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 27, 2009

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 each series of Delaware Group Equity Funds V (each a “Fund”), the Distributor shall waive a portion of the Rule 12b-1 (distribution) fees for each Fund’s Class A and Class R shares, so that each Fund’s Rule 12b-1 (distribution) fees with respect to its Class A and Class R shares will not exceed 0.25% and 0.50%, respectively, for the period April 1, 2009 through March 31, 2010.

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/ Xxxxxxxx X. Xxxxx
		Name: Xxxxxxxx X. Xxxxx
		Title:   Executive Vice President
		Date:   March 27, 2009

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 27, 2009