0000823535-07-000002 Sample Contracts

FORM OF SUB-ADVISORY AGREEMENT between FIDELITY INTERNATIONAL INVESTMENT ADVISORS and FIDELITY MANAGEMENT & RESEARCH COMPANY and VARIABLE INSURANCE PRODUCTS FUND V ON BEHALF OF STRATEGIC INCOME PORTFOLIO
Sub-Advisory Agreement • June 28th, 2007 • Variable Insurance Products Fund V • Massachusetts

AGREEMENT made this day of , 200 by and between Fidelity Management & Research Company, a Massachusetts corporation with principal offices at 82 Devonshire Street, Boston, Massachusetts (hereinafter called the "Advisor"); Fidelity International Investment Advisors, a Bermuda company with principal offices at Pembroke Hall, Pembroke, Bermuda (hereinafter called the "Sub-Advisor"); and Variable Insurance Products Fund V, a Massachusetts business trust which may issue one or more series of shares of beneficial interest (hereinafter called the "Trust") on behalf of Strategic Income Portfolio (hereinafter called the "Portfolio").

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FORM OF SUB-ADVISORY AGREEMENT between FIDELITY INVESTMENTS MONEY MANAGEMENT, INC. and FIDELITY MANAGEMENT & RESEARCH COMPANY
Sub-Advisory Agreement • June 28th, 2007 • Variable Insurance Products Fund V • Massachusetts

AGREEMENT made this day of , 200 , by and between Fidelity Investments Money Management, Inc., a New Hampshire corporation with principal offices at 1 Spartan Way, Merrimack, New Hampshire (hereinafter called the ´´Sub-Adviser") and Fidelity Management & Research Company, a Massachusetts corporation with principal offices at 82 Devonshire Street, Boston, Massachusetts (hereinafter called the ´´Adviser").

FORM OF GENERAL DISTRIBUTION AGREEMENT between VARIABLE INSURANCE PRODUCTS FUND V and FIDELITY DISTRIBUTORS CORPORATION
General Distribution Agreement • June 28th, 2007 • Variable Insurance Products Fund V • Massachusetts

Agreement made this day of , 200 , between Variable Insurance Products Fund V, a Massachusetts business trust having its principal place of business in Boston, Massachusetts and which may issue one or more series of beneficial interest ("Issuer"), with respect to shares of Strategic Income Portfolio, a series of the Issuer, and Fidelity Distributors Corporation, a Massachusetts corporation having its principal place of business in Boston, Massachusetts ("Distributors").

FORM OF MANAGEMENT CONTRACT between VARIABLE INSURANCE PRODUCTS FUND V: INVESTOR FREEDOM 2030 PORTFOLIO and STRATEGIC ADVISERS, INC.
Management Contract • June 28th, 2007 • Variable Insurance Products Fund V • Massachusetts

AGREEMENT made this day of , 200 by and between Variable Insurance Products Fund V, a Massachusetts business trust which may issue one or more series of shares of beneficial interest (hereinafter called the "Fund"), on behalf of Investor Freedom 2030 Portfolio, a series of the Issuer, (hereinafter called the "Portfolio"), and Strategic Advisers, Inc., a Massachusetts corporation (hereinafter called the "Adviser") as set forth in its entirety below.

FORM OF ADMINISTRATION AGREEMENT between STRATEGIC ADVISERS, INC. and FIDELITY MANAGEMENT & RESEARCH COMPANY
Administration Agreement • June 28th, 2007 • Variable Insurance Products Fund V • Massachusetts

AGREEMENT dated as of this day of , 200 between Strategic Advisers, Inc., a Massachusetts corporation (the "Adviser"), and Fidelity Management & Research Company, a Massachusetts corporation (the "Administrator").

FORM OF SUB-ADVISORY AGREEMENT between FIDELITY INVESTMENTS MONEY MANAGEMENT, INC. and FIDELITY MANAGEMENT & RESEARCH COMPANY
Sub-Advisory Agreement • June 28th, 2007 • Variable Insurance Products Fund V • Massachusetts

AGREEMENT made this day of , 200 , by and between Fidelity Investments Money Management, Inc., a New Hampshire corporation with principal offices at 1 Spartan Way, Merrimack, New Hampshire (hereinafter called the ´´Sub-Adviser") and Fidelity Management & Research Company, a Massachusetts corporation with principal offices at 82 Devonshire Street, Boston, Massachusetts (hereinafter called the ´´Adviser").

FORM OF MANAGEMENT CONTRACT between VARIABLE INSURANCE PRODUCTS FUND V ASSET MANAGER: GROWTH PORTFOLIO and FIDELITY MANAGEMENT & RESEARCH COMPANY
Variable Insurance Products Fund V • June 28th, 2007 • Massachusetts

AGREEMENT made as of this day of , 200 , by and between Variable Insurance Products Fund V, a Massachusetts business trust which may issue one or more series of shares of beneficial interest (hereinafter called the "Fund"), on behalf of Asset Manager: Growth Portfolio (hereinafter called the "Portfolio"), and Fidelity Management & Research Company, a Massachusetts corporation (hereinafter called the "Adviser") as set forth in its entirety below.

FORM OF SUB-ADVISORY AGREEMENT between FIDELITY INTERNATIONAL INVESTMENT ADVISORS (U.K.) LIMITED and FIDELITY INTERNATIONAL INVESTMENT ADVISORS
Sub-Advisory Agreement • June 28th, 2007 • Variable Insurance Products Fund V • Massachusetts

AGREEMENT made this day of , 200 , by and between Fidelity International Investment Advisors (U.K.) Limited, 27-28 Lovat Lane, London, England (hereinafter called the "U.K. Sub-Advisor") and Fidelity International Investment Advisors, a Bermuda company with principal offices at Pembroke Hall, Pembroke, Bermuda (hereinafter called the "Sub-Advisor").

FORM OF SUB-ADVISORY AGREEMENT between FIDELITY INVESTMENTS JAPAN LIMITED and FIDELITY INTERNATIONAL INVESTMENT ADVISORS
Sub-Advisory Agreement • June 28th, 2007 • Variable Insurance Products Fund V • Massachusetts

AGREEMENT made this day of , 200 , by and between Fidelity International Investment Advisors, a Bermuda company with principal offices at Pembroke Hall, 42 Crow Lane, Pembroke, HM 19, Bermuda (hereinafter called the "Sub-Advisor"), and Fidelity Investments Japan Limited, a Japanese company with principal offices at Shiroyama JT Trust Tower, 3-1, Toranomon 4-chome, Minato-Ku, Tokyo, Japan 105-6019 (hereinafter called the "Japan Sub-Advisor").

FORM OF SERVICE CONTRACT
Variable Insurance Products Fund V • June 28th, 2007

We desire to enter into a Contract with you for activities in connection with (i) the distribution of shares of the funds noted above (the "Funds") of which you are the principal underwriter as defined in the Investment Company Act of 1940 (the "Act") and for which you are the agent for the continuous distribution of shares, and (ii) the servicing of holders of shares of the Funds and existing and prospective holders of Variable Products (as defined below).

FORM OF MANAGEMENT CONTRACT between VARIABLE INSURANCE PRODUCTS FUND V: INVESTOR FREEDOM INCOME PORTFOLIO and STRATEGIC ADVISERS, INC.
Variable Insurance Products Fund V • June 28th, 2007 • Massachusetts

AGREEMENT made this day of , 200 by and between Variable Insurance Products Fund V, a Massachusetts business trust which may issue one or more series of shares of beneficial interest (hereinafter called the "Fund"), on behalf of Investor Freedom Income Portfolio, a series of the Issuer, (hereinafter called the "Portfolio"), and Strategic Advisers, Inc., a Massachusetts corporation (hereinafter called the "Adviser") as set forth in its entirety below.

FORM OF SERVICE CONTRACT
Service Contract • June 28th, 2007 • Variable Insurance Products Fund V

We desire to enter into a Contract with you for activities in connection with (i) the distribution of shares of the funds noted above (the "Funds") of which you are the principal underwriter as defined in the Investment Company Act of 1940 (the "Act") and for which you are the agent for the continuous distribution of shares, and (ii) the servicing of holders of shares of the Funds and existing and prospective holders of Variable Products (as defined below).

FORM OF MANAGEMENT CONTRACT between VARIABLE INSURANCE PRODUCTS FUND V INVESTMENT GRADE BOND PORTFOLIO and FIDELITY MANAGEMENT & RESEARCH COMPANY
Agreement • June 28th, 2007 • Variable Insurance Products Fund V • Massachusetts

AGREEMENT made as of this day of 200 , by and between Variable Insurance Products Fund V, a Massachusetts business trust which may issue one or more series of shares of beneficial interest (hereinafter called the "Fund"), on behalf of Investment Grade Bond Portfolio (hereinafter called the "Portfolio"), and Fidelity Management & Research Company, a Massachusetts corporation (hereinafter called the "Adviser") as set forth in its entirety below.

FORM OF SUB-ADVISORY AGREEMENT between FIDELITY MANAGEMENT & RESEARCH COMPANY and FIDELITY MANAGEMENT & RESEARCH (FAR EAST) INC. and VARIABLE INSURANCE PRODUCTS FUND V ON BEHALF OF ASSET MANAGER PORTFOLIO
Sub-Advisory Agreement • June 28th, 2007 • Variable Insurance Products Fund V • Massachusetts

AGREEMENT made this day of , 200 , by and between Fidelity Management & Research Company, a Massachusetts corporation with principal offices at 82 Devonshire Street, Boston, Massachusetts (hereinafter called the "Adviser"); Fidelity Management & Research (Far East) Inc. (hereinafter called the "Sub-Adviser"); and Variable Insurance Products Fund V, a Massachusetts business trust which may issue one or more series of shares of beneficial interest (hereinafter called the "Trust") on behalf of Asset Manager Portfolio (hereinafter called the "Portfolio").

FORM OF GENERAL DISTRIBUTION AGREEMENT between VARIABLE INSURANCE PRODUCTS FUND V and FIDELITY DISTRIBUTORS CORPORATION
General Distribution Agreement • June 28th, 2007 • Variable Insurance Products Fund V • Massachusetts

Agreement made this day of , 200 , between Variable Insurance Products Fund V, a Massachusetts business trust having its principal place of business in Boston, Massachusetts and which may issue one or more series of beneficial interest ("Issuer"), with respect to shares of Freedom Lifetime Income II Portfolio, a series of the Issuer, and Fidelity Distributors Corporation, a Massachusetts corporation having its principal place of business in Boston, Massachusetts ("Distributors").

FORM OF SUB-ADVISORY AGREEMENT between FIDELITY MANAGEMENT & RESEARCH COMPANY and FIDELITY MANAGEMENT & RESEARCH (Far East) INC. and VARIABLE INSURANCE PRODUCTS FUND V ON BEHALF OF STRATEGIC INCOME PORTFOLIO
Income Portfolio • June 28th, 2007 • Variable Insurance Products Fund V • Massachusetts

AGREEMENT made this day of , 200 , by and between Fidelity Management & Research Company, a Massachusetts corporation with principal offices at 82 Devonshire Street, Boston, Massachusetts (hereinafter called the "Advisor"); Fidelity Management & Research (Far East) Inc. (hereinafter called the "Sub-Advisor"); and Variable Insurance Products Fund V, a Massachusetts business trust which may issue one or more series of shares of beneficial interest (hereinafter called the "Trust") on behalf of Strategic Income Portfolio (hereinafter called the "Portfolio").

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