March 1, 2010 Todd Modic Senior Vice President ING Investments, LLC
Exhibit (d)(1)(iii)
March 1, 2010
Xxxx Xxxxx
Senior Vice President
ING Investments, LLC
0000 X. Xxxxxxxxxx Xxxxx Xxxx
Scottsdale, AZ 85258
Ladies and Gentlemen:
Pursuant to the Amended and Restated Sub-Advisory Agreement dated December 5, 2002, as amended, between ING Investment Management Advisors B.V. (“IIMA BV”), sub-adviser to the ING Emerging Countries Fund, a series of ING Mutual Funds, (the “Fund”) and ING Investments, LLC, the sub-advisory fee rate payable by ING Investments, LLC for the Fund was reduced on May 28, 2008.
By our execution of this letter agreement, we hereby notify you of our intention to lower the annual investment management fee for the Fund with a corresponding reduction (the “Reduction”), in connection with appointment of IIMA BV, for the period from March 1, 2010 through March 1, 2011. The Reduction shall be calculated as follow:
Reduction = 50% x (the savings to ING Investments, LLC from the May 28, 2008 expense reduction)
Please indicate your agreement to this reduction by executing below in the place indicated.
| Very sincerely, |
| /s/ Xxxx Xxxxx |
| Xxxx Xxxxx |
| Vice President |
| ING Investments, LLC |
| Agreed and Accepted: |
| (on behalf of the Fund) |
| By: | /s/ Xxxxxxxx X. Xxxxxxxx | |
| Xxxxxxxx X. Xxxxxxxx | ||
| Senior Vice President |
| 0000 X. Xxxxxxxxxx Xxxxx Xx. Scottsdale, AZ 00000-0000 |
Tel: 000-000-0000 Fax: 000-000-0000 xxx.xxxxxxxx.xxx |
ING Mutual Funds |
