<PAGE>

-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
[LOGO] BANK OF AMERICA                                   AMENDMENT TO DOCUMENTS
-------------------------------------------------------------------------------

               AMENDMENT NO. 4 TO BUSINESS LOAN AGREEMENT

     This Amendment No. 4 (the "Amendment") dated as of March 31, 1999, is 
between Bank of America National Trust and Savings Association (the "Bank") 
and The Wet Seal, Inc. (the "Borrower").

                               RECITALS

     A.   The Bank and the Borrower entered into a certain Business Loan 
Agreement dated as of March 9, 1998, as previously amended (the "Agreement").

     B.   The Bank and the Borrower desire to further amend the Agreement.

                               AGREEMENT

     1.   DEFINITIONS. Capitalized terms used but not defined in this 
Amendment shall have the meaning given to them in the Agreement.

     2.   AMENDMENTS. The Agreement is hereby amended as follows:

          2.1  In Paragraph 1.2 of the Agreement, the date "July 1, 2000" is
               substituted for the date "July 1, 1999".

          2.2  The first paragraph of Paragraph 4.1 of the Agreement is amended
               to read in its entirety as follows:

               "4.1 PERSONAL PROPERTY SUPPORTING GUARANTY. The obligations of
                    the guarantor, WSCC, to the Bank will be secured by personal
                    property the guarantor now owns or will own in the future as
                    listed below. The collateral is further defined in security
                    agreement(s) executed by the guarantor."

          2.3  Paragraph 9.7 of the Agreement is amended to read in its entirety
               as follows:

               "9.7 CAPITAL EXPENDITURES. Not to make Capital Expenditures
                    to acquire fixed or capital assets (on a consolidated
                    basis) in an aggregate amount in excess of Forty
                    Million Dollars ($40,000,000) for the fiscal year
                    ending on or about January 31, 1999, Fifty-Five Million
                    Dollars ($55,000,000) commencing on the fiscal year
                    ending on or about January 31, 2000, and Forty Million
                    Dollars ($40,000,000) on the fiscal year ending on or
                    about January 31, 2001 and annually thereafter."

     3.   REPRESENTATIONS AND WARRANTIES. When the Borrower signs this 
Amendment, the Borrower represents and warrants to the Bank that: (a) there 
is no event which is, or with notice or lapse of time or both would be, a 
default under the Agreement except those events, if any, that have been 
disclosed in writing to the Bank or waived in writing by the Bank, (b) the 
representations and warranties in the Agreement are true as of the date of 
this Amendment as if made on the date of this Amendment, (c) this Amendment 
is within the Borrower's powers, has been duly authorized, and does not 
conflict with any of the Borrower's organizational papers, and (d) this 
Amendment does not conflict with any law, agreement, or obligation by which 
the Borrower is bound.

     4.   EFFECT OF AMENDMENT. Except as provided in this Amendment, all of 
the terms and conditions of the Agreement shall remain in full force and 
effect.

     This Amendment is executed as of the date stated at the beginning of this
     Amendment.



BANK OF AMERICA
NATIONAL TRUST AND SAVINGS ASSOCIATION       THE WET SEAL, INC.


X /s/ Julie R. Weis                          X  /s/ Ann Cadier Kim
 -------------------------------               ----------------------------
BY: JULIE R. WEIS, VICE PRESIDENT            BY: ANN CADIER KIM, VP FINANCE


                                             X  /s/  Edmond Thomas
                                               --------------------------
                                             BY: EDMOND THOMAS
                                                 PRESIDENT AND COO

-------------------------------------------------------------------------------
                                      -1-