0000728889-11-000592 Sample Contracts

SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • April 27th, 2011 • Oppenheimer Variable Account Funds

THIS AGREEMENT dated as of October 28, 2010, by and between OppenheimerFunds, Inc. ("OFI"), a United States registered investment advisor, and Oppenheimer Real Asset Management, Inc. ("ORAMI"), a United States registered investment advisor and a registered commodity trading advisor (the "Sub-Advisor") with respect to Oppenheimer Global Strategic Income Fund/VA (Cayman) Ltd. ("the Fund"), an exempt company organized under the laws of the Cayman Islands.

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INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • April 27th, 2011 • Oppenheimer Variable Account Funds • Colorado

AGREEMENT made the 28th day of October, 2010, by and between OPPENHEIMER GLOBAL STRATEGIC INCOME FUND/VA (CAYMAN) LTD. (hereinafter referred to as the "Fund"), and OPPENHEIMERFUNDS, INC. (hereinafter referred to as "OFI" or the “Investment Adviser”).

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