Och Ziff Capital Management LLC : Oz Management Reports First Quarter 2019 Results

Oz Management Reports First Quarter 2019 Results

Dividend of $0.37 per Class A Share

NEW YORK, May 9, 2019 - Och-Ziff Capital Management Group Inc. (NYSE: OZM) (the "Company" or "Oz Management") today reported GAAP net income attributable to Class A Shareholders ("GAAP Net Income") of $37.1 million, or $1.81 per basic and $1.73 per diluted Class A Share, for the first quarter of 2019.

Summary

•Distributable Earnings of $30.0 million, or $0.55 per Adjusted Class A Share for the first quarter of 2019.

•A cash dividend of $0.37 per Class A Share was declared for the first quarter of 2019, payable on May 28, 2019, to holders of record on May 20, 2019.

•Oz Master Fund, the Company's largest multi-strategy fund, was up 9.5% gross and 7.9% net for the first quarter of 2019.

•Oz Credit Opportunities Master Fund, the Company's global opportunistic credit fund, was up 3.2% gross and 2.3% net for the first quarter of 2019.

•As of May 1, 2019, estimated assets under management were $32.4 billion, with Oz Master Fund generating an estimated 3.3% net return in April 2019.

•The outstanding senior term loan facility balance is $55.0 million, reflecting a $120.0 million pay down in the first quarter of 2019, followed by an additional $25.0 million paid on May 8, 2019.

•The Company changed its tax status to a corporation effective April 1, 2019, and changed its corporate form to a Delaware corporation effective May 9, 2019.

Rob Shafir, CEO of Oz Management, said, "I am pleased with our solid start to 2019. We have had strong investment performance and are making material progress towards our strategic objectives for the year."

RECENT DEVELOPMENTS

Recapitalization

In February 2019, the Company completed a recapitalization of its business (the "Recapitalization"). As part of the Recapitalization, a portion of the interests held by its former executive managing directors in the Company's principal operating subsidiaries (the "Oz Operating Group") were reallocated to current members of senior management. In addition, the Company restructured the previously outstanding $400.0 million of existing Preferred Units into $200.0 million of new Preferred Units and $200.0 million of new Debt Securities. Additionally, the Company repaid $100.0 million of the debt outstanding under its senior term loan facility and terminated the $100.0 million of undrawn commitments under its revolving credit facility. Since December 31, 2018, the Company has paid down $145.0 million of the debt outstanding under its senior term loan facility, including $25.0 million on May 8, 2019.

Change of Tax Status Election to Corporation

The Company (i) changed its tax classification from a partnership to a corporation effective April 1, 2019 and

(ii)subsequently converted from a Delaware limited liability company into a Delaware corporation effective May 9, 2019.

GAAP NET INCOME ATTRIBUTABLE TO CLASS A SHAREHOLDERS

For the first quarter of 2019, Oz Management reported GAAP Net Income of $37.1 million, or $1.81 per basic and $1.73 per diluted Class A Share, compared to GAAP Net Income of $3.5 million, or $0.18 per basic and diluted Class A Share, for the first quarter of 2018.

The increase in GAAP Net Income for the first quarter of 2019 compared to the first quarter of 2018 was primarily due to an adjustment to the redemption value of Preferred Units recognized during the first quarter of 2019 in connection with the Recapitalization. Partially offsetting this increase in GAAP Net Income were higher compensation and benefits, primarily due to Recapitalization-relatedequity-based compensation grants. Management fees were also lower, primarily due to lower assets under management in multi-strategy funds, partially offset by higher assets under management in Institutional Credit Strategies.

DISTRIBUTABLE EARNINGS (NON-GAAP)

For the first quarter of 2019, Oz Management reported Distributable Earnings of $30.0 million, or $0.55 per Adjusted Class A Share, compared to Distributable Earnings of $45.3 million, or $0.82 per Adjusted Class A Share, for the first quarter of 2018.

The decline in earnings for the first quarter of 2019 compared to the first quarter of 2018 was primarily due to higher bonus expense as a result of reversals of deferred cash compensation due to forfeitures in the first quarter of 2018. Also contributing to the decline were lower management fees, primarily due to lower assets under management in multi-strategy funds, partially offset by higher assets under management in Institutional Credit Strategies.

Distributable Earnings and Distributable Earnings per Adjusted Class A Share are non-GAAP measures. For information on and reconciliations of the Company's non-GAAP measures to the respective GAAP measures, please see Exhibits 2 through 4 that accompany this press release.

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ASSETS UNDER MANAGEMENT

Year-Over-Year Change

(dollars in billions)

March 31,	March 31,		Inflows /		Distributions
		/ Other	Appreciation		Total		%
2019		2018		(Outflows)		Reductions

Multi-strategy funds	$	10.3	$	13.3	$	(2.7)	$	(0.6)	$	0.3	$	(3.0)	-23%
Credit
Opportunistic credit		5.8		5.4		0.2		(0.1)		0.2		0.4	7%
funds
Institutional Credit		13.4		11.2		2.6		(0.3)		(0.1)		2.2	20%
Strategies
Real estate funds		2.7		2.5		0.2		(0.1)		-		0.2	7%
Other		0.2		0.4		(0.2)		-		-		(0.2)	-49%
Total	$	32.3	$	32.8	$	0.1	$	(1.0)	$	0.4	$	(0.5)	-2%

Totals may not sum due to rounding.

The year-over-year decrease in assets under management was driven primarily by net outflows in the Company's multi-strategy funds, primarily Oz Master Fund, partially offset by the closing of additional CLOs and an aircraft securitization within Institutional Credit Strategies. The net outflows include approximately $558.1 million to former executive managing directors, the majority of which relate to the anticipated redemptions disclosed in the Company's Form 8-K filed on December 6, 2018 (the "Liquidity Redemption").

Since March 31, 2019, estimated assets under management increased to $32.4 billion as of May 1, 2019, which includes approximately $335.0 million to former executive managing directors, the majority of which relates to the Liquidity Redemption.

Please see the detailed assets under management and fund information on Exhibits 5 through 7 that accompany this press release.

CONFERENCE CALL

Robert Shafir, Chief Executive Officer, and Thomas Sipp, Chief Financial Officer, will host a conference call today, May 9, 2019, 8:30 a.m. Eastern Time to discuss the Company's first quarter 2019 results. The call can be accessed by dialing [phone] (in the U.S.) or [phone] (international), passcode 3937005. A simultaneous webcast of the call will be available on the Public Investors page of the Company's website (www.ozm.com). For those unable to listen to the live broadcast, a webcast replay will also be available on the Company's website as noted above.

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About Oz Management

Oz Management is one of the largest institutional alternative asset managers in the world, with offices in New York, London, Hong Kong, Mumbai and Shanghai. The Company provides asset management services to investors globally through its multi-strategy funds, dedicated credit funds, including opportunistic credit funds and Institutional Credit Strategies products, real estate funds and other alternative investment vehicles. Oz Management seeks to generate consistent, positive, absolute returns across market cycles, with low volatility compared to the broader markets, and with an emphasis on preservation of capital. The Company's funds invest across multiple strategies and geographies, consistent with the investment objectives of each fund. The global investment strategies employed include convertible and derivative arbitrage, corporate credit, global equities, merger arbitrage, private investments, real estate and structured credit. As of May 1, 2019, Oz Management had approximately $32.4 billion in assets under management. For more information, please visit the Company's website (www.ozm.com).

Investor Relations Contact	Media Relations Contact
Elise King	Jonathan Gasthalter
[phone]	Gasthalter & Co. LP
[e-mail]	[phone]
	[e-mail]

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Forward-Looking Statements

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

Any forward-looking statements contained in this press release are based upon historical information and on the Company's current plans, estimates and expectations. The inclusion of this or 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; U.S. and foreign regulatory developments relating to, among other things, financial institutions and markets, government oversight, fiscal and tax policy; the outcome of third-party litigation involving the Company; the consequences of the settlements with the SEC and the DOJ; whether the Company realizes all or any of the anticipated benefits from the Recapitalization and other related transactions; whether the Recapitalization and other related transactions result in any increased or unforeseen costs, indemnification obligations or have an impact on the Company's ability to retain or compete for professional talent or investor capital; conditions impacting the alternative asset management industry; the Company's ability to retain existing investor capital; the Company's ability to successfully compete for fund investors, assets, professional talent and investment opportunities; the Company's ability to retain its active executive managing directors, managing directors and other investment professionals; the Company's successful formulation and execution of its business and growth strategies; the Company's ability to appropriately manage conflicts of interest and tax and other regulatory factors relevant to its business; and assumptions relating to the Company's operations, investment performance, financial results, financial condition, business prospects, growth strategy and liquidity.

If one or more of these or other risks or uncertainties materialize, or if the Company's assumptions or estimates prove to be incorrect, its 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 Company's filings with the SEC, including but not limited to the Company's annual report on Form 10-K for the year ended December 31, 2018, dated March 15, 2019, as well as may be updated from time to time in the Company's other SEC filings. There may be additional risks, uncertainties and factors that the Company does not currently view as material or that are not known. The forward-looking statements contained in this press release are made only as of the date of this press release. The Company does not undertake to update any forward-looking statement because of new information, future developments or otherwise. This press release does not constitute an offer of any Oz Management fund.

The Company files annual, quarterly and current reports, proxy statements and other information required by the Exchange Act of 1934, as amended, with the SEC. The Company makes available free of charge on its website (www.ozm.com) its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and any amendments to those filings as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC. The Company also uses its website to distribute company information, and such information may be deemed material. Accordingly, investors should monitor the Company's website, in addition to its press releases, SEC filings and public conference calls and webcast.

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