Delaware Distributors, L.P. 2005 Market Street Philadelphia, PA 19103Expense Limitations Agreement • October 28th, 2009 • Delaware Group Equity Funds Iii
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 Delaware Trend Fund, Delaware Small Cap Growth Fund, and Delaware American Services Fund (collectively, the “Funds”), all of which are series of Delaware Group Equity Funds III, the Distributor shall waive a portion of the Rule 12b-1 (distribution) fees for the Delaware American Services Fund’s and Delaware Small Cap Growth Fund’s Class A Shares and all of the Funds’ Class R Shares, so that such Shares’ Rule 12b-1 (distribution) fees will not exceed 0.25% for Class A Shares and 0.50% for Class R Shares for the period November 1, 2009 through October 31, 2010.
SCHEDULE B SHAREHOLDER SERVICES AGREEMENT COMPENSATION SCHEDULE EFFECTIVE JUNE 1, 2009 DELAWARE INVESTMENTS FAMILY OF FUNDSShareholder Services Agreement • October 28th, 2009 • Delaware Group Equity Funds Iii
