X0306 4 2017-10-30 0 0001209028 Arlington Asset Investment Corp. AI 0001174250 MICHAEL RALPH S III C/O ARLINGTON ASSET INVESTMENT CORP. 1001 NINETEENTH STREET NORTH, SUITE 1900 ARLINGTON VA 22209 1 0 0 0 Class A Common Stock 2017-10-30 4 P 0 5000 11.66 A 7325 D Restricted Stock Units Class A Common Stock 49348 D Represents the current Restricted Stock Units ("RSUs") owned by the reporting person. No transaction occurred and is for informational purpsoses only. Each RSU represents a contingent right to receive one share of Class A common stock of Arlington Asset Investment Corp. (the "Company"). Represents annual grant of RSUs pursuant to the Company's 2014 Long-Term Incentive Plan (the "2014 Plan") in connection with the reporting person's service as a non-employee director of the Company. The RSUs vest immediately on the award grant date. Vested RSUs are converted into shares of Class A common stock on a one-for-one basis, with any fractional shares being settled in cash, upon the later of the reporting person's separation from service on the board of directors or the first anniversary of the grant date (the "Settlement Date"). If a change in control occurs before the Settlement Date, the settlement will occur on the control change date. The reporting person does not have voting rights with respect to, but receives dividend equivalent payments on, outstanding RSUs. /s/ Scott Parish, Attorney-in-Fact 2017-10-31