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

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|                                                                  |  |  |  |  |  |  |  |  |  |
|                                                                  | Three Months Ended June 30, |  |  |
|                                                             | 2016 |   | 2015 |   | Change |
| Revenue                                                          | $ | 32,669,435 |  |   | $ | 31,382,187 |  |   | 4% |
|     Net operating income                     | 14,699,249 |  |   | 14,122,086 |  |   | 4% |
|     Operating margin                         | 45 | % |   | 45 | % |   |   |
| Investment income                                                | 692,666 |  |   | 457,340 |  |   |   |
| Net income attributable to common shareholders                   | 9,714,552 |  |   | 9,178,122 |  |   | 6% |
| Earnings per share attributable to common shareholders - diluted | $ | 2.84 |  |   | $ | 2.73 |  |   | 4% |
|                                                             |   |   |   |   |   |
|                                                             | Six Months Ended June 30, |   |   |
|                                                             | 2016 |   | 2015 |   | Change |
| Revenue                                                          | $ | 63,126,924 |  |   | $ | 60,700,594 |  |   | 4% |
|     Net operating income                     | 28,403,682 |  |   | 27,316,093 |  |   | 4% |
|     Operating margin                         | 45 | % |   | 45 | % |   |  |
| Investment income                                                | 1,439,888 |  |   | 1,802,023 |  |   |   |
| Net income attributable to common shareholders                   | 18,980,215 |  |   | 18,690,744 |  |   | 2% |
| Earnings per share attributable to common shareholders - diluted | $ | 5.58 |  |   | $ | 5.61 |  |   | (1)% |

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|------------------------------------|
|                                    |  |  |  |  |  |  |  |  |  |  |  |
|                               | As Of |
|                               | June 30, 2016 |   | December 31, 2015 |   | June 30, 2015 |
| Assets under management (millions) | $ | 17,584 |  |   | $ | 16,841 |  |   | $ | 16,734 |  |
| Book value per share (a)           | $ | 37.55 |  |   | $ | 30.84 |  |   | $ | 29.24 |  |
| Total outstanding shares           | 3,425,389 |  |   | 3,414,338 |  |   | 3,396,172 |  |

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|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |
|                                           | Change in Assets Under Management |
|                                           | For the Three Months Ended June 30, |
| (in millions)                                  | 2016 |   | 2015 |
| AUM at beginning of the period                 | $ | 17,391 |  |   | $ | 16,098 |  |
| Net cash inflows (outflows)                    |   |   |   |
|     proprietary funds      | 194 |  |   | 353 |  |
|     sub-advised funds      | (15 | ) |   | (16 | ) |
|     institutional accounts | (106 | ) |   | 99 |  |
|                                                | 73 |  |   | 436 |  |
| Net market appreciation and income             | 120 |  |   | 200 |  |
| Increase during the period                     | 193 |  |   | 636 |  |
| AUM at end of the period                       | $ | 17,584 |  |   | $ | 16,734 |  |
|                                           |   |   |   |
|                                           | Change in Assets Under Management |
|                                           | For the Six Months Ended June 30, |
| (in millions)                                  | 2016 |   | 2015 |
| AUM at beginning of the period                 | $ | 16,841 |  |   | $ | 15,656 |  |
| Net cash inflows (outflows)                    |   |   |   |
|     proprietary funds      | 551 |  |   | 827 |  |
|     sub-advised funds      | (55 | ) |   | 25 |  |
|     institutional accounts | (66 | ) |   | (130 | ) |
|                                                | 430 |  |   | 722 |  |
| Net market appreciation and income             | 313 |  |   | 356 |  |
| Increase during the period                     | 743 |  |   | 1,078 |  |
| AUM at end of the period                       | $ | 17,584 |  |   | $ | 16,734 |  |

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|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |  |  |  |
|                                                                        |   | Three Months Ended June 30, |
|  (in thousands, except per share data)                                 |   | 2016 |   | 2015 |   | % Change |
|  Net operating income, GAAP basis                                      |   | $ | 14,699 |  |   | $ | 14,122 |  |   | 4% |
|  Non-GAAP adjustments:                                                 |   |   |   |   |   |   |
|     Tax provision excluding impact of investment income |   | (5,372 | ) |   | (5,232 | ) |   | 3% |
|  Net operating income after tax, non-GAAP basis                        |   | $ | 9,327 |  |   | $ | 8,890 |  |   | 5% |
|                                                                        |   |   |   |   |   |   |
|  Net operating income after tax per diluted share, non-GAAP basis      |   | $ | 2.73 |  |   | $ | 2.64 |  |   | 3% |
|                                                                        |   |   |   |   |   |   |
|                                                                        |   | Six Months Ended June 30, |
|  (in thousands, except per share data)                                 |   | 2016 |   | 2015 |   | % Change |
|  Net operating income, GAAP basis                                      |   | $ | 28,404 |  |   | $ | 27,316 |  |   | 4% |
|  Non-GAAP adjustments:                                                 |   |  |   |  |   |   |
|     Tax provision excluding impact of investment income |   | (10,276 | ) |   | (9,782 | ) |   | 5% |
|  Net operating income after tax, non-GAAP basis                        |   | $ | 18,128 |  |   | $ | 17,534 |  |   | 3% |
|                                                                        |   |   |   |   |   |   |
|  Net operating income after tax per diluted share, non-GAAP basis      |   | $ | 5.33 |  |   | $ | 5.26 |  |   | 1% |

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