Exhibit No. EX-99.h.4
Delaware Distributors, L.P.
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
April 14, 2006
Delaware VIP Trust
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 certain portfolios in Delaware VIP
Trust, which is comprised of the Delaware VIP Balanced Series, Delaware VIP
Capital Reserves Series, Delaware VIP Cash Reserve Series, Delaware VIP
Diversified Income Series, Delaware VIP Emerging Markets Series, Delaware VIP
Global Bond Series, Delaware VIP Growth Opportunities Series, Delaware VIP High
Yield Series, Delaware VIP International Value Equity Series, Delaware VIP REIT
Series, Delaware VIP Select Growth Series, Delaware VIP Small Cap Value Series,
Delaware VIP Trend Series, Delaware VIP U.S. Growth Series, and Delaware VIP
Value Series (each a "Series"), the Distributor shall, from May 1, 2006 through
April 30, 2007, waive a portion of the Rule 12b-1 (distribution) fee for Service
Class shares so that such Rule 12b-1 (distribution) fee for the Service Class
shares of the Series will be capped at the following rates:
Series Service Class 12b-1 Plan
Expense Limitation
Delaware VIP Balanced Series 0.25%
Delaware VIP Capital Reserves Series 0.25%
Delaware VIP Cash Reserve Series 0.25%
Delaware VIP Diversified Income Series 0.25%
Delaware VIP Emerging Markets Series 0.25%*
Delaware VIP Global Bond Series 0.25%
Delaware VIP Growth Opportunities Series 0.25%
Delaware VIP High Yield Series 0.25%
Delaware VIP International Value Equity Series 0.25%
Delaware VIP REIT Series 0.25%
Delaware VIP Select Growth Series 0.25%
Delaware VIP Small Cap Value Series 0.25%*
Delaware VIP Trend Series 0.25%
Delaware VIP U.S. Growth Series 0.25%
Delaware VIP Value 0.25%
*The VIP Emerging Markets Series Service Class and Delaware VIP Small Cap Value
Series Service Class 12b-1 fee will be limited to 0.25% until the later of April
30, 2007 or the Series are marketed to new insurance companies or included in
new insurance products.
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/ Xxxxx X. Xxxxx
Name: Xxxxx X. Xxxxx
Title: President/Chief Executive
Officer
Date: April 14, 2006
Your signature below acknowledges
acceptance of this Agreement:
DELAWARE VIP TRUST
By: /s/ Xxxx X. Xxxxxxxx
Name: Xxxx X. Xxxxxxxx
Title: Chairman/President/Chief
Executive Officer
Date: April 14, 2006
