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                              JOINT AMENDMENT TO 
                         AGREEMENT TO PROVIDE INSURANCE;
                      DISBURSEMENT REQUEST AND AUTHORIZATION;
                               PROMISSORY NOTE; AND
                            LOAN AND SECURITY AGREEMENT


     This Joint Amendment to Agreement to Provide Insurance; Disbursement
Request and Authorization; Promissory Note; and Loan and Security Agreement is
entered into this ___ day of August, 1997, by and between PC Quote, Inc., a
Delaware corporation ("PC Quote") and PICO Holdings, Inc., a California
corporation ("PICO").

     WHEREAS, PC Quote and PICO are parties to those certain Agreement to
Provide Insurance; Disbursement Request and Authorization; Promissory Note; and
Loan and Security Agreement all entered into in connection with that certain
Promissory Note dated May 5, 1997 in the amount of $1,000,000 payable to PICO
(collectively, the "Definitive Agreements").

     NOW, THEREFORE, for good and valuable consideration, the receipt of which
is hereby acknowledged, PC Quote and PICO hereby agree to amend the Definitive
Agreements as follows:

I.   AGREEMENT TO PROVIDE INSURANCE, DATED MAY 5, 1997.

     The Agreement to Provide Insurance, dated May 5, 1997, is hereby amended to
add the following sentence immediately before the signature blocks:  "Grantor
acknowledges that this Agreement applies to the loan made to Grantor by Lender
on August ___, 1997.

II.  DISBURSEMENT REQUEST AND AUTHORIZATION, DATED MAY 5, 1997.

     The section entitled "Loan Type" of the Disbursement Request and
Authorization, dated May 5, 1997 is amended to delete "$1,000,000" and insert
"$2,000,000."  

III. PROMISSORY NOTE, DATED MAY 5, 1997.
     
     The Promissory Note dated May 5, 1997 is hereby amended to delete all
references to "One Million Dollars" or "$1,000,000" and insert "Two Million
Dollars" or "$2,000,000," respectively.
     
IV.  LOAN AND SECURITY AGREEMENT, DATED MAY 5, 1997.
     
     The Loan and Security Agreement dated May 5, 1997 is hereby amended as
follows:    

     A.   On page 1, in the third line of "RECITALS" delete "$1,000,000" and
          insert "$2,000,000."  


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     B.   On page 2, in the first paragraph delete "$1,000,000" and insert 
          "$2,000,000."

     C.   On page 7, add the following language at the end of Section 2.5: 
          "There shall be no Facility Fee owed by Borrower to Lender in
          connection with Lender's $1,000,000 loan to Borrower on August
          __, 1997."

V.   Except as expressly provided herein, all of the terms and provisions of the
Definitive Agreements shall remain in full force and effect.

VI.  This Joint Amendment may be executed in a multiple counterparts, each of
which shall be deemed an original and all of which together shall constitute one
and the same instrument.

     IN WITNESS WHEREOF, the parties have executed this Joint Amendment as of
the date first written above.

                              PC QUOTE, INC.


                              By: 
                                -------------------------------------
                              
                              Its: 
                                -------------------------------------


                              PICO HOLDINGS, INC.


                              By:
                                 ------------------------------------

                              Its:
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