Aston Hill Announces First Quarter Results

Calgary, May 29, 2008 - Aston Hill Financial Inc. (the "Company" or "Aston Hill”) (TSXV: AHF) announces it has filed the unaudited interim consolidated financial statements for the period ended March 31, 2008 and related Management Discussion and Analysis with Canadian Securities Regulatory Authorities.

Aston Hill’s net income for the three months ending March 31, 2008 was $2.4 million. This included revenue from management and acquisition fees of $1.6 million and income from investing activities of $1.9 million, offset by net operating expenses of $1.1 million. As of March 31, 2008, Aston Hill had approximately $650 million in assets under management.

The Company also gives notice that at the Annual General Meeting of the Corporation held on May 29, 2008, the shareholders appointed the following persons to the Board of Directors:

• Mr. Andre Bineau (audit committee);
• Mr. Ben Cheng;
• Dr. Eldon Smith (audit committee, governance & compensation committee);
• Mr. Eric Tremblay;
• Mr. Jean-Guy Lambert (audit committee);
• Mr. Scott Butler (governance & compensation committee); and
• Mr. Bruce Fiell (audit committee, governance & compensation committee).

At the Board of Directors Meeting following the Annual Meeting, the following appointments were made:

• Eric Tremblay, Chief Executive Officer and Chairman of the Board;
• Ben Cheng, President;
• Larry Titley, Vice President and Chief Financial Officer;
• Joanne Hruska, Vice President, Portfolio Management;
• Derek Slemko, Vice President, Business Development and Controller;
• Theresa Devost, Corporate Secretary.

As previously announced on May 21, 2008, the Corporation intends to undertake a non-brokered private placement financing in Alberta, British Columbia, Ontario, and Quebec (the "Private Placement") by issuing up to 12,000,000 common shares (the "Shares") at a price of $0.42 per Share. Closing of the Private Placement is now anticipated to occur on or about June 5, 2008. The Private Placement was reviewed by the independent directors of the Corporation who determined that the terms of the Private Placement were reasonable in the circumstances. The Private Placement is exempt from the valuation and minority approval requirements of Multilateral Instrument 61- 101, since the fair market value of the Private Placement is less than 25% of the market capitalization of the Corporation. The closing of the Private Placement may occur in less than 21 days from the date that the terms of the Private Placement were first disclosed, if management determines it is necessary or desirable for sound business reasons.

Forward-Looking Statements: This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differmaterially from those projected in the forward-looking statements, including the failure of the Company to close the Private Placement.

For a detailed description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s annual financial statements and management discussion and analysis for the year ended December 31, 2007, both of which are available at www.sedar.com. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking statements.

Aston Hill is an investment manager with expertise in the oil and gas sector, energy-based trusts, oil and gas property management, private equity and high-yield structured products.

For further information concerning this press release, please contact:

Eric Tremblay
Chief Executive Officer
Aston Hill Financial Inc.
(403) 770-4817

Larry Titley
Vice President and CFO
Aston Hill Financial Inc.
(403) 770-4808

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

 

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