Re: Sub-Advisory Agreement between ING Investments, LLC and ING Investment Management Co. (the “Agreement”)

(d)(2)(v)

February 29, 2012

Xxxxxxxxxxx Xxxxx

Vice President, Finance

ING Investment Management Co. LLC

One Orange Way, C1-N

Hartford, CT 06095

Re: Sub-Advisory Agreement between ING Investments, LLC and ING Investment Management Co. (the “Agreement”)

Dear Xx. Xxxxx:

Pursuant to the Sub-Advisory Agreement dated March 1, 2002 between ING Investments, LLC and ING Investment Management Co. LLC, formerly, ING Investment Management Co., as amended (the “Agreement”), we hereby notify you of our intention to retain you as Sub-Adviser to render investment advisory services to ING Large Cap Growth Fund (the “Fund”), a series of ING Series Fund, Inc., effective on February 29, 2012, upon all of the terms and conditions set forth in the Agreement. Upon your acceptance, the Agreement will be modified to give effect to the foregoing by adding the Fund to the Amended and Restated Schedule A of the Agreement. The Amended and Restated Schedule A, with the annual sub-advisory fee indicated for the Fund, is attached hereto.

The Amended and Restated Schedule A has also been updated to reflect the removal of ING Tactical Asset Allocation Fund because this series recently liquidated.

Please signify your acceptance to act as Sub-Adviser under the Agreement with respect to the Fund by signing below where indicated.

Very sincerely,
By:		/s/ Xxxx Xxxxx
		Xxxx Xxxxx
		Senior Vice President
		ING Investments, LLC

ACCEPTED AND AGREED TO:

ING Investment Management Co. LLC

By:		/s/ Xxxxxxxxxxx Xxxxx
Name:		Xxxxxxxxxxx Xxxx
Title:		VP Finance                     , Duly Authorized

0000 X. Xxxxxxxxxx Xxxxx Xx. Suite 100 Scottsdale, AZ 00000-0000 Tel: 000-000-0000 Fax: 000-000-0000 xxx.xxxxxxxx.xxx ING Investments, LLC

(d)(2)(v)

AMENDED AND RESTATED SCHEDULE A

with respect to the

SUB-ADVISORY AGREEMENT

between

ING INVESTMENTS, LLC

and

ING INVESTMENT MANAGEMENT CO. LLC

Series		Effective Date		Annual Sub-Advisory Fee
ING Capital Allocation Fund				Direct Investments
				0.360% on first $500 million
				0.349% on next $500 million
				0.338% on next $500 million
				0.326% on next $500 million
				0.315% over $2 billion
				Underlying Funds
				0.02%
ING Core Equity Research Fund				0.3150% on first $250 million
				0.2925% on next $250 million
				0.2813% on next $250 million
				0.2700% on next $1.25 billion
				0.2475% over $2 billion
ING Corporate Leaders 100 Fund		June 11, 2008		0.180% on all assets
ING Global Target Payment Fund		August 15, 2008		0.036%
ING Index Plus LargeCap Fund				0.203% on first $500 million
				0.191% on next $250 million
				0.180% on next $1.25 billion
				0.169% over $2 billion
ING Index Plus MidCap Fund				0.203% on first $500 million
				0.191% on next $250 million
				0.180% on next $1.25 billion
				0.169% over $2 billion

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(d)(2)(v)

Series		Effective Date				Annual Sub-Advisory Fee
ING Index Plus SmallCap Fund						0.203% on first $500 million
						0.191% on next $250 million
						0.180% on next $1.25 billion
						0.169% over $2 billion
ING Large Cap Growth Fund			February 29, 2012			0.315%
ING Money Market Fund						0.180% on first $500 million
						0.158% on next $500 million
						0.153% on next $1 billion
						0.149% on next $1 billion
						0.135% over $3 billion
ING Small Company Fund						0.383% on first $250 million
						0.360% on next $250 million
						0.349% on next $250 million
						0.338% on next $1.25 billion
						0.326% over $2 billion

3