Vidler Water Company, Inc. (“Vidler”), a wholly owned subsidiary of PICO Holdings, Inc. (NASDAQ: PICO), today announced a recent addition to its management team. Ted Mitchell has joined Vidler as a Managing Director. Mitchell will be working closely with Vidler’s President and Chief Operating Officer, Dorothy Timian-Palmer, and will be focusing on project finance and business development, including strategic initiatives.

John Hart, CEO of PICO Holdings, Inc. stated, “We have worked with Ted Mitchell closely over the past six years in his role as investment banker to PICO and Vidler, most recently at ThinkEquity LLC. Ted brings an exceptional knowledge of our water business, and he will be a valuable part of Vidler’s growth strategy going forward. Ted also brings strong knowledge of the financial markets, having worked directly with the corporate team at PICO to help us raise over $300M since 2005.”

Timian-Palmer stated, “We have built our reputation by developing creative water resource solutions and being able to successfully complete those water projects. This is due in large part to the strength and dedication of the team we have built at Vidler. As we continue to grow and expand our new business activity we are excited to add Ted’s expertise to our team. We have benefited from Ted’s broad experience in transaction structuring as well as his strong skills in raising capital and business development, and we are excited to now have him in-house.”

Mitchell joins Vidler after a 20-year career as an investment banker. Most recently Mitchell was Co-Head of Investment Banking at ThinkEquity LLC., where he headed up the firm’s capital raising efforts for public and private companies and managed a team of over 25 professionals. Mitchell joined ThinkEquity in 2006 from Merriman Curhan Ford & Co., where he was a Managing Director in the Private Placement Group. Ted was formerly a Managing Director at Trilogy Capital Partners and a Partner at Volpe Brown Whelan & Company. Mitchell is a licensed CPA in the State of California (inactive) and is a graduate of Menlo College with a Bachelor of Science in Business Administration.

Vidler is a leading water resource development company focused on water projects to support continued population growth and economic expansion in the United States. Vidler acquires and develops water resources and water storage operations and currently has assets and operations in Nevada, Arizona, Idaho, Colorado and New Mexico.

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