EX-2 4 ex99b813amercenifa3ssa.htm EX. 99-B.8.13 AMEND 3 TO SELL AND SERV AGREE-ILIAC-AMERICAN CENTURY ex99b813amercenifa3ssa.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

                                                                       Exhibit 99-B.8.13

                          AMENDMENT NO. 3 TO SELLING AND SERVICES AGREEMENT

THIS AMENDMENT NO. 3 TO SELLING AND SERVICES AGREEMENT (“Amendment”)
dated this 1st day of April, 2007, is by and among ING FINANCIAL ADVISERS, LLC (formerly known
as Aetna Investment Services, Inc.) and ING LIFE INSURANCE AND ANNUITY COMPANY
(formerly known as Aetna Life Insurance and Annuity Company) (“ILIAC”) (collectively the “ING”),
AMERICAN CENTURY INVESTMENT SERVICES, INC. (“Distributor”) and AMERICAN
CENTURY SERVICES, LLC (formerly known as American Century Services Corporation) (“Fund
Agent”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the
Agreement (defined below).

WHEREAS, ING, Distributor and Fund Agent are parties to a certain Selling and Services
Agreement dated July 1, 2000, as amended November 7, 2003 and October 1, 2004 (the “Agreement”),
pursuant to which shares of the Funds are made available to serve as underlying investment media for
various sponsors of qualified and nonqualified employee benefit plans (the “Plans”), to provide
recordkeeping and related administrative services on behalf of such Plans;

WHEREAS, the parties desire to expand the number of classes of Funds available under the
Agreement, revise the reimbursement terms for such Funds as set forth herein, and make other changes to
the Agreement as set forth herein;

WHEREAS, the parties to this Amendment now desire to modify the Agreement as provided herein.

NOW, THEREFORE, in consideration of the mutual promises set forth herein, the parties hereto
agree as follows:

1. Servicing Fees and 12b-1 Fees. The following information is hereby added at the end of
Section 5 and Section 6 of the Agreement.

Effective October 1, 2007, the above referenced address is changed to the following:

ING Financial Advisors, LLC
Attn: Central Valuation Unit
One Orange Way
Windsor, CT 06095-4774
 
2. Miscellaneous. In Section 15(b) Notices of the Agreement, the reference to “AISI/ALIAC” and 
address information is deleted and replaced with following: 
 
         To ING: 
 
Effective November 2, 2007, the above referenced information is changed to the 
following: 
 
Michael Eldredge
ING
One Orange Way, B3N
Windsor, CT 06095-4774

3. Miscellaneous. Section 15(h) of the Agreement is hereby deleted and replaced with the
following:

(h)      Anti-Money Laundering Provision. Each of the parties to this Agreement will establish and maintain programs, policies and procedures as required by federal, state or local law to detect and prevent money laundering. Each party shall cooperate with the others to the extent required by law to facilitate implementation of each other’s anti-money laundering (AML) program, which may include annual AML compliance certifications, periodic AML due diligence reviews and/or other requests deemed necessary to ensure compliance with the AML regulations.
 

5. Restrictions on “Excessive Trading.” The following section is hereby added to Section 15,
Miscellaneous, as subsection (i).

(i)      Restrictions on “Excessive Trading.” The Company has adopted its own excessive trading policy, a copy of which is attached as Exhibit C (“Market Timing Policy”).
 
  The Company does not monitor trading in fund shares on behalf of, or in accordance with disclosed policies of, any fund groups; however, the Company monitors individual Participant and contract owner trading in accordance with its Market Timing Policy. The Company will use its best efforts, and shall reasonably cooperate with the Distributor and the Funds, to enforce both its Market Timing Policy and stated policies in a Fund’s currently effective Prospectus or Statement of Additional Information regarding transactions in Fund shares, including those related to market timing and excessive trading. The Company will execute any instructions from the Distributor or the Funds to restrict or prohibit further purchases or exchanges of Fund shares by an individual participant or contract owner who has been identified by the Funds as having engaged in transactions in Fund shares that violate market timing policies established by the Funds. The parties shall use their best efforts, and shall reasonably cooperate with each other to prevent future market timing and frequent trading.
 

6. Fees Payable to the Company. Schedule B is hereby deleted in its entirety and is
replaced by the attached Schedule B.

7. Ratification and Confirmation of Agreement. In the event of a conflict between the terms of
this Amendment and the Agreement, it is the intention of the parties that the terms of this
Amendment shall control and the Agreement shall be interpreted on that basis. To the extent the
provisions of the Agreement have not been amended by this Amendment, the parties hereby
confirm and ratify the Agreement.

8. Counterparts. This Amendment may be executed in two or more counterparts, each of which
shall be an original and all of which together shall constitute one instrument.

9. Full Force and Effect. Except as expressly supplemented, amended or consented to hereby, all
of the representations, warranties, terms, covenants and conditions of the Agreement shall remain
unamended and shall continue to be in full force and effect.

                                                               2

IN WITNESS WHEREOF, the undersigned have executed this Amendment No. 3 as of the date first
above written.

ING FINANCIAL ADVISERS, LLC    AMERICAN CENTURY INVESTMENT 
        SERVICES, INC. 
 
By:    /s/ David A. Kelsey    By:    /s/ Cindy A. Johnson 
Name:    David A. Kelsey    Name:     Cindy A. Johnson 
Title:     V.P. B D Operations    Title:       Vice President 
 
ING LIFE INSURANCE AND    AMERICAN CENTURY SERVICES, LLC 
ANNUITY COMPANY         
 
By:    /s/ Michael C. Eldredge    By:    /s/ Otis H. Cowan 
Name:    Michael C. Eldredge    Name:    Otis H. Cowan 
Title:    Vice President    Title:    Vice President 

                                                                       3

                                                                                      SCHEDULE B

                                                FUNDS AVAILABLE AND FEES PAYABLE TO THE COMPANY

Servicing Fees
Distributor agrees to pay the Company a servicing fee as provided in the following table.

  Fund Name  Share Class  CUSIP  Symbol  Administrative 
Services Fee Rate 
(Basis Points) 
American Century Balanced    Advisor    025083 71 8    TWBAX     
American Century Balanced    Institutional    025083 73 4    ABINX     
American Century Balanced    Investor    025083 74 2    TWBIX     
American Century Capital Growth    A    025083 16 3    ACCGX   
American Century Capital Growth    Institutional    02508H 30 3    APLIX   
American Century Capital Growth    Investor    02508H 20 4    ACLIX   
American Century Capital Growth    R    02508H 40 2    APWRX     
American Century Capital Preservation    Investor    025081 80 3    CPFXX     
American Century Capital Value    Advisor    025083 42 9    ACCVX   
American Century Capital Value    Institutional    025083 41 1    ACPIX   
American Century Capital Value    Investor    025083 39 5    ACTIX     
American Century Core Plus    A    024932543    ACCQX   
American Century Core Plus    Institutional    024932485    ACCUX   
American Century Core Plus    Investor    024932493    ACCNX   
American Century Core Plus    R    024932519    ACCPX   
American Century Disciplined Growth    Advisor    02507M 6 42    ADCVX     
American Century Disciplined Growth    Institutional    02507M667    ADCIX     
American Century Disciplined Growth    R    02507M 65 9    ADRRX   
American Century Disciplined Growth    Investor    02507M 67 5    ADSIX   
American Century Diversified Bond    A    024932 84 0    CDBAX   
American Century Diversified Bond    Advisor    024932 50 1    ADFAX   
American Century Diversified Bond    Institutional    024932 60 0    ACBPX   
American Century Diversified Bond    Investor    024932 40 2    ADFIX   
American Century Diversified Bond    R    024932 71 7    ADVRX     
American Century Emerging Markets    Advisor    025086 85 1    AEMMX   
American Century Emerging Markets    Institutional    025086 87 7    AMKIX   
American Century Emerging Markets    Investor    025086 88 5    TWMIX     
American Century Equity Growth    Advisor    02507M 70 9    BEQAX     
American Century Equity Growth    Institutional    02507M808    AMEIX   
American Century Equity Growth    Investor    02507M 60 0    BEQGX   
American Century Equity Growth    R    02507M 76 6    AEYRX     
American Century Equity Income    Advisor    025076 40 7    TWEAX   

                                                                                 4

 
    Fund Name  Share Class  CUSIP  Symbol Administrative 
Services Fee Rate 
(Basis Points) 
American Century Equity Income    Institutional    025076 20 9    ACIIX   
American Century Equity Income    Investor    025076 10 0    TWEIX     
American Century Equity Income    R    025076 67 0    AEURX     
American Century Equity Index    Institutional    025076829    ACQIX     
American Century Equity Index    Investor    025076811    ACIVX     
American Century Focused Growth    Investor    02508H 10 5    AFSIX     
American Century Fundamental Equity    A    025083 13 0    AFDAX     
American Century Fundamental Equity    Institutional    02508H 70 9    AFEIX     
American Century Fundamental Equity    Investor    02508H 60 0    AFDIX     
American Century Fundamental Equity    R    02508H 80 8    AFDRX     
American Century Ginnie Mae    Advisor    025081 83 7    BGNAX     
American Century Ginnie Mae    Investor    025081 60 5    BGNMX     
American Century Global Gold    Advisor    02507M 20 4    ACGGX     
American Century Global Gold    Investor    02507M 10 5    BGEIX     
American Century Global Growth    A    025086612    ACWAX     
American Century Global Growth    Advisor    025086 82 8    AGGRX     
American Century Global Growth    Institutional    025086 83 6    AGGIX     
American Century Global Growth    Investor    025086 84 4    TWGGX     
American Century Global Growth    R    025086 62 0    AGORX   
American Century Government Agency Money    Investor    025081407    BGAXX     
Market                 
American Century Government Bond    Advisor    025081 86 0    ABTAX   
American Century Government Bond    Investor    025081 30 8    CPTNX   
American Century Growth    Advisor    025083 40 3    TCRAX     
American Century Growth    Institutional    025083 20 5    TWGIX     
American Century Growth    Investor    025083 10 6    TWCGX     
American Century Growth    R    025083 18 9    AGWRX     
American Century Heritage    Advisor    025083 76 7    ATHAX     
American Century Heritage    Institutional    025083 78 3    ATHIX     
American Century Heritage    Investor    025083 79 1    TWHIX     
American Century High-Yield    A    024932 81 6    ACYAX     
American Century High-Yield    Advisor    024932 88 1    AHYVX     
American Century High-Yield    Institutional    024932 78 2    ACYIX   
American Century High-Yield    Investor    024932 80 8    ABHIX     
American Century High-Yield    R    024932 69 1    AHYRX     
American Century Income & Growth    Advisor    02507M 40 2    AMADX     
American Century Income & Growth    Institutional    02507M 50 1    AMGIX     
American Century Income & Growth    Investor    02507M 30 3    BIGRX     
American Century Income & Growth    R    02507M 78 2    AICRX     

5

                                           Fund Name    Share Class    CUSIP    Symbol    Administrative 
                Services Fee Rate 
                (Basis Points) 
American Century Inflation Protection Bond    A    024932 75 8    APOAX     
American Century Inflation Protection Bond    Institutional    024932 76 6    APISX   
American Century Inflation Protection Bond    Investor    024932 77 4    APOIX     
American Century Inflation Protection Bond    R    024932 72 5    APORX     
American Century Inflation-Adjusted Bond    Advisor    025081 82 9    AIAVX     
American Century Inflation-Adjusted Bond    Institutional    025081 79 5    AIANX     
American Century Inflation-Adjusted Bond    Investor    025081 70 4    ACITX     
American Century International Bond    Advisor    025082 20 7    AIBDX     
American Century International Bond    Institutional    025082 30 6    AIDIX     
American Century International Bond    Investor    025082 10 8    BEGBX     
American Century International Core Equity    A    02507M618    ACIQX     
American Century International Core Equity    Institutional    02507M550    ACIUX     
American Century International Core Equity    Investor    02507M568    ACIMX     
American Century International Core Equity    R    02507M576    ACIRX     
American Century International Discovery    Advisor    025086802    ACIDX     
American Century International Discovery    Institutional    025086 60 4    TIDIX     
American Century International Discovery    Investor    025086 50 5    TWEGX     
American Century International Growth    A    025086 66 1    CAIGX     
American Century International Growth    Advisor    025086 40 6    TWGAX     
American Century International Growth    Institutional    025086 20 8    TGRIX     
American Century International Growth    Investor    025086 10 9    TWIEX     
American Century International Growth    R    025086 64 6    ATGRX     
American Century International Stock    Investor    025086 63 8    ASKIX     
American Century International Value    Institutional    025086 57 0    ACVUX     
American Century International Value    Investor    025086 58 8    ACEVX     
American Century International Value    R    025086 53 9    ACVRX     
American Century International Value    A    025086 56 2    MEQAX     
American Century Large Company Value    A    025076 69 6    ALAVX     
American Century Large Company Value    Advisor    025076 78 7    ALPAX     
American Century Large Company Value    Institutional    025076 77 9    ALVSX     
American Century Large Company Value    Investor    025076 79 5    ALVIX     
American Century Large Company Value    R    025076 66 2    ALVRX     
American Century Legacy Focused Large Cap    Advisor    02507H700    ACFDX     
American Century Legacy Focused Large Cap    Institutional    02507H601    ACFSX     
American Century Legacy Focused Large Cap    Investor    02507H502    ACFOX     
American Century Legacy Focused Large Cap    R    02507H809    ACFCX   
American Century Legacy Large Cap    Advisor    02507H304    ACGDX   
American Century Legacy Large Cap    Institutional    02507H205    ACGHX   

                                                                              6

                                           Fund Name    Share Class    CUSIP    Symbol    Administrative 
                Services Fee Rate 
                (Basis Points) 
American Century Legacy Large Cap    R    02507H403    ACGEX     
American Century Legacy Multi Cap    Advisor    02507H866    ACMFX     
American Century Legacy Multi Cap    Institutional    02507H874    ACMHX     
American Century Legacy Multi Cap    Investor    02507H882    ACMNX   
American Century Legacy Multi Cap    R    02507H858    ACMEX     
American Century Life Sciences    Advisor    025086 79 4    ALSVX     
American Century Life Sciences    Investor    025086 81 0    ALSIX     
American Century LIVEStrong 2015 Portfolio    Advisor    02507F 20 9    ARFAX     
American Century LIVEStrong 2015 Portfolio    Institutional    02507F 30 8    ARNIX     
American Century LIVEStrong 2015 Portfolio    Investor    02507F 10 0    ARFIX     
American Century LIVEStrong 2015 Portfolio    R    02507F 40 7    ARFRX     
American Century LIVEStrong 2025 Portfolio    Advisor    02507F 60 5    ARWAX     
American Century LIVEStrong 2025 Portfolio    Institutional    02507F 70 4    ARWFX     
American Century LIVEStrong 2025 Portfolio    Investor    02507F 50 6    ARWIX     
American Century LIVEStrong 2025 Portfolio    R    02507F 80 3    ARWRX   
American Century LIVEStrong 2035 Portfolio    Advisor    02507F 87 8    ARYAX     
American Century LIVEStrong 2035 Portfolio    Institutional    02507F 86 0    ARLIX     
American Century LIVEStrong 2035 Portfolio    Investor    02507F 88 6    ARYIX     
American Century LIVEStrong 2035 Portfolio    R    02507F 85 2    ARYRX     
American Century LIVEStrong 2045 Portfolio    Advisor    02507F 83 7    AROAX     
American Century LIVEStrong 2045 Portfolio    Institutional    02507F 82 9    AOOIX   
American Century LIVEStrong 2045 Portfolio    Investor    02507F 84 5    AROIX     
American Century LIVEStrong 2045 Portfolio    R    02507F 81 1    ARORX     
American Century LIVEStrong Income Portfolio    Advisor    02507F 78 7    ARTAX     
American Century LIVEStrong Income Portfolio    Institutional    02507F 77 9    ATTIX     
American Century LIVEStrong Income Portfolio    Investor    02507F 79 5    ARTOX     
American Century LIVEStrong Income Portfolio    R    02507F 76 1    ARSRX     
American Century Long Short Equity    A    02507M758    ALIAX     
American Century Long Short Equity    Institutional    02507M683    ALISX     
American Century Long Short Equity    Investor    02507M691    ALHIX     
American Century Long Short Equity    R    02507M725    ALIRX     
American Century Mid Cap Value    Advisor    025076 63 9    ACLAX     
American Century Mid Cap Value    Institutional    025076 64 7    AVUAX     
American Century Mid Cap Value    Investor    025076 65 4    ACMVX     
American Century Mid Cap Value    R    025076 61 3    AMVRX     
American Century New Opportunities    Investor    025083452    TWNOX     
American Century New Opportunities II    A    025083 22 1    ANOAX     

                                                                                     7

                                           Fund Name    Share Class    CUSIP    Symbol    Administrative 
                Services Fee Rate 
                (Basis Points) 
American Century New Opportunities II    Institutional    025083 32 0    ANONX     
American Century New Opportunities II    Investor    025083 33 8    ANOIX     
American Century Newton    Investor    025085812    AEVIX     
American Century One Choice Portfolio:    Investor    02507F720    AOGIX     
Aggressive                 
American Century One Choice Portfolio:    Investor    02507F746    AOCIX     
Conservative                 
American Century One Choice Portfolio:    Investor    02507F738    AOMIX     
Moderate                 
American Century One Choice Portfolio: Very    Investor    02507F753    AONIX     
Conservative                 
American Century One Choice Portfolio: Very    Investor    02507F712    AOVIX     
Aggressive                 
American Century Premium Money Market    Investor    024932 70 9    TCRXX     
American Century Prime Money Market    A    024932 86 5    APMXX     
American Century Prime Money Market    Investor    024932 10 5    BPRXX     
American Century Real Estate    Advisor    025076 86 0    AREEX     
American Century Real Estate    Institutional    025076 87 8    REAIX     
American Century Real Estate    Investor    025076 88 6    REACX     
American Century Select    A    025083 25 4    AASLX     
American Century Select    Advisor    025083 80 9    TWCAX     
American Century Select    Institutional    025083 60 1    TWSIX     
American Century Select    Investor    025083 50 2    TWCIX     
American Century Select    R    02508H 50 1    ASERX     
American Century Short Duration Bond    A    024932477    ACSQX     
American Century Short Duration Bond    Institutional    024932428    ACSUX     
American Century Short Duration Bond    Investor    024932436    ACSNX     
American Century Short Duration Bond    R    024932444    ACSPX     
American Century Short-Term Government    Advisor    025081 84 5    TWAVX     
American Century Short-Term Government    Investor    025081 50 6    TWUSX     
American Century Small Cap Value    Advisor    025076 83 7    ACSCX     
American Century Small Cap Value    Investor    025076 85 2    ASVIX     
American Century Small Cap Value    Institutional    025076845    ACVIX     
American Century Small Company    Advisor    02507M 82 4    ASQAX     
American Century Small Company    Investor    02507M 84 0    ASQIX     
American Century Small Company    Institutional    02507M832    ASCQX     
American Century Small Company    R    02507M 77 4    ASCRX     
American Century Strategic Allocation:    A    025085 79 6    ALLAX     
Aggressive                 
American Century Strategic Allocation:    Advisor    025085 88 7    ACVAX     
Aggressive                 

8

Fund Name    Share Class    CUSIP    Symbol    Administrative 
                Services Fee Rate 
                (Basis Points) 
American Century Strategic Allocation:    Institutional    025085 85 3    AAAIX     
Aggressive                 
American Century Strategic Allocation:    Investor    025085 70 5    TWSAX     
Aggressive                 
American Century Strategic Allocation:    R    025085 71 3    AAARX     
Aggressive                 
American Century Strategic Allocation:    A    025085 75 4    ACEAX     
Conservative                 
American Century Strategic Allocation:    Advisor    025085 30 9    ACCAX     
Conservative                 
American Century Strategic Allocation:    Institutional    025085 87 9    ACCIX     
Conservative                 
American Century Strategic Allocation:    Investor    025085 10 1    TWSCX     
Conservative                 
American Century Strategic Allocation:    R    025085 72 1    AACRX     
Conservative                 
American Century Strategic Allocation: Moderate    A    025085 77 0    ASMAX     
American Century Strategic Allocation: Moderate    Advisor    025085 60 6    ACOAX     
American Century Strategic Allocation: Moderate    Institutional    025085 86 1    ASAMX     
American Century Strategic Allocation: Moderate    Investor    025085 40 8    TWSMX     
American Century Strategic Allocation: Moderate    R    025085 82 0    ASMRX     
American Century Target Maturity 2010    Advisor    024935 88 4    ACTRX     
American Century Target Maturity 2010    Investor    024935 30 6    BTTNX     
American Century Target Maturity 2015    Advisor    024935 87 6    ACTTX     
American Century Target Maturity 2015    Investor    024935 40 5    BTFTX     
American Century Target Maturity 2020    Advisor    024935 86 8    ACTEX     
American Century Target Maturity 2020    Investor    024935 50 4    BTTTX     
American Century Target Maturity 2025    Advisor    024935 85 0    ACTVX     
American Century Target Maturity 2025    Investor    024935 60 3    BTTRX     
American Century Technology    Investor    025086 77 8    ATCIX     
American Century Ultra    Advisor    025083 85 8    TWUAX     
American Century Ultra    Institutional    025083 87 4    TWUIX     
American Century Ultra    Investor    025083 88 2    TWCUX     
American Century Ultra    R    025083 17 1    AULRX     
American Century Utilities    Advisor    02507M 87 3    ACUTX     
American Century Utilities    Investor    02507M 88 1    BULIX     
American Century Value    A    025076 72 0    ACAVX     
American Century Value    Advisor    025076 80 3    TWADX     
American Century Value    Institutional    025076 60 5    AVLIX     
American Century Value    Investor    025076 50 6    TWVLX     
American Century Value    R    025076 62 1    AVURX     
American Century Veedot    Institutional    025083346    AVDIX     

                                                                                        9

Fund Name    Share Class    CUSIP    Symbol    Administrative 
                Services Fee Rate 
                (Basis Points) 
American Century Veedot    Investor    025083 55 1    AMVIX     
American Century Vista    Advisor    025083 81 7    TWVAX     
American Century Vista    Institutional    025083 83 3    TWVIX     
American Century Vista    Investor    025083841    TWCVX     
American Century Vista    R    02508H 88 1    AVTRX     
American Century-Mason Street High Yield Bond    A    024932 66 7    MHYAX     
American Century-Mason Street High Yield Bond    Institutional    024932 67 5    ACYSX     
American Century-Mason Street High Yield Bond    Investor    024932 68 3    ACYVS     
American Century-Mason Street High Yield Bond    R    024932 63 4    ACYRX     
American Century-Mason Street Mid Cap Growth    A    02508H 78 2    MAGAX     
American Century-Mason Street Mid Cap Growth    Institutional    02508H 79 0    ACMIX     
American Century-Mason Street Mid Cap Growth    Investor    02508H 81 6    ACOVX     
American Century-Mason Street Mid Cap Growth    R    02508H 75 8    ACMRX     
American Century-Mason Street Select Bond    A    024932 59 2    MBDAX     
American Century-Mason Street Select Bond    Institutional    024932 61 8    ACOIX     
American Century-Mason Street Select Bond    Investor    024932 62 6    ACNVX     
American Century-Mason Street Select Bond    R    024932 56 8    ACLRX     
American Century-Mason Street Small Cap    A    02508H 87 5    MSASX     
Growth                 
American Century-Mason Street Small Cap    Institutional    02508H 86 5    ACWIX     
Growth                 
American Century-Mason Street Small Cap    Investor    02508H 87 3    ACWVX     
Growth                 
American Century-Mason Street Small Cap    R    02508H 82 4    ACWRX     
Growth                 

10

                                                    EXHIBIT C - EXCESSIVE TRADING POLICY

Various business units of ING offer variable annuity, variable life insurance and retirement 
plan products through which customers may invest directly or indirectly in one or more 
mutual funds. Frequent purchases and redemptions of a fund's shares, such as those 
associated with "market timing," can adversely affect the fund and the returns achieved by 
the fund's share-holders. As a result, many of the funds that are available through ING's 
products are taking measures to protect the fund and its shareholders from potentially 
harmful trading activity. These measures include reserving the right to reject purchase 
requests from shareholders who are making frequent purchases and redemptions of a fund's 
shares.     
 
ING, as the provider of multi-fund products, has adopted a definition of "Excessive Trading" 
that is intended to respond to a majority of the restrictions on such trading activity that have 
been adopted by the various fund families. ING's current definition of Excessive Trading 
and our policy with respect to such trading activity is outlined below. 
 
1.    ING currently defines Excessive Trading as more than one purchase and sale of the same 
    fund (including money market funds) within a thirty (30) day period. Each fund offered 
    through ING's products, either by prospectus or stated policy, has adopted or may adopt 
    its own definition of Excessive Trading. Therefore ING reserves the right, without prior 
    notice, to modify its general definition or to develop another definition that may apply to 
    a particular fund, product or individual, depending on the needs of a particular fund 
    and/or state or federal regulatory requirements. 
 
    A purchase followed by one or more sales and then another purchase of the same fund, or 
    a sale followed by one or more purchases and then another sale of the same fund would 
    meet ING's definition of Excessive Trading. The following transactions are excluded 
    when determining whether trading activity is excessive: 
 
     •   Purchases or sales of shares related to non-fund transfers (for example, new 
        purchase payments, withdrawals and (loans); 
     •   Transfers associated with scheduled dollar cost averaging and scheduled 
        rebalancing programs; 
     •   Purchases and sales of fund shares in the amount of $250 or less; and 
     •   Purchases and sales of funds that affirmatively permit short-term trading in their 
        fund shares, and movement between such funds and the money market fund. 
 
2.    ING actively monitors fund transfer and reallocation activity within its products to 
    identify Excessive Trading. 

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3.    If ING determines that an individual has used one or more of its products to engage in 
    Excessive Trading, ING will send that individual a one-time warning letter and place that 
    individual on a watch list. According to the needs of the various business units, a copy of 
    the warning letter may also be sent, as applicable, to the person(s) or entity authorized to 
    initiate fund transfers or reallocations, the agent/registered representative or investment 
    adviser for that individual. 
 
4.    If ING determines that an individual has used one or more of its products to engage in 
    Excessive Trading after having received a warning letter as described above, ING will 
    send a second letter to the individual. This letter will state that the individual's ability to 
    initiate fund transfers or reallocations through the Internet, facsimile, telephone calls to 
    the company's service center, or other electronic trading medium that ING may make 
    available from time to time ("Electronic Trading Privileges") has been suspended for a 
    period of 6 months. All fund transfers or reallocations will then have to be initiated by 
    providing written instructions to ING via regular U.S. mail. During the Suspension 
    Period, "inquiry only" privileges will be permitted where and when possible. 
 
5.    Following the 6 month suspension period, the Electronic Trading Privileges may again be 
    restored, but ING will continue to monitor the fund transfer and reallocation activity. 
    Any future Excessive Trading will result in an indefinite suspension of the Electronic 
    Trading Privileges. 
 
6.    ING may elect to limit fund trading or reallocation privileges with respect to any 
    individual, with or without prior notice, if ING determines that the individual's trading 
    activity is disruptive, regardless of whether the individual's trading activity fall within the 
    definition of Excessive Trading set forth above. 

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