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| þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
|--------|------------------------------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
|---|-------------------------------------------------------------------------------------------|

| DELAWARE                                                      | 20-8893559                          |
|---------------------------------------------------------------|-------------------------------------|
| (State of other jurisdiction orincorporation or organization) | (I.R.S. employeridentification no.) |

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| DUFF & PHELPS CORPORATION |
|-------------------------------|

| AND SUBSIDIARIES |
|------------------|

| TABLE OF CONTENTS |
|-------------------|

| Part I.  Financial Information                                                                             |   |
|----------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                 |   |
| Item 1.  Financial Statements                                                                         | 1      |
|                                                                                                                 |   |
| Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations. | 22     |
|                                                                                                                 |   |
| Item 3.  Quantitative and Qualitative Disclosures About Market Risk.                                  | 37     |
|                                                                                                                 |   |
| Item 4.  Controls and Procedures.                                                                     | 37     |
|                                                                                                                 |   |
| Part II.  Other Information                                                                                |   |
|                                                                                                                 |   |
| Item 1.  Legal Proceedings                                                                            | 38     |
|                                                                                                                 |   |
| Item 1A.  Risk Factors                                                                                     | 38     |
|                                                                                                                 |   |
| Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds                                  | 38     |
|                                                                                                                 |   |
| Item 3.  Defaults Upon Senior Securities                                                              | 39     |
|                                                                                                                 |   |
| Item 4.  (Removed and Reserved)                                                                       | 39     |
|                                                                                                                 |   |
| Item 5.  Other Information                                                                            | 39     |
|                                                                                                                 |   |
| Item 6.  Exhibits                                                                                     | 40     |
|                                                                                                                 |   |
| Signatures                                                                                                           | 41     |

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|                                                                       |   | Three Months Ended |    |
|----------------------------------------------------------------------------|--------|--------------------|---------|
|                                                                       |   | March 31,          |    |   | March 31, |   |
|                                                                       |   | 2011               |    |   | 2010 |   |
| Revenue                                                                    |   | $                  | 85,046  |   |   | $ | 89,164 |   |
| Reimbursable expenses                                                      |   |               | 1,892   |   |   |   | 2,798 |   |
| Total revenue                                                              |   |               | 86,938  |   |   |   | 91,962 |   |
|                                                                       |   |               |    |   |   |   |   |   |
| Direct client service costs                                                |   |               |    |   |   |   |   |   |
| Compensation and benefits (includes $4,935 and $3,717 of equity-based      |   |               |    |   |   |   |   |   |
| compensation for the three months ended March 31, 2011 and 2010,           |   |               |    |   |   |   |   |   |
| respectively)                                                              |   |               | 46,908  |   |   |   | 48,598 |   |
| Other direct client service costs                                          |   |               | 1,429   |   |   |   | 1,988 |   |
| Acquisition retention expenses (includes $82 of equity-based               |   |               |    |   |   |   |   |   |
| compensation for the three months ended March 31, 2011)                    |   |               | 82      |   |   |   | — |   |
| Reimbursable expenses                                                      |   |               | 1,937   |   |   |   | 2,854 |   |
|                                                                       |   |               | 50,356  |   |   |   | 53,440 |   |
|                                                                       |   |               |    |   |   |   |   |   |
| Operating expenses                                                         |   |               |    |   |   |   |   |   |
| Selling, general and administrative (includes $1,523 and $1,453 of equity- |   |               |    |   |   |   |   |   |
| based compensation for the three months ended March 31, 2011 and           |   |               |    |   |   |   |   |   |
| 2010, respectively)                                                        |   |               | 24,322  |   |   |   | 24,084 |   |
| Depreciation and amortization                                              |   |               | 2,489   |   |   |   | 2,493 |   |
| Merger and acquisition costs                                               |   |               | 194     |   |   |   | — |   |
| Charge from impairment of certain intangible assets                        |   |               | — |   |   |   | 674 |   |
|                                                                       |   |               | 27,005  |   |   |   | 27,251 |   |
|                                                                       |   |               |    |   |   |   |   |   |
| Operating income                                                           |   |               | 9,577   |   |   |   | 11,271 |   |
|                                                                       |   |               |    |   |   |   |   |   |
| Other expense/(income), net                                                |   |               |    |   |   |   |   |   |
| Interest income                                                            |   |               | (28     | ) |   |   | (24 | ) |
| Interest expense                                                           |   |               | 57      |   |   |   | 92 |   |
| Other expense/(income)                                                     |   |               | (7      | ) |   |   | (15 | ) |
|                                                                       |   |               | 22      |   |   |   | 53 |   |
|                                                                       |   |               |    |   |   |   |   |   |
| Income before income taxes                                                 |   |               | 9,555   |   |   |   | 11,218 |   |
|                                                                       |   |               |    |   |   |   |   |   |
| Provision for income taxes                                                 |   |               | 3,064   |   |   |   | 3,650 |   |
|                                                                       |   |               |    |   |   |   |   |   |
| Net income                                                                 |   |               | 6,491   |   |   |   | 7,568 |   |
|                                                                       |   |               |    |   |   |   |   |   |
| Less:  Net income attributable to noncontrolling interest        |   |               | 2,378   |   |   |   | 3,295 |   |
|                                                                       |   |               |    |   |   |   |   |   |
| Net income attributable to Duff & Phelps Corporation                   |   | $                  | 4,113   |   |   | $ | 4,273 |   |
|                                                                       |   |               |    |   |   |   |   |   |
| Weighted average shares of Class A common stock outstanding                |   |               |    |   |   |   |   |   |
| Basic                                                                      |   |               | 26,910  |   |   |   | 24,986 |   |
| Diluted                                                                    |   |               | 27,615  |   |   |   | 25,780 |   |
|                                                                       |   |               |    |   |   |   |   |   |
| Net income per share attributable to stockholders of Class A               |   |               |    |   |   |   |   |   |
|   common stock of Duff & Phelps Corporation (Note 4)         |   |               |    |   |   |   |   |   |
| Basic                                                                      |   | $                  | 0.15    |   |   | $ | 0.16 |   |
| Diluted                                                                    |   | $                  | 0.14    |   |   | $ | 0.16 |   |
|                                                                       |   |               |    |   |   |   |   |   |
| Cash dividends declared per common share                                   |   | $                  | 0.08    |   |   | $ | 0.05 |   |
|                                                                       |   |               |    |   |   |   |   |   |
|                                                                       |   |               |    |   |   |   |   |   |

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|                                                                                           |   | March 31, |    |   | December 31, |   |
|------------------------------------------------------------------------------------------------|--------|-----------|---------|--------|--------------|--------|
|                                                                                           |   | 2011      |    |   | 2010         |   |
| ASSETS                                                                                         |   |      |    |   |         |   |
| Current assets                                                                                 |   |      |    |   |         |   |
| Cash and cash equivalents                                                                      |   | $         | 78,429  |   |         | $      | 113,328 |   |
| Accounts receivable (net of allowance for doubtful accounts of $1,738 and $1,347               |   |      |    |   |         |   |   |   |
| at March 31, 2011 and December 31, 2010, respectively)                                         |   |      | 61,159  |   |         |   | 60,358 |   |
| Unbilled services                                                                              |   |      | 28,758  |   |         |   | 23,101 |   |
| Prepaid expenses and other current assets                                                      |   |      | 12,206  |   |         |   | 7,479 |   |
| Net deferred income taxes, current                                                             |   |      | — |   |         |   | 2,555 |   |
| Total current assets                                                                           |   |      | 180,552 |   |         |   | 206,821 |   |
|                                                                                           |   |      |    |   |         |   |   |   |
| Property and equipment (net of accumulated depreciation of $27,918 and $26,375                 |   |      |    |   |         |   |   |   |
| at March 31, 2011 and December 31, 2010, respectively)                                         |   |      | 29,404  |   |         |   | 29,250 |   |
| Goodwill                                                                                       |   |      | 139,396 |   |         |   | 139,170 |   |
| Intangible assets (net of accumulated amortization of $21,683 and $20,656                      |   |      |    |   |         |   |   |   |
| at March 31, 2011 and December 31, 2010, respectively)                                         |   |      | 29,517  |   |         |   | 30,407 |   |
| Other assets                                                                                   |   |      | 4,404   |   |         |   | 2,638 |   |
| Investments related to deferred compensation plan (Note 9)                                     |   |      | 25,339  |   |         |   | 23,151 |   |
| Net deferred income taxes, non-current                                                         |   |      | 114,037 |   |         |   | 116,789 |   |
| Total non-current assets                                                                       |   |      | 342,097 |   |         |   | 341,405 |   |
|                                                                                           |   |      |    |   |         |   |   |   |
| Total assets                                                                                   |   | $         | 522,649 |   |         | $      | 548,226 |   |
|                                                                                           |   |      |    |   |         |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                           |   |      |    |   |         |   |   |   |
| Current liabilities                                                                            |   |      |    |   |         |   |   |   |
| Accounts payable                                                                               |   | $         | 2,964   |   |         | $      | 2,397 |   |
| Accrued expenses                                                                               |   |      | 6,455   |   |         |   | 11,254 |   |
| Accrued compensation and benefits                                                              |   |      | 7,936   |   |         |   | 39,875 |   |
| Liability related to deferred compensation plan, current portion (Note 9)                      |   |      | 811     |   |         |   | 1,314 |   |
| Deferred revenues                                                                              |   |      | 3,261   |   |         |   | 2,427 |   |
| Net deferred income taxes, current                                                             |   |      | 293     |   |         |   | — |   |
| Other current liabilities                                                                      |   |      | — |   |         |   | 430 |   |
| Due to noncontrolling unitholders, current portion                                             |   |      | 5,640   |   |         |   | 5,640 |   |
| Total current liabilities                                                                      |   |      | 27,360  |   |         |   | 63,337 |   |
|                                                                                           |   |      |    |   |         |   |   |   |
| Liability related to deferred compensation plan, less current portion (Note 9)                 |   |      | 24,672  |   |         |   | 21,764 |   |
| Other long-term liabilities                                                                    |   |      | 16,720  |   |         |   | 16,676 |   |
| Due to noncontrolling unitholders, less current portion                                        |   |      | 104,251 |   |         |   | 103,885 |   |
| Total non-current liabilities                                                                  |   |      | 145,643 |   |         |   | 142,325 |   |
|                                                                                           |   |      |    |   |         |   |   |   |
| Total liabilities                                                                              |   |      | 173,003 |   |         |   | 205,662 |   |
|                                                                                           |   |      |    |   |         |   |   |   |
| Commitments and contingencies (Note 10)                                                        |   |      |    |   |         |   |   |   |
|                                                                                           |   |      |    |   |         |   |   |   |
| Stockholders' equity                                                                           |   |      |    |   |         |   |   |   |
| Preferred stock (50,000 shares authorized; zero issued and outstanding)                        |   |      | — |   |         |   | — |   |
| Class A common stock, par value $0.01 per share (100,000 shares authorized; 31,402 and 30,166  |   |      |    |   |         |   |   |   |
| shares issued and outstanding at March 31, 2011 and December 31, 2010, respectively)           |   |      | 314     |   |         |   | 302 |   |
| Class B common stock, par value $0.0001 per share (50,000 shares authorized; 11,073 and 11,151 |   |      |    |   |         |
| shares issued and outstanding at March 31, 2011 and December 31, 2010, respectively)           |   |      | 1       |   |         |   | 1 |   |
| Additional paid-in capital                                                                     |   |      | 239,132 |   |         |   | 232,644 |   |
| Accumulated other comprehensive income                                                         |   |      | 1,682   |   |         |   | 1,400 |   |
| Retained earnings                                                                              |   |      | 18,562  |   |         |   | 16,923 |   |
| Total stockholders' equity of Duff & Phelps Corporation                                    |   |      | 259,691 |   |         |   | 251,270 |   |
| Noncontrolling interest                                                                        |   |      | 89,955  |   |         |   | 91,294 |   |
| Total stockholders' equity                                                                     |   |      | 349,646 |   |         |   | 342,564 |   |
| Total liabilities and stockholders' equity                                                     |   | $         | 522,649 |   |         | $      | 548,226 |   |
|                                                                                           |   |      |    |   |         |   |   |   |
|                                                                                           |   |      |    |   |         |   |   |   |

----

|                                                           |   | Three Months Ended |    |
|----------------------------------------------------------------|--------|--------------------|---------|
|                                                           |   | March 31,          |    |   | March 31, |   |
|                                                           |   | 2011               |    |   | 2010 |   |
| Cash flows from operating activities:                          |   |               |    |   |   |   |
| Net income                                                     |   | $                  | 6,491   |   |   | $ | 7,568 |   |
|                                                           |   |               |    |   |   |   |   |   |
| Adjustments to reconcile net income                            |   |               |    |   |   |   |   |   |
| to net cash used in operating activities:                      |   |               |    |   |   |   |   |   |
| Depreciation and amortization                                  |   |               | 2,489   |   |   |   | 2,493 |   |
| Equity-based compensation                                      |   |               | 6,540   |   |   |   | 5,170 |   |
| Bad debt expense                                               |   |               | 856     |   |   |   | 600 |   |
| Net deferred income taxes                                      |   |               | 5,966   |   |   |   | 4,734 |   |
| Other                                                          |   |               | 15      |   |   |   | 277 |   |
| Charge from impairment of certain intangible assets            |   |               | — |   |   |   | 674 |   |
| Changes in assets and liabilities providing/(using) cash:      |   |               |    |   |   |   |   |   |
| Accounts receivable                                            |   |               | (1,657  | ) |   |   | 2,194 |   |
| Unbilled services                                              |   |               | (5,657  | ) |   |   | (2,770 | ) |
| Prepaid expenses and other current assets                      |   |               | (64     | ) |   |   | 222 |   |
| Other assets                                                   |   |               | (987    | ) |   |   | 503 |   |
| Accounts payable and accrued expenses                          |   |               | (9,212  | ) |   |   | (5,488 | ) |
| Accrued compensation and benefits                              |   |               | (27,993 | ) |   |   | (22,706 | ) |
| Deferred revenues                                              |   |               | 834     |   |   |   | 685 |   |
| Other liabilities                                              |   |               | 57      |   |   |   | (649 | ) |
| Net cash used in operating activities                          |   |               | (22,322 | ) |   |   | (6,493 | ) |
|                                                           |   |               |    |   |   |   |   |   |
| Cash flows from investing activities:                          |   |               |    |   |   |   |   |   |
| Purchase of property and equipment                             |   |               | (769    | ) |   |   | (1,518 | ) |
| Business acquisitions, net of cash acquired                    |   |               | (466    | ) |   |   | (481 | ) |
| Purchase of investments                                        |   |               | (3,000  | ) |   |   | (2,975 | ) |
| Net cash used in investing activities                          |   |               | (4,235  | ) |   |   | (4,974 | ) |
|                                                           |   |               |    |   |   |   |   |   |
| Cash flows from financing activities:                          |   |               |    |   |   |   |   |   |
| Proceeds from exercises of IPO Options                         |   |               | 268     |   |   |   | 28 |   |
| Repurchases of Class A common stock                            |   |               | (5,815  | ) |   |   | (1,618 | ) |
| Dividends                                                      |   |               | (2,492  | ) |   |   | (1,403 | ) |
| Distributions and other payments to noncontrolling unitholders |   |               | (1,386  | ) |   |   | (1,343 | ) |
| Other                                                          |   |               | — |   |   |   | (3 | ) |
| Net cash used in financing activities                          |   |               | (9,425  | ) |   |   | (4,339 | ) |
|                                                           |   |               |    |   |   |   |   |   |
| Effect of exchange rate on cash and cash equivalents           |   |               | 1,083   |   |   |   | (1,526 | ) |
|                                                           |   |               |    |   |   |   |   |   |
| Net decrease in cash and cash equivalents                      |   |               | (34,899 | ) |   |   | (17,332 | ) |
| Cash and cash equivalents at beginning of period               |   |               | 113,328 |   |   |   | 107,311 |   |
| Cash and cash equivalents at end of period                     |   | $                  | 78,429  |   |   | $ | 89,979 |   |
|                                                           |   |               |    |   |   |   |   |   |
|                                                           |   |               |    |   |   |   |   |   |

----

|                                                         |   |          |    |   |          |   |   | Stockholders of Duff & Phelps Corporation |   |   |                   |   |
|--------------------------------------------------------------|--------|---------------|---------|--------|---------------|--------|--------|-----------------------------------------------|--------|--------|------------------------|--------|
|                                                         |   |          |    |   |          |   |   |                                          |   |   |                   |   |   |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |
|                                                         |   | Total         |    |   |          |   |   |                                          |   |   |                   |   |   |   |   |   |   |   |   | Additional |   |   | Other |   |   |   |   |   |   |   |
|                                                         |   | Stockholders' |    |   | Comprehensive |   |   | Common Stock - Class A                        |   |   | Common Stock - Class B |   |   | Paid-in |   |   | Comprehensive |   |   | Retained |   |   | Noncontrolling |   |
|                                                         |   | Equity        |    |   | Income        |   |   | Shares                                        |   |   | Dollars                |   |   | Shares |   |   | Dollars |   |   | Capital |   |   | Income |   |   | Earnings |   |   | Interest |   |
|                                                         |   |          |    |   |          |   |   |                                          |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance as of December 31, 2010                              |   | $             | 342,564 |   |          |   |   |                                          |   | 30,166 |                   |   | $ | 302 |   |   |   | 11,151 |   |   | $ | 1 |   |   | $ | 232,644 |   |   | $ | 1,400 |   |   | $ | 16,923 |   |   | $ | 91,294 |   |
|                                                         |   |          |    |   |          |   |   |                                          |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income                                         |   |          |    |   |          |   |   |                                          |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income for the three months ended March 31, 2011         |   |          | 6,491   |   |          | $      | 6,491  |                                          |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 4,113 |   |   |   | 2,378 |   |
| Currency translation adjustment                              |   |          | 1,431   |   |          |   | 1,431  |                                          |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 290 |   |   |   | — |   |   |   | 1,141 |   |
| Amortization of post-retirement benefits, net of tax         |   |          | (39     | )      |          |   | (39    | )                                             |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (8 | ) |   |   | — |   |   |   | (31 | ) |
| Total comprehensive income                                   |   |          | 7,883   |   |          | $      | 7,883  |                                          |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 282 |   |   |   | 4,113 |   |   |   | 3,488 |   |
|                                                         |   |          |    |   |          |   |   |                                          |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance of Class A common stock for acquisitions            |   |          | 289     |   |          |   |   |                                          |   |   | 18                     |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 211 |   |   |   | — |   |   |   | — |   |   |   | 78 |   |
| Exchange of New Class A Units                                |   |          | — |   |          |   |   |                                          |   |   | 77                     |   |   |   | 1 |   |   |   | (77 | ) |   |   | — |   |   |   | (1 | ) |   |   | — |   |   |   | — |   |   |   | — |   |
| Net issuance of restricted stock awards                      |   |          | (4,667  | )      |          |   |   |                                          |   |   | 1,284                  |   |   |   | 13 |   |   |   | — |   |   |   | — |   |   |   | (3,452 | ) |   |   | — |   |   |   | — |   |   |   | (1,228 | ) |
| Adjustment to Tax Receivable Agreement as a                  |   |          |    |   |          |   |   |                                          |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   result of the exchange of New Class A Units      |   |          | 76      |   |          |   |   |                                          |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 76 |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Issuance for exercises of IPO Options                        |   |          | 113     |   |          |   |   |                                          |   |   | 7                      |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 83 |   |   |   | — |   |   |   | — |   |   |   | 30 |   |
| Forfeitures                                                  |   |          | (1      | )      |          |   |   |                                          |   |   | (75                    | )      |   |   | (1 | ) |   |   | (1 | ) |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Equity-based compensation                                    |   |          | 6,929   |   |          |   |   |                                          |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 5,088 |   |   |   | — |   |   |   | — |   |   |   | 1,841 |   |
| Income tax windfall/(shortfall) on equity-based compensation |   |          | 817     |   |          |   |   |                                          |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 817 |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Distributions to noncontrolling unitholders                  |   |          | (1,109  | )      |          |   |   |                                          |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (816 | ) |   |   | — |   |   |   | — |   |   |   | (293 | ) |
| Change in ownership interests between periods                |   |          | — |   |          |   |   |                                          |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 4,976 |   |   |   | — |   |   |   | — |   |   |   | (4,976 | ) |
| Deferred tax asset effective tax rate conversion             |   |          | 359     |   |          |   |   |                                          |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 341 |   |   |   | — |   |   |   | — |   |   |   | 18 |   |
| Repurchases of Class A common stock pursuant to              |   |          |    |   |          |   |   |                                          |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   publicly announced program                       |   |          | (1,133  | )      |          |   |   |                                          |   |   | (75                    | )      |   |   | (1 | ) |   |   | — |   |   |   | — |   |   |   | (835 | ) |   |   | — |   |   |   | — |   |   |   | (297 | ) |
| Dividends on Class A common stock                            |   |          | (2,474  | )      |          |   |   |                                          |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (2,474 | ) |   |   | — |   |
| Balance as of March 31, 2011                                 |   | $             | 349,646 |   |          |   |   |                                          |   |   | 31,402                 |   |   | $ | 314 |   |   |   | 11,073 |   |   | $ | 1 |   |   | $ | 239,132 |   |   | $ | 1,682 |   |   | $ | 18,562 |   |   | $ | 89,955 |   |
|                                                         |   |          |    |   |          |   |   |                                          |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                         |   |          |    |   |          |   |   |                                          |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                 |   |          |    |   |          |   |   | Stockholders of Duff & Phelps Corporation |   |   |                   |   |
|------------------------------------------------------|--------|---------------|---------|--------|---------------|--------|--------|-----------------------------------------------|--------|--------|------------------------|--------|
|                                                 |   |          |    |   |          |   |   |                                          |   |   |                   |   |   |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |
|                                                 |   | Total         |    |   |          |   |   |                                          |   |   |                   |   |   |   |   |   |   |   |   | Additional |   |   | Other |   |   |   |   |   |   |   |
|                                                 |   | Stockholders' |    |   | Comprehensive |   |   | Common Stock - Class A                        |   |   | Common Stock - Class B |   |   | Paid-in |   |   | Comprehensive |   |   | Retained |   |   | Noncontrolling |   |
|                                                 |   | Equity        |    |   | Income        |   |   | Shares                                        |   |   | Dollars                |   |   | Shares |   |   | Dollars |   |   | Capital |   |   | Income/(Loss) |   |   | Earnings |   |   | Interest |   |
|                                                 |   |          |    |   |          |   |   |                                          |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance as of December 31, 2009                      |   | $             | 313,757 |   |          |   |   |                                          |   | 27,290 |                   |   | $ | 273 |   |   |   | 12,974 |   |   | $ | 1 |   |   | $ | 207,210 |   |   | $ | 693 |   |   | $ | 6,709 |   |   | $ | 98,871 |   |
|                                                 |   |          |    |   |          |   |   |                                          |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income                                 |   |          |    |   |          |   |   |                                          |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income for the three months ended March 31, 2010 |   |          | 7,568   |   |          | $      | 7,568  |                                          |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 4,273 |   |   |   | 3,295 |   |
| Currency translation adjustment                      |   |          | (1,525  | )      |          |   | (1,525 | )                                             |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (1,037 | ) |   |   | — |   |   |   | (488 | ) |
| Amortization of post-retirement benefits             |   |          | 12      |   |          |   | 12     |                                          |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 8 |   |   |   | — |   |   |   | 4 |   |
| Total comprehensive income                           |   |          | 6,055   |   |          | $      | 6,055  |                                          |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (1,029 | ) |   |   | 4,273 |   |   |   | 2,811 |   |
|                                                 |   |          |    |   |          |   |   |                                          |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale of Class A common stock                         |   |          | (3      | )      |          |   |   |                                          |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (3 | ) |   |   | — |   |   |   | — |   |   |   | — |   |
| Issuance of Class A common stock for acquisitions    |   |          | 322     |   |          |   |   |                                          |   |   | 19                     |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 222 |   |   |   | — |   |   |   | — |   |   |   | 100 |   |
| Exchange of New Class A Units                        |   |          | — |   |          |   |   |                                          |   |   | 22                     |   |   |   | — |   |   |   | (22 | ) |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Net issuance of restricted stock awards              |   |          | (1,603  | )      |          |   |   |                                          |   |   | 1,352                  |   |   |   | 14 |   |   |   | — |   |   |   | — |   |   |   | (1,108 | ) |   |   | — |   |   |   | — |   |   |   | (509 | ) |
| Adjustment to Tax Receivable Agreement as a          |   |          |    |   |          |   |   |                                          |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| result of the exchange of New Class A Units          |   |          | 34      |   |          |   |   |                                          |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 34 |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Issuance for exercise of IPO Options                 |   |          | 18      |   |          |   |   |                                          |   |   | 1                      |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 12 |   |   |   | — |   |   |   | — |   |   |   | 6 |   |
| Forfeitures                                          |   |          | (1      | )      |          |   |   |                                          |   |   | (63                    | )      |   |   | (1 | ) |   |   | (7 | ) |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Equity-based compensation                            |   |          | 5,755   |   |          |   |   |                                          |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 3,923 |   |   |   | — |   |   |   | — |   |   |   | 1,832 |   |
| Income tax benefit on equity-based compensation      |   |          | 72      |   |          |   |   |                                          |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 72 |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Distributions to noncontrolling unitholders          |   |          | (1,343  | )      |          |   |   |                                          |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (917 | ) |   |   | — |   |   |   | — |   |   |   | (426 | ) |
| Change in ownership interests between periods        |   |          | — |   |          |   |   |                                          |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 4,031 |   |   |   | (2 | ) |   |   | — |   |   |   | (4,029 | ) |
| Deferred tax asset effective tax rate conversion     |   |          | 57      |   |          |   |   |                                          |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 475 |   |   |   | — |   |   |   | — |   |   |   | (418 | ) |
| Dividends on Class A common stock                    |   |          | (1,417  | )      |          |   |   |                                          |   |   | —                |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | (1,417 | ) |   |   | — |   |
| Balance as of March 31, 2010                         |   | $             | 321,703 |   |          |   |   |                                          |   |   | 28,621                 |   |   | $ | 286 |   |   |   | 12,945 |   |   | $ | 1 |   |   | $ | 213,951 |   |   | $ | (338 | ) |   | $ | 9,565 |   |   | $ | 98,238 |   |
|                                                 |   |          |    |   |          |   |   |                                          |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |          |    |   |          |   |   |                                          |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

----

|                                              |   | Duff &  |   |   | Non-        |   |    |   |   |
|---------------------------------------------------|--------|-------------|--------|--------|-------------|--------|---------|--------|--------|
|                                              |   | Phelps      |   |   | controlling |   |    |   |   |
|                                              |   | Corporation |   |   | Unitholders |   |    | Total  |   |
| December 31, 2010                                 |   |        | 30,166 |   |        |   | 11,151  |   |   |   | 41,317 |   |
| Issuance of Class A common stock for acquisitions |   |        | 18     |   |        |   | — |   |   |   | 18 |   |
| Exchange to Class A common stock                  |   |        | 77     |   |        |   | (77     | )      |   |   | — |   |
| Net issuance of restricted stock awards           |   |        | 1,284  |   |        |   | — |   |   |   | 1,284 |   |
| Issuance for exercises of IPO Options             |   |        | 7      |   |        |   | — |   |   |   | 7 |   |
| Repurchases of Class A common stock               |   |        |   |   |        |   |    |   |   |   |   |   |
| pursuant to publicly announced program            |   |        | (75    | )      |        |   | — |   |   |   | (75 | ) |
| Forfeitures                                       |   |        | (75    | )      |        |   | (1      | )      |   |   | (76 | ) |
| March 31, 2011                                    |   |        | 31,402 |   |        |   | 11,073  |   |   |   | 42,475 |   |
|                                              |   |        |   |   |        |   |    |   |   |   |   |   |
| Percent of total                                  |   |        |   |   |        |   |    |   |   |   |   |   |
| December 31, 2010                                 |   |        | 73.0   | %      |        |   | 27.0    | %      |   |   | 100 | % |
| March 31, 2011                                    |   |        | 73.9   | %      |        |   | 26.1    | %      |   |   | 100 | % |

|                                                             |   | Three Months Ended |   |
|------------------------------------------------------------------|--------|--------------------|--------|
|                                                             |   | March 31,          |   |   | March 31, |   |
|                                                             |   | 2011               |   |   | 2010 |   |
| Income before income taxes                                       |   | $                  | 9,555  |   |   | $ | 11,218 |   |
| Less:  provision for income taxes for entities         |   |               |   |   |   |   |   |   |
| other than Duff & Phelps Corporation(a)(b)                   |   |               | (560   | ) |   |   | (920 | ) |
|                                                             |   |               |   |   |   |   |   |   |
| Income before income taxes, as adjusted                          |   |               | 8,995  |   |   |   | 10,298 |   |
| Ownership percentage of noncontrolling interest(d)               |   |               | 26.4   | % |   |   | 32.0 | % |
| Net income attributable to noncontrolling interest               |   |               | 2,378  |   |   |   | 3,295 |   |
|                                                             |   |               |   |   |   |   |   |   |
| Income before income taxes, as adjusted, attributable            |   |               |   |   |   |   |   |   |
| to Duff & Phelps Corporation                                 |   |               | 6,617  |   |   |   | 7,003 |   |
| Less:  provision for income taxes of Duff & Phelps |   |               |   |   |   |   |   |   |
| Corporation(a)(c)                                                |   |               | (2,504 | ) |   |   | (2,730 | ) |
|                                                             |   |               |   |   |   |   |   |   |
| Net income attributable to Duff & Phelps Corporation         |   | $                  | 4,113  |   |   | $ | 4,273 |   |

----

| (a) | The consolidated provision for income taxes is equal to the sum of (i) the provision for income taxes for entities other than Duff & Phelps Corporation and (ii) the provision for income taxes of Duff & Phelps Corporation.  The consolidated provision for income taxes totaled $3,064 and $3,650 for the three months ended March 31, 2011 and 2010, respectively. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The provision for income taxes for entities other than Duff & Phelps Corporation represents taxes imposed directly on Duff & Phelps, LLC, a wholly-owned subsidiary of D&P Acquisitions, and its subsidiaries, such as taxes imposed on certain domestic subsidiaries (e.g., Rash & Associates, L.P.), taxes imposed by certain foreign jurisdictions, and taxes imposed by certain local and other jurisdictions (e.g., New York City).  Since Duff & Phelps, LLC is taxed as a partnership and a flow-through entity for U.S. federal and state income tax purposes, there is no provision for these taxes on income allocable to the noncontrolling interest. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | The provision of income taxes of Duff & Phelps Corporation includes all U.S. federal and state income taxes. |
|-----|------------------------------------------------------------------------------------------------------------------|

| (d) | Income before income taxes, as adjusted, is allocated to the noncontrolling interest based on the total New Class A Units vested for income tax purposes (“Tax-Vested Units”) owned by the noncontrolling interest as a percentage of the aggregate amount of all Tax-Vested Units.  This percentage may not necessarily correspond to the total number of New Class A Units at the end of each respective period. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                              |   | Three Months Ended |    |
|---------------------------------------------------|--------|--------------------|---------|
|                                              |   | March 31,          |    |   | March 31, |   |
|                                              |   | 2011               |    |   | 2010 |   |
| Distributions for taxes                           |   | $                  | 266     |   |   | $ | 608 |   |
| Other distributions                               |   |               | 1,120   |   |   |   | 735 |   |
| Payments pursuant to the Tax Receivable Agreement |   |               | — |   |   |   | — |   |
|                                              |   | $                  | 1,386   |   |   | $ | 1,343 |   |

----

----

|                                                                 |   | Three Months Ended |   |
|----------------------------------------------------------------------|--------|--------------------|--------|
|                                                                 |   | March 31,          |   |   | March 31, |   |
|                                                                 |   | 2011               |   |   | 2010 |   |
| Basic and diluted net income per share:                              |   |               |   |   |   |   |
|                                                                 |   |               |   |   |   |   |
| Numerator                                                            |   |               |   |   |   |   |
| Net income available to holders of Class A common stock              |   | $                  | 4,113  |   |   | $ | 4,273 |   |
| Earnings allocated to participating securities                       |   |               | (193   | ) |   |   | (269 | ) |
| Earnings available for common stockholders                           |   | $                  | 3,920  |   |   | $ | 4,004 |   |
|                                                                 |   |               |   |   |   |   |   |   |
| Denominator for basic net income per share of Class A common stock   |   |               |   |   |   |   |   |   |
| Weighted average shares of Class A common stock                      |   |               | 26,910 |   |   |   | 24,986 |   |
|                                                                 |   |               |   |   |   |   |   |   |
| Denominator for diluted net income per share of Class A common stock |   |               |   |   |   |   |   |   |
| Weighted average shares of Class A common stock                      |   |               | 26,910 |   |   |   | 24,986 |   |
| Add dilutive effect of the following:                                |   |               |   |   |   |   |   |   |
| Restricted stock awards and units                                    |   |               | 705    |   |   |   | 794 |   |
| Dilutive weighted average shares of Class A common stock             |   |               | 27,615 |   |   |   | 25,780 |   |
|                                                                 |   |               |   |   |   |   |   |   |
| Basic income per share of Class A common stock                       |   | $                  | 0.15   |   |   | $ | 0.16 |   |
|                                                                 |   |               |   |   |   |   |   |   |
| Diluted income per share of Class A common stock                     |   | $                  | 0.14   |   |   | $ | 0.16 |   |

----

|                                           |   | Three Months Ended |   |
|------------------------------------------------|--------|--------------------|--------|
|                                           |   | March 31,          |   |   | March 31, |   |
|                                           |   | 2011               |   |   | 2010 |   |
| Weighted average New Class A Units outstanding |   |               | 11,130 |   |   |   | 12,966 |   |
| Weighted average IPO Options outstanding       |   |               | 1,650  |   |   |   | 1,812 |   |

----

|         |   | Three Months Ended |   |   | Three Months Ended |   |
|--------------|--------|--------------------|--------|--------|--------------------|--------|
|         |   | March 31, 2011     |   |   | March 31, 2010     |   |
|         |   | Client             |   |   |               |   |   |   |   |   | Client |   |   |   |   |   |   |   |
|         |   | Service            |   |   | SG&A           |   |   | Total |   |   | Service |   |   | SG&A |   |   | Total |   |
| Legacy Units |   | $                  | 95     |   |               | $      | 130 |   |   | $ | 225 |   |   | $ | 265 |   |   | $ | 332 |   |   | $ | 597 |   |
| IPO Options  |   |               | 138    |   |               |   | 54 |   |   |   | 192 |   |   |   | 333 |   |   |   | 153 |   |   |   | 486 |   |
| Ongoing RSAs |   |               | 4,784  |   |               |   | 1,339 |   |   |   | 6,123 |   |   |   | 3,119 |   |   |   | 968 |   |   |   | 4,087 |   |
| Total        |   | $                  | 5,017  |   |               | $      | 1,523 |   |   | $ | 6,540 |   |   | $ | 3,717 |   |   | $ | 1,453 |   |   | $ | 5,170 |   |

|                              |   | New             |   |
|-----------------------------------|--------|-----------------|--------|
|                              |   | Class A Units   |   |
|                              |   | Attributable to |   |
|                              |   | Equity-Based    |   |
|                              |   | Compensation    |   |
| Balance as of December 31, 2010   |   |            | 1,530  |   |
|   Redeemed or exchanged |   |            | (77    | ) |
|   Forfeited             |   |            | (1     | ) |
| Balance as of March 31, 2011      |   |            | 1,452  |   |
|                              |   |            |   |   |
| Vested                            |   |            | 1,324  |   |
| Unvested                          |   |            | 128    |   |

----

|                                                  |   |    |    |   | Weighted   |   |
|-------------------------------------------------------|--------|---------|---------|--------|------------|--------|
|                                                  |   |    |    |   | Average    |   |
|                                                  |   | IPO     |    |   | Grant Date |   |
|                                                  |   | Options |    |   | Fair Value |   |
| Balance as of December 31, 2010                       |   |    | 1,661   |   |       | $      | 7.33 |   |
|   Exercised                                 |   |    | (7      | )      |       |   | 7.33 |   |
|   Forfeited                                 |   |    | (10     | )      |       |   | 7.33 |   |
| Balance as of March 31, 2011                          |   |    | 1,644   |   |       | $      | 7.33 |   |
|                                                  |   |    |    |   |       |   |   |   |
| Vested                                                |   |    | 1,258   |   |       |   |   |   |
| Unvested                                              |   |    | 386     |   |       |   |   |   |
|                                                  |   |    |    |   |       |   |   |   |
| Weighted average exercise price                       |   | $       | 16.00   |   |       |   |   |   |
| Weighted average remaining contractual term           |   |    | 6.50    |   |       |   |   |   |
| Total intrinsic value of exercised options            |   | $       | 9       |   |       |   |   |   |
| Total fair value of vested options                    |   | $       | 9,222   |   |       |   |   |   |
| Aggregate intrinsic value of outstanding options      |   | $       | — |   |       |   |   |   |
| Options expected to vest                              |   |    | 1,629   |   |       |   |   |   |
| Aggregate intrinsic value of options expected to vest |   | $       | — |   |       |   |   |   |

----

|                                   |   |       |    |   | Weighted   |   |   |       |   |   | Weighted   |   |
|----------------------------------------|--------|------------|---------|--------|------------|--------|--------|------------|--------|--------|------------|--------|
|                                   |   | Restricted |    |   | Average    |   |   | Restricted |   |   | Average    |   |
|                                   |   | Stock      |    |   | Grant Date |   |   | Stock      |   |   | Grant Date |   |
|                                   |   | Awards     |    |   | Fair Value |   |   | Units      |   |   | Fair Value |   |
| Balance as of December 31, 2010        |   |       | 3,432   |   |       | $      | 15.13  |       |   |   | 303        |   |   | $ | 15.03 |   |
| Granted                                |   |       | 1,356   |   |       |   | 15.69  |       |   |   | 95         |   |   |   | 15.71 |   |
| Converted to Class A common stock upon |   |       |    |   |       |   |   |       |   |   |       |   |   |   |   |   |
| lapse of restrictions                  |   |       | (821    | )      |       |   | 13.07  |       |   |   | (44        | )      |   |   | 11.73 |   |
| Forfeited                              |   |       | (75     | )      |       |   | 17.00  |       |   |   | (1         | )      |   |   | 16.66 |   |
| Balance as of March 31, 2011           |   |       | 3,892   |   |       | $      | 15.72  |       |   |   | 353        |   |   | $ | 15.62 |   |
|                                   |   |       |    |   |       |   |   |       |   |   |       |   |   |   |   |   |
| Vested                                 |   |       | — |   |       |   |   |       |   |   | —    |   |   |   |   |   |
| Unvested                               |   |       | 3,892   |   |       |   |   |       |   |   | 353        |   |   |   |   |   |
|                                   |   |       |    |   |       |   |   |       |   |   |       |   |   |   |   |   |

|                                   |   | Performance- |    |   |       |   |    | Performance- |   |   |       |   |
|----------------------------------------|--------|--------------|---------|--------|------------|--------|---------|--------------|--------|--------|------------|--------|
|                                   |   | Vesting      |    |   | Weighted   |   |    | Vesting      |   |   | Weighted   |   |
|                                   |   | Restricted   |    |   | Average    |   |    | Restricted   |   |   | Average    |   |
|                                   |   | Stock        |    |   | Grant Date |   |    | Stock        |   |   | Grant Date |   |
|                                   |   | Awards       |    |   | Fair Value |   |    | Units        |   |   | Fair Value |   |
| Balance as of December 31, 2010        |   |         | — |   |       | $      | — |         |   |   | —    |   |   | $ | — |   |
| Granted                                |   |         | 183     |   |       |   | 7.52    |         |   |   | 22         |   |   |   | 7.83 |   |
| Converted to Class A common stock upon |   |         |    |   |       |   |    |         |   |   |       |   |   |   |   |   |
| lapse of restrictions                  |   |         | — |   |       |   | — |         |   |   | —    |   |   |   | — |   |
| Forfeited                              |   |         | — |   |       |   | — |         |   |   | —    |   |   |   | — |   |
| Balance as of March 31, 2011           |   |         | 183     |   |       | $      | 7.52    |         |   |   | 22         |   |   | $ | 7.83 |   |
|                                   |   |         |    |   |       |   |    |         |   |   |       |   |   |   |   |   |
| Vested                                 |   |         | — |   |       |   |    |         |   |   | —    |   |   |   |   |   |
| Unvested                               |   |         | 183     |   |       |   |    |         |   |   | 22         |   |   |   |   |   |

----

|                                 |   | Quoted Prices |    |   |        |   |   |         |   |   |    |   |
|--------------------------------------|--------|---------------|---------|--------|-------------|--------|--------|--------------|--------|--------|---------|--------|
|                                 |   | in Active     |    |   | Significant |   |   |         |   |   |    |   |
|                                 |   | Markets for   |    |   | Other       |   |   | Significant  |   |   |    |   |
|                                 |   | Identical     |    |   | Observable  |   |   | Unobservable |   |   |    |   |
|                                 |   | Assets        |    |   | Inputs      |   |   | Inputs       |   |   |    |   |
| Description                          |   | (Level 1)     |    |   | (Level 2)   |   |   | (Level 3)    |   |   | Total   |   |
| Investments held in conjunction with |   |          |    |   |        |   |   |         |   |   |    |   |
| deferred compensation plan(1)        |   | $             | — |   |        | $      | 25,339 |         |   | $      | — |   |   | $ | 25,339 |   |
| Total assets                         |   | $             | — |   |        | $      | 25,339 |         |   | $      | — |   |   | $ | 25,339 |   |
|                                 |   |          |    |   |        |   |   |         |   |   |    |   |   |   |   |   |
| Benefits payable in conjunction with |   |          |    |   |        |   |   |         |   |   |    |   |   |   |   |   |
| deferred compensation plan(1)        |   | $             | — |   |        | $      | 25,483 |         |   | $      | — |   |   | $ | 25,483 |   |
| Total liabilities                    |   | $             | — |   |        | $      | 25,483 |         |   | $      | — |   |   | $ | 25,483 |   |

|                                 |   | Quoted Prices |    |   |        |   |   |         |   |   |    |   |
|--------------------------------------|--------|---------------|---------|--------|-------------|--------|--------|--------------|--------|--------|---------|--------|
|                                 |   | in Active     |    |   | Significant |   |   |         |   |   |    |   |
|                                 |   | Markets for   |    |   | Other       |   |   | Significant  |   |   |    |   |
|                                 |   | Identical     |    |   | Observable  |   |   | Unobservable |   |   |    |   |
|                                 |   | Assets        |    |   | Inputs      |   |   | Inputs       |   |   |    |   |
| Description                          |   | (Level 1)     |    |   | (Level 2)   |   |   | (Level 3)    |   |   | Total   |   |
| Investments held in conjunction with |   |          |    |   |        |   |   |         |   |   |    |   |
| deferred compensation plan(1)        |   | $             | — |   |        | $      | 23,151 |         |   | $      | — |   |   | $ | 23,151 |   |
| Total assets                         |   | $             | — |   |        | $      | 23,151 |         |   | $      | — |   |   | $ | 23,151 |   |
|                                 |   |          |    |   |        |   |   |         |   |   |    |   |   |   |   |   |
| Benefits payable in conjunction with |   |          |    |   |        |   |   |         |   |   |    |   |   |   |   |   |
| deferred compensation plan(1)        |   | $             | — |   |        | $      | 23,078 |         |   | $      | — |   |   | $ | 23,078 |   |
| Total liabilities                    |   | $             | — |   |        | $      | 23,078 |         |   | $      | — |   |   | $ | 23,078 |   |

----

| (1) | The investments held and benefits payable to participants in conjunction with the deferred compensation plan were primarily based on quoted prices for similar assets in active markets.  Changes in the fair value of the investments are recognized as an increase or decrease in compensation expense.  Changes in the fair value of the benefits payables to participants are recognized as a corresponding offset to compensation expense.  The net impact of changes in fair value is not material.  The deferred compensation plan is further discussed in Note 9. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                       |   | Three Months Ended |   |
|----------------------------|--------|--------------------|--------|
|                       |   | March 31,          |   |   | March 31, |   |
|                       |   | 2011               |   |   | 2010 |   |
| Provision for income taxes |   | $                  | 3,064  |   |   | $ | 3,650 |   |
| Effective income tax rate  |   |               | 32.1   | % |   |   | 32.5 | % |

|                                                          |   |   |   |   |
|---------------------------------------------------------------|--------|--------|--------|--------|
| Balance as of December 31, 2010                               |   | $      | 535    |   |
| Additional based on tax positions related to the current year |   |   | 26     |   |
| Additional based on tax positions related to prior years      |   |   | 14     |   |
| Balance as of March 31, 2011                                  |   | $      | 575    |   |

----

|                                            |   | March 31, |   |   | December 31, |   |
|-------------------------------------------------|--------|-----------|--------|--------|--------------|--------|
|                                            |   | 2011      |   |   | 2010         |   |
| Fair market value of investments in rabbi trust |   | $         | 25,339 |   |         | $      | 23,151 |   |
| Payable to participants of the plan             |   |      | 25,483 |   |         |   | 23,078 |   |

----

|                                                                                     |   | Three Months Ended |    |
|------------------------------------------------------------------------------------------|--------|--------------------|---------|
|                                                                                     |   | March 31,          |    |   | March 31, |   |
|                                                                                     |   | 2011               |    |   | 2010 |   |
| Financial Advisory                                                                       |   |               |    |   |   |   |
| Revenue (excluding reimbursables)                                                        |   | $                  | 58,597  |   |   | $ | 57,040 |   |
| Segment operating income                                                                 |   | $                  | 9,582   |   |   | $ | 7,706 |   |
| Segment operating income margin                                                          |   |               | 16.4    | % |   |   | 13.5 | % |
|                                                                                     |   |               |    |   |   |   |   |   |
| Alternative Asset Advisory                                                               |   |               |    |   |   |   |   |   |
| Revenue (excluding reimbursables)                                                        |   | $                  | 13,485  |   |   | $ | 11,778 |   |
| Segment operating income                                                                 |   | $                  | 3,222   |   |   | $ | 2,814 |   |
| Segment operating income margin                                                          |   |               | 23.9    | % |   |   | 23.9 | % |
|                                                                                     |   |               |    |   |   |   |   |   |
| Investment Banking                                                                       |   |               |    |   |   |   |   |   |
| Revenue (excluding reimbursables)                                                        |   | $                  | 12,964  |   |   | $ | 20,346 |   |
| Segment operating income                                                                 |   | $                  | — |   |   | $ | 5,057 |   |
| Segment operating income margin                                                          |   |               | 0.0     | % |   |   | 24.9 | % |
|                                                                                     |   |               |    |   |   |   |   |   |
|                                                                                     |   |               |    |   |   |   |   |   |
| Total                                                                                    |   |               |    |   |   |   |   |   |
| Revenue (excluding reimbursables)                                                        |   | $                  | 85,046  |   |   | $ | 89,164 |   |
|                                                                                     |   |               |    |   |   |   |   |   |
| Segment operating income                                                                 |   | $                  | 12,804  |   |   | $ | 15,577 |   |
|    Net client reimbursable expenses                                       |   |               | (45     | ) |   |   | (56 | ) |
|    Equity-based compensation associated with Legacy Units and IPO options |   |               | (417    | ) |   |   | (1,083 | ) |
|    Depreciation and amortization                                          |   |               | (2,489  | ) |   |   | (2,493 | ) |
|    Acquisition retention expenses                                         |   |               | (82     | ) |   |   | — |   |
|    Merger and acquisition costs                                           |   |               | (194    | ) |   |   | — |   |
|    Charge from impairment of certain intangible assets                    |   |               | — |   |   |   | (674 | ) |
| Operating income                                                                         |   | $                  | 9,577   |   |   | $ | 11,271 |   |

----

|                              |   | Three Months Ended |   |
|-----------------------------------|--------|--------------------|--------|
|                              |   | March 31,          |   |   | March 31, |   |
|                              |   | 2011               |   |   | 2010 |   |
| North America                     |   | $                  | 77,217 |   |   | $ | 77,071 |   |
| Europe                            |   |               | 6,804  |   |   |   | 11,208 |   |
| Asia                              |   |               | 1,025  |   |   |   | 885 |   |
| Revenue (excluding reimbursables) |   | $                  | 85,046 |   |   | $ | 89,164 |   |

----

|                    |   | Three Months Ended |   |
|-------------------------|--------|--------------------|--------|
|                    |   | March 31,          |   |   | March 31, |   |
|                    |   | 2011               |   |   | 2010 |   |
| Distributions for taxes |   | $                  | 44     |   |   | $ | 59 |   |
| Other distributions     |   |               | 289    |   |   |   | 181 |   |
|                    |   | $                  | 333    |   |   | $ | 240 |   |

|                    |   | Three Months Ended |   |
|-------------------------|--------|--------------------|--------|
|                    |   | March 31,          |   |   | March 31, |   |
|                    |   | 2011               |   |   | 2010 |   |
| Distributions for taxes |   | $                  | 57     |   |   | $ | 74 |   |
| Other distributions     |   |               | 402    |   |   |   | 251 |   |
|                    |   | $                  | 459    |   |   | $ | 325 |   |

----

| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
|---------------|----------------------------------------------------------------------------------------------|

|   | · | proportional performance under client engagements for the purpose of determining revenue recognition, |
|--------|--------|-------------------------------------------------------------------------------------------------------|

|   | · | accounts receivable and unbilled services valuation, |
|--------|--------|------------------------------------------------------|

|   | · | incentive compensation and other accrued benefits, |
|--------|--------|----------------------------------------------------|

|   | · | useful lives of intangible assets, |
|--------|--------|------------------------------------|

|   | · | the carrying value of goodwill and intangible assets, |
|--------|--------|-------------------------------------------------------|

|   | · | amounts due to noncontrolling unitholders, |
|--------|--------|--------------------------------------------|

|   | · | reserves for estimated tax liabilities, |
|--------|--------|-----------------------------------------|

|   | · | contingent liabilities, |
|--------|--------|-------------------------|

|   | · | certain estimates and assumptions used in the allocation of revenues and expenses for our segment reporting, and |
|--------|--------|------------------------------------------------------------------------------------------------------------------|

|   | · | certain estimates and assumptions used in the calculation of the fair value of equity compensation issued to employees. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                                |   | Three Months Ended |    |   |      |   |    |   |   |
|---------------------------------------------------------------------|--------|--------------------|---------|--------|-----------|--------|---------|--------|--------|
|                                                                |   | March 31,          |    |   | March 31, |   |    | Unit   |   |   | Percent |   |
|                                                                |   | 2011               |    |   | 2010      |   |    | Change |   |   | Change |   |
|                                                                |   |               |    |   |      |   |    |   |   |   |   |   |
| Revenue                                                             |   | $                  | 85,046  |   |      | $      | 89,164  |   |   | $ | (4,118 | ) |   |   | (4.6 | )% |
| Reimbursable expenses                                               |   |               | 1,892   |   |      |   | 2,798   |   |   |   | (906 | ) |   |   | (32.4 | )% |
| Total revenue                                                       |   |               | 86,938  |   |      |   | 91,962  |   |   |   | (5,024 | ) |   |   | (5.5 | )% |
|                                                                |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
| Direct client service costs                                         |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
| Compensation and benefits(1)                                        |   |               | 46,908  |   |      |   | 48,598  |   |   |   | (1,690 | ) |   |   | (3.5 | )% |
| Other direct client service costs                                   |   |               | 1,429   |   |      |   | 1,988   |   |   |   | (559 | ) |   |   | (28.1 | )% |
| Acquisition retention expenses(2)                                   |   |               | 82      |   |      |   | — |   |   |   | 82 |   |   |   | N/A |   |
| Reimbursable expenses                                               |   |               | 1,937   |   |      |   | 2,854   |   |   |   | (917 | ) |   |   | (32.1 | )% |
|                                                                |   |               | 50,356  |   |      |   | 53,440  |   |   |   | (3,084 | ) |   |   | (5.8 | )% |
|                                                                |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
| Operating expenses                                                  |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
| Selling, general and administrative(3)                              |   |               | 24,322  |   |      |   | 24,084  |   |   |   | 238 |   |   |   | 1.0 | % |
| Depreciation and amortization                                       |   |               | 2,489   |   |      |   | 2,493   |   |   |   | (4 | ) |   |   | (0.2 | )% |
| Merger and acquisition costs                                        |   |               | 194     |   |      |   | — |   |   |   | 194 |   |   |   | N/A |   |
| Charge from impairment of certain intangible assets                 |   |               | — |   |      |   | 674     |   |   |   | (674 | ) |   |   | (100.0 | )% |
|                                                                |   |               | 27,005  |   |      |   | 27,251  |   |   |   | (246 | ) |   |   | (0.9 | )% |
|                                                                |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
| Operating income                                                    |   |               | 9,577   |   |      |   | 11,271  |   |   |   | (1,694 | ) |   |   | (15.0 | )% |
|                                                                |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
| Other expense/(income), net                                         |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
| Interest income                                                     |   |               | (28     | )      |      |   | (24     | )      |   |   | (4 | ) |   |   | 16.7 | % |
| Interest expense                                                    |   |               | 57      |   |      |   | 92      |   |   |   | (35 | ) |   |   | (38.0 | )% |
| Other expense                                                       |   |               | (7      | )      |      |   | (15     | )      |   |   | 8 |   |   |   | (53.3 | )% |
|                                                                |   |               | 22      |   |      |   | 53      |   |   |   | (31 | ) |   |   | (58.5 | )% |
|                                                                |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
| Income before income taxes                                          |   |               | 9,555   |   |      |   | 11,218  |   |   |   | (1,663 | ) |   |   | (14.8 | )% |
|                                                                |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
| Provision for income taxes                                          |   |               | 3,064   |   |      |   | 3,650   |   |   |   | (586 | ) |   |   | (16.1 | )% |
|                                                                |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
| Net income                                                          |   |               | 6,491   |   |      |   | 7,568   |   |   |   | (1,077 | ) |   |   | (14.2 | )% |
|                                                                |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
| Less:  Net income attributable to noncontrolling interest |   |               | 2,378   |   |      |   | 3,295   |   |   |   | (917 | ) |   |   | (27.8 | )% |
|                                                                |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
| Net income attributable to Duff & Phelps Corporation            |   | $                  | 4,113   |   |      | $      | 4,273   |   |   | $ | (160 | ) |   |   | (3.7 | )% |
|                                                                |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
| Other financial and operating data                                  |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
|                                                                |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
| Adjusted EBITDA(4)                                                  |   | $                  | 12,759  |   |      | $      | 15,521  |   |   | $ | (2,762 | ) |   |   | (17.8 | )% |
|                                                                |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
| Adjusted EBITDA(4) as a percentage of revenues                      |   |               | 15.0    | %      |      |   | 17.4    | %      |   |   | (2.4 | )% |   |   | (13.8 | )% |
|                                                                |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
| Adjusted Pro Forma Net Income(4)                                    |   | $                  | 6,077   |   |      | $      | 7,282   |   |   | $ | (1,205 | ) |   |   | (16.5 | )% |
|                                                                |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
| Adjusted Pro Forma Net Income per fully exchanged,                  |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
|    fully diluted share outstanding(4)                |   | $                  | 0.16    |   |      | $      | 0.19    |   |   | $ | (0.03 | ) |   |   | (15.8 | )% |
|                                                                |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
| End of period managing directors                                    |   |               | 159     |   |      |   | 158     |   |   |   | 1 |   |   |   | 0.6 | % |
|                                                                |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
| End of period client service professionals                          |   |               | 788     |   |      |   | 830     |   |   |   | (42 | ) |   |   | (5.1 | )% |
|                                                                |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |
|                                                                |   |               |    |   |      |   |    |   |   |   |   |   |   |   |   |   |

----

| (1) | Compensation and benefits include $4,935 and $3,717 of equity-based compensation expense for the three months ended March 31, 2011 and 2010, respectively. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (2) | Acquisition retention expenses include $82 of equity-based compensation expense for the three months ended March 31, 2011. |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| (3) | Selling, general and administrative expenses include $1,523 and $1,453 of equity-based compensation expense for the three months ended March 31, 2011 and 2010, respectively. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  (4) | Adjusted EBITDA, Adjusted Pro Forma Net Income, and Adjusted Pro Forma Net Income per share are non-GAAP financial measures.  We believe that Adjusted EBITDA provides a relevant and useful alternative measure of our ongoing profitability and performance, when viewed in conjunction with GAAP measures, as it adjusts net income or loss attributable to Duff & Phelps Corporation for (a) net income or loss attributable to noncontrolling interest, (b) provision for income taxes, (c) interest expense and depreciation and amortization (a significant portion of which relates to debt and capital investments that have been incurred as the result of acquisitions and investments in stand-alone infrastructure which we do not expect to incur at the same levels in the future), (d) equity-based compensation associated with the Legacy Units of D&P Acquisitions, a significant portion of which is due to certain onetime grants associated with acquisitions prior to our IPO, and options to purchase shares of the Company’s Class A common stock granted in connection with the IPO, (e) impairment charges, acquisition retention expenses and other merger and acquisition costs, which are generally non-recurring in nature or are related to deferred payments associated with prior acquisitions, and (f) costs incurred from the realignment of our senior management which are generally non-recurring in nature and primarily include cash severance and charges from the accounting impact of the acceleration of vesting of restricted stock awards. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                   |   | Three Months Ended |    |
|------------------------------------------------------------------------|--------|--------------------|---------|
|                                                                   |   | March 31,          |    |   | March 31, |   |
|                                                                   |   | 2011               |    |   | 2010 |   |
| Net income attributable to Duff & Phelps Corporation               |   | $                  | 4,113   |   |   | $ | 4,273 |   |
| Net income attributable to noncontrolling interest                     |   |               | 2,378   |   |   |   | 3,295 |   |
| Provision for income taxes                                             |   |               | 3,064   |   |   |   | 3,650 |   |
| Other expense/(income), net                                            |   |               | 22      |   |   |   | 53 |   |
| Depreciation and amortization                                          |   |               | 2,489   |   |   |   | 2,493 |   |
| Equity-based compensation associated with Legacy Units and IPO Options |   |               | 417     |   |   |   | 1,083 |   |
| Acquisition retention expenses                                         |   |               | 82      |   |   |   | — |   |
| Merger and acquisition costs                                           |   |               | 194     |   |   |   | — |   |
| Charge from impairment of certain intangible assets                    |   |               | — |   |   |   | 674 |   |
| Adjusted EBITDA                                                        |   | $                  | 12,759  |   |   | $ | 15,521 |   |

----

| Reconciliation of Adjusted Pro Forma Net Income                                    |
|------------------------------------------------------------------------------------|
|                                                                               |   | Three Months Ended |   |
|                                                                               |   | March 31, |   |   | March 31, |   |
|                                                                               |   | 2011 |   |   | 2010 |   |
| Net income attributable to Duff & Phelps Corporation                           |   | $ | 4,113 |   |   | $ | 4,273 |   |
| Net income attributable to noncontrolling interest(a)                              |   |   | 2,378 |   |   |   | 3,295 |   |
| Equity-based compensation associated with Legacy Units and IPO Options(b)          |   |   | 417 |   |   |   | 1,083 |   |
| Acquisition retention expenses(c)                                                  |   |   | 82 |   |   |   |   |   |
| Merger and acquisition costs(d)                                                    |   |   | 194 |   |   |   | — |   |
| Adjustment to provision for income taxes(e)                                        |   |   | (1,107 | ) |   |   | (1,369 | ) |
|                                                                               |   |   |   |   |   |   |   |   |
| Adjusted Pro Forma Net Income, as defined                                          |   | $ | 6,077 |   |   | $ | 7,282 |   |
|                                                                               |   |   |   |   |   |   |   |   |
| Fully diluted weighted average shares of Class A common stock                      |   |   | 27,615 |   |   |   | 25,780 |   |
| Weighted average New Class A Units outstanding                                     |   |   | 11,130 |   |   |   | 12,966 |   |
| Pro forma fully exchanged, fully diluted shares outstanding(f)                     |   |   | 38,745 |   |   |   | 38,746 |   |
|                                                                               |   |   |   |   |   |   |   |   |
| Adjusted Pro Forma Net Income per fully exchanged, fully diluted share outstanding |   | $ | 0.16 |   |   | $ | 0.19 |   |
|                                                                               |   |   |   |   |   |   |   |   |

----

|  (a) | Represents elimination of the noncontrolling interest associated with the ownership by existing unitholders of D&P Acquisitions (excluding D&P Corporation), as if such unitholders had fully exchanged their partnership units and Class B common stock of the Company for shares of Class A common stock of the Company. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Represents elimination of equity-based compensation associated with Legacy Units and IPO Options. |
|-----|---------------------------------------------------------------------------------------------------|

| (c) | Represents elimination of acquisition retention expenses which resulted from expense incurred from certain restricted stock awards that were granted in conjunction with the closing of one of our acquisitions. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Represents elimination of merger and acquisitions costs. |
|-----|----------------------------------------------------------|

| (e) | Represents an adjustment to reflect an assumed effective corporate tax rate of approximately 40.7% and 40.8% for the three months ended March 31, 2011 and 2010, respectively, which includes a provision for U.S. federal income taxes and assumes the highest statutory rates apportioned to each state, local and/or foreign jurisdiction.  Assumes (i) full exchange of existing unitholders' partnership units and Class B common stock of the Company into Class A common stock of the Company, (ii) the Company has adopted a conventional corporate tax structure and is taxed as a C Corporation in the U.S. at prevailing corporate rates and (iii) all deferred tax assets related to foreign operations are fully realizable. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  (f) | Based on the weighted-average number of aggregated Class A and Class B shares of common stock outstanding, excluding Ongoing RSAs, and the dilutive effect of Ongoing RSAs.  The Company believes that IPO Options would not be considered dilutive when applying the treasury method. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                         |   | Three Months Ended |   |   |      |   |   |   |   |
|----------------------------------------------|--------|--------------------|--------|--------|-----------|--------|--------|--------|--------|
|                                         |   | March 31,          |   |   | March 31, |   |   | Dollar |   |   | Percent |   |
|                                         |   | 2011               |   |   | 2010      |   |   | Change |   |   | Change |   |
| Financial Advisory                           |   |               |   |   |      |   |   |   |   |   |   |   |
| Valuation Advisory                           |   | $                  | 37,614 |   |      | $      | 38,178 |   |   | $ | (564 | ) |   |   | (1.5 | )% |
| Tax Services                                 |   |               | 7,547  |   |      |   | 9,447  |   |   |   | (1,900 | ) |   |   | (20.1 | )% |
| Dispute & Legal Management Consulting(1) |   |               | 13,436 |   |      |   | 9,415  |   |   |   | 4,021 |   |   |   | 42.7 | % |
|                                         |   |               | 58,597 |   |      |   | 57,040 |   |   |   | 1,557 |   |   |   | 2.7 | % |
|                                         |   |               |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
| Alternative Asset Advisory                   |   |               |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
| Portfolio Valuation                          |   |               | 6,519  |   |      |   | 5,482  |   |   |   | 1,037 |   |   |   | 18.9 | % |
| Complex Asset Solutions(2)                   |   |               | 5,321  |   |      |   | 4,126  |   |   |   | 1,195 |   |   |   | 29.0 | % |
| Due Diligence                                |   |               | 1,645  |   |      |   | 2,170  |   |   |   | (525 | ) |   |   | (24.2 | )% |
|                                         |   |               | 13,485 |   |      |   | 11,778 |   |   |   | 1,707 |   |   |   | 14.5 | % |
|                                         |   |               |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
| Investment Banking                           |   |               |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
| M&A Advisory                             |   |               | 1,450  |   |      |   | 3,682  |   |   |   | (2,232 | ) |   |   | (60.6 | )% |
| Transaction Opinions                         |   |               | 8,231  |   |      |   | 6,823  |   |   |   | 1,408 |   |   |   | 20.6 | % |
| Global Restructuring Advisory                |   |               | 3,283  |   |      |   | 9,841  |   |   |   | (6,558 | ) |   |   | (66.6 | )% |
|                                         |   |               | 12,964 |   |      |   | 20,346 |   |   |   | (7,382 | ) |   |   | (36.3 | )% |
|                                         |   |               |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
| Total Revenue (excluding reimbursables)      |   | $                  | 85,046 |   |      | $      | 89,164 |   |   | $ | (4,118 | ) |   |   | (4.6 | )% |
|                                         |   |               |   |   |      |   |   |   |   |   |   |   |   |   |   |   |

----

| (1) | For the three months ended March 31, 2011, Dispute & Legal Management Consulting includes approximately $3,400 of revenue from our acquisition of Cole Valuation Partners effective June 15, 2010 and an additional amount from June Consulting Group effective December 15, 2010. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | For the three months ended March 31, 2011, Complex Asset Solutions includes revenue from our acquisition of the U.S. advisory business of Dynamic Capital Partners effective December 15, 2010. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                    |   | Three Months Ended |   |
|-----------------------------------------------------------------------------------------|--------|--------------------|--------|
|                                                                                    |   | March 31,          |   |   | March 31, |   |
|                                                                                    |   | 2011               |   |   | 2010 |   |
|                                                                                    |   |               |   |   |   |   |
| Revenue (excluding reimbursables)                                                       |   | $                  | 85,046 |   |   | $ | 89,164 |   |
|                                                                                    |   |               |   |   |   |   |   |   |
| Total direct client service costs                                                       |   | $                  | 50,356 |   |   | $ | 53,440 |   |
| Less:  equity-based compensation associated with Legacy Units and IPO Options |   |               | (233   | ) |   |   | (598 | ) |
| Less:  acquisition retention expenses                                         |   |               | (82    | ) |   |   | — |   |
| Less:  reimbursable expenses                                                  |   |               | (1,937 | ) |   |   | (2,854 | ) |
| Direct client service costs, as adjusted                                                |   | $                  | 48,104 |   |   | $ | 49,988 |   |
|                                                                                    |   |               |   |   |   |   |   |   |
| Direct client service costs, as adjusted, as a percentage of revenue                    |   |               | 56.6   | % |   |   | 56.1 | % |

----

|                                                                                    |   | Three Months Ended |    |
|-----------------------------------------------------------------------------------------|--------|--------------------|---------|
|                                                                                    |   | March 31,          |    |   | March 31, |   |
|                                                                                    |   | 2011               |    |   | 2010 |   |
|                                                                                    |   |               |    |   |   |   |
| Revenue (excluding reimbursables)                                                       |   | $                  | 85,046  |   |   | $ | 89,164 |   |
|                                                                                    |   |               |    |   |   |   |   |   |
| Total operating expenses                                                                |   | $                  | 27,005  |   |   | $ | 27,251 |   |
| Less:  equity-based compensation associated with Legacy Units and IPO Options |   |               | (184    | ) |   |   | (485 | ) |
| Less:  depreciation and amortization                                          |   |               | (2,489  | ) |   |   | (2,493 | ) |
| Less:  merger and acquisition costs                                           |   |               | (194    | ) |   |   | — |   |
| Less:  charge to impair certain intangible assets                             |   |               | — |   |   |   | (674 | ) |
| Operating expenses, as adjusted                                                         |   | $                  | 24,138  |   |   | $ | 23,599 |   |
|                                                                                    |   |               |    |   |   |   |   |   |
| Operating expenses, as adjusted, as a percentage of revenue                             |   |               | 28.4    | % |   |   | 26.5 | % |

----

| Results of Operations by Segment                               |
|----------------------------------------------------------------|
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           |   | Three Months Ended |   |   |   |   |   |   |   |
|                                                           |   | March 31, |   |   | March 31, |   |   | Unit |   |   | Percent |   |
|                                                           |   | 2011 |   |   | 2010 |   |   | Change |   |   | Change |   |
| Financial Advisory                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue (excluding reimbursables)                              |   | $ | 58,597 |   |   | $ | 57,040 |   |   | $ | 1,557 |   |   |   | 2.7 | % |
| Segment operating income                                       |   | $ | 9,582 |   |   | $ | 7,706 |   |   | $ | 1,876 |   |   |   | 24.3 | % |
| Segment operating income margin                                |   |   | 16.4 | % |   |   | 13.5 | % |   |   | 2.9 | % |   |   | 21.5 | % |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Alternative Asset Advisory                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue (excluding reimbursables)                              |   | $ | 13,485 |   |   | $ | 11,778 |   |   | $ | 1,707 |   |   |   | 14.5 | % |
| Segment operating income                                       |   | $ | 3,222 |   |   | $ | 2,814 |   |   | $ | 408 |   |   |   | 14.5 | % |
| Segment operating income margin                                |   |   | 23.9 | % |   |   | 23.9 | % |   |   | 0.0 | % |   |   | 0.0 | % |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment Banking                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue (excluding reimbursables)                              |   | $ | 12,964 |   |   | $ | 20,346 |   |   | $ | (7,382 | ) |   |   | (36.3 | )% |
| Segment operating income                                       |   | $ | — |   |   | $ | 5,057 |   |   | $ | (5,057 | ) |   |   | (100.0 | )% |
| Segment operating income margin                                |   |   | 0.0 | % |   |   | 24.9 | % |   |   | (24.9 | )% |   |   | (100.0 | )% |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue (excluding reimbursables)                              |   | $ | 85,046 |   |   | $ | 89,164 |   |   |   |   |   |   |   |   |   |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Segment operating income                                       |   | $ | 12,804 |   |   | $ | 15,577 |   |   |   |   |   |   |   |   |   |
| Net client reimbursable expenses                               |   |   | (45 | ) |   |   | (56 | ) |   |   |   |   |   |   |   |   |
| Equity-based compensation from                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Legacy Units and IPO Options                                   |   |   | (417 | ) |   |   | (1,083 | ) |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                  |   |   | (2,489 | ) |   |   | (2,493 | ) |   |   |   |   |   |   |   |   |
| Acquisition retention expenses                                 |   |   | (82 | ) |   |   | — |   |   |   |   |   |   |   |   |   |
| Merger and acquisition costs                                   |   |   | (194 | ) |   |   | — |   |   |   |   |   |   |   |   |   |
| Charge from impairment of certain intangible assets            |   |   | — |   |   |   | (674 | ) |   |   |   |   |   |   |   |   |
| Operating income                                               |   | $ | 9,577 |   |   | $ | 11,271 |   |   |   |   |   |   |   |   |   |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| ______________________________________________________________ |   |   |   |   |   |   |   |   |   |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Average Client Service Professionals                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financial Advisory                                             |   |   | 574 |   |   |   | 640 |   |   |   | (66 | ) |   |   | (10.3 | )% |
| Alternative Asset Advisory                                     |   |   | 87 |   |   |   | 92 |   |   |   | (5 | ) |   |   | (5.4 | )% |
| Investment Banking                                             |   |   | 129 |   |   |   | 131 |   |   |   | (2 | ) |   |   | (1.5 | )% |
| Total                                                          |   |   | 790 |   |   |   | 863 |   |   |   | (73 | ) |   |   | (8.5 | )% |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| End of Period Client Service Professionals                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financial Advisory                                             |   |   | 571 |   |   |   | 614 |   |   |   | (43 | ) |   |   | (7.0 | )% |
| Alternative Asset Advisory                                     |   |   | 90 |   |   |   | 88 |   |   |   | 2 |   |   |   | 2.3 | % |
| Investment Banking                                             |   |   | 127 |   |   |   | 128 |   |   |   | (1 | ) |   |   | (0.8 | )% |
| Total                                                          |   |   | 788 |   |   |   | 830 |   |   |   | (42 | ) |   |   | (5.1 | )% |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue per Client Service Professional                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Financial Advisory                                             |   | $ | 102 |   |   | $ | 89 |   |   | $ | 13 |   |   |   | 14.6 | % |
| Alternative Asset Advisory                                     |   | $ | 155 |   |   | $ | 128 |   |   | $ | 27 |   |   |   | 21.1 | % |
| Investment Banking                                             |   | $ | 100 |   |   | $ | 155 |   |   | $ | (55 | ) |   |   | (35.5 | )% |
| Total                                                          |   | $ | 108 |   |   | $ | 103 |   |   | $ | 5 |   |   |   | 4.9 | % |

----

| Results of Operations by Segment – Continued             |   |               |   |   |      |   |   |   |   |   |    |   |
|----------------------------------------------------------------|--------|--------------------|--------|--------|-----------|--------|--------|--------|--------|--------|---------|--------|
|                                                           |   |               |   |   |      |   |   |   |   |   |    |   |
|                                                           |   | Three Months Ended |   |   |      |   |   |   |   |
|                                                           |   | March 31,          |   |   | March 31, |   |   | Unit   |   |   | Percent |   |
|                                                           |   | 2011               |   |   | 2010      |   |   | Change |   |   | Change  |   |
| Utilization(1)                                                 |   |               |   |   |      |   |   |   |   |   |    |   |
| Financial Advisory                                             |   |               | 75.0   | %      |      |   | 64.6   | %      |   |   | 10.4    | %      |   |   | 16.1 | % |
| Alternative Asset Advisory                                     |   |               | 62.0   | %      |      |   | 60.1   | %      |   |   | 1.9     | %      |   |   | 3.2 | % |
|                                                           |   |               |   |   |      |   |   |   |   |   |    |   |   |   |   |   |
| Rate-Per-Hour(2)                                               |   |               |   |   |      |   |   |   |   |   |    |   |   |   |   |   |
| Financial Advisory                                             |   | $                  | 315    |   |      | $      | 329    |   |   | $      | (14     | )      |   |   | (4.3 | )% |
| Alternative Asset Advisory                                     |   | $                  | 529    |   |      | $      | 517    |   |   | $      | 12      |   |   |   | 2.3 | % |
|                                                           |   |               |   |   |      |   |   |   |   |   |    |   |   |   |   |   |
| ______________________________________________________________ |   |               |   |   |      |   |   |   |   |
|                                                           |   |               |   |   |      |   |   |   |   |   |    |   |   |   |   |   |
| Revenue (excluding reimbursables)                              |   |               |   |   |      |   |   |   |   |   |    |   |   |   |   |   |
| Financial Advisory                                             |   | $                  | 58,597 |   |      | $      | 57,040 |   |   | $      | 1,557   |   |   |   | 2.7 | % |
| Alternative Asset Advisory                                     |   |               | 13,485 |   |      |   | 11,778 |   |   |   | 1,707   |   |   |   | 14.5 | % |
| Investment Banking                                             |   |               | 12,964 |   |      |   | 20,346 |   |   |   | (7,382  | )      |   |   | (36.3 | )% |
| Total                                                          |   | $                  | 85,046 |   |      | $      | 89,164 |   |   | $      | (4,118  | )      |   |   | (4.6 | )% |
|                                                           |   |               |   |   |      |   |   |   |   |   |    |   |   |   |   |   |
| Average Number of Managing Directors                           |   |               |   |   |      |   |   |   |   |   |    |   |   |   |   |   |
| Financial Advisory                                             |   |               | 94     |   |      |   | 98     |   |   |   | (4      | )      |   |   | (4.1 | )% |
| Alternative Asset Advisory                                     |   |               | 26     |   |      |   | 25     |   |   |   | 1       |   |   |   | 4.0 | % |
| Investment Banking                                             |   |               | 39     |   |      |   | 40     |   |   |   | (1      | )      |   |   | (2.5 | )% |
| Total                                                          |   |               | 159    |   |      |   | 163    |   |   |   | (4      | )      |   |   | (2.5 | )% |
|                                                           |   |               |   |   |      |   |   |   |   |   |    |   |   |   |   |   |
| End of Period Managing Directors                               |   |               |   |   |      |   |   |   |   |   |    |   |   |   |   |   |
| Financial Advisory                                             |   |               | 94     |   |      |   | 94     |   |   |   | — |   |   |   | 0.0 | % |
| Alternative Asset Advisory                                     |   |               | 26     |   |      |   | 25     |   |   |   | 1       |   |   |   | 4.0 | % |
| Investment Banking                                             |   |               | 39     |   |      |   | 39     |   |   |   | — |   |   |   | 0.0 | % |
| Total                                                          |   |               | 159    |   |      |   | 158    |   |   |   | 1       |   |   |   | 0.6 | % |
|                                                           |   |               |   |   |      |   |   |   |   |   |    |   |   |   |   |   |
| Revenue per Managing Director                                  |   |               |   |   |      |   |   |   |   |   |    |   |   |   |   |   |
| Financial Advisory                                             |   | $                  | 623    |   |      | $      | 582    |   |   | $      | 41      |   |   |   | 7.0 | % |
| Alternative Asset Advisory                                     |   | $                  | 519    |   |      | $      | 471    |   |   | $      | 48      |   |   |   | 10.2 | % |
| Investment Banking                                             |   | $                  | 332    |   |      | $      | 509    |   |   | $      | (177    | )      |   |   | (34.8 | )% |
| Total                                                          |   | $                  | 535    |   |      | $      | 547    |   |   | $      | (12     | )      |   |   | (2.2 | )% |
|                                                           |   |               |   |   |      |   |   |   |   |   |    |   |   |   |   |   |
|                                                           |   |               |   |   |      |   |   |   |   |   |    |   |   |   |   |   |

----

| (1) | The utilization rate for any given period is calculated by dividing the number of hours incurred by client service professionals who worked on client assignments (including internal projects for the Company) during the period by the total available working hours for all of such client service professionals during the same period, assuming a 40 hour work week, less paid holidays and vacation days.  Utilization excludes client service professionals associated with certain property tax services due to the nature of the work performed and client service professionals from certain acquisitions prior to their transition to the Company’s financial system. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Average billing rate-per-hour is calculated by dividing revenues for the period by the number of hours worked on client assignments (including internal projects for the Company) during the same period.  Financial Advisory revenues used to calculate rate-per-hour exclude revenues associated with certain property tax engagements.  The average billing rate excludes certain hours from our acquisitions prior to their transition to the Company’s financial system. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                         |   | Three Months Ended |   |   |      |   |   |   |   |
|----------------------------------------------|--------|--------------------|--------|--------|-----------|--------|--------|--------|--------|
|                                         |   | March 31,          |   |   | March 31, |   |   | Dollar |   |   | Percent |   |
|                                         |   | 2011               |   |   | 2010      |   |   | Change |   |   | Change |   |
| Financial Advisory                           |   |               |   |   |      |   |   |   |   |   |   |   |
| Valuation Advisory                           |   | $                  | 37,614 |   |      | $      | 38,178 |   |   | $ | (564 | ) |   |   | (1.5 | )% |
| Tax Services                                 |   |               | 7,547  |   |      |   | 9,447  |   |   |   | (1,900 | ) |   |   | (20.1 | )% |
| Dispute & Legal Management Consulting(1) |   |               | 13,436 |   |      |   | 9,415  |   |   |   | 4,021 |   |   |   | 42.7 | % |
|                                         |   | $                  | 58,597 |   |      | $      | 57,040 |   |   | $ | 1,557 |   |   |   | 2.7 | % |
|                                         |   |               |   |   |      |   |   |   |   |   |   |   |   |   |   |   |

----

| (1) | For the three months ended March 31, 2011, Dispute & Legal Management Consulting includes approximately $3,400 of revenue from our acquisition of Cole Valuation Partners effective June 15, 2010 and an additional amount from June Consulting Group effective December 15, 2010. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                       |   | Three Months Ended |   |   |      |   |   |   |   |
|----------------------------|--------|--------------------|--------|--------|-----------|--------|--------|--------|--------|
|                       |   | March 31,          |   |   | March 31, |   |   | Dollar |   |   | Percent |   |
|                       |   | 2011               |   |   | 2010      |   |   | Change |   |   | Change |   |
| Alternative Asset Advisory |   |               |   |   |      |   |   |   |   |   |   |   |
| Portfolio Valuation        |   | $                  | 6,519  |   |      | $      | 5,482  |   |   | $ | 1,037 |   |   |   | 18.9 | % |
| Complex Asset Solutions(1) |   |               | 5,321  |   |      |   | 4,126  |   |   |   | 1,195 |   |   |   | 29.0 | % |
| Due Diligence              |   |               | 1,645  |   |      |   | 2,170  |   |   |   | (525 | ) |   |   | (24.2 | )% |
|                       |   | $                  | 13,485 |   |      | $      | 11,778 |   |   | $ | 1,707 |   |   |   | 14.5 | % |
|                       |   |               |   |   |      |   |   |   |   |   |   |   |   |   |   |   |

----

| (1) | For the three months ended March 31, 2011, Complex Asset Solutions includes revenue from our acquisition of the U.S. advisory business of Dynamic Capital Partners effective December 15, 2010. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                          |   | Three Months Ended |   |   |      |   |   |   |   |
|-------------------------------|--------|--------------------|--------|--------|-----------|--------|--------|--------|--------|
|                          |   | March 31,          |   |   | March 31, |   |   | Dollar |   |   | Percent |   |
|                          |   | 2011               |   |   | 2010      |   |   | Change |   |   | Change |   |
| Investment Banking            |   |               |   |   |      |   |   |   |   |   |   |   |
| M&A Advisory              |   | $                  | 1,450  |   |      | $      | 3,682  |   |   | $ | (2,232 | ) |   |   | (60.6 | )% |
| Transaction Opinions          |   |               | 8,231  |   |      |   | 6,823  |   |   |   | 1,408 |   |   |   | 20.6 | % |
| Global Restructuring Advisory |   |               | 3,283  |   |      |   | 9,841  |   |   |   | (6,558 | ) |   |   | (66.6 | )% |
|                          |   | $                  | 12,964 |   |      | $      | 20,346 |   |   | $ | (7,382 | ) |   |   | (36.3 | )% |

----

|   | · | Repurchases of Class A common stock – Repurchases of Class A common stock includes shares repurchased pursuant to a publicly announced repurchase program as well as shares of Class A common stock withheld to cover payroll tax withholdings related to the lapse of restrictions on Ongoing RSAs. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Dividends – Cash dividends of $2,492 reflect the payment of quarterly cash dividends of $0.08 per share of our Class A common stock to holders of record as of March 15, 2011.  Cash dividends of $1,403 reflect the payment of quarterly cash dividends of $0.05 per share of our Class A common stock to holders of record as of March 16, 2010. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Distributions and other payments to noncontrolling unitholders – Distributions and other payments to noncontrolling unitholders are summarized as follows: |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                              |   | Three Months Ended |    |
|---------------------------------------------------|--------|--------------------|---------|
|                                              |   | March 31,          |    |   | March 31, |   |
|                                              |   | 2011               |    |   | 2010 |   |
| Distributions for taxes                           |   | $                  | 266     |   |   | $ | 608 |   |
| Other distributions                               |   |               | 1,120   |   |   |   | 735 |   |
| Payments pursuant to the Tax Receivable Agreement |   |               | — |   |   |   | — |   |
|                                              |   | $                  | 1,386   |   |   | $ | 1,343 |   |

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| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk. |
|---------------|-------------------------------------------------------------|

| Item 4.  | Controls and Procedures. |
|---------------|--------------------------|

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| Item 1.  | Legal Proceedings. |
|---------------|--------------------|

| Item 1A.  | Risk Factors. |
|----------------|---------------|

| Item 2.  | Unregistered Sales of Equity Securities and Use of Proceeds. |
|---------------|--------------------------------------------------------------|

|                                 |   |      |   |   |       |   |   |             |   |      | Approximate |   |
|--------------------------------------|--------|-----------|--------|--------|------------|--------|--------|------------------|--------|-----------|-------------|--------|
|                                 |   |      |   |   |       |   |   | Total            |   |      | Dollar      |   |
|                                 |   |      |   |   |       |   |   | Number of        |   |      | Value of    |   |
|                                 |   |      |   |   |       |   |   | Shares           |   |      | Shares that |   |
|                                 |   | Total     |   |   |       |   |   | Purchased as     |   |      | May Yet Be  |   |
|                                 |   | Number of |   |   | Average    |   |   | Part of Publicly |   | Purchased |        |
|                                 |   | Shares    |   |   | Price Paid |   |   | Announced        |   |      | Under the   |   |
| Class A Common Stock                 |   | Purchased |   |   | Per Share  |   |   | Program          |   |      | Program     |   |
|                                 |   |      |   |   |       |   |   |             |   |      |        |   |
| January 1 through Janaury 31, 2011   |   |      | 1      |   |       | $      | 16.86  |             |   |      | —     |   |   | $ | 43,892 |   |
| February 1 through February 28, 2011 |   |      | 26     |   |       |   | 16.52  |             |   |      | —     |   |   |   | 43,892 |   |
| March 1 through March 31, 2011       |   |      | 346    |   |       |   | 15.54  |             |   |      | 75          |   |   |   | 42,759 |   |
|    Total              |   |      | 373    |   |       | $      | 15.61  |             |   |      | 75          |   |   |   |   |   |

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| Item 3.  | Defaults Upon Senior Securities. |
|---------------|----------------------------------|

| Item 4.  | (Removed and Reserved). |
|---------------|-------------------------|

| Item 5.  | Other Information. |
|---------------|--------------------|

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| Item 6.  | Exhibits. |
|---------------|-----------|

|   | Exhibit |   |
|--------|---------|--------|

|   | Number | Description |
|--------|--------|-------------|

|   | 10.1 | Form of Performance-Vesting Restricted Stock Award Agreement under the Duff & Phelps Amended and Restated 2007 Omnibus Stock Incentive Plan. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 31.1 | Certification of the Chief Executive Officer, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 31.2 | Certification of the Chief Financial Officer, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.1 | Certification of the Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.2 | Certification of the Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

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