August 5, 2012

Exhibit (e)(2)

August 5, 2012

ING Variable Portfolios, Inc.

0000 X. Xxxxxxxxxx Xxxxx Xx.

Suite 100

Scottsdale, AZ 85258

Ladies and Gentlemen:

By this letter dated August 5, 2012, we have agreed to waive a portion of the investment management fee payable to us under the Amended Investment Management Agreement dated April 1, 2004 between ING Investments, LLC and ING Variable Portfolios, Inc., as amended (the “Agreement”), with respect to ING Euro STOXX 50® Index Portfolio (formerly, ING Dow Xxxxx Euro STOXX 50® Index Portfolio), ING FTSE 100 Index® Portfolio, and ING Japan TOPIX Index® Portfolio (formerly, ING Japan Equity Index Portfolio) (collectively, the “Portfolios”), each a series of ING Variable Portfolios, Inc., in the amount of 0.25% per annum. By this letter, we agree to waive that fee for the period from August 5, 2012 through August 5, 2013.

ING Investments, LLC acknowledges that any fees waived during the term of this Agreement shall not be eligible for recoupment at any time in the future.

Please indicate your agreement to this reduction in fee by executing below in the place indicated.

Very sincerely,

/s/ Xxxx Xxxxx

Xxxx Xxxxx

Senior Vice President

ING Investments, LLC

Agreed and Accepted:

ING Variable Portfolios, Inc.

(on behalf of the Portfolios)

By:	/s/ Xxxxxxxx X. Xxxxxxxx
	Xxxxxxxx X. Xxxxxxxx
	Senior Vice President

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