VOYAGEUR MUTUAL FUNDS III AMENDED AND RESTATED DISTRIBUTION AGREEMENTDistribution Agreement • February 28th, 2018 • Voyageur Mutual Funds Iii • Pennsylvania
Delaware Management Company 2005 Market Street Philadelphia, PA 19103Voyageur Mutual Funds Iii • February 28th, 2018
By our execution of this letter agreement (the “Agreement”), intending to be legally bound hereby, Delaware Management Company, a series of Macquarie Investment 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 pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine 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 annual operating expenses (excluding any Excluded Expenses) exceed 1.00% for the period from February 28, 2018 through February
