Och-Ziff Capital Management Group LLC Reports First Quarter 2008 Results/First Quarter 2008 Dividend of $0.08 per Class A Sharee

04/30/2008

NEW YORK, April 30 /PRNewswire-FirstCall/ -- Och-Ziff Capital Management Group LLC (NYSE: OZM) (the "Company" or "Och-Ziff") today reported its results for the first quarter ended March 31, 2008.

    First Quarter Highlights
    -- Distributable Earnings of $50.0 million, or $0.13 per Adjusted Class A
       Share
    -- Dividend of $0.08 per Class A Share to be paid on May 7, 2008 to
       holders of record as of the close of business on April 1, 2008
    -- Assets under management of $33.3 billion as of March 31, 2008, 30%
       higher than as of March 31, 2007
    -- Economic Income Revenues of $146.5 million, 47% higher than first
       quarter 2007 Economic Income Revenues

For the first quarter ended March 31, 2008, Och-Ziff reported a GAAP net loss of $268.1 million, or $3.62 per basic and diluted Class A Share. The first-quarter 2008 GAAP net loss resulted primarily from non-cash expenses of $425.6 million 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 that were granted 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 from the date of the IPO. Accordingly, amortization of these expenses is expected to result in a GAAP net loss each quarter through 2012. Once vested, the Group A Units may be exchanged on a one-to-one basis for Class A Shares. Also contributing to the GAAP net loss was a non- cash expense of $26 million for the amortization of equity-based compensation, primarily related to Class A restricted share units granted to all of the Company's employees in connection with the IPO. These units vest annually over four years from the date of the IPO.

Och-Ziff's Distributable Earnings for the first quarter ended March 31, 2008 totaled $50.0 million, or $0.13 per Adjusted Class A Share. Distributable Earnings is a supplemental non-GAAP financial measure used by management to determine the after-tax amount available to distribute as dividends to holders of the Company's Class A Shares and to the Company's partners, assuming all Group A Units and Class A restricted share units were converted on a one-to-one basis into Class A Shares ("Adjusted Class A Shares"). Distributable Earnings is equal to Economic Income of the Och-Ziff Funds segment less adjusted income taxes. These adjusted income taxes were calculated assuming all Group A Units and Class A restricted share units were converted on a one-to-one basis into Class A Shares. Distributable Earnings per Share is equal to Distributable Earnings divided by the number of Adjusted Class A Shares. Management believes that Distributable Earnings provides a meaningful basis for comparison of the after-tax operating performance of the Och-Ziff Funds segment, which represents substantially all of the Company's business. For a reconciliation of the Company's first-quarter 2008 Economic Income to Distributable Earnings, please see Exhibit 6 of the financial tables that accompany this press release.

Och-Ziff's assets under management were $33.3 billion as of March 31, 2008, up 30% from $25.7 billion in assets under management as of March 31, 2007, but essentially unchanged from $33.4 billion in assets under management as of December 31, 2007. The $7.6 billion year-over-year increase was driven by net inflows and appreciation, primarily in each of the Company's most significant master funds. The increase also included the fourth-quarter 2007 reinvestment by the Company's partners of $1.6 billion in after-tax proceeds from the Company's IPO and Class A Share sale to Dubai International Capital. These proceeds were principally invested in the OZ Global Special Investments Master Fund. During the 2008 first quarter, net inflows of approximately $263 million were offset by performance-related depreciation of $389 million.

    Assets under management by fund are as follows:

                                                                % Change (4)
                                                                Mar.   Mar.
                                                                2008   2008
                                      March  December  March     vs.    vs.
                                        31,     31,     31,     Dec.   Mar.
    (dollars in billions)              2008    2007    2007     2007   2007

    OZ Master Fund                     19.9    19.8    17.1       1%    17%
    OZ Europe Master Fund               6.2     6.4     4.5      -3%    39%
    OZ Asia Master Fund (1)             3.8     3.9     2.7      -1%    41%
    OZ Global Special Investments
       Master Fund (2)                  2.1     2.1     0.2       0%   871%
    Other (3) (4)                       1.3     1.2     1.2       8%     8%

    (1) Includes investment of $0.1 billion in after-tax proceeds from the
        Company's Class A Share sales
    (2) Includes investment of $1.5 billion in after-tax proceeds from the
        Company's Class A Share sales
    (3) Includes OZ Capital Structure Arbitrage, Real Estate Funds and
        managed accounts
    (4) Rounding differences may occur

The 2008 first quarter net returns of the Company's most significant master funds are detailed in the table below. These returns were generated with less than half the volatility of the S&P 500 and essentially no leverage.

    Summary Performance Statistics (1)

                                                         2008
                                          January February  March     1Q

    OZ Master Fund                         -1.12%   1.02%   -0.73%   -0.84%
    OZ Europe Master Fund                  -2.00%   0.81%   -0.54%   -1.74%
    OZ Asia Master Fund                    -1.95%   1.78%   -2.41%   -2.61%
    OZ Global Special Investments Master
     Fund                                  -0.72%   0.57%   -0.45%   -0.60%

    (1) Please see important disclosures on Exhibit 9 of the Financial
        Supplement accompanying this press release.

"Och-Ziff's differentiated model continued to serve our fund investors well during the difficult market conditions of the first quarter," said Daniel Och, Chairman and Chief Executive Officer of Och-Ziff. "Our focus on preserving fund capital by actively managing our exposures to reduce risk was evident in our absolute returns. Additionally, our ability to effectively navigate the markets during the first quarter also demonstrates the benefits of our being well-diversified and maintaining low leverage. We remain confident in our ability to grow assets under management, and we are making consistent progress toward achieving our growth objectives for 2008. While we believe market conditions will remain challenging for the balance of this year, we continue to see considerable opportunities in the current environment for our time-tested investment approach."

SUMMARY RESULTS OF THE OCH-ZIFF FUNDS SEGMENT

The Och-Ziff Funds segment is currently the Company's only reportable operating segment. This segment provides management and advisory services to the Company's funds and separately managed accounts, excluding substantially all of its real estate funds.

The Company's other operations are currently comprised of its real estate business, which manages and provides advisory services to substantially all of its real estate funds, and investments in new businesses. These operations are currently not material to the Company's overall operations and are not included in the results of the Och-Ziff Funds segment or the performance measure for that segment. Accordingly, these other operations are also excluded from calculations of Distributable Earnings.

The performance measure for the Och-Ziff Funds segment is Economic Income, which management uses to evaluate the financial performance of and make operating decisions for the segment. Management believes that investors should review the same performance measure that it uses to analyze the Company's segment and overall business performance. Economic Income does not include allocations to the partners and the Ziffs on their pre-IPO interests, reorganization expenses related to the Company's IPO, taxes, and partners' and others' interests in the Company's consolidated subsidiaries. For a reconciliation of first-quarter 2008 and first-quarter 2007 Economic Income to total Company GAAP net income (loss) for the corresponding periods, please see Exhibits 3 and 4 of the financial tables that accompany this press release.

    Economic Income

    Economic Income Revenues

First-quarter 2008 Economic Income Revenues were $146.5 million, up 47% compared to first-quarter 2007 Economic Income Revenues of $100.0 million. Management fees were $145.0 million, up 48% from first-quarter 2007 management fees of $98.0 million. The increase in management fees was driven by the year-over-year increase in assets under management.

Economic Income Expenses

Compensation and Benefits

First-quarter 2008 compensation and benefit expenses were $25.4 million, up 80% from first-quarter 2007 compensation and benefit expenses of $14.1 million. The year-over-year increase was driven by increased headcount, primarily during the second half of 2007, related to the infrastructure needed to become a public company and to support the expansion of the Company's business. First-quarter 2008 compensation and benefits also included $9.8 million of compensation expenses primarily related to one-time, non-recurring payments to certain existing personnel and new employees.

Non-Compensation Expenses

First-quarter 2008 non-compensation expenses were $35.1 million, a 219% increase from first-quarter 2007 non-compensation expenses of $11.0 million. The increase was driven primarily by interest expense on the Company's $750 million term loan, which was entered into during the third quarter of 2007. The increase was also driven by higher professional services fees primarily related to the costs of the Company's 2007 annual audit, and related tax preparation and consulting services. On a comparative basis, these expenses were primarily incurred during the second and third quarters of 2007 in connection with the Company's IPO, not in the first quarter of 2007. The remainder of the growth in non-compensation expenses was primarily driven by technology, recruiting, and insurance costs due to the growth in the Company's business and the associated infrastructure requirements.

Economic Income

First-quarter 2008 Economic Income totaled $85.9 million, a 15% increase from first-quarter 2007 Economic Income of $74.8 million. This result was driven by the year-over-year increase in management fees due to growth in assets under management, which more than offset the increase in operating expenses.

The first-quarter 2008 margin, which is first-quarter Economic Income divided by first-quarter Economic Income Revenues was 59%, which was 16 percentage points lower than the first-quarter 2007 margin of 75%. The margin decrease was primarily attributable to interest expense on the Company's $750 million term loan, higher compensation expenses due to significant year-over- year headcount growth, and higher professional services fees.

CAPITAL

As of March 31, 2008, Class A Shares outstanding totaled 74,138,572. For purposes of calculating Distributable Earnings, all Group A Units and Class A restricted share units, excluding Class A restricted share units granted and forfeited in the current period, are assumed to have converted at the beginning of the year on a one-to-one basis into Class A Shares, for a total of 399,197,675 Adjusted Class A Shares outstanding.

DIVIDEND

The Board of Directors of Och-Ziff Capital Management Group LLC has declared a first-quarter 2008 dividend of $0.08 per Class A Share, to be paid on May 7, 2008 to holders of record at the close of business on April 1, 2008.

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 first-quarter 2008 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, April 30, 2008, at 10:00 a.m. Eastern Time to discuss the Company's first-quarter 2008 results. The call will be open to the public and can be accessed by dialing 888-680-0894 (callers inside the U.S.) or 617-213-4860 (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 10014826. A simultaneous webcast of the call will be available to the public on a listen-only basis on the Shareholders page of the Company's website at 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 95657155, 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.

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 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, 2007. 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 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 risk management and capital preservation. Och-Ziff's multi- strategy approach combines global investment strategies, including merger arbitrage, convertible and derivative arbitrage, equity restructuring, credit and distressed credit investments, private investments and real estate. As of March 31, 2008, Och-Ziff had approximately $33.3 billion in assets under management with over 700 investor relationships. For more information, please visit www.ozcap.com.

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

                                                  Three Months Ended March 31,
                                                    2008               2007

    Revenues
       Management fees                             $146,275           $23,450
       Incentive income                                  32                67
       Other revenues                                 1,519               922
       Income of consolidated Och-Ziff funds              1           259,927
       Total Revenues                               147,827           284,366

    Expenses
       Compensation and benefits                     52,955            21,241
       Allocations to non-equity partner interests   (1,850)           66,560
       Reorganization expenses                      425,584                 -
       Profit sharing                                  (834)           13,544
       Interest expense                              10,817               329
       General, administrative and other             25,775            11,794
       Expenses of consolidated Och-Ziff funds          360           150,060
       Total Expenses                               512,807           263,528

    Other Income
       Earnings on investments in and
        deferred income receivable from
        Och-Ziff funds and other entities            (5,164)           19,883
       Net gains of consolidated Och-Ziff funds        (913)        1,010,284
       Total Other Income                            (6,077)        1,030,167

    Income (Loss) before Income Taxes and
     Partners' and Others' Interests
     in Income of Consolidated Subsidiaries        (371,057)        1,051,005
    Income taxes                                      3,226             3,640
    Income (Loss) before Partners' and
     Others' Interests in Income of
     Consolidated Subsidiaries                     (374,283)        1,047,365
    Partners' and others' interests in
     income of consolidated subsidiaries            106,165          (962,177)
    Net Income (Loss)                             $(268,118)          $85,188

    Net Loss per Class A Share
       Basic and Diluted                             $(3.62)

    Weighted Average Class A Shares Outstanding
       Basic and Diluted                         74,138,572



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

                                                Three Months Ended
                                                    March 31,        % Change
                                                                      1Q08 vs.
                                                2008         2007       1Q07

    Economic Income Revenues
       Management fees                        $144,964      $97,965       48%
       Incentive income                             32        1,081      -97%
       Other revenues                            1,503          904       66%
       Total Economic Income Revenues          146,499       99,950       47%

    Economic Income Expenses
       Compensation and benefits                25,446       14,123       80%
       Non-compensation expenses                35,107       11,011      219%
       Total Economic Income Expenses           60,553       25,134      141%
    Och-Ziff Funds Economic Income             $85,946      $74,816       15%

    See Exhibits 3 and 4 for reconciliations of Och-Ziff Funds Economic Income
    to total Company GAAP Net Income (Loss).



                                    Exhibit 3
                      OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
    Reconciliation of Och-Ziff Funds Economic Income to GAAP Net Income (Loss)
                                   (Unaudited)
                              (dollars in thousands)

                                             Three Months Ended March 31, 2008

                                                Och-Ziff Funds
                                                   Economic           Other
                                                    Income          Operations

    Revenues
       Management fees                             $144,964            $1,311
       Incentive income                                  32                 -
       Other revenues                                 1,503                16
       Income of consolidated Och-Ziff funds              -                 -
       Total Revenues                               146,499             1,327

    Expenses
       Compensation and benefits                     25,446               339
       Allocations to non-equity partner interests        -                 -
       Reorganization expenses                            -                 -
       Profit sharing                                     -                 -
       Interest expense                              10,817                 -
       General, administrative and other             24,290               334
       Expenses of consolidated Och-Ziff funds            -               360
       Total Expenses                                60,553             1,033

    Other Income
       Earnings on investments in and
        deferred income receivable from
        Och-Ziff funds and other entities                 -            (4,069)
       Net gains of consolidated Och-Ziff funds           -              (906)
       Total Other Income                                 -            (4,975)

    Income (Loss) Before Income Taxes and
     Partners' and Others' Interests in Income
     of Consolidated Subsidiaries                    85,946            (4,681)
    Income taxes                                          -               133
    Income (Loss) Before Partners' and Others'
     Interests in Income of Consolidated
     Subsidiaries                                    85,946            (4,814)
    Partners' and others' interests in
     income of consolidated subsidiaries                  -             1,004
    Net Income (Loss)                               $85,946           $(3,810)



                                          Three Months Ended March 31, 2008

                                        Reconciling Adjustments (1)

                                            Funds         Other       Total
                                        Consolidation  Adjustments   Company

    Revenues
       Management fees                        $-          $-         $146,275
       Incentive income                        -           -               32
       Other revenues                          -           -            1,519
       Income of consolidated Och-Ziff funds   1           -                1
       Total Revenues                          1           -          147,827

    Expenses
       Compensation and benefits               -      27,170  (a)(b)   52,955
       Allocations to non-equity partner
        interests                              -      (1,850) (c)      (1,850)
       Reorganization expenses                 -     425,584  (d)     425,584
       Profit sharing                          -        (834) (e)        (834)
       Interest expense                        -           -           10,817
       General, administrative and other       -       1,151  (f)      25,775
       Expenses of consolidated Och-Ziff
        funds                                  -           -              360
       Total Expenses                          -     451,221          512,807

    Other Income
       Earnings on investments in and
        deferred income receivable from
        Och-Ziff funds and other entities      -      (1,095) (g)      (5,164)
       Net gains of consolidated Och-Ziff
        funds                                 (7)          -             (913)
       Total Other Income                     (7)     (1,095)          (6,077)

    Income (Loss) Before Income Taxes
     and Partners' and Others'
     Interests in Income of
     Consolidated Subsidiaries                (6)   (452,316)        (371,057)
    Income taxes                               -       3,093  (f)       3,226
    Income (Loss) Before Partners' and
     Others' Interests in Income of
     Consolidated Subsidiaries                (6)   (455,409)        (374,283)
    Partners' and others' interests in
     income of consolidated subsidiaries       6     105,155  (f)     106,165
    Net Income (Loss)                         $-   $(350,254)       $(268,118)

    (1) See Exhibit 5 for a description of the adjustments made to arrive at
        total Company GAAP Net Income (Loss).



                                    Exhibit 4
                      OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
    Reconciliation of Och-Ziff Funds Economic Income to GAAP Net Income (Loss)
                                   (Unaudited)
                              (dollars in thousands)

                                             Three Months Ended March 31, 2007

                                                Och-Ziff Funds
                                                   Economic          Other
                                                    Income         Operations

    Revenues
       Management fees                              $97,965            $1,311
       Incentive income                               1,081                 -
       Other revenues                                   904                18
       Income of consolidated Och-Ziff funds              -                 -
       Total Revenues                                99,950             1,329

    Expenses
       Compensation and benefits                     14,123             1,321
       Allocations to non-equity partner interests        -               (30)
       Profit sharing                                     -               (10)
       Interest expense                                 329                 -
       General, administrative and other             10,682               141
       Expenses of consolidated Och-Ziff funds            -               224
       Total Expenses                                25,134             1,646

    Other Income
       Earnings on investments in and deferred
        income receivable from Och-Ziff funds
        and other entities                                -                 -
       Net gains of consolidated Och-Ziff funds           -                 -
       Total Other Income                                 -                 -

    Income (Loss) Before Income Taxes and
     Partners' and Others' Interests in Income
     of Consolidated Subsidiaries                    74,816              (317)
    Income taxes                                          -                35
    Income (Loss) Before Partners' and
     Others' Interests in Income of
     Consolidated Subsidiaries                       74,816              (352)
    Partners' and others' interests in income of
     consolidated subsidiaries                            -               312
    Net Income (Loss)                               $74,816              $(40)




                                           Three Months Ended March 31, 2007

                                          Reconciling Adjustments (1)

                                              Funds         Other      Total
                                          Consolidation  Adjustments  Company

    Revenues
       Management fees                       $(75,826)      $-        $23,450
       Incentive income                        (1,014)       -             67
       Other revenues                               -        -            922
       Income of consolidated Och-Ziff funds  259,927        -        259,927
       Total Revenues                         183,087        -        284,366

    Expenses
       Compensation and benefits                    -    5,797 (a)(b)  21,241
       Allocations to non-equity partner
        interests                                   -   66,590 (c)     66,560
       Profit sharing                               -   13,554 (e)     13,544
       Interest expense                             -        -            329
       General, administrative and other            -      971 (f)     11,794
       Expenses of consolidated Och-Ziff
        funds                                 149,836        -        150,060
       Total Expenses                         149,836   86,912        263,528

    Other Income
       Earnings on investments in and
        deferred income receivable from
        Och-Ziff funds and other entities     (81,046) 100,929 (g)     19,883
       Net gains of consolidated Och-Ziff
        funds                               1,010,284        -      1,010,284
       Total Other Income                     929,238  100,929      1,030,167

    Income (Loss) Before Income Taxes and
     Partners' and Others' Interests in
     Income of Consolidated Subsidiaries      962,489   14,017      1,051,005
    Income taxes                                    -    3,605 (f)      3,640
    Income (Loss) Before Partners' and
     Others' Interests in Income of
     Consolidated Subsidiaries                962,489   10,412      1,047,365
    Partners' and others' interests in
     income of consolidated subsidiaries     (962,489)       -       (962,177)
    Net Income (Loss)                              $-  $10,412        $85,188

    (1) See Exhibit 5 for a description of the adjustments made to arrive at
        total Company GAAP Net Income (Loss).


                                  Exhibit 5
                    OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
         Description of Adjustments Made to Reconcile Och-Ziff Funds
                  Economic Income to GAAP Net Income (Loss)

    Funds Consolidation
    Economic Income reflects incentive income and management fees earned from
    each of the Company's funds and managed accounts, excluding substantially
    all of the real estate funds. The impacts of the consolidation and related
    eliminations of the Company's funds are not included in Economic Income.
    Incentive income and management fees not eliminated in consolidation prior
    to June 30, 2007, are related to the Company's domestic funds and managed
    accounts. The Company deconsolidated all of its offshore funds on June 30,
    2007.

    Other Adjustments
    (a) Economic Income recognizes deferred cash compensation expense in the
        period in which it is granted, as the Company determines the total
        amount of the compensation based on the Company's performance in the
        year of the grant. Under GAAP, deferred cash compensation expense is
        recognized over the vesting period.

    (b) Economic Income excludes non-cash equity compensation granted to
        employees at the time of the IPO and grants made to the independent
        members of the Company's board of directors. Additionally, the fair
        value of bonuses paid in non-cash equity is recognized in the period
        in which they are granted.

    (c) Economic Income excludes allocations to non-equity partner interests,
        as the Company reviews the performance of the Och-Ziff Funds segment
        before making any allocations to its non-equity partners for periods
        prior to the reorganization. For such periods, allocations to the
        Company's partners, other than Mr. Och, were treated as expenses for
        GAAP purposes. Following the reorganization, only allocations related
        to earnings on previously deferred incentive income allocations to
        non-equity partner interests are incurred.

    (d) Economic Income excludes reorganization expenses, which are non-cash
        expenses directly attributable to the reclassification of interests
        held by the Company's owners prior to the IPO into Och-Ziff Operating
        Group A Units.

    (e) Economic Income excludes the profit sharing expense related to the
        Ziffs' interest in the Company, as the Company reviews the performance
        of the Och-Ziff Funds segment before profit sharing allocations for
        periods prior to the reorganization. Following the reorganization,
        only profit sharing expense related to the allocation of earnings on
        previously deferred incentive income allocations to the Ziffs are
        incurred.

    (f) Economic Income excludes depreciation, income taxes and partners' and
        others' interests in income of consolidated subsidiaries, as the
        Company does not consider these items in determining the performance
        of the Och-Ziff Funds segment.

    (g) Economic Income excludes the earnings on investments in and deferred
        income receivable from Och-Ziff funds and other, as these amounts
        relate to earnings on amounts due to partners related to prior income
        allocations and amounts due to employees under deferred compensation
        arrangements.



                                    Exhibit 6
                      OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
    Reconciliation of Och-Ziff Funds Economic Income to Distributable Earnings
                                   (Unaudited)
               (dollars in thousands, except per share amounts)

                                                   Three Months Ended
                                                     March 31, 2008

    Och-Ziff Funds Economic Income                       $85,946
    Adjusted income taxes (1)                            (35,958)
    Distributable Earnings                               $49,988

    Distributable earnings                               $49,988
    Adjusted Class A shares (1)                      399,197,675
    Distributable Earnings Per Share                       $0.13

    (1) Assumes the conversion of 311,099,524 Och-Ziff Operating Group A Units
        held by the Company's partners and the Ziffs and 13,959,579 restricted
        share units, which excludes restricted share units granted and
        forfeited in the current period, into Class A Shares on a one-to-one
        basis and that all of these shares were outstanding for each period
        presented.



                                    Exhibit 7
                      OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
                       Financial Supplement (Unaudited)
                              (dollars in millions)

                                           Three
                                           Months
                                           Ended
                                          March 31,   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 Inflows                             263    7,591    4,135    3,117
       Appreciation (Depreciation) (2)        (389)   3,175    2,859    1,259
       End of Period Balance               $33,261  $33,387  $22,621  $15,627

    Total Assets Under Management by Fund
       OZ Master Fund                      $19,926  $19,771  $15,449  $12,001
       OZ Europe Master Fund                 6,224    6,416    3,481    1,887
       OZ Asia Master Fund                   3,804    3,852    2,332      605
       OZ Global Special Investments
        Master Fund                          2,080    2,082      195       43

    Och-Ziff Funds - Net Returns (3)
       OZ Master Fund                        -0.8%    11.5%    14.8%     8.8%
       OZ Europe Master Fund                 -1.7%    14.8%    22.3%    15.7%
       OZ Asia Master Fund                   -2.6%    12.2%    14.0%    14.2%
       OZ Global Special Investments
        Master Fund                          -0.6%    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
        compensation 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 and
        incentive fees vary by product. Past performance is no guarantee of
        future results.

    (3) Fund performance reflects a composite of the monthly 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 compensation 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 8
                      OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
                                 (Unaudited)
    Returns of OZ Master Fund During Negative Return Months of S&P 500 Index

                    Number of                          Total Return of
                    Months of       Total Return        OZ Master Fund
                    Negative        of S&P 500        During Negative
                   Returns of     During Negative       Return Months
    Year             S&P 500       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%
    1Q08                3              -9.7%                -0.8%



    Distribution of Net Monthly Returns Since April 1, 1994

          Net Monthly Return              Number of
          of OZ Master Fund                 Months

            less than -3%                     3
             -2% to -3%                       0
             -1% to -2%                       3
              0% to -1%                      14
              0% to 1%                       58
              1% to 2%                       43
              2% to 3%                       29
              3% to 4%                       10
              4% to 5%                        5
          greater than 5%                     3


    Total net return for the OZ Master Fund, Ltd. (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 compensation 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 S. 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 fees on a monthly basis. Beginning
    January 1998, performance has been calculated by deducting both management
    fees and incentive fees 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 performance has frequently trailed that
    of the S&P 500 Index in periods of positive performance.



                                    Exhibit 9
                      OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
                         Fund Performance (Unaudited)

                                               2007 Monthly Returns (1)
                                     January  February   March   April    May

    Och-Ziff Funds - Net Returns
    OZ Master Fund                     1.97%     1.31%   1.38%   1.81%   2.40%
    OZ Europe Master Fund              1.57%     1.35%   1.84%   2.70%   2.85%
    OZ Asia Master Fund                2.69%     0.48%   0.37%   2.96%   2.67%
    OZ Global Special Investments
     Master Fund                       1.89%     1.42%   1.06%   2.93%   1.44%

    S&P 500 Index - Total Return       1.51%    -1.96%   1.12%   4.43%   3.49%


                                               2007 Monthly Returns (1)
                                    June     July   August  September  October

    Och-Ziff Funds - Net Returns
    OZ Master Fund                 0.19%   -0.49%   -0.96%      0.95%    2.07%
    OZ Europe Master Fund          0.83%    0.22%   -0.64%      1.25%    1.25%
    OZ Asia Master Fund            0.09%   -1.00%   -2.08%      0.43%    2.84%
    OZ Global Special Investments
     Master Fund                   0.83%   -0.40%   -0.54%      1.72%    3.11%

    S&P 500 Index - Total Return  -1.66%   -3.10%    1.50%      3.74%    1.59%


                                           2007 Monthly Returns (1)
                                             November    December     FY2007

    Och-Ziff Funds - Net Returns
    OZ Master Fund                            -0.32%       0.67%      11.48%
    OZ Europe Master Fund                     -0.58%       1.32%      14.81%
    OZ Asia Master Fund                        0.12%       2.12%      12.17%
    OZ Global Special Investments
     Master Fund                               1.97%       0.61%      17.19%

    S&P 500 Index - Total Return              -4.18%      -0.69%       5.49%



                                           2008 Monthly Returns (1)
                                          January  February  March    1Q08

    Och-Ziff Funds - Net Returns
    OZ Master Fund                         -1.12%    1.02%   -0.73%   -0.84%
    OZ Europe Master Fund                  -2.00%    0.81%   -0.54%   -1.74%
    OZ Asia Master Fund                    -1.95%    1.78%   -2.41%   -2.61%
    OZ Global Special Investments
     Master Fund                           -0.72%    0.57%   -0.45%   -0.60%

    S&P 500 Index - Total Return           -6.00%   -3.25%   -0.43%   -9.45%

    (1) Fund performance reflects a composite of the monthly 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 compensation 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.

        Readers should not assume that there is any material overlap between
        those securities in the portfolio 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.

SOURCE  Och-Ziff Capital Management Group LLC
    -0-                             04/30/2008
    /CONTACT:  Investor Relations, Tina Madon, Managing Director, Head of
Investor Relations of Och-Ziff Capital Management Group LLC, +1-212-719-7381,
tina.madon@ozcap.com; or Media Relations, Steve Bruce or Chuck Dohrenwend,
both of The Abernathy MacGregor Group, for Och-Ziff Capital Management Group
LLC, +1-212-371-5999/
    /Web site:  http://www.ozcap.com /
    (OZM)

CO:  Och-Ziff Capital Management Group LLC
ST:  New York
IN:  FIN
SU:  ERN DIV CCA

HB-MT
-- NYW002 --
4526 04/30/2008 07:30 EDT http://www.prnewswire.com