First Abacus Financial Holdings Corporation

October 4, 1999 PSE CIRCULAR FOR BROKERS NO. 2490-99 SUBJECT : First Abacus Financial Holdings Corporation First Abacus Financial Holdings Corporation ("FAF") furnished the Exchange a copy of its amended SEC Form 11-Q for the quarter ended June 30, 1999, with the following additional information: "Notes to Consolidated Financial Statements . . . 7 . Accounts Payable and Accrued Expenses This account represents the company's current liabilities and payables to trade creditors, clients and unconsolidated affiliates, pension liabilities, and the accrual of expenses such as interest, taxes, commissions, and bonuses. June 99 Advances from Unconsolidated Affiliates 95,092,484 Trade Payables 53,872,500 Accrued Expenses 17,934,805 Other Current Liabilities 8,440,488 P175,340,278 8. Bank Loans Bank loans represent short-term borrowings obtained from local banks and other financial institutions with annual interest rates ranging from 12.75% to 22% in 1999 and 14.25% to 23.16% in 1998. There are no prohibitions under any loan-agreement from declaring dividends without the consent of the creditors. The company's loans are secured by securities, properties and parent company corporate guarantees. Bank Principal Type Asiatrust P119,809,679 Secured/Clean DBS Bank 78,996,000 Secured Equitable Bank 20,000,000 Secured Export and Industry Bank 195,000,000 Secured Far East Bank 32,222,223 Secured International Exchange Bank 42,671,000 Secured PBCom 157,392,200 Secured/Clean Union Bank 120,000,000 Clean Westmont Bank 102,200,000 Secured Others 144,223,854 Clean P1,012,514,956" A copy of FAF's amended SEC Form 11-Q is available for reference at the PSE Center and PSE Plaza Libraries. For your information. (SGD.) JOSE LUIS U. YULO President and CEO