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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 RESULTS FOR FIRST QUARTER 2008

	Columbus, Ohio - May 9, 2008 - Diamond Hill Investment Group, Inc.
(NASDAQ:DHIL) today reported unaudited results for the quarter ended March 31,
2008.  Assets under management ended the quarter at $4.7 billion an increase
of 12% and 6% compared to $4.2 billion at the end of the first quarter of 2007
and $4.4 billion at the end of 2007.   Revenue of $10.9 million for the quarter
increased by 17% compared to the first quarter of 2007.  Net income for the
quarter was $1.99 million or $0.82 per diluted share compared to net income of
$1.99 million or $0.91 per diluted share in 2007.

Ric Dillon, president and chief investment officer stated, "Our primary
business objective is to produce excellent long-term investment returns for our
clients. The first quarter of 2008 was a difficult market environment and each
of our strategies performed very well on a relative basis.  However, our focus
is on long-term results and I am pleased that our strategies have outperformed
their benchmarks over the past five years."  Jim Laird, chief financial officer,
stated, "New client investments in the first quarter of 2008 were $370 million
which is down from $487 million in the first quarter of 2007 but an increase
from the fourth quarter of 2007 when new client investments totaled $30 million.
We continue our efforts to grow our business by increasing resources to market
into the wirehouse and regional broker dealer markets and our ongoing efforts
to market our private funds to institutional clients in the U.S. and abroad."


					     Three months ended March 31,
					    2008	   2007		Change
Revenue					$10,903,224	$9,354,743	  17%
Performance incentive fees		    280,900	     4,297	 n.m.
    Net operating income		 $3,525,572	$3,087,066	  14%
    Net operating margin		    32%		    33%
Investment return		          (374,664) 	  (30,460)	 n.m.
    Pre-tax income 		  	  3,150,908	 3,056,606	   3%
    Income tax provision		(1,165,219)    (1,062,193)	  10%
Net income 				$1,985,689	$1,994,413	   0%
Earnings per share - diluted		   $0.82	   $0.91	 (10%)
    Assets under management           $4.67 billion  $4.17 billion	  12%
Weighted Average Diluted Shares		  2,426,400      2,195,772        11%

Beacon Hill Fund Services - the company capitalized a new subsidiary, Beacon
Hill Fund Services (Beacon Hill), which will offer services to small and
mid-sized mutual fund companies.  Beacon Hill will focus the first half of 2008
on staffing, building infrastructure and marketing.  In the first quarter of
2008 Beacon Hill earned $0 revenue and generated a pre-tax loss of $191,000;
which reduced Diamond Hill's net operating margin from 34% to 32%.

Income Taxes - the exercise of options and warrants in 2007 and for the first
three months of 2008 resulted in a cumulative federal tax deduction of $22.8
million and a corresponding tax benefit of $7.8 million.  In accordance with
generally accepted accounting principles this tax benefit is not reflected in
earnings.  In the first quarter of 2008 $1.0 million of the $7.8 million was
realized and $1.0 million remains for future periods.  The effective tax rate
in the first quarter of 2008 was 37%, the company anticipates the effective
rate for the balance of 2008 to be 36%.

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 capital. The firm
currently manages mutual funds, separate accounts and private investment
funds.  For more information on Diamond Hill, visit www.diamond-hill.com.


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