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

Page 11 of 12 – 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:  September 29, 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