SAN FRANCISCO, 15 June 2009 – ThinkEquity LLC, the leading growth-economy focused investment bank, is pleased to advise that it has acted as the sole underwriter for PICO Holdings’ public offering. PICO Holdings, a diversified holding company, priced on 5 June 2009 & 10 June 2009 its public offering, in the aggregate, of 3,750,000 shares of common stock at a price of $27.00 per share for gross proceeds of $101,250,000. PICO Holdings’ common stock trades on the NASDAQ Global Market under the symbol “PICO.” Media enquiries: Nathaniel Webb Group Communications Manager T: +44 20 7614 8333 E: About the Panmure Gordon Group Founded in 1876, Panmure Gordon & Co (PMR.L) is a leading independent mid-cap institutional stockbroker and investment bank. Encompassing its US franchise, ThinkEquity, LLC, the Group employs approximately 250 professionals across the US, the UK and Nyon, Switzerland, offering a blend of transatlantic financial services including research, sales and trading, wealth management and asset management.