Document:

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                                                                 Exhibit 4(aaaa)
                               JANUS ASPEN SERIES

                          INVESTMENT ADVISORY AGREEMENT

                           WORLDWIDE GROWTH PORTFOLIO

      THIS INVESTMENT ADVISORY AGREEMENT (the "Agreement") is made this 1st day
of July, 2004, as amended this 1st day of February, 2006, between JANUS ASPEN
SERIES, a Delaware statutory trust (the "Trust"), and JANUS CAPITAL MANAGEMENT
LLC, a Delaware limited liability company ("JCM").

                              W I T N E S S E T H:

      WHEREAS, the Trust is registered as an open-end management investment
company under the Investment Company Act of 1940, as amended (the "1940 Act"),
and has registered its shares for public offering under the Securities Act of
1933, as amended (the "1933 Act"); and

      WHEREAS, the Trust is authorized to create separate funds, each with its
own separate investment portfolio of which the beneficial interests are
represented by a separate series of shares; one of such funds created by the
Trust being designated as the Worldwide Growth Portfolio (the "Fund"); and

      WHEREAS, the Trust and JCM deem it mutually advantageous that JCM should
be appointed as the investment adviser to the Fund.

      NOW, THEREFORE, the parties agree as follows:

      1. Appointment. The Trust hereby appoints JCM as investment adviser and
manager with respect to the Fund for the period and on the terms set forth in
this Agreement. JCM hereby accepts such appointment and agrees to render the
services herein set forth, for the compensation herein provided.

      2. Investment Advisory Services. JCM shall determine the securities or
other assets to be purchased, sold or held and shall place orders for the
purchase or sale of such securities or other assets with brokers, dealers or
others. JCM shall furnish continuous advice and recommendations to the Fund, and
have authority to act with respect thereto, as to the acquisition, holding, or
disposition of any or all of the securities or other assets which the Fund may
own or contemplate acquiring from time to time. JCM shall give due consideration
to the investment policies and restrictions and the other statements concerning
the Fund in the Trust Instrument, bylaws, and registration statements under the
1940 Act and the 1933 Act, and to the provisions of the Internal Revenue Code,
as amended from time to time, applicable to the Fund as a regulated investment
company and as a funding vehicle for variable insurance contracts. In addition,
JCM shall cause its officers to attend meetings and furnish oral or written
reports, as the Trust may reasonably require, in order to keep the Trustees and
appropriate officers of the Trust fully informed as to the condition of the
investment portfolio of the Fund.

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      3. Other Services. JCM is hereby authorized (to the extent the Trust has
not otherwise contracted) but not obligated (to the extent it so notifies the
Trustees at least 60 days in advance), to perform (or arrange for the
performance by affiliates of) the management and administrative services
necessary for the operation of the Fund. JCM is specifically authorized, on
behalf of the Trust, to conduct relations with custodians, depositories,
transfer and pricing agents, accountants, attorneys, underwriters, brokers and
dealers, corporate fiduciaries, insurance company separate accounts, insurers,
banks and such other persons in any such other capacity deemed by JCM to be
necessary or desirable. JCM shall generally monitor and report to Fund officers
the Fund's compliance with investment policies and restrictions as set forth in
the currently effective prospectus and statement of additional information
relating to the shares of the Fund under the 1933 Act. JCM shall make reports to
the Trustees of its performance of services hereunder upon request therefor and
furnish advice and recommendations with respect to such other aspects of the
business and affairs of the Fund as it shall determine to be desirable. JCM is
also authorized, subject to review by the Trustees, to furnish such other
services as JCM shall from time to time determine to be necessary or useful to
perform the services contemplated by this Agreement.

      4. Obligations of Trust. The Trust shall have the following obligations
under this Agreement:

         (a)      to keep JCM continuously and fully informed as to the
                  composition of its investment portfolio and the nature of all
                  of its assets and liabilities from time to time;

         (b)      to furnish JCM with a certified copy of any financial
                  statement or report prepared for it by certified or
                  independent public accountants and with copies of any
                  financial statements or reports made to its shareholders or to
                  any governmental body or securities exchange;

         (c)      to furnish JCM with any further materials or information which
                  JCM may reasonably request to enable it to perform its
                  function under this Agreement; and

         (d)      to compensate JCM for its services and reimburse JCM for its
                  expenses incurred hereunder in accordance with the provisions
                  hereof.

      5. Compensation. The Trust shall pay to JCM for its investment advisory
services a monthly base fee of 1/12 of 0.60% of the average daily closing net
asset value of the Fund, adjusted by a performance fee as set forth in Schedule
A. For any period less than a month during which this Agreement is in effect,
the base fee shall be prorated according to the proportion which such period
bears to a full month of 28, 29, 30 or 31 days, as the case may be.

      6. Expenses Borne by JCM. In addition to the expenses which JCM may incur
in the performance of its investment advisory functions under this Agreement,
and the expenses which it may expressly undertake to incur and pay under other
agreements with the Trust or

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otherwise, JCM shall incur and pay the following expenses relating to the Fund's
operations without reimbursement from the Fund:

         (a)      Reasonable compensation, fees and related expenses of the
                  Trust's officers and its Trustees, except for such Trustees
                  who are not "interested persons," as defined in the 1940 Act,
                  of JCM; and

         (b)      Rental of offices of the Trust.

      7. Expenses Borne by the Trust. The Trust assumes and shall pay all
expenses incidental to its organization, operations and business not
specifically assumed or agreed to be paid by JCM pursuant to Sections 3 and 6
hereof, including, but not limited to, investment adviser fees; any
compensation, fees, or reimbursements which the Trust pays to its Trustees who
are not "interested persons," as defined in the 1940 Act, of JCM; compensation
of the Fund's custodian, transfer agent, registrar and dividend disbursing
agent; legal, accounting, audit and printing expenses; administrative, clerical,
recordkeeping and bookkeeping expenses; brokerage commissions and all other
expenses in connection with execution of portfolio transactions (including any
appropriate commissions paid to JCM or its affiliates for effecting exchange
listed, over-the-counter or other securities transactions); interest; all
federal, state and local taxes (including stamp, excise, income and franchise
taxes); costs of stock certificates and expenses of delivering such certificates
to purchasers thereof; expenses of local representation in Delaware; expenses of
shareholders' meetings and of preparing, printing and distributing proxy
statements, notices, and reports to shareholders; expenses of preparing and
filing reports and tax returns with federal and state regulatory authorities;
all expenses incurred in complying with all federal and state laws and the laws
of any foreign country applicable to the issue, offer, or sale of shares of the
Fund, including, but not limited to, all costs involved in the registration or
qualification of shares of the Fund for sale in any jurisdiction, the costs of
portfolio pricing services and compliance systems, and all costs involved in
preparing, printing and mailing prospectuses and statements of additional
information to Fund shareholders; and all fees, dues and other expenses incurred
by the Trust in connection with the membership of the Trust in any trade
association or other investment company organization. To the extent that JCM
shall perform any of the above described administrative and clerical functions,
including transfer agency, registry, dividend disbursing, recordkeeping,
bookkeeping, accounting and blue sky monitoring and registration functions, and
the preparation of reports and returns, the Trust shall pay to JCM compensation
for, or reimburse JCM for its expenses incurred in connection with, such
services as JCM and the Trust shall agree from time to time, any other provision
of this Agreement notwithstanding.

      8. Termination. This Agreement may be terminated at any time, without
penalty, by the Trustees of the Trust, or by the shareholders of the Fund acting
by vote of at least a majority of its outstanding voting securities, provided in
either case that sixty (60) days advance written notice of termination be given
to JCM at its principal place of business. This Agreement may be terminated by
JCM at any time, without penalty, by giving sixty (60) days advance written
notice of termination to the Trust, addressed to its principal place of
business. The Trust agrees that, consistent with the terms of the Trust
Instrument, the Trust shall cease to use the name "Janus" in connection with the
Fund as soon as reasonably practicable following any termination of this

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Agreement if JCM does not continue to provide investment advice to the Fund
after such termination.

      9. Assignment. This Agreement shall terminate automatically in the event
of any assignment of this Agreement.

      10. Term. This Agreement shall continue in effect until February 1, 2007,
unless sooner terminated in accordance with its terms, and shall continue in
effect from year to year thereafter only so long as such continuance is
specifically approved at least annually by (a) the vote of a majority of the
Trustees of the Trust who are not parties hereto or interested persons of any
such party, cast in person at a meeting called for the purpose of voting on the
approval of the terms of such renewal, and (b) either the Trustees of the Trust
or the affirmative vote of a majority of the outstanding voting securities of
the Fund. The annual approvals provided for herein shall be effective to
continue this Agreement from year to year if given within a period beginning not
more than ninety (90) days prior to February 1 of each applicable year,
notwithstanding the fact that more than three hundred sixty-five (365) days may
have elapsed since the date on which such approval was last given.

      11. Amendments. This Agreement may be amended by the parties only if such
amendment is specifically approved (i) by a majority of the Trustees, including
a majority of the Trustees who are not interested persons (as that phrase is
defined in Section 2(a)(19) of the 1940 Act) of any party to this Agreement and,
if required by applicable law, (ii) by the affirmative vote of a majority of the
outstanding voting securities of the Fund (as that phrase is defined in Section
2(a)(42) of the 1940 Act).

      12. Other Series. The Trustees shall determine the basis for making an
appropriate allocation of the Trust's expenses (other than those directly
attributable to the Fund) between the Fund and the other series of the Trust.

      13. Limitation of Personal Liability. All the parties hereto acknowledge
and agree that all liabilities of the Trust arising, directly or indirectly,
under this Agreement, of any and every nature whatsoever, shall be satisfied
solely out of the assets of the Fund and that no Trustee, officer or holder of
shares of beneficial interest of the Trust shall be personally liable for any of
the foregoing liabilities. The Trust Instrument describes in detail the
respective responsibilities and limitations on liability of the Trustees,
officers and holders of shares of beneficial interest of the Trust.

      14. Limitation of Liability of JCM. JCM shall not be liable for any error
of judgment or mistake of law or for any loss arising out of any investment or
for any act or omission taken with respect to the Trust, except for willful
misfeasance, bad faith or gross negligence in the performance of its duties, or
by reason of reckless disregard of its obligations and duties hereunder and
except to the extent otherwise provided by law. As used in this Section 14,
"JCM" shall include any affiliate of JCM performing services for the Trust
contemplated hereunder and directors, officers and employees of JCM and such
affiliates.

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      15. Activities of JCM. The services of JCM to the Trust hereunder are not
to be deemed to be exclusive, and JCM and its affiliates are free to render
services to other parties. It is understood that trustees, officers and
shareholders of the Trust are or may become interested in JCM as directors,
officers and shareholders of JCM, that directors, officers, employees and
shareholders of JCM are or may become similarly interested in the Trust, and
that JCM may become interested in the Trust as a shareholder or otherwise.

      16. Certain Definitions. The terms "vote of a majority of the outstanding
voting securities," "assignment" and "interested persons" when used herein,
shall have the respective meanings specified in the 1940 Act, as now in effect
or hereafter amended, and the rules and regulations thereunder, subject to such
orders, exemptions and interpretations as may be issued by the Securities and
Exchange Commission under said Act and as may be then in effect.

      17. Governing Law. This Agreement shall be construed in accordance with
the laws of the State of Colorado (without giving effect to the conflicts of
laws principles thereof) and the 1940 Act. To the extent that the applicable
laws of the State of Colorado conflict with the applicable provisions of the
1940 Act, the latter shall control.

      This Agreement shall supercede all prior investment advisory agreements
entered into between JCM and the Trust, on behalf of the Fund.

      IN WITNESS WHEREOF, the parties have caused their duly authorized officers
to execute this Investment Advisory Agreement as of the amended date and year
first above written.

                             JANUS CAPITAL MANAGEMENT LLC

                             By: /s/ David R. Martin
                                 -------------------
                                     David R. Martin, Chief Financial Officer
                                     and Executive Vice President

                             JANUS ASPEN SERIES

                             By: /s/ Kelley A. Howes
                                 -------------------
                                     Kelley A. Howes, President and Chief
                                     Executive Officer

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                                   SCHEDULE A
                             PERFORMANCE ADJUSTMENT

      Beginning with the Base Fee payable for February 2006 and in month 13 from
the amended date of this Agreement, the Base Fee shall be adjusted monthly based
upon the investment performance of the Fund's Service Shares ("Class") in
relation to the cumulative investment record of the Fund's benchmark, the MSCI
World Index (the "Index"), over the "Performance Period" (such adjustment being
referred to herein as the "Performance Adjustment"). The "Performance Period" is
defined as the shorter of (a) the period from the date of this Agreement through
the end of the month for which the fee is being calculated, and (b) the 36 month
period preceding the end of the month for which the fee is being calculated.

      The Performance Adjustment shall be calculated by subtracting the
investment record of the Index from the investment performance of the Class. If
there is less than a 0.50% difference (plus or minus) between the investment
performance of the Class and the investment record of the Index, the Fund pays
JCM the Base Fee with no adjustment. If the difference between the investment
performance of the Class and the investment record of the Index is 0.50% or
greater during any Performance Period, the Base Fee will be subject to an upward
or downward performance adjustment of 1/12 of 0.0125% for every full 0.50%
increment by which the Class outperforms or underperforms the Index. The maximum
percentage used in calculating the Performance Adjustment (positive or negative)
in any month is 1/12 of 0.15%. The Performance Adjustment is applied against the
Fund's average daily net assets during the Performance Period.

      For purposes of computing the Base Fee and the Performance Adjustment, net
assets are averaged over different periods (average daily net assets during the
relevant month for the Base Fee versus average daily net assets during the
Performance Period for the Performance Adjustment). The Base Fee is calculated
and accrued daily. The Performance Adjustment is calculated monthly in arrears
and is accrued evenly each day throughout the month. The investment advisory fee
is paid monthly in arrears.

      The average daily net asset value of the Fund, or any class thereof, shall
be determined in the manner set forth in the Trust's Amended and Restated Trust
Instrument, Bylaws and registration statement, each as may be amended from time
to time.

      The investment performance of the Class will be the sum of:

      (1) the change in the Class's net asset value ("NAV") per share during the
Performance Period; plus

      (2) the value of the Class's cash distributions per share accumulated to
the end of the Performance Period; plus

      (3) the value of capital gains taxes per share paid or payable on
undistributed realized long-term capital gains accumulated to the end of the
Performance Period;

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expressed as a percentage of the Class's NAV per share at the beginning of the
Performance Period. For this purpose, the value of distributions per share of
realized capital gains, of dividends per share paid from investment income and
of capital gains taxes per share paid or payable on undistributed realized
long-term capital gains shall be treated as reinvested in shares of the Class at
the NAV in effect at the close of business on the record date for the payment of
such distributions and dividends and the date on which provision is made for
such taxes, after giving effect to such distributions, dividends and taxes.

      The investment record of the Index will be the sum of:

      (1) the change in the level of the Index during the Performance Period;
plus

      (2) the value, computed consistently with the Index, of cash distributions
made by companies whose securities comprise the Index accumulated to the end of
the Performance Period; expressed as a percentage of the Index level at the
beginning of the Performance Period. For this purpose, cash distributions on the
securities which comprise the Index shall be treated as reinvested in the Index
at least as frequently as the end of each calendar quarter following the payment
of the dividend.

      The Trustees have initially designated the Class to be used for purposes
of determining the Performance Adjustment. From time to time, the Trustees may,
by vote of the Trustees of the Trust voting in person, including a majority of
the Trustees who are not parties to this Agreement or "interested persons" (as
defined in the 1940 Act) of any such parties, determine that a class of shares
of the Fund other than the Class is the most appropriate for use in calculating
the Performance Adjustment. If a different class of shares ("Successor Class")
is substituted in calculating the Performance Adjustment, the use of that
Successor Class of shares for purposes of calculating the Performance Adjustment
may apply to the entire Performance Period so long as such Successor Class was
outstanding at the beginning of such period. If the Successor Class of shares
was not outstanding for all or a portion of the Performance Period, it may only
be used in calculating that portion of the Performance Adjustment attributable
to the period during which such Successor Class was outstanding and any prior
portion of the Performance Period shall be calculated using the class of shares
previously designated.

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                                                                 Exhibit 4(bbbb)

                             SUB-ADVISORY AGREEMENT

                           RISK-MANAGED CORE PORTFOLIO
                        (A SERIES OF JANUS ASPEN SERIES)

      This SUB-ADVISORY AGREEMENT (the "Agreement") is entered into effective as
of the 1st day of July 2004, amended this 1st day of January 2006, by and
between JANUS CAPITAL MANAGEMENT LLC, a Delaware limited liability company
("Janus") and ENHANCED INVESTMENT TECHNOLOGIES, LLC, a Delaware limited
liability company ("INTECH").

      WHEREAS, Janus has entered into an Investment Advisory Agreement (the
"Advisory Agreement") with Janus Aspen Series, a Delaware statutory trust (the
"Trust") and an open-end, management investment company registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), with respect to
Risk-Managed Core Portfolio, a series of the Trust (the "Fund") pursuant to
which Janus has agreed to provide investment advisory services with respect to
the Fund; and

      WHEREAS, INTECH is engaged in the business of rendering investment
advisory services and is registered as an investment adviser under the
Investment Advisers Act of 1940, as amended (the "Advisers Act"); and

      WHEREAS, Janus desires to retain INTECH to furnish investment advisory
services with respect to the Fund, and INTECH is willing to furnish such
services;

      NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

      1.    Duties of INTECH. Janus hereby engages the services of INTECH as
subadviser in furtherance of the Advisory Agreement. INTECH agrees to perform
the following duties, subject to the oversight of Janus and to the overall
control of the officers and the Board of Trustees (the "Trustees") of the Trust:

            (a) INTECH shall manage the investment operations of the Fund and
the composition of its investment portfolio, shall determine without prior
consultation with the Trust or Janus, what securities and other assets of the
Fund will be acquired, held, disposed of or loaned, and place orders for the
purchase or sale of such securities or other assets with brokers, dealers or
others, all in conformity with the investment objectives, policies and
restrictions and the other statements concerning the Fund in the Trust's trust
instrument, as amended from time to time (the "Trust Instrument"), bylaws and
registration statements under the 1940 Act and the Securities Act of 1933, as
amended (the "1933 Act"), the Advisers Act, the rules thereunder and all other
applicable federal and state laws and regulations, and the provisions of the
Internal Revenue Code of 1986, as amended (the "Code"), applicable to the Trust,
on behalf of the Fund, as a regulated investment company;

<PAGE>

            (b) INTECH shall cause its officers to attend meetings and furnish
oral or written reports, as the Trust or Janus may reasonably require, in order
to keep Janus, the Trustees and appropriate officers of the Trust fully informed
as to the condition of the investment portfolio of the Fund, the investment
decisions of INTECH, and the investment considerations which have given rise to
those decisions;

            (c) INTECH shall maintain all books and records required to be
maintained by INTECH pursuant to the 1940 Act, the Advisers Act, and the rules
and regulations promulgated thereunder, as the same may be amended from time to
time, with respect to transactions on behalf of the Fund, and shall furnish the
Trustees and Janus with such periodic and special reports as the Trustees or
Janus reasonably may request. INTECH hereby agrees that all records which it
maintains for the Fund or the Trust are the property of the Trust, agrees to
permit the reasonable inspection thereof by the Trust or its designees and
agrees to preserve for the periods prescribed under the 1940 Act and the
Advisers Act any records which it maintains for the Trust and which are required
to be maintained under the 1940 Act and the Advisers Act, and further agrees to
surrender promptly to the Trust or its designees any records which it maintains
for the Trust upon request by the Trust;

            (d) INTECH shall submit such reports relating to the valuation of
the Fund's assets and to otherwise assist in the calculation of the net asset
value of shares of the Fund as may reasonably be requested;

            (e) INTECH shall, on behalf of the Fund, exercise such voting
rights, subscription rights, rights to consent to corporate action and any other
rights pertaining to the Fund's assets that may be exercised, in accordance with
any policy pertaining to the same that may be adopted or agreed to by the
Trustees of the Trust, or, in the event that the Trust retains the right to
exercise such voting and other rights, to furnish the Trust with advice as may
reasonably be requested as to the manner in which such rights should be
exercised;

            (f) At such times as shall be reasonably requested by the Trustees
or Janus, INTECH shall provide the Trustees and Janus with economic, operational
and investment data and reports, including without limitation all information
and materials reasonably requested by or requested to be delivered to the
Trustees of the Trust pursuant to Section 15(c) of the 1940 Act, and shall make
available to the Trustees and Janus any economic, statistical and investment
services normally available to similar investment company clients of INTECH; and

            (g) INTECH will provide to Janus for regulatory filings and other
appropriate uses materially accurate and complete information relating to INTECH
as may be reasonably requested by Janus from time to time and, notwithstanding
anything herein to the contrary, INTECH shall be liable to Janus for all
damages, costs and expenses, including without limitation reasonable attorney's
fees (hereinafter referred to collectively as "Damages"), incurred by Janus as a
result of any material inaccuracies or omissions in such information provided by
INTECH to Janus, provided, however, that INTECH shall not be liable to the
extent that any Damages are based upon inaccuracies or omissions made in
reliance upon information furnished to INTECH by Janus.

<PAGE>

      2.    Further Obligations. In all matters relating to the performance of
this Agreement, INTECH shall act in conformity with the Trust's Trust
Instrument, bylaws and currently effective registration statements under the
1940 Act and the 1933 Act and any amendments or supplements thereto (the
"Registration Statements") and with the written policies, procedures and
guidelines of the Fund, and written instructions and directions of the Trustees
and Janus and shall comply with the requirements of the 1940 Act, the Advisers
Act, the rules thereunder, and all other applicable federal and state laws and
regulations. Janus agrees to provide to INTECH copies of the Trust's Trust
Instrument, bylaws, Registration Statement, written policies, procedures and
guidelines and written instructions and directions of the Trustees and Janus,
and any amendments or supplements to any of them at, or, if practicable, before
the time such materials become effective.

      3.    Obligations of Janus. Janus shall have the following obligations
under this Agreement:

            (a) To keep INTECH continuously and fully informed (or cause the
custodian of the Fund's assets to keep INTECH so informed) as to the composition
of the investment portfolio of the Fund and the nature of all of the Fund's
assets and liabilities from time to time;

            (b) To furnish INTECH with a certified copy of any financial
statement or report prepared for the Fund by certified or independent public
accountants and with copies of any financial statements or reports made to the
Fund's shareholders or to any governmental body or securities exchange;

            (c) To furnish INTECH with any further materials or information
which INTECH may reasonably request to enable it to perform its function under
this Agreement; and

            (d) To compensate INTECH for its services in accordance with the
provisions of Section 4 hereof.

      4.    Compensation. Janus shall pay to INTECH for its services under
this Agreement a fee, payable in United States dollars, at an annual rate of
0.26% of the average daily net assets of the Fund plus or minus one-half of any
performance adjustment paid to or incurred by Janus pursuant to the Advisory
Agreement between the Trust, on behalf of the Fund, and Janus. Fees paid to
INTECH shall be computed and accrued daily and payable monthly as of the last
day of each month during which or part of which this Agreement is in effect. For
the month during which this Agreement becomes effective and the month during
which it terminates, however, there shall be an appropriate proration of the fee
payable for such month based on the number of calendar days of such month during
which this Agreement is effective.

      5.    Expenses. INTECH shall pay all its own costs and expenses incurred
in rendering its service under this Agreement.

      6.    Representations of INTECH. INTECH hereby represents, warrants and
covenants to Janus as follows:

<PAGE>

            (a) INTECH: (i) is registered as an investment adviser under the
Advisers Act and will continue to be so registered for so long as this Agreement
remains in effect; (ii) is not prohibited by the 1940 Act or the Advisers Act
from performing the services contemplated by this Agreement; (iii) has met, and
will continue to meet for so long as this Agreement remains in effect, any other
applicable federal or state requirements, or the applicable requirements of any
regulatory or industry self-regulatory organization necessary to be met in order
to perform the services contemplated by this Agreement; (iv) has the legal and
corporate authority to enter into and perform the services contemplated by this
Agreement; and (v) will immediately notify Janus of the occurrence of any event
that would disqualify INTECH from serving as an investment adviser of an
investment company pursuant to Section 9(a) of the 1940 Act or otherwise, and of
the institution of any administrative, regulatory or judicial proceeding against
INTECH that could have a material adverse effect upon INTECH's ability to
fulfill its obligations under this Agreement.

            (b) INTECH has adopted a written code of ethics complying with the
requirements of Rule 17j-1 under the 1940 Act and will provide Janus with a copy
of such code of ethics, together with evidence of its adoption. Within 45 days
after the end of the last calendar quarter of each year that this Agreement is
in effect, the president or a vice president of INTECH shall certify to Janus
that INTECH has complied with the requirements of Rule 17j-1 during the previous
year and that there has been no violation of INTECH's code of ethics or, if such
a violation has occurred, that appropriate action was taken in response to such
violation. Upon the written request of Janus, INTECH shall permit Janus, its
employees or its agents to examine the reports required to be made to INTECH by
Rule 17j-1(c)(1) and all other records relevant to INTECH's code of ethics.

            (c) INTECH has provided Janus with a copy of its Form ADV as most
recently filed with the U.S. Securities and Exchange Commission ("SEC") and
will, promptly after filing any amendment to its Form ADV with the SEC, furnish
a copy of such amendment to Janus.

      7.    Representations of Janus. Janus hereby represents, warrants and
covenants to INTECH as follows:

            (a) Janus (i) is registered as an investment adviser under the
Advisers Act and will continue to be so registered for so long as this Agreement
remains in effect; (ii) is not prohibited by the 1940 Act or the Advisers Act
from fulfilling its obligations under this Agreement; (iii) has met, and will
continue to meet for so long as this Agreement remains in effect, any other
applicable federal or state requirements, or the applicable requirements of any
regulatory or industry self-regulatory organization necessary to be met in order
to fulfill its obligations under this Agreement; (iv) has the legal and
corporate authority to enter into and perform this Agreement; and (v) will
immediately notify INTECH of the occurrence of any event that would disqualify
Janus from serving as an investment adviser of an investment company pursuant to
Section 9(a) of the 1940 Act or otherwise, and of the institution of any
administrative, regulatory or judicial proceeding against Janus that could have
a material adverse effect upon Janus' ability to fulfill its obligations under
this Agreement.

<PAGE>

            (b) Janus has adopted a written code of ethics complying with the
requirements of Rule 17j-1 under the 1940 Act and will provide INTECH with a
copy of such code of ethics, together with evidence of its adoption.

            (c) Janus has provided INTECH with a copy of its Form ADV as most
recently filed with the U.S. Securities and Exchange Commission ("SEC") and
will, promptly after filing any amendment to its Form ADV with the SEC, furnish
a copy of such amendment to INTECH.

      8.    Term. This Agreement shall become effective as of the date
first set forth above and shall continue in effect until January 1, 2007, unless
sooner terminated in accordance with its terms, and shall continue in effect
from year to year thereafter only so long as such continuance is specifically
approved at least annually by (a) the vote of a majority of the Trustees of the
Trust who are not parties hereto or interested persons of the Trust, Janus or
INTECH, cast in person at a meeting called for the purpose of voting on the
approval of the terms of such renewal, and (b) either the Trustees of the Trust
or the affirmative vote of a majority of the outstanding voting securities of
the Fund. The annual approvals provided for herein shall be effective to
continue this Agreement from year to year if given within a period beginning not
more than ninety (90) days prior to January 1 of each applicable year,
notwithstanding the fact that more than three hundred sixty-five (365) days may
have elapsed since the date on which such approval was last given.

      9.    Termination. This Agreement may be terminated at any time,
without penalty, by the Trustees or by the shareholders of the Fund acting by
vote of at least a majority of its outstanding voting securities, provided in
any such case that 60 days' advance written notice of termination be given to
INTECH at its principal place of business. This Agreement may be terminated (i)
by Janus or by INTECH at any time, without penalty by giving 60 days' advance
written notice of termination to the other party, or (ii) by Janus or the Trust
without advance notice if INTECH becomes unable to discharge its duties and
obligations under this Agreement. In addition, this Agreement shall terminate,
without penalty, upon termination of the Advisory Agreement.

      10.   Assignment. This Agreement shall automatically terminate in the
event of its assignment.

      11.   Amendments. This Agreement may be amended by the parties only
in a written instrument signed by the parties to this Agreement and only if such
amendment is specifically approved (i) by a majority of the Trustees, including
a majority of the Trustees who are not interested persons (as that phrase is
defined in Section 2(a)(19) of the 1940 Act) of the Trust or Janus, INTECH or
their affiliates, and (ii) if required by applicable law, by the affirmative
vote of a majority of the outstanding voting securities of the Fund (as that
phrase is defined in Section 2(a)(42) of the 1940 Act).

      12.   Limitation on Personal Liability. All parties to this Agreement
acknowledge and agree that the Trust is a series trust and all debts,
liabilities, obligations and expenses incurred, contracted for or otherwise
existing with respect to a particular series shall be enforceable against

<PAGE>

the assets held with respect to such series only, and not against the assets of
the Trust generally or against the assets held with respect to any other series
and further that no Trustee, officer or holder of shares of beneficial interest
of the Trust shall be personally liable for any of the foregoing.

      13.   Limitation of Liability of INTECH. Janus will not seek to
hold INTECH, and INTECH shall not be, liable for any error of judgment or
mistake of law or for any loss arising out of any investment or for any act or
omission taken with respect to the Fund, except for willful misfeasance, bad
faith or gross negligence in the performance of its duties, or by reason of
reckless disregard of its obligations and duties hereunder and except to the
extent otherwise provided by law. As used in this section, "INTECH" shall
include any affiliate of INTECH performing services for the Fund contemplated
hereunder and directors, officers and employees of INTECH and such affiliates.

      14.   Activities of INTECH. The services of INTECH hereunder are
not to be deemed to be exclusive, and INTECH is free to render services to other
parties, so long as its services under this Agreement are not materially
adversely affected or otherwise impaired thereby. Nothing in this Agreement
shall limit or restrict the right of any director, officer or employee of INTECH
to engage in any other business or to devote his or her time and attention in
part to the management or other aspects of any other business, whether of a
similar or a dissimilar nature. It is understood that Trustees, officers and
shareholders of the Trust are or may become interested in INTECH as directors,
officers and shareholders of INTECH, that directors, officers, employees and
shareholders of INTECH are or may become similarly interested in the Trust, and
that INTECH may become interested in the Trust as a shareholder or otherwise.

      15.   Third Party Beneficiary. The parties expressly acknowledge
and agree that the Trust is a third party beneficiary of this Agreement and that
the Trust shall have the full right to sue upon and enforce this Agreement in
accordance with its terms as if it were a signatory hereto. Any oversight,
monitoring or evaluation of the activities of INTECH by Janus, the Trust or the
Fund shall not diminish or relieve in any way the liability of INTECH for any of
its duties and responsibilities under this Agreement.

      16.   Notices. Any notice or other communication required to be
given pursuant to this Agreement shall be deemed duly given if delivered
personally or by overnight delivery service or mailed by certified or registered
mail, return receipt requested and postage prepaid, or sent by facsimile
addressed to the parties at their respective addresses set forth below, or at
such other address as shall be designated by any party in a written notice to
the other party.

            (a)   To Janus at:

                  Janus Capital Management LLC
                  151 Detroit Street
                  Denver, Colorado  80206
                  Attention:  General Counsel
                  Phone:  (303) 333-3863
                  Fax:  (303) 316-5728

<PAGE>

            (b)   To INTECH at:

                  Enhanced Investment Technologies, LLC
                  2401 PGA Boulevard, Suite 200
                  Palm Beach Gardens, Florida 33410
                  Attention:  President
                  Phone:  (561) 775-1100
                  Fax:  (561) 775-1150

            (c)   To the Trust at:

                  Janus Aspen Series
                  151 Detroit Street
                  Denver, Colorado  80206
                  Attention:  General Counsel
                  Phone:  (303) 333-3863
                  Fax:  (303) 316-5728

      17.   Certain Definitions. The terms "vote of a majority of the
outstanding voting securities," "assignment," "approved at least annually," and
"interested persons" shall have the respective meanings specified in the 1940
Act, as now in effect or hereafter amended, and the rules and regulations
thereunder, subject to such orders, exemptions and interpretations as may be
issued by the SEC under the 1940 Act and as may be then in effect.

      18.   Governing Law. This Agreement shall be construed in
accordance with the laws of the State of Colorado (without giving effect to the
conflicts of laws principles thereof) and the 1940 Act. To the extent that the
applicable laws of the State of Colorado conflict with the applicable provisions
of the 1940 Act, the latter shall control.

      IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
by their duly authorized officers designated below as of January 1, 2006.

                                       JANUS CAPITAL MANAGEMENT LLC

                                       By: /s/ David R. Martin
                                         ------------------------------
                                       Name:  David R. Martin
                                       Title: Executive Vice President and Chief
                                              Financial Officer

                                       ENHANCED INVESTMENT TECHNOLOGIES, LLC

                                       By: /s/ David E. Hurley
                                          ------------------------------
                                       Name:  David E. Hurley
                                       Title: Executive Vice President

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