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|--|
|  |
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|                                       |
|---------------------------------------|
|                                       |
| Investor Contact:                     |
| Tom Line-Chief Financial Officer      |
| 614-255-5989 (tline@diamond-hill.com) |

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                    | Three Months Ended  December 31, |   |   |   | Year EndedDecember 31, |   |   |
|                                                    | 2015 |   | 2014 |   | % Change |   | 2015 |   | 2014 |   | % Change |
| Revenues:                                               |   |   |   |   |   |   |  |   |   |   |   |
|     Investment advisory             | $ | 28,021 |  |   | $ | 24,509 |  |   | 14% |   | $ | 107,916 |  |   | $ | 89,901 |  |   | 20% |
|     Mutual fund administration, net | 4,281 |  |   | 3,962 |  |   | 8% |   | 16,510 |  |   | 14,658 |  |   | 13% |
|     Total revenue                   | 32,302 |  |   | 28,471 |  |   | 13% |   | 124,426 |  |   | 104,559 |  |   | 19% |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses                                      | 15,039 |  |   | 10,240 |  |   | 47% |   | 65,706 |  |   | 57,099 |  |   | 15% |
| Net operating income                                    | 17,263 |  |   | 18,231 |  |   | (5)% |   | 58,720 |  |   | 47,460 |  |   | 24% |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Investment income (loss)                                | 973 |  |   | 2,073 |  |   |   |   | (737 | ) |   | 2,906 |  |   |   |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Income before taxes                                     | 18,236 |  |   | 20,304 |  |   | (10)% |   | 57,983 |  |   | 50,366 |  |   | 15% |
| Net income                                              | $ | 11,655 |  |   | $ | 12,553 |  |   | (7)% |   | $ | 37,074 |  |   | $ | 31,581 |  |   | 17% |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per share - diluted                            | $ | 3.43 |  |   | $ | 3.81 |  |   | (10)% |   | $ | 11.03 |  |   | $ | 9.67 |  |   | 14% |
| Operating profit margin                                 | 53 | % |   | 64 | % |   |   |   | 47 | % |   | 45 | % |   |   |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |
|                                                              | December 31, |
|                                                              | 2015 |   | 2014 |
| Assets                                                            |   |   |   |
|     Cash equivalents and investment portfolio | $ | 109,966 |  |   | $ | 81,205 |  |
|     Accounts receivable                       | 18,579 |  |   | 16,514 |  |
|     Deferred taxes                            | 9,206 |  |   | 5,659 |  |
|     Other assets                              | 7,436 |  |   | 4,331 |  |
|     Total assets                              | $ | 145,187 |  |   | $ | 107,709 |  |
|                                                              |   |   |   |
| Liabilities                                                       | 39,873 |  |   | 33,390 |  |
|                                                              |   |   |   |
| Total shareholders' equity                                        | 105,314 |  |   | 74,319 |  |
|                                                              |   |   |   |
| Total liabilities and shareholders' equity                        | $ | 145,187 |  |   | $ | 107,709 |  |
|                                                              |   |   |   |
| Book value per share(a)                                           | $ | 30.84 |  |   | $ | 22.40 |  |
| Outstanding shares                                                | 3,414 |  |   | 3,318 |  |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |
|                                              | Change in Assets Under Management |
|                                              | For the Year Ended December 31, |
| (in millions)                                     | 2015 |   | 2014 |
| AUM at beginning of the year                      | $ | 15,656 |  |   | $ | 12,186 |  |
| Net cash inflows (outflows)                       |  |   |  |
|     proprietary funds         | 1,916 |  |   | 1,618 |  |
|     sub-advised funds         | (6 | ) |   | 166 |  |
|     institutional accounts    | (443 | ) |   | 478 |  |
|                                              | 1,467 |  |   | 2,262 |  |
| Net market appreciation (depreciation) and income | (282 | ) |   | 1,208 |  |
| Increase during the year                          | 1,185 |  |   | 3,470 |  |
| AUM at end of the year                            | $ | 16,841 |  |   | $ | 15,656 |  |

----

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |
|                                                                               |  Year Ended December 31, |
|  (in thousands, except per share data)                                        | 2015 |   | 2014 |
|  Net operating income, GAAP basis                                             | $ | 58,720 |  |   | $ | 47,460 |  |
|  Non-GAAP adjustments:                                                        |   |   |   |
|     Tax provision excluding impact of investment income (loss) | (21,174 | ) |   | (17,701 | ) |
|  Net operating income after tax, non-GAAP basis                               | $ | 37,546 |  |   | $ | 29,759 |  |
|                                                                               |   |   |   |
|  Net operating income after tax per diluted share, non-GAAP basis             | $ | 11.17 |  |   | $ | 9.11 |  |