Pico Holdings Inc (PICO): Central Square Management Lowers Its Stake

Page 9 of 12 – SEC Filing

B.	Central Square Master

(a)

As of the close of business on September 28, 2016, Central Square Master directly owned 241,703 Shares.

Percentage: Approximately 1.0%

(b)

1. Sole power to vote or direct vote: 0

2. Shared power to vote or direct vote: 241,703

3. Sole power to dispose or direct the disposition: 0

4. Shared power to dispose or direct the disposition: 241,703

(c)

The transactions in the Shares by Central Square Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.

C.	Central Square GP

(a)

Central Square GP, as the general partner of Central Square Capital, may be deemed the beneficial owner of the 920,329 Shares owned by Central Square Capital.

Percentage: Approximately 4.0%

(b)

1. Sole power to vote or direct vote: 0

2. Shared power to vote or direct vote: 920,329

3. Sole power to dispose or direct the disposition: 0

4. Shared power to dispose or direct the disposition: 920,329

(c)

Central Square GP has not entered into any transactions in the Shares during the past sixty days.  The transactions in the Shares on behalf of Central Square Capital during the past sixty days 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 241,703 Shares owned by Central Square Master.

Percentage: Approximately 1.0%

(b)

1. Sole power to vote or direct vote: 0

2. Shared power to vote or direct vote: 241,703

3. Sole power to dispose or direct the disposition: 0

4. Shared power to dispose or direct the disposition: 241,703

(c)

Central Square GP II has not entered into any transactions in the Shares during the past sixty days.  The transactions in the Shares on behalf of Central Square Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.