FORM OF AGREEMENT
Exhibit (h)(29)
December 7, 2012
Ladies and Gentlemen:
As you know, Section 5 of our Investment Advisory Agreement provides for compensation payable to
Janus Capital Management LLC (“JCM”) with respect to Global Technology Portfolio (the “Fund”).
This letter is to inform you that JCM will waive all or a portion of its fee, as applicable, from
May 1, 2013 until May 1, 2014 under the following conditions:
In the event the operating expenses allocated to any class of the Fund, including
the amount payable to JCM pursuant to Section 5 of the Investment Advisory
Agreement, for any fiscal year ending on a date on which this Agreement is in
effect, exceed 0.97% of average daily net assets, JCM shall reduce its fee
payable with respect to the Fund by the extent of such excess and/or shall reimburse
the Fund (or class as applicable) by the amount of such excess; provided, however,
there shall be excluded from such expenses the 12b-1 fee payable by Service Shares
of the Fund, any administrative services fees or out of pocket expenses payable
by shares of the Fund pursuant to or related to the Transfer Agency Agreement,
as well as the amount of any items not normally considered operating expenses
such as interest, dividends, acquired fund fees and expenses, taxes, brokerage
commissions, distribution fees and extraordinary expenses (including, but not
limited to, legal claims and liabilities and litigation costs, and any
indemnification related thereto) paid or payable by the Fund. Operating expenses
shall be calculated net of balance credits and similar offset arrangements
(excluding any directed brokerage arrangements). Whenever the expenses allocated to
any class of the Fund exceed a pro rata portion of the applicable annual expense
limitations, the estimated amount of reimbursement under such limitations shall be
offset against the monthly payment of the fee due to JCM and/or paid by JCM to the
Fund (or applicable class). The waiver or reimbursement shall be allocated to each
class of the Fund in the same manner as the underlying expenses or fees were
allocated.
This waiver/reimbursement will continue in effect until May 1, 2014, unless otherwise
terminated, revised, or extended. This waiver/reimbursement is applicable only to the Fund and
shall not be applicable to any other series of Janus Aspen Series, whether now existing or
hereafter created.
JANUS CAPITAL MANAGEMENT LLC | JANUS ASPEN SERIES | |||||||||
By:
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By: | |||||||||
Senior Vice President, General Counsel and | Vice President, Chief Legal Counsel and | |||||||||
Secretary | Secretary |