November 1, 2025

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 the 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 the Fund’s business. In addition, the Fund may invest in one or more money market funds advised by JPMIM or its affiliates (“affiliated money market funds”). JPMIM, as the 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 the Fund’s investment in such money market funds. This waiver does not apply to the Fund’s investments in affiliated money market funds made with cash received as collateral from securities lending borrowers.

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

Please acknowledge acceptance on the enclosed copy of this letter.

Very truly yours,

 

J.P. Morgan Investment Management Inc.   /s/ Matthew J. Kamburowski

By: Matthew J. Kamburowski

Managing Director

Accepted By: JPMorgan Trust I

/s/ Timothy J. Clemens

By: Timothy J. Clemens

Treasurer

 

 

1

SCHEDULE A

 

		Class A				Class C				Class I				Class R2				Class R3				Class R4				Class R5				Class R6
JPMorgan Emerging Markets Equity Fund1			1.19	%			1.69	%			0.94	%			1.49	%			1.19	%			0.99	%			0.79	%			0.74	%
JPMorgan Europe Dynamic Fund			1.00	%			1.50	%			0.75	%																			0.55	%

 

1	Expense limitation is in place until at least 10/31/26.

 

2