<SEC-DOCUMENT>0000950103-25-016035.txt : 20251211
<SEC-HEADER>0000950103-25-016035.hdr.sgml : 20251211
<ACCEPTANCE-DATETIME>20251211172015
ACCESSION NUMBER:		0000950103-25-016035
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251211
DATE AS OF CHANGE:		20251211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DIAMOND HILL INVESTMENT GROUP INC
		CENTRAL INDEX KEY:			0000909108
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		ORGANIZATION NAME:           	02 Finance
		EIN:				650190407
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24498
		FILM NUMBER:		251565820

	BUSINESS ADDRESS:	
		STREET 1:		325 JOHN H MCCONNELL BLVD
		STREET 2:		SUITE 200
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43215
		BUSINESS PHONE:		6142553333

	MAIL ADDRESS:	
		STREET 1:		325 JOHN H MCCONNELL BLVD
		STREET 2:		SUITE 200
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43215

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANC STOCK GROUP INC
		DATE OF NAME CHANGE:	19971016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HEARTLAND GROUP OF COMPANIES INC
		DATE OF NAME CHANGE:	19940301

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HEARTLAND FINANCIAL GROUP INC
		DATE OF NAME CHANGE:	19930714
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>dp238638_defa14a-empl.htm
<DESCRIPTION>FORM DEFA14A
<TEXT>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0">Filed by Diamond Hill Investment Group, Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0">Commission File No.: 000-24498</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0">Pursuant to Rule 14a-12</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0">of the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following email was sent by Heather
Brilliant, Chief Executive Officer of Diamond Hill Investment Group, Inc. (&ldquo;DHIL&rdquo;), to DHIL's employees on December 11, 2025
in connection with the proposed acquisition of DHIL by First Eagle Investment Management, LLC.&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">From: Heather Brilliant</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">To: All DHIL Employees</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Subject: Important News: Diamond Hill
to Join First Eagle Investments</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Hi everyone,</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">I&rsquo;m writing to share an important
milestone in Diamond Hill&rsquo;s journey: we have entered into an agreement to be acquired by First Eagle Investments, a leading, privately
owned, fundamentally driven investment management firm. Our clients have always been at the center of everything we do, and we are proud
of the growth and partnerships we have created over our 25-year history. This partnership with First Eagle is an opportunity to accelerate
the evolution of our strong foundation. Most importantly, we will continue to execute on our investment philosophy and process, delivering
the quality service our clients have come to expect from us.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>This news will not be public until
we issue a press release at 7:30 am ET tomorrow morning. Until then, we ask that you keep this news strictly confidential.</B> In the
meantime, I want to first share some thoughts directly with you about what this means for us as a team.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Why this, why now? </B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Stability
                                            and continuity: </B>First Eagle is philosophically aligned with us, with a 160-year heritage
                                            of stewardship and a strong global reputation for its client-first approach. The cultures
                                            of Diamond Hill and First Eagle are remarkably similar, with both organizations heavily focused
                                            on prioritizing client outcomes, treating associates well, and fostering an environment of
                                            curiosity and respect.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Complementary
                                            fit</B>: First Eagle is looking to diversify its business, and what we do in intrinsic value
                                            equities and fixed income is complementary to their offerings. This enhances our already
                                            strong value proposition for our clients.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Growth
                                            and opportunity: </B>Over the last decade, First Eagle has invested significantly in building
                                            out their infrastructure and distribution to win in our ever-evolving industry. By partnering
                                            with First Eagle, we are accelerating our timeline, allowing us to be able to execute for
                                            our clients long into the future &ndash; all while reducing the risk and expense that would
                                            have come with tackling these items on our own, as well as allowing our investment teams
                                            to better focus on serving our clients.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Compelling
                                            value</B>: This transaction delivers immediate, attractive value to our common shareholders,
                                            which includes many of you. Under the terms of our agreement, all outstanding shares will
                                            be paid out in cash.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>What happens next? </B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The transaction is expected to close
by the third quarter of 2026, subject to customary approvals. Once the transaction closes, we will continue operating out of our Columbus
location and our investment teams will remain empowered to maintain their approach and process.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Until then, it is business as usual.
Today&rsquo;s announcement is just the first step in a process to close the transaction. There are no immediate changes to our roles,
our team structures, or how</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">we serve our clients. It is important
we all continue to do the excellent work we do every day. Each of us plays a valuable role in our organization.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We will hold a town hall at 9:00am ET
tomorrow to discuss the announcement and answer your questions, which you can submit in advance to Amanda.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">We know change can be unsettling, and
while we won&rsquo;t have all the answers right away, you can expect a high level of communication and planning to occur from now until
close. Many of you will be involved as we move through the process. We will keep everyone informed as developments occur.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Thank you,</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Heather</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Cautionary Note Regarding Forward-Looking
Statements</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This communication, the documents incorporated
herein by reference and statements, whether oral or written, made from time to time by representatives of Diamond Hill Investment Group,
Inc. (&ldquo;Diamond Hill&rdquo;), may contain or incorporate &ldquo;forward-looking statements&rdquo; within the meaning of federal
securities laws. Forward-looking statements include, but are not limited to, statements regarding anticipated operating results, prospects
and levels of assets under management, technological developments, economic trends (including interest rates and market volatility),
expected transactions and similar matters. These forward-looking statements may include, without limitation, any statements preceded
by, followed by or including words such as &ldquo;may,&rdquo; &ldquo;could,&rdquo; &ldquo;can have,&rdquo; &ldquo;believe,&rdquo; &ldquo;expect,&rdquo;
&ldquo;aim,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;target,&rdquo; &ldquo;goal,&rdquo; &ldquo;project,&rdquo; &ldquo;assume,&rdquo; &ldquo;budget,&rdquo;
&ldquo;potential,&rdquo; &ldquo;estimate,&rdquo; &ldquo;guidance,&rdquo; &ldquo;forecast,&rdquo; &ldquo;outlook,&rdquo; &ldquo;would,&rdquo;
&ldquo;will,&rdquo; &ldquo;continue,&rdquo; &ldquo;likely,&rdquo; &ldquo;should,&rdquo; &ldquo;hope,&rdquo; &ldquo;seek,&rdquo; &ldquo;plan,&rdquo;
&ldquo;intend,&rdquo; and variations of such words and similar expressions. Similarly, descriptions of the Company&rsquo;s objectives,
strategies, plans, goals, or targets are also forward-looking statements. Such forward-looking statements include but are not limited
to statements about the proposed transaction between Diamond Hill and First Eagle Investment Management, LLC (&ldquo;First Eagle&rdquo;)
(the &ldquo;Transaction&rdquo;), including the expected timetable for completing the Transaction and statements that are not historical
facts.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Forward-looking statements are based
on the Company&rsquo;s expectations at the time such statements are made, speak only as of the dates they are made and are susceptible
to a number of risks, uncertainties and other factors. While the Company believes that the assumptions underlying its forward-looking
statements are reasonable, investors are cautioned that any of the assumptions could prove to be inaccurate and, accordingly, the Company's
actual results and experiences may differ materially from the anticipated results or other expectations expressed in its forward-looking
statements. Factors that may cause the Company&rsquo;s actual results or experiences to differ materially from results discussed in forward-looking
statements include, but are not limited to the factors discussed in the section entitled &ldquo;Risk Factors&rdquo; in the Company&rsquo;s
Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and Quarterly Reports on Form 10-Q for the fiscal quarters ended
March 31, 2025, June 30, 2025 and September 30, 2025, each as filed with the Securities and</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Exchange Commission (&ldquo;SEC&rdquo;),
and any factors discussed in the section entitled &ldquo;Risk Factors&rdquo; in any of our subsequently filed SEC filings, and the following:
(i) the occurrence of any event, change, or other circumstance that could give rise to the right of one or both of the parties to terminate
the definitive transaction agreement between the Company and First Eagle, including in circumstances requiring the Company to pay a termination
fee; (ii) potential litigation relating to the Transaction that could be instituted against the parties to the definitive transaction
agreement or their respective directors or officers, including the effects of any outcomes related thereto; (iii) the possibility that
the Transaction does not close when expected or at all because required regulatory, shareholder, or other approvals and other conditions
to closing are not received or satisfied on a timely basis or at all; (iv) reputational risk and potential adverse reactions of clients,
employees or other business partners and the businesses generally, including those resulting from the announcement of the Transaction,
including any resulting reduction in the Company&rsquo;s AUM or AUA and the withdrawal, renegotiation or termination of any investment
advisory agreements; (v) the risk that any announcements relating to the Transaction could have adverse effects on the market price of
the Company&rsquo;s common stock; (vi) significant transaction costs associated with the Transaction; and (vii) the diversion of management&rsquo;s
attention and time from ongoing business operations and opportunities on Transaction-related matters.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Forward-looking statements attributable
to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above and in
the Company&rsquo;s other public documents on file with the SEC. New risks and uncertainties arise from time to time, and factors that
the Company currently deems immaterial may become material, and it is impossible for the Company to predict these events or how they
may affect it. The Company undertakes no obligation to update any forward-looking statements after the date they are made, whether as
a result of new information, future events, changes in its expectations or developments or otherwise, except as required by law, although
it may do so from time to time. The Company does not endorse any projections regarding future performance that may be made by third parties.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Additional Information and Where to
Find It</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This communication does not constitute
an offer to buy or sell or the solicitation of an offer to buy or sell any securities. This communication relates to the Transaction.
In connection with the Transaction, Diamond Hill plans to file with the SEC a proxy statement on Schedule 14A (the &ldquo;Proxy Statement&rdquo;).
This communication is not a substitute for the Proxy Statement or any other document that Diamond Hill may file with the SEC and send
to its shareholders in connection with the Transaction. The Transaction will be submitted to Diamond Hill&rsquo;s shareholders for their
consideration. Before making any voting decision, Diamond Hill&rsquo;s shareholders are urged to read all relevant documents filed or
to be filed with the SEC, including the Proxy Statement, as well as any amendments or supplements to those documents, when they become
available, because they will contain important information about Diamond Hill and the Transaction.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Diamond Hill&rsquo;s shareholders will
be able to obtain a free copy of the Proxy Statement, as well as other filings containing information about Diamond Hill, free of charge,
at the SEC&rsquo;s website</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(www.sec.gov). Copies of the Proxy Statement
and other documents filed by Diamond Hill with the SEC may be obtained, without charge, by contacting Diamond Hill through its website
at <FONT STYLE="color: Blue"><U>www.diamond-hill.com</U></FONT>.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Participants in the Solicitation</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Diamond Hill, its directors, executive
officers and other persons related to Diamond Hill may be deemed to be participants in the solicitation of proxies from Diamond Hill&rsquo;s
shareholders in connection with the Transaction. Information about the directors and executive officers of Diamond Hill and their ownership
of common stock of Diamond Hill is set forth in the section entitled &ldquo;Executive Officer Stock Ownership and Retention Guidelines&rdquo;
in Diamond Hill&rsquo;s proxy statement for its 2025 annual meeting of stockholders, which was filed with the SEC on March 14, 2025 (and
which is available at <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000909108/000090910825000014/dhil-20250311.htm">https://www.sec.gov/ix?doc=/Archives/edgar/data/0000909108/000090910825000014/dhil-20250311.htm</A>).
To the extent that holdings of Diamond Hill&rsquo;s securities by its directors or executive officers have changed since the amounts
printed in Diamond Hill&rsquo;s proxy statement, such changes have been or will be reflected on Initial Statements of Beneficial Ownership
of Securities on Form 3 and Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC.&nbsp;Additional information regarding
the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise,
will be included in the Proxy Statement and other relevant materials to be filed with the SEC in connection with the Transaction when
they become available. Free copies of these documents may be obtained as described in the preceding paragraph.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>No Offer or Solicitation</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This communication is for informational
purposes only and is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell
any securities, or a solicitation of any vote or approval, nor shall there by any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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