X0303 4 2009-10-01 0 0001335249 HIGHBURY FINANCIAL INC HBRF 0001007614 TALON ASSET MANAGEMENT, LLC 1 N FRANKLIN SUITE 900 CHICAGO IL 60606 0 0 1 0 0001312859 Talon Opportunity Partners, L.P. C/O TALON ASSET MANAGEMENT, INC. ONE NORTH FRANKLIN, SUITE 900 CHICAGO IL 60606 0 0 1 0 0001312857 Talon Opportunity Managers, L.L.C. C/O TALON ASSET MANAGEMENT, INC. ONE NORTH FRANKLIN, SUITE 900 CHICAGO IL 60606 0 0 1 0 Common Stock 2009-10-01 4 O 0 315425 5 A 1287837 I By Talon Opportunity Partners, L.P. and Talon Opportunity Managers, LLC Warrants (right to buy) 5 2009-10-01 4 O 0 315425 D 2010-01-25 Common Stock 315425 0 I By Talon Opportunity Partners, L.P. and Talon Opportunity Managers, LLC Shares of Common Stock were acquired upon the exercise of warrants on October 1, 2009. Of this total amount, 1,273,837 shares are owned directly by Talon Opportunity Partners, L.P. (the "Limited Partnership"). As the General Partner to the Limited Partnership, Talon Opportunity Managers, LLC may be deemed to be the beneficial owner of the Issuer's securities held by the Limited Partnership. Talon Opportunity Managers, LLC disclaims any beneficial ownership of any of the Issuer's securities held by the Limited Partnership, except to the extent of Talon Opportunity Managers, LLC's pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose. As the Manager of Talon Opportunity Managers, LLC, Talon Asset Management, LLC may be deemed to be the beneficial owner of the Issuer's securities held by the Limited Partnership. Talon Asset Management, LLC disclaims any beneficial ownership of any of the Issuer's securities held by the Limited Partnership, except to the extent of Talon Asset Management, LLC's pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose. Since the transaction is the exercise of the warrants, the exercise price, as reported in column 2, is $5.00. /s/ William Wolf, Chief Operating Officer, Talon Asset Management, LLC 2009-10-06 /s/ William Wolf, Chief Operating Officer, Talon Asset Management, LLC, as Manager of Talon Opportunity Managers, LLC 2009-10-06 /s/ William Wolf, Member of Talon Opportunity Managers, LLC, as General Partner of Talon Opportunity Partners, L.P. 2009-10-06