PICO Holdings
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Forward Looking Statement

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Certain matters discussed in this presentation are forward-looking statements intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the Company "believes," "anticipates," "expects" or words of similar import. Similarly, statements that describe the Company's future plans, objectives, estimates or goals are also forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the statements.

COPYRIGHT 2008 PICO HOLDINGS, INC. ALL RIGHTS RESERVED. 875 PROSPECT STREET, SUITE 301 LA JOLLA, CALIFORNIA 92037 T: 888.389.3222 NASDAQ: PICO

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