MANAGEMENT AGREEMENT Legg Mason Partners Fund Advisor, LLC This MANAGEMENT AGREEMENT ("Agreement") is made this 1st day of August, 2006, by and between Legg Mason Partners Variable Portfolios III, Inc. (the "Corporation") and Legg Mason Partners Fund...Management Agreement • December 29th, 2006 • Legg Mason Partners Variable Portfolios III, Inc.
signature page to follow] IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers thereunto duly authorized. LEGG MASON PARTNERS FUND ADVISOR, LLCSubadvisory Agreement • December 29th, 2006 • Legg Mason Partners Variable Portfolios III, Inc. • New York
