Janus Announces Higher Assets under Management and Positive Net Flows in September; Relative Fund Performance Remains Strong

Company Release - 10/11/2004 5:58 PM ET
    DENVER--(BUSINESS WIRE)--Oct. 11, 2004--

      Third-Quarter Earnings Presentation Scheduled For Thursday,
                              October 21

For the month ended September 30, 2004, Janus Capital Group Inc. (NYSE: JNS) reported total assets under management of approximately $130.2 billion, which is up 1.9% from the prior month's assets of $127.8 billion. Firmwide average assets under management during September were approximately $129.7 billion compared with August's average assets of $126.5 billion, an increase of 2.5%. Excluding money markets, average assets in September were $117.6 billion.

While Janus retains Bay Isle Financial LLC's asset-management business, the firm's high-net-worth division was sold September 14. Therefore, Janus' end-of-month assets for September do not include the $624 million from the high-net-worth business.

Janus' long-term net inflows for September were $0.2 billion, an improvement of $1.6 billion versus net outflows of $1.4 billion in August. September net inflows were driven by two factors: 1) gross inflows of $1.7 billion to INTECH, Janus' subsidiary that uses a mathematical, risk-managed investment strategy; and 2) improved companywide redemptions, which were $0.5 billion less in September than August. Excluding INTECH, Janus' long-term net outflows improved to $1.4 billion in September -- from $1.9 billion in August -- due to lower overall redemptions.

"We're encouraged by last month's positive net flows, which reflect the significant contribution of our INTECH subsidiary and the performance of its risk-managed products," said Janus Chairman and CEO Steve Scheid. "We're working hard to build on that momentum and generate more broad-based sales of Janus products, which continue to deliver strong relative results."

At the end of September, approximately 74% of the Janus Investment Fund (JIF) retail funds were in the top half of their Lipper categories on a 1-year basis, and more than 68% were in the top half of their Lipper categories on a 3-year basis based on total returns. All seven JIF domestic retail growth funds (see Exhibit 2) were in the top two quartiles on a 1-year basis and approximately 86% were in the top two quartiles on a 3-year basis.

The attached Exhibit 1 shows assets and flows by investment discipline by month for the third quarter. Exhibit 2 provides detailed Lipper rankings for the JIF funds. Exhibit 3 provides performance data for the JIF Funds.

Third-Quarter Financial Results

Janus Capital Group will release its third-quarter financial results before the market opens on Thursday, October 21. The company will discuss its results during a conference call October 21 at 11 a.m. Eastern Time. The call-in number will be 877-301-7574. (Anyone outside the U.S. or Canada should call 706-643-3623.) The slides used during the presentation will be available in the investor relations section of the Janus Capital Group Web site (www.janus.com) beginning October 21. For those unable to join the conference call at the scheduled time, an audio replay will be available on www.janus.com.

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.

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.

    Past performance is no guarantee of future results.

    Funds distributed by Janus Distributors LLC (10/04)

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 and Registration Statement on Form S-4/A filed on September 20, 2004 with the Securities and Exchange Commission (Commission file no. 001-15253). Any forward-looking statements contained in this release are as of the date on which such statements were made. The Company assumes no duty to update them, even if experience, unexpected events, or future changes make it clear that any projected results expressed or implied therein will not be realized.

Exhibit 1

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

                                                              Quarter
                                    One Month Ended            Ended
                             ------------------------------  ---------
                             July 31,  August 31, Sept. 30,  Sept. 30,
                               2004       2004       2004       2004
                             --------  ---------- ---------  ---------
Growth Equity
  Beginning of period assets   $73.8       $68.1     $66.2      $73.8
  Sales                          0.4         0.3       0.3        1.0
  Redemptions                    1.9         1.8       1.3        5.1
                             --------  ---------- ---------  ---------
  Net Sales (redemptions)       (1.5)       (1.5)     (1.0)      (4.1)
  Market appreciation           (4.3)       (0.4)      1.6       (3.0)
                             --------  ---------- ---------  ---------
  End of period assets         $68.1       $66.2     $66.7      $66.7
                             ========  ========== =========  =========

Mathematical/Quantitative
  Beginning of period assets   $17.5       $17.5     $17.9      $17.5
  Sales                          0.8         0.5       1.7        3.0
  Redemptions                    0.1           -       0.1        0.2
                             --------  ---------- ---------  ---------
  Net Sales (redemptions)        0.7         0.4       1.6        2.8
  Market appreciation           (0.7)          -       0.6       (0.1)
                             --------  ---------- ---------  ---------
  End of period assets         $17.5       $17.9     $20.1      $20.1
                             ========  ========== =========  =========

Fixed Income
  Beginning of period assets    $6.0        $5.9      $5.8       $6.0
  Sales                          0.1         0.1       0.1        0.3
  Redemptions                    0.2         0.2       0.1        0.6
                             --------  ---------- ---------  ---------
  Net Sales (redemptions)       (0.1)       (0.1)        -       (0.3)
  Market appreciation              -         0.1         -        0.2
                             --------  ---------- ---------  ---------
  End of period assets          $5.9        $5.8      $5.8       $5.8
                             ========  ========== =========  =========

Core/Blend
  Beginning of period assets   $17.7       $16.9     $16.6      $17.7
  Sales                          0.1         0.1       0.1        0.4
  Redemptions                    0.5         0.4       0.3        1.1
                             --------  ---------- ---------  ---------
  Net Sales (redemptions)       (0.3)       (0.2)     (0.2)      (0.7)
  Market appreciation           (0.5)          -       0.3       (0.2)
                             --------  ---------- ---------  ---------
  End of period assets         $16.9       $16.6     $16.8      $16.8
                             ========  ========== =========  =========

Value
  Beginning of period assets    $9.3        $9.4      $9.5       $9.3
  Acquisitions
   (dispositions)                  -           -      (0.6)      (0.6)
  Sales                          0.3         0.2       0.2        0.7
  Redemptions                    0.2         0.2       0.3        0.7
                             --------  ---------- ---------  ---------
  Net Sales (redemptions)        0.1           -      (0.1)         -
  Market appreciation              -         0.1       0.2        0.2
                             --------  ---------- ---------  ---------
  End of period assets          $9.4        $9.5      $8.9       $8.9
                             ========  ========== =========  =========

Money Market
  Beginning of period assets   $11.1       $11.4     $11.8      $11.1
  Sales                          6.9         6.6       6.5       20.0
  Redemptions                    6.7         6.2       6.5       19.4
                             --------  ---------- ---------  ---------
  Net Sales (redemptions)        0.2         0.4         -        0.6
  Market appreciation              -           -         -          -
                             --------  ---------- ---------  ---------
  End of period assets         $11.4       $11.8     $11.8      $11.8
                             ========  ========== =========  =========

Total
  Beginning of period assets  $135.4      $129.0    $127.8     $135.4
  Acquisitions
   (dispositions)                  -           -      (0.6)      (0.6)
  Sales                          8.7         7.9       8.9       25.5
  Redemptions                    9.5         8.9       8.7       27.1
                             --------  ---------- ---------  ---------
  Net Sales (redemptions)       (0.8)       (1.0)      0.2       (1.6)
  Market appreciation           (5.5)       (0.3)      2.8       (3.0)
                             --------  ---------- ---------  ---------
  End of period assets        $129.0      $127.8    $130.2     $130.2
                             ========  ========== =========  =========

Total Excluding Money
 Markets
  Beginning of period assets  $124.3      $117.7    $116.0     $124.3
  Acquisitions
   (dispositions)                  -           -      (0.6)      (0.6)
  Sales                          1.8         1.3       2.5        5.5
  Redemptions                    2.8         2.7       2.2        7.7
                             --------  ---------- ---------  ---------
  Net Sales (redemptions)       (1.1)       (1.4)      0.2       (2.2)
  Market appreciation           (5.5)       (0.3)      2.8       (3.0)
                             --------  ---------- ---------  ---------
  End of period assets        $117.7      $116.0    $118.4     $118.4
                             ========  ========== =========  =========


Total Excluding
Mathematical/Quantitative
 & Money Markets
  Beginning of period assets  $106.8      $100.2     $98.1     $106.8
  Acquisitions
   (dispositions)                  -           -      (0.6)      (0.6)
  Sales                          1.0         0.8       0.8        2.5
  Redemptions                    2.7         2.6       2.1        7.5
                             --------  ---------- ---------  ---------
  Net Sales (redemptions)       (1.8)       (1.9)     (1.4)      (5.0)
  Market appreciation           (4.8)       (0.3)      2.2       (2.9)
                             --------  ---------- ---------  ---------
  End of period assets        $100.2       $98.1     $98.3      $98.3
                             ========  ========== =========  =========

Each line has been rounded on the schedule individually to increase
the accuracy of the amounts presented.  Therefore totals and
subtotals may not foot.
Exhibit 2
Janus Investment Funds                  Lipper Rankings Based
                                   on Total Returns as of 9/30/04
                              ----------------------------------------
                                    1-Year              3-Year
                              ------------------  --------------------
                              Percentile  Rank /  Percentile  Rank /
                Lipper          Rank (%)  Total     Rank (%)  Total
                 Category                 Funds               Funds
                ------------- ------------------  --------------------
Growth Funds
----------------------------------------------------------------------
Janus
 Enterprise     Mid-Cap
 Fund            Growth Funds      11    53 / 505     47    190 / 408
Janus Fund      Large-Cap
                 Growth Funds      42   262 / 631     38    191 / 513
Janus Mercury   Large-Cap
 Fund            Growth Funds      12    71 / 631     44    223 / 513
Janus Olympus   Multi-Cap
 Fund            Growth Funds      48   203 / 429     53    185 / 349
Janus Orion     Multi-Cap
 Fund            Growth Funds       7    28 / 429     10     34 / 349
Janus Twenty    Large-Cap
 Fund(a)         Growth Funds       1     1 / 631     12     59 / 513
Janus Venture   Small-Cap
 Fund(a)         Growth Funds      26   130 / 518     17     69 / 420
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus Balanced  Balanced
 Fund            Funds             53   286 / 545     47    211 / 448
Janus Core      Large-Cap
 Equity Fund     Core Funds         5    46 / 953     10     73 / 794
Janus Growth
 and Income     Large-Cap
 Fund            Core Funds        40   380 / 953     47    370 / 794
Janus Risk-
 Managed Stock  Multi-Cap
 Fund            Core Funds         2    13 / 684      -            -
Janus
 Contrarian     Multi-Cap
 Fund(1)         Core Funds         6    39 / 684      3     13 / 501
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
Janus Federal
 Tax-Exempt     General Muni
 Fund            Debt Funds        97   291 / 299     67    176 / 265
Janus Flexible  Intermediate
 Income Fund     Inv Grade
                 Debt Funds        47   207 / 444     10     32 / 348
Janus High-     High Current
 Yield Fund      Yield Funds       65   270 / 420     68    236 / 350
Janus Short-    Short
 Term Bond Fund  Investment
                 Grade Debt
                 Funds              6    10 / 191     25     32 / 128
----------------------------------------------------------------------
International/
Global Funds
----------------------------------------------------------------------
Janus Global    Health/
 Life Sciences  Biotechnology
 Fund            Funds              7    12 / 194     53     80 / 152
Janus Global
 Opportunities
 Fund           Global Funds       35   107 / 313     10     23 / 250
Janus Global    Science &
 Technology      Technology
 Fund            Funds             72   222 / 311     63    175 / 277
Janus Overseas  International
 Fund            Funds             64   539 / 846     64    445 / 704
Janus Worldwide
 Fund           Global Funds       98   305 / 313     97    243 / 250
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Mid Cap
 Value Fund  -  Mid-Cap Value
 Inv(2)          Funds             31    66 / 212     16     23 / 149
Janus Small Cap
 Value Fund -   Small-Cap
 Inv.(a)(2)      Core Funds        46   245 / 541     37    157 / 434
----------------------------------------------------------------------


                                        Lipper Rankings Based
                                    on Total Returns as of 9/30/04
                               ---------------------------------------
                                     5-Year              10-Year
                               ------------------  -------------------
                               Percentile  Rank /  Percentile  Rank /
               Lipper Category   Rank (%)  Total     Rank (%)  Total
                                           Funds               Funds
               --------------- ------------------  -------------------
Growth Funds
----------------------------------------------------------------------
Janus
 Enterprise    Mid-Cap Growth
 Fund           Funds               93   237 / 255      57    56 / 98
Janus Fund     Large-Cap Growth
                Funds               63   233 / 371      36   42 / 116
Janus Mercury  Large-Cap Growth
 Fund           Funds               63   233 / 371       6    6 / 116
Janus Olympus  Multi-Cap Growth
 Fund           Funds               62   127 / 207       -          -
Janus Orion    Multi-Cap Growth
 Fund           Funds                -          -        -          -
Janus Twenty   Large-Cap Growth
 Fund(a)        Funds               70   259 / 371       1    1 / 116
Janus Venture  Small-Cap Growth
 Fund(a)        Funds               64   178 / 280      39    31 / 80
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus Balanced Balanced Funds
 Fund                               38   138 / 366       8   11 / 149
Janus Core     Large-Cap Core
 Equity Fund    Funds               13   77 / 607        -          -
Janus Growth
 and Income    Large-Cap Core
 Fund           Funds               31   183 / 607       4    7 / 217
Janus Risk-
 Managed Stock Multi-Cap Core
 Fund           Funds                -          -        -          -
Janus
 Contrarian    Multi-Cap Core
 Fund(1)        Funds                -          -        -          -
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
Janus Federal
 Tax-Exempt    General Muni
 Fund           Debt Funds          84   193 / 230      72   92 / 128
Janus Flexible Intermediate Inv
 Income Fund    Grade Debt
                Funds               54   138 / 258      12   13 / 113
Janus High-    High Current
 Yield Fund     Yield Funds         14   37 / 276        -          -
Janus Short-   Short Investment
 Term Bond      Grade Debt
 Fund           Funds               35    34 / 98       33    18 / 54
----------------------------------------------------------------------
International/
Global Funds
----------------------------------------------------------------------
Janus Global   Health/
 Life Sciences Biotechnology
 Fund           Funds               62    40 / 64        -          -
Janus Global
 Opportunities
 Fund          Global Funds          -          -        -          -
Janus Global   Science &
 Technology     Technology
 Fund           Funds               54   61 / 114        -          -
Janus Overseas International
 Fund           Funds               32   158 / 501       4    5 / 151
Janus
 Worldwide
 Fund          Global Funds         85   151 / 178      37    21 / 56
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Mid Cap
 Value Fund  - Mid-Cap Value
 Inv(2)         Funds                3    3 / 100        -          -
Janus Small
 Cap Value
 Fund -        Small-Cap Core
 Inv.(a)(2)     Funds               24   72 / 309        -          -
----------------------------------------------------------------------


                       Percent of Retail Funds per Lipper
                         Quartile based on Total Returns
                     ---------------------------------------
                     1-Year     3-Year    5-Year    10-Year
 -----------------------------------------------------------
 1st Quartile          39.1%      40.9%     21.1%      50.0%
 2nd Quartile          34.8       27.3      21.1       33.3
 3rd Quartile          17.4       27.3      42.1       16.7
 4th Quartile           8.7        4.5      15.8        0.0
 -----------------------------------------------------------

Data presented reflects past performance, which 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 2.

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. Effective September 30, 2004, Janus Special Equity Fund changed its
   name to Janus Contrarian Fund.

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

(a) Closed to new investors.
Exhibit 3
                                            Average Annual Total
                                                Returns (%)(1)
                                         PERIODS ENDING Sept. 30, 2004
                                  ONE   THREE   FIVE  TEN     SINCE
                                  YEAR  YEARS   YEARS YEARS  INCEPTION
Growth & Core (Inception Date)    ----  ------------------------------

Janus Fund (2/70)                  7.57  1.01   (6.52) 8.29    13.91
Janus Twenty Fund(2) (4/85)       20.99  4.58   (7.11)12.21    13.16
Janus Olympus Fund (12/95)         9.91  3.56   (5.68)    -    10.44
Janus Orion Fund(11) (6/00)       19.08  8.61       -     -   (10.44)
Janus Mercury Fund (5/93)         11.58  0.56   (6.52)10.80    12.36
Janus Enterprise Fund(3) (9/92)   16.96  5.27   (7.56) 7.62    10.28
Janus Venture Fund(2,3) (4/85)    13.96 11.92   (0.50) 9.50    13.06
Janus Growth and
 Income Fund (5/91)               11.54  2.14   (0.97)13.01    12.95
Janus Contrarian Fund (2/00)      19.23 12.15       -     -     3.04
Janus Core Equity Fund (6/96)     16.26  4.69    1.03     -    11.76
Janus Balanced Fund (9/92)         9.16  4.45    3.13 11.34    11.29

International & Global (Inception Date)
Janus Worldwide
 Fund(4,11) (5/91)                 7.08 (0.60)  (4.54) 7.86    10.61
Janus Overseas
 Fund(3,4,11) (5/94)              17.76  6.73    1.21 10.24     9.88
Janus Global
 Technology Fund(3,4,11) (12/98)  (2.01)(0.04) (11.94)    -    (0.92)
Janus Global Life
 Sciences Fund(4) (12/98)         16.00  0.18    6.27     -     9.23
Janus Global
 Opportunities Fund(4,5) (6/01)   17.03 11.98       -     -     7.93
Janus International Equity
 Fund(4,11,14,15,16) (7/90)       23.14 11.18   (0.51) 4.51     5.68

Value (Inception Date)
Janus Focused Value
 Fund(14,15) (3/90)               11.01  8.77   11.39 14.01    12.88
Janus Mid Cap Value Fund -
 Investor Shares(12) (8/98)       23.71 16.44   17.83     -    18.12
Janus Mid Cap Value Fund -
 Institutional Shares(2,12)(8/98) 23.93 16.67   17.96     -    18.24
Janus Small Cap Value Fund -
 Investor Shares(2,13) (10/87)    20.91 14.87   14.33 15.85    14.63
Janus Small Cap Value Fund -
 Institutional Shares(2,13)(10/87)21.18 15.22   14.64 16.12    14.79

Risk-Managed (Inception Date)
Janus Risk-Managed
 Stock Fund(4,18) (2/03)          21.14     -       -     -    24.46

Fixed-Income (Inception Date)
Janus Flexible Income
 Fund(6,9,10) (7/87)               3.36  6.46    6.57  7.73     8.07
Janus High-Yield
 Fund(4,6,9,10) (12/95)           10.61  9.86    7.07     -     8.58
Janus Short-Term
 Bond Fund(6,7,9) (9/92)           2.61  3.35    5.04  5.38     5.07
Janus Federal Tax-Exempt
 Fund(6,7,8,9) (5/93)              1.94  4.38    4.94  5.34     4.82

Money Market (Inception Date)
Janus Money Market Fund(17) (2/95) 0.69  1.06    2.74     -     3.89

Money Market Fund Current 7-Day Yield and 7-Day Yield without waivers
as of September 30, 2004 were 1.28% and 1.18%, respectively.

Janus Government Money
 Market Fund(17 )(2/95)            0.62  1.00    2.66     -     3.80

Janus Government Money Market Fund Current 7-Day Yield and 7-Day Yield
without waivers as of September 30, 2004 were 1.21% and 1.11%,
respectively.

Data presented reflects past performance, which is no guarantee of
future results. Investment results and principal value will fluctuate
so that shares, when redeemed, may be worth more or less than their
original cost. Due to market volatility, current performance may be
higher or lower than the performance shown. Call 1-800-525-1068 or
visit janus.com for current month end performance.

An investment in the Money Market Fund is not insured or guaranteed by
the Federal Deposit Insurance Corporation or any other government
agency. Although the Fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by
investing in the Fund. The yield more closely reflects the current
earnings of the Money Market Fund than the total return.

Total return includes reinvestment of dividends and capital gains.

Due to recent market volatility, certain funds may have an increased
position in cash for temporary defensive purposes.

All performance figures shown in this report are net of management
fees.

(1) All figures unaudited.

(2) Closed to new investors.

(3) This Fund has been significantly impacted, either positively or
    negatively, by investing in initial public offerings (IPOs).

(4) A 2% redemption fee may be imposed on shares held for 3 months or
    less.

(5) Returns have sustained significant gains and losses due to market
    volatility in the consumer discretionary sector.

(6) Bond funds have the same interest rate, inflation, and credit
    risks that are associated with the underlying bonds owned by the
    Fund. Unlike owning individual bonds, there are ongoing fees and
    expenses associated with owning shares of bonds funds. The return
    of principal is not guaranteed due to net asset value fluctuation
    that is caused by changes in the price of specific bonds held in
    the Fund and selling of bonds within the fund by the Portfolio
    Manager.

(7) Janus Capital has contractually agreed to waive Janus Short-Term
    Bond Fund and Janus Federal Tax-Exempt Fund's total operating
    expenses to the levels indicated in the prospectus until at least
    March 1, 2006. Without such waivers, Janus Short-Term Bond Fund
    and Janus Federal Tax-Exempt Fund's yield would have been 1.67%
    and 2.18%, respectively and total returns would have been lower.

(8) Income may be subject to state or local taxes and to a limited
    extent certain federal tax. Capital gains are subject to federal,
    state and local taxes.

(9) As of September 30, 2004, 30-day SEC Yield was 2.62% on Janus
    Federal Tax-Exempt Fund, 3.53% on Janus Flexible Income Fund,
    5.73% on Janus High-Yield Fund and 2.02% on Janus Short-Term Bond
    Fund.

(10) Adviser has agreed to waive a portion of the Fund's expenses if
     they exceed the designated cap. If during the periods shown, the
     Fund's actual expenses exceeded the cap, its total return would
     have been lower. There were no waivers in effect for the most
     recent period presented.

(11) This Fund may have significant exposure to emerging markets which
     may lead to greater price volatility.

(12) Returns shown for Janus Mid Cap Value Fund prior to April 21,
     2003 are those of Berger Mid Cap Value Fund.

(13) Returns shown for Janus Small Cap Value Fund prior to April 21,
     2003 are those of Berger Small Cap Value Fund.

(14) Returns shown for Focused Value Fund and International Equity
     Fund for periods prior to October 13, 2003 are derived from the
     historical performance of Class A Shares of Vontobel US Value
     Fund and Vontobel International Equity Fund, respectively.
     Returns are restated to reflect the higher expected fees and
     expenses of Focused Value Fund and International Equity Fund.
     Janus Capital has contractually agreed to waive each Fund's total
     operating expenses to the levels indicated in the prospectus
     until at least September 30, 2005.

(15) Vontobel Asset Management, Inc. is the subadviser to the Focused
     Value and International Equity Funds.

(16) Since inception returns reflect Vontobel International Equity
     Fund's performance from July 6, 1990, when Vontobel Asset
     Management, Inc. became the Fund's investment adviser. Previous
     periods during which the Fund was advised by other investment
     advisers are not shown.

(17) Janus Capital has contractually agreed to reduce the Fund's total
     operation expenses to the levels indicated in the prospectus
     until at least March 1, 2006. Without such waivers total return
     would have been lower.

(18) The voluntary waiver of the Fund's management fee terminated on
     June 25, 2004. Without such waivers total returns from inception
     to June 24, 2004 would have been lower.
    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.