Exhibit (d)(18)(i)
[ING LOGO]
U.S. FINANCIAL SERVICES
Xxxxx X. Xxxxxxx
Chief Marketing Officer
January 21, 2003
Xxxxxx X. Xxxxxxxxxxx
President
ING Partners, Inc.
000 Xxxxxxxxxx Xxxxxx
Mail Code: TS-00
Xxxxxxxx, XX 00000
Re: ING Partners, Inc. (the "Fund")
Dear Xx. Xxxxxxxxxxx:
By our execution of this letter agreement (the "Agreement"), intending to
be legally bound hereby, ING Life Insurance and Annuity Company ("ILIAC"), the
Fund's Administrator, agrees that in order to increase the competitiveness of
the established expense ratios of the ING American Century Small Cap Value
Portfolio and the ING Baron Small Cap Growth Portfolio of the Fund, ILIAC shall,
from May 1, 2003 through April 30, 2004, waive all or a portion of its
administrative services fee and/or reimburse expenses in amounts necessary so
that after such waivers and/or reimbursements, the maximum total operating
expense ratios of the ING American Century Small Cap Value Portfolio shall not
exceed 1.30%, 1.55% and 1.80% for the Initial, Service and Adviser class shares
respectively and the maximum total operating expense ratios of the ING Baron
Small Cap Growth Portfolio shall not exceed 1.20%, 1.45% and 1.70% for the
Initial, Service and Adviser class shares repectively of the respective
Portfolio's average daily net assets.
ILIAC acknowledges that (1) it shall not be entitled to collect on or make
a claim for waived fees at any time in the future, and (2) it shall not be
entitled to collect on or make a claim for reimbursed expenses at any time in
the future.
ING Life Insurance and Annuity Company
By: /s/ Xxxxx X. Xxxxxxx
--------------------
Xxxxx X. Xxxxxxx
Senior Vice President
Your signature below acknowledges
acceptance of this Agreement:
By: /s/ Xxxxxx X. Xxxxxxxxxxx
-------------------------
Xxxxxx X. Xxxxxxxxxxx
President
ING Partners, Inc.
000 Xxxxxxxxxx Xxxxxx, XX00 Tel.: 000.000.0000 SECURITIES OFFERED THROUGH
Hartford, CT 06156 Fax: 000.000.0000 ING FINANCIAL ADVISERS, LLC - MEMBER SIPC
Email: xxxxxxxxx@xxx-xxx.xxx
