0001206774-09-000632 Sample Contracts

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Delaware Distributors, L.P. 2005 Market Street Philadelphia, PA 19103
Expense Limitations Agreement • March 27th, 2009 • Delaware Group Equity Funds V

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.

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