X0304 4 2011-11-15 0000878520 SWS GROUP INC SWS 0001021572 FORD GERALD J 1201 ELM STREET SUITE 3500 DALLAS TX 75270 1 Common Stock $.10 Par Value 2011-11-15 4 P 0 15000.0000 5.3762 A 372400.0000 I By Hilltop Holdings Inc. Common Stock $.10 Par Value 2011-11-16 4 P 0 729400.0000 5.2791 A 1101800.0000 I By Hilltop Holdings Inc. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $5.15 to $5.50, inclusive. The reporting person undertakes to provide SWS Group, Inc., any security holder of SWS Group, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth. Shares of common stock are held by Hilltop Holdings Inc. of which Mr. Ford is Chairman of the Board and a 26.6% beneficial owner. Mr. Ford disclaims beneficial ownership of the shares of common stock, except to the extent of his pecuniary interest therein. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $5.24 to $5.50, inclusive. The reporting person undertakes to provide SWS Group, Inc., any security holder of SWS Group, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth. Allen R. Tubb, Power of Attorney 2011-11-17