H i l l t o p S e c u r i t i e s C o r p o r a t e O v e r v i e w On Higher Ground

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1 Hi l ltop S e c u ri t i e s C orp or at e O v e rv i ew On Higher Ground

2 HilltopSecurities On Higher Ground Relationships. Expertise. Passion. At HilltopSecurities, our goal is to provide solutions tailored to meet your specific objectives. Ideas you may not have considered before. Service that exceeds your expectations. We offer a broad range of financial guidance, services and solutions for both public and private institutions, issuers and investors, delivered through a team of experienced professionals dedicated to your success. A Trusted Legacy of Service HilltopSecurities represents the realization of a vision and a new beginning the combination of two established, respected and successful broker-dealers to create a new firm, greater than the sum of its parts. In January of 2015, Hilltop Holdings Inc. (NYSE: HTH), a Texas-based diversified financial holding company acquired Southwest Securities, Inc., a regional full-service broker-dealer founded in Hilltop Holdings is the parent company of PlainsCapital Bank, the 5th largest Texas-based bank by deposits; PrimeLending, a mortgage originator ranked 6th in the U.S. for purchase units in 2014; and National Lloyds Corporation, a niche property and casualty underwriter providing homeowners insurance for low value dwellings. In addition, Hilltop Holdings was the parent of FirstSouthwest Company, a broker-dealer established in 1946 and renowned for its nationwide public finance advisory business. With complementary business lines and a shared history representing more than 110 years of industry experience, Southwest Securities and FirstSouthwest were combined under the HilltopSecurities name to create a new, stronger firm backed by a well-capitalized, publicly traded parent company focused on building a lasting legacy. HilltopSecurities offers specialized knowledge and insight to clients through a broad range of industries and sectors: Our Public Finance professionals serve governments, school districts, authorities, nonprofits and privately-held entities with financial advisory, asset management and underwriting services. Our Capital Markets group serves individual and institutional investors with dedicated expertise in trading, underwriting and sales of a broad range of taxable and municipal fixed income securities, as well as equities. Our Structured Finance professionals serve clients through three primary business segments: Housing Advisory, Mortgage Trading/Securitization, and Structured Products. Our Wealth Management financial advisors serve individual investors through our Private Client Group offices in Texas, Oklahoma and California, and through the independent advisors of our affiliate broker-dealer, Hilltop Securities Independent Network Inc. Our Clearing Services group provides clearing solutions for correspondent broker-dealers and registered investment advisers across the country. Our Corporate Finance investment bankers serve middle market businesses with comprehensive advisory services across a broad range of corporate transactions and initiatives. Our Securities Lending professionals operate a conduit, or matched book, securities lending business, executing borrow and loan transactions on a full range of securities. Why HilltopSecurities? HilltopSecurities serves as a trusted advocate for our clients nationwide, delivering a wide range of financial guidance, services and solutions to individuals, businesses and communities. Our expertise is focused exclusively upon achieving our clients definition of success through relationships that exhibit:

3 Integrity Our committed and dedicated professionals have decades of experience building relationships and trust with individuals, families, businesses and institutions. Our values are aligned with serving our clients best interests in order to achieve their definition of success. Collaboration The combination of FirstSouthwest and Southwest Securities to create HilltopSecurities, brings together teams of highly experienced financial professionals devoted to working together to build and nurture longterm client relationships. Adaptability We recognize the importance of delivering customized, innovative solutions for our clients that challenge the status quo. We seek new possibilities and evolve our technology and skills as change occurs. Respect Constructive and respectful communication is instrumental in maintaining the culture of success we have built. We recognize and appreciate the unique capabilities, traditions and qualities of others. arise. Our clients also benefit from our experience with hundreds of municipalities, agencies and authorities at the state, county and city level across the nation. When specialized knowledge is needed, our clients have access to HilltopSecurities professionals across the country. Hilltop Holdings Family of Companies Hilltop Holdings is a Dallas-based financial holding company. Its wholly owned subsidiary, PlainsCapital Corporation, a regional commercial banking franchise, has two operating subsidiaries: PlainsCapital Bank and PrimeLending. Under Hilltop Securities Holdings LLC, HilltopSecurities and HilltopSecurities Independent Network provide a full complement of securities brokerage, institutional and investment banking services in addition to clearing services and retail financial advisory. Through Hilltop Holdings other wholly owned subsidiary, National Lloyds Corporation, it provides property and casualty insurance through two insurance companies, National Lloyds Insurance Company and American Summit Insurance Company. Hilltop employs approximately 5,400 people in more than 400 locations across the country. Hilltop Holdings common stock is listed on the New York Stock Exchange under the symbol HTH. Excellence We are committed to putting your needs first and providing you with the individual attention that you deserve, with the goal of routinely exceeding your expectations. Our high level of personal, reliable service is a cornerstone of our firm. HilltopSecurities professionals are aware of the local and regional issues that affect our clients and we always seek to provide a higher level of service and an uncommon attention to detail. We support our local communities and are proactive in addressing local challenges and opportunities as they

4 HilltopSecurities On Higher Ground Airports, Rapid Transits, Toll Roads and Ports Healthcare Housing Public Power Public-Private Partnerships (P3) Special Districts (including MUDs) State Revolving Funds Public Finance Through our public finance business, we serve as financial advisor or underwriter to local and state governments, school districts, authorities, nonprofits and privately-held entities across the United States. Our municipal advisory business carries the FirstSouthwest name as a division of HilltopSecurities. With bankers and advisors across the country, HilltopSecurities provides our clients with teams of professionals who have specialized sector expertise coupled with local and regional expertise. Financial Advisory FirstSouthwest, a division of HilltopSecurities, is a leading financial advisor for all types of entities who issue debt for public purposes, as well as private and nonprofit organizations. We have consistently ranked among the top financial advisors in the nation for issuances of debt, based both on number and par value of issues, according to Ipreo Muni Analytics. We maintain deep and proven advisory expertise across a variety of public finance sectors including: General Obligation Water and Sewer School Districts and Higher Education Convention Centers/Hotel As a broker-dealer affiliated municipal advisor, we are a participant and not just an observer in the municipal market. Our firsthand knowledge is a key advantage in the pricing, structuring and timing of an issue. Underwriting HilltopSecurities provides underwriting expertise for municipal clients. Our direct participation in the capital markets provides our clients with the real-time market information to help them make more informed decisions about their bond issues. Continuing Disclosure We strive to ensure our clients can easily access the capital markets. Our experienced, in-house team partners with hundreds of clients each year to help them meet the industry s increasingly important disclosure requirements. Asset Management FirstSouthwest Asset Management, a Registered Investment Adviser, provides investment management services, government investment pool administration and arbitrage rebate services to clients nationwide.

5 Capital Markets Our Capital Markets professionals leverage in-house, realtime access to market experts and participants to inform both their own thinking and that of our clients. Our clients enjoy many benefits, including access to diverse products, personalized service, responsiveness and advice with integrity. We have built a broad distribution network and provide reliable access to a full spectrum of municipal, corporate ABS/CMBS/MBS, including TBA mortgage securities, U.S. treasuries, agency debentures, equities and special products. Trading With trading desks in major markets across the country, including Dallas, Houston, New York, Boston, Chicago, Los Angeles, Denver, and Ft. Lauderdale, HilltopSecurities secondary trading group combines both electronic and voice trading to give our customers superior execution. Clients have direct access to the capital markets through our informed and experienced professionals. We work closely with mutual funds, insurance companies, banks, corporations, asset managers, arbitrage accounts hedge funds and mortgage originators to understand their needs so we can remain proactive in sharing new opportunities. Underwriting Through our legacy businesses, HilltopSecurities has provided underwriting expertise for clients across the country for more than 70 years. Underwriting municipal debt, Agency debentures for GSE s as well as preferred securities helps support our diverse customer base with their investment needs. Sales HilltopSecurities has institutional sales offices in 11 U.S. cities, offering real-time and accurate market information. Market insight combined with detailed analytics helps our institutional sales staff add value. Structured Finance Our Structured Finance department provides a broad range of products and services to serve clients through three primary business areas: Housing Advisory, Mortgage Trading/Securitization, and Structured Products. Housing Advisory For more than 50 years our dedicated housing professionals have partnered with state and local housing issuers across the country to help families achieve the dream of home ownership. Our history as an innovator in single-family and multifamily transactions has garnered proven results for our clients. Mortgage Trading/Securitization The leaders of the HilltopSecurities team pioneered the development of Market Rate TBA programs for housing finance agencies (HFAs). As the TBA Program provider for 11 HFAs, we have the capital, technology and expertise to help agencies structure and implement a no-risk pipeline management market rate TBA program to drive mortgage production. Our expertise in Mortgage Trading/ Securitizations provides HFA clients with a multitude of options for the best execution of their new and seasoned mortgage assets. Structured Products We offer deep experience in helping public sector clients create a comprehensive financing, investment and hedging approach to balance sheet management. Our approach identifies hedging alternatives, analyzes the risk factors, explains costs and is instrumental in implementing the structures that meet each client s needs. We offer advisory services in asset, liability and commodity products which are fundamentally conservative and always reflective of the responsibilities associated with public sector transactions.

6 HilltopSecurities On Higher Ground Wealth Management The wealth management professionals of HilltopSecurities Private Client Group and HilltopSecurities Independent Network serve individuals and families, delivering personal, reliable financial advisory services and investment programs to meet their clients goals. Clients have access to our full-service advisory and wealth management platform to build investment plans and portfolios designed for their specific needs. Our experienced financial professionals focus on understanding client needs so they can deliver a high level of individualized, personal service to assist them in reaching their financial objectives. Our comprehensive financial advisory services include: A full array of equity and fixed income securities Mutual funds and exchange traded products Money market funds FDIC-insured deposits Alternative investments Insurance products Futures and commodities Managed accounts For investors seeking to protect and grow the assets they have built through a lifetime of hard work, security is often their most highly valued commodity. HilltopSecurities Private Client Group and HilltopSecurities Independent Network have the tools, expertise and commitment to personal service necessary to build what their clients value most. Clearing Services Our correspondent clearing services provide clients with the technology they expect along with highly responsive and personal service, making HilltopSecurities a true partner in the success of their business. Our services are designed for broker-dealers and registered investment advisors who value: Real-time access to client data Reliable, seamless service Flexible, efficient processing Long-term stability Personable culture and service We offer a diverse suite of products and technology solutions to provide client-specific responses that address the individual needs of our clients. We maintain an ongoing understanding of each correspondent s business enabling us to rapidly adapt technology and processes to accommodate their unique and ever-changing clearing, reporting and regulatory compliance needs. We continually request and welcome the input of our correspondent partners to shape the products and services we offer. This exchange of ideas and free flow of communication enables HilltopSecurities to deliver solutions designed specifically to meet our customers real world challenges. Securities Lending Our Securities Lending division operates a conduit or matched book business. HilltopSecurities experienced securities lending professionals rely on their extensive network of relationships to facilitate borrow and loan transactions on a full range of securities with registered broker-dealers nationwide.

7 Investment Advisor Services For both registered investment advisers and hybrid broker-dealer firms offering advisory services, HilltopSecurities offers clearing and custody solutions customized to each client s unique needs. Cash Management We offer several cash management solutions to help our clients customers make the most of their accounts. Wealth Management Services HilltopSecurities provides access to a variety of innovative wealth management products and services. Training We offer robust initial and ongoing training webinars on back-office operations and platforms, as well as a video library of tutorials available anytime through our Advisor and Client platforms to educate our clients about system enhancements and enable them to fully use all of the features available to them. Corporate Finance Our Corporate Finance group is comprised of experienced professionals with extensive advisory and industry expertise who have a commitment to delivering excellence to our clients. We provide our clients with comprehensive advisory services across a broad range of corporate transactions and initiatives. Private Placements Whether it s a desire for growth capital, asset-based financing or a variety of other capital needs, we have the experience and connections needed to help companies find appropriate financing. Our team is well connected within the marketplace and has relationships with multiple types of capital providers. We know that a capital limitation is a hindrance to success and innovation, and we develop strategies to overcome these obstacles. Financial Advisory Our Corporate Finance group prides itself on its ability to serve as financial advisor to companies in all lifecycle stages. We understand our clients and their needs and develop strategies to maximize shareholder value. Our team is experienced and equipped to advise companies in a wide range of situations. The Hilltop Difference At HilltopSecurities, our excellence begins with our people. Our employees have an average tenure of more than a decade. This means you have access to a dedicated, experienced team of professionals and can feel confident that our relationship will deliver the service, solutions, and results you need, when you need them. Buy and Sell-Side Advisory The extensive transaction experience and industry knowledge of our professionals enable us to provide our clients with comprehensive advisory services across all stages of buy- and sell-side transactions.