PICO HLDGS INC

CUSIP: 693366205 Class: COM NEW

PARADIGM CAPITAL MANAGEMENT INC/NY's Holding History (CIK: 0001037792)

Note: Option positions (PUT/CALL) are excluded.

Q4 2014

Shares 67,500 Value ($000) $1,272 Avg Close — Range —

Q3 2014

Shares 78,500 Value ($000) $1,566 Avg Close — Range —

Q2 2014

Shares 102,400 Value ($000) $2,433 Avg Close — Range —

Q1 2014

Shares 108,500 Value ($000) $2,820 Avg Close — Range —

Q4 2013

Shares 55,000 Value ($000) $1,271 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	67,500	$1,272	—	—
Q3 2014	78,500	$1,566	—	—
Q2 2014	102,400	$2,433	—	—
Q1 2014	108,500	$2,820	—	—
Q4 2013	55,000	$1,271	—	—