0000950152-07-001723 Sample Contracts

SECURITIES PURCHASE AGREEMENT
Securities Purchase Agreement • March 2nd, 2007 • Pico Holdings Inc /New • Real estate • California

This Securities Purchase Agreement (this “Agreement”) is dated as of February 28, 2007 among PICO Holdings, Inc., a California corporation (the “Company”), and the purchasers identified on the signature pages hereto (each, a “Purchaser” and collectively, the “Purchasers”).

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