Arlington Value Capital LLC

Item 5 Fees and Compensation
Private Investment Funds
AVM Ranger and AVM Qualified pay a monthly management fee to us which is calculated and payable as to
each limited partner in advance as of the beginning of each month based on the limited partner's capital account
at the beginning of the month. The management fee is 0.0833% per month (approximately 1.0% per annum) of
the balance in each limited partner's capital account.

Pursuant to the limited partnership agreement of AVM Ranger and AVM Qualified, we are also entitled to
performance allocation whereby at the end of each fiscal year (or a shorter period in certain circumstances), net
profits and net losses for the year are allocated among the partners, and we receive a performance allocation as to
each limited partner equal to a percentage of the net profits allocated to that limited partner, but only to the extent
those net profits exceed net losses previously allocated to the limited partner that have not been recovered. The
performance allocation shall be equal to fifteen percent (15%). If shares are redeemed on a day other than the last
day of a fiscal year, a Performance Fee on such Shares will be calculated and payable as of the redemption date.

With respect to AVM Ranger BVI and AVM Ranger USNT BVI, we receive a management fee ("Management
Fee") in an amount equal to 0.0833% per month (approximately 1.0 percent annual rate) of the NAV of each
Share as of the beginning of trading on the first business day of each month, payable in advance.

We also receive an annual Performance Fee (the "Performance Fee") equal to fifteen percent (15%) of the net
increase in the NAV of AVM Ranger BVI since the last time a Performance Fee was assessed on the Fund (or if
no Performance Fee has ever been assessed, on the purchase price of the interests).

The Performance Fee is normally calculated on a pro rata basis on the net profits on each series of Class B Shares
issued by AVM Ranger BVI and AVM Ranger USNT BVI. The Performance Fee Allocation is calculated and
payable as of the close of business on the last day of each fiscal year prior to any accruals for, or the payment of,
the Performance Fee, and after adjustments for any redemptions during that fiscal year. If Class B Shares are
redeemed on a day other than the last day of a fiscal year, a Performance Fee on such Class B Shares will be
calculated and payable as of the redemption date. No Performance Fee is allocated in relation to a series of Class
B Shares until any "unrecouped losses" previously allocated to that series of Class B Shares have been recouped.
Please refer to Item 6 below for further disclosure on performance based fees.

AVM Accredited pays us a monthly Management Fee which is calculated and payable as to each Limited Partner
in advance as of the beginning of each month based on the Limited Partner's capital account at the beginning of
the month. The Management Fee is 0.20% per month (approximately 2.4% per annum) of the balance in each
Limited Partner's capital account.

Asset based fees are deducted from the Funds' accounts' on a monthly basis and performance based fees are
deducted from the Funds' accounts on an annual basis. We do not bill investors directly for fees.

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Separately Managed Accounts
The fees charged and fee paying arrangements will be negotiated with each client on a case by case basis.

Additional Fees and Expenses
Clients will incur transaction charges and/or brokerage fees when purchasing or selling securities. These charges
and fees are typically imposed by the broker-dealer or custodian through whom client transactions are executed.
Our firm does not share in any portion of the brokerage fees/transaction charges imposed by the broker-dealer or
custodian. For information on our brokerage practices, please refer to the "Brokerage Practices" section of this
Brochure.

Please refer to the Offering Memorandum for the Funds, for information on our advisory fees and other relevant
information.

Compensation for the Sale of Securities or Other Investment Products Securities
Our associated persons are not compensated for the sale of securities or other investment products.

Item 7 Types of Clients
We offer investment advisory services to pooled investment vehicles which accept investments from individuals,
pension and profit sharing plans, trusts, estates, charitable organizations, corporations, and other business entities.
We may, on a limited basis, also offer investment advisory services to separately managed accounts.

The minimum investment required for all Funds is $5,000,000, which may be waived at our discretion. In
determining whether or not to waive the minimum investment, we would consider such factors as the relationship
with the potential investor, whether the investor would be expected to invest additional amounts in the future,
whether the investor's participation in the Funds provides any additional benefits and whether the investor meets
any investor suitability requirements applicable to the particular Fund.