Exhibit (h)(18)
[ING FUNDS LETTERHEAD]
FORM OF SIDE AGREEMENT
September 23, 2002
Board of Trustees
ING Mutual Funds
0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx
Xxxxxxxxxx, XX 00000-0000
RE: VOLUNTARY EXPENSE LIMITATIONS
Ladies and Gentlemen:
For the Class A, B, C, I and Q shares of ING International Fund (the "Fund"), a
series of ING Mutual Funds, ING Investments, LLC shall waive or lower its
investment management fee in accordance with the Expense Limitation Agreement
between ING Investments, LLC and ING Mutual Funds as if the Maximum Operating
Expense Limits specified in Schedule A of the Expense Limitation Agreement were
as follows:
MAXIMUM OPERATING EXPENSE LIMIT
(AS A PERCENTAGE OF AVERAGE NET ASSETS)
---------------------------------------
Class A Class B Class C Class I Class Q
------- ------- ------- ------- -------
1.80% 2.55% 2.55% 1.45% 1.70%
The method of computation to determine the amount of the fee waiver and the
definitions as set forth in the Expense Limitation Agreement shall apply. We are
willing to be bound by this Agreement to lower our fee for the period from the
effective date of the initial registration of the Fund through and including
June 30, 2003 or, if sooner, the termination of the Expense Limitation
Agreement. This Agreement shall terminate upon termination of the Expense
Limitation Agreement.
Sincerely,
Xxxxxxx X. Xxxxxx
Executive Vice President
