John Hart

JOHN HART is President and Chief Executive Officer of PICO Holdings,
Inc. He met Mr. Langley when IEP was accumulating positions in North
America in 1984 and 1985. At that time, Mr. Hart was a principal in a
firm which provided investment banking services to small cap and mid-cap
companies. The firm was a pioneer in the development and application of
analytical software to identify potential acquisition candidates using
Graham & Dodd techniques. In 1991, Mr. Hart left the investment banking
practice and joined forces with Mr. Langley to search for a listed
company which met their investment criteria, and which could become a
platform for an entrepreneurial investment operation. This process
culminated in them structuring the Physicians transaction in 1993, at
which time they became members of the Board, ultimately taking
management control of the company in 1995 when Mr. Langley was named
Chairman and Mr. Hart President and Chief Executive Officer.