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Enterprising Investor

01/02/12 3:43 PM

#35 RE: Enterprising Investor #34

HTH owns 10,171,039 SWS shares (11/16/11)

Controls 24.6 percent.

From November 15, 2011 through November 25, 2011, the Reporting Person purchased 1,117,987 shares of Common Stock in the open market and through a block purchase for an aggregate cash purchase price of $5,949,977. The Reporting Person made these purchases utilizing funds from its available working capital.

[Average cost is $5.32 per share. Total open market purchases are 1,475,387 shares for a cost of $7,662,512 or $5.19 per share.]

a) Includes 8,695,652 shares of common stock that are acquirable upon the exercise of a warrant. The warrant is exercisable at any time for five years from the date of original issuance, but will expire to the extent that SWS Group, Inc. prepays the loan made to it by Hilltop Holdings Inc. and the holder does not exercise a corresponding portion of the warrant. The exercise price and number of shares of common stock acquirable upon exercise of the warrant is subject to adjustment as set forth in the warrant.

http://sec.gov/Archives/edgar/data/878520/000110465911067199/a11-30875_1sc13da.htm