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                          	 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 2007 FINANCIAL RESULTS

	Columbus, Ohio - February 15, 2008 - Diamond Hill Investment Group, Inc.
(NASDAQ:DHIL) today reported results for the year ended December 31, 2007.
Assets under management increased by 19% to $4.4 billion compared to $3.7
billion at the end of 2006 while revenue of $41.3 million for the year increased
by 29% compared to 2006.  Net income for the year was $9.9 million or $4.39 per
diluted share compared to $8.1 million or $3.63 per diluted share in 2006.
Revenue and net income for the fourth quarter were down 19% and 30%,
respectively due to a reduction in performance incentive fees and investment
income.

Ric Dillon, president and chief investment officer stated, "Our primary goal is
to fulfill our fiduciary responsibility to our clients by achieving excellent
long-term investment returns.  We define long term as five years and by that
measure all of our strategies have delivered strong returns for clients.  Our
investment results for calendar 2007 were mixed with some strategies exceeding
benchmarks and others trailing.   In the long run, delivering excellent
investment results for our clients will generate growth for our business and
attract new clients and additional investments for us to manage."

Jim Laird, chief financial officer noted, "In 2007 new client investments, net
of withdrawals, totaled $602 million, compared to $1.9 billion in 2006.  We
have continued to add resources to market into the wirehouse and broker dealer
channels and to maintain and grow in other distribution channels.  Clearly
growth in our business is affected by short-term investment results which led
to a slowdown in net inflows in 2007."

Full year results			   2007		   2006	        Change
Investment advisory fees		$35,165,043	$20,246,624	74%
Performance incentive fees		    174,292	  7,947,434     (98%)
Mutual fund administration, net	    	  5,968,603	  3,710,141	61%
Total Revenue				$41,307,938	$31,904,199	29%
Net operating income			$14,078,489	 $9,768,568	44%
Net operating income margin		      34.1%	      30.6%
Investment return			   $909,134	 $2,526,620	(64%)
Pre-tax income				$14,987,623	$12,295,188	22%
Net income				 $9,932,315	 $8,065,133	23%
Earnings per share - diluted		      $4.39	      $3.63	21%
Assets under management		       $4.4 billion    $3.7 billion	19%
New investments, net of withdrawals    $0.6 billion    $1.9 billion	(69%)

Quarter ended December 31		  Q4 2007	  Q4 2006	Change
Investment management revenue		 $9,185,377	 $6,679,716	38%
Performance Incentive Fees	  	    168,475	  5,437,558	(97%)
Mutual fund administration, net	    	  1,529,162	  1,303,237	17%
Total Revenue				$10,883,014	$13,420,511	(19%)
Net operating income			 $4,036,174	 $4,447,367	(9%)
Net operating income margin		      37.1%	      33.1%
Investment return			   $175,414	 $1,623,333	(89%)
Pre-tax income				 $4,211,588	 $6,070,699	(31%)
Net income				 $2,876,013	 $4,082,108	(30%)
Earnings per share - diluted		      $1.23	      $1.72	(28%)

Performance Incentive Fees - The company reported that in 2007 performance
incentive fees represented less than 1% of revenue while in 2006 nearly 25% of
revenue was from performance incentive fees earned on certain client portfolios.
Management reiterated that incentive fees will continue to be volatile in the
future.

Income taxes - In 2007 non-qualified stock options and warrants were exercised
which will result in a $22.8 million tax deduction but, in accordance with
generally accepted accounting principles (GAAP), no compensation expense.
Further, under GAAP, the company accrued a $5.1 million tax expense in 2007
despite the fact that the company will not pay income tax as a result of the
aforementioned tax deduction.  Similarly, in future periods, the company will
not pay income tax until cumulative pre-tax income in 2007, and future periods,
exceeds the $22.8 million tax deduction described above.  In 2007 and 2006 the
company accrued federal and city income taxes at an effective tax rate of
34%.

2008 Annual Meeting of Shareholders - Diamond Hill announced that the 2007
Annual Shareholder meeting will be held May 22, 2008 at 1:00 pm along with an
investor conference call.

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

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 growth of
the Company's business, corporate objectives, prospects for achieving the
critical threshold of assets under management, operating margins, economic
trends (including interest rates and market volatility), intrinsic value of the
Company's shares and similar matters. The words "believe," "expect,"
"anticipate," "estimate," "should", "could", "goal" 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
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 SEC.

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            325 John H. McConnell Blvd, Suite 200, Columbus, Ohio 43215
                         614-255-3333  fax 614-255-3363