May 1, 2015 Voya Variable Portfolios, Inc. Suite 100 Scottsdale, AZ 85258 Ladies and Gentlemen:

(d)(4)(v)

May 1, 2015

Voya Variable Portfolios, Inc.

0000 X. Xxxxxxxxxx Xxxxx Xxxx

Suite 100

Scottsdale, AZ 85258

Ladies and Gentlemen:

By this letter dated May 1, 2015, we have agreed to waive a portion of the management fee payable to us under the Investment Management Agreement, dated November 18, 2014, as amended and restated on May 1, 2015, between Voya Investments, LLC and Voya Variable Portfolios, Inc. (the “Agreement”), with respect to Voya Emerging Markets Index Portfolio (the “Portfolio”), a series of Voya Variable Portfolios, Inc., in the amount of 0.25% per annum, as if the management fee specified in the Agreement were 0.40%. By this letter, we agree to waive that fee for the period from May 1, 2015 through May 1, 2016.

Voya Investments, LLC acknowledges that any fees waived during the term of this Agreement shall not be eligible for recoupment at any time in the future.

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

Please indicate your agreement to this reduction in fee by executing below in the place indicated.

		Very sincerely,
By:		/s/ Xxxx Xxxxx
		Xxxx Xxxxx
		Senior Vice President
		Voya Investments, LLC

Agreed and Accepted:
Voya Variable Portfolios, Inc.
(on behalf of the Portfolios)
By:		/s/ Xxxxxxxx X. Xxxxxxxx
		Xxxxxxxx X. Xxxxxxxx
		Senior Vice President