Fee-Sharing Arrangement Sample Contracts

July 9, 2001 FBR Asset Investment Corporation Arlington Capital, Inc. 1001 Nineteenth Street North Arlington, Virginia 22209 Re: Fee-sharing Arrangement Dear Sirs:
Fee-Sharing Arrangement • April 1st, 2002 • Friedman Billings Ramsey Group Inc • Security brokers, dealers & flotation companies • Virginia

The purpose of this Letter Agreement is to set forth the terms by which Arlington Capital, Inc. ("AC"), a subsidiary of FBR Asset Investment Corporation ("FBRAIC"), will share certain fees with Friedman, Billings, Ramsey & Co., Inc. ("FBR").

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