Janus Announces May Assets under Management and Strong Investment Performance; Remainder of Previously Disclosed Institutional Terminations Occurred in May

Company Release - 6/8/2004 5:03 PM ET

DENVER--(BUSINESS WIRE)--June 8, 2004--For the month ended May 31, 2004, Janus Capital Group Inc. (NYSE: JNS) reported total assets under management of approximately $135.8 billion, which is down 3.2% from the prior month's assets of $140.3 billion. Firmwide average assets under management during May were approximately $135.1 billion compared with April's average assets of $145.6 billion, a 7.2% decrease. Long-term (non-money market) average assets in May were $123.5 billion.

As of May 31, 73.9% of Janus retail funds were in the top half of their Lipper categories on a 1-year basis and 52.4% of retail funds were in the top half of their Lipper categories on a 3-year basis based on total returns. This represents an improvement from March 31st when 60.9% of retail funds were in the top half of their Lipper categories on a 1-year basis (see Exhibit 3).

"Our focus remains on delivering strong consistent investment performance for our fund shareholders," said Janus President and Chief Investment Officer Gary Black. "As our funds perform, flows will follow." Mr. Black noted that as of May 31st approximately half of the 23 Janus retail funds were in the first quartile of their Lipper categories on a 1-year basis.

As previously disclosed, outflows related to the year-end 2003 institutional renewal process peaked in May, and all assets previously identified as terminations from this process have now exited. Overall, long-term net outflows for the month of May were $5.9 billion compared to long-term net outflows of $0.7 billion for the month of April.

"Gary Black and I are committed to turning the tide on flows and are pursuing three initiatives to achieve this objective," said Janus Chief Executive Officer Steve Scheid. "First, as Gary discussed, we need to continue delivering consistently strong investment performance. Second, we plan to reinvest in our brand and will be rolling out new ads in early summer with a larger campaign scheduled for the fall. Finally, we'll emphasize a more proactive sales effort and generate increased interest in Janus products now that we have preliminary agreements with regulators and have been upgraded by Morningstar. I'm also encouraged by the continued strong performance of INTECH which currently has over $1.1 billion of unfunded mandates."

The attached Exhibit 1 breaks out assets and flows by investment discipline for March, April, and May. Exhibit 2 compares the sources of long-term net flows between April and May. Exhibit 3 provides detailed Lipper rankings for Janus retail funds (Janus Investment Funds).

About Janus Capital Group Inc.

Based in Denver, Colorado, Janus Capital Group Inc. is a leading asset manager offering individual investors and institutional clients complementary asset management disciplines through the firm's global distribution network.

Janus Capital Group consists of Janus Capital Management LLC, Enhanced Investment Technologies, LLC (INTECH), Bay Isle Financial LLC and Capital Group Partners, Inc. Janus Capital Group owns 30% of Perkins, Wolf, McDonnell and Company, LLC and approximately 9% of DST Systems, Inc.

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus containing this and other information, please call Janus at 1-800-525-3713 or download the file from janus.com. Read it carefully before you invest or send money.

Funds distributed by Janus Distributors LLC (06/04)

This press release includes statements concerning potential future events involving Janus Capital Group Inc. that could differ materially from the events that actually occur. The differences could be caused by a number of factors including those factors identified in Janus' Annual Report on Form 10-K for the year ended December 31, 2003 on file with the Securities and Exchange Commission (Commission file no. 001-15253). Janus will not update any forward-looking statement made in this press release to reflect future events or developments.

Exhibit 1
                       JANUS CAPITAL GROUP INC.
                ASSETS & FLOWS BY INVESTMENT DISCIPLINE
                         (dollars in billions)

                                              One Month Ended
                                      --------------------------------
                                       March 31,  April 30,   May 31,
                                          2004       2004       2004
                                      ---------- ----------- ---------
Growth Equity
  Beginning of period assets              $82.4       $80.8     $77.4
  Sales                                     0.8         0.8       0.6
  Redemptions                               2.7         2.3       4.6
                                      ---------- ----------- ---------
  Net Sales (redemptions)                  (1.9)       (1.5)     (4.0)
  Market appreciation                       0.3        (1.9)      1.4
                                      ---------- ----------- ---------
  End of period assets                    $80.8       $77.4     $74.8
                                      ========== =========== =========

Mathematical/Quantitative
  Beginning of period assets              $15.4       $15.5     $16.5
  Sales                                     0.4         1.4       0.2
  Redemptions                               0.3         0.2       0.3
                                      ---------- ----------- ---------
  Net Sales (redemptions)                   0.1         1.2      (0.1)
  Market appreciation                         -        (0.2)      0.3
                                      ---------- ----------- ---------
  End of period assets                    $15.5       $16.5     $16.7
                                      ========== =========== =========

Fixed Income
  Beginning of period assets               $6.8        $6.7      $6.3
  Sales                                     0.2         0.1       0.1
  Redemptions                               0.4         0.3       0.3
                                      ---------- ----------- ---------
  Net Sales (redemptions)                  (0.2)       (0.2)     (0.2)
  Market appreciation                       0.1        (0.2)        -
                                      ---------- ----------- ---------
  End of period assets                     $6.7        $6.3      $6.1
                                      ========== =========== =========

Core/Blend
  Beginning of period assets              $20.4       $19.9     $19.1
  Sales                                     0.2         0.2       0.2
  Redemptions                               0.9         0.5       1.8
                                      ---------- ----------- ---------
  Net Sales (redemptions)                  (0.7)       (0.3)     (1.6)
  Market appreciation                       0.2        (0.5)      0.2
                                      ---------- ----------- ---------
  End of period assets                    $19.9       $19.1     $17.7
                                      ========== =========== =========

Value
  Beginning of period assets               $9.0        $9.1      $8.9
  Sales                                     0.3         0.3       0.2
  Redemptions                               0.2         0.2       0.2
                                      ---------- ----------- ---------
  Net Sales (redemptions)                   0.1         0.1         -
  Market appreciation                         -        (0.3)      0.1
                                      ---------- ----------- ---------
  End of period assets                     $9.1        $8.9      $9.0
                                      ========== =========== =========

Money Market
  Beginning of period assets              $13.5       $13.0     $12.1
  Sales                                     7.1         6.1       6.4
  Redemptions                               7.6         7.0       7.0
                                      ---------- ----------- ---------
  Net Sales (redemptions)                  (0.5)       (0.9)     (0.6)
  Market appreciation                         -           -         -
                                      ---------- ----------- ---------
  End of period assets                    $13.0       $12.1     $11.5
                                      ========== =========== =========

Total
  Beginning of period assets             $147.5      $145.0    $140.3
  Sales                                     9.0         8.9       7.7
  Redemptions                              12.1        10.5      14.2
                                      ---------- ----------- ---------
  Net Sales (redemptions)                  (3.1)       (1.6)     (6.5)
  Market appreciation                       0.6        (3.1)      2.0
                                      ---------- ----------- ---------
  End of period assets                   $145.0      $140.3    $135.8
                                      ========== =========== =========

Total Excluding Money Markets
  Beginning of period assets             $134.0      $132.0    $128.2
  Sales                                     1.9         2.8       1.3
  Redemptions                               4.5         3.5       7.2
                                      ---------- ----------- ---------
  Net Sales (redemptions)                  (2.6)       (0.7)     (5.9)
  Market appreciation                       0.6        (3.1)      2.0
                                      ---------- ----------- ---------
  End of period assets                   $132.0      $128.2    $124.3
                                      ========== =========== =========


Total Excluding Mathematical/
 Quantitative & Money Markets
  Beginning of period assets             $118.6      $116.5    $111.7
  Sales                                     1.5         1.4       1.1
  Redemptions                               4.2         3.3       6.9
                                      ---------- ----------- ---------
  Net Sales (redemptions)                  (2.7)       (1.9)     (5.8)
  Market appreciation                       0.6        (2.9)      1.7
                                      ---------- ----------- ---------
  End of period assets                   $116.5      $111.7    $107.6
                                      ========== =========== =========
Exhibit 2
                       JANUS CAPITAL GROUP INC.
            Comparison of April and May Long-term Net Flows
                         (dollars in billions)

                                   2004
                           ----------------------
                             April        May           Comments
                           ----------  ----------  -------------------
Year-End 2003 Notifications    $(0.5)      $(3.8)  $4.3 billion total;
                                                    represents all
                                                    previously
                                                    disclosed
                                                    notifications

Other Institutional              N/A        (0.5)  One account
                                                    (core/blend)
                                                    termination
INTECH                           1.2        (0.1)
Individual Decision-Maker
 Net Redemptions                (1.4)       (1.5)
                           ----------  ----------
                               $(0.7)      $(5.9)
Exhibit 3
Janus Investment Funds

                                       Lipper Rankings Based on Total
                                           Returns as of 5/31/04
                                       -------------------------------
                                        1-Year      5-Year    10_year
                                      ----------- ---------- ---------
                                        Rank /      Rank /    Rank /
                                         Total      Total     Total
                   Lipper Category       Funds       Funds     Funds
                 -------------------- --------------------------------
Growth Funds
----------------------------------------------------------------------
Janus Enterprise
 Fund            Mid-Cap Growth Funds   79 / 505  230 / 258   47 / 94
Janus Fund       Large-Cap Growth
                  Funds                205 / 605  212 / 349  42 / 108
Janus Mercury    Large-Cap Growth
 Fund             Funds                 86 / 605  180 / 349   3 / 108
Janus Olympus    Large-Cap Growth
 Fund             Funds                106 / 605  150 / 349         -
Janus Orion Fund Multi-Cap Growth
                  Funds                 70 / 443          -         -
Janus Twenty     Large-Cap Growth
 Fund(a)          Funds                 27 / 605  250 / 349   1 / 108
Janus Venture    Small-Cap Growth
 Fund(a)          Funds                 25 / 500  156 / 277   24 / 74
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus Balanced
 Fund            Balanced Funds        448 / 535  126 / 369  12 / 135
Janus Core
 Equity Fund     Large-Cap Core Funds 289 / 1019   72 / 608         -
Janus Growth and
 Income Fund     Large-Cap Core Funds 581 / 1019   80 / 608   5 / 211
Janus Risk-
 Managed Stock
 Fund            Multi-Cap Core Funds  120 / 602          -         -
Janus Special
 Equity Fund     Multi-Cap Core Funds   11 / 602          -         -
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
Janus Federal    General Muni Debt
 Tax-Exempt Fund  Funds                297 / 298  174 / 233  88 / 125
Janus Flexible   Intermediate Inv
 Income Fund      Grade Debt Funds     156 / 436  161 / 252   9 / 114
Janus High-Yield High Current Yield
 Fund             Funds                355 / 411   45 / 269         -
Janus Short-Term Short Investment
 Bond Fund        Grade Debt Funds       7 / 163    35 / 98   14 / 49
----------------------------------------------------------------------
International/
Global Funds
----------------------------------------------------------------------
Janus Global
 Life Sciences   Health/Biotechnology
 Fund             Funds                 27 / 195    21 / 52         -
Janus Global
 Opportunities
 Fund            Global Funds           11 / 322          -         -
Janus Global     Science & Technology
 Technology Fund  Funds                140 / 316    36 / 96         -
Janus Overseas
 Fund            International Funds   364 / 851  145 / 501   5 / 133
Janus Worldwide
 Fund            Global Funds          287 / 322  142 / 182   18 / 50
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Mid Cap
 Value Fund  -
 Inv(1)          MidCap Value Funds     61 / 204     6 / 97         -
Janus Small Cap
 Value Fund -
 Inv.(a)(1,2)    SmallCap Value Funds  158 / 217   54 / 117         -
---------------- -------------------- --------------------------------
                Percent of Retail Funds per Lipper Quartile Based on
                                    Total Returns
               -------------------------------------------------------
                  1-Year        3-Year        5-Year        10-Year
               ------------- ------------- ------------- -------------
               3/31/  5/31/  3/31/  5/31/  3/31/  5/31/  3/31/  5/31/
                 04     04     04     04     04     04     04     04
               ------ ------ ------ ------ ------ ------ ------ ------
1st Quartile    43.5%  47.8%  28.6%  33.3%  26.3%  21.1%  45.4%  50.0%
2nd Quartile    17.4   26.1   23.8   19.1   36.8   36.8   36.4   41.7
3rd Quartile    21.7    8.7   28.6   28.6   21.1   31.6   18.2    8.3
4th Quartile    17.4   17.4   19.0   19.0   15.8   10.5    0.0    0.0
----------------------------------------------------------------------

Past performance is no guarantee of future results.

Lipper Inc. - A Reuters Company, is a nationally recognized
organization that ranks the performance of mutual funds within a
universe of funds that have similar investment objectives. Rankings
are historical with capital gains and dividends reinvested.

Some funds may have experienced poor or negative short-term
performance. Call 1-800-525-3713 for current month end performance.

Funds not ranked by Lipper are not included in percentages disclosed
on page 1.

A fund's performance may be affected by risks that include those
associated with non-diversification, investments in foreign
securities, non-investment grade debt securities, undervalued
companies or companies with a relatively small market capitalization.
Please see a Janus prospectus for more detailed information.

A fund's performance for very short time periods may not be indicative
of future performance.

1. Rating is for the investor share class only; other classes may have
   different performance characteristics.

2. On 2/27/04, Todd Perkins joined Bob Perkins and Tom Perkins as a
   co-portfolio manager of Janus Small Cap Value Fund.

(a) Closed to new investors.
    CONTACT: Janus Capital Group Inc.
             Investor Contact:
             Steve Belgrad, 303-394-7706
                 or
             Media Contact:
             Shelley Peterson, 303-316-5625

    SOURCE: Janus Capital Group Inc.