Our objective is to maximize long-term shareholder value. We manage our operations to achieve a superior return on net assets over the long term, as opposed to short-term earnings.

Currently our three major businesses are:

Vidler Water Company, a water resource development business;

Union Community Partners, a developer of residential lots in selected California markets and the Puget Sound area of Seattle, Washington; and

PICO Northstar Hallock, LLC, doing business as Northstar Agri Industries, a canola seed crushing operation.

Vidler is a significant private sector owner of water resources and water storage operations in Nevada, Arizona, Idaho, Colorado, and New Mexico.

As of June 30, 2012, UCP owns or controls approximately 907 finished lots and 4,981 potential lots in various stages of development or entitlement. Of the 5,888 lots we own or control, 3,277 are located in the Central Valley of California, 1,614 in the Monterey, California area, 200 in the Bay Area of California, and 797 in the Central Puget Sound market area of Seattle, Washington.

We have provided $60 million of equity finance to acquire 88% of a new operation, Northstar Agri Industries, which will operate a canola seed processing plant near Hallock, Minnesota. Construction of the plant is now complete, and the plant has undergone performance testing. We anticipate that the plant will commence commercial production of canola oil and canola meal later in August 2012.


At June 30, 2012, PICO Holdings, Inc. had a market capitalization of $510.3 million, and 22,769,080 shares outstanding.

The PICO Holdings, Inc. logo is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=5044


Statements in this press release which are not historical, including the expected results of our business segments, the timing of anticipated milestones and related anticipated economic and market conditions, are "forward-looking statements" based on current expectations and assumptions that are subject to risks and uncertainties. In particular, our actual results could differ materially from such expectations because of factors relating to our canola processing plant, including: the ability of the plant to become commercially operational during the third quarter of 2012; the ability of the project to obtain the required environmental permitting to increase the plant's processing capacity; the working capital requirements of the business; and the ability of the project to generate the expected return on investment, which is based in part on the demand for canola oil and our ability to sell products at currently anticipated rates and prices.

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