|  |
|--|
|  |
|  |

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

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                    | Three Months Ended  December 31, |   |   |   | Year EndedDecember 31, |   |   |
|                                                    | 2013 |   | 2012 |   | % Change |   | 2013 |   | 2012 |   | % Change |
| Revenues:                                               |   |   |   |   |   |   |  |   |   |   |   |
|     Investment advisory             | $ | 19,180 |  |   | $ | 14,689 |  |   | 31% |   | $ | 69,967 |  |   | $ | 57,783 |  |   | 21% |
|     Mutual fund administration, net | 3,144 |  |   | 2,293 |  |   | 37% |   | 11,465 |  |   | 8,874 |  |   | 29% |
|     Total revenue                   | 22,324 |  |   | 16,982 |  |   | 31% |   | 81,432 |  |   | 66,657 |  |   | 22% |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses                                      | 12,890 |  |   | 10,435 |  |   | 24% |   | 50,750 |  |   | 42,229 |  |   | 20% |
| Net operating income                                    | 9,434 |  |   | 6,547 |  |   | 44% |   | 30,682 |  |   | 24,428 |  |   | 26% |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |
|     Investment income               | 1,482 |  |   | 229 |  |   |   |   | 4,950 |  |   | 1,654 |  |   |   |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Income before taxes                                     | 10,916 |  |   | 6,776 |  |   | 61% |   | 35,632 |  |   | 26,082 |  |   | 37% |
| Net income                                              | $ | 6,750 |  |   | $ | 4,825 |  |   | 40% |   | $ | 22,155 |  |   | $ | 16,931 |  |   | 31% |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per share - diluted                            | $ | 2.10 |  |   | $ | 1.53 |  |   | 37% |   | $ | 6.94 |  |   | $ | 5.44 |  |   | 28% |
| Operating profit margin                                 | 42 | % |   | 39 | % |   |   |   | 38 | % |   | 37 | % |   |   |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |
|                                                              | December 31, |
|                                                              | 2013 |   | 2012 |
| Assets                                                            |   |   |   |
|     Cash equivalents and investment portfolio | $ | 51,833 |  |   | $ | 24,375 |  |
|     Accounts receivable                       | 13,002 |  |   | 10,439 |  |
|     Deferred taxes                            | 8,063 |  |   | 2,452 |  |
|     Other assets                              | 2,455 |  |   | 3,970 |  |
|     Total assets                              | $ | 75,353 |  |   | $ | 41,236 |  |
|                                                              |   |   |   |
| Liabilities                                                       | 30,410 |  |   | 19,500 |  |
|                                                              |   |   |   |
| Total shareholders' equity                                        | 44,943 |  |   | 21,736 |  |
|                                                              |   |   |   |
| Total liabilities and shareholders' equity                        | $ | 75,353 |  |   | $ | 41,236 |  |
|                                                              |   |   |   |
| Book value per share(a)                                           | $ | 13.80 |  |   | $ | 6.86 |  |
| Outstanding shares                                                | 3,257 |  |   | 3,170 |  |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |
|                                           | Change in Assets Under Management |
|                                           | For the Year Ended December 31, |
| (in millions)                                  | 2013 |   | 2012 |
| AUM at beginning of the year                   | $ | 9,429 |  |   | $ | 8,671 |  |
| Net cash inflows (outflows)                    |  |   |  |
|     proprietary funds      | 713 |  |   | 429 |  |
|     sub-advised funds      | (758 | ) |   | (149 | ) |
|     institutional accounts | (263 | ) |   | (499 | ) |
|                                           | (308 | ) |   | (219 | ) |
| Net market appreciation and income             | 3,065 |  |   | 977 |  |
| Increase during the year                       | 2,757 |  |   | 758 |  |
| AUM at end of the year                         | $ | 12,186 |  |   | $ | 9,429 |  |

----

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |
|                                                                        |  Year Ended December 31, |
|  (in thousands, except per share data)                                 | 2013 |   | 2012 |
|  Net operating income, GAAP basis                                      | $ | 30,682 |  |   | $ | 24,428 |  |
|  Non-GAAP adjustments:                                                 |   |   |   |
|     Tax provision excluding impact of investment income | 11,605 |  |   | 8,571 |  |
|  Net operating income after tax, non-GAAP basis                        | $ | 19,077 |  |   | $ | 15,857 |  |
|                                                                        |   |   |   |
|  Net operating income after tax per diluted share, non-GAAP basis      | $ | 5.97 |  |   | $ | 5.10 |  |