November 1, 2012 JPMorgan Trust I

November 1, 2012

JPMorgan Trust I

000 Xxxx Xxxxxx

New York, NY 10017

Dear Sirs:

X.X. Xxxxxx Investment Management Inc, JPMorgan Funds Management, Inc. and JPMorgan Distribution Services, Inc. (collectively, “JPMorgan Service Providers”) hereby agree to waive fees owed to each JPMorgan Service Provider or to reimburse the JPMorgan Alternative Strategies Fund (the “Fund”) for the time periods so indicated. The JPMorgan Service Providers will waive fees or reimburse expenses to the extent total operating expenses exceed the rate of average daily net assets indicated on Schedule A. This expense limitation does not include: (1) dividend expenses on securities sold short, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses not incurred in the ordinary course of the Fund’s business and expenses related to the X.X. Xxxxxx Funds’ Board of Trustees deferred compensation plan incurred by the Fund or an underlying fund as defined in the Fund’s prospectus and (2) acquired fund fees incurred by an underlying fund.

The JPMorgan Service Providers understand and intend that the Fund will rely on this agreement in preparing and filing its registration statements on Form N-1A and in accruing the Fund’s expenses for purposes of calculating net asset value and for other purposes, and expressly permit the Fund to do so.

Please acknowledge acceptance on the enclosed copy of this letter.

Very truly yours,

X.X. Xxxxxx Investment Management Inc.

JPMorgan Funds Management, Inc.

JPMorgan Distribution Services, Inc.

By:

Accepted by:

JPMorgan Trust I

By:

SCHEDULE A

Fund Name		Class					Fiscal Year End					Expense Cap					Expense Cap Period End
JPMorgan Alternative Strategies Fund		Class A					June 30							1.75	%		October 31, 2013
		Class C												2.25	%
		Select												1.50	%
		Class R5												1.30	%

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