X0204 3 2011-07-29 0 0000878520 SWS GROUP INC SWS 0001265131 Hilltop Holdings Inc. 200 CRESCENT COURT, SUITE 1330 DALLAS TX 75201 0 0 1 0 Warrant (right to purchase) 5.75 2011-07-29 Common Stock 8695652 D Exercisable for five years, but will expire to the extent that SWS Group, Inc. makes prepayments on the loan made to it by Hilltop Holdings Inc. and the holder does not exercise a corresponding portion of the Warrant. Subject to adjustments as set forth in the Warrant. /s/ COREY PRESTIDGE, as General Counsel of Hilltop Holdings Inc. 2011-08-03