AMENDMENT TO
INVESTMENT MANAGEMENT SERVICES AGREEMENT
Part Two: COMPENSATION TO INVESTMENT MANAGER, paragraph (1)(b)(i)(A), of the
Investment Management Services Agreement between AXP Variable Portfolio -
Investment Series, Inc., on behalf of its underlying series AXP Variable
Portfolio - Blue Chip Advantage Fund, AXP Variable Portfolio - Capital Resource
Fund, AXP Variable Portfolio - Emerging Markets Fund, AXP Variable Portfolio -
Equity Select Fund, AXP Variable Portfolio - Growth Fund, AXP Variable Portfolio
- International Fund, AXP Variable Portfolio - New Dimensions Fund, AXP Variable
Portfolio - S&P 500 Index Fund, AXP Variable Portfolio - Small Cap Advantage
Fund, AXP Variable Portfolio - Stock Fund and AXP Variable Portfolio - Strategy
Aggressive Fund, and American Express Financial Corporation dated December 1,
2002, is modified as follows for AXP Variable Portfolio - International Fund.
All other provisions of the agreement remain in full force and effect.
(A) Determining the difference in performance (the "Performance
Difference") between the Fund and an index of similar funds (the
"Index"), as described in paragraph (b)(ii). The Fund and Index are set
forth below:
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Fund Index
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AXP Variable Portfolio - Blue Chip Advantage Fund Lipper Large-Cap Core Funds Index
--------------------------------------------------------------- -------------------------------------------------
AXP Variable Portfolio - Capital Resource Fund Lipper Large-Cap Core Funds Index
--------------------------------------------------------------- -------------------------------------------------
AXP Variable Portfolio - Emerging Markets Fund Lipper Emerging Markets Funds Index
--------------------------------------------------------------- -------------------------------------------------
AXP Variable Portfolio - Equity Select Fund Lipper Mid-Cap Growth Funds Index
--------------------------------------------------------------- -------------------------------------------------
AXP Variable Portfolio - Growth Fund Lipper Large-Cap Growth Funds Index
--------------------------------------------------------------- -------------------------------------------------
AXP Variable Portfolio - International Fund Lipper International Large-Cap Core Funds Index
--------------------------------------------------------------- -------------------------------------------------
AXP Variable Portfolio - New Dimensions Fund Lipper Large-Cap Growth Funds Index
--------------------------------------------------------------- -------------------------------------------------
AXP Variable Portfolio - Small Cap Advantage Fund Lipper Small-Cap Core Funds Index
--------------------------------------------------------------- -------------------------------------------------
AXP Variable Portfolio - Stock Fund Lipper Large-Cap Core Funds Index
--------------------------------------------------------------- -------------------------------------------------
AXP Variable Portfolio - Strategy Aggressive Fund Lipper Mid-Cap Growth Funds Index
--------------------------------------------------------------- -------------------------------------------------
IN WITNESS WHEREOF, the parties have executed this amendment as of the 1st day
of July, 2004.
AXP VARIABLE PORTFOLIO - INVESTMENT SERIES, INC.
AXP Variable Portfolio - Blue Chip Advantage Fund
AXP Variable Portfolio - Capital Resource Fund
AXP Variable Portfolio - Emerging Markets Fund
AXP Variable Portfolio - Equity Select Fund
AXP Variable Portfolio - Growth Fund
AXP Variable Portfolio - International Fund
AXP Variable Portfolio - New Dimensions Fund
AXP Variable Portfolio - S&P 500 Index Fund
AXP Variable Portfolio - Small Cap Advantage Fund
AXP Variable Portfolio - Stock Fund
AXP Variable Portfolio - Strategy Aggressive Fund
By: /s/ Xxxxxx X. Xxx
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Xxxxxx X. Xxx
Vice President
AMERICAN EXPRESS FINANCIAL CORPORATION
By: /s/ Xxxxx X. Xxxxx
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Xxxxx X. Xxxxx
Senior Vice President and General Manager - Mutual Funds
