Och-Ziff Capital Management (OZM) Master Fund Up Slightly in September

Fund

September 2014
Performance
Estimate (1)(2)

September 2014
Year-to-Date
Performance
Estimate (2)(3)

OZ Master Fund

-0.07%

+2.53%

OZ Europe Master Fund

+0.56%

-0.73%

OZ Asia Master Fund

+0.97%

-3.43%

(1)

Monthly performance data are based on management’s estimates as of the date hereof for performance of the referenced funds from September 1, 2014 to September 30, 2014. Such data may change upon completion of the Company’s month-end valuation procedures, and any changes could be material.

(2)

Net return represents a composite of the average return of the feeder funds that comprise each of the Company’s most significant master funds. Net return is presented on a total return basis, net of all fees and expenses (except incentive income on unrealized gains attributable to investments that the Company, as investment manager, determines lack a readily ascertainable fair value, are illiquid or otherwise should be held until the resolution of a special event or circumstance (“Special Investments”) that could reduce returns on such Special Investments at the time of realization) and includes the reinvestment of all dividends and other income. Performance includes realized and unrealized gains and losses attributable to Special Investments and initial public offering investments that are not allocated to all investors in the feeder funds. Investors that were not allocated Special Investments and/or initial public offering investments may experience materially different returns.

(3)

Year-to-date performance data are based on management’s estimates as of the date hereof for the performance of the referenced funds from January 1, 2014 to September 30, 2014. Such data may change upon completion of the Company’s month-end valuation procedures, and any changes could be material.