Barclays Global Financial Services Conference

Daniel S. Och
Chairman and Chief Executive Officer


September 10, 2013
Forward Looking Statements
1
This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, that reflect the Companys current views with respect to, among other things,
future events and financial performance. The Company generally identifies forward-looking statements by terminology such as outlook,
believe, expect, potential, continue, may, will, should, could, seek, approximately, predict, intend, plan, estimate,
anticipate, opportunity, comfortable, assume, remain, maintain, sustain, achieve, see, think, position or the negative
version of these words or other comparable words.

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

If one or more of these or other risks or uncertainties materialize, or if the Companys assumptions or estimates prove to be incorrect, the
Companys actual results may vary materially from those indicated in these statements. These factors are not and should not be construed as
exhaustive and should be read in conjunction with the other cautionary statements and risks that are included in the Companys filings with the
Securities and Exchange Commission (SEC), including but not limited to the Companys Annual Report on Form 10-K for the year ended
December 31, 2012 filed with the SEC on February 28, 2013. There may be additional risks, uncertainties and factors that the Company does not
currently view as material or that are not known. The Company does not undertake to update any forward-looking statement, because of new
information, future developments or otherwise.

This presentation does not constitute an offer of any Och-Ziff fund.
2
We are a leading, global alternative asset manager
$37 billion in assets under management
1

Leading manager for multi-strategy, absolute return hedge funds;
expanding platforms in credit, real estate and long/short equity

Competitive differentiation through opportunistic approach to capital
allocation, global presence and deep investment expertise

Seek to generate consistent, positive, absolute returns across market
cycles, which drives stability and growth in asset base, and in turn
earnings growth

Historically high dividend payout ratio driven by embedded operating
leverage and scalability of our business
1
Estimate as of September 1, 2013.
32%
15%
13%
12%
12%
9%
7%
3
We have a diverse mix of institutional investors,
which drives the stability of our asset base
Pensions
Fund-of-Funds
Private Banks
Foundations and
Endowments
Corporate,
Institutional
and Other
Related Parties
1
Family Offices
and
Individuals
As of July 1, 2013
Approximately 1,200 relationships
globally

Solutions-based approach a key
competitive differentiator

Pension funds largest source of new
capital as shift to direct investing
continues

Growing assets under management
through private bank platforms from
high net worth retail investors

Newly established Dubai office to
expand investor coverage in the region
1
Represents investments by the Company, its executive managing directors, employees and certain other related parties.
4
We invest based on deep fundamental analysis and
with a value orientation
Invest across strategies, asset classes, capital structures and geographies


Seek to invest in situations that are mispriced, complex or
less understood


Identify event-driven opportunities and catalysts that drive changes in
value


Manage portfolios with no predetermined capital allocations and pursue
active strategies to maximize value
5
Our multi-strategy investment process enables
dynamic capital allocation
OZ Master Fund Historical Allocations by Strategy

Long/Short Equity Special Situations
Credit-Related Strategies
Convertible/Derivative Arbitrage
Private Investments Cash
Merger Arbitrage
7/1/13 4/1/13
1/1/13
10/1/12
7/1/12
4/1/12 1/1/12
10/1/11
7/1/11 4/1/11
1 1
0
3
2
6
23
69
52
24
5
2
0
20
40
60
80
-6.5% -5.5% -4.5% -3.5% -2.5% -1.5% -0.5% 0.5% 1.5% 2.5% 3.5% 4.5%
Capital preservation through consistent, disciplined asset allocation and exposure
management
Limited use of leverage
Significant emphasis on portfolio diversification
6
The consistency of our historical returns is central
to the value we create for our fund investors...
F
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q
u
e
n
c
y

o
f

M
o
n
t
h
l
y

R
e
t
u
r
n

Distribution of OZ Master Fund Composite Net Monthly Returns Since Inception
OZ Master Fund Composite Net Returns
1
Past performance is no guarantee of future results.
1
Returns for August 2013 are preliminary month-end calculations and are subject to revision. The returns shown represent the composite performance of all feeder funds that comprise OZ
Master Fund, Ltd. (OZ Master Fund) since the inception of OZ Master Fund on January 1, 1998 (collectively, the Master Fund Composite). The Master Fund Composite is calculated using
the total return of all feeder funds net of all fees and expenses (except incentive income on unrealized gains attributable to investments that the Company, as investment manager, determines
the lack of a readily ascertainable fair value, are illiquid or otherwise should be held until the resolution of a special event or circumstance (Special Investments) that could reduce returns on
these investments at the time of realization), and includes the reinvestment of all dividends and other income. The Master Fund Composite also includes realized and unrealized gains and losses
attributable to Special Investments and initial public offering investments that are not allocated to all investors in the feeder funds. Investors that were not allocated Special Investments and
initial public offering investments may experience materially different returns, in which case the Master Fund Composite may be of limited value for such investors. The Master Fund Composite
is not available for direct investment.
7
and is supported by an institutionally-oriented risk
management process
Risk is overseen by the Risk Committee
Measured and managed using a combination of qualitative and quantitative analysis and inputs

Risk Committee is comprised of regional investing heads, senior portfolio managers, and
senior members of operations and infrastructure
Advises on resizing/adjusting positions and implementing hedges
Provides guidance to help determine asset allocation across portfolios
Focuses on various components of portfolio risk, including market, liquidity and counterparty

Risk mindset is deeply embedded in Och-Ziffs corporate culture
Dedicated risk analytics group
Regular analysis of risk reports
Routine scenario analysis and stress testing
Exposure monitoring, including industry, market
and geographic
Specified assignment of responsibility for all
positions and exposures
Management of risk, down to the analyst level, is an
integral part of the research and investment process
Formal weekly meetings of Risk Committee, combined
with informal daily discussions within and across
portfolios and geographies
Focus on preservation of capital and portfolio
diversification
Communication between portfolio managers and Risk
Committee
Over 100 years of collective experience managing risk
Quantitative Analysis/Inputs Qualitative Analysis/Inputs
We are expanding our platforms to diversify our
business and grow our asset base
8
Creating solutions to meet fund investor requirements

Multi-strategy funds offer significant growth potential
Active investor interest
No immediate capacity constraints

Strategy for additional growth is centered on three investment strategies
Credit
Real estate
Long/short equity

Growth initiatives are a natural extension of our existing expertise and business




6.0
5.8
11.3
15.6
22.6
33.4
27.0
23.1
27.9
28.8
32.6
37.0
0.0
10.0
20.0
30.0
40.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 9/1/2013
Past performance is no guarantee of future results.
1
Assets under management includes assets attributable to the Companys hedge funds, real estate funds, credit funds, collateralized loan obligations (CLOs) and other alternative investment
vehicles it manages. Management fees and incentive income earned on the Companys assets under management may vary depending on the asset class, performance measurement period,
amount of capital committed by investors, and other factors related to a particular investment vehicle. Includes amounts invested by the Company, its executive managing directors and certain
other related parties for which the Company charged no management fees and received no incentive income for the periods presented. Amounts presented in this graph are not the amounts
used to calculate management fees and incentive income for the respective periods. For the period from 2001 through 2004, total assets under management does not include assets externally
managed by an affiliated investment adviser pursuant to a joint venture arrangement.
2
Estimate as of September 1, 2013.
9
These elements have all contributed to the growth
in our asset base
(
$

B
i
l
l
i
o
n
s
)

Och-Ziff Historical Assets Under Management
1
2
2002 Sept 1, 2013 CAGR: 19%
Our objective is to become a leading credit manager
10
Senior secured loans
Traditional distressed
credits
Special situation credit
Long/short credit
Capital structure arbitrage
Corporate mezzanine
loans
Distressed for control
strategies
Private loans
Hybrid capital securities
of banks and insurers
RMBS
CMBS, CRE and other
commercial real estate debt
CDOs, CLOs, CBOs, CSOs
and ABS
Whole loans and related
structured transactions
Real estate finance,
including mortgages,
mezzanine loans and B-
notes
Portfolio sales of complex
credit assets and NPLs
Tailored capital solutions
Primarily senior secured
first lien loans
Limited baskets of second
lien loans and unsecured
bonds and loans
More than 15% of total assets under management in dedicated credit platforms
1


Opportunistic capital rotation across credit markets, instruments and
geographies rather than simply trying to capture yield

Building on investment expertise of dedicated global credit team
Corporate Credit Structured Credit CLO Management
1
As of June 30, 2013. Includes CLO assets.
Our real estate capability offers significant growth
potential
11
Investment strategy focused on middle-market assets

Proven ability to identify investment opportunities with non-correlated
returns to traditional real estate
Distressed situations
Value enhancement opportunities
Bespoke capital needs
Pricing arbitrage opportunities
Absentee owners
Niche properties

Value creation through
Intensive asset management
Emphasis on increasing property cash flows through improvements and
expense controls
Aggressive monetization
Our dedicated long/short equity platform builds on
our long-standing expertise
12
Firm began business as a long/short equity investor
Nearly two decades of investment experience, supported by long-tenured
investment team
Substantial component of multi-strategy funds
Focus on alpha generation, with active risk management through the use of
hedges

Stand-alone platform managed by the same team of professionals who are
responsible for the equity investments in our multi-strategy funds

Our approach to equity investing in our multi-strategy funds has created
significant value for our fund investors
Enhances the yield of their portfolios
Long/short platform established at the request of existing fund investors
We believe we are well positioned to increase our
market share of capital allocated to alternative managers
13
Investment performance track record based on a clearly articulated
investment philosophy

Investment team background and expertise

Institutionally-oriented infrastructure

Alignment of interests

Proven willingness to meet fund investor requirements through new
platform development
1
Adjusted Income Taxes and Distributable Earnings are non-GAAP financial measures that supplement and should not be considered to be alternatives to Och-Ziff's income taxes, net income
or cash flow from operations prepared in accordance with GAAP, and are not necessarily indicative of liquidity or the cash available to fund operations. Please see pages 17 and 18 of this
presentation for important disclosures about Adjusted Income Taxes and Distributable Earnings.
The growth of our assets under management drives
the embedded operating leverage of our business
14
Management
Fees
Incentive
Income
Operating
Expenses
Adjusted
Income
Taxes
Distributable
Earnings
1
Simple and scalable financial model
Dividend
Management fees more than offset fixed expenses (salaries and benefits + non-compensation
expenses)

Structured to earn incentive income annually in cash on the majority of our assets under
management, which has been valuable to our shareholders

As our assets under management grow, compounding effect on our management fees and
incentive income is significant

Stability of our asset base is a powerful driver of future earnings
$0.46
$0.88
$1.13
$0.48
$1.18
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
2008 2009 2010 2011 2012
58%
82%
89%
83%
94%
We have paid out substantially all of our
Distributable Earnings each quarter
1

15
1
The declaration and payment of future dividends will be at the sole discretion of the Companys Board of Directors, which may change the Companys dividend policy at any time.
2
Dividend payout ratio = full-year dividend per Class A Share/ full-year Distributable Earnings per Share. Distributable Earnings, Distributable Earnings per Share and dividend payout ratio
are non-GAAP financial measures that supplement and should not be considered as alternatives to Och-Ziff's net income or cash flow from operations prepared in accordance with GAAP,
and are not necessarily indicative of liquidity or the cash available to fund operations. Please see pages 17 19 of this presentation for important disclosures about, and for reconciliations of,
these non-GAAP financial measures to the respective GAAP measures for the periods shown above.
Distributable Earnings Per Share Dividend Payout Ratio
2
Addendum
16
17
Non-GAAP Financial Measures

The Companys non-GAAP measures should not be considered as alternatives to the Companys GAAP Net Income (Loss) or cash flow from
operations, or as indicative of liquidity or the cash available to fund operations. The Companys non-GAAP measures may not be comparable to
similarly titled measures used by other companies. For reconciliations of the Companys non-GAAP measures to the most directly comparable
financial measures calculated in accordance with GAAP, please see page 19 of this presentation.

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

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

Income allocations to the Companys executive managing directors and the Ziffs on their direct interests in the Och-Ziff Operating Group.
Management reviews operating performance at the Och-Ziff Operating Group level, where substantially all of the Companys operations are
performed, prior to making any income allocations.

Reorganization expenses related to the Companys IPO, equity-based compensation expenses and depreciation and amortization expenses,
as management does not consider these non-cash expenses to be reflective of operating performance.

Changes in the tax receivable agreement liability, net gains on early retirement of debt, net earnings (losses) on deferred balances, the
allocation of these deferred balances and related taxes, and net gains (losses) on investments in Och-Ziff funds, as management does not
consider these items to be reflective of operating performance.

Amounts related to the consolidated Och-Ziff funds, including the related eliminations of management fees and incentive income, as
management reviews the total amount of management fees and incentive income earned in relation to total assets under management and
fund performance.

Expenses related to compensation arrangements based on fund investment performance are recognized at the end of the relevant measurement
period (generally in the fourth quarter of each year), as management determines the total amount of compensation under these arrangements
once the investment performance of the relevant fund over the applicable performance measurement period is known. In addition, the full
amount of deferred cash compensation is recognized on the date it is determined (generally in the fourth quarter of each year), as management
determines the total amount of compensation based on the Companys performance in the year of the award.
18
Non-GAAP Financial Measures - Continued

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

Distributable Earnings per Share is equal to Distributable Earnings divided by the weighted-average number of Adjusted Class A Shares.
Adjusted Class A Shares are determined assuming all Partner Units and all Class A Restricted Share Units are converted on a one-to-one basis
into Class A Shares. Management believes Distributable Earnings provides useful information to investors because it uses Distributable
Earnings, among other financial information, to determine the earnings available to distribute a s dividends to holders of the Companys Class A
Shares and to the Companys executive managing directors and the Ziffs with respect to their Partner Units.

19
Och-Ziff Capital Management Group LLC
Reconciliation of Certain Non-GAAP Measures to GAAP Measures (Unaudited)
(dollars in thousands)
2012 2011 2010 2009 2008
Net loss allocated to Class A ShareholdersGAAP $ (315,826) $ (418,990) $ (294,413) $ (297 ,429) $ (510,596)
Reorganization expenses 1,396,882 1,614,363 1,626,988 1,7 04,7 53 1,698,989
Net loss allocated to the Och-Ziff Operating Group A Units (556,500) (1,088,514) (950,209) (1,127 ,7 29) (1,048,929)
Equity-based compensation 86,006 128,916 128,7 37 122,461 102,025
Income taxes 7 9,085 59,581 41,07 8 37 ,7 03 40,066
Change in tax receivable agreement liability (13,421) (21,7 68) (1,368) (19,7 49) (1,67 6)
Depreciation and amortization 9,362 9,67 6 9,07 8 8,541 6,640
Allocations to Och-Ziff Operating Group D Units 9,296 2,433 5,7 18 1,188 -
Net gains on early retirement of debt - (12,494) - (21,7 97 ) -
Net (earnings) losses on deferred balances - - - (54,138) 141,900
Allocation of deferred balances and related taxes to Mr. Och - - - 27 ,589 (96,334)
Allocation of deferred balances and related taxes to non-equity interests - (66) (27 ) 19,57 5 (43,07 9)
Amortization of deferred cash compensation and adjustment for expenses
related to compensation arrangements based on fund investment performance - 600 1,500 6,201 10,480
Other (7 7 0) 35 (324) (3,490) 4,923
Economic IncomeNon-GAAP 694,114 273,772 566,758 403,679 304,409
Adjusted Income TaxesNon-GAAP (156,686) (7 4,17 6) (105,37 2) (48,341) (119,231)
Distributable EarningsNon-GAAP 537,428 $ 199,596 $ 461,386 $ 355,338 $ 185,178 $
Weighted-Average Class A Shares Outstanding 142,97 0,660 102,848,812 87 ,910,97 7 7 8,387 ,368 7 4,398,336
Weighted-Average Partner Units 303,923,127 303,681,837 307 ,939,421 310,422,848 310,680,006
Weighted-Average Class A Restricted Share Units (RSUs) 8,216,856 12,037 ,663 13,7 7 5,7 49 15,27 6,619 14,923,7 7 2
Weighted-Average Adjusted Class A Shares 455,110,643 418,568,312 409,626,147 404,086,835 400,002,114
Distributable Earnings Per Adjusted Class A ShareNon-GAAP 1.18 $ 0.48 $ 1.13 $ 0.88 $ 0.46 $
Dividends with Respect to Year 1.11 $ 0.40 $ 1.01 $ 0.72 $ 0.27 $
Dividend Payout Ratio 94% 83% 89% 82% 58%
Year Ended December 31,
Barclays Global Financial Services Conference

Daniel S. Och
Chairman and Chief Executive Officer


September 10, 2013