^
                          	 Diamond Hill
                                 ------------
                                 Investments


FOR IMMEDIATE RELEASE:
					Investor Contact:
					James F. Laird-Chief Financial Officer
					614-255-3353 (jlaird@diamond-hill.com)

DIAMOND HILL INVESTMENT GROUP, INC.
REPORTS RESULTS FOR THIRD QUARTER 2010

	Columbus, Ohio - November 5, 2010 - Diamond Hill Investment Group, Inc.
(NASDAQ:DHIL) today reported unaudited results for the quarter ended September
30, 2010.  The operating results for the third quarter of 2010 are summarized
in the following paragraphs; however, the company urges investors to read Form
10-Q in addition to this release.  The limited information that follows is not
adequate for making an informed investment judgment.  For this reason,
whenever possible, the company will post earnings and the associated Form 10-Q
on a Friday afternoon so that investors have a maximum amount of time to digest
the information contained therein.

Revenue increased 23% to $14.0 million for the third quarter of 2010 compared
to the third quarter of 2009.  Net operating income was $4.2 million for the
quarter an increase of 47% compared to the third quarter of 2009.  Net income
for the quarter was $3.4 million, or $1.24 per diluted share, compared to net
income of $3.2 million, or $1.23 per diluted share, in the third quarter of
2009.  During the three months ended September 30, 2010, the corporate
investment portfolio had a positive return of $1.2 million, a decrease of
43%, compared to a positive return of $2.1 million for the three months ended
September 30, 2009.  Excluding the corporate investment return, net operating
income after tax increased $492 thousand, or 26%, for the period primarily
due to a 29% increase in AUM for the quarter.

Ric Dillon, president and chief investment officer stated, "Our primary
business objective is to fulfill our fiduciary responsibility to our clients
by achieving excellent long term investment returns.  I am pleased that our
strategies have generally outperformed their benchmarks over the past five
years."

Jim Laird, chief financial officer, stated, "New client investments for the
third quarter of 2010 totaled $62 million compared to the third quarter of
2009 when we saw inflows of $111 million. For the nine months ended September
30, 2010, new client investments totaled $791 million compared to $148
million for the same period in 2009. Our distribution focus is unchanged."

					   Three Months Ended September 30,
			                    2010	    2009	Change
Revenue				        $14,043,000 	$11,371,644	 23%
    Net operating income		  4,199,030	  2,848,569	 47%
    Operating margin		     	    30%	     	    25%
    Operating margin -
	excluding Beacon Hill		    32%		    27%
Investment return			  1,169,916	  2,064,283	-43%
Net income 		 		  3,438,406	  3,203,918	  7%
Earnings per share - diluted		   $1.24	   $1.23 	  1%

					   Nine Months Ended September 30,
			                    2010	    2009	Change
Revenue				        $41,188,144 	$29,848,811	 38%
    Net operating income		 12,229,548 	  7,508,523 	 63%
    Operating margin		     	    30%	     	    25%
    Operating margin -
	excluding Beacon Hill		    32%		    28%
Investment return			    231,130   	  4,517,328	-95%
Net income 		 		  7,938,585 	  7,871,645	  1%
Earnings per share - diluted		   $2.88	   $3.05	 -6%

			  			    As Of
                               September 30, 	 December 31, 	  September 30,
				   2010		    2009	      2009
Assets under management
  (millions)		  	   $7,080	      $6,283 	       $5,489
Book value per share (a)	    $0.82 	      $ 8.58 	       $17.27
Total outstanding shares	2,789,507	   2,677,577 	    2,612,214

(a) - A $13 per share dividend was declared on September 17, 2010 and accrued
as of September 30, 2010.

Beacon Hill Fund Services - During the three months ended September 30, 2010,
Beacon Hill had an operating loss of $217 thousand on revenue of $375 thousand
compared to an operating loss of $143 thousand on revenue of $330 thousand for
the three months ended September 30, 2009. During the nine months ended
September 30, 2010, Beacon Hill had an operating loss of $652 thousand on
revenue of $1,158 thousand compared to an operating loss of $822 thousand on
revenue of $571 thousand for the nine months ended September 30, 2009.

Assets Under Management - As of September 30, 2010, assets under management
totaled $7.1 billion, a 29% increase in comparison to September 30, 2009.
The following is a roll-forward of AUM activity for the nine months ended
September 30, 2010 and 2009:

						Change in Assets Under Management
					      For the Nine Months Ended September 30,
(in millions)						2010		2009
AUM at beginning of the period		       	       $6,283 	       $4,510
Net cash inflows (outflows)
	mutual funds	 				  415		 (229)
	separate accounts	 		  	  385 	 	  423
	private investment funds	 	 	   (9)	 	  (46)
		 				  	  791 	 	  148
Net market appreciation and income	 		    6 	 	  831
Increase during the period		 		  797 	 	  979
AUM at end of the period		 	       $7,080 	       $5,489

About Diamond Hill:
Diamond Hill provides investment management services to institutions and
financial intermediaries seeking to preserve and build capital. The firm
currently manages mutual funds, separate accounts and private investment
funds.  For more information on Diamond Hill, visit www.diamond-hill.com.


Use of Supplemental Data as Non-GAAP Performance Measure
Net Operating Income After Tax

As supplemental information, we are providing performance measures that are
based on methodologies other than generally accepted accounting principles
("non-GAAP") for "Net Operating Income After Tax" that management uses as
benchmarks in evaluating and comparing the period-to-period operating
performance of Diamond Hill Investment Group, Inc. (the "Company") and
its subsidiaries.

The Company defines "net operating income after tax" as the Company's net
operating income less income tax provision excluding investment return and
the tax impact related to the investment return. The Company believes that
"net operating income after tax" provides a good representation of the
Company's operating performance as it excludes the impact of investment
return on financial results. The amount of the investment portfolio and
market fluctuations on the investments can fluctuate significantly from
one period to another, as seen over the past year, which can distort the
underlying earnings potential of a company. We also believe "net operating
income after tax" is an important metric in estimating the value of an
asset management business. This measure is provided in addition to net
income and net operating income and is not a substitute for net income or
net operating income and may not be comparable to non-GAAP performance
measures of other companies.


 		 			    Three Months Ended September 30,
(in thousands)					   2010		  2009
Net Operating Income, GAAP basis 		 $ 4,199	$ 2,849
Non-GAAP Adjustments:
  Tax Provision excluding impact
    of Investment Return 			   1,849	    991
Net operating income after tax, non-GAAP basis 	   2,350	  1,858

Net operating income after tax per
  diluted share, non-GAAP basis       	           $0.85 	  $0.71

Diluted weighted average shares outstanding,
  GAAP basis 		 			   2,779	  2,612

		 			     Nine Months Ended September 30,
(in thousands)					   2010		  2009
Net Operating Income, GAAP basis 		 $12,230	$ 7,509
Non-GAAP Adjustments:
  Tax Provision excluding impact
    of Investment Return 		 	   4,440	  2,594
Net operating income after tax, non-GAAP basis 	   7,790	  4,915

Net operating income after tax per
  diluted share, non-GAAP basis                    $2.82	  $1.91

Diluted weighted average shares outstanding,
  GAAP basis 		 			   2,759	  2,576

The Company's management does not promote that investors consider the
above non-GAAP financial measures alone, or as a substitute for,
financial information prepared in accordance with GAAP.

----------------------------------------
Throughout this press release, the Company may make forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934 relating to such
matters as anticipated operating results, prospects for achieving the
critical threshold of assets under management, technology developments,
economic trends (including interest rates and market volatility), expected
transactions and acquisitions and similar matters. The words "believe,"
"expect," "anticipate," "estimate," "should," "hope," "seek," "plan,"
"intend" and similar expressions identify forward-looking statements that
speak only as of the date thereof.  While the Company believes that the
assumptions underlying its forward-looking statements are reasonable,
investors are cautioned that any of the assumptions could prove to be
inaccurate and accordingly, the actual results and experiences of the
Company could differ materially from the anticipated results or other
expectations expressed by the Company in its forward-looking statements.
Factors that could cause such actual results or experiences to differ from
results discussed in the forward-looking statements include, but are not
limited to: the adverse effect from a decline in the securities markets;
a decline in the performance of the Company's products; changes in
interest rates; a general or prolonged downturn in the economy; changes in
government policy and regulation, including monetary policy; changes in
the Company's ability to attract or retain key employees; unforeseen costs
and other effects related to legal proceedings or investigations of
governmental and self-regulatory organizations; and other risks identified
from time-to-time in the Company's other public documents on file with the
U.S. Securities and Exchange Commission.

					###

            325 John H. McConnell Blvd, Suite 200, Columbus, Ohio 43215
                         614-255-3333  info@diamond-hill.com