July 1, 2011 JPMorgan Trust I New York, NY 10017 Dear Sirs:

July 1, 2011

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 each Fund listed on Schedule A. The JPMorgan Service Providers will waive fees or reimburse 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, extraordinary expenses and expenses related to the JPMorgan 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.

By:

Accepted by:

JPMorgan Trust I

By:

1

JPMTI Fee Waiver Agreement

Page 2

SCHEDULE A

Variable NAV Funds

		Class A				Class B				Class C				Select				Institutional				Class R5				Class R2				Class R6
JPMorgan California Tax Free Bond Fund1			0.60	%							1.10	%			0.55	%			0.50	%
JPMorgan Credit Opportunities Fund1			0.75	%							1.40	%			0.65	%							0.50	%			1.15	%			0.45	%
JPMorgan Emerging Markets Debt Fund1			1.25	%							1.75	%			1.00	%							0.80	%
JPMorgan Inflation Managed Bond Fund1			0.75	%							1.40	%			0.60	%							0.55	%			1.00	%			0.50	%
JPMorgan Intermediate Tax Free Bond Fund1			0.75	%			1.43	%			1.43	%			0.59	%			0.50	%
JPMorgan Managed Income Fund1															0.40	%			0.35	%
JPMorgan Multi-Sector Income Fund1			1.00	%							1.50	%			0.75	%							0.55	%			1.25	%
JPMorgan New York Tax Free Bond Fund1			0.75	%			1.50	%			1.50	%			0.72	%			0.50	%
JPMorgan Real Return Fund1			0.75	%							1.40	%			0.60	%			0.50	%
JPMorgan Strategic Income Opportunities Fund1			1.00	%							1.50	%			0.75	%							0.55	%
JPMorgan Tax Aware High Income Fund1			0.65	%							1.15	%			0.55	%
JPMorgan Total Return Fund1			0.75	%							1.40	%			0.65	%							0.55	%

¹  Expense limitation is in place until at least 6/30/12.

2

Money Market Funds

		Capital				Institutional				Agency				Premier				Xxxxxx				Reserve				Class B				Class C				Cash Management				E*Trade				Service				Direct				Investor				Eagle
JPMorgan 100% U.S. Treasury Securities Money Market Fund2			0.18	%			0.21	%			0.26	%			0.45	%			0.59	%			0.70	%																			1.05	%
JPMorgan California Municipal Money Market Fund2																			0.59	%																			1.00	%			1.05	%
JPMorgan Current Yield Money Market Fund2			0.18	%			0.21	%
JPMorgan Federal Money Market Fund2							0.21	%			0.26	%			0.45	%			0.59	%			0.70	%
JPMorgan New York Municipal Money Market Fund2																			0.59	%			0.70	%															1.00	%			1.05	%
JPMorgan Prime Money Market Fund2			0.18	%			0.21	%			0.26	%			0.45	%			0.52	%			0.70	%			0.97	%			0.97	%			0.96	%							1.05	%			0.30	%			0.51	%			0.70	%
JPMorgan Tax Free Money Market Fund2							0.21	%			0.26	%			0.45	%			0.59	%			0.70	%																							0.30	%							0.70	%

²  Expense limitation is in place until at least 6/30/12.

3