0000708950-06-000008 Sample Contracts

INVESTMENT SUBADVISORY AGREEMENT
Investment Subadvisory Agreement • April 28th, 2006 • Calvert Variable Series Inc • Maryland

INVESTMENT SUBADVISORY AGREEMENT, effective June 30, 2004, by and between Calvert Asset Management Company, Inc., a Delaware corporation registered as an investment advisor under the Investment Advisors Act of 1940 (the "Advisor"), and New Amsterdam Partners LLC, a Delaware Limited Liability Company (the "Subadvisor").

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INVESTMENT SUBADVISORY AGREEMENT
Investment Subadvisory Agreement • April 28th, 2006 • Calvert Variable Series Inc • Maryland

INVESTMENT SUBADVISORY AGREEMENT, effective June 10, 2005 ("Effective Date"), by and between Calvert Asset Management Company, Inc., a Delaware corporation registered as an investment advisor under the Investment Advisers Act of 1940 (the "Advisor"), and Renaissance Group, LLC, a Delaware limited liability company that does business as Renaissance Investment Management, (the "Subadvisor").

SERVICING AGREEMENT Calvert Group Funds Calvert Shareholder Services, Inc. SCHEDULE A
Servicing Agreement • April 28th, 2006 • Calvert Variable Series Inc

For its services under this Servicing Agreement, Calvert Shareholder Services, Inc. is entitled to receive the following fees from the Calvert Group Funds (except the Calvert Portfolios of Calvert Variable Series, Inc.; see below):

AMENDED INVESTMENT ADVISORY AGREEMENT SCHEDULE B
Investment Advisory Agreement • April 28th, 2006 • Calvert Variable Series Inc

Listed below are the portfolios of Calvert Variable Series, Inc. that are entitled to receive investment advisory services from Ameritas Investment Corp (the "Adviser") under the Investment Advisory Agreement dated October 29, 1999, as revised January 2, 2001 and October 31, 2003, and which will pay fees calculated at the following annual rates to the Adviser pursuant to Section 3 of the Agreement:

Amended Investment Advisory Agreement Calvert Asset Management Company, Inc. Calvert Variable Series, Inc. Schedule A
Investment Advisory Agreement • April 28th, 2006 • Calvert Variable Series Inc

As compensation pursuant to Section 4 of the Investment Advisory Agreement between Calvert Asset Management Company, Inc. (the "Advisor") and Calvert Variable Series, Inc. ("CVS") dated March 1, 1999, with respect to the CVS Portfolios shown below, the Advisor is entitled to receive from the listed Portfolios an annual advisory fee (the "Fee") as shown below. The Fee shall be computed daily and payable monthly, based on the average daily net assets of the appropriate Portfolio.

SERVICING AGREEMENT AMENDED ADDENDUM TO SCHEDULE A
Servicing Agreement • April 28th, 2006 • Calvert Variable Series Inc

For its services under this Servicing Agreement, Calvert Shareholder Services, Inc. ("CSSI"), is entitled to receive from Calvert Variable Series, Inc. on behalf of the following portfolios, fees as set forth below:

AMENDED ADMINISTRATIVE SERVICES AGREEMENT Calvert Variable Series, Inc. Calvert Administrative Services Company SCHEDULE A
Administrative Services Agreement • April 28th, 2006 • Calvert Variable Series Inc

Listed below are the Series of Calvert Variable Series, Inc. that are entitled to receive administrative services from Calvert Administrative Services Company ("CASC") under the Administrative Services Agreement dated March 1, 1999, and which will pay annual fees to CASC pursuant to the Agreement.

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