0001193125-07-144235 Sample Contracts

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST on behalf of FRANKLIN LARGE CAP VALUE SECURITIES FUND INVESTMENT MANAGEMENT AGREEMENT
Investment Management Agreement • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust • California

THIS INVESTMENT MANAGEMENT AGREEMENT made between FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST (the “Trust”), a Delaware statutory trust, on behalf of FRANKLIN LARGE CAP VALUE SECURITIES FUND (the “Fund”), a series of the Trust, and FRANKLIN ADVISORY SERVICES, LLC (the “Adviser”), a Delaware limited liability company.

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FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST on behalf of FRANKLIN SMALL-MID CAP GROWTH SECURITIES FUND INVESTMENT MANAGEMENT AGREEMENT
Investment Management Agreement • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust • California

THIS INVESTMENT MANAGEMENT AGREEMENT made between FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST (the “Trust”), a Delaware statutory trust, on behalf of FRANKLIN SMALL-MID CAP GROWTH SECURITIES FUND (the “Fund”), a series of the Trust, and FRANKLIN ADVISERS, INC. (the “Adviser”), a California corporation.

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST on behalf of FRANKLIN SMALL CAP VALUE SECURITIES FUND INVESTMENT MANAGEMENT AGREEMENT
Investment Management Agreement • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust • California

THIS INVESTMENT MANAGEMENT AGREEMENT made between FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST (the “Trust”), a Delaware statutory trust, on behalf of FRANKLIN SMALL CAP VALUE SECURITIES FUND (the “Fund”), a series of the Trust, and FRANKLIN ADVISORY SERVICES, LLC (the “Adviser”), a Delaware limited liability company.

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST on behalf of TEMPLETON FOREIGN SECURITIES FUND INVESTMENT MANAGEMENT AGREEMENT
Investment Management Agreement • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust

THIS INVESTMENT MANAGEMENT AGREEMENT made between FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST (the “Trust”), a Delaware statutory trust, on behalf of TEMPLETON FOREIGN SECURITIES FUND (the “Fund”), a series of the Trust, and TEMPLETON INVESTMENT COUNSEL, LLC (the “Adviser”), a Delaware limited liability company.

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST on behalf of FRANKLIN GLOBAL REAL ESTATE SECURITIES FUND INVESTMENT MANAGEMENT AGREEMENT
Investment Management Agreement • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust • California

THIS INVESTMENT MANAGEMENT AGREEMENT made between FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST, a Delaware statutory trust (the “Trust”), on behalf of FRANKLIN GLOBAL REAL ESTATE SECURITIES FUND (the “Fund”), a series of the Trust, and FRANKLIN TEMPLETON INSTITUTIONAL, LLC, a Delaware limited liability company (the “Adviser”).

SUBCONTRACT FOR FUND ADMINISTRATIVE SERVICES
Subcontract for Fund Administrative Services • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust

This Subcontract for Fund Administrative Services (“Subcontract”) is made as of May 1, 2007 between FRANKLIN ADVISORY SERVICES, LLC, a Delaware limited liability company, hereinafter called the “Investment Manager,” and FRANKLIN TEMPLETON SERVICES, LLC (the “Administrator”).

SUBADVISORY AGREEMENT FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST (on behalf of Franklin Global Real Estate Securities Fund)
Subadvisory Agreement • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust • California

THIS SUBADVISORY AGREEMENT made as of May 1, 2007 by and between FRANKLIN TEMPLETON INSTITUTIONAL, LLC, a Delaware limited liability company (hereinafter called “FT Institutional”), and FRANKLIN ADVISERS, INC., a corporation organized and existing under the laws of the State of California (hereinafter called “Franklin Advisers”).

SUBADVISORY AGREEMENT FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST Templeton Global Asset Allocation Fund
Subadvisory Agreement • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust • Florida

THIS SUBADVISORY AGREEMENT made as of May 1, 2007 by and between TEMPLETON INVESTMENT COUNSEL, LLC (hereinafter called “TICL”), a Delaware limited liability corporation, and FRANKLIN TEMPLETON INVESTMENT MANAGEMENT LIMITED, LONDON, GENEVA BRANCH (hereinafter called “FTIML GENEVA BRANCH”), a company incorporated in Switzerland with registered number CH-660-1840005-2 having its registered office at Rue de la Pelisserie 16, CH-Geneva, Switzerland.

FUND ADMINISTRATION AGREEMENT
Fund Administration Agreement • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust

AGREEMENT dated as of May 1, 2007 between FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST (the “Investment Company”), an investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”), on behalf of its series, FRANKLIN GLOBAL REAL ESTATE SECURITIES FUND (the “Fund”), and FRANKLIN TEMPLETON SERVICES, LLC (the “Administrator”).

FUND ADMINISTRATION AGREEMENT
Fund Administration Agreement • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust

AGREEMENT dated as of May 1, 2007 between FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST (the “Investment Company”), a Delaware statutory trust, on behalf of its series, FRANKLIN TEMPLETON VIP FOUNDING FUNDS ALLOCATION FUND (the “Fund”), and FRANKLIN TEMPLETON SERVICES, LLC (the “Administrator”).

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST On behalf of TEMPLETON GROWTH SECURITIES FUND INVESTMENT MANAGEMENT AGREEMENT
Investment Management Agreement • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust

THIS INVESTMENT MANAGEMENT AGREEMENT made between the FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST (the “Trust”), a Delaware statutory trust, on behalf of the TEMPLETON GROWTH SECURITIES FUND, (the “Fund”), a series of the Trust, and TEMPLETON GLOBAL ADVISORS LIMITED (the “Adviser”), a Bahamas corporation.

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST One Franklin Parkway San Mateo, California 99403-1906
Distribution Agreement • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust • California

We, FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST (the “Trust”), comprised of the series listed on Attachment A (each a “Fund”, and collectively, the “Funds”) are a Delaware statutory trust operating as an open-end management investment company or “mutual fund”, which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and whose shares are registered under the Securities Act of 1933, as amended (the “1933 Act”). We desire to issue one or more series or classes of our authorized but unissued shares of beneficial interest (the “Shares”) to authorized persons in accordance with applicable Federal and State securities laws. Currently, Fund shares may be offered and sold at net asset value only to separate accounts of insurance companies (“Insurance Companies”) to fund the benefits of variable life insurance policies and variable annuity contracts (“Contracts”). The Trust’s Shares may be made available in one or more separate series, each of which may

SUBADVISORY AGREEMENT FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST on behalf of MUTUAL DISCOVERY SECURITIES FUND
Subadvisory Agreement • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust • Delaware

THIS SUBADVISORY AGREEMENT made as May 1, 2007 by and between FRANKLIN MUTUAL ADVISERS, LLC (hereinafter called “FMA, LLC”), a Delaware limited liability company, and FRANKLIN TEMPLETON INVESTMENT MANAGEMENT LIMITED (hereinafter called “FTIML”), a corporation existing under the laws of the United Kingdom.

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST on behalf of FRANKLIN RISING DIVIDENDS SECURITIES FUND INVESTMENT MANAGEMENT AGREEMENT
Investment Management Agreement • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust • Delaware

THIS INVESTMENT MANAGEMENT AGREEMENT made between FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST (the “Trust”), a Delaware statutory trust, on behalf of FRANKLIN RISING DIVIDENDS SECURITIES FUND (the “Fund”), a series of the Trust, and FRANKLIN ADVISORY SERVICES, LLC (the “Adviser”), a Delaware limited liability company.

SUBADVISORY AGREEMENT FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST (on behalf of the Templeton Growth Securities Fund)
Subadvisory Agreement • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust

THIS SUBADVISORY AGREEMENT made as of May 1, 2007 (this “Agreement”), by and between TEMPLETON GLOBAL ADVISORS LIMITED (hereinafter called “TGAL”), a limited liability company existing under the laws of the Bahamas and TEMPLETON ASSET MANAGEMENT LIMITED (hereinafter called “TAML”), a corporation existing under the laws of Singapore.

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST on behalf of MUTUAL DISCOVERY SECURITIES FUND and MUTUAL SHARES SECURITIES FUND INVESTMENT MANAGEMENT AGREEMENT
Investment Management Agreement • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust • California

THIS INVESTMENT MANAGEMENT AGREEMENT made between FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST (the “Trust”), a Delaware statutory trust, on behalf of MUTUAL DISCOVERY SECURITIES FUND and MUTUAL SHARES SECURITIES FUND (each, a “Fund”), series of the Trust, and FRANKLIN MUTUAL ADVISERS, LLC (the “Adviser”), a Delaware limited liability company.

SUBADVISORY AGREEMENT FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST on behalf of TEMPLETON GLOBAL ASSET ALLOCATION FUND.
Subadvisory Agreement • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust • Delaware

THIS SUBADVISORY AGREEMENT made as of May 1, 2007, (this “Agreement”) by and between TEMPLETON INVESTMENT COUNSEL, LLC (hereinafter called “TICL”), a Delaware limited liability company, and FRANKLIN ADVISERS, INC., a corporation organized and existing under the laws of the State of California (hereinafter called “FAV”).

SUBCONTRACT FOR FUND ADMINISTRATIVE SERVICES
Subcontract for Fund Administrative Services • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust

This Subcontract for Fund Administrative Services (“Subcontract”) is made as of May 1, 2007 between FRANKLIN ADVISERS, INC., a California corporation, hereinafter called the “Investment Manager,” and FRANKLIN TEMPLETON SERVICES, LLC (the “Administrator”).

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST on behalf of FRANKLIN MONEY MARKET FUND, FRANKLIN GROWTH AND INCOME SECURITIES FUND, FRANKLIN GLOBAL COMMUNICATIONS SECURITIES FUND, FRANKLIN HIGH INCOME SECURITIES FUND, TEMPLETON GLOBAL INCOME...
Investment Management Agreement • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust • California

THIS INVESTMENT MANAGEMENT AGREEMENT made between FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST (hereinafter called the “Trust”), a Delaware statutory trust, on behalf of Franklin Money Market Fund, Franklin Growth and Income Securities Fund, Franklin Global Communications Securities Fund, Franklin High Income Securities Fund, Templeton Global Income Securities Fund, Franklin Income Securities Fund, Franklin U.S. Government Fund, and Franklin Zero Coupon Fund-2010 (each, a “Fund” and collectively, the “Funds”), and FRANKLIN ADVISERS, INC. (hereinafter called the “Adviser”), a California corporation.

MASTER CUSTODY AGREEMENT EXHIBIT A
Master Custody Agreement • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust

The following is a list of the Investment Companies and their respective Series for which the Custodian shall serve under the Master Custody Agreement dated as of February 16, 1996.

FUND ADMINISTRATION AGREEMENT
Fund Administration Agreement • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust

AGREEMENT dated as of May 1, 2007 between FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST (the “Investment Company”), an investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”), on behalf of its series, FRANKLIN FLEX CAP GROWTH SECURITIES FUND, FRANKLIN LARGE CAP VALUE SECURITIES FUND, AND FRANKLIN SMALL-MID CAP GROWTH SECURITIES FUND (each, the “Fund”), and Franklin Templeton Services, LLC (“Administrator”).

FUND ADMINISTRATION AGREEMENT
Fund Administration Agreement • June 27th, 2007 • Franklin Templeton Variable Insurance Products Trust

AGREEMENT dated as of May 1, 2007 between FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST (the “Investment Company”), a Delaware statutory trust, on behalf of its series, FRANKLIN SMALL CAP VALUE SECURITIES FUND, MUTUAL DISCOVERY SECURITIES FUND, MUTUAL SHARES SECURITIES FUND, TEMPLETON DEVELOPING MARKETS SECURITIES FUND, TEMPLETON FOREIGN SECURITIES FUND, AND TEMPLETON GLOBAL ASSET ALLOCATION FUND (each, the “Fund”), and FRANKLIN TEMPLETON SERVICES, LLC (the “Administrator”).

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