0000950134-05-019148 Sample Contracts

Exhibit 8(hhh) [ September , 2005 ] Janus Adviser Series 151 Detroit Street Denver, Colorado 80206 Gentlemen: As you know, Section 5 of our Investment Advisory Agreement dated [ ], 2005, provides for compensation payable to Janus Capital Management...
Janus Adviser Series • October 14th, 2005

As you know, Section 5 of our Investment Advisory Agreement dated [ ], 2005, provides for compensation payable to Janus Capital Management LLC ("JCM") with respect to Janus Adviser Risk-Managed Value Fund (the "Fund"). This letter is to inform you that JCM will waive a portion of its fee from the date the Fund commences operations until December 1, 2007, under the following conditions:

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