Diamond Hill Investment

Partners, L.P.

Fund Investment Objectives

The fund is long-short, with a long bias. The Partnership uses a bottom-up approach in assessing a potential investment's intrinsic value, purchasing businesses priced significantly below their conservatively estimated value and considering shorting those priced significantly above this value. Option 1: 1.50% Management fee includes operating expenses = Total Expense - No incentive fee Option 2 - Variable Fee (New Partners): 50bps flat fee + 20% incentive fee applied to amounts over 5% absolute return 5 year commitment - incentive fee is payable at the end of year 5 If redeem prior to year 5 - client pays the higher of 1.50% or calculate variable fee.