0000823535-07-000006 Sample Contracts

MANAGEMENT CONTRACT between VARIABLE INSURANCE PRODUCTS FUND V: INVESTMENT GRADE BOND PORTFOLIO and FIDELITY MANAGEMENT & RESEARCH COMPANY
Management Contract • August 17th, 2007 • Variable Insurance Products Fund V • Massachusetts

AGREEMENT made as of this 29th day of June, 2007, 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.

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GENERAL DISTRIBUTION AGREEMENT between VARIABLE INSURANCE PRODUCTS FUND V and FIDELITY DISTRIBUTORS CORPORATION
General Distribution Agreement • August 17th, 2007 • Variable Insurance Products Fund V • Massachusetts

Agreement made this 17th day of May, 2007, 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 FundsManager 60% Portfolio, a series of the Issuer, and Fidelity Distributors Corporation, a Massachusetts corporation having its principal place of business in Boston, Massachusetts ("Distributors").

MANAGEMENT CONTRACT between VARIABLE INSURANCE PRODUCTS FUND V: FUNDSMANAGER 70% PORTFOLIO and STRATEGIC ADVISERS, INC.
Management Contract • August 17th, 2007 • Variable Insurance Products Fund V • Massachusetts

AGREEMENT made this 29th day of June, 2007 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 FundsManager 70% Portfolio, a series of the Fund, (hereinafter called the "Portfolio"), and Strategic Advisers, Inc., a Massachusetts corporation (hereinafter called the "Adviser") as set forth in its entirety below.

ADMINISTRATION AGREEMENT between STRATEGIC ADVISERS, INC. and FIDELITY MANAGEMENT & RESEARCH COMPANY
Administration Agreement • August 17th, 2007 • Variable Insurance Products Fund V • Massachusetts

AGREEMENT dated as of this 17th day of May, 2007 between Strategic Advisers, Inc., a Massachusetts corporation (the "Adviser"), and Fidelity Management & Research Company, a Massachusetts corporation (the "Administrator").

MANAGEMENT CONTRACT between VARIABLE INSURANCE PRODUCTS FUND V: STRATEGIC INCOME PORTFOLIO and FIDELITY MANAGEMENT & RESEARCH COMPANY
Management Contract • August 17th, 2007 • Variable Insurance Products Fund V • Massachusetts

AGREEMENT made this 29th day of June, 2007, 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 Strategic Income Portfolio (hereinafter called the "Portfolio"), and Fidelity Management & Research Company, a Massachusetts corporation (hereinafter called the "Adviser") as set forth in its entirety below.

MANAGEMENT CONTRACT between and VARIABLE INSURANCE PRODUCTS FUND V: MONEY MARKET PORTFOLIO and FIDELITY MANAGEMENT & RESEARCH COMPANY
Management Contract • August 17th, 2007 • Variable Insurance Products Fund V • Massachusetts

AGREEMENT made as of this 29th day of June, 2007 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 Money Market Portfolio (hereinafter called the "Portfolio"), and Fidelity Management & Research Company, a Massachusetts corporation (hereinafter called the "Adviser") as set forth in its entirety below.

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