OAKTREE CAPITAL GROUP, LLC

First Quarter 2014 Forward-Looking Statements & Safe Harbor

This presentation contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 (the “Securities Act”) and Section 21E of the U.S. Securities Exchange Act of 1934, each as amended, which reflect the current views of Oaktree Capital Group, LLC (the “Company”), with respect to, among other things, its future results of operations and financial performance. In some cases, you can identify forward-looking statements by words such as “anticipate,” “approximately,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “seek,” “should,” “will” and “would” or the negative version of these words or other comparable or similar words. These statements identify prospective information. Important factors could cause actual results to differ, possibly materially, from those indicated in these statements. Forward-looking statements are based on the Company’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Such forward-looking statements are subject to risks and uncertainties and assumptions relating to the Company’s operations, financial results, financial condition, business prospects, growth strategy and liquidity, including, but not limited to, changes in the Company’s anticipated revenue and income, which are inherently volatile; changes in the value of the Company’s investments; the pace of raising new funds; changes in assets under management; the timing and receipt of, and the impact of taxes on, carried interest; distributions from and liquidation of the Company’s existing funds; changes in the Company’s operating or other expenses; the degree to which the Company encounters competition; and general economic and market conditions. The factors listed in the section captioned “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the U.S. Securities and Exchange Commission (“SEC”) on February 28, 2014, which is accessible on the SEC’s website at www.sec.gov, provide examples of risks, uncertainties and events that may cause the Company’s actual results to differ materially from the expectations described in its forward-looking statements. Forward-looking statements speak only as of the date the statements are made. Except as required by law, 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 presentation and its contents do not constitute and should not be construed as (a) a recommendation to buy, (b) an offer to buy or solicitation of an offer to buy, (c) an offer to sell, or (d) advice in relation to, any securities of any investment fund managed by the Company’s subsidiaries.

The Company discloses certain non-GAAP financial measures in this presentation, including distributable earnings and fee-related earnings. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are presented in the Appendix.

1 A Global, Diversified Alternatives Franchise

$86 billion in broadly diversified AUM, with over 800 employees in 16 cities and 12 countries

Corporate Distressed Control Convertible Real Listed Debt Debt Investing Securities Estate Equities

AUM (1) $33.0Bn $21.4Bn $14.7Bn $9.1Bn $6.3Bn $1.7Bn U.S. high yield Distressed Global principal U.S. convertible Real estate Emerging bonds opportunities investments securities opportunities markets absolute return Global high yield Value European Non-U.S. Real estate bonds opportunities principal convertible debt Emerging European high investments securities markets equities yield bonds Emerging market (long-only) opportunities Asia principal High income U.S. senior loans investments convertible Value Equities securities European senior Power loans opportunities Mezzanine finance Enhanced income Strategic credit European private debt

New strategy within the last three years 2 1 Unless otherwise indicated, all data in this presentation is on a segment basis and is as of March 31, 2014. Guiding Principles Driving Growth and Success

Excellence in Investing • High “batting average” • Risks under control • Outperformance over the cycle AUM ($Bn) $86 Discipline • Funds sized appropriately • Patience in investing and returning $52 capital when appropriate

• Telling clients when our markets $29 aren’t attractive

Putting the Client First • Clients’ interests foremost Ten Years Ago Five Years Ago Today • Fair and transparent fee arrangements (3/31/2004) (3/31/2009) (3/31/2014) • Focus on short-term maximization for clients, leading to long-term maximization for Oaktree

3 History of Exceptional Investment Performance

Superior Returns, Both Gross and Risk-Adjusted, in Our Open-End Funds Annualized gross return since inception Sharpe ratio since inception (2) 0.83 10.0% 10.3% 8.9% 8.5% 0.57 0.52

0.35

U.S. High Yield Bonds U.S. Convertibles U.S. High Yield Bonds U.S. Convertibles Oaktree Benchmark (1) Oaktree Benchmark (1)

Outstanding Track Record in our Closed-End Funds

19.9% Aggregate gross IRR 19.9% (3)

Drawn capital $64Bn (3) 10.2% % of pre-2013 funds with positive gross IRRs 100% 4.7% % of pre-2013 committed capital over 8% net IRR 91%

Oaktree(3) S&P 500 (4) MSCI World (Local)(4)

1 Detail on benchmarks is presented in the Appendix 2 The Sharpe Ratio is a metric used to calculate risk-adjusted return. It is the ratio of excess return to volatility, with excess return defined as the return above that of a riskless asset (three-month T-bill) divided by the standard deviation of such returns. The higher the Sharpe Ratio, the greater the return for a given level of risk compared to the risk-free rate 3 Since oldest strategy inception in October 1988 4 Represents annualized time-weighted return since October 1988 4 The Power of Credit, with the Upside of Equity

Total Portfolio Holdings for Incentive-Creating Funds (1) % of Aggregate Fund Holdings Current Income $1.8 billion in LTM = 4.5% yield (2) Downside Protection 31% Senior and Secured Debt Helping to preserve capital and the ability to realize accrued incentives (fund level) 4% Sub Debt Fixed Maturities Ability to achieve return of principal in varied environments

65% Equities Value Creation Through debt restructurings, portfolio enhancement action and creation of de novo investment platforms

1 Size of bar segment reflects the share of aggregate holdings of incentive-creating Oaktree closed-end and evergreen funds and separate accounts as of March 31, 2014 2 Current income and yield across consolidated funds 5 Best-in-Class Investor Base

Blue-chip Clientele Diversifying and Growing our Clientele

300 largest global pension plans 101 12/31/06 3/31/14

100 largest U.S. pension funds 74 HNW and sub-advisory AUM $2.0Bn $11.4Bn

States 38 Non-U.S. AUM $6.1Bn $25.0Bn

Universities, endowments and foundations 342 Total AUM $35.6Bn $86.2Bn

Sovereign wealth funds 11 Total Clients 1,058 1,964

Success in Cross Selling New Sources of Fundraising Capital LTM Gross Capital Raised % AUM

Clients in 4 or more strategies 39% 36% Clients in 2 – 3 strategies 38% 45%

Total in multiple strategies 77%

1 New products Legacy products New clients Existing clients

6 1 New products include strategies launched within the past three years. Recently Launched Products, a Natural Evolution We have raised $9.2 billion of capital in products that did not exist three years ago Existing Strategy New Step-out Progress

EMERGING MARKETS Raised almost $900 million OPPORTUNITIES •

DISTRESSED DEBT STRATEGIC CREDIT • Reached $2.2 billion in AUM

VALUE EQUITIES • Raised $250 million, expect to reach $400 million

ENHANCED INCOME • EIF II expected to reach $2.2 billion, with leverage SENIOR LOANS CLOs • Closed $517 million CLO in January

REAL ESTATE REAL ESTATE DEBT • $794 million of committed capital

EMERGING MARKETS EMERGING MARKETS • Strategy AUM reached $1.2 billion as of March 31 ABSOLUTE RETURN EQUITIES • Additional $1.3 billion of inflows in April

• $914 million of committed capital EUROPEAN PRIVATE EUROPEAN PRINCIPAL DEBT • Managed by established European control investing team 7 Increasing Fee Revenues from Recently Launched Products

Strong New Product Fundraising with Future Fees Near-Term Fee Revenue Drivers:

AUM and Fee-generating AUM in products launched within the last 3 years ENHANCED INCOME FUND II (in billions) $10 $9.2 REAL ESTATE DEBT

$7.9 $8 EMERGING MARKETS EQUITIES $3.4

$3.2 STRATEGIC CREDIT COMMINGLED FUND $6 $5.3

EMERGING MARKETS DEBT $1.9 $4 $3.7 $0.7 $2.6 $5.8 MULTI-STRATEGY LIQUID CREDIT $0.7 $4.7 $2 $1.3 $3.4 $3.0 CLOs $0.7 $0.5 $1.9 $0.2 $0.8 $0.5 $0 VALUE EQUITIES 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Fee-generating AUM AUM not earning fees

8 Broad Array of Long-Term Growth Opportunities

ACCESSING INCREASING Emerging Markets Equity sub-advisory DISTRIBUTION • RETAIL DEMAND relationships with Northern Trust and Harbor Funds FOR ALTERNATIVES

EMERGING • Long-only Equity FAST GROWING, • Distressed Debt INEFFICIENT MARKETS • Corporate Debt MARKETS

• Strategic Credit ADDRESSING NEW • Real Estate Debt INVESTORS’ • Enhanced Income Fund II DEMAND FOR PRODUCTS • CLOs INCOME AND • Multi-Strategy Liquid Credit LIQUIDITY

OFFERING • Mezzanine Fund IV ESTABLISHED INVESTORS A • Principal Fund VI STRATEGIES DIVERSE RANGE • Open-End and Evergreen Funds OF PRODUCTS

9 Our Business Model Generates Reliable, Strong Cash Flow

Investment Performance Gross Fundraising Cumulative Open-End Funds Closed-End Funds ($Bn) Cumulative 1Q2007 – 1Q 2014 $89 $92 Annualized Gross Returns Since Inception 19.9% $76 10.3% 10.0% $65 8.9% 8.5% $56

10.2% $44 $31 4.7% $19

U.S. High Yield U.S. Convertibles Oaktree S&P 500 MSCI World 2007 2008 2009 2010 2011 2012 2013 1Q 2014 Bonds Oaktree Benchmark (Local)

Equity Distributions Distributable Earnings Cumulative

Cumulative equity distributions as a % of distributable earnings* ($Bn) Cumulative 1Q2007 – 1Q 2014

$4.2 $4.0

$3.0 80% since IPO $2.3 $1.8 $1.2 $0.8 $0.4

2007 2008 2009 2010 2011 2012 2013 1Q 2014 *Amounts are at the Oaktree Operating Group level

10 Refilling the Incentive Income Pipeline In the last twelve months, incentives created replaced record incentive income recognized

Incentives Recognized and Incentive Income Recognized Created – LTM (Gross, $Mm) (Gross, $Mm)

$338 $1,062 $996 $293

$243

$122

2Q13 3Q13 4Q13 1Q14 Incentive income recognized Incentives created (fund level)

11 Substantial Asset Value with Significant Upside

Includes: BOOK VALUE $11.57* • $924 million Cash and Treasurys • $1.4 billion Investments + +

• 84% in liquidating or evergreen ACCRUED INCENTIVES $7.96* (FUND LEVEL), NET funds • 49% Level I or II securities

TOTAL $19.53* + DoubleLine DoubleLine carrying value of $13 million is significantly below FMV

* Per Operating Group unit. Accrued incentives (fund level), net, is presented before income taxes 12 Long History of Paying Out Equity Distributions

Distributable Earnings and Equity Distributions ($Bn) $5.7Bn

Since inception, we have paid out ~82% of our distributable $4.7Bn earnings. In addition, we have made opportunistic stock buybacks

72 consecutive quarters of equity distributions

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1Q 2014 Cumulative distributable earnings Cumulative equity distributions by Oaktree Operating Group

The distributable earnings and equity distribution shown above are at the Oaktree operating group level, and therefore, before taxes and other costs borne by the Class A unitholders 13 Investment Highlights

• Global, diversified alternative asset manager with deep expertise across asset classes

• Contrarian, value-oriented approach delivers superior risk-adjusted investment performance across economic cycles

• Large, loyal client base of leading institutions around the world

• Strong capital raising capabilities in all environments

• Broad range of growth opportunities across the platform

• Attractive business model generates strong cash flow to unitholders

• Significant underlying asset value

14 Appendix Assets Under Management

Assets Under Management

($Bn, as of December 31, unless otherwise noted) $90 $86 $83 $84 80 $77 $73 $75 70

60 $53 $50 50

40 $36 $28 $28 $30 30 $25 $23 $18 20 $15 $10 $12 10 $5 $7

0

AUM Management fee-generating AUM Incentive-creating AUM

16 Preponderance of Capital in Long-Term Closed-End Funds

% Management % of AUM (1) Lockup Incentive Income Fees (2)

Closed-end 20% • Distressed debt of LP profits after 10-11 year fund • Control investing 55% 73% return of capital, d term • Real estate subject to preferred return hurdle • Mezzanine finance

Open-end • High yield bonds 40% 21% mostly 30 days • Convertibled securities • Senior loans

Evergreen 10-20% of annual LP profits, • Value opportunities 90 days to 3 subject to high- 5% 6% • Emerging marketsd years water mark or • Strategic credit preferred return hurdle

1 As of March 31, 2014 2 For the first quarter of 2014

Note: The above represents the general characteristics of the fund structures, but specific terms may vary depending on the strategy. 17 Reconciliation of Non-GAAP Metrics

3 mos. ended March 31, 2006 1 2007 1 2008 2009 2010 2011 2012 2013 ($ in thousands) 2013 2014

Reconciliation of Net Income (Loss) Attributable to Oaktree Capital Group, LLC to Distributable Earnings: Net income (loss) attributable to Oaktree Capital Group, LLC…… $ 265,195 $ 85,642 $ (127,313) $ (57,058) $ (49,455) $ (95,972) $ 107,810 $ 221,998 $ 57,566 $ 51,794 Accrued incentive income………………….…………………...… ------(64,460) - 64,460 Accrued incentive income compensation……………………….. ------46,334 - (46,334) Equity-bas ed compens ation………………………...………….…. - 921,766 941,566 940,683 949,376 948,746 36,024 24,613 5,800 5,199 Income taxes ……………………………………….……….………. 2,950 4,743 17,341 18,267 26,399 21,088 30,858 26,232 10,157 7,986 Non-Operating Group other income……………………………… ------(6,260) - - - Non-Operating Group expens es ……………………….…………. - 486 969 1,008 1,113 768 553 1,195 210 282 OCGH non-controlling interes t……………………………….…… - (599,520) (625,285) (227,313) (163,555) (446,246) 548,265 824,795 262,017 163,558 ANI…………………………………………………………………..... 268,145 413,117 207,278 675,587 763,878 428,384 717,250 1,080,707 335,750 246,945 Inves tment (income) los s ………………….………………...…….. (58,801) (40,898) 151,249 (289,001) (149,449) (23,763) (202,392) (258,654) (82,050) (46,480) Receipts of investment income from funds………...………...… 14,732 32,675 26,394 22,591 28,891 88,693 129,621 128,896 34,026 21,658 Receipts of investment income from DoubleLine and other companies ……………………………………….....…..……...… - - - - - 1,496 33,838 35,664 9,013 9,415 Equity-bas ed compens ation……………………...………………. ------3,828 652 3,983 Operating group income taxes ……………………………………. (2,950) (3,043) (7,518) (4,031) (7,640) (6,275) (6,136) (6,175) (2,364) (2,380) Dis tributable Earnings …………………………………………………$ 221,126 $ 401,851 $ 377,403 $ 405,146 $ 635,680 $ 488,535 $ 672,181 $ 984,266 $ 295,027 $ 233,141

Note: 1 Represents Oaktree Capital Management, LLC prior to May 25, 2007 18 Reconciliation of Non-GAAP Metrics (continued)

3 mos. ended March 31, 2006 1 2007 1 2008 2009 2010 2011 2012 2013 ($ in thousands) 2013 2014

Reconciliation of FRE to Net Income (Loss) Attributable to Oaktree Capital Group, LLC: FRE $ 60,591 $ 119,121 $ 255,933 $ 290,231 $ 375,362 $ 314,968 $ 307,617 $ 260,115 $ 64,866 $ 57,723 Incentive income……………………………………………………… 249,527 332,457 173,876 175,065 413,240 303,963 461,116 1,030,195 327,184 292,876 Incentive income compens ation ……………………………………… (92,193) (78,184) (64,845) (65,639) (159,243) (179,234) (222,594) (436,217) (130,271) (137,828) Inves tment income (los s )……………………………………………… 58,801 40,898 (151,249) 289,001 149,449 23,763 202,392 258,654 82,050 46,480 Equity-bas ed compens ation……………………..……...………….… ------(318) (3,828) (652) (3,983) Interes t expens e, net of interes t income……………………………… (8,581) (1,175) (6,437) (13,071) (26,173) (33,867) (31,730) (28,621) (7,407) (6,625) Other income (expens e), net…………………………………………… - - - - 11,243 (1,209) 767 409 (20) (1,698) ANI……………………………………..………………………………….. 268,145 413,117 207,278 675,587 763,878 428,384 717,250 1,080,707 335,750 246,945 Accrued incentive income…………………………………………… ------64,460 - (64,460) Accrued incentive income compensation …………………………… ------(46,334) - 46,334 Equity-bas ed compens ation………………………………………… - (921,766) (941,566) (940,683) (949,376) (948,746) (36,024) (24,613) (5,800) (5,199) Non-Operating Group other income…………….…..……………… ------6,260 - - - Income taxes …………………...……………………………………… (2,950) (4,743) (17,341) (18,267) (26,399) (21,088) (30,858) (26,232) (10,157) (7,986) Non-Operating Group expens es ……………………………………… - (486) (969) (1,008) (1,113) (768) (553) (1,195) (210) (282) OCGH non-controlling interes t……………………………………… - 599,520 625,285 227,313 163,555 446,246 (548,265) (824,795) (262,017) (163,558) Net income (loss) attributable to Oaktree Capital Group, LLC…… $ 265,195 $ 85,642 $ (127,313) $ (57,058) $ (49,455) (95,972) 107,810 221,998 57,566 51,794

Note: 1Represents Oaktree Capital Management, LLC prior to May 25, 2007

1Q 2013 2Q 2013 3Q 2013 4Q 2013 FY 2013 1Q2014 ($ in thousands)

Reconciliation of segment incentive income to GAAP incentive income: Segment incentive income $ 327,184 $ 338,057 $ 122,424 $ 242,530 $ 1,030,195 $ 292,876 Elimination of amounts attributable to consolidated funds………….…… (327,184) (335,740) (122,424) (242,530) (1,027,878) (292,876) Cons olidated incentive income……………….……………………...………...… $ - $ 2,317 - - 2,317 -

19 Benchmark Detail

The benchmarks are as follows:

• U.S. high yield bonds: Citigroup U.S. High Yield Cash-Pay Capped Index

• U.S. convertibles: Oaktree custom convertible index that represents the Credit Suisse Convertible Securities Index from inception through December 31, 1999, the Goldman Sachs/Bloomberg Convertible 100 Index from January 1, 2000 through June 30, 2004 and the BofA Merrill Lynch All U.S. Convertibles Index thereafter

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