November 1, 2023

JPMorgan Trust I

277 Park Avenue

New York, NY 10172

Dear Sirs:

J.P. Morgan Investment Management Inc. (“JPMIM”) and JPMorgan Distribution Services, Inc. (“JPMDS”) (collectively, “JPMorgan Service Providers”) hereby agree to waive fees owed to each JPMorgan Service Provider for each Fund listed on Schedule A through October 31, 2024. To avoid charging an investment advisory fee and a shareholder service fee at an effective rate above 0.30% for investment advisory services and 0.25% for shareholder servicing on affiliated investments in Class A, Class C and Class I Shares, JPMIM and JPMDS have contractually agreed to waive investment advisory and shareholder service fees in an amount equal to the weighted average pro rata amount of affiliated investment advisory fees and affiliated shareholder service fees charged by the underlying funds purchased by the 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.

/s/ Brian S. Shlissel

By: Brian S. Shlissel

Accepted by:

JPMorgan Trust I

/s/ Timothy J. Clemens

By: Timothy J. Clemens

JPMorgan Access Funds Fee Waiver Agreement

Page 2

SCHEDULE A

FUNDS

JPMorgan Access Balanced Fund

JPMorgan Access Growth Fund