Financial Tear Sheet Stock Performance PICO (Common Stock) Exchange NASDAQ (US Dollar) Price $11.79 Change (%) 0.23 (1.99%) Volume 84,048 52 Week Low $7.82 Market Cap $271,721,029 Rolling EPS -0.45 PE Ratio N/A Shares Outstanding 23,046,737 Data as of 09/30/16 4:00 p.m. ET Recent Headlines & Events 08/08/16 PICO Holdings, Inc. Announces Results for the Second Quarter of 2016 There are currently no events scheduled. 08/01/16 PICO Holdings Announces Director Resignation 07/19/16 PICO Holdings, Inc. to Host Investor Conference Call and Webcast on August 8th at 8 a.m. Pacific Time/11:00 a.m. Eastern Time Page 1/2 Board of Directors Raymond V. Marino II Management Chairman Howard Brod Brownstein Andrew F. Cates John R. Hart John R. Hart President and Chief Executive Officer Maxim C.W. Webb Executive Vice President and Chief Financial Officer John T. Perri Michael J. Machado Vice President and Chief Accounting Officer Daniel B. Silvers Eric H. Speron Ownership Summary Top Holders Shares Held % O/S Share Change Filing Date RHJ International SA 2,568,733 11.2 -94,447 03/31/16 Kleinwort Benson Investors Dublin Ltd 2,167,522 9.4 1,201,691 06/30/16 River Road Asset Management, LLC 1,731,949 7.5 -174,759 06/30/16 Century Management 1,418,050 6.2 -24,300 06/30/16 Royce & Associates, LP 1,411,889 6.1 -4,800 06/30/16 BlackRock Institutional Trust Company, N.A. 1,251,322 5.4 -22,018 06/30/16 Central Square Management LLC 1,162,380 5.0 -115,522 09/28/16 First Foundation Advisors 960,983 4.2 40,300 06/30/16 Dimensional Fund Advisors, L.P. 930,698 4.0 92,507 06/30/16 Speron (Eric H) 920,683 4.0 78,419 05/04/16 Shares % O/S Share Change Filing Date Royce Pennsylvania Mutual Fund 637,841 2.8 0 06/30/16 Highland Total Return Fund 593,222 2.6 17,000 06/30/16 KBI Institutional Water Fund 517,682 2.3 151,467 06/30/16 Vanguard Total Stock Market Index Fund 422,979 1.8 0 08/31/16 Royce Value Trust 409,400 1.8 0 06/30/16 Aston/River Road Small Cap Value Fund 360,294 1.6 0 08/31/16 iShares Russell 2000 ETF 356,270 1.6 17,847 08/31/16 First Trust Ise Water Index Fund 294,560 1.3 29,528 08/31/16 Vanguard Extended Market Index Fund 286,862 1.2 5,406 08/31/16 Columbia Variable Portfolio - Partners Small Cap V 275,745 1.2 0 07/31/16 Top Holders: Mutual Funds Page 2/2