March 1, 2020

JPMorgan Trust I

277 Park Avenue

New York, NY 10172

Dear Sirs:

J.P. Morgan Investment 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 for the time periods 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 also indicated on Schedule A. This expense limitation does not include acquired fund fees and expenses, dividend and interest¹ expenses on securities sold short, interest, taxes, expenses related to trustee elections, expenses related to litigation and potential litigation and extraordinary expenses not incurred in the ordinary course of the Funds’ business. In addition, the Funds may invest in one or more money market funds advised by the J.P. Morgan Investment Management Inc. or its affiliates (“affiliated money market funds”). The JPMorgan Service Providers as each Fund’s adviser, shareholder servicing agent and/or administrator hereby contractually agree to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on each Fund’s investment in such money market funds. This waiver does not apply to each Fund’s investments in affiliated money market funds made with cash received as collateral from securities lending borrowers.

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 Distribution Services, Inc.

By:

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

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Accepted by:

JPMorgan Trust I

By:

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SCHEDULE A

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5			Class R6			Class T
JPMorgan Emerging Markets Strategic Debt Fund1		1.20	%		1.70	%		0.95	%					1.45	%								0.80	%		0.70	%
JPMorgan Emerging Markets Equity Fund1		1.24	%		1.74	%		0.99	%					1.54	%		1.29	%		1.04	%		0.89	%		0.79	%		1.24	%
JPMorgan Global Research Enhanced Index Fund1								0.34	%																	0.25	%
JPMorgan International Equity Fund1		0.95	%		1.45	%		0.70	%					1.25	%								0.60	%		0.50	%
JPMorgan International Unconstrained Equity Fund1		1.00	%		1.50	%		0.75	%					1.30	%								0.65	%		0.55	%		1.00	%
JPMorgan International Value Fund1		1.00	%		1.50	%		0.75	%					1.30	%								0.65	%		0.55	%		1.00	%
JPMorgan Europe Dynamic Fund1		1.24	%		1.74	%		0.99	%
JPMorgan International Advantage Fund1		0.95	%		1.45	%		0.70	%					1.25	%											0.50	%
JPMorgan Opportunistic Equity Long/Short Fund1		1.85	%		2.35	%		1.60	%																	1.35	%
JPMorgan Research Market Neutral Fund1		1.25	%		1.75	%		0.99	%		0.85	%
JPMorgan Tax Aware Equity Fund1		0.98	%		1.46	%		0.55	%																	0.44	%
JPMorgan Tax Aware Real Return Fund1								0.50	%																	0.40	%

¹  Expense limitation is in place until at least 2/28/21

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