Och-Ziff Capital Management Group LLC Reports Fourth Quarter and Full Year 2008 Results

02/12/2009

Fourth Quarter 2008 Dividend of $0.05 per Class A Share

NEW YORK, Feb. 12 /PRNewswire-FirstCall/ -- Och-Ziff Capital Management Group LLC (NYSE: OZM) (the "Company" or "Och-Ziff") today reported its results for the fourth quarter and full year ended December 31, 2008, and the declaration of a $0.05 fourth quarter cash dividend on its Class A Shares.

    2008 Summary Statistics

    --  Distributable Earnings for the Och-Ziff Funds segment of $33.0
        million, or $0.08 per Adjusted Class A Share, for the 2008 fourth

quarter and $192.1 million, or $0.48 per Adjusted Class A Share, for

the 2008 full year

-- Assets under management of $22.1 billion as of January 1, 2009,

reflecting $5.7 billion in performance-related depreciation and $5.4

billion in net outflows during 2008

-- Net annualized return of the OZ Master Fund of -15.9%, 2.5% and 5.4%

for the 1, 3 and 5 year periods, respectively, ended December 31, 2008

    For the fourth quarter and full year ended December 31, 2008, Och-Ziff
reported a GAAP net loss of $112.2 million, or $1.49 per basic and diluted
Class A Share, and $510.6 million, or $6.86 per basic and diluted Class A
Share, respectively.  The GAAP net loss in both periods resulted primarily
from non-cash expenses of $422.2 million and $1.7 billion, respectively,
associated with the Company's reorganization in connection with its initial
public offering ("IPO") in November 2007.  These expenses are related to the
amortization of Och-Ziff Operating Group A Units ("Group A Units"), which
represent equity interests in the Company's principal operating subsidiaries
that were issued to the Company's pre-IPO owners in exchange for their pre-IPO
interests in those subsidiaries.  The Group A Units vest annually over five
years from the closing 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 in the fourth quarter and full year
of 2008 were non-cash expenses of $34.3 million and $102.0 million,
respectively, for the amortization of equity-based compensation, primarily
related to Class A Restricted Share Units ("RSUs") awarded to all of the
Company's employees in connection with the IPO.  These RSUs vest annually over
four years from the closing of the IPO.  Each RSU represents the right to
receive one Class A Share upon vesting.

    Distributable Earnings for the Och-Ziff Funds segment for the fourth
quarter and full year ended December 31, 2008 was $33.0 million, or $0.08 per
Adjusted Class A Share, and $192.1 million or $0.48 per Adjusted Class A
Share, respectively.  Distributable Earnings is a supplemental non-GAAP
financial measure that management believes provides a meaningful basis for
comparison of the after-tax operating performance of the Och-Ziff Funds
segment, which includes substantially all of the Company's business.
Additionally, management uses Distributable Earnings, among other financial
data, to determine the earnings available to distribute as dividends to
holders of the Company's Class A Shares and to the Company's partners and Ziff
Brothers Investments (the "Ziffs") with respect to their Group A Units.

    Distributable Earnings is equal to the Economic Income of the Och-Ziff
Funds segment less adjusted income taxes.  These adjusted income taxes are
estimated assuming all Group A Units and RSUs were converted on a one-to-one
basis into Class A Shares ("Adjusted Class A Shares").  Distributable Earnings
per Share is equal to Distributable Earnings divided by the weighted average
number of Adjusted Class A Shares.  Distributable Earnings should not be
considered as an alternative to GAAP net income or cash flow, and is not
necessarily indicative of liquidity or the cash available to fund operations.
For a reconciliation of the Och-Ziff Funds segment fourth quarter and full
year 2008 Economic Income to Distributable Earnings, please see Exhibit 8 of
the financial tables that accompany this press release.

    Och-Ziff's assets under management were $27.0 billion as of December 31,
2008, 19% lower than the $33.4 billion in assets under management as of
December 31, 2007 and 14% lower than the $31.2 billion in assets under
management as of September 30, 2008.  The $6.4 billion year-over-year decrease
was driven by performance-related depreciation of $5.7 billion and net
outflows of $722 million.  During the 2008 fourth quarter, the $4.3 billion
decrease in assets under management was driven by performance-related
depreciation of $3.3 billion and net outflows of $1.0 billion.  The net
outflows in both periods exclude redemptions for the month of December 2008,
as these redemptions are reflected in assets under management as of January 1,
2009.

    Assets under management as of January 1, 2009 were $22.1 billion, which
reflects redemptions for the month of December 2008 (net of January 1, 2009
capital inflows) of $4.9 billion.  All redemptions for a quarter generally are
paid on the first day of the month following the quarter in which the
redemption notice was submitted, and capital inflows for that month are
accepted on the same day.  The net outflows experienced in both the quarterly
and full-year period ended December 31, 2008 were due primarily to the
unprecedented turbulence in the global capital markets during the third and
fourth quarters of 2008.  This resulted in increased redemptions as
institutional investors re-balanced and/or reduced their overall exposure to
the equity markets globally and to alternative asset managers, including hedge
funds.  The Company's redemptions were also adversely impacted because many
hedge funds imposed gates, suspended or froze redemptions or otherwise
restricted access to investor capital.  The Company provided, and continues to
provide, liquidity to its fund investors in accordance with the pre-defined
terms of its funds.

Estimated assets under management as of February 1, 2009 were $22.3 billion, which reflects redemptions for the month of January 2009 (net of February 1, 2009 capital inflows) of $230 million, and performance-related appreciation of $435 million.


    Assets under management by fund:
                                                              %Change (1)
                                                               ---------
                          December  September December   Dec. 2008  Dec. 2008
                             31,       30,       31,        vs.        vs.
    (dollars in billions)    2008      2008   2007 (2)   Sep. 2008  Dec. 2007
                          --------- --------- --------   ---------  ---------

    OZ Master Fund           16.4      18.8     19.8       -13%       -17%
    OZ Europe Master Fund     5.1       5.8      6.4       -12%       -21%
    OZ Asia Master Fund       2.4       3.2      3.9       -25%       -37%
    OZ Global Special
     Investments Master
     Fund                     1.9       2.0      2.1        -6%        -8%
    Other (1) (3)             1.2       1.4      1.2         NM         NM

    (1) Rounding differences may occur.
    (2) Includes investment by the Company's pre-IPO owners of $1.6 billion
        in after-tax proceeds from the Company's IPO, principally into the
        OZ Global Special Investments Master Fund.
    (3) Includes Real Estate Funds, managed accounts and other funds not
        significant to the Company's results.


    Performance by fund(1):

                                                         2008
                                                         ----
                                    October  November  December    4Q      YTD
                                    -------  --------  --------    --      ---

    OZ Master Fund                  -6.71%    -2.35%    -2.02% -10.74% -15.92%
    OZ Europe Master Fund           -5.12%    -2.67%    -2.31%  -9.79% -17.39%
    OZ Asia Master Fund            -11.76%    -1.69%    -4.13% -16.83%

-30.86%

OZ Global Special Investments

       Master Fund                  -2.60%    -1.72%    -1.22%  -5.44%  

-8.27%

(1) Please see important disclosures on Exhibit 11 of the financial

supplement accompanying this press release.

    For both the fourth quarter and full year 2008, performance-related
depreciation in the Company's master funds was due primarily to unprecedented
market volatility and the ensuing flight to quality which began in September
and persisted through the remainder of 2008.  These factors resulted in
substantial declines in the value of almost every asset class globally, a
deterioration in the typical fundamental relationships between asset classes,
and a lack of liquidity across all the capital markets worldwide.  As a
result, the investment returns in each of the Company's master funds were
adversely affected, although the Company's funds significantly outperformed
major markets globally during both periods.

    "Last year was one of the most difficult periods for the global financial
markets and the alternative asset management industry, and our business was
not immune to industry-wide trends," said Daniel Och, Chairman and Chief
Executive Officer of Och-Ziff.  "That said, we believe current market
conditions have increasingly distinguished larger, institutionally-oriented
firms such as our own - a point of differentiation that has accelerated over
the past 18 months.  At the same time, we also are seeing a greater number of
compelling investment opportunities globally than we have in years, and we are
well positioned to capitalize on them due to a substantial shift in the
competitive landscape.  Today, there are fewer firms competing for attractive
investment opportunities, and we believe firms such as Och-Ziff that have a
proven record of generating returns with limited use of leverage will be able
to attract capital and grow when the markets begin to stabilize."

SUMMARY RESULTS OF THE OCH-ZIFF FUNDS SEGMENT

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

    The Company's other operations are currently comprised of its real estate
business, which manages and provides advisory services to its real estate
funds, and investments in new businesses established to expand certain of the
Company's private investment platforms.  These other operations, which
currently are in early growth stages and are not material to the overall
financial performance of the Company as of December 31, 2008, are not included
in the Och-Ziff Funds segment and therefore not included in the calculations
of Economic Income, Distributable Earnings and Distributable Earnings per
Share.
    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 core business performance.  Economic Income is a pre-tax measure
that does not include income allocations to the pre-IPO interests of the
partners and the Ziffs, reorganization expenses related to the Company's IPO,
equity-based compensation expenses, taxes, or partners' and others' interests
in the Company's consolidated subsidiaries, among other adjustments.  For
further information regarding these adjustments, please see Exhibit 7 of the
financial tables that accompany this press release.

For reconciliations of Economic Income to total Company GAAP net income (loss) for the periods discussed below, please see Exhibits 3 through 6 of the financial tables that accompany this press release.

    Economic Income

    Economic Income Revenues

    Fourth-quarter 2008 Economic Income Revenues were $140.4 million, an 82%
decrease from fourth-quarter 2007 Economic Income Revenues of $763.7 million.
Management Fees were $133.2 million, 1% lower than fourth-quarter 2007
Management Fees of $135.1 million.  Incentive Income was $6.7 million, as
compared to fourth-quarter 2007 Incentive Income of $625.3 million.

    Economic Income Revenues for the full year of 2008 were $587.0 million, a
48% decrease from Economic Income Revenues of $1.1 billion in the prior year
period.  Management Fees were $571.3 million, up 20% from Management Fees of
$476.9 million in the prior year period, driven by higher average assets under
management during 2008 compared with the prior year.  Incentive Income was
$12.2 million, 98% lower than Incentive Income of $637.2 million in the prior
year period.

    The primary driver of the decline in Economic Income revenues in both the
fourth quarter and full year periods was significantly lower Incentive Income
in the 2008 fourth quarter due to negative annual investment performance of
the Company's master funds in 2008.  The December 2008 redemptions had no
impact on fourth-quarter or full-year 2008 results as they impacted assets
under management as of January 1, 2009.  Therefore, in accordance with the
Company's practices, the effect of these redemptions on Management Fees will
be recognized in the Company's first-quarter 2009 results.

    Economic Income Expenses

    Compensation and Benefits

    Fourth-quarter 2008 Compensation and Benefits expenses totaled $64.3
million, 60% lower than fourth-quarter 2007 Compensation and Benefits expenses
of $159.8 million.  Fourth-quarter 2008 Compensation and Benefits included
$47.3 million of cash bonus expense, which was 67% lower than fourth-quarter
2007 cash bonus expense of $143.8 million.

    Compensation and Benefits for the 2008 full year was $141.3 million, 32%
lower than Compensation and Benefits of $207.4 million in the prior year
period.  Compensation and Benefits for this period included $75.1 million of
cash bonus expense, which was 53% lower than full-year 2007 cash bonus expense
of $160.3 million.

    The decrease in Compensation and Benefits in both periods was driven by
lower cash bonuses.  Cash bonuses are generally variable and are a function of
annual Total Economic Income Revenues earned in a given year.  Cash bonuses in
2008 declined due to significantly lower Incentive Income in the 2008 fourth
quarter than in the prior year fourth quarter, which resulted from negative
annual investment performance of the Company's master funds in 2008.

Non-Compensation Expenses

    Fourth-quarter 2008 non-compensation expenses were $35.0 million, a 13%
increase from fourth-quarter 2007 non-compensation expenses of $30.9 million.
The increase was driven principally by higher professional services fees,
insurance costs and occupancy expenses related to the infrastructure
associated with becoming a public company.  These increases were partially
offset by lower interest expense on the Company's $750 million term loan due
to the decline in the loan's LIBOR-based borrowing rate, and lower business
development costs.

    Non-compensation expenses for the full year of 2008 were $130.0 million, a
30% increase from non-compensation expenses of $99.7 million in the prior year
period.  The increase was driven primarily by a full year of interest expense
recorded in 2008 on the Company's $750 million term loan compared to six
months of interest expense recorded in 2007, as the loan was entered into
during the third quarter of that year.  The remainder of the increase was
driven principally by higher insurance costs, as well as the impact of
annualized expenses related to the infrastructure build-out associated with
becoming a public company and growth in the Company's business in 2007.

Economic Income

    Fourth-quarter 2008 Economic Income totaled $41.1 million, a 93% decrease
from fourth-quarter 2007 Economic Income of $573.0 million.  Economic Income
for the full year of 2008 totaled $315.8 million, a 61% decrease from Economic
Income of $818.4 million in the prior year period.

CAPITAL

    As of December 31, 2008, Class A Shares outstanding were 76,279,134.  For
purposes of calculating Distributable Earnings per Share, the Company assumes
that all Group A Units and outstanding RSUs have been converted on a
one-to-one basis into Class A Shares.  For the fourth quarter and full year
ended December 31, 2008, the total weighted average Adjusted Class A Shares
outstanding were 399,996,898 and 400,002,114, respectively.

DIVIDEND

The Board of Directors of Och-Ziff declared a fourth-quarter 2008 dividend of $0.05 per Class A Share, to be paid on February 19, 2009 to holders of record at the close of business on December 31, 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 fourth 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, February 12, 2009, at 8:30
a.m. Eastern Time to discuss the Company's fourth quarter and full year 2008
results.  The call will be open to the public and can be accessed by dialing
888-680-0865 (callers inside the U.S.) or 617-213-4853 (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 42733770.  A simultaneous webcast
of the call will be available to the public on a listen-only basis on the For
Shareholders page of the Company's website at 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 11439773, beginning approximately two hours after the event for two weeks. A webcast replay of the event will also be available on the For Shareholders page of the Company's website.

Forward-Looking Statements

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

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

    If one or more of these or other risks or uncertainties materialize, or if
the Company's assumptions prove to be incorrect, the Company's actual results
may vary materially from those indicated in these statements.  These factors
should not be construed as exhaustive and should be read in conjunction with
the other cautionary statements and risks that are included in the Company's
filings with the Securities and Exchange Commission, including but not limited
to the Company's Annual Report on Form 10-K for the year ended December 31,
2007 and its Quarterly Reports on Form 10-Q.  Any forward-looking statements
contained in this press release are made only as of the date hereof.  The
Company does not undertake any obligation to publicly update or review any
forward-looking statement, whether as a result of new information, future
developments or otherwise.

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


    About Och-Ziff Capital Management Group LLC
    Och-Ziff Capital Management Group LLC is one of the world's largest
institutional alternative asset managers with offices in New York, London,
Hong Kong, Tokyo, Bangalore and Beijing.  Och-Ziff's funds seek to deliver
consistent, positive, risk-adjusted returns throughout market cycles, with a
strong focus on capital preservation.  Och-Ziff's multi-strategy approach
combines global investment strategies, including merger arbitrage, convertible
and derivative arbitrage, equity restructuring, credit and distressed
investments, private investments and real estate.  As of February 1, 2009,
Och-Ziff had approximately $22.3 billion in estimated assets under management
with approximately 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          Year Ended
                                    December 31,            December 31,
                                ------------------    -------------------
                                   2008        2007        2008       2007
                                   ----        ----        ----       ----
    Revenues
      Management fees          $134,495    $136,419    $576,265   $317,756
      Incentive income            6,718     625,275      12,201    632,690
      Other revenues                930       3,341       4,109     11,637
      Income of consolidated
       Och-Ziff funds             4,155       5,156      11,809    539,892
                                  -----       -----      ------    -------
      Total Revenues            146,298     770,191     604,384  1,501,975
                                -------     -------     -------  ---------

    Expenses
      Compensation and
       benefits                 106,442     176,825     261,830    238,331
      Allocations to non-
       equity partner
       interests                (37,463)     85,060     (38,328)   574,326
      Reorganization expenses   422,236   3,333,396   1,698,989  3,333,396
      Profit sharing             (3,015)      2,232      (4,751)   106,644
      Interest expense            9,157      11,430      33,948     24,240
      General, administrative
       and other                 18,451      23,718     102,222     83,241
      Expenses of
       consolidated Och-Ziff
       funds                      1,594       1,201       3,994    343,135
                                  -----       -----       -----    -------
      Total Expenses            517,402   3,633,862   2,057,904  4,703,313
                                -------   ---------   ---------  ---------

    Other Income (Loss)
      Net earnings (losses)
       on investments in and
       deferred income
       receivable from Och-
       Ziff funds and other
       entities                (128,342)     67,120    (153,337)   118,335
      Net gains (losses) of
       consolidated Och-Ziff
       funds                    (18,421)     16,201     (17,634) 2,352,290
                                -------      ------     -------  ---------
      Total Other Income
       (Loss)                  (146,763)     83,321    (170,971) 2,470,625
                               --------      ------    --------  ---------

    Loss before Income Taxes
     and Partners' and
     Others' Interests in
     Income of Consolidated
     Subsidiaries              (517,867) (2,780,350) (1,624,491)  (730,713)
    Income taxes                 17,370      48,614      40,066     63,963
                                 ------      ------      ------     ------
    Loss before Partners'
     and Others' Interests
     in Income of
     Consolidated
     Subsidiaries              (535,237) (2,828,964) (1,664,557)  (794,676)
    Partners' and others'
     interests in income of
     consolidated
     subsidiaries               423,004   2,054,412   1,153,961   (120,350)
                                -------   ---------   ---------   --------
    Net Loss                  $(112,233)  $(774,552)  $(510,596) $(915,026)
                              =========   =========   =========  =========




                                                     November 14, 2007
                                                          through
    Net Loss per Class A Share                        December 31, 2007
                                                     ------------------
      Basic and diluted                 $(1.49)          $(11.15)    

$(6.86)

                                        ======           =======      

======

Weighted Average Class A Shares

Outstanding

      Basic and diluted             75,171,980        74,138,572  74,398,336
                                    ==========        ==========  ==========



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

                                           Three Months Ended
                                              December 31,
                                                ---------------
                                             2008      2007    % Change
                                             ----      ----    --------
    Economic Income Revenues
      Management fees                    $133,240  $135,108       -1%
      Incentive income                      6,718   625,275      -99%
      Other revenues                          405     3,304      -88%
                                              ---     -----
      Total Economic Income Revenues      140,363   763,687      -82%
                                          -------   -------

    Economic Income Expenses
      Compensation and benefits (1)        64,266   159,829      -60%
      Non-compensation expenses            35,003    30,890       13%
                                           ------    ------
      Total Economic Income Expenses       99,269   190,719      -48%
                                           ------   -------
    Och-Ziff Funds Economic Income        $41,094  $572,968      -93%
                                          =======  ========


                                             Year Ended
                                             December 31,
                                            -------------
                                             2008      2007    % Change
                                             ----      ----    --------

    Economic Income Revenues
      Management fees                    $571,274  $476,907       20%
      Incentive income                     12,201   637,243      -98%
      Other revenues                        3,554    11,391      -69%
                                            -----    ------
      Total Economic Income Revenues      587,029 1,125,541      -48%
                                          ------- ---------

    Economic Income Expenses
      Compensation and benefits (1)       141,255   207,379      -32%
      Non-compensation expenses           129,970    99,723       30%
                                          -------    ------
      Total Economic Income Expenses      271,225   307,102      -12%
                                          -------   -------
    Och-Ziff Funds Economic Income       $315,804  $818,439      -61%
                                         ========  ========

    (1) Prior to the second quarter of 2008, the grant-date fair value of RSUs
        awarded to employees, excluding awards made at the time of the
        Company's IPO, was recognized as an expense in full on the date of
        the award.  The 2007 fourth-quarter and full-year Compensation and
        Benefits expenses have been recalculated to conform to the current
        methodology.

See Exhibits 3 - 6 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
                                                  December 31, 2008
                                              ---------------------------

                                            Och-Ziff Funds
                                               Economic         Other
                                                Income        Operations
                                            --------------   -----------
    Revenues
      Management fees                             $133,240         $1,311
      Incentive income                               6,718              -
      Other revenues                                   405            525
      Income of consolidated Och-Ziff funds              -          4,154
                                                   -------          -----
      Total Revenues                               140,363          5,990
                                                   -------          -----
    Expenses
      Compensation and benefits                     64,266         11,006
      Allocations to non-equity partner
       interests                                         -              -
      Reorganization expenses                            -              -
      Profit sharing                                     -              -
      Interest expense                               9,157              -
      General, administrative and other             25,846            792
      Expenses of consolidated Och-Ziff
       funds                                             -          1,449
                                                    ------          -----
      Total Expenses                                99,269         13,247
                                                    ------         ------
    Other Loss
      Net losses on investments in and
       deferred income receivable from
       Och-Ziff funds and other entities                 -         (1,500)
      Net losses of consolidated Och-Ziff funds          -        (16,214)
                                                    ------        -------
      Total Other Loss                                   -        (17,714)
                                                    ------        -------
    Income (Loss) Before Income Taxes and
     Partners' and Others' Interests in
     Income of Consolidated Subsidiaries            41,094        (24,971)
    Income taxes                                         -             15
                                                    ------        -------
    Income (Loss) Before Partners' and
     Others' Interests in Income of
     Consolidated Subsidiaries                      41,094        (24,986)
    Partners' and others' interests in
     income of consolidated
     subsidiaries                                        -         12,350
                                                   -------         ------
    Net Income (Loss)                              $41,094       $(12,636)
                                                   =======       ========



                                Three Months Ended December 31, 2008
                                ------------------------------------
                           Reconciling Adjustments (1)
                           ---------------------------
                             Funds                                  Total
                         Consolidation  Other Adjustments           Company
                         -------------  -----------------           -------
    Revenues
      Management fees             $(56)               $-           $134,495
      Incentive income               -                 -              6,718
      Other revenues                 -                 -                930
      Income of
       consolidated
       Och-Ziff funds                1                 -              4,155
                                     -                 -              -----
      Total Revenues               (55)                -            146,298
                                   ---                 -            -------
    Expenses
      Compensation
       and benefits                  -            31,170  (a) (b)   106,442
      Allocations to
       non-equity
       partner interests             -           (37,463) (c)       (37,463)
      Reorganization
       expenses                      -           422,236  (d)       422,236
      Profit sharing                 -            (3,015) (e)        (3,015)
      Interest expense               -                 -              9,157
      General,
       administrative
       and other                     -            (8,187) (f)        18,451
      Expenses of
       consolidated
       Och-Ziff funds              145                 -              1,594
                                   ---                 -              -----
      Total Expenses               145           404,741            517,402
                                   ---           -------            -------

    Other Loss
      Net losses on
       investments in
       and deferred
       income
       receivable
       from Och-Ziff
       funds and
       other entities                -          (126,842) (g)      (128,342)
      Net losses of
       consolidated
       Och-Ziff funds           (2,207)                -            (18,421)
                                ------                 -            -------
      Total Other Loss          (2,207)         (126,842)          (146,763)
                                ------          --------           --------

    Income (Loss)
     Before Income
     Taxes and
     Partners' and
     Others'
     Interests in
     Income of
     Consolidated
     Subsidiaries               (2,407)         (531,583)          (517,867)
    Income taxes                     -            17,355  (f)        17,370
                                     -            ------             ------
    Income (Loss)
     Before
     Partners' and
     Others'
     Interests in
     Income of
     Consolidated
     Subsidiaries               (2,407)         (548,938)          (535,237)
    Partners' and
     others'
     interests in
     income of
     consolidated
     subsidiaries                2,407           408,247  (f)       423,004
                                 -----           -------            -------
    Net Income
     (Loss)                         $-         $(140,691)         $(112,233)
                                 =====         =========          =========


    (1) See Exhibit 7 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
                                                  December 31, 2007
                                              ---------------------------

                                            Och-Ziff Funds
                                               Economic         Other
                                                Income        Operations
                                            --------------   -----------
    Revenues
      Management fees                             $135,108         $1,311
      Incentive income                             625,275              -
      Other revenues                                 3,304             37
      Income of consolidated Och-Ziff funds              -          5,081
                                                         -          -----
      Total Revenues                               763,687          6,429
                                                   -------          -----

    Expenses
      Compensation and benefits                    159,829          2,598
      Allocations to non-equity partner
       interests                                         -             69
      Reorganization expenses                            -              -
      Profit sharing                                     -             23
      Interest expense                              11,430              -
      General, administrative and other             19,460          3,191
      Expenses of consolidated Och-Ziff
       funds                                             -          1,138
                                                         -          -----
      Total Expenses                               190,719          7,019
                                                   -------          -----

    Other Income
      Net gains on investments in and
       deferred income receivable from
       Och-Ziff funds and other entities                 -              -
      Net gains (losses) of consolidated
       Och-Ziff funds                                    -         16,218
                                                         -         ------
      Total Other Income                                 -         16,218
                                                         -         ------

    Income (Loss) Before Income Taxes and
     Partners' and Others' Interests in
     Income of Consolidated Subsidiaries           572,968         15,628
    Income taxes                                         -              8
                                                         -              -
    Income (Loss) Before Partners' and
     Others' Interests in Income of
     Consolidated Subsidiaries                     572,968         15,620
    Partners' and others' interests in
     income of consolidated subsidiaries                 -        (22,933)
                                                         -        -------
    Net Income (Loss)                             $572,968        $(7,313)
                                                  ========        =======



                                Three Months Ended December 31, 2007
                                ------------------------------------
                          Reconciling Adjustments (1)
                          ---------------------------
                            Funds                                   Total
                        Consolidation  Other Adjustments            Company
                        -------------  -----------------            -------

    Revenues
      Management fees              $-                $-            $136,419
      Incentive income              -                 -             625,275
      Other revenues                -                 -               3,341
      Income of
       consolidated
       Och-Ziff funds              75                 -               5,156
                                   --                 -               -----
      Total Revenues               75                 -             770,191
                                   --                 -             -------

    Expenses
      Compensation and
       benefits                     -            14,398  (a) (b)    176,825
      Allocations to
       non-equity
       partner
       interests                    -            84,991  (c)         85,060
      Reorganization
       expenses                     -         3,333,396  (d)      3,333,396
      Profit sharing                -             2,209  (e)          2,232
      Interest expense              -                 -              11,430
      General,
       administrative
       and other                    -             1,067  (f)         23,718
      Expenses of
       consolidated
       Och-Ziff funds              63                 -               1,201
                                   --                 -               -----
      Total Expenses               63         3,436,061           3,633,862
                                   --         ---------           ---------

    Other Income
      Net gains on
       investments in
       and deferred
       income
       receivable
       from Och-
       Ziff funds
       and other
       entities                   135            66,985  (g)         67,120
      Net gains
       (losses) of
       consolidated
       Och-Ziff funds             (17)                -              16,201
                                  ---                 -              ------
      Total Other
       Income                     118            66,985              83,321
                                  ---            ------              ------

    Income (Loss)
     Before Income
     Taxes and
     Partners' and
     Others'
     Interests in
     Income of
     Consolidated
     Subsidiaries                 130        (3,369,076)         (2,780,350)
    Income taxes                    -            48,606  (f)         48,614
                                    -            ------              ------
    Income (Loss)
     Before Partners'
     and Others'
     Interests in
     Income of
     Consolidated
     Subsidiaries                 130        (3,417,682)         (2,828,964)
    Partners' and
     others'
     interests in
     income of
     consolidated
     subsidiaries                (130)        2,077,475  (f)      2,054,412
                                 ----         ---------           ---------
    Net Income
     (Loss)                        $-       $(1,340,207)          $(774,552)
                                   ==       ===========           =========


    (1) See Exhibit 7 for a description of the adjustments made to arrive at
        total Company GAAP Net Income (Loss).



                                   Exhibit 5
                     OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
               Reconciliation of Och-Ziff Funds Economic Income to
                         GAAP Net Income (Loss) (Unaudited)
                            (dollars in thousands)

                                             Year Ended December 31, 2008
                                             ----------------------------

                                            Och-Ziff Funds
                                               Economic         Other
                                                Income        Operations
                                            --------------   -----------
    Revenues
      Management fees                             $571,274         $5,245
      Incentive income                              12,201              -
      Other revenues                                 3,554            555
      Income of consolidated Och-Ziff funds              -         11,702
                                                   -------         ------
      Total Revenues                               587,029         17,502
                                                   -------         ------

    Expenses
      Compensation and benefits                    141,255         13,975
      Allocations to non-equity partner
       interests                                         -              -
      Reorganization expenses                            -              -
      Profit sharing                                     -              -
      Interest expense                              33,948              -
      General, administrative and other             96,022          1,986
      Expenses of consolidated Och-Ziff funds            -          3,340
                                                     -----          -----
      Total Expenses                               271,225         19,301
                                                   -------         ------

    Other Loss
      Net losses on investments in and
       deferred income receivable from
       Och-Ziff funds and other entities                 -         (7,644)
      Net losses of consolidated Och-Ziff
       funds                                             -        (13,453)
                                                      ----        -------
      Total Other Loss                                   -        (21,097)
                                                      ----        -------

    Income (Loss) Before Income Taxes and
     Partners' and Others' Interests in
     Income of Consolidated Subsidiaries           315,804        (22,896)
    Income taxes                                         -            241
                                                      ----            ---
    Income (Loss) Before Partners' and
     Others' Interests in Income of
     Consolidated Subsidiaries                     315,804        (23,137)
    Partners' and others' interests in
     income of consolidated subsidiaries                 -          2,895
                                                         -          -----
    Net Income (Loss)                             $315,804       $(20,242)
                                                  ========       ========



                                      Year Ended December 31, 2008
                                      ----------------------------
                            Reconciling Adjustments (1)
                            ---------------------------
                              Funds                                   Total
                          Consolidation  Other Adjustments            Company
                          -------------  -----------------            -------

    Revenues
      Management fees             $(254)               $-            $576,265
      Incentive income                -                 -              12,201
      Other revenues                  -                 -               4,109
      Income of
       consolidated
       Och-Ziff funds               107                 -              11,809
                                    ---            ------              ------
      Total Revenues               (147)                -             604,384
                                   ----            ------             -------

    Expenses
      Compensation
       and benefits                   -           106,600  (a) (b)    261,830
      Allocations to
       non-equity
       partner
       interests                      -           (38,328) (c)        (38,328)
      Reorganization
       expenses                       -         1,698,989  (d)      1,698,989
      Profit sharing                  -            (4,751) (e)         (4,751)
      Interest expense                -                 -              33,948
      General,
       administrative and
       other                          -             4,214  (f)        102,222
      Expenses of
       consolidated
       Och-Ziff funds               654                 -               3,994
                                    ---         ---------               -----
      Total Expenses                654         1,766,724           2,057,904
                                    ---         ---------           ---------

    Other Loss
      Net losses on
       investments in
       and deferred
       income receivable
       from Och-Ziff
       funds and
       other entities                 -          (145,693) (g)       (153,337)
      Net losses of
       consolidated
       Och-Ziff funds            (4,181)                -             (17,634)
                                 ------          --------             -------
      Total Other Loss           (4,181)         (145,693)           (170,971)
                                 ------          --------            --------

    Income (Loss)
     Before Income
     Taxes and Partners'
     and Others'
     Interests in
     Income of
     Consolidated
     Subsidiaries                (4,982)       (1,912,417)         (1,624,491)
    Income taxes                      -            39,825  (f)         40,066
                                  -----            ------              ------
    Income (Loss)
     Before
     Partners' and
     Others'
     Interests in
     Income of
     Consolidated
     Subsidiaries                (4,982)       (1,952,242)         (1,664,557)
    Partners' and
     others'
     interests in
     income of
     consolidated
     subsidiaries                 4,982         1,146,084  (f)      1,153,961
                                  -----         ---------           ---------
    Net Income (Loss)                $-         $(806,158)          $(510,596)
                                     ==         =========           =========


    (1) See Exhibit 7 for a description of the adjustments made to arrive at
        total Company GAAP Net Income (Loss).



                                   Exhibit 6
                     OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
     Reconciliation of Och-Ziff Funds Economic Income to GAAP Net Income
                               (Loss) (Unaudited)
                            (dollars in thousands)

                                             Year Ended December 31, 2007
                                             ----------------------------

                                            Och-Ziff Funds
                                               Economic         Other
                                                Income        Operations
                                            --------------   -----------
    Revenues
      Management fees                             $476,907         $5,245
      Incentive income                             637,243              -
      Other revenues                                11,391            246
      Income of consolidated Och-Ziff funds              -         11,436
                                                 ---------         ------
      Total Revenues                             1,125,541         16,927
                                                 ---------         ------

    Expenses
      Compensation and benefits                    207,379          3,513
      Allocations to non-equity partner
       interests                                         -            734
      Reorganization expenses                            -              -
      Profit sharing                                     -            227
      Interest expense                              24,240              -
      General, administrative and other             75,483          3,678
      Expenses of consolidated Och-Ziff
       funds                                             -          2,664
                                                     -----          -----
      Total Expenses                               307,102         10,816
                                                   -------         ------

    Other Income
      Net gains (losses) on investments
       in and deferred income receivable
       from Och-Ziff funds and other entities            -              -
      Net gains of consolidated Och-Ziff
       funds                                             -         14,929
                                                   -------         ------
      Total Other Income                                 -         14,929
                                                   -------         ------

    Income (Loss) Before Income Taxes and
     Partners' and Others' Interests in
     Income of Consolidated Subsidiaries           818,439         21,040
    Income taxes                                         -            111
                                                       ---            ---
    Income (Loss) Before Partners' and
     Others' Interests in Income of
     Consolidated Subsidiaries                     818,439         20,929
    Partners' and others' interests in
     income of consolidated subsidiaries                 -        (27,873)
                                                   -------        -------
    Net Income (Loss)                             $818,439        $(6,944)
                                                  ========        =======



                                     Year Ended December 31, 2007
                                     ----------------------------
                            Reconciling Adjustments (1)
                            ---------------------------
                              Funds                                  Total
                          Consolidation  Other Adjustments           Company
                          -------------  -----------------           -------

    Revenues
      Management fees         $(164,396)               $-           $317,756
      Incentive income           (4,553)                -            632,690
      Other revenues                  -                 -             11,637

Income of

consolidated Och-

       Ziff funds               528,456                 -            539,892
                                -------                 -            -------
      Total Revenues            359,507                 -          1,501,975
                                -------                 -          ---------

    Expenses
      Compensation and
       benefits                       -            27,439  (a) (b)   238,331

Allocations to non-

       equity partner
       interests                      -           573,592  (c)       574,326
      Reorganization
       expenses                       -         3,333,396  (d)     3,333,396
      Profit sharing                  -           106,417  (e)       106,644
      Interest expense                -                 -             24,240
      General,
       administrative
       and other                      -             4,080  (f)        83,241
      Expenses of

consolidated Och-

       Ziff funds               340,471                 -            343,135
                                -------         ---------            -------
      Total Expenses            340,471         4,044,924          4,703,313
                                -------         ---------          ---------

    Other Income
      Net gains (losses)
       on investments in
       and deferred
       income
       receivable from
       Och-Ziff funds
       and other
       entities                (186,445)          304,780  (g)       118,335

Net gains of

consolidated Och-

       Ziff funds             2,337,361                 -          

2,352,290

                              ---------           -------          

---------

      Total Other Income      2,150,916           304,780          2,470,625
                              ---------           -------          ---------

    Income (Loss)
     Before Income
     Taxes and
     Partners' and
     Others'
     Interests in
     Income of
     Consolidated
     Subsidiaries             2,169,952        (3,740,144)          (730,713)
    Income taxes                      -            63,852  (f)        63,963
                              ---------            ------             ------
    Income (Loss)
     Before
     Partners' and
     Others'
     Interests in
     Income of
     Consolidated
     Subsidiaries             2,169,952        (3,803,996)          (794,676)
    Partners' and
     others'
     interests in
     income of
     consolidated
     subsidiaries            (2,169,952)        2,077,475  (f)      (120,350)
                             ----------         ---------           --------
    Net Income (Loss)                $-       $(1,726,521)         $(915,026)
                                     ==       ===========          =========


    (1) See Exhibit 7 for a description of the adjustments made to arrive at
        total Company GAAP Net Income (Loss).



                                   Exhibit 7
                     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 management fees and incentive income earned from

each of the Company's hedge funds and separately managed accounts,

excluding the Company's real estate funds and investments in new

businesses, which are included within the Company's other operations. The

impacts of consolidation and the related eliminations of the Och-Ziff

funds are not included in Economic Income. Management fees and incentive

income earned by the offshore Och-Ziff funds segment prior to June 30,

2007, were eliminated in consolidation. The Company deconsolidated these

funds on June 30, 2007.

Other Adjustments

(a) Economic Income recognizes deferred cash compensation expense in the

period in which it is awarded, as management determines the total amount

    of compensation based on the Company's performance in the year of the
    award.

    (b) Economic Income excludes equity-based compensation expense, as
    management does not consider these expenses when evaluating the
    performance of the Och-Ziff Funds segment.

(c) Economic Income excludes allocations to non-equity partner interests.

Management reviewed the performance of the Och-Ziff Funds segment before

it made any allocations to the Company's non-equity founding partners for

periods prior to the Reorganization. For these periods, allocations to the founding partners, other than Mr. Och, were treated as expenses for U.S. GAAP purposes. Following the Reorganization, only allocations related to earnings on previously deferred incentive income allocations to non-equity partner interests are incurred and these allocations are excluded from Economic Income.

(d) Economic Income excludes Reorganization expenses, which are non-cash

expenses directly attributable to the reclassification of interests held

by the founding partners and the Ziffs prior to the Reorganization as Och-

Ziff Operating Group A Units.

(e) Economic Income excludes the profit sharing expense related to the

Ziffs' interest in the Company. Management reviewed the performance of the Och-Ziff Funds segment before it made any allocations to the Ziffs for

periods prior to the Reorganization. Following the Reorganization, only

profit sharing expense related to the allocation of earnings on previously

deferred incentive income allocations to the Ziffs are incurred and these

allocations are excluded from Economic Income.

(f) Economic Income excludes depreciation, changes in the tax receivable

agreement liability, income taxes and partners' and others' interests in

income of consolidated subsidiaries, as management does not consider these

    items when evaluating the performance of the Och-Ziff Funds segment.

    (g) Economic Income excludes the net earnings (losses) on the deferred
    income receivable from Och-Ziff funds and net earnings (losses) on
    investments in Och-Ziff funds and other entities, as these amounts
    primarily relate to earnings (losses) on amounts due to affiliates for
    deferred or reinvested incentive income previously allocated to the
    founding partners and the Ziffs, and earnings (losses) on amounts due to
    employees under deferred cash compensation arrangements.



                                    Exhibit 8
                      OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
       Reconciliation of Och-Ziff Funds Economic Income to Och-Ziff Funds
                        Distributable Earnings (Unaudited)
                 (dollars in thousands, except per share amounts)




                                      Three Months Ended      Year Ended
                                       December 31, 2008   December 31, 2008
                                      -------------------  

-----------------

    Och-Ziff Funds Economic Income              $41,094           $315,804
    Adjusted income taxes (1)                    (8,122)          (123,694)
                                                 ------           --------
    Distributable Earnings                      $32,972           $192,110
                                                =======           ========

    Distributable earnings                      $32,972           $192,110
    Weighted-Average Adjusted Class A
     Shares (1)                             399,996,898        400,002,114
                                            -----------        -----------
    Distributable Earnings Per Share              $0.08              $0.48
                                                  =====              =====


    (1) Assumes the conversion of (i) 309,430,571 and 310,680,006 weighted-
     average Group A Units held by the Company's partners and the Ziffs for
     the three months and year ended December 31, 2008, respectively, and

(ii) the vesting of 15,394,347 and 14,923,772 weighted-average RSUs for

     the three months and year ended December 31, 2008, respectively, into
     Class A Shares on a one-to-one basis.



                                  Exhibit 9
                    OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
                      Financial Supplement (Unaudited)
                            (dollars in millions)

                                   Three Months Ended       Year Ended
                                      December 31,         December 31,
                                   ------------------     -------------
                                         2008                 2008
                                         ----                 ----

    Total Assets Under
     Management (1)
      Beginning of
       Period Balance                      $31,239           $33,387
      Net Flows                             (1,027)             (722)
      Appreciation
       (Depreciation)(2)                    (3,257)           (5,710)
                                            ------            ------
      End of Period Balance                $26,955           $26,955
                                           =======           =======

    Total Assets Under
     Management by Fund
      OZ Master Fund                                         $16,396
      OZ Europe Master Fund                                    5,084
      OZ Asia Master Fund                                      2,439
      OZ Global Special
       Investments Master Fund                                 1,910

    Och-Ziff Funds -
     Net Returns (3)
      OZ Master Fund                         -10.7%            -15.9%
      OZ Europe Master Fund                   -9.8%            -17.4%
      OZ Asia Master Fund                    -16.8%            -30.9%
      OZ Global Special
       Investments Master Fund                -5.4%             -8.3%



                                                 Year Ended December 31,
                                                 -----------------------
                                                   2007     2006     2005
                                                   ----     ----     ----
    Total Assets Under Management (1)
      Beginning of Period Balance               $22,621  $15,627  $11,251
      Net Flows                                   7,591    4,135    3,117
      Appreciation (Depreciation) (2)             3,175    2,859    1,259
                                                  -----    -----    -----
      End of Period Balance                     $33,387  $22,621  $15,627
                                                =======  =======  =======

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

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

    (1) Includes deferred incentive income receivable from the offshore
     funds and amounts invested by the Company, its partners and certain
     other affiliated parties for which the Company charged no management
     fees and received no incentive income for the periods presented.
     Amounts presented in this table are not the amounts used to calculate
     Management Fees and Incentive Income for the respective periods.

    (2) Appreciation (depreciation) reflects the aggregate net capital
     appreciation (depreciation) for the entire period and is presented

on a total return basis, net of all fees and expenses (except incentive

     income on certain unrealized private investments that could reduce
     returns on these investments at the time of realization), and includes
     the reinvestment of all dividends and income.  Management Fees and
     Incentive Income vary by product.  Past performance is no guarantee
     of future results.

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



                                Exhibit 10
                  OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
                Returns of OZ Master Fund During Negative
                      Return Months of S&P 500 Index
                               (Unaudited)

               Number of                        Total Return of
                Months       Total Return of    OZ Master Fund
              of Negative        S&P 500         During Negative
              Returns of     During Negative    Return Months of
    Year        S&P 500       Return Months          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%
    2Q08            1             -8.4%             -0.5%
    3Q08            2             -9.8%             -6.0%
    4Q08            2            -24.0%             -9.1%



    Distribution of Net Monthly Returns since April 1, 1994
    -------------------------------------------------------
              Net Monthly Return          Number of
              of OZ Master Fund             Months
              -----------------             ------
                less than -3%                  5
                  -2% to -3%                   2
                  -1% to -2%                   3
                  0% to -1%                   17
                   0% to 1%                   59
                   1% to 2%                   44
                   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 income on certain unrealized private

investments that could reduce returns on these investments at the time of

    realization), and include the reinvestment of all dividends and income.
    Performance includes realized and unrealized gains and losses
    attributable to certain private and initial public offering investments
    that are not allocated to all investors in the Fund.  Investors that do
    not participate in such investments or that pay different fees may

experience materially different returns. Past performance is no guarantee

    of future results.

    For the period from 1994 through 1997, performance represents the
    performance of Och-Ziff Capital Management, L.P., a Delaware limited
    partnership that was managed by Daniel Och following an investment

strategy that is substantially similar to that of the Fund. In addition,

during this period, performance was calculated by deducting Management

Fees on a quarterly basis and Incentive Income on a monthly basis.

Beginning January 1998, performance has been calculated by deducting both

Management Fees and Incentive Income on a monthly basis from the

composite returns of the Fund.

Readers should not assume that there is any material overlap between those

    securities in the portfolio of the Fund and those that comprise the S&P
    500 Index.  It is not possible to invest directly in the S&P 500 Index.
    Returns of the S&P 500 Index have not been reduced by fees and expenses
    associated with investing in securities and include the reinvestment of

dividends. The S&P 500 Index is an equity index owned and maintained by

Standard & Poor's, a division of McGraw-Hill, whose value is calculated as

    the free float-weighted average of the share prices of 500 large-cap
    corporations listed on the NYSE and Nasdaq.  The comparison of S&P 500
    Index performance relative to the Fund's performance during months in
    which the S&P 500 Index declined is for the limited purpose of

illustrating how the Fund has performed during periods of declines in the

broad equity market. It should not be considered an indication of how the

Fund will perform relative to the S&P 500 Index in the future.

Please note that the Fund's investment objective is not to beat the S&P

500 Index. Furthermore, the Fund's performance has frequently trailed that of the S&P 500 Index in periods of positive performance.

                               Exhibit 11
                 OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
                    Fund Performance (Unaudited) (1)


                                             2007
                                             ----
                             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 (2)           1.51%    -1.96%  1.12%  4.43% 3.49%



                                             2007
                                             ----
                              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 (2)        -1.66% -3.10%   1.50%      3.74%    1.59%



                                                          2007
                                                          ----
                                              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 (2)             -4.18%    -0.69%   5.49%



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

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

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



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

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

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



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

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

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


    (1) Fund performance reflects a composite of the return for the
     feeder funds comprising each of the Company's most significant
     master funds and is presented on a total return basis, net of all
     fees and expenses of the relevant fund (except incentive income on
     certain unrealized private investments that could reduce returns on
     these investments at the time of realization), and includes the
     reinvestment of all dividends and income.  Performance includes
     realized and unrealized gains and losses attributable to certain
     private and initial public offering investments that are not
     allocated to all investors in the funds.  Investors that do not
     participate in such investments or that pay different fees may
     experience materially different returns.  Past performance is no
     guarantee of future results.

    (2) Readers should not assume that there is any material overlap
     between those securities in the portfolios of the funds and those
     that comprise the S&P 500 Index.  It is not possible to invest
     directly in the S&P 500 Index.  Returns of the S&P 500 Index have not
     been reduced by fees and expenses associated with investing in
     securities and include the reinvestment of dividends.  The S&P 500
     Index is an equity index owned and maintained by Standard & Poor's,
     a division of McGraw-Hill, whose value is calculated as the free
     float-weighted average of the share prices of 500 large-cap
     corporations listed on the NYSE and Nasdaq. The comparison of S&P
     500 performance relative to the funds' performance should not be
     considered an indication of how the fund will perform relative to
     the S&P 500 in the future.  Please note that the funds' investment
     objective is not to beat the S&P 500 Index. Furthermore, the funds'
     performance has frequently trailed that of the S&P 500 Index in
     periods of positive performance.



                                    Exhibit 12
                      OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC
                    Summary Performance Statistics (Unaudited)

                                               As of December 31, 2008
                                               -----------------------
                                                                   Strategy
    Net Annualized Return                1 Year  3 Years  5 Years 
Inception
                                         ------  -------  -------  ---------
    OZ Master Fund                        -15.9%     2.5%     5.4%      14.0%
    S&P 500 Index                         -37.0%    -8.4%    -2.2%       6.9%

Correlation of OZ Master Fund to

S&P 500 Index 0.78 0.81 0.78

0.55

Volatility

OZ Master Fund Standard Deviation

     (Annualized)                           8.5      6.7      5.7        

5.8

S&P 500 Index Standard Deviation

     (Annualized)                          21.0     15.3     12.9       15.0

    Sharpe Ratio
    OZ Master Fund                        (2.18)   (0.30)    0.30       1.66
    S&P 500 Index                         (1.88)   (0.84)   (0.46)      0.16

Total net return for the OZ Master Fund (the "Fund") represents a

composite of the average return of the feeder funds that comprise the

Fund. Returns are presented on a total return basis, net of all fees and

expenses (except incentive income on certain unrealized private

investments that could reduce returns on these investments at the time of

realization), and include the reinvestment of all dividends and income.

Performance includes realized and unrealized gains and losses attributable

to certain private and initial public offering investments that are not

allocated to all investors in the Fund. Investors that do not participate

in such investments or that pay different fees may experience materially

different returns. Past performance is no guarantee of future results.

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 should not be

considered an indication of how the Fund will perform relative to the S&P

500 Index in the future.

Correlation to the returns of the S&P 500 Index represents a statistical

measure of the degree to which the return of one portfolio is correlated

    to the return of another.  It is expressed as a factor that ranges from -
    1.0 (perfectly inversely correlated) to +1.0 (perfectly positively
    correlated).

    Standard deviation is a statistical measure of the degree to which an
    individual value in a distribution tends to vary from the mean of the
    distribution.

Sharpe Ratio represents a measure of the investment returns as adjusted

for risk. The Sharpe Ratio is calculated by subtracting a "risk-free" rate from the composite returns, and dividing that amount by the standard

deviation of the returns. A higher Sharpe Ratio indicates a portfolio that generates a return that is higher than would be expected for the level of risk in the portfolio as compared to the risk-free rate. The risk-free rate is one-month LIBOR.

SOURCE Och-Ziff Capital Management Group LLC

CONTACT: Investor Relations: 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: Steve Bruce or Chuck Dohrenwend, The Abernathy MacGregor Group, for Och-Ziff Capital Management Group LLC, +1-212-371-5999