Donald W. Hultgren

DONALD W. HULTGREN was elected Chief Executive Officer and a member of
the Board of Directors of SWS Group, Inc., in August 2002. He joined the
company in March 2000 as Executive Vice President and Director of
Capital Markets. As Director of Capital Markets, Mr. Hultgren was
responsible for equity research, institutional sales and trading, and
corporate finance. Prior to his tenure at SWS, Mr. Hultgren served for
11 years in various capacities at Raymond James & Associates in St.
Petersburg, Florida. From 1999 to 2000, he was Managing Director,
Investment Banking, with responsibilities for developing, retaining and
providing strategic direction to corporate clients. He also served as
Raymond James’ Director of Equity Research (1995 to 1999), Associate
Director of Equity Research (1993 to 1995), Director of Health Care
Research (1991 to 1996), and Health Care Services Analyst (1989 to
1991). As Director of Equity Research, Mr. Hultgren managed a department
of more than 100 people, including 42 analysts with operations in St.
Petersburg, New York and Houston, Texas. Mr. Hultgren began his career
as an Equity Research Analyst with Eppler Guerin & Turner, Inc., in
Dallas in 1981. At Eppler, he provided advice on the healthcare and
energy industries. In 1986, he joined Butcher & Singer, Inc., in
Philadelphia as Vice President and Health Care Equity Research Analyst,
a position he held until joining Raymond James in 1989. Mr. Hultgren
earned a BA degree with dual majors in Accounting and Business
Administration from Augustana College in Rock Island, Illinois, in 1979.
He earned his MBA with a concentration in Finance from the University of
Texas at Austin in 1981. A Chartered Financial Analyst, Mr. Hultgren is
a member of the Association for Investment Management and Research and
the Advisory Committee for the University of Texas MBA Investment Fund.
He also serves as a Board member for the American Heart Association,
Dallas Division, and is on the association’s Executive Committee. This
year, Mr. Hultgren served as co-Chair for the Cotes du Coeur gala that
raised a record amount of funds for the American Heart Association. Mr.
Hultgren was also recently invited to serve on the Strategic Advisory
Board of the Dallas Society of Financial Analysts.