March 15, 2010 ING Variable Portfolios, Inc.

Exhibit (d)(1)(v)

March 15, 2010

ING Variable Portfolios, Inc.

0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx

Scottsdale, Arizona 85258-2034

Re: Advisory Fee Waiver

Ladies and Gentlemen:

By our execution of this letter agreement (the “Agreement”), intending to be legally bound hereby, ING Investments, LLC (“ING Investments”), the Adviser to ING Xxxxxxx™ Large Cap Growth Index Portfolio and ING Xxxxxxx™ Large Cap Value Index Portfolio (together, the “Portfolios”), agrees that ING Investments shall, from March 15, 2010 through and including May 1, 2011, waive all or a portion of its investment management fee and/or reimburse expenses in amounts necessary so that after such waivers and/or reimbursements, the maximum total operating expense ratios of the Portfolios shall be as follows:

		Maximum Operating Expense Ratios (as a percentage of average net assets)
Name of Fund		Adviser Class			Class I			Class S			Class S2
ING Xxxxxxx™ Large Cap Growth Index Portfolio		1.00	%		0.50	%		0.75	%		0.90	%
ING Xxxxxxx™ Large Cap Value Index Portfolio		1.00	%		0.50	%		0.75	%		0.90	%

ING Investments acknowledges that any fees waived or expenses reimbursed during the term of this Agreement shall not be eligible for recoupment at any time in the future.

ING Investments, LLC
By:		/s/ Xxxx Xxxxx
		Xxxx Xxxxx
		Senior Vice President

Your signature below acknowledges acceptance of this Agreement:
By:		/s/ Xxxxxxxx X. Xxxxxxxx
		Xxxxxxxx X. Xxxxxxxx
		Senior Vice President
		ING Variable Portfolios, Inc.

0000 X. Xxxxxxxxxx Xxxxx Xx. Scottsdale, AZ 00000-0000 Tel: 000-000-0000 Fax: 000-000-0000 xxx.xxxxxxxx.xxx ING Investments, LLC