0001193125-13-177686 Sample Contracts

COMMODITY EXCHANGE ACT AGREEMENT
Commodity Exchange Act Agreement • April 26th, 2013 • Ivy Funds Variable Insurance Portfolios

THIS AGREEMENT, dated as of February 20, 2013, shall become effective on April 1, 2013 and is entered into by and between Waddell & Reed Investment Management Company (the “Adviser”), a Kansas corporation, registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and Wall Street Associates, LLC, a California Limited Liability Company (the “Sub-Adviser”), registered as an investment adviser under the Advisers Act.

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CUSTODY AGREEMENT by and between IVY FUNDS VARIABLE INSURANCE PORTFOLIOS on behalf of EACH OF THE FUNDS LISTED ON SCHEDULE I HERETO and THE BANK OF NEW YORK MELLON
Custody Agreement • April 26th, 2013 • Ivy Funds Variable Insurance Portfolios • New York

CUSTODY AGREEMENT, dated as of March 9, 2012 (“Agreement”) between IVY FUNDS VARIABLE INSURANCE PORTFOLIOS, a trust organized under the laws of the State of Delaware (the “Trust”), on behalf of its series identified on Schedule I – List of Funds hereto, as such Schedule may be amended from time to time (each such series and each series made subject to this Agreement in accordance with Section 11.12 below, a “Fund”) and THE BANK OF NEW YORK MELLON, a bank organized under the laws of the state of New York (the “Custodian”).

UNDERWRITING AGREEMENT
Underwriting Agreement • April 26th, 2013 • Ivy Funds Variable Insurance Portfolios • Kansas

THIS AGREEMENT, dated as of April 15, 2009, as amended May 22, 2012, is entered into by and between Ivy Funds Variable Insurance Portfolios (hereinafter the “Trust”), a Delaware statutory trust, and Waddell & Reed, Inc. (hereinafter “W&R”), a Delaware corporation.

FOREIGN CUSTODY MANAGER AGREEMENT
Foreign Custody Manager Agreement • April 26th, 2013 • Ivy Funds Variable Insurance Portfolios • New York

AGREEMENT made as of March 9, 2012 by and between Ivy Funds Variable Insurance Portfolios, a trust organized under the laws of the State of Delaware (the “Trust”), on behalf of its series identified on Annex I hereto, as such Annex may be amended from time to time (each such series and each series made subject to this Agreement in accordance with Section 10 of Article VI below, a “Fund”), and The Bank of New York Mellon (“BNYM”).

INVESTMENT MANAGEMENT FEE REDUCTION AGREEMENT
Investment Management • April 26th, 2013 • Ivy Funds Variable Insurance Portfolios

INVESTMENT MANAGEMENT FEE REDUCTION AGREEMENT, effective as of December 3, 2012, by and between Waddell & Reed Investment Management Company (“Adviser”) and Advantus Capital Management, Inc. (the “Sub-Adviser”).

INVESTMENT MANAGEMENT FEE REDUCTION AGREEMENT
Investment Management • April 26th, 2013 • Ivy Funds Variable Insurance Portfolios

INVESTMENT MANAGEMENT FEE REDUCTION AGREEMENT, effective as of December 3, 2012, by and between Waddell & Reed Investment Management Company (“WRIMCO”) and Ivy Funds Variable Insurance Portfolios (the “Trust”), a Delaware statutory trust, on behalf of its series designated Ivy Funds VIP Real Estate Securities (the “Fund”).

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