<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
------------------
Aames Financial Corporation
--------------------------------------------------------------------------------
(Name of Issuer)
Series C Convertible Preferred Stock, par value $0.001
--------------------------------------------------------------------------------
(Title of Class of Securities)
00253A408
--------------------------------------------------------------------------------
(CUSIP Number of Class of Securities)
Capital Z Management, LLC
54 Thompson Street
New York, New York 10012
Attention: Mr. David A. Spuria
Tel. No. (212) 898-8700
Copy to :
Thomas M. Cerabino, Esq.
Willkie Farr & Gallagher
787 Seventh Avenue
New York, New York 10019
(212) 728-8000
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 7, 2000
--------------------------------------------------------------------------------
(Date of Event which Requires
Filing of this Schedule)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(b)(3) or (4), check the following: [ ]
<PAGE>
SCHEDULE 13D
------------------ ------------------
CUSIP No. 00253A 2 Page 2 of 16 Pages
------------------ ------------------
----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Specialty Finance Partners
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 64,627,346
OWNED BY EACH
REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
64,627,346
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
64,627,346
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
97.93%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION
<PAGE>
SCHEDULE 13D
------------------ ------------------
CUSIP No. 00253A 2 Page 3 of 16 Pages
------------------ ------------------
----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Capital Z Financial Services Fund II, L.P.
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 64,627,346
OWNED BY EACH
REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
64,627,346
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
64,627,346
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
97.93%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION
<PAGE>
SCHEDULE 13D
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CUSIP No. 00253A 2 Page 4 of 16 Pages
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----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Capital Z Financial Services Private Fund II, L.P.
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 64,627,346(1)
OWNED BY EACH
REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
64,627,346(1)
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
64,627,346
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
97.93%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION
----------
(1) Solely in its capacity as the general partner of Specialty Finance
Partners.
<PAGE>
SCHEDULE 13D
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CUSIP No. 00253A 2 Page 5 of 16 Pages
------------------ ------------------
----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Equifin Capital Partners, Ltd.
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 64,627,346(2)
OWNED BY EACH
REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
64,627,346(2)
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
64,627,346
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
97.93%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION
----------
(2) Solely in its capacity as a general partner of Specialty Finance Partners.
<PAGE>
SCHEDULE 13D
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CUSIP No. 00253A 2 Page 6 of 16 Pages
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1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Capital Z Partners, L.P.
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 64,627,346(3)
OWNED BY EACH
REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
64,627,346(3)
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
64,627,346
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
97.93%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION
----------
(3) Solely in its capacity as the sole general partner of Capital Z Financial
Services Fund II, L.P.
<PAGE>
SCHEDULE 13D
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CUSIP No. 00253A 2 Page 7 of 16 Pages
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----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Capital Z Partners, Ltd.
----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
----------- --------------------------------------------------------------------
3 SEC USE ONLY
----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
Not Applicable
----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
--------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 64,627,346(4)
OWNED BY EACH
REPORTING --------- ------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
64,627,346(4)
----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
64,627,346
----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
97.93%
----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION
----------
(4) Solely in its capacity as the sole general partner of Capital Z Financial
Services Fund II, L.P.
<PAGE>
This Amendment No. 1 to Schedule 13D with respect to Aames Financial
Corporation is being filed by Specialty Finance Partners, Capital Z Financial
Services Fund II, L.P., Capital Z Partners, L.P., Capital Z Partners, Ltd.,
Capital Z Financial Services Private Fund II, L.P., and Equifin Capital
Partners, Ltd. (collectively, the "Reporting Persons") to amend the Schedule 13D
(the "Schedule 13D") originally filed by certain of the Reporting Persons on
April 12, 2000. Capitalized terms used but not defined herein have the meanings
assigned to such terms in the Schedule 13D.
Item 4. Purpose of Transaction.
Item 4 of Schedule 13D is hereby amended by adding before the final paragraph of
such item the following:
On June 7, 2000, SFP purchased an additional 40,800,000 shares (the
"Shares") of Series C Convertible Preferred Stock of the Company for the
equivalent of $0.85 per share pursuant to the Preferred Stock Purchase
Agreement, dated as of May 19, 2000, as amended as of May 25, 2000 by the Letter
Agreement, between the Company and SFP (the "Series C Purchase Agreement"). In
addition, in connection with such purchase, the Company issued to SFP warrants
to purchase up to 5,000,000 million shares of Series C Convertible Preferred
Stock at an exercise price of $0.85 per share (the "Series C Warrant"). Pursuant
to the Agreement, SFP has agreed to waive the anti-dilution adjustments that
would occur due to the issuance of Series C Convertible Preferred Stock.
Pursuant to the Series C Purchase Agreement, upon the expiration of all
applicable regulatory waiting periods, SFP intends to exchange each of the
Shares and any shares of Series C Convertible Preferred Stock acquired upon
exercise of the Series C Warrant for one share of
8 of 16
<PAGE>
Series D Convertible Preferred Stock (the Series D Convertible Preferred Stock
has not yet been designated and will be in form substantially similar to the
Series C Convertible Preferred Stock) of the Company (the "Additional Closing).
In addition, at the Additional Closing, SFP intends to purchase an additional
18,023,529 shares of Series D Convertible Preferred Stock. In connection with
such purchase, the Series C Warrant will expire and the Company will issue to
SFP warrants to purchase 5,000,000 shares of Series D Preferred Stock less the
amount of shares purchased through exercise of the Series C Warrant.
As a result of the completion of these transactions, SFP holds 64,627,346
shares (the number of shares has been adjusted to reflect the five-for-one
reverse stock split effected by the Company on April 14, 2000) of Series C
Convertible Preferred Stock which represents approximately 97.93% of the
outstanding shares of Series C Convertible Preferred Stock; and SFP holds Series
B Convertible Preferred Stock and Series C Convertible Preferred Stock
representing 90.25% of the combined voting power of the Company (including
5,000,000 shares relating to the Series C Warrant).
The foregoing descriptions of the Series C Purchase Agreement and the
Series C Warrant are qualified in their entirety by reference to the Series C
Purchase Agreement and the Series C Warrant, which are attached hereto as
Exhibits 1 and 2, and Exhibit 3, respectively, and are incorporated herein by
reference.
9 of 16
<PAGE>
Item 5. Interest in Securities of the Issuer.
Item 5 (a) and (b) of Schedule 13D are hereby amended and restated in its
entirety by substituting the following in lieu thereof:
(a)
SFP
As of June 7, 2000, SFP beneficially owned 64,627,346 shares of Series C
Preferred Stock, which, based on calculations made in accordance with Rule
13d-3(d) of the Exchange Act and there being 65,994,672 shares of Series C
Preferred Stock outstanding (as represented by the Company to the Reporting
Persons), represents approximately 97.93% of the outstanding shares of Series C
Preferred Stock.
CAPITAL Z
In its capacity as a general partner of SFP, Capital Z may, pursuant to
Rule 13d-3 of the Exchange Act, be deemed to be the beneficial owner of
64,627,346 shares of Series C Preferred Stock, which, based on calculations made
in accordance with Rule 13d-3(d) of the Exchange Act and there being 65,994,672
shares of Series C Preferred Stock outstanding (as represented by the Company to
the Reporting Persons), represents approximately 97.93% of the outstanding
shares of Series C Preferred Stock.
CAPITAL Z PRIVATE FUND
In its capacity as a general partner of SFP, Capital Z Private Fund may,
pursuant to Rule 13d-3 of the Exchange Act, be deemed to be the beneficial owner
of 64,627,346 shares of Series C Preferred Stock, which, based on calculations
made in accordance with Rule 13d-3(d) of the Exchange Act and there being
65,994,672 shares of Series C Preferred Stock
10 of 16
<PAGE>
outstanding (as represented by the Company to the Reporting Persons), represents
approximately 97.93% of the outstanding shares of Series C Preferred Stock.
EQUIFIN
In its capacity as a general partner of SFP, Equifin may, pursuant to Rule
13d-3 of the Exchange Act, be deemed to be the beneficial owner of 64,627,346
shares of Series C Preferred Stock, which, based on calculations made in
accordance with Rule 13d-3(d) of the Exchange Act and there being 65,994,672
shares of Series C Preferred Stock outstanding as represented by the Company to
the Reporting Persons), represents approximately 97.93% of the outstanding
shares of Series C Preferred Stock).
CAP Z L.P.
In its capacity as the sole general partner of Capital Z and Capital Z
Private Fund, Cap Z L.P. may, pursuant to Rule 13d-3 of the Exchange Act, be
deemed to be the beneficial owner of 64,627,346 shares of Series C Preferred
Stock, which, based on calculations made in accordance with Rule 13d-3(d) of the
Exchange Act and there being 65,994,672 shares of Series C Preferred Stock
outstanding (as represented by the Company to the Reporting Persons), represents
approximately 97.93% of the outstanding shares of Series C Preferred Stock.
CAP Z LTD.
In its capacity as the sole general partner of Cap Z L.P., which is the
general partner of Capital Z and Capital Z Private Fund, Cap Z Ltd. may,
pursuant to Rule 13d-3 of the Exchange Act, be deemed to be the beneficial owner
of 64,627,346 shares of Series C Preferred Stock, which, based on calculations
made in accordance with Rule 13d-3(d) of the Exchange Act and there being
65,994,672 shares of Series C Preferred Stock outstanding (as represented by the
11 of 16
<PAGE>
Company to the Reporting Persons), represents approximately 97.93% of the
outstanding shares of Series C Preferred Stock.
(b)
SFP
1. Sole power to vote or to direct the vote -0-
2. Shared power to vote or to direct the vote 64,627,346
3. Sole power to dispose or to direct the disposition -0-
4. Shared power to dispose of or to direct the disposition 64,627,346
CAPITAL Z
1. Sole power to vote or to direct the vote -0-
2. Shared power to vote or to direct the vote 64,627,346
3. Sole power to dispose or to direct the disposition -0-
4. Shared power to dispose of or to direct the disposition 64,627,346
CAP Z PRIVATE FUND
1. Sole power to vote or to direct the vote -0-
2. Shared power to vote or to direct the vote 64,627,346
3. Sole power to dispose or to direct the disposition -0-
4. Shared power to dispose of or to direct the disposition 64,627,346
12 of 16
<PAGE>
EQUIFIN
1. Sole power to vote or to direct the vote -0-
2. Shared power to vote or to direct the vote 64,627,346
3. Sole power to dispose or to direct the disposition -0-
4. Shared power to dispose of or to direct the disposition 64,627,346
CAP Z L.P.
1. Sole power to vote or to direct the vote -0-
2. Shared power to vote or to direct the vote 64,627,346
3. Sole power to dispose or to direct the disposition -0-
4. Shared power to dispose of or to direct the disposition 64,627,346
CAP Z LTD.
1. Sole power to vote or to direct the vote -0-
2. Shared power to vote or to direct the vote 64,627,346
3. Sole power to dispose or to direct the disposition -0-
4. Shared power to dispose of or to direct the disposition 64,627,346
13 of 16
<PAGE>
Item 7. Material to be Filed as Exhibits.
Item 7 of Schedule 13D is hereby amended by inserting the following at the end
thereof:
10. Preferred Stock Purchase Agreement, dated as of May 19, 2000, by and
between Aames Financial Corporation and Specialty Finance Partners.
11. Letter Agreement, dated as of May 25, 2000, by and between Aames Financial
Corporation and Specialty Finance Partners.
12. Form of Series C Warrant.
14 of 16
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of its knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
Dated: June 30, 2000
CAPITAL Z FINANCIAL SERVICES
FUND II, L.P., a Bermuda limited partnership
By: Capital Z Partners, L.P., its General Partner
By: Capital Z Partners, Ltd., its General Partner
By: /s/ David A. Spuria
------------------------------
Name: David A. Spuria
Title: General Counsel
CAPITAL Z PARTNERS, L.P.,
a Bermuda limited partnership
By: Capital Z Partners, Ltd., its General Partner
By: /s/ David A. Spuria
------------------------------
Name: David A. Spuria
Title: General Counsel
CAPITAL Z PARTNERS, LTD.,
a Bermuda corporation
By: /s/ David A. Spuria
------------------------------
Name: David A. Spuria
Title: General Counsel
Page 15 of 16
<PAGE>
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/ David A. Spuria
------------------------------
Name: David A. Spuria
Title: General Counsel
CAPITAL Z FINANCIAL SERVICES PRIVATE FUND II, L.P.,
a Bermuda limited partnership
By: Capital Z Partners, L.P., its General Partner
By: Capital Z Partners, Ltd., its General Partner
By: /s/ David A. Spuria
------------------------------
Name: David A. Spuria
Title: General Counsel
EQUIFIN CAPITAL PARTNERS, LTD.,
a Cayman Islands corporation
By: Mani A. Sadeghi
------------------------------
Name: Mani A. Sadeghi
Title: President, Chief Executive
Officer and Director
16 of 16
<PAGE>
EXHIBIT INDEX
Exhibit No. Title
----------- -----
99.10 Preferred Stock Purchase Agreement, dated as of May 19,
2000, by and between Aames Financial Corporation and
Specialty Finance Partners.
99.11 Letter Agreement, dated as of May 25, 2000, by and between
Aames Financial Corporation and Specialty Finance Partners.
99.12 Form of Series C Warrant.
