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

Page 12 of 13 – SEC Filing

SIGNATURES

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated:  March 18, 2016

	Central Square Capital LP
	By:	Central Square GP LLC General Partner
	By:	/s/ Kelly Cardwell
		Name:	Kelly Cardwell
		Title:	Managing Member

	Central Square Capital Master LP
	By:	Central Square GP II LLC General Partner
	By:	/s/ Kelly Cardwell
		Name:	Kelly Cardwell
		Title:	Managing Member

	Central Square GP LLC
	By:	/s/ Kelly Cardwell
		Name:	Kelly Cardwell
		Title:	Managing Member

	Central Square GP II LLC
	By:	/s/ Kelly Cardwell
		Name:	Kelly Cardwell
		Title:	Managing Member

	Central Square Management LLC
	By:	/s/ Kelly Cardwell
		Name:	Kelly Cardwell
		Title:	Managing Member

	/s/ Kelly Cardwell
	Kelly Cardwell

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