February 29, 2012 JPMorgan Trust I
February 29, 2012
000 Xxxx Xxxxxx
New York, NY 10167
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 each Fund listed on Schedule A until March 1, 2013. The JPMorgan Service Providers will waive fees or reimburse expenses to the extent total operating expenses exceed the rate of average daily net assets also indicated on Schedule A. This expense limitation does not include acquired fund fees and expenses, dividend expenses on securities sold short, interest, taxes, expenses related to litigation and potential litigation1, extraordinary expenses not incurred in the ordinary course of the Funds’ business and expenses related to the X.X. Xxxxxx Funds’ Board of Trustees deferred compensation plan.
The JPMorgan Service Providers understand and intend that the Funds will rely on this agreement in preparing and filing their registration statements on Form N-1A and in accruing the Funds’ expenses for purposes of calculating net asset value and for other purposes, and expressly permit the Funds 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.
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Accepted by:
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| By: |
| 1 | The expenses related to litigation and potential litigation will be excluded for certain Funds as follows: |
| • | For JPMorgan Tax Aware Equity Fund beginning March 26, 2012 |
| • | For JPMorgan Global Allocation Fund beginning May 1, 2012 |
| • | For JPMorgan Global Opportunities Fund beginning March 1, 2013 |
For all other Funds, the expenses related to litigation and potential litigation will be excluded beginning February 29, 2012.
JPMTI Fee Waiver Agreement
Page 2
SCHEDULE A
| Class A | Class B | Class C | Select | Institutional | Class R2 | Class R5 | Class R6 | |||||||||||||||||||||||||
| JPMorgan Asia Equity Fund1 |
1.75 | % | 1.50 | % | 1.35 | % | ||||||||||||||||||||||||||
| JPMorgan China Region Fund1 |
2.00 | % | 2.50 | % | 1.75 | % | ||||||||||||||||||||||||||
| JPMorgan Emerging Economies Fund1 |
1.60 | % | 2.10 | % | 1.35 | % | 1.15 | % | ||||||||||||||||||||||||
| JPMorgan Emerging Markets Equity Fund1 |
2.00 | % | 2.50 | % | 2.50 | % | 1.75 | % | 1.45 | % | ||||||||||||||||||||||
| JPMorgan Global Allocation Fund1 |
1.05 | % | 1.55 | % | 0.80 | % | 1.30 | % | ||||||||||||||||||||||||
| JPMorgan Global Equity Income Fund1 |
1.25 | % | 1.75 | % | 1.00 | % | 1.50 | % | 0.80 | % | ||||||||||||||||||||||
| JPMorgan Global Natural Resources1 |
1.30 | % | 1.80 | % | 1.05 | % | 1.55 | % | 0.85 | % | 0.80 | % | ||||||||||||||||||||
| JPMorgan Global Opportunities Fund1 |
1.25 | % | 1.75 | % | 1.00 | % | 1.50 | % | 0.80 | % | 0.75 | % | ||||||||||||||||||||
| JPMorgan Growth Long/Short Fund1 |
1.95 | % | 2.45 | % | 1.70 | % | ||||||||||||||||||||||||||
| JPMorgan Income Builder Fund1 |
0.75 | % | 1.25 | % | 0.60 | % | ||||||||||||||||||||||||||
| JPMorgan India Fund1 |
2.00 | % | 2.50 | % | 1.75 | % | ||||||||||||||||||||||||||
| JPMorgan International Currency Income Fund1 |
0.80 | % | 1.55 | % | 0.60 | % | ||||||||||||||||||||||||||
| JPMorgan International Equity Fund1 |
1.31 | % | 1.81 | % | 1.81 | % | 1.06 | % | 1.56 | % | 0.86 | % | 0.81 | % | ||||||||||||||||||
| JPMorgan International Opportunities Fund1 |
1.31 | % | 1.92 | % | 1.92 | % | 1.06 | % | 0.91 | % | 0.81 | % | ||||||||||||||||||||
| JPMorgan International Opportunities Plus Fund1 |
1.50 | % | 2.00 | % | 1.25 | % | ||||||||||||||||||||||||||
| JPMorgan International Realty Fund1 |
1.40 | % | 1.90 | % | 1.15 | % | 0.95 | % | ||||||||||||||||||||||||
| JPMorgan International Small Cap Equity Fund1 |
1.75 | % | 2.25 | % | 1.50 | % | 1.35 | % | ||||||||||||||||||||||||
| JPMorgan International Value Fund1 |
1.35 | % | 1.85 | % | 1.85 | % | 1.10 | % | 0.95 | % | 1.60 | % | 0.85 | % | ||||||||||||||||||
| JPMorgan Intrepid European Fund1 |
1.50 | % | 2.00 | % | 2.00 | % | 1.25 | % | 1.00 | % | ||||||||||||||||||||||
| JPMorgan Intrepid International Fund1 |
1.50 | % | 2.00 | % | 1.25 | % | 1.00 | % | 1.75 | % | ||||||||||||||||||||||
| JPMorgan Latin America Fund1 |
1.90 | % | 2.40 | % | 1.65 | % | ||||||||||||||||||||||||||
| JPMorgan Multi-Cap Long/Short Fund1 |
1.95 | % | 2.45 | % | 1.70 | % | ||||||||||||||||||||||||||
| JPMorgan Research Equity Long/Short Fund1 |
1.75 | % | 2.25 | % | 1.50 | % | 1.30 | % | ||||||||||||||||||||||||
| JPMorgan Research Market Neutral Fund1 |
1.50 | % | 2.00 | % | 2.00 | % | 1.25 | % | 1.00 | % | ||||||||||||||||||||||
| JPMorgan Russia Fund1 |
2.00 | % | 2.50 | % | 1.75 | % | ||||||||||||||||||||||||||
| JPMorgan Strategic Preservation Fund1 |
1.35 | % | 1.85 | % | 1.10 | % | 0.90 | % | ||||||||||||||||||||||||
| JPMorgan Tax Aware Equity Fund1 |
1.05 | % | 1.55 | % | 0.80 | % | 0.55 | % | ||||||||||||||||||||||||
| JPMorgan Tax Aware Real Return Fund1 |
0.75 | % | 1.40 | % | 0.65 | % | 0.50 | % | ||||||||||||||||||||||||
| 1 | Expense limitation is in place until at least 3/1/13. |
