Och-Ziff Capital Management Group LLC Reports 2012 Third Quarter Results

   Och-Ziff Capital Management Group LLC Reports 2012 Third Quarter Results

2012 Third Quarter Dividend of $0.12 per Class A Share

PR Newswire

NEW YORK, Nov. 2, 2012

NEW YORK, Nov. 2, 2012 /PRNewswire/ --Och-Ziff Capital Management Group LLC
(NYSE:OZM) (the "Company" or "Och-Ziff") today reported a GAAP Net Loss^(1) of
$127.5 million, or $0.89 per basic and diluted Class A Share, for the third
quarter ended September 30, 2012. The Company also declared a $0.12 per share
cash dividend on its Class A Shares for the 2012 third quarter.

Summary Highlights

  oDistributable Earnings of $61.7 million, or $0.14 per Adjusted Class A
    Share, for the 2012 third quarter, compared to $49.9 million, or $0.12 per
    Adjusted Class A Share, for the 2011 third quarter.
  oAssets under management of $31.0 billion as of October 1, 2012, compared
    to $29.3 billion as of July 1, 2012, and $28.5 billion as of October 1,
    2011.
  oEstimated assets under management of $31.8 billion as of November 1, 2012,
    which reflected year-to-date performance-related appreciation of $2.8
    billion and capital net inflows of approximately $200 million.
  oEstimated year-to-date net returns through October 31, 2012 of the OZ
    Master Fund of +9.4%, the OZ Europe Master Fund of +7.8%, the OZ Asia
    Master Fund of +3.5% and the OZ Global Special Investments Master Fund of
    +7.8%.

"During the third quarter and through October, we continued to build on the
strong performance we generated in the first half of this year," said Daniel
S. Och, Chairman and Chief Executive Officer of Och-Ziff. "Against a backdrop
of mixed macroeconomic conditions globally, we actively managed our exposures
and remained opportunistic in deploying capital in each of our portfolios. Our
long history of generating profits for our fund investors and the ongoing
strength of our investment performance demonstrate the value of the deep
expertise we have in each of our investment strategies.

"Interest in both our multi-strategy and dedicated credit platforms remains
strong. While we believe that concerns about the weak macroeconomic
environment, the ongoing difficulties in Europe, central bank actions and
other factors continued to weigh on near-term investor confidence, we remain
confident that allocations to the industry will become significant as
institutional investors increasingly seek to enhance the yield and reduce the
volatility of both their equity and fixed income portfolios. We believe that
these drivers of secular growth will continue to increase in importance as
market conditions remain unsettled and interest rates stay extremely low."

^(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 2012 third quarter, Och-Ziff reported a GAAP Net Loss of $127.5
million, or $0.89 per basic and diluted Class A Share, compared to a GAAP Net
Loss of $93.1 million, or $0.93 per basic and $0.96 per diluted Class A Share,
for the 2011 third quarter. For the first nine months of 2012, Och-Ziff
reported a GAAP Net Loss of $366.5 million, or $2.58 per basic and diluted
Class A Share, compared to a GAAP Net Loss of $282.0 million, or $2.87 per
basic and diluted Class A Share, for the first nine months of 2011.

The year-over-year increases in the GAAP Net Loss were primarily due to an
increase in the Company's interest in its principal operating subsidiaries
(the "Och-Ziff Operating Group") driven by the public offering of 33.3 million
Class A Shares in November 2011, the issuance of Class A Shares related to the
vesting of Class A Restricted Share Units ("RSUs") and the exchange of
Och-Ziff Operating Group A Units ("Group A Units") for Class A Shares. Because
of the increase in the Company's interest in the Och-Ziff Operating Group, a
larger portion of the losses of the Och-Ziff Operating Group was allocated to
the Company. Partially offsetting the year-over-year increase in the GAAP Net
Loss in both periods was higher profitability in the Och-Ziff Operating Group.

The GAAP Net Loss in the 2012 third quarter and first nine months primarily
resulted from non-cash expenses of $398.5 million and $1.2 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 Group A Units, which represent equity interests
in the Och-Ziff Operating Group that were issued to the Company's pre-IPO
limited partners in exchange for their pre-IPO interests in those
subsidiaries. The Group A Units generally vest annually over five years
through November 2012, and therefore the amortization of these expenses is
expected to result in a GAAP Net Loss on an annual basis through the end of
this year. Once vested, Group A Units may be exchanged on a one-to-one basis
for Class A Shares, subject to minimum ownership requirements and transfer
restrictions.

Additionally, the GAAP Net Loss in the 2012 third quarter and first nine
months was driven by non-cash expenses of $16.2 million and $50.3 million,
respectively, for the amortization of equity-based compensation. These
expenses primarily relate to RSUs granted to employees and executive managing
directors, as well as Group A Units granted to executive managing directors
subsequent to the IPO. Each RSU represents the right to receive one Class A
Share upon vesting.

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

DISTRIBUTABLE EARNINGS (NON-GAAP)

The Company's Distributable Earnings for the 2012 third quarter were $61.7
million, or $0.14 per Adjusted Class A Share, compared to $49.9 million, or
$0.12 per Adjusted Class A Share, for the 2011 third quarter. Distributable
Earnings for the first nine months of 2012 were $186.1 million, or $0.41 per
Adjusted Class A Share, compared to $182.8 million, or $0.44 per Adjusted
Class A Share, in the first nine months of 2011.

The year-over-year increase in Distributable Earnings for both periods was
principally driven by lower taxes, partially offset by higher non-compensation
expenses and lower management fees. Also contributing to the increase for the
year-to-date period was higher incentive income and lower compensation and
benefits expenses.

Distributable Earnings is a non-GAAP measure. For reconciliations of
Distributable Earnings to the respective GAAP Net Losses for the periods
discussed above, please see Exhibits 2 and 3 that accompany this press
release. Additionally, please see the discussion of "Non-GAAP Financial
Measures" at the end of this press release, including the definitions of
Distributable Earnings and Adjusted Class A Shares.

ASSETS UNDER MANAGEMENT

Och-Ziff's assets under management were $31.3 billion as of September 30,
2012, $1.4 billion higher than $29.9 billion as of June 30, 2012, and $2.5
billion higher than $28.8 billion as of September 30, 2011. The year-over-year
increase was driven by performance-related appreciation of $2.5 billion,
partially offset by capital net outflows of $16.4 million.

Assets under management by fund:

                                                                  % Change (1)
                                                                  Sep.    Sep.
(dollars in          September 30,    June 30,    September 30,   2012    2012
billions)            2012             2012        2011            vs.     vs.
                                                                  Jun.    Sep.
                                                                  2012    2011
                     $         $       $      
OZ Master Fund        21.4                     20.0        3%      7%
                                      20.8
OZ Europe Master     2.0              2.1         2.4             -3%     -18%
Fund
OZ Asia Master Fund  1.4              1.6         1.6             -8%     -11%
OZ Global Special
Investments          1.0              1.0         1.0             2%      5%
 Master Fund
Other ^(1) (2)       5.5              4.4         3.8             21%     46%
(1) Rounding differences may occur.
(2) Includes real estate funds, credit funds and other alternative investment
vehicles managed by the Company.

Estimated assets under management were $31.8 billion as of November 1, 2012,
which reflected estimated year-to-date performance-related appreciation of
$2.8 billion and capital net inflows of approximately $200 million.

INVESTMENT PERFORMANCE

For the first nine months, performance was driven primarily by the structured
credit, long/short equity special situations and corporate credit strategies.

Netreturns by fund^(1):

                                 2012
                                 July      August  September  3Q     YTD Sept.
OZ Master Fund                   0.78%     1.27%   1.43%      3.52%  8.57%
OZ Europe Master Fund            0.49%     0.75%   1.69%      2.95%  6.43%
OZ Asia Master Fund              0.45%     0.37%   1.07%      1.90%  4.23%
OZ Global Special Investments    0.49%     0.62%   1.30%      2.43%  7.50%
Master Fund
(1) Please see important disclosures on Exhibit 7 that accompanies this press
release.

ECONOMIC INCOME (NON-GAAP)

In addition to analyzing the Company's results on a GAAP basis, management
also reviews the Company's results on an "Economic Income" basis. Economic
Income excludes certain adjustments that are required for presentation of the
Company's results on a GAAP basis, but that management does not consider when
evaluating operating performance in any given period. Management evaluates
Economic Income for the Och-Ziff Funds segment, the Company's only reportable
segment under GAAP, and for the Company's Other Operations. Economic Income
for the Company equals the sum of Economic Income for the Och-Ziff Funds
segment and the Company's Other Operations.

For reconciliations of Economic Income and its components to the respective
GAAP measures, please see Exhibits 2 through 5 that accompany this press
release. Additionally, please see the discussion of "Non-GAAP Financial
Measures" at the end of this press release.

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

Economic Income Revenues (Non-GAAP)

Economic Income revenues for the 2012 third quarter were $130.4 million, a 2%
decrease from Economic Income revenues of $132.9 million for the 2011 third
quarter. Management fees were $122.0 million, a 2% decrease from management
fees of $124.3 million for the prior-year period. Incentive income was $8.1
million, essentially unchanged from the prior-year period.

Economic Income revenues for the first nine months of 2012 were $391.7
million, a slight increase from Economic Income revenues of $391.1 million for
the first nine months of 2011. Management fees were $363.1 million, a slight
decrease from management fees of $367.6 million for the prior-year period.
Incentive income was $27.7 million compared to $21.9 million in the prior-year
period.

The decrease in Economic Income revenues for the quarter-to-date period was
primarily due to a $2.3 milliondecline in management fees, primarily in the
Och-Ziff Funds segment. This change was primarily due to lower average
management fee rates on our assets under management in 2012 compared to 2011.
Our average management fee rate decreased to 1.62% in the 2012 third quarter
from 1.66% in the 2011 third quarter. Thischange was primarily due to growth
in our dedicated credit platforms and other longer-term assets under
management,as well asthe launch of our first CLO, each of which generally
have lower management fee rates than our traditional hedge fund products.

The increase in Economic Income revenues for the year-to-date period was
primarily due tohigher incentive income in the Och-Ziff Funds segment, driven
by $11.3 million of incentive income recognized in the second quarter of 2012
related to assets under management subject to three-year performance
measurement periods. Partially offsetting this increase was a $6.0 million
decrease in incentive income related to tax distributions taken in the first
quarter of 2011 that did not recur in the first quarter of 2012. The
increasewas also partially offset by a $4.5 million decrease in management
fees, primarily in the Company's Other Operations, driven by a catch-up in the
first three quarters of 2011 for additional investors in our second domestic
real estate fund. These investors were charged management fees retroactively
to the initial closing of the fund.

Compensation and Benefits (Non-GAAP)

Compensation and benefits for the 2012 third quarter totaled $23.3 million, 4%
lower than compensation and benefits of $24.2 million for the 2011 third
quarter. Salaries and benefits for the 2012 third quarter totaled $20.2
million, an 8% increase from salaries and benefits of $18.7 million for the
prior-year period.

Compensation and benefits for the first nine months of 2012 totaled $66.0
million, 7% lower than compensation and benefits of $70.7 million for the
first nine months of 2011. Salaries and benefits for the first nine months of
2012totaled $59.0 million, an 8% increase from salaries and benefits of $54.6
million for the prior-year period.

The year-over-year decrease in compensation and benefits for both periods was
primarily driven by the Och-Ziff Funds segment and was due to a decrease in
guaranteed bonus expense, partially offset by an increase in salaries and
benefits due in part to an increase in our worldwide headcount.

The ratio of salaries and benefits to management fees increased to 17% in the
2012 third quarter and 16% in the first nine months of 2012 from 15% in both
the 2011 third quarter and first nine months of 2011 due to the year-over-year
increases in salaries and benefits while management fees decreased.

Non-Compensation Expenses (Non-GAAP)

Non-compensation expenses for the 2012 third quarter totaled $25.6 million,
17% higher than non-compensation expenses of $21.8 million for the 2011 third
quarter. Non-compensation expenses for the first nine months of 2012 totaled
$73.3 million, a 13% increase from non-compensation expenses of $64.9 million
for the prior-year period.

The increase in non-compensation expenses for both periods was driven
primarily by higher professional services, primarily driven by the Och-Ziff
Funds segment. Also contributing to the year-to-date increase were higher
information processing and communications expenses, as well as higher
commitment fees on the unused portion of our delayed draw term loan prior to
the final draw down in June 2012. Partially offsetting the increase for the
year-to-date period was lower interest expense.

The ratio of non-compensation expenses to management fees increased to 21% in
the 2012 third quarter and 20% in the first nine months of 2012 from 18% in
boththe 2011 third quarter and the first nine months of 2011. The
year-over-year increase in both periods was driven by higher non-compensation
expenses while management fees decreased.

Economic Income (Non-GAAP)

Economic Income for the 2012 third quarter was $81.3 million, 6% lower than
Economic Income of $86.6 million for the 2011 third quarter. Economic Income
for the first nine months of 2012 was $251.2 million, a slight decline from
Economic Income of $253.5 million for the prior-year period.

The year-over-year decrease for both periods was principally driven by
increased non-compensation expenses and a decline in management fees,
partially offset by lower compensation and benefits. Partially offsetting the
decrease in Economic Income for the year-to-date period was higher incentive
income.

CAPITAL

As of September 30, 2012, the number of Class A Shares outstanding was
143,480,713. For purposes of calculating Distributable Earnings per Share, the
Company assumes that all the interests held by its executive managing
directors and Ziff Investors Partnership, L.P. II and certain of its
affiliates and control persons (the "Ziffs") in the Och-Ziff Operating Group
(collectively, "Partner Units") and RSUs outstanding during the period have
been converted on a one-to-one basis into Class A Shares ("Adjusted Class A
Shares"). For the third quarter and first nine months ended September 30,
2012, the total weighted-average Adjusted Class A Shares outstanding were
454,503,679 and 454,032,361, respectively.

DIVIDEND

The Board of Directors of Och-Ziff declared a 2012 third-quarter dividend of
$0.12 per
Class A Share. The dividend is payable on November 19, 2012 to holders of
record as of the close of business on November 12, 2012. The ex-dividend date
will be November 8, 2012.

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 2012 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. Non-U.S. holders must generally provide the withholding
agent with a properly completed IRS Form W-8 to obtain any reduction in
withholding.

* * * *

The Company will host a conference call today, November 2, 2012, at 8:30 a.m.
Eastern Time to discuss its 2012 third-quarter results. The call will be open
to the public and can be accessed by dialing +1-888-713-4216 (callers inside
the U.S.) or +1-617-213-4868 (callers outside the U.S.). The number should be
dialed at least ten minutes prior to the start of the call and the passcode
will be 64783245. A simultaneous webcast of the call will be available to the
public on a listen-only basis on the Class A Shareholders section of the
Company's website (www.ozcap.com).

For those unable to listen to the live broadcast, a replay will be available
by dialing
+1-888-286-8010 (callers inside the U.S.) or +1-617-801-6888 (callers outside
the U.S.), passcode 34643843, beginning approximately two hours after the
event for two weeks. A webcast replay of the event will also be available on
the Company's website as noted above.

* * * *

Non-GAAP Financial Measures

The Company's non-GAAP 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. The Company's non-GAAP
measures may not be comparable to similarly titled measures used by other
companies.

For reconciliations of the Company's non-GAAP measures to the most directly
comparable financial measures calculated and presented in accordance with
GAAP, please see Exhibits 2 through 5 that accompany this press release.

Economic Income

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

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

  oIncome allocations to the Company's executive managing directors and the
    Ziffs on their direct interests in the Och-Ziff Operating Group.
    Management reviews operating performance at the Och-Ziff Operating Group
    level, where substantially all of the Company's operations are performed,
    prior to making any income allocations.
  oReorganization expenses related to the Company's IPO, equity-based
    compensation expenses and depreciation and amortization expenses, as
    management does not consider these non-cash expenses to be reflective of
    operating performance.
  oChanges in the tax receivable agreement liability and net gains (losses)
    on investments in Och-Ziff funds, as management does not consider these
    items to be reflective of operating performance.
  oAmounts related to the consolidated Och-Ziff funds, including the related
    eliminations of management fees and incentive income, as management
    reviews the total amount of management fees and incentive income earned in
    relation to total assets under management and fund performance. 

In addition, the full amount of deferred cash compensation and expenses
related to compensation arrangements based on annual investment performance
are recognized on the date they are determined (generally in the fourth
quarter of each year), as management determines the total amount of
compensation based on the Company's performance in the year of the award.

As a result of the adjustments described above, as well as an adjustment to
present management fees net of recurring placement and related service fees
(rather than considering these fees an expense), management fees, compensation
and benefits, non-compensation expenses and net income (loss) allocated to
noncontrolling interests as presented on an Economic Income basis are also
non-GAAP measures. No adjustments to the GAAP basis have been made for
incentive income, other revenues and net gains (losses) on joint ventures. 

Distributable Earnings

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

Distributable Earnings per Share is equal to Distributable Earnings divided by
the weighted-average number of Adjusted Class A Shares. Management believes
Distributable Earnings provides useful information to investors because it
uses Distributable Earnings, among other financial information, to determine
the earnings available to distribute as dividends to holders of the Company's
Class A Shares and to the Company's executive managing directors and the Ziffs
with respect to their Partner Units.

* * * *

Forward-Looking Statements

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

Any forward-looking statements contained in this press release are based upon
historical information and on the Company's current plans, estimates and
expectations. The inclusion of this or any other 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. The Company cautions that forward-looking statements are
subject to numerous assumptions, estimates, risks and uncertainties, including
but not limited to: global economic, business, market and geopolitical
conditions, including Euro-zone sovereign debt issues; U.S. and foreign
regulatory developments relating to, among other things, financial
institutions and markets, government oversight and taxation; the conditions
impacting the hedge fund industry; the Company's ability to successfully
compete for fund investors, assets, professional talent and investment
opportunities; the Company's ability to retain its executive managing
directors, managing directors and investment professionals; the Company's
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 business; as well as
assumptions relating to the Company's operations, investment performance,
financial results, financial condition, business prospects, growth strategy
and liquidity.

If one or more of these or other risks or uncertainties materialize, or if the
Company's assumptions or estimates prove to be incorrect, the Company's actual
results may vary materially from those indicated in these statements. These
factors are not and should not be construed as exhaustive and should be read
in conjunction with the other cautionary statements that are included in the
Company's filings with the SEC, including but not limited to the Company's
Annual Report on Form 10-K for the year ended December 31, 2011 filed with the
SEC on February 27, 2012. The forward-looking statements contained in this
press release are made only as of the date of this press release. The Company
does not undertake to update 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 largest institutional
alternative asset managers in the world with offices in New York, London, Hong
Kong, Beijing and Mumbai. Och-Ziff provides asset management services to
institutional investors globally through its hedge funds and other alternative
investment vehicles. Och-Ziff's funds seek to generate consistent, positive,
absolute returns across market cycles, with low volatility compared to the
equity markets, and with an emphasis on preservation of capital. Och-Ziff's
multi-strategy approach combines global investment strategies, including
convertible and derivative arbitrage, corporate credit, long/short equity
special situations, merger arbitrage, private investments and structured
credit. As of November 1, 2012, Och-Ziff had approximately $31.8 billion in
assets under management. For more information, please visit Och-Ziff's website
(www.ozcap.com).





EXHIBIT 1
OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
Consolidated Statements of Comprehensive Loss (Unaudited)
(dollars in thousands, except per share amounts)
                    Three Months Ended September  Nine Months Ended September
                    30,                           30,
                    2012           2011           2012           2011
Revenues
Management fees    $        $        $        $      
                     125,896       128,516       375,470       378,206
Incentive income    8,081          8,058          27,716         21,891
Other revenues      291            603            875            1,639
Income of
consolidated        33,705         12,228         83,258         33,362
Och-Ziff funds
Total Revenues     167,973        149,405        487,319        435,098
Expenses
Compensation and    44,934         53,374         127,125        173,822
benefits
Reorganization      398,503        408,594        1,195,335      1,213,761
expenses
Interest expense    1,793          1,714          4,248          5,605
General,
administrative and  30,642         11,105         91,842         63,529
other
Expenses of
consolidated        2,268          2,379          7,319          6,309
Och-Ziff funds
Total Expenses     478,140        477,166        1,425,869      1,463,026
Other Income (Loss)
Net gains on
investments in      317            201            29             413
 Och-Ziff funds
and joint ventures
Change in deferred
income of           (16,450)       (262)          (38,877)       (3,237)
 consolidated
Och-Ziff funds
Net gains (losses)
of consolidated     56,286         (14,158)       141,562        (2,959)
Och-Ziff funds
Total Other Income  40,153         (14,219)       102,714        (5,783)
(Loss)
Loss before Income  (270,014)      (341,980)      (835,836)      (1,033,711)
Taxes
Income taxes       19,127         24,317         46,022         42,356
Consolidated Net    (289,141)      (366,297)      (881,858)      (1,076,067)
Loss
Other Comprehensive
Income (Loss), Net
of Tax
Foreign currency
translation         -              (12)           229            7
adjustment
Total Comprehensive $        $        $        $    
Loss                (289,141)     (366,309)      (881,629)      (1,076,060)
Allocation of
Consolidated Net
Loss
Class A             $        $        $        $      
Shareholders        (127,509)      (93,124)    (366,495)     (281,950)
Noncontrolling      (161,632)      (273,173)      (515,363)      (794,117)
interests
                    $        $        $        $    
                    (289,141)     (366,297)      (881,858)      (1,076,067)
Allocation of Total
Comprehensive Loss
Class A             $        $        $        $      
Shareholders        (127,509)      (93,127)    (366,446)     (281,948)
Noncontrolling      (161,632)      (273,182)      (515,183)      (794,112)
interests
                    $        $        $        $    
                    (289,141)     (366,309)      (881,629)      (1,076,060)
Net Loss Per Class
A Share
Basic              $        $        $        $      
                       (0.89)     (0.93)     (2.58)     (2.87)
Diluted             $        $        $        $      
                       (0.89)     (0.96)     (2.58)     (2.87)
Weighted-Average
Class A Shares
Outstanding
Basic              143,477,776    99,673,186     142,036,892    98,074,223
Diluted             143,477,776    399,566,891    142,036,892    98,074,223



EXHIBIT 2
OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
Reconciliation of Non-GAAP Measures to the Respective GAAP Measures
(Unaudited)
(dollars in thousands, except per share amounts)
                               Three Months Ended September 30, 2012
                               Och-Ziff         Other            Total
                               Funds Segment    Operations       Company
Net income (loss) allocated    $           $          $     
to Class A                     (128,661)          1,152        (127,509)
Shareholders—GAAP
Reorganization expenses        398,503          -                398,503
Net loss allocated to the
Och-Ziff Operating Group A     (231,234)        -                (231,234)
Units
Income taxes                   19,126           1                19,127
Equity-based compensation     16,200           19               16,219
Amortization of deferred
cash compensation and
expenses related to            3,643            -                3,643
 compensation arrangements
based on annual fund
performance
Depreciation and               2,217            189              2,406
amortization
Change in tax receivable       (1,519)          -                (1,519)
agreement liability
Other                          1,767            (117)            1,650
Economic Income—Non-GAAP       $          $          81,286
                                80,042           1,244
Adjusted Income Taxes—Non-GAAP^(1)                               (19,613)
Distributable Earnings—Non-GAAP                                  $      
                                                                  61,673
Weighted-Average Class A Shares Outstanding                      143,477,776
Weighted-Average Partner Units                                   302,566,624
Weighted-Average Class A Restricted Share Units                  8,459,279
(RSUs)
Weighted-Average Adjusted Class A Shares                         454,503,679
Distributable Earnings Per Adjusted                              $      
 Class A Share—Non-GAAP                                           0.14
                               Three Months Ended September 30, 2011
                               Och-Ziff         Other            Total
                               Funds Segment    Operations       Company
Net income (loss) allocated    $          $          $      
to Class A                     (97,070)           3,946        (93,124)
Shareholders—GAAP
Reorganization expenses        408,594          -                408,594
Net loss allocated to the
Och-Ziff Operating Group A     (268,155)        -                (268,155)
Units
Income taxes                   24,175           142              24,317
Equity-based compensation     32,855           (3,222)          29,633
Amortization of deferred
cash compensation and
expenses related to            (1,054)          -                (1,054)
 compensation arrangements
based on annual fund
performance
Depreciation and               2,201            188              2,389
amortization
Change in tax receivable       (16,512)         -                (16,512)
agreement liability
Other                          602              (69)             533
Economic Income—Non-GAAP       $          $          86,621
                                85,636            985
Adjusted Income Taxes—Non-GAAP^(1)                               (36,722)
Distributable Earnings—Non-GAAP                                  $      
                                                                  49,899
Weighted-Average Class A Shares Outstanding                      99,673,186
Weighted-Average Partner Units                                   303,476,048
Weighted-Average Class A Restricted Share Units                  11,958,448
(RSUs)
Weighted-Average Adjusted Class A Shares                         415,107,682
Distributable Earnings Per Adjusted                              $      
 Class A Share—Non-GAAP                                           0.12
(1) Presents an estimate of income tax expense by assuming the conversion of
all Partner Units into Class A Shares, on a one-to-one basis, as well as the
impact of payments under the tax receivable agreement. Therefore, all income
(loss) of the Och-Ziff Operating Group allocated to the Partner Units is
treated as if it were allocated to Och-Ziff Capital Management Group LLC.



EXHIBIT 3
OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
Reconciliation of Non-GAAP Measures to the Respective GAAP Measures
(Unaudited)
(dollars in thousands, except per share amounts)
                               Nine Months Ended September 30, 2012
                               Och-Ziff         Other            Total
                               Funds Segment    Operations       Company
Net income (loss) allocated    $           $          $     
to Class A                     (368,727)          2,232        (366,495)
Shareholders—GAAP
Reorganization expenses        1,195,335        -                1,195,335
Net loss allocated to the
Och-Ziff Operating Group A     (689,883)        -                (689,883)
Units
Equity-based compensation     50,236           58               50,294
Income taxes                   46,013           9                46,022
Depreciation and               6,523            562              7,085
amortization
Amortization of deferred
cash compensation and
expenses related to            6,608            -                6,608
 compensation arrangements
based on annual fund
performance
Change in tax receivable       (1,570)          -                (1,570)
agreement liability
Other                          4,156            (397)            3,759
Economic Income—Non-GAAP       $          $          251,155
                               248,691            2,464
Adjusted Income Taxes—Non-GAAP^(1)                               (65,023)
Distributable Earnings—Non-GAAP                                  $      
                                                                 186,132
Weighted-Average Class A Shares Outstanding                      142,036,892
Weighted-Average Partner Units                                   303,819,425
Weighted-Average Class A Restricted Share Units                  8,176,044
(RSUs)
Weighted-Average Adjusted Class A Shares                         454,032,361
Distributable Earnings Per Adjusted                              $      
 Class A Share—Non-GAAP                                           0.41
                               Nine Months Ended September 30, 2011
                               Och-Ziff         Other            Total
                               Funds Segment    Operations       Company
Net income (loss) allocated    $           $          $     
to Class A                     (286,238)          4,288        (281,950)
Shareholders—GAAP
Reorganization expenses        1,213,761        -                1,213,761
Net loss allocated to the
Och-Ziff Operating Group A     (814,795)        -                (814,795)
Units
Equity-based compensation     99,001           (65)             98,936
Income taxes                   42,574           (218)            42,356
Depreciation and               6,694            559              7,253
amortization
Amortization of deferred
cash compensation and
expenses related to            2,170            -                2,170
 compensation arrangements
based on annual fund
performance
Change in tax receivable       (16,357)         -                (16,357)
agreement liability
Other                          2,338            (204)            2,134
Economic Income—Non-GAAP       $          $          253,508
                               249,148            4,360
Adjusted Income Taxes—Non-GAAP^(1)                               (70,745)
Distributable Earnings—Non-GAAP                                  $      
                                                                 182,763
Weighted-Average Class A Shares Outstanding                      98,074,223
Weighted-Average Partner Units                                   304,363,967
Weighted-Average Class A Restricted Share Units                  12,682,669
(RSUs)
Weighted-Average Adjusted Class A Shares                         415,120,859
Distributable Earnings Per Adjusted                              $      
 Class A Share—Non-GAAP                                           0.44
(1) Presents an estimate of income tax expense by assuming the conversion of
all Partner Units into Class A Shares, on a one-to-one basis, as well as the
impact of payments under the tax receivable agreement. Therefore, all income
(loss) of the Och-Ziff Operating Group allocated to the Partner Units is
treated as if it were allocated to Och-Ziff Capital Management Group LLC.



EXHIBIT 4
OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
Components of Economic Income and Reconciliation of These Non-GAAP Measures to
the Respective GAAP Measures (Unaudited)
(dollars in thousands)
                           Three Months Ended September 30, 2012
                           Och-Ziff            Other            Total
                           Funds Segment       Operations       Company
Management fees—GAAP       $           $          $      
                           122,973              2,923        125,896
Adjustment to management   (3,886)             -                (3,886)
fees^(1)
Management Fees—Economic   119,087             2,923            122,010
Income Basis—Non-GAAP
Incentive income^(2)      8,081               -                8,081
Other revenues^(2)        289                 2                291
Total Revenues—Economic    $           $          $      
Income Basis—Non-GAAP      127,457              2,925        130,382
Compensation and           $           $          $      
benefits—GAAP               43,976              958        44,934
Adjustment to compensation (21,654)            (19)             (21,673)
and benefits^(3)
Compensation and           $           $          $      
Benefits—Economic Income    22,322              939        23,261
Basis—Non-GAAP
Interest expense and       $           $          $      
general, administrative     32,006              429        32,435
and other expenses—GAAP
Adjustment to interest
expense and general,       (6,654)             (189)            (6,843)
administrative and other
expenses^(4)
Non-Compensation           $           $          $      
Expenses—Economic Income    25,352              240        25,592
Basis—Non-GAAP
Net gains on investments   $           $          $      
in Och-Ziff funds and          317              -         317
joint ventures—GAAP
Adjustment to net gains on
investments in Och-Ziff    (59)                -                (59)
funds and joint
ventures^(5)
Net Gains on Joint         $           $          $      
Ventures^(6)                  258              -         258
Net income (loss)
allocated to               $            $          $     
noncontrolling             (187,039)           25,407         (161,632)
interests—GAAP
Adjustment to net income
(loss) allocated to        187,038             (24,905)         162,133
noncontrolling
interests^(7)
Net Income (Loss)
Allocated to               $           $          $      
Noncontrolling                  (1)          502          501
Interests—Economic
 Income Basis—Non-GAAP
                           Three Months Ended September 30, 2011
                           Och-Ziff            Other            Total
                           Funds Segment       Operations       Company
Management fees—GAAP       $           $          $      
                           125,346              3,170        128,516
Adjustment to management   (4,239)             -                (4,239)
fees^(1)
Management Fees—Economic   121,107             3,170            124,277
Income Basis—Non-GAAP
Incentive income^(2)      8,058               -                8,058
Other revenues^(2)        562                 41               603
Total Revenues—Economic    $           $          $      
Income Basis—Non-GAAP      129,727              3,211       132,938
Compensation and           $           $          $      
benefits—GAAP               55,643            (2,269)         53,374
Adjustment to compensation (32,373)            3,222            (29,151)
and benefits^(3)
Compensation and           $           $          $      
Benefits—Economic Income    23,270              953        24,223
Basis—Non-GAAP
Interest expense and       $           $          $      
general, administrative     11,752             1,067         12,819
and other expenses—GAAP
Adjustment to interest
expense and general,       9,150               (189)            8,961
administrative and other
expenses^(4)
Non-Compensation           $           $          $      
Expenses—Economic Income    20,902              878        21,780
Basis—Non-GAAP
Net gains on investments   $           $          $      
in Och-Ziff funds and           49           152          201
joint ventures—GAAP
Adjustment to net gains on
investments in Och-Ziff    32                  -                32
funds and joint
ventures^(5)
Net Gains on Joint         $           $          $      
Ventures^(6)                   81           152          233
Net income (loss)
allocated to               $            $          $     
noncontrolling             (276,194)            3,021        (273,173)
interests—GAAP
Adjustment to net income
(loss) allocated to        276,194             (2,474)          273,720
noncontrolling
interests^(7)
Net Income (Loss)
Allocated to               $           $          $      
Noncontrolling                  -            547          547
Interests—Economic
 Income Basis—Non-GAAP
(1) Adjustment to present management fees net of recurring placement and
related service fees, as management considers these fees a reduction in
management fees, not an expense. The impact of eliminations related to the
consolidated Och-Ziff funds is also removed.
(2) These items are presented on a GAAP basis, accordingly no adjustments to
or reconciliations of these items are presented.
(3) Adjustment to exclude equity-based compensation, as management does not
consider these non-cash expenses to be reflective of the operating performance
of the Company. Additionally, the full amount of deferred cash compensation
and expenses related to compensation arrangements based on annual investment
performance is recognized on the date it is determined (generally in the
fourth quarter of each year), as management determines the total amount of
compensation based on the Company's performance in the year of the award.
(4) Adjustment to exclude depreciation, amortization and changes in the tax
receivable agreement liability, as management does not consider these items to
be reflective of the operating performance of the Company. Additionally,
recurring placement and related service fees are excluded, as management
considers these fees a reduction in management fees, not an expense.
(5) Adjustment to exclude net gains (losses) on investments in Och-Ziff funds,
as management does not consider these gains (losses) to be reflective of the
operating performance of the Company.
(6) Represents the net gains (losses) on joint ventures established to expand
certain of the Company's private investments platforms.
(7) Adjustment to exclude amounts allocated to the executive managing
directors and the Ziffs on their interests in the Och-Ziff Operating Group, as
management reviews the operating performance of the Company at the Och-Ziff
Operating Group level. The Company conducts substantially all of its
activities through the Och-Ziff Operating Group. Additionally, the impact of
the consolidated Och-Ziff funds, including the allocation of earnings (losses)
to investors in those funds, is also removed.

EXHIBIT 5
OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
Components of Economic Income and Reconciliation of These Non-GAAP Measures to
the Respective GAAP Measures (Unaudited)
(dollars in thousands)
                           Nine Months Ended September 30, 2012
                           Och-Ziff            Other            Total
                           Funds Segment       Operations       Company
Management fees—GAAP       $           $          $      
                           367,801              7,669        375,470
Adjustment to management   (12,359)            -                (12,359)
fees^(1)
Management Fees—Economic   355,442             7,669            363,111
Income Basis—Non-GAAP
Incentive income^(2)      27,716              -                27,716
Other revenues^(2)        770                 105              875
Total Revenues—Economic    $           $          $      
Income Basis—Non-GAAP      383,928              7,774        391,702
Compensation and           $           $          $      
benefits—GAAP              124,211              2,914        127,125
Adjustment to compensation (61,088)            (58)             (61,146)
and benefits^(3)
Compensation and           $           $          $      
Benefits—Economic Income    63,123             2,856         65,979
Basis—Non-GAAP
Interest expense and       $           $          $      
general, administrative     94,362             1,728         96,090
and other expenses—GAAP
Adjustment to interest
expense and general,       (22,210)            (562)            (22,772)
administrative and other
expenses^(4)
Non-Compensation           $           $          $      
Expenses—Economic Income    72,152             1,166        73,318
Basis—Non-GAAP
Net gains (losses) on
investments in Och-Ziff    $           $          $      
funds and joint                140           (111)           29
ventures—GAAP
Adjustment to net gains
(losses) on investments in (103)               -                (103)
Och-Ziff funds and joint
ventures^(5)
Net Gains (Losses) on      $           $          $      
Joint Ventures^(6)             37           (111)         (74)
Net income (loss)
allocated to               $            $          $     
noncontrolling             (610,998)           95,635         (515,363)
interests—GAAP
Adjustment to net income
(loss) allocated to        610,997             (94,458)         516,539
noncontrolling
interests^(7)
Net Income (Loss)
Allocated to               $           $          $      
Noncontrolling                  (1)         1,177         1,176
Interests—Economic
 Income Basis—Non-GAAP
                           Nine Months Ended September 30, 2011
                           Och-Ziff            Other            Total
                           Funds Segment       Operations       Company
Management fees—GAAP       $           $          $      
                           365,963             12,243         378,206
Adjustment to management   (10,630)            -                (10,630)
fees^(1)
Management Fees—Economic   355,333             12,243           367,576
Income Basis—Non-GAAP
Incentive income^(2)      21,891              -                21,891
Other revenues^(2)        1,454               185              1,639
Total Revenues—Economic    $           $          $      
Income Basis—Non-GAAP      378,678             12,428         391,106
Compensation and           $           $          $      
benefits—GAAP              171,098              2,724        173,822
Adjustment to compensation (103,156)           65               (103,091)
and benefits^(3)
Compensation and           $           $          $      
Benefits—Economic Income    67,942             2,789         70,731
Basis—Non-GAAP
Interest expense and       $           $          $      
general, administrative     65,526             3,608         69,134
and other expenses—GAAP
Adjustment to interest
expense and general,       (3,653)             (559)            (4,212)
administrative and other
expenses^(4)
Non-Compensation           $           $          $      
Expenses—Economic Income    61,873             3,049         64,922
Basis—Non-GAAP
Net gains (losses) on
investments in Och-Ziff    $           $          $      
funds and joint                319             94         413
ventures—GAAP
Adjustment to net gains
(losses) on investments in (34)                -                (34)
Och-Ziff funds and joint
ventures^(5)
Net Gains (Losses) on      $           $          $      
Joint Ventures^(6)            285             94         379
Net income (loss)
allocated to               $            $          $     
noncontrolling             (817,277)           23,160         (794,117)
interests—GAAP
Adjustment to net income
(loss) allocated to        817,277             (20,836)         796,441
noncontrolling
interests^(7)
Net Income (Loss)
Allocated to               $           $          $      
Noncontrolling                  -           2,324          2,324
Interests—Economic
 Income Basis—Non-GAAP
(1) Adjustment to present management fees net of recurring placement and
related service fees, as management considers these fees a reduction in
management fees, not an expense. The impact of eliminations related to the
consolidated Och-Ziff funds is also removed.
(2) These items are presented on a GAAP basis, accordingly no adjustments to
or reconciliations of these items are presented.
(3) Adjustment to exclude equity-based compensation, as management does not
consider these non-cash expenses to be reflective of the operating performance
of the Company. Additionally, the full amount of deferred cash compensation
and expenses related to compensation arrangements based on annual investment
performance is recognized on the date it is determined (generally in the
fourth quarter of each year), as management determines the total amount of
compensation based on the Company's performance in the year of the award.
(4) Adjustment to exclude depreciation, amortization and changes in the tax
receivable agreement liability, as management does not consider these items to
be reflective of the operating performance of the Company. Additionally,
recurring placement and related service fees are excluded, as management
considers these fees a reduction in management fees, not an expense.
(5) Adjustment to exclude net gains (losses) on investments in Och-Ziff funds,
as management does not consider these gains (losses) to be reflective of the
operating performance of the Company.
(6) Represents the net gains (losses) on joint ventures established to expand
certain of the Company's private investments platforms.
(7) Adjustment to exclude amounts allocated to the executive managing
directors and the Ziffs on their interests in the Och-Ziff Operating Group, as
management reviews the operating performance of the Company at the Och-Ziff
Operating Group level. The Company conducts substantially all of its
activities through the Och-Ziff Operating Group. Additionally, the impact of
the consolidated Och-Ziff funds, including the allocation of earnings (losses)
to investors in those funds, is also removed.





EXHIBIT 6
OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
Financial Supplement (Unaudited)
(dollars in millions)
                                               Three Months     Nine Months
                                               Ended            Ended
                                               September 30,    September 30,
                                               2012             2012
Total Assets Under
Management^(1)
                                               $          $      
Beginning of period balance                                    
                                               29,928          28,766
Net flows                                      270              22
Appreciation                                   1,071            2,481
(depreciation)^(2)
                                               $          $      
End of Period Balance                                          
                                               31,269           31,269
Assets Under Management by
Fund^(1)
                                                                $      
OZ Master Fund                                                       
                                                                21,415
OZ Europe Master Fund                                           1,990
OZ Asia Master Fund                                             1,448
OZ Global Special                                               1,040
Investments Master Fund
Net Returns^(3)
OZ Master Fund                                 3.5%             8.6%
OZ Europe Master Fund                          3.0%             6.4%
OZ Asia Master Fund                            1.9%             4.2%
OZ Global Special                              2.4%             7.5%
Investments Master Fund
                            Year Ended December 31,
                            2011               2010             2009
Total Assets Under
Management^(1)
                            $           $          $      
Beginning of period balance                               
                            27,935            23,080          26,955
Net flows                   1,116              2,693            (8,053)
Appreciation                (285)              2,162            4,178
(depreciation)^(2)
                            $           $          $      
End of Period Balance                                     
                            28,766            27,935          23,080
Assets Under Management by
Fund^(1)
                            $           $          $      
OZ Master Fund                                            
                            20,198            19,625          15,577
OZ Europe Master Fund       2,272              2,958            2,957
OZ Asia Master Fund         1,620              1,535            1,246
OZ Global Special           976                1,240            1,999
Investments Master Fund
Net Returns^(3)
OZ Master Fund              -0.5%              8.5%             23.1%
OZ Europe Master Fund       -4.9%              7.5%             16.4%
OZ Asia Master Fund         -3.8%              9.9%             34.0%
OZ Global Special           3.2%               13.4%            8.4%
Investments Master Fund
 Past performance is no indication or guarantee of future results.
(1) Includes amounts invested by the Company, its executive managing
directors, employees and certain other related parties for which the Company
charged no management fees and received no incentive income for the periods
presented. Amounts presented in this table are not the amounts used to
calculate management fees and incentive income for the respective periods.
(2) Appreciation (depreciation) reflects the aggregate net capital
appreciation (depreciation) for the entire period and is presented on a total
return basis, net of all fees and expenses (except incentive income on
unrealized gains attributable to investments that the Company, as investment
manager, determines lack a readily ascertainable fair value, are illiquid or
otherwise should be held until the resolution of a special event or
circumstance ("Special Investments") that could reduce returns on these
investments at the time of realization), and includes the reinvestment of all
dividends and other income. Management fees and incentive income vary by
product.
(3) Net return represents a composite of the average return of the feeder
funds that comprise each of the master funds presented. Net return is
presented on a total return basis, net of all fees and expenses (except
incentive income on Special Investments that could reduce returns on these
investments at the time of realization), and includes the reinvestment of all
dividends and other income. Performance includes realized and unrealized gains
and losses attributable to Special Investments and initial public offering
investments that are not allocated to all investors in the feeder funds.
Investors that were not allocated Special Investments and/or initial public
offering investments may experience materially different returns.





EXHIBIT 7
OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
Fund Performance of Certain Och-Ziff Funds (Unaudited)
                  2012
                  January        February      March     1Q           April
Net
Returns^(1)
OZ Master Fund    1.59%          1.64%         1.38%     4.68%        0.40%
OZ Europe         1.82%          1.99%         0.97%     4.85%        -0.02%
Master Fund
OZ Asia Master    2.64%          2.26%         0.91%     5.91%        -0.74%
Fund
OZ Global
Special           1.39%          2.01%         1.60%     5.08%        0.42%
Investments
Master Fund
S&P 500           4.48%          4.32%         3.29%     12.59%       -0.63%
Index^(2)
MSCI World        4.36%          4.78%         1.82%     11.34%       -1.46%
Index^(2)
                  2012
                  May            June          2Q        July         August
Net
Returns^(1)
OZ Master Fund    -0.44%         0.23%         0.19%     0.78%        1.27%
OZ Europe         -1.81%         0.43%         -1.41%    0.49%        0.75%
Master Fund
OZ Asia Master    -2.22%         -0.50%        -3.43%    0.45%        0.37%
Fund
OZ Global
Special           -0.72%         0.18%         -0.12%    0.49%        0.62%
Investments
Master Fund
S&P 500           -6.01%         4.12%         -2.75%    1.39%        2.25%
Index^(2)
MSCI World        -6.67%         4.33%         -4.05%    1.37%        2.05%
Index^(2)
                  2012
                  September      3Q            YTD
                                               Sept.
Net
Returns^(1)
OZ Master Fund    1.43%          3.52%         8.57%
OZ Europe         1.69%          2.95%         6.43%
Master Fund
OZ Asia Master    1.07%          1.90%         4.23%
Fund
OZ Global
Special           1.30%          2.43%         7.50%
Investments
Master Fund
S&P 500           2.58%          6.35%         16.44%
Index^(2)
MSCI World        2.19%          5.73%         12.95%
Index^(2)
                  2011
                  January        February      March     April        May
Net
Returns^(1)
OZ Master Fund    1.71%          1.14%         0.48%     0.73%        -0.04%
OZ Europe         2.29%          0.91%         0.34%     0.38%        0.20%
Master Fund
OZ Asia Master    0.98%          0.03%         0.44%     0.80%        -1.68%
Fund
OZ Global
Special           2.20%          1.77%         0.59%     0.95%        0.38%
Investments
Master Fund
S&P 500           2.37%          3.43%         0.04%     2.96%        -1.13%
Index^(2)
MSCI World        1.96%          2.97%         -1.23%    2.33%        -1.17%
Index^(2)
                  2011
                  June           July          August    September    October
Net
Returns^(1)
OZ Master Fund    -0.71%         -0.01%        -1.84%    -1.94%       0.66%
OZ Europe         -2.21%         -1.68%        -2.71%    -0.95%       0.21%
Master Fund
OZ Asia Master    0.78%          0.88%         -1.70%    -4.05%       2.40%
Fund
OZ Global
Special           0.49%          -0.36%        -1.75%    -1.55%       0.34%
Investments
Master Fund
S&P 500           -1.67%         -2.03%        -5.43%    -7.03%       10.93%
Index^(2)
MSCI World        -1.55%         -2.70%        -6.72%    -6.02%       8.58%
Index^(2)
                  2011
                  November       December      FY2011
Net
Returns^(1)
OZ Master Fund    -0.57%         -0.02%        -0.48%
OZ Europe         -1.57%         -0.14%        -4.93%
Master Fund
OZ Asia Master    -0.73%         -1.85%        -3.80%
Fund
OZ Global
Special           0.30%          -0.17%        3.16%
Investments
Master Fund
S&P 500           -0.22%         1.02%         2.11%
Index^(2)
MSCI World        -1.22%         0.62%         -4.96%
Index^(2)
Past performance is no indication or guarantee of future results.
(1) Net return represents a composite of the average return of the feeder
funds that comprise each of the master funds presented. Net return is
presented on a total return basis, net of all fees and expenses (except
incentive income on unrealized gains attributable to investments that the
Company, as investment manager, determines lack a readily ascertainable fair
value, are illiquid or otherwise should be held until the resolution of a
special event or circumstance ("Special Investments") that could reduce
returns on these investments at the time of realization), and includes the
reinvestment of all dividends and other income. Performance includes realized
and unrealized gains and losses attributable to Special Investments and
initial public offering investments that are not allocated to all investors in
the feeder funds. Investors that were not allocated Special Investments and/or
initial public offering investments may experience materially different
returns.
(2) This comparison shows the returns of the S&P 500 Index (SPTR) and the MSCI
World Index (GDDLWI) ("Broader Market Indices") against certain Och-Ziff funds
(the "funds"). This comparison is intended solely for illustrative purposes to
show a historical comparison of the funds to the broader equity markets, as
represented by the Broader Market Indices, and should not be considered as an
indication of how the funds will perform relative to the Broader Market
Indices in the future. The Broader Market Indices are not performance
benchmarks of the funds. The funds are not managed to correlate in any way
with the returns or composition of the Broader Market Indices, which are
unmanaged. It is not possible to invest in an unmanaged index. You should not
assume that there is any material overlap between the securities in the funds
and those that comprise the Broader Market Indices. The S&P 500 Index is an
equity index whose value is calculated as the free-float weighted average of
the share prices of the 500 large-cap companies listed on the NYSE and NASDAQ.
The MSCI World Index is a free-float adjusted market capitalization weighted
index that is designed to measure the equity market performance of developed
markets. Returns of the Broader Market Indices have not been reduced by fees
and expenses associated with investing in securities and include the
reinvestment of dividends.



EXHIBIT 8
OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
Financial Supplement (Unaudited)
As of October 1, 2012
OZ Master Fund by Investment Strategy
Long/Short Equity Special Situations                                       42%
Structured Credit                                                          26%
Convertible and Derivative Arbitrage                                       13%
Corporate Credit                                                           10%
Private Investments                                                        6%
Merger Arbitrage                                                           3%
Cash                                                                       0%
Assets Under Management by Geography^(1)
North America                                                              61%
Europe                                                                     25%
Asia                                                                       14%
Investors by Type
Pensions                                                                   30%
Fund-of-Funds                                                              16%
Corporate, Institutional and Other                                         14%
Foundations and Endowments                                                 13%
Private Banks                                                              11%
Related Parties                                                            9%
Family Offices and Individuals                                             7%
Investors by Geography
North America                                                              73%
Europe                                                                     16%
Asia and Other                                                             11%
(1)The North American exposure includes the United States, Canada, Central
America and South America. The European exposure includes Africa and the
Middle East. The Asian exposure includes Australia and New Zealand.





SOURCE Och-Ziff Capital Management Group LLC

Website: http://www.ozcap.com
Contact: Investor Relations Contact: Tina Madon, Managing Director, Head of
Investor Relations, Och-Ziff Capital Management Group LLC, +1-212-719-7381,
tina.madon@ozcap.com; or Media Relations Contact: George Sard or Jonathan
Gasthalter, Sard Verbinnen & Co, +1-212-687-8080
 
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