VOYAGEUR MUTUAL FUNDS III AMENDED AND RESTATED DISTRIBUTION AGREEMENTDistribution Agreement • August 27th, 2010 • Voyageur Mutual Funds Iii
Delaware Management Company 2005 Market Street Philadelphia, PA 19103Expense Limitation Agreement • August 27th, 2010 • Voyageur Mutual Funds Iii
By our execution of this letter agreement (the “Agreement”), intending to be legally bound hereby, Delaware Management Company, a series of Delaware Management Business Trust (the “Manager”), agrees that in order to improve the performance of Delaware Select Growth Fund (the “Fund”), a series of Voyageur Mutual Funds III, the Manager shall waive all or a portion of its investment advisory fees and/or reimburse expenses (excluding any 12b-1 plan expenses, taxes, interest, inverse floater program expenses, brokerage fees, short-sale dividend and interest expenses, certain insurance costs, and non-routine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations (collectively, the “Excluded Expenses”)) in an aggregate amount equal to the amount by which the Fund’s total operating expenses (excluding any Excluded Expenses) exceed 1.24% of the Fund’s average daily net assets for the period August 28, 20
Delaware Distributors, L.P. 2005 Market Street Philadelphia, PA 19103Expense Limitation Agreement • August 27th, 2010 • Voyageur Mutual 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 the series of Voyageur Mutual Funds III set forth below (the “Fund”), the Distributor shall waive a portion of the Rule 12b-1 (distribution) fees applicable to the specified Fund class, so that the Fund’s Rule 12b-1 (distribution) fees with respect to such class will not exceed the percentages set forth below for the period August 28, 2010 through August 28, 2011.
