November 1, 2023

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 so 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 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 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 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.

The JPMorgan Service Providers understand and intend 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.

JPMorgan Distribution Services, Inc.

/s/ Brian S. Shlissel

By: Brian S. Shlissel

Accepted by:

JPMorgan Trust I

/s/ Timothy J. Clemens

By: Timothy J. Clemens

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

SCHEDULE A

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5			Class R6
JPMorgan Hedged Equity Fund1		0.85	%		1.35	%		0.60	%														0.45	%		0.35	%
JPMorgan Mid Cap Equity Fund1		1.14	%		1.64	%		0.89	%					1.39	%								0.74	%		0.64	%
JPMorgan Small Cap Blend Fund1		1.24	%		1.74	%		0.99	%					1.49	%		1.24	%		0.99	%		0.84	%		0.74	%
JPMorgan Small Cap Equity Fund1								0.99	%					1.49	%					0.99	%		0.80	%
JPMorgan Small Cap Sustainable Leaders Fund1		1.14	%		1.64	%		0.89	%					1.39	%		1.14	%		0.89	%		0.70	%		0.65	%
JPMorgan U.S. Applied Data Science Value Fund1		0.73	%		1.23	%		0.49	%					1.09	%								0.44	%		0.34	%
JPMorgan U.S. Equity Fund1		0.94	%		1.44	%		0.69	%					1.19	%		0.94	%		0.69	%		0.54	%		0.44	%
JPMorgan U.S. GARP Equity Fund1		0.84	%		1.34	%		0.59	%					1.09	%								0.44	%		0.34	%
JPMorgan U.S. Large Cap Core Plus Fund1		0.95	%		1.45	%		0.70	%					1.40	%								0.75	%		0.65	%
JPMorgan U.S. Research Enhanced Equity Fund1		0.60	%					0.35	%																	0.25	%
JPMorgan U.S. Small Company Fund1		1.19	%		1.69	%		0.94	%
JPMorgan U.S. Sustainable Leaders Fund1		0.64	%		1.14	%		0.39	%																	0.34	%
JPMorgan U.S. Value Fund1		0.94	%		1.44	%		0.69	%					1.19	%		0.94	%		0.69	%		0.54	%		0.44	%
JPMorgan Value Advantage Fund1		1.04	%		1.54	%		0.79	%		0.75	%		1.30	%		1.05	%		0.80	%		0.65	%		0.55	%

¹ Expense limitation is in place until at least 10/31/24.