Exhibit 99.(d)(18)
[ING FUNDS LETTERHEAD]
November 1, 2004
Xxxxx X. Xxxxxxxx
President
ING Partners, Inc.
0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx
Xxxxxxxxxx, Xxxxxxx 00000-0000
Re: ING Partners, Inc. (the "Fund")
Dear Xx. Xxxxxxxx:
By our execution of this letter agreement (the "Agreement"), intending to
be legally bound hereby, ING Funds Services, LLC ("ING Funds Services"), the
Fund's Administrator, agrees that in order to increase the competitiveness of
the established expense ratios of the ING Strategic Income Portfolio of the
Fund, ING Funds Services shall, from November 1, 2004 through April 30, 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 ING Strategic Income
Portfolio shall not exceed 0.75% and 1.00% for the Service and Adviser class
shares respectively of the Portfolio's average daily net assets.
ING Funds Services 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 Funds Services, LLC
By: __________________________
Xxxxxxx X. Xxxxxx
Executive Vice President
Your signature below acknowledges
acceptance of this Agreement:
By: ____________________________________
Xxxxx X. Xxxxxxxx
President
ING Partners, Inc.
