Joint Filing Agreement
     The undersigned hereby agree that the statement on Schedule 13D with
     respect to the shares of Common Stock of Aames Financial Corporation is,
     and any amendment thereto signed by each of the undersigned shall be, filed
     on behalf of each undersigned pursuant to and in accordance with the
     provisions of the Securities Exchange Act of 1934, as amended.
Dated:  August 11, 1999
                   CAPITAL Z FINANCIAL SERVICES
                   FUND II, L.P., a Bermuda limited partnership
                   By:  Capital Z Partners, L.P., a Bermuda
                        limited Partnership, its General Partner
                   By:  Capital Z Partners, Ltd., a Bermuda
                        corporation, its General Partner
                   By:  /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
                        ---------------------------
                        Name:  ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
                        Title: General Counsel
                   CAPITAL Z PARTNERS, L.P.,
                   a Bermuda limited partnership
                   By:  Capital Z Partners, Ltd., a Bermuda
                        corporation, its General Partner
                   By:  /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
                        ---------------------------
                        Name:  ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
                        Title: General Counsel
                   CAPITAL Z PARTNERS, LTD.,
                   a Bermuda corporation
                   By:  /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
                        ---------------------------
                        Name:  ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
                        Title: General Counsel
                   CAPITAL Z MANAGEMENT, LLC,
                   a Delaware limited liability company
                   By:  /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
                        ---------------------------
                        Name:  ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
                        Title: General Counsel
                   SPECIALTY FINANCE PARTNERS,
                   a Bermuda general partnership
                   By:  Capital Z Financial Services Fund II,
                        L.P., its General Partner
                   By:  Capital Z Partners, L.P.,
                        its General Partner
                   By:  Capital Z Partners, Ltd.,
                        its General Partner
                   By:  /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
                        ---------------------------
                        Name:  ▇▇▇▇▇. ▇. ▇▇▇▇▇▇
                        Title: General Counsel
                   CAPITAL Z FINANCIAL SERVICES PRIVATE FUND II,
                   L.P., a Bermuda general partnership
                   By:  Capital Z Partners, L.P., a Bermuda
                        limited Partnership, its General Partner
                   By:  Capital Z Partners, Ltd., a Bermuda
                        corporation, its General Partner
                   By:  /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
                        ---------------------------
                        Name:  ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
                        Title: General Counsel
                   EQUIFIN CAPITAL PARTNERS, LTD., a Cayman
                   Islands corporation
                   By:  /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇
                        ---------------------------
                        Name:  ▇▇▇▇ ▇. ▇▇▇▇▇▇▇
                        Title: President, Chief Executive
                               Officer and Director
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