July 1, 2015

JPMorgan Trust II

270 Park Avenue

New York, NY 10017

Dear Sirs:

J.P. Morgan 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 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 and interest^1,2 expenses on securities sold short, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses not incurred in the ordinary course of the Funds’ business.

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,

J.P. Morgan Investment Management Inc.

JPMorgan Funds Management, Inc.

JPMorgan Distribution Services, Inc.

By:

Accepted by:

JPMorgan Trust II

By:

¹  In calculating the interest expense on short sales for purposes of this exclusion, the Fund will recognize economic elements of interest costs, including premium and discount adjustments.

²  The interest expenses on securities sold short will not be excluded from the expense limitation on total operating expenses until 11/1/15 for JPMorgan High Yield Fund, 12/1/15 for JPMorgan Core Bond Fund and 7/1/16 for JPMorgan Municipal Income Fund and JPMorgan Tax Free Bond Fund.

JPMTII Fee Waiver Agreement

Page II

SCHEDULE A

Variable NAV Funds¹

FUND NAME	Class A			Class C			Select Class			Class R2			Class R5			Class R6 (formerly Ultra)			Institutional
JPMorgan Core Bond Fund		0.75	%		1.40	%		0.58	%		1.00	%		0.45	%		0.35	%
JPMorgan Core Plus Bond Fund		0.75	%		1.40	%		0.65	%		1.15	%					0.40	%		0.49	%
JPMorgan Government Bond Fund		0.75	%		1.48	%		0.48	%		1.00	%					0.50	%
JPMorgan High Yield Fund		1.00	%		1.55	%		0.80	%		1.30	%		0.75	%		0.70	%
JPMorgan Limited Duration Bond Fund		0.70	%		1.20	%		0.45	%								0.25	%
JPMorgan Mortgage-Backed Securities Fund		0.65	%		1.15	%		0.40	%								0.25	%
JPMorgan Municipal Income Fund		0.82	%		1.39	%		0.57	%
JPMorgan Ohio Municipal Bond Fund		0.88	%		1.53	%		0.63	%
JPMorgan Short Duration Bond Fund		0.80	%		1.30	%		0.55	%								0.30	%
JPMorgan Short-Intermediate Municipal Bond Fund		0.75	%		1.25	%		0.50	%											0.25	%
JPMorgan Tax Free Bond Fund		0.67	%		1.36	%		0.50	%
JPMorgan Treasury & Agency Fund		0.70	%		1.20	%		0.45	%

Money Market Funds¹

FUND NAME	Capital			Institutional Class			Agency			Premier			Investor			Morgan			Reserve			Class C			Service			E*TRADE			Direct			Eagle
JPMorgan Liquid Assets Money Market Fund		0.18	%		0.21	%		0.26	%		0.45	%		0.51	%		0.59	%		0.70	%		0.97	%		1.05	%		1.00	%
JPMorgan Municipal Money Market Fund					0.21	%		0.26	%		0.45	%					0.59	%		0.70	%					1.05	%		1.00	%
JPMorgan U.S. Government Money Market Fund		0.18	%		0.21	%		0.26	%		0.45	%		0.51	%		0.59	%		0.70	%					1.05	%					0.30	%		0.70	%
JPMorgan U.S. Treasury Plus Money Market Fund					0.21	%		0.26	%		0.45	%		0.51	%		0.59	%		0.70	%		0.97	%		1.05	%					0.30	%		0.70	%

¹  Expense limitation is in place until at least 6/30/16.