Exhibit 99.B - (d)(18)(iv)
[ING FUNDS LOGO]
March 30, 2005
ING Partners, Inc.
0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx
Xxxxxxxxxx, Xxxxxxx 00000-0000
Re: Expense Limitations
Ladies and Gentlemen:
By our execution of this letter agreement, intending to be legally bound
hereby, ING Funds Services, LLC ("ING Funds Services"), the Administrator of ING
American Century Small Cap Value Portfolio, ING Baron Small Cap Growth Portfolio
and ING Xxx Xxxxxx Xxxxxxxx Portfolio, three series of ING Partners, Inc. (the
"Portfolios"), agrees that in order to increase the competitiveness of the
established expense ratios of the Portfolios, ING Funds Services shall, from May
1, 2005 through and including May 1, 2006, 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 Portfolios shall be as follows:
MAXIMUM OPERATING EXPENSE RATIOS
NAME OF FUND (AS A PERCENTAGE OF AVERAGE NET ASSETS)
------------ ---------------------------------------
CLASSES
-------
INITIAL SERVICE TARGET
------- ------- ------
ING American Century Small Cap Value Portfolio 1.30% 1.55% 1.80%
ING Baron Small Cap Growth Portfolio 1.20% 1.45% 1.70%
XXX Xxx Xxxxxx Xxxxxxxx Portfolio 0.88% 1.13% 1.38%
Please indicate your agreement to this reduction in fee by executing below
in the place indicated.
ING Funds Services, LLC
By: /s/ Xxxxxxx X. Xxxxxx
------------------------------
Xxxxxxx X. Xxxxxx
Executive Vice President
Accepted:
By: /s/ Xxxxxx X. Xxxx
------------------------------
Xxxxxx X. Xxxx
Senior Vice President
ING Partners, Inc.
0000 X. Xxxxxxxxxx Xxxxx Xx. Tel: 000-000-0000 ING Funds Services, LLC
Scottsdale, AZ 00000-0000 Fax: 000-000-0000
xxx.xxxxxxxx.xxx
