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

EX-99.e.1.iii

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

March 28, 2014

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 28, 2014 through March 30, 2015 for Delaware Dividend Income Fund and November 1, 2013 through March 30, 2015 for Delaware Small Cap Value Fund.

Fund		Class		12b-1 Cap
Delaware Dividend Income Fund		Class B		0.25%
Delaware Small Cap Value Fund		Class B		0.25%

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 28, 2014