr. Och, were
       treated as expenses for U.S. GAAP purposes. Following the
       Reorganization, only allocations to the founding partners, other than
       Mr. Och, related to earnings on deferred balances are incurred and
       these allocations are excluded from Economic Income.
  (e)  Economic Income excludes Reorganization expenses, which are
       non-cash expenses directly attributable to the reclassification of
       interests held by the founding partners and the Ziffs prior to the
       Reorganization as Och-Ziff Operating Group A Units.
  (f)  Economic Income excludes the profit sharing expense related to
       the Ziffs' interest in the Company. Management reviewed the
       performance of the Company before it made any allocations to the
       Ziffs for periods prior to the Reorganization. Following the
       Reorganization, only profit sharing expense related to the allocation
       of earnings on deferred balances are incurred and these allocations
       are excluded from Economic Income.
  (g)  Economic Income excludes depreciation, changes in the tax
       receivable agreement liability, and gain on early retirement of debt,
       as management does not consider these items when evaluating the
       performance of the Company. Economic Income also excludes income
       taxes as it is a measure of pre-tax performance.
  (h)  Economic Income excludes the net earnings (losses) on the
       deferred balances and investments in Och-Ziff funds, as these amounts
       primarily relate to earnings (losses) on amounts due to affiliates
       for deferred balances, and earnings (losses) on amounts due to
       employees under deferred cash compensation arrangements.
  (i)  Economic Income excludes amounts allocated to the partners and
       the Ziffs on their interests in the Och-Ziff Operating Group, as
       management reviews the 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,
       Economic Income excludes amounts allocated to investors in
       consolidated Och-Ziff funds, as Economic Income excludes the impacts
       of consolidated Och-Ziff funds.



                                  Exhibit 8
                    OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
                      Financial Supplement (Unaudited)
                            (dollars in millions)

                                    Three Months Ended  Nine Months Ended
                                       September 30,      September 30,
                                    ------------------  -----------------
                                            2009               2009
                                            ----               ----

  Total Assets Under Management (1)
    Beginning of Period Balance          $21,920            $26,955
    Net Flows                             (1,136)            (8,358)
    Appreciation (Depreciation) (2)        1,494              3,681
                                           -----              -----
    End of Period Balance                $22,278            $22,278
                                         =======            =======

  Total Assets Under Management by Fund
    OZ Master Fund                                          $14,773
    OZ Europe Master Fund                                     2,958
    OZ Asia Master Fund                                       1,327
    OZ Global Special Investments
     Master Fund                                              1,980

  Och-Ziff Funds - Net Returns (3)
    OZ Master Fund                           7.3%              20.5%
    OZ Europe Master Fund                    7.9%              15.5%
    OZ Asia Master Fund                     11.6%              26.4%
    OZ Global Special Investments
     Master Fund                             3.4%               7.1%



                                            Year Ended December 31,
                                            -----------------------
                                       2008     2007     2006     2005
                                       ----     ----     ----     ----

  Total Assets Under Management (1)
    Beginning of Period Balance     $33,387  $22,621  $15,627  $11,251
    Net Flows                          (722)   7,591    4,135    3,117
    Appreciation (Depreciation) (2)  (5,710)   3,175    2,859    1,259
                                     ------    -----    -----    -----
    End of Period Balance           $26,955  $33,387  $22,621  $15,627
                                    =======  =======  =======  =======

  Total Assets Under Management
   by Fund
    OZ Master Fund                  $16,396  $19,771  $15,449  $12,001
    OZ Europe Master Fund             5,084    6,416    3,481    1,887
    OZ Asia Master Fund               2,439    3,852    2,332      605
    OZ Global Special Investments
     Master Fund                      1,910    2,082      195       43

  Och-Ziff Funds - Net Returns (3)
    OZ Master Fund                    -15.9%    11.5%    14.8%     8.8%
    OZ Europe Master Fund             -17.4%    14.8%    22.3%    15.7%
    OZ Asia Master Fund               -30.9%    12.2%    14.0%    14.2%
    OZ Global Special Investments
     Master Fund                       -8.3%    17.2%    13.9%     0.2%

  (1)  Includes deferred incentive income receivable from the offshore
       funds and amounts invested by the Company, its partners and certain
       other affiliated 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 certain unrealized private investments that could
       reduce returns on these investments at the time of realization), and
       includes the reinvestment of all dividends and income. Management
       Fees and Incentive Income vary by product. Past performance is
       no guarantee of future results.
  (3)  Reflects a composite of the monthly return and year-to-date return
       for the feeder funds comprising each of the Company's most
       significant master funds and is presented on a total return basis,
       net of all fees and expenses of the relevant fund (except incentive
       income on certain unrealized special investments that could reduce
       returns at the time of realization), and includes the reinvestment
       of all dividends and income. Performance includes realized and
       unrealized gains and losses attributable to certain private and
       initial public offering investments that are not allocated to all
       investors in the funds. Investors that do not participate in such
       investments or that pay different fees may experience materially
       different returns. Past performance is no guarantee of future
       results.


                                Exhibit 9
                  OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
                Returns of OZ Master Fund During Negative
                      Return Months of S&P 500 Index
                               (Unaudited)

                              Total Return of      Total Return of OZ
               Number of          S&P 500            Master Fund
          Months of Negative  During Negative      During Negative
    Year  Returns of S&P 500   Return Months   Return Months of S&P 500
    ----  ------------------   -------------   ------------------------
    1994           3              -8.5%                   1.7%
    1995           1              -0.4%                   0.1%
    1996           2              -6.4%                   3.9%
    1997           3             -13.1%                   4.0%
    1998           3             -17.2%                  -2.7%
    1999           5             -11.8%                   6.2%
    2000           8             -27.1%                  12.0%
    2001           6             -33.2%                   0.4%
    2002           8             -41.9%                  -5.0%
    2003           3              -5.2%                   4.6%
    2004           3              -6.4%                   1.1%
    2005           5              -8.7%                   0.7%
    2006           1              -2.9%                   0.5%
    2007           5             -11.6%                   1.4%
    2008           8             -51.8%                 -16.3%
  3Q09 - YTD       2             -19.1%                   3.4%



  Distribution of Net Monthly Returns since April 1, 1994
  -------------------------------------------------------

          Net Monthly Return      Number of
          of OZ Master Fund         Months
          -----------------         ------
            less than -3%              5
              -2% to -3%               2
              -1% to -2%               3
              0% to -1%               17
               0% to 1%               61
               1% to 2%               46
               2% to 3%               31
               3% to 4%               13
               4% to 5%                5
           greater than 5%             3


  Total net return for the OZ Master Fund (the "Fund") represents a
  composite of the average return of the feeder funds that comprise the
  Fund.  Returns are presented on a total return basis, net of all fees and
  expenses (except incentive income on certain unrealized private
  investments that could reduce returns on these investments at the time of
  realization), and include the reinvestment of all dividends and income.
  Performance includes realized and unrealized gains and losses attributable
  to certain private and initial public offering investments that are not
  allocated to all investors in the Fund.  Investors that do not participate
  in such investments or that pay different fees may experience materially
  different returns. Past performance is no guarantee of future results.

  For the period from 1994 through 1997, performance represents the
  performance of Och-Ziff Capital Management, L.P., a Delaware limited
  partnership that was managed by Daniel Och following an investment
  strategy that is substantially similar to that of the Fund.  In addition,
  during this period, performance was calculated by deducting Management
  Fees on a quarterly basis and Incentive Income on a monthly basis.
  Beginning January 1998, performance has been calculated by deducting both
  Management Fees and Incentive Income on a monthly basis from the composite
  returns of the Fund.

  Readers should not assume that there is any material overlap between those
  securities in the portfolio of the Fund and those that comprise the S&P
  500 Index.  It is not possible to invest directly in the S&P 500 Index.
  Returns of the S&P 500 Index have not been reduced by fees and expenses
  associated with investing in securities and include the reinvestment of
  dividends. The S&P 500 Index is an equity index owned and maintained by
  Standard & Poor's, a division of McGraw-Hill, whose value is calculated as
  the free float-weighted average of the share prices of 500 large-cap
  corporations listed on the NYSE and Nasdaq.  The comparison of S&P 500
  Index performance relative to the Fund's performance during months in
  which the S&P 500 Index declined is for the limited purpose of
  illustrating how the Fund has performed during periods of declines in the
  broad equity market.  It should not be considered an indication of how the
  Fund will perform relative to the S&P 500 Index in the future.

  Please note that the Fund's investment objective is not to beat the S&P
  500 Index.  Furthermore, the Fund's performance has frequently trailed
  that of the S&P 500 Index in periods of positive performance.



                                 Exhibit 10
                   OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
                      Fund Performance (Unaudited) (1)

                                                2008
                                                ----
                           January  February   March      April      May
                           -------  --------   -----      -----      ---

  Och-Ziff Funds - Net
   Returns
  OZ Master Fund             -1.12%     1.02%  -0.73%      0.96%    1.11%
  OZ Europe Master Fund      -2.00%     0.81%  -0.54%      0.31%    1.69%
  OZ Asia Master Fund        -1.95%     1.78%  -2.41%     -0.18%   -0.16%
  OZ Global Special
   Investments Master Fund   -0.72%     0.57%  -0.45%      0.64%    0.43%

  S&P 500 Index - Total
   Return (2)                -6.00%    -3.25%  -0.43%      4.87%    1.30%



                                                 2008
                                                 ----
                             June     July    August  September  October
                             ----     ----    ------  ---------  -------

  Och-Ziff Funds - Net
   Returns
  OZ Master Fund             -0.45%    -0.59%  -0.58%     -5.41%   -6.71%
  OZ Europe Master Fund       0.20%    -1.35%  -0.38%     -7.22%   -5.12%
  OZ Asia Master Fund        -2.19%    -1.17%  -4.18%     -7.53%  -11.76%
  OZ Global Special
   Investments Master Fund   -0.34%     0.06%  -0.45%     -2.73%   -2.60%

  S&P 500 Index - Total
   Return (2)                -8.43%    -0.84%   1.45%     -8.91%  -16.80%



                                                        2008
                                                        ----
                                            November  December  FY2008
                                            --------  --------  ------

  Och-Ziff Funds - Net Returns
  OZ Master Fund                               -2.35%    -2.02% -15.92%
  OZ Europe Master Fund                        -2.67%    -2.31% -17.39%
  OZ Asia Master Fund                          -1.69%    -4.13% -30.86%
  OZ Global Special Investments Master Fund    -1.72%    -1.22%  -8.27%

  S&P 500 Index - Total Return (2)             -7.18%     1.06% -37.00%



                                                  2009
                                                  ----
                                   January  February   March    1Q
                                   -------  --------   -----    --

  Och-Ziff Funds - Net Returns
  OZ Master Fund                      3.09%     0.35%  0.88%   4.36%
  OZ Europe Master Fund               0.98%    -1.09% -0.04%  -0.16%
  OZ Asia Master Fund                 2.70%     1.22%  0.38%   4.35%
  OZ Global Special Investments
   Master Fund                        0.84%    -0.49%  0.35%   0.70%

  S&P 500 Index - Total Return (2)   -8.43%   -10.65%  8.76% -11.01%



                                                       2009
                                                       ----
                                            April   May  June    2Q
                                            -----   ---  ----    --

  Och-Ziff Funds - Net Returns
  OZ Master Fund                             1.86% 3.42% 2.14%  7.60%
  OZ Europe Master Fund                      2.48% 3.32% 1.24%  7.20%
  OZ Asia Master Fund                        3.09% 4.62% 0.58%  8.48%
  OZ Global Special Investments Master Fund  0.00% 1.97% 0.88%  2.87%

  S&P 500 Index - Total Return (2)           9.57% 5.59% 0.20% 15.93%



                                                   2009
                                                   ----
                                   July  August  September    3Q    YTD
                                   ----  ------  ---------    --    ---

  Och-Ziff Funds - Net Returns
  OZ Master Fund                   3.26%   1.37%    2.51%   7.30% 20.49%
  OZ Europe Master Fund            2.36%   2.06%    3.28%   7.90% 15.47%
  OZ Asia Master Fund              9.50%   0.24%    1.70%  11.63% 26.36%
  OZ Global Special Investments
   Master Fund                     1.55%   0.33%    1.47%   3.38%  7.09%

  S&P 500 Index - Total Return (2) 7.56%   3.61%    3.73%  15.61% 19.26%

  (1)  Fund performance reflects a composite of the return for the feeder
       funds comprising each of the Company's most significant master funds
       and is presented on a total return basis, net of all fees and
       expenses of the relevant fund (except incentive income on certain
       unrealized private investments that could reduce returns on these
       investments at the time of realization), and includes the
       reinvestment of all dividends and income. Performance includes
       realized and unrealized gains and losses attributable to certain
       private and initial public offering investments that are not
       allocated to all investors in the funds.  Investors that do not
       participate in such investments or that pay different fees may
       experience materially different returns. Past performance is no
       guarantee of future results.
  (2)  Readers should not assume that there is any material overlap between
       those securities in the portfolios of the funds and those that
       comprise the S&P 500 Index. It is not possible to invest directly in
       the S&P 500 Index. Returns of the S&P 500 Index have not been reduced
       by fees and expenses associated with investing in securities and
       include the reinvestment of dividends. The S&P 500 Index is an equity
       index owned and maintained by Standard & Poor's, a division of
       McGraw-Hill, whose value is calculated as the free float-weighted
       average of the share prices of 500 large-cap corporations listed on
       the NYSE and Nasdaq. The comparison of S&P 500 performance relative
       to the funds' performance should not be considered an indication of
       how the fund will perform relative to the S&P 500 in the future.
       Please note that the funds' investment objective is not to beat the
       S&P 500 Index.  Furthermore, the funds' performance has frequently
       trailed that of the S&P 500 Index in periods of positive performance.


DATASOURCE: Och-Ziff Capital Management Group LLC



CONTACT:  Investor Relations, Tina Madon, Managing Director, Head of

Investor Relations, Och-Ziff Capital Management Group LLC, [phone],

; Media Relations, Steve Bruce or Chuck Dohrenwend, both

of The Abernathy MacGregor Group, for Och-Ziff Capital Management Group LLC,

[phone]



Web Site:  http://www.ozcap.com/ 

Copyright