VOTING INSTRUCTION CARD                                                                                                         VOTING INSTRUCTION CARD

THE CALVERT FUNDS

SPECIAL MEETING OF SHAREHOLDERS TO BE HELD DECEMBER 16, 2016

INSURANCE COMPANY DROP-IN

The above-referenced insurance company (the “Company”) is using this Voting Instruction Card to solicit voting instructions from its contract owners who hold unit values in a separate account of the Company that invests in the below-named fund(s) (the “Fund”).

The undersigned contract owner instructs the Company to vote, at the Special Meeting of Shareholders and at any adjournments or postponements thereof (the “Meeting”), all shares of the Fund(s) attributable to his or her contract or interest in the relevant separate account as directed below. The undersigned acknowledges receipt of the Fund’s Notice of Special Meeting of Shareholders and Proxy Statement.

If you sign below but do not mark instructions, the Company will vote all shares of the Fund(s) attributable to your account value FOR the proposals. If you fail to return this Voting Instruction Card, the Company will vote all shares attributable to your account value in proportion to the timely voting instructions actually received from contract owners in the separate account.

IMPORTANT NOTICE

REGARDING THE AVAILABLITY OF PROXY MATERIALS

for the Special Meeting of Shareholders on December 16, 2016.

The Proxy Statement for this meeting is available at:

https://www.proxy-direct.com/cal-28297

VOTE ON THE INTERNET

Log on to:

www.proxy-direct.com

or scan the QR code

Follow the on-screen instructions

available 24 hours

VOTE BY PHONE

Call 1-866-298-8476

Follow the recorded instructions available 24 hours

Note: Please date and sign exactly as the name appears on this Proxy. When signing as attorney, trustee, executor, administrator, custodian, guardian or corporate officer, please give full title. Corporate and partnership proxies should be signed by an authorized person. If shares are held jointly, each shareholder must sign.

Signature(s) (Title(s), if applicable)

Date CAL_28297_110116_VI

DO NOT TEAR

PORTFOLIOPORTFOLIOPORTFOLIO

Calvert VP EAFE International Index    Calvert VP Investment Grade Bond Index    Calvert VP Nasdaq 100 Index

Calvert VP Russell 2000 Small Cap Index    Calvert VP S&P 500 Index    Calvert VP S&P MidCap 400 Index

Calvert VP SRI Balanced    Calvert VP SRI Mid Cap    Calvert VP Volatility Managed Growth

Calvert VP Volatility Managed Moderate Growth    Calvert VP Volatility Managed Moderate

THIS VOTING INSTRUCTION CARD IS SOLICITED BY THE BOARD OF DIRECTORS. The Board of Directors recommends that you vote FOR the following Proposal(s):

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK. Example:

FOR WITHHOLD FOR ALL

ALL ALL EXCEPT

1.Election of Board Nominees.

01. Richard L. Baird, Jr.    02. Alice Gresham Bullock    03. Cari Dominguez    04. Miles D. Harper III    £££

05. John G. Guffey, Jr.    06. Joy V. Jones    07. Anthony A. Williams    08. John H. Streur

INSTRUCTIONS:To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.

2. Approval of a new investment advisory agreement with Calvert Research and Management.

FOR AGAINST ABSTAIN    FOR AGAINST ABSTAIN

01 Calvert VP EAFE International Index £££    02 Calvert VP Investment Grade Bond Index    £££

03 Calvert VP Nasdaq 100 Index £££    04 Calvert VP Russell 2000 Small Cap Index    £££

05 Calvert VP S&P 500 Index £££    06 Calvert VP S&P MidCap 400 Index    £££

07 Calvert VP SRI Balanced £££08 Calvert VP SRI Mid Cap    £££

09 Calvert VP Volatility Managed Growth £££    10 Calvert VP Volatility Managed Moderate Growth    £££

11 Calvert VP Volatility Managed Moderate £££

3.    Approval of new investment sub-advisory agreements.

3A Approval of new investment sub-advisory agreement with Atlanta Capital Management Company, LLC.        Not Applicable

3B.Approval of new investment sub-advisory agreement with Hermes Investment Management Limited.    Not Applicable

3C    Approval of new investment sub-advisory agreement with Ameritas Investment Partners, Inc.

FOR AGAINST ABSTAIN    FOR AGAINST ABSTAIN

01 Calvert VP Investment Grade Bond Index £££    02 Calvert VP Nasdaq 100 Index    £££

03 Calvert VP Russell 2000 Small Cap Index £££    04 Calvert VP S&P 500 Index    £££

05 Calvert VP S&P MidCap 400 Index £££    06 Calvert VP Volatility Managed Growth    £££

07 Calvert VP Volatility Managed Moderate Growth £££08 Calvert VP Volatility Managed Moderate    £££

3D Approval of new investment sub-advisory agreement with Milliman Financial Risk Management, LLC.

FOR AGAINST ABSTAIN    FOR AGAINST ABSTAIN

01 Calvert VP Volatility Managed Growth £££    02 Calvert VP Volatility Managed Moderate Growth    £££

03 Calvert VP Volatility Managed Moderate £££

3E Approval of new investment sub-advisory agreement with Eaton Vance Management (International) Limited.    Not Applicable

4. Approval of distribution plans pursuant to Rule 12b-1 under the Investment Company Act of 1940.

4A Approval of Master Distribution Plan for Class A Shares.    Not Applicable

4B Approval of Master Distribution Plan for Class C Shares.    Not Applicable

4C Approval of Master Distribution Plan for Class R Shares.    Not Applicable

4D Approval of Master Distribution Plan for Class F Shares.

FOR AGAINST ABSTAIN    FOR AGAINST ABSTAIN

01 Calvert VP EAFE International Index - F £££    02 Calvert VP Investment Grade Bond Index - F    £££

03 Calvert VP Nasdaq 100 Index - F £££    04 Calvert VP Russell 2000 Small Cap Index - F    £££

05 Calvert VP S&P MidCap 400 Index - F £££    06 Calvert VP SRI Balanced - F    £££

07 Calvert VP Volatility Managed Growth - F £££08 Calvert VP Volatility Managed Moderate Growth - F    £££

09 Calvert VP Volatility Managed Moderate - F £££

5. Approval of amendment to the declaration of trust, which grants the Board the authority to amend, in limited circumstances, the declaration of trust without shareholder approval.

5A Approval of Amendment to Calvert Management Series’ Declaration of Trust.    Not Applicable

5B    Approval of Amendment to The Calvert Fund’s Declaration of Trust.        Not Applicable

5C    Approval of Amendment to Calvert Social Investment Fund’s Declaration of Trust.    Not Applicable

6.    Approval of Investments in the Calvert Foundation.

6A Reaffirmation and approval of your Fund’s ability to invest in notes issued by Calvert Social Investment Foundation.

FOR AGAINST ABSTAIN    FOR AGAINST ABSTAIN

01 Calvert VP SRI Balanced £££    02 Calvert VP SRI Mid Cap    £££

6B Approval of your Fund’s reliance on a potential future exemptive order that may be granted by the SEC to New Calvert regarding Fund investments in notes issued by Calvert Social Investment Foundation.

FOR AGAINST ABSTAIN    FOR AGAINST ABSTAIN

01 Calvert VP SRI Balanced £££    02 Calvert VP SRI Mid Cap    £££

7.To consider and act upon any other business that may properly come before the Meeting and any adjournment or postponement thereof.

IMPORTANT: PLEASE SIGN AND DATE BEFORE MAILING.

CAL_28297_110116_VI