ING Investments, LLC
Exhibit 99.B(d)(1)(c)(iv)
ING Investments, LLC
0000 X. Xxxxxxxxxx Xxxxx Xx.
Xxxxxxxxxx, XX 00000-0000
May 1, 2010
0000 X. Xxxxxxxxxx Xxxxx Xx.
Xxxxxxxxxx, XX 00000
Ladies and Gentlemen:
Pursuant to the Sub-Advisory Agreement dated January 3, 2006 (the “Agreement”) between ING Investments, LLC and ING Clarion Real Estate Securities L.P. (“Clarion”), as amended, the sub-advisory fee for ING Clarion Global Real Estate Portfolio (the “Portfolio”) was reduced on May 1, 2009.
By our execution of this letter agreement, we hereby notify you of our intention to lower the annual investment management fee for the Portfolio with a corresponding reduction (the “Reduction”) for the period from May 1, 2010 through May 1, 2011. The Reduction shall be calculated as follows:
Reduction = 50% x (the savings to ING Investments, LLC from the May 1, 2009 expense reductions)
The Reduction shall be limited to an annual maximum of 50% of the savings to ING Investments, LLC based on the level of assets of the Portfolio on May 1, 2009.
Please indicate your agreement to these Reductions by executing below in the place indicated.
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Very sincerely, |
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/s/ Xxxx Xxxxx |
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Xxxx Xxxxx |
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Senior Vice President |
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ING Investments, LLC |
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Agreed and Accepted: |
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(on behalf of the Portfolio) |
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By: |
/s/ Xxxxxxxx X. Xxxxxxxx |
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Xxxxxxxx X. Xxxxxxxx |
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Senior Vice President |
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