AMENDMENT TO
INVESTMENT MANAGEMENT SERVICES AGREEMENT
Part Two: COMPENSATION TO INVESTMENT MANAGER, paragraph (1)(b)(i)(A), of the
Investment Management Services Agreement between AXP International Series, Inc.,
on behalf of its underlying series, AXP European Equity Fund and AXP
International Fund, and American Express Financial Corporation dated December 1,
2002, is modified as follows for AXP International Fund. All other provisions of
the agreement remain in full force and effect.
(A) Determining the difference in performance (the "Performance
Difference") between the Fund and an index of similar funds (the
"Index"), as described in paragraph (b)(ii). For AXP
International Fund the Index is the Lipper International
Large-Cap Core Funds Index and for AXP European Equity Fund the
Index is the Lipper European Funds Index.
IN WITNESS WHEREOF, the parties have executed this amendment as of the 1st day
of July, 2004.
AXP INTERNATIONAL SERIES, INC.
AXP European Equity Fund
AXP International Fund
By: /s/ Xxxxxx X. Xxx
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Xxxxxx X. Xxx
Vice President
AMERICAN EXPRESS FINANCIAL CORPORATION
By: /s/ Xxxxx X. Xxxxx
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Xxxxx X. Xxxxx
Senior Vice President and General Manager - Mutual Funds
