from 8-K
1 page
<page> Exhibit 1.1 Summary of Non-Employee Directors' Compensation. Effective January 1, 2005 PICO Holdings, Inc.'s Compensation for Non-Employee Directors Is as Follows: - - Each Director Will Receive an Annual Board of Directors Retainer of $35,000. - - In Addition, the Chairman of the Audit Committee Will Receive an Annual Retainer of $10,000 and the Other Members of the Audit Committee Will Each Receive an Annual Retainer of $5,000. - - Each Director Will Receive a Fee of $2,000 for Attending Each Board of Directors and Committee Meeting. There Is a Limit of $4,000 Per Day for Board and Committee Meeting Fees for Any One Director. - - Directors Who Attend Educational Activities or Seminars on Behalf of PICO Holdings, Inc. Will Receive a Fee of $1,000 Per Day Plus Expenses. 5
