May 1, 2014 Todd Modic Senior Vice President Voya Investments, LLC Suite 100 Scottsdale, AZ 85258 Dear Mr. Modic:

(d)(2)(iii)

May 1, 2014

Xxxx Xxxxx

Senior Vice President

Voya Investments, LLC

0000 X. Xxxxxxxxxx Xxxxx Xx.

Suite 100

Scottsdale, AZ 85258

Dear Xx. Xxxxx:

ING Investments, LLC (now known as Voya Investments, LLC, “Voya Investments”) and ING Investment Management Co. LLC (now known as Voya Investment Management Co. LLC, “Voya IM”) are parties to a Sub-Advisory Agreement dated May 7, 2013, as amended (the “Agreement”), and pursuant to the Agreement, Voya Investments has agreed to pay Voya IM an annual sub-advisory fee of 0.27% as a percentage of average daily net assets of ING Euro STOXX 50^® Index Portfolio (now known as Voya Euro STOXX 50^® Index Portfolio), ING FTSE 100 Index^® Portfolio (now known as Voya FTSE 100 Index^® Portfolio), and ING Japan TOPIX Index^® Portfolio (now known as Voya Japan TOPIX Index^® Portfolio), each a series of Voya Variable Portfolios, Inc. (each a “Portfolio” and collectively, the “Portfolios”). By this letter dated May 1, 2014, Voya IM voluntarily waives a portion of the annual sub-advisory fee that it is entitled to receive as follows:

Voya IM will waive 0.1125% of the sub-advisory fee payable by Voya Investments from May 1, 2014 through May 1, 2015 for each Portfolio, as indicated in the net sub-advisory fee rate reflected in the schedule set out below.

		Annual Sub-Advisory Fee
Series		Gross		Waiver		Net
Voya Euro STOXX 50® Index Portfolio		0.27%		0.1125%		0.1575%
Voya FTSE 100 Index® Portfolio		0.27%		0.1125%		0.1575%
Voya Japan TOPIX Index® Portfolio		0.27%		0.1125%		0.1575%

Notwithstanding the foregoing, termination or modification of this letter requires approval by the Board of Directors of Voya Variable Portfolios, Inc.

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May 1, 2014

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Please acknowledge your acceptance of this fee waiver by executing below in the place indicated.

		Very sincerely,
By:		/s/ Xxxxxxxxxxx Xxxxx
		Xxxxxxxxxxx Xxxxx Vice President, Finance Voya Investment Management Co. LLC

ACCEPTED AND AGREED TO:

Voya Investments, LLC

By:		/s/ Xxxx Xxxxx
		Xxxx Xxxxx Senior Vice President