|  |
|--|
|  |
|  |

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

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |
|                                              | Three Months Ended June 30, |  |  |  |
|                                         | 2014 |   | 2013 |   | Change |   |
| Revenue                                      | $ | 25,440,213 |  |   | $ | 19,914,101 |  |   | 28% |   |
|     Net operating income | 9,673,605 |  |   | 7,151,691 |  |   | 35% |   |
|     Operating margin     | 38 | % |   | 36 | % |   |  |   |
| Investment income                            | 1,321,914 |  |   | 728,725 |  |   |   |   |
| Net income                                   | 6,928,034 |  |   | 4,711,545 |  |   | 47% |   |
| Earnings per share - diluted                 | $ | 2.12 |  |   | $ | 1.45 |  |   | 46% |   |
|                                         |   |   |   |   |   |   |
|                                              | Six Months Ended June 30, |  |   |  |
|                                         | 2014 |   | 2013 |   | Change |   |
| Revenue                                      | $ | 48,629,309 |  |   | $ | 38,289,476 |  |   | 27% |   |
|     Net operating income | 18,245,390 |  |   | 13,779,305 |  |   | 32% |   |
|     Operating margin     | 38 | % |   | 36 | % |   |   |   |
| Investment income                            | 1,838,442 |  |   | 2,553,384 |  |   |   |   |
| Net income                                   | 12,677,633 |  |   | 10,042,277 |  |   | 26% |   |
| Earnings per share - diluted                 | $ | 3.90 |  |   | $ | 3.12 |  |   | 25% |   |
|                                         |   |   |   |   |   |   |

----

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |  |  |  |  |  |
|                               | As Of |   |
|                               | June 30, 2014 |   | December 31, 2013 |   | June 30, 2013 |   |
| Assets under management (millions) | $ | 14,204 |  |   | $ | 12,186 |  |   | $ | 10,427 |  |   |
| Book value per share (a)           | $ | 19.61 |  |   | $ | 13.80 |  |   | $ | 12.06 |  |   |
| Total outstanding shares           | 3,306,084 |  |   | 3,257,247 |  |   | 3,261,594 |  |   |

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |
|                                           | Change in Assets Under Management |
|                                           | For the Three Months Ended June 30, |
| (in millions)                                  | 2014 |   | 2013 |
| AUM at beginning of the period                 | $ | 12,986 |  |   | $ | 10,574 |  |
| Net cash inflows (outflows)                    |   |   |   |
|     proprietary funds      | 482 |  |   | 218 |  |
|     sub-advised funds      | 66 |  |   | (782 | ) |
|     institutional accounts | 65 |  |   | (142 | ) |
|                                                | 613 |  |   | (706 | ) |
| Net market appreciation and income             | 605 |  |   | 559 |  |
| Increase (decrease) during the period          | 1,218 |  |   | (147 | ) |
| AUM at end of the period                       | $ | 14,204 |  |   | $ | 10,427 |  |
|                                           |   |   |   |
|                                           | Change in Assets Under Management |
|                                           | For the Six Months Ended June 30, |
| (in millions)                                  | 2014 |   | 2013 |
| AUM at beginning of the period                 | $ | 12,186 |  |   | $ | 9,429 |  |
| Net cash inflows (outflows)                    |   |   |   |
|     proprietary funds      | 847 |  |   | 360 |  |
|     sub-advised funds      | 99 |  |   | (819 | ) |
|     institutional accounts | 226 |  |   | (175 | ) |
|                                                | 1,172 |  |   | (634 | ) |
| Net market appreciation and income             | 846 |  |   | 1,632 |  |
| Increase during the period                     | 2,018 |  |   | 998 |  |
| AUM at end of the period                       | $ | 14,204 |  |   | $ | 10,427 |  |

----

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                        | Three Months Ended June 30, |   | Six Months Ended June 30, |
|  (in thousands, except per share data)                                 | 2014 |   | 2013 |   | % Change |   | 2014 |   | 2013 |   | % Change |
|  Net operating income, GAAP basis                                      | $ | 9,674 |  |   | $ | 7,152 |  |   | 35% |   | $ | 18,245 |  |   | $ | 13,779 |  |   | 32% |
|  Non-GAAP adjustments:                                                 |   |   |  |   |  |   |  |   |  |   |  |
|     Tax provision excluding impact of investment income | (3,579 | ) |   | (2,876 | ) |   | 24% |   | (6,728 | ) |   | (5,307 | ) |   | 27% |
|  Net operating income after tax, non-GAAP basis                        | $ | 6,095 |  |   | $ | 4,276 |  |   | 43% |   | $ | 11,517 |  |   | $ | 8,472 |  |   | 36% |
|                                                                        |   |   |   |   |   |   |   |   |   |   |   |
|  Net operating income after tax per diluted share, non-GAAP basis      | $ | 1.87 |  |   | $ | 1.32 |  |   | 42% |   | $ | 3.54 |  |   | $ | 2.63 |  |   | 35% |