Exhibit

EVERY SHAREHOLDER’S VOTE IS IMPORTANT!

EASY VOTING OPTIONS:

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 1-800-337-3503

Follow the recorded instructions

available 24 hours

VOTE BY MAIL

Vote, sign and date this Proxy

Card and return in the

postage-paid envelope

VOTE IN PERSON

Attend Shareholder Meeting

4550 Montgomery Avenue,

Suite 1000N

Bethesda, MD 20814

on September 9, 2016

Please detach at perforation before mailing.

PROXY CALVERT VARIABLE PRODUCTS, INC. PROXY

JOINT SPECIAL MEETING OF SHAREHOLDERS to be held September 9, 2016

THIS PROXY IS SOLICITED BY THE BOARD OF DIRECTORS.

The undersigned, revoking previous proxies, hereby appoint(s) Andrew K. Niebler, Esq. and Robert D. Benson, Esq. and each of them, separately, true and lawful attorneys with full power of substitution of each, and hereby authorizes them to represent and to vote all shares that the undersigned is entitled to vote at the Joint Special Meeting of Shareholders of Calvert VP SRI Large Cap Core Portfolio and Calvert VP Natural Resources Portfolio, each a series of Calvert Variable Products, Inc., to be held in the Tenth Floor Conference Room of Calvert Investments, Inc., Air Rights North Tower, 4550 Montgomery Avenue, Suite 1000N, Bethesda, Maryland 20814 on Friday, September 9, 2016, at 9:00 a.m. Eastern Time, and at any adjournment thereof (the “Meeting”) as indicated on the reverse side. In their discretion, the proxy holders named above are authorized to vote upon such other matters as may properly come before the Meeting.

Receipt of the Notice of Joint Special Meeting of Shareholders and the accompanying Prospectus/Proxy Statement is hereby acknowledged. IF NO SPECIFICATIONS ARE MADE FOR THE PROPOSAL(S), THIS PROXY WILL BE VOTED FOR THE PROPOSAL(S).

VOTE VIA THE INTERNET: www.proxy-direct. com

VOTE VIA THE TELEPHONE: 1-800-337-3503

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_27975_070516

PLEASE VOTE VIA THE INTERNET OR TELEPHONE OR MARK, SIGN, DATE AND RETURN THIS PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.

EVERY SHAREHOLDER’S VOTE IS IMPORTANT!

Important Notice Regarding the Availability of Proxy Materials for the

Joint Special Meeting of Shareholders to Be Held on September 9, 2016

The Prospectus/Proxy Statement for this meeting is available at: https:// www. proxy-direct. com/cal-27975

FUNDS FUNDS

Calvert VP SRI Large Cap Core Portfolio Calvert VP Natural Resources Portfolio

Please detach at perforation before mailing.

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

PLEASE MARK BOXES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example: g

FOR SHAREHOLDERS OF CALVERT VP SRI LARGE CAP CORE PORTFOLIO ONLY: To approve a proposed Agreement and Plan of Reorganization (the “Reorganization Plan”), providing for the transfer of all of the assets of the Calvert VP SRI Large Cap Core Portfolio to the Calvert VP S&P 500 Index Portfolio, each a series of Calvert Variable Products, Inc., in exchange for shares of the Calvert VP S&P 500 Index Portfolio and the assumption by Calvert VP S&P 500 Index Portfolio of the liabilities of Calvert VP SRI Large Cap Core Portfolio. The Reorganization Plan also provides for the distribution of these Calvert VP S&P 500 Index Portfolio shares to the holders of Calvert VP SRI Large Cap Core Portfolio shares in liquidation and subsequent termination of the Calvert VP SRI Large Cap Core Portfolio.

FOR AGAINST ABSTAIN

Calvert VP SRI Large Cap Core Portfolio £ £ £

FOR SHAREHOLDERS OF CALVERT VP NATURAL RESOURCES ONLY: To approve a proposed Agreement and Plan of Reorganization (the “Reorganization Plan”), providing for the transfer of all of the assets of the Calvert VP Natural Resources Portfolio to the Calvert VP Russell 2000 Small Cap Index Portfolio, each a series of Calvert Variable Products, Inc., in exchange for Class I shares of the Calvert VP Russell 2000 Small Cap Index Portfolio and the assumption by Calvert VP Russell 2000 Small Cap Index Portfolio of the liabilities of Calvert VP Natural Resources Portfolio. The Reorganization Plan also provides for the distribution of these Calvert VP Russell 2000 Small Cap Index Portfolio shares to the holders of Calvert VP Natural Resources Portfolio shares in liquidation and subsequent termination of the Calvert VP Natural Resources Portfolio.

FOR AGAINST ABSTAIN

Calvert VP Natural Resources Portfolio £ £ £

3. To consider and act upon any other business that may properly come before the Meeting.

PLEASE VOTE VIA THE INTERNET OR TELEPHONE OR MARK, SIGN, DATE AND RETURN THIS PROXY PROMPTLY IN THE ENCLOSED POSTAGE-PAID ENVELOPE.