Directed Services LLC
Exhibit 99.B(d)(2)(AA)(i)
Directed Services LLC
0000 Xxxxxxxx Xxxxx, Xxxx Xxxxxxx, XX 00000
September 15, 2008
Directed Services, LLC
0000 Xxxxxxxx Xxxxx
Xxxx Xxxxxxx, XX 00000
Ladies and Gentlemen:
Directed Services LLC (“DSL”) and OppenheimerFunds, Inc. (“Xxxxxxxxxxx”) are parties to a Portfolio Management Agreement dated September 15, 2008 (the “Agreement”) under which DSL has agreed to pay Xxxxxxxxxxx an annual sub-advisory fee in the amount of 0.10%, as a percentage of average daily net assets of ING Xxxxxxxxxxx Active Asset Allocation Portfolio. By execution of this letter, Xxxxxxxxxxx hereby voluntarily waives a portion of the annual sub-advisory fee that it is entitled to receive as follows:
Xxxxxxxxxxx will waive five (5) basis points from the sub-advisory fee payable by DSL for an initial period commencing on the date of the Agreement through and including May 1, 2010. The amount of the fee waiver will be five (5) basis points per year, as reflected in the post-waiver sub-advisory fee schedule set out below.
|
Annual Sub-Advisory Fee |
|
|
as a percentage of average daily net assets |
|
|
|
|
|
0.05% |
|
This letter agreement shall terminate upon the termination of the Agreement.
Sincerely,
|
/s/ Xxxx Xxxxx |
|
/s/ Xxxxxxxxx Xxxxx |
|
Xxxx Xxxxx |
|
Xxxxxxxxx Xxxxx |
|
Vice President |
|
Vice President |
|
Directed Services LLC |
|
OppenheimerFunds, Inc. |
