March 1, 2023

JPMorgan Trust I

277 Park Avenue

New York, NY 10172

Dear Sirs:

J.P. Morgan Investment Management Inc. (“JPMIM”) hereby agrees to waive fees owed to JPMIM or to reimburse each Fund listed on Schedule A for the time periods so indicated. JPMIM 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 expenses on securities sold short, interest, taxes, expenses related to litigation and potential litigation, expenses related to Trustee elections and extraordinary expenses not incurred in the ordinary course of each Fund’s business. In addition, each Fund may invest in one or more money market funds advised by JPMIM or its affiliates (“affiliated money market funds”). JPMIM, as each Fund’s adviser and administrator hereby contractually agrees 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 such 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.

JPMIM understands and intends that each Fund will rely on this agreement in preparing and filing their registration statements on Form N-1A and in accruing each Fund’s expenses for purposes of calculating net asset value and for other purposes, and expressly permits each Fund to do so.

Please acknowledge acceptance on the enclosed copy of this letter.

Very truly yours,

J.P. Morgan Investment Management Inc.

/s/ Brian S. Shlissel

By: Brian S. Shlissel

Managing Director

Accepted by: JPMorgan Trust I

/s/ Timothy J. Clemens

By: Timothy J. Clemens

Treasurer

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SCHEDULE A

	Class A			Class C			Class I			Class R2			Class R3			Class R4			Class R5			Class R6
JPMorgan Emerging Markets Equity Fund1		1.24	%		1.74	%		0.99	%		1.54	%		1.29	%		1.04	%		0.89	%		0.79	%
JPMorgan Emerging Markets Strategic Debt Fund1		1.20	%		1.70	%		0.95	%		1.45	%											0.70	%
JPMorgan Europe Dynamic Fund1		1.24	%		1.74	%		0.99	%
JPMorgan International Equity Fund1		0.95	%		1.45	%		0.70	%		1.25	%								0.60	%		0.50	%
JPMorgan International Focus Fund1		1.00	%		1.50	%		0.75	%		1.30	%								0.65	%		0.55	%
JPMorgan International Value Fund1		1.00	%		1.50	%		0.75	%		1.30	%								0.65	%		0.55	%
JPMorgan Opportunistic Equity Long/Short Fund1		1.35	%		1.85	%		1.10	%														1.05	%
JPMorgan Research Market Neutral Fund1		0.95	%		1.45	%		0.69	%
JPMorgan Tax Aware Equity Fund1								0.55	%														0.44	%
JPMorgan Tax Aware Real Return Fund1		0.70	%		1.20	%		0.45	%														0.35	%

¹  Expense limitation is in place until at least 2/29/24.

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