Central Square Management Enters into Settlement Agreement with PICO Holdings Inc (PICO)

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Page 10 of 13 – SEC Filing
C.
Central Square GP
 
(a)
Central Square GP, as the general partner of Central Square Capital, may be deemed the beneficial owner of the 972,642 Shares owned by Central Square Capital.
Percentage: Approximately 4.2%
 
(b)
1. Sole power to vote or direct vote: 0
 
2. Shared power to vote or direct vote: 972,642
 
3. Sole power to dispose or direct the disposition: 0
 
4. Shared power to dispose or direct the disposition: 972,642
 
(c)
Central Square GP has not entered into any transactions in the Shares since the filing of Amendment No. 5 to the Schedule 13D.  The transactions in the Shares on behalf of Central Square Capital since the filing of Amendment No. 5 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
D.
Central Square GP II
 
(a)
Central Square GP II, as the general partner of Central Square Master, may be deemed the beneficial owner of the 434,856 Shares owned by Central Square Master.
Percentage: Approximately 1.9%
 
(b)
1. Sole power to vote or direct vote: 0
 
2. Shared power to vote or direct vote: 434,856
 
3. Sole power to dispose or direct the disposition: 0
 
4. Shared power to dispose or direct the disposition: 434,856
 
(c)
Central Square GP II has not entered into any transactions in the Shares since the filing of Amendment No. 5 to the Schedule 13D.
E.
Central Square Management
 
(a)
Central Square Management, as the investment manager of each of Central Square Capital and Central Square Master, may be deemed the beneficial owner of the (i) 972,642 Shares owned by Central Square Capital and (ii) 434,856 Shares owned by Central Square Master.
Percentage: Approximately 6.1%
 
(b)
1. Sole power to vote or direct vote: 0
 
2. Shared power to vote or direct vote: 1,407,498
 
3. Sole power to dispose or direct the disposition: 0
 
4. Shared power to dispose or direct the disposition: 1,407,498
 
(c)
Central Square Management has not entered into any transactions in the Shares since the filing of Amendment No. 5 to the Schedule 13D.  The transactions in the Shares on behalf of Central Square Capital since the filing of Amendment No. 5 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.

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