|  |
|--|
|  |
|  |

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

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |
|                                              | Three Months Ended September 30, |  |  |  |
|                                         | 2014 |   | 2013 |   | Change |   |
| Revenue                                      | $ | 27,458,493 |  |   | $ | 20,819,492 |  |   | 32% |   |
|     Net operating income | 10,983,500 |  |   | 7,469,601 |  |   | 47% |   |
|     Operating margin     | 40 | % |   | 36 | % |   |  |   |
| Investment income (loss)                     | (1,005,915 | ) |   | 913,551 |  |   |   |   |
| Net income                                   | 6,350,580 |  |   | 5,361,736 |  |   | 18% |   |
| Earnings per share - diluted                 | $ | 1.94 |  |   | $ | 1.67 |  |   | 16% |   |
|                                         |   |   |   |   |   |   |
|                                              | Nine Months Ended September 30, |  |   |  |
|                                         | 2014 |   | 2013 |   | Change |   |
| Revenue                                      | $ | 76,087,802 |  |   | $ | 59,108,968 |  |   | 29% |   |
|     Net operating income | 29,228,890 |  |   | 21,248,907 |  |   | 38% |   |
|     Operating margin     | 38 | % |   | 36 | % |   |   |   |
| Investment income                            | 832,527 |  |   | 3,466,935 |  |   |   |   |
| Net income                                   | 19,028,213 |  |   | 15,404,014 |  |   | 24% |   |
| Earnings per share - diluted                 | $ | 5.84 |  |   | $ | 4.84 |  |   | 21% |   |
|                                         |   |   |   |   |   |   |

|                                    |
|------------------------------------|
|                                    |  |  |  |  |  |  |  |  |  |  |  |  |
|                               | As Of |   |
|                               | September 30, 2014 |   | December 31, 2013 |   | September 30, 2013 |   |
| Assets under management (millions) | $ | 14,474 |  |   | $ | 12,186 |  |   | $ | 11,040 |  |   |
| Book value per share (a)           | $ | 22.06 |  |   | $ | 13.80 |  |   | $ | 14.01 |  |   |
| Total outstanding shares           | 3,314,167 |  |   | 3,257,247 |  |   | 3,263,677 |  |   |

----

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |
|                                              | Change in Assets Under Management |
|                                              | For the Three Months Ended September 30, |
| (in millions)                                     | 2014 |   | 2013 |
| AUM at beginning of the period                    | $ | 14,204 |  |   | $ | 10,427 |  |
| Net cash inflows (outflows)                       |   |   |   |
|     proprietary funds         | 597 |  |   | 78 |  |
|     sub-advised funds         | 62 |  |   | 57 |  |
|     institutional accounts    | (92 | ) |   | (50 | ) |
|                                                   | 567 |  |   | 85 |  |
| Net market appreciation (depreciation) and income | (297 | ) |   | 528 |  |
| Increase during the period                        | 270 |  |   | 613 |  |
| AUM at end of the period                          | $ | 14,474 |  |   | $ | 11,040 |  |
|                                              |   |   |   |
|                                              | Change in Assets Under Management |
|                                              | For the Nine Months Ended September 30, |
| (in millions)                                     | 2014 |   | 2013 |
| AUM at beginning of the period                    | $ | 12,186 |  |   | $ | 9,429 |  |
| Net cash inflows (outflows)                       |   |   |   |
|     proprietary funds         | 1,434 |  |   | 437 |  |
|     sub-advised funds         | 161 |  |   | (762 | ) |
|     institutional accounts    | 145 |  |   | (225 | ) |
|                                                   | 1,740 |  |   | (550 | ) |
| Net market appreciation and income                | 548 |  |   | 2,161 |  |
| Increase during the period                        | 2,288 |  |   | 1,611 |  |
| AUM at end of the period                          | $ | 14,474 |  |   | $ | 11,040 |  |

----

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                               |   | Three Months Ended September 30, |   | Nine Months Ended September 30, |
|  (in thousands, except per share data)                                        |   | 2014 |   | 2013 |   | % Change |   | 2014 |   | 2013 |   | % Change |
|  Net operating income, GAAP basis                                             |   | $ | 10,984 |  |   | $ | 7,470 |  |   | 47% |   | $ | 29,229 |  |   | $ | 21,249 |  |   | 38% |
|  Non-GAAP adjustments:                                                        |   |   |   |  |   |  |   |  |   |  |   |  |
|     Tax provision excluding impact of investment income (loss) |   | (3,993 | ) |   | (2,692 | ) |   | 48% |   | (10,728 | ) |   | (8,006 | ) |   | 34% |
|  Net operating income after tax, non-GAAP basis                               |   | $ | 6,991 |  |   | $ | 4,778 |  |   | 46% |   | $ | 18,501 |  |   | $ | 13,243 |  |   | 40% |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|  Net operating income after tax per diluted share, non-GAAP basis             |   | $ | 2.13 |  |   | $ | 1.49 |  |   | 43% |   | $ | 5.68 |  |   | $ | 4.16 |  |   | 37% |