Oaktree Announces Expansion of Senior Leadership Team

Oaktree Capital Group, LLC (NYSE: OAK) today announced actions to expand its senior leadership team as the firm continues to evolve as a leading publicly traded alternative asset manager.

Jay Wintrob will join Oaktree in the newly created position of Chief Executive Officer, effective November 1. Mr. Wintrob, who has been a member of Oaktree’s Board of Directors since 2011, will have primary responsibility for developing and managing Oaktree’s business, including driving Oaktree’s focus on achieving strong returns for clients, increasing efficiency and profitability, and helping the firm capitalize on its many growth opportunities. A highly recognized and respected financial services executive, Mr. Wintrob spent 27 years at American International Group and predecessor companies, including SunAmerica. Following AIG’s acquisition of SunAmerica, Mr. Wintrob became President and CEO of AIG’s retirement services businesses, which were renamed AIG Life and Retirement in 2009, and Executive Vice President - Life and Retirement of AIG. Under his leadership, AIG Life and Retirement has grown into the fourth largest life insurance organization in the United States.

“After nearly 20 years, including the last two and a half as a public company, Oaktree has expanded substantially in terms of assets, employees, breadth and complexity. It’s time for us to turn to a world-class financial services executive to take our business to the next level,” said Howard Marks, Chairman and Co-Founder. “We are thrilled that Jay has agreed to take the helm, bringing to Oaktree his intimate familiarity with our business, vast experience managing large and complex financial services companies, and a record of leading highly motivated and talented professionals serving their clients.”

In addition, Bruce Karsh, President and a Co-Founder of Oaktree, will join Howard Marks in the role of Co-Chairman. Mr. Karsh will continue as Oaktree’s Chief Investment Officer and as portfolio manager for its Distressed Opportunities and Value Opportunities strategies.

Mr. Karsh said, “I’ve known Jay Wintrob for over 30 years, both personally and professionally, and he’s a superb fit with Oaktree. Jay has been a valuable contributor to our Board over the last few years, and he understands and appreciates our core investment philosophy and distinctive culture. He brings a unique combination of continuity and fresh thinking to the role of Oaktree CEO. We’re confident he will add tremendous value to our business from day one and play a key role in the firm’s long-term growth and development.”

“I have long admired the quality and strength of Oaktree’s business, the firm’s integrity, and its exceptionally talented professionals,” said Mr. Wintrob. “The firm has an outstanding record of investment performance, thanks to its collection of investment talent that is second to none. I look forward to working with Howard, Bruce, John Frank and the entire Oaktree team as we build on the firm’s success in the years ahead.”

John Frank, who has served as Oaktree’s Managing Principal since 2006 and previously as General Counsel, has been named Vice Chairman. Mr. Frank will continue to leverage his deep institutional experience at the firm, working closely with Mr. Wintrob and further developing Oaktree’s relationships with its clients, unitholders and business partners.

“I’ve known and worked with Jay in his capacity as a member of our board of directors, and I’m delighted we’ve attracted him to Oaktree. I very much look forward to working with him as part of the firm's senior management in the years ahead,” said Mr. Frank.

Jay Wintrob Biography

Mr. Wintrob served as President and Chief Executive Officer of AIG Life and Retirement, the U.S. based life and retirement services businesses of American International Group, Inc. ("AIG"), and Executive Vice President - Life and Retirement of AIG from 2009 to October 2014. Mr. Wintrob was Executive Vice President - Retirement Services of AIG from 2002 to 2009 and also served as a director of AIG from 1999 to 2004. He joined SunAmerica Inc. in 1987 as Assistant to the Chairman, was elected Senior Vice President in 1989, Executive Vice President in 1991 and Vice Chairman in 1995. Mr. Wintrob also served as President of SunAmerica Investments, Inc., overseeing the company's invested asset portfolio, from 1994 through 2000.

Following AIG's acquisition of SunAmerica in 1998, Mr. Wintrob was Vice Chairman and Chief Operating Officer of AIG Retirement Services, Inc. from 1998 to 2001, and he served as President from 2000 to October 2014 and Chief Executive Officer from 2001 to October 2014.

Mr. Wintrob has been an outside director of Oaktree since September 2011. He is also a member of the board of the American Council of Life Insurers and is an active board member of several non-profit organizations, including The Broad Foundation, The J. Paul Getty Trust and the Skirball Cultural Center.

Mr. Wintrob received his B.A. from the University of California at Berkeley and a J.D. from the Boalt Hall School of Law at the University of California at Berkeley. Prior to joining SunAmerica, Mr. Wintrob was an associate with the law firm of O'Melveny & Myers.

About Oaktree

Oaktree is a leader among global investment managers specializing in alternative investments, with $91.1 billion in assets under management as of June 30, 2014. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 850 employees and offices in 17 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com.