Exhibit No. EX-99.h.5
Delaware Distributors, L.P.
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
October __, 2006
Delaware Group Equity Funds III
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 Delaware American Services Fund
(the "Fund"), which is a series of Delaware Group Equity Funds III, the
Distributor shall waive a portion of the Rule 12b-1 (distribution) fees for
Class A Shares and Class R Shares so that such Rule 12b-1 (distribution) fees
for the Fund will not exceed 0.25% and 0.50%, respectively, for the period
November 1, 2006 through October 31, 2007.
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: _________________________
Name:
Title:
Date:
Your signature below acknowledges
acceptance of this Agreement:
Delaware Group Equity Funds III
By: _________________________
Name:
Title:
Date:
