Delaware Distributors, L.P. 2005 Market Street Philadelphia, PA 19103

EX-99.e.1.ii

Delaware Distributors, L.P.
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000

March 30, 2011

Delaware Group Equity Funds V
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000

Re: Expense Limitations

Ladies and Gentlemen:

     By our execution of this letter agreement (the “Agreement”), intending to be legally bound hereby, Delaware Distributors, L.P. (the “Distributor”) agrees that in order to improve the performance of the series of Delaware Group Equity Funds V set forth below (each a “Fund”), the Distributor shall waive a portion of the Rule 12b-1 (distribution) fees applicable to the specified Fund class, so that such Fund’s Rule 12b-1 (distribution) fees with respect to such class will not exceed the percentages set forth below for the period March 30, 2011 through March 29, 2012.

Fund	Class	12b-1 Cap
Delaware Dividend Income Fund	Class A	0.25%
	Class R	0.50%
Delaware Small Cap Core Fund	Class A	0.25%
	Class R	0.50%
Delaware Small Cap Value Fund	Class A	0.25%
	Class R	0.50%

     The Distributor acknowledges that it shall not be entitled to collect on, or make a claim for, waived fees at any time in the future.

	Delaware Distributors, L.P.
	By:	/s/ X. Xxxxx Xxxxxxx
		Name: X. Xxxxx Xxxxxxx
		Title: President

Your signature below acknowledges
acceptance of this Agreement:

Delaware Group Equity Funds V
By:	/s/ Xxxxxxx X. Xxxxx
	Name: Xxxxxxx X. Xxxxx
	Title: President
	Date: March 30, 2011