JOINT FILING AGREEMENT In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D (including any amendments...

                             JOINT FILING AGREEMENT

         In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act
of 1934, as amended, the persons named below agree to the joint filing on behalf
of each of them of a Statement on Schedule 13D (including any amendments
thereto) with respect to the Common Stock of EQUALNET COMMUNICATIONS CORP. This
Joint Filing Agreement shall be included on an exhibit to such filing. In
evidence thereof, each of the undersigned, having duly authorized where
appropriate, hereby executes this Joint Filing Agreement as of the 2nd day of
June, 1999.

Date: June 2, 1999

                                         INFINITY INVESTORS LIMITED

                                         By:      /s/ Xxxxx X. Xxxxxxxx
                                         Name:    Xxxxx X. Xxxxxxxx
                                         Title:   Director

                                         IEO HOLDINGS LIMITED

                                         By:      /s/ Xxxxxxx Xxxxxx
                                         Name:    Xxxxxxx Xxxxxx
                                         Title:   Director