JPMorgan Trust I
, 2011
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, “X.X. Xxxxxx Service Providers”) hereby agree to waive fees and/or expenses owed to each X.X. Xxxxxx Service Provider or to reimburse each Fund listed on Schedule A for the time periods so indicated. The X.X. Xxxxxx 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 X.X. Xxxxxx Funds’ Board of Trustees deferred compensation plan.
The X.X. Xxxxxx 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: |
| JPMorgan Trust I |
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SCHEDULE A
| Fund Name |
Class | Fiscal Year End |
Expense Cap |
Expense Cap Period End | ||||||
| JPMorgan Global Natural Resources Fund |
Class R6 | October 31 | 0.80 | % | , 2012 | |||||
| JPMorgan Multi-Sector Income Fund |
Class R6 | Last Day of February |
0.50 | % | , 2012 | |||||
| JPMorgan U.S. Small Company Fund |
Class R2 | June 30 | 1.51 | % | , 2012 | |||||
| Class R6 | 0.76 | % | ||||||||
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