March 31, 2008 – HL Financial Services, LLC, a newly formed company owned by employees of Hilliard Lyons and their financial partner, Houchens Industries, Inc., announced today that it has completed the acquisition of Hilliard Lyons from The PNC Financial Services Group, Inc. (NYSE: PNC). Hilliard Lyons will retain its name, employees and management team and will remain headquartered in Louisville, Kentucky.

"Today marks the beginning of an exciting new chapter in the long history of Hilliard Lyons,” said Jim Allen, CEO of Hilliard Lyons, “We are very pleased to announce that the employees of Hilliard Lyons have successfully teamed with Houchens Industries, Inc. to complete the purchase of Hilliard Lyons from PNC. We believe that our new ownership structure positions us well for continued growth and success."

“Houchens is committed to assisting Hilliard reach its long term goals. We remain impressed with the management team and are very glad to have the opportunity to invest in another Kentucky-based company,” said Spencer Coates, President of Houchens.

“At Houchens, our philosophy is to allow the management team to run the business. We are confident that Jim Allen and his team will do that well. We are very pleased with how this deal came together and by the large number of Hilliard employees who are now owners and our partners,” said Jimmie Gipson, CEO of Houchens.

Hilliard Lyons has always prided itself on serving its clients in an objective and professional manner. The new ownership structure will allow Hilliard Lyons to maintain and build on this tradition.

Hilliard Lyons has more than 1,000 employees, including 405 financial consultants, with 76 branches located in Arkansas, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, North Carolina, Ohio, South Carolina, Tennessee and West Virginia. In the firm’s 2007 Client Satisfaction Survey, 97% of respondents reported being satisfied with the firm’s services, while 95% were so pleased that they would recommend Hilliard Lyons to a friend or family member.

Established in 1917 in Glasgow, Kentucky, Houchens Industries, Inc., is 100% employee owned. It is one of the largest private companies in the United States (ranked #220 of America’s Largest Private Companies by Forbes in December 2007). Houchens has its earliest roots in the food industry and has diversified its business interests to include real estate, internet development, construction, recycling, highway contracting, franchising and fast food.