PICO Holdings

WATER RESOURCE AND WATER STORAGE OPERATIONS

REAL ESTATE OPERATIONS

INSURANCE IN "RUN-OFF" OPERATIONS

Our Real Estate Operations are conducted primarily through our subsidiaries,Nevada Land and Resource Company, LLC. and UCP, LLC.

NLRC is one of the largest private landowners in the state of Nevada. Real estate available for private development in Nevada is relatively scarce, as governmental agencies own approximately 87% of the land in Nevada. Before we acquired NLRC, the property had been under the ownership of a succession of railway companies, to whom it was a non-core asset. Accordingly, when we acquired Nevada Land, we believed that the commercial potential of the property had not been maximized.

After acquiring NLRC, we completed a "highest and best use" study which divided the real estate into categories. We developed strategies to maximize the value of each category, with the objective of monetizing assets once they had reached their highest and best use.

In recent years, NLRC has filed applications for water rights on the Company's former railroad lands. Of these applications, certain water rights have been certificated and permitted, some of which could be utilized to support the growth of municipalities in northern Nevada.

UCP was formed in 2008 with the objective of acquiring attractive and well-located developable land, partially developed lots, or finished lots, in select California markets, where medium-sized regional developers and homebuilders may have liquidity challenges as a result of the recent downturn in the housing market.

UCP Management

Dustin Bogue, President

Dustin was Vice President of Development and Sales with Landcastle Real Estate, a leading investment and development firm specializing in cultivating emerging markets for the homebuilding community. Prior to Landcastle, Dustin was the Director of Land Acquisitions and Development for Wellington Corporation of Northern California (a subsidiary of Triple Five National Development Company). There he led teams of consultants in the development of various successful commercial and residential projects.

Will La Herran, Chief Financial Officer

Will has over 20 years of finance experience in a broad array of industries and financing structures. Prior to UCP, Will was the Senior Vice President at United American Bank. Prior to United American Bank, Will spent over ten years in the high technology industry at Deutsche Bank, Sand Hill Capital, and City National Bank. Will spent several years in international banking with Banque National de Paris and Westpac Banking Corporation. He is co-founder and Board Member of Envision Schools, Inc., a non-profit charter high school organization in San Francisco and is a Board Member at St. Matthew's Catholic School in San Mateo where his three children attend. Will received his B.S. in Business from St. Mary's College in Moraga, CA.

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