PICO HOLDINGS

In the course of their business, they acquire water assets, land, and other businesses in strategic areas at downside risk-protected valuations; enhance fair market value through operational expertise, development activities, transaction structure and efficient use of capital; and achieve consistent gains in book value per share - an increase of approximately 18% annually on a pre-tax basis since 1994. Quietly and intelligently pursuing their business with the goal of increasing book value per share.