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The Firm settled with the SEC in matters related to violations of MSRB Rules G -23(c), G-17 and SEC rule 1513(c) (1). The Firm disgorged fees of $120,000 received as financial advisor onthe deal, paid,prejudgment interest of $22,400.00 and a penalty of $50,000.00. • The Firm entered into a Settlement Agreement with Rhode Island Commerce Corporation. Under the Settlement Agreement, the firm agreed to pay $16.0 million to settle any and all claims in connection with The Rhode Island Economic Development Corporation Job Creation Guaranty Program Taxable U } Revenue Bond (38 Studios, LLC Project) Series 2010, including the litigation thereto. The case, filed is in 2012, arose out of a failed loan by Rhode Island Economic Development Corporation. The firm's U predecessor company, First Southwest Company, LLC, was one of 14 defendants. FirstSouthwest's engagement was limited to advising on the structure, terms, and rating. of the underlying bonds. Hilltop settled with no admission of liability or wrongdoing. On April 30, 2019, the Firm entered into a Settlement Agreement with Berkeley County School District of Berkeley County, South Carolina. The case, filed in March of 2019, arose in connection with certain bond transactions occurring from 2012 to 2014, for which former employees of Southwest Securities, Inc., a predecessor company, provided financial advisory services. The Firm agreed to disgorge all financial advisory fees related to such bond transactions, which amounted to $822,966.47, to settle any and all claims, including litigation thereto. Under the Settlement Agreement, the Firm was dismissed from the lawsuit with prejudice, no additional penalty, and with no admission of liability or wrongdoing. II. How to Access Form MA and Form MA -I Filings. The Firm's most recent Form MA and each most recent Form MA -I filed with the SEC are available on the SEC's EDGAR system at Forms MA and MA -I. The SEC permits certain items of information required on Form MA or MA -I to be provided by reference to such required information already filed by the Firms in its capacity as a broker-dealer on Form BD or Form U4 or as an investment adviser on Form ADV, as applicable. Information provided by the Firm on Form BD or Form U4 is publicly accessible through reports generated by BrokerCheck at http://brokercheck.finra.orsr/, and the Firm's most recent Form ADV is publicly accessible at the Investment Adviser Public Disclosure website at http://www.adviserinfo.sec.aov/. For purposes of accessing such BrokerCheck reports or Form ADV, click previous hyperlinks. PART C — Future Supplemental Disclosures As required by MSRB Rule G-42, this Municipal Advisor Disclosure Statement may be supplemented or amended, from time to time as needed, to reflect changed circumstances resulting in new conflicts of interest or changes in the conflicts of interest described above, or to provide updated information with regard to any legal or disciplinary events of the Firm. The Firm will provide Client with any such supplement or amendment as it becomes available throughout the term of the Agreement. L C,F: I::s_ORIDA INMP;n+;;WER COUNTY THIS IS TO Cr--RTIFYTHAT THIS IS A TRUE: AND CORRECT COPY OF THE ORIGINAL. ON FILE IN THIS OFFICE. JEFFRf V -P. S"�, CLERK v U /,0 DATE _-___ 18 D.C.