Janus Announces First Quarter 2007 Results

First quarter earnings of $0.19 per diluted share ------------------------------------------------------ Companywide long-term net inflows of $3.1 billion for the quarter, Janus ex-INTECH long-term flows breakeven ------------------------------------------------- More than 70% of retail funds outperformed their Lipper peer group medians for 1, 3 and 5 years(1) ------------------------------------------------- $200 million of stock buybacks during the first quarter, reducing shares outstanding by 4.2%

Company Release - 4/26/2007 8:00 AM ET

DENVER--(BUSINESS WIRE)--

Janus Capital Group Inc. (NYSE: JNS) today reported first quarter net income of $35.6 million, or $0.19 per diluted share, compared with net income of $37.7 million, or $0.19 per diluted share, in the fourth quarter 2006. The company's investment management operating margin for the first quarter 2007 was 27.8% compared with 25.6% for the fourth quarter 2006.

Flows and Assets Under Management

Average assets under management during the first quarter increased 4.2% to $172.1 billion compared with $165.1 billion during the fourth quarter 2006. At March 31, 2007, the company's total assets under management were $176.2 billion, an increase of 5.1%, compared with $167.7 billion at December 31, 2006. The increase in assets during the first quarter reflects $3.9 billion in market appreciation and fund performance, long-term net inflows of $3.1 billion and money market net inflows of $1.5 billion.

Janus' INTECH subsidiary had long-term net inflows of $3.1 billion during the first quarter 2007 compared with long-term net inflows of $3.6 billion in the fourth quarter last year. Excluding INTECH, Janus' long-term net flows were breakeven in the first quarter 2007 versus long-term net outflows of $4.3 billion in the previous quarter. First quarter included a previously announced $0.9 billion subadvised mandate redemption, while the fourth quarter reflected $3.2 billion of subadvised mandate redemptions.

Investment Management

Janus' relative investment management performance remained strong during the first quarter. Approximately 74%, 73% and 76% of the funds in the company's primary retail fund family, Janus Investment Fund (JIF), ranked in the top half of their Lipper categories on a one-, three- and five-year total-return basis, respectively, as of March 31, 2007. Six of those funds ranked in the top 10% of their Lipper peers during the same one-, three- and five-year periods. In addition, approximately 59% of JIF funds earned a four- or five-star overall Morningstar risk-adjusted rating as of March 31, 2007.(1)

"We're encouraged that the marketplace seems to be responding to our continued strong investment performance," said Janus CEO Gary Black. "It's especially gratifying to see break-even flows from our Janus-managed products."

Financial Discussion

Financial Highlights
(dollars in millions, except per share data or as noted)


                                             Three Months Ended
                                      --------------------------------
                                      March 31, December 31, March 31,
                                        2007       2006        2006
                                      --------- ------------ ---------

Investment Management Segment
-------------------------------------
Average Assets (in billions)            $172.1       $165.1    $154.4
Ending AUM (in billions)                $176.2       $167.7    $158.1
Revenues                                $247.9       $241.2    $232.5
Operating Expenses                      $179.0       $179.5    $169.6
Operating Income                         $68.9        $61.7     $62.9
Operating Margin                          27.8%        25.6%     27.1%

Printing and Fulfillment Operating
 Loss                                    $(4.7)       $(2.4)    $(3.7)

Consolidated Net Income                  $35.6        $37.7     $35.3
Diluted Earnings per Share               $0.19        $0.19     $0.17
Shares Repurchased (in millions)           9.4          6.1       5.7
Cost of Shares Repurchased              $200.2       $124.9    $125.0
----------------------------------------------------------------------

(1) Detailed Lipper total return and Morningstar risk-adjusted
 rankings for all JIF funds are on pages 9-10.

Investment Management Segment

First quarter revenues of $247.9 million increased $6.7 million from the previous quarter primarily due to higher average assets under management. Total operating expenses were flat quarter to quarter. An increase in employee compensation, primarily caused by severance charges of $3.4 million, was offset by lower long-term incentive compensation from the final vesting of previous awards and a decline in legal and technology-related spending.

Printing and Fulfillment Segment

Janus' printing business, Rapid Solutions Group (RSG), reported an operating loss of $4.7 million in the first quarter of 2007 primarily because of a decline in production volume compared with the previous quarter.

Capital and Liquidity

At March 31, 2007, Janus had stockholders' equity of $2.2 billion, cash and investments of $412.1 million and $537.2 million of outstanding debt. On March 30, 2007, Janus increased its ownership of INTECH to approximately 86.5% by purchasing an additional 4% interest in INTECH for $81.0 million.

As part of its capital and liquidity management, Janus reduced its outstanding shares by 4.2% during the first quarter by repurchasing 9.4 million shares of its common stock at an average price of $21.22 per share and a total cost of $200.2 million. During the first quarter, Janus completed its second $500 million repurchase program and started a third $500 million program, which the Board of Directors approved January 23, 2007. At March 31, 2007, $430.7 million was available for repurchase under the currently authorized program.

First Quarter 2007 Earnings Call Information

Janus Capital Group will discuss its results during a conference call on Thursday, April 26 at 10 a.m. Eastern Daylight 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/ir) approximately one hour prior to the call. For those unable to join the conference call at the scheduled time, an audio replay will be available on www.janus.com/ir.

About Janus Capital Group Inc.

Founded in 1969, Denver-based Janus Capital Group Inc. (Janus) is a recognized leader of growth and risk-managed investment strategies. Our commitment to deliver for investors is rooted in our research-intensive approach and relentless passion to gain a competitive edge.

At the end of March 2007, Janus managed $176.2 billion in assets for more than four million shareholders, clients and institutions around the globe. Outside the U.S., Janus has offices in London, Tokyo, and Hong Kong. Janus Capital Group consists of Janus Capital Management LLC, Enhanced Investment Technologies, LLC (INTECH) and Capital Group Partners, Inc. (doing business as Rapid Solutions Group). In addition, 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 www.janus.com. Read it carefully before you invest or send money.

Data presented reflects past performance, which is no guarantee of future results. Rankings referenced exclude money markets.

Funds distributed by Janus Distributors LLC (4/07).

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, 2006, on file with the Securities and Exchange Commission (Commission file no. 001-15253), including those that appear under headings such as "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Many of these factors are beyond the control of the Company and its management. 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.

(1) Detailed Lipper total return and Morningstar risk-adjusted rankings for all JIF funds are on pages 9-10.

                       JANUS CAPITAL GROUP INC.
             UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
             (dollars in millions, except per share data)


                                             Three Months Ended
                                      --------------------------------
                                      March 31, December 31, March 31,
                                        2007       2006        2006
                                      --------- ------------ ---------
Investment Management Revenues:
 Investment management fees             $200.9       $194.1    $185.6
 Performance fees                          2.5          2.4       4.2
 Shareowner servicing fees and other      44.5         44.7      42.7
                                      --------- ------------ ---------
  Total                                  247.9        241.2     232.5
                                      --------- ------------ ---------

Investment Management Operating
 Expenses:
 Employee compensation and benefits       87.4         82.9      83.4
 Long-term incentive compensation         18.7         20.7      22.0
 Marketing and advertising                 5.1          8.6       5.4
 Distribution                             30.6         30.1      26.8
 Depreciation and amortization             7.1          7.8       8.3
 General, administrative and
  occupancy                               30.2         33.0      33.7
 Restructuring and impairments             0.4          0.5         -
 Mutual fund investigation recoveries     (0.5)        (4.1)    (10.0)
                                      --------- ------------ ---------
  Total                                  179.0        179.5     169.6
                                      --------- ------------ ---------

Investment Management Operating
 Income                                   68.9         61.7      62.9

Printing and Fulfillment Segment:
 Revenue                                  23.5         24.7      23.6
 Operating expenses                       26.1         25.1      25.3
 Depreciation and amortization             2.1          2.0       2.0
                                      --------- ------------ ---------
Printing and Fulfillment Operating
 Loss                                     (4.7)        (2.4)     (3.7)

Interest expense                          (9.5)       (10.0)     (7.0)
Other income, net                          7.1         14.0       9.0
Income tax provision                     (21.8)       (21.8)    (22.2)
Equity in earnings of unconsolidated
 affiliate                                 1.7          1.7       1.7
Minority interest in consolidated
 earnings                                 (6.1)        (5.5)     (5.4)
                                      --------- ------------ ---------

Net Income                               $35.6        $37.7     $35.3
                                      ========= ============ =========

Basic Earnings per Share
 Weighted average shares outstanding
  (in millions)                          187.3        193.6     210.1
 Basic earnings per share                $0.19        $0.19     $0.17

Diluted Earnings per Share
 Weighted average shares outstanding
  (in millions)                          188.6        196.0     211.7
 Diluted earnings per share              $0.19        $0.19     $0.17

Average Assets Under Management (in
 billions)                              $172.1       $165.1    $154.4
                       JANUS CAPITAL GROUP INC.
           UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
                        (dollars in millions)

                                              March 31,   December 31,
                                                2007         2006
                                             ------------ ------------
 Assets
  Cash and cash equivalents                       $311.3       $559.7
  Marketable securities                            100.8        173.1
  Other assets                                     327.1        291.7
  Property and equipment, net                       58.2         60.3
  Intangibles and goodwill, net                  2,529.9      2,453.1
                                             ------------ ------------
      Total Assets                              $3,327.3     $3,537.9
                                             ============ ============

 Liabilities and Stockholders'
  Equity
  Debt                                            $537.2       $537.2
  Other liabilities                                196.9        295.0
  Deferred income taxes                            403.2        399.3
  Stockholders' equity                           2,190.0      2,306.4
                                             ------------ ------------
      Total Liabilities and
       Stockholders' Equity                     $3,327.3     $3,537.9
                                             ============ ============

                   UNAUDITED CONDENSED CONSOLIDATED
                        CASH FLOW INFORMATION
                        (dollars in millions)

                                           Three Months Ended
                                   -----------------------------------
                                   March 31, December 31,  March 31,
 Cash provided by (used in):         2007       2006         2006
                                   --------- ------------ ------------
  Operating activities               $(18.0)      $104.3        $32.2
  Investing activities                (21.5)       229.5       (128.2)
  Financing activities               (208.9)      (234.0)      (129.4)
                                   --------- ------------ ------------
 Net change during period           $(248.4)       $99.8      $(225.4)
                                   ========= ============ ============

 Free Cash Flow (1)
  Cash (used in) provided by
      operating activities           $(18.0)      $104.3        $32.2
  Less: capital expenditures           (6.6)        (6.3)        (5.5)
                                   --------- ------------ ------------
                                     $(24.6)       $98.0        $26.7
                                   ========= ============ ============

 Note:
 (1) Free cash flow is defined as cash flow from operations less
  capital expenditures. The comparable GAAP measure is cash flow from
  operations.
                       JANUS CAPITAL GROUP INC.
               ASSETS & FLOWS BY INVESTMENT DISCIPLINE
                        (dollars in billions)

                                     Three Months Ended
                       -----------------------------------------------
                       March 31, 2007 December 31, 2006 March 31, 2006
                       -------------- ----------------- --------------
Growth/Blend
  Beginning of period
   assets                      $66.8             $67.0          $68.5
  Sales                          3.9               2.3            3.5
  Redemptions                    4.7               7.0            3.6
                       -------------- ----------------- --------------
  Net sales
   (redemptions)                (0.8)             (4.7)          (0.1)
  Market appreciation            2.2               4.5            3.1
                       -------------- ----------------- --------------
  End of period assets         $68.2             $66.8          $71.5
                       ============== ================= ==============

Global/International
  Beginning of period
   assets                      $16.0             $13.3          $12.2
  Sales                          1.7               1.4            0.9
  Redemptions                    1.1               0.7            1.1
                       -------------- ----------------- --------------
  Net sales
   (redemptions)                 0.6               0.7           (0.2)
  Market appreciation            0.5               2.0            1.3
                       -------------- ----------------- --------------
  End of period assets         $17.1             $16.0          $13.3
                       ============== ================= ==============

Mathematical/Quantitative
  Beginning of period
   assets                      $62.3             $55.6          $44.7
  Sales                          5.0               5.9            5.7
  Redemptions                    1.9               2.3            1.7
                       -------------- ----------------- --------------
  Net sales
   (redemptions)                 3.1               3.6            4.0
  Market appreciation            0.8               3.1            1.8
                       -------------- ----------------- --------------
  End of period assets         $66.3             $62.3          $50.6
                       ============== ================= ==============

Fixed Income
  Beginning of period
   assets                       $4.6              $4.7           $5.2
  Sales                          0.6               0.2            0.2
  Redemptions                    0.5               0.4            0.4
                       -------------- ----------------- --------------
  Net sales
   (redemptions)                 0.1              (0.2)          (0.3)
  Market appreciation            0.1               0.1              -
                       -------------- ----------------- --------------
  End of period assets          $4.8              $4.6           $4.9
                       ============== ================= ==============

Value
  Beginning of period
   assets                      $10.5              $9.7          $10.4
  Sales                          0.8               0.6            1.0
  Redemptions                    0.8               0.7            1.0
                       -------------- ----------------- --------------
  Net sales
   (redemptions)                   -              (0.1)           0.1
  Market appreciation            0.3               0.8            0.6
                       -------------- ----------------- --------------
  End of period assets         $10.8             $10.5          $11.1
                       ============== ================= ==============

Money Market
  Beginning of period
   assets                       $7.5              $8.0           $7.5
  Sales                         19.1              14.6            9.5
  Redemptions                   17.6              15.0           10.4
                       -------------- ----------------- --------------
  Net sales
   (redemptions)                 1.5              (0.5)          (0.8)
  Market appreciation              -                 -              -
                       -------------- ----------------- --------------
  End of period assets          $9.0              $7.5           $6.7
                       ============== ================= ==============

Total
  Beginning of period
   assets                     $167.7            $158.3         $148.5
  Sales                         31.2              25.0           20.8
  Redemptions                   26.6              26.2           18.2
                       -------------- ----------------- --------------
  Net sales
   (redemptions)                 4.6              (1.2)           2.6
  Market appreciation            3.9              10.6            6.9
                       -------------- ----------------- --------------
  End of period assets        $176.2            $167.7         $158.1
                       ============== ================= ==============

Total Excluding Money Markets
  Beginning of period
   assets                     $160.2            $150.3         $141.0
  Sales                         12.1              10.5           11.3
  Redemptions                    9.0              11.2            7.8
                       -------------- ----------------- --------------
  Net sales
   (redemptions)                 3.1              (0.7)           3.5
  Market appreciation            3.9              10.6            6.9
                       -------------- ----------------- --------------
  End of period assets        $167.2            $160.2         $151.4
                       ============== ================= ==============

Total Excluding Mathematical/Quantitative & Money Markets
  Beginning of period
   assets                      $97.9             $94.7          $96.2
  Sales                          7.1               4.6            5.6
  Redemptions                    7.1               8.9            6.2
                       -------------- ----------------- --------------
  Net sales
   (redemptions)                   -              (4.3)          (0.5)
  Market appreciation            3.1               7.5            5.1
                       -------------- ----------------- --------------
  End of period assets        $100.9             $97.9         $100.8
                       ============== ================= ==============

Each line has been rounded on the schedule individually to increase
 the accuracy of the amounts presented. Therefore totals and subtotals
 may not foot.
Janus Investment Fund ("JIF")            Lipper Rankings Based
                                    on Total Returns as of 3/31/07
                                  ------------------------------------
                                        1-Year            3-Year
                                  ------------------ ----------------

                                  Percen-            Percen-
                                    tile   Rank /      tile  Rank /
                PM      Lipper     Rank     Total     Rank    Total
              Inception  Category   (%)      Funds     (%)     Funds
             ---------- --------- ------------------------------------
Growth Funds
----------------------------------------------------------------------
                        Large-Cap
                         Growth
Janus Fund     Jan-06    Funds         7     47/722      16   97/613
                        Large-Cap
Janus Twenty             Growth
 Fund(1)       Aug-97    Funds         3     15/722       1    1/613
Janus                   Large-Cap
 Research                Growth
 Fund          Jan-06    Funds         2     14/722       3   13/613
                        Multi-Cap
Janus Orion              Growth
 Fund          Jun-00    Funds        12     55/493       2    6/396
Janus                   Mid-Cap
 Enterprise              Growth
 Fund          Jan-02    Funds         9     53/622       9   42/497
Janus                   Small-Cap
 Venture                 Growth
 Fund(1)       Jan-01    Funds         2      6/534       5   18/438
Janus Global            Multi-Cap
 Research                Growth
 Fund          Feb-05    Funds         4     18/493       -        -
                        Small-Cap
Janus Triton             Growth
 Fund          Jun-06    Funds        21    108/534       -        -
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus Growth            Large-Cap
 and Income              Core
 Fund          Dec-03    Funds        98    779/800      19  125/669
Janus                   Multi-Cap
 Contrarian              Core
 Fund          Feb-00    Funds         1      5/893       1    1/656
                        Mixed-
                         Asset
                         Target
Janus                    Alloc.
 Balanced                Mod.
 Fund          Apr-05    Funds        69    291/423      21   63/312
Janus Funda-            Large-Cap
 mental                  Core
 Equity Fund   Apr-05    Funds        94    751/800       2   10/669
INTECH Risk-            Multi-Cap
 Managed                 Core
 Stock Fund    Feb-03    Funds        57    503/893      15   98/656
----------------------------------------------------------------------
International/
Global Funds
----------------------------------------------------------------------
Janus                   Inter-
 Overseas                national
 Fund          Jun-03    Funds         1      3/986       1    1/807
Janus
 Worldwide              Global
 Fund          Jun-04    Funds        32    128/402      94  284/302
                        Science &
Janus Global             Tech-
 Technology              nology
 Fund          Jan-06    Funds        24     69/288      30   77/262
Janus Global            Health/
 Life                   Biotech-
 Sciences                nology
 Fund          Dec-98    Funds        84    148/177      43   67/158
Janus Global
 Oppor-
 tunities               Global
 Fund          Jun-01    Funds        63    251/402      92  276/302
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Mid
 Cap Value              Mid-Cap
 Fund -                  Value
 Inv(2)        Aug-98    Funds        48    143/299      59  136/230
Janus Small
 Cap Value              Small-Cap
 Fund -                  Core
 Inv.(1,2)     Feb-97    Funds        22    154/711      70  378/546
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                        Inter-
                         mediate
                         Inv
Janus                    Grade
 Flexible                Debt
 Bond Fund     Dec-91    Funds        35    181/517      55  241/438
                        High
                         Current
Janus High-              Yield
 Yield Fund    Dec-03    Funds        31    135/445      41  155/382
                        Short
                         Invest-
                         ment
Janus Short-             Grade
 Term Bond               Debt
 Fund          Jun-03    Funds        55    131/241      41   81/200
Janus                   General
 Federal                 Muni
 Tax-Exempt              Debt
 Fund          Feb-05    Funds        48    116/241      72  167/233
----------------------------------------------------------------------
Asset Allocation Funds
----------------------------------------------------------------------
                        Mixed-
                         Asset
                         Target
Janus Smart              Alloc.
 Portfolio-              Growth
 Growth        Dec-05    Funds        11     66/611       -        -
                        Mixed-
                         Asset
                         Target
Janus Smart              Alloc.
 Portfolio-              Mod.
 Moderate      Dec-05    Funds        18     75/423       -        -
                        Mixed-
Janus                    Asset
Smart                    Target
 Portfolio-              Alloc.
 Conser-                 Cons.
 vative        Dec-05    Funds        11     38/364       -        -
----------------------------------------------------------------------


Janus Investment Fund ("JIF")            Lipper Rankings Based
                                    on Total Returns as of 3/31/07
                                  ------------------------------------
                                        5-Year           10-Year
                                  ------------------ ----------------

                                  Percen-            Percen-
                                    tile   Rank /      tile  Rank /
                PM      Lipper     Rank     Total     Rank    Total
              Inception  Category   (%)      Funds     (%)     Funds
             ---------- --------- ------------------------------------
Growth Funds
----------------------------------------------------------------------
                        Large-Cap
                         Growth
Janus Fund     Jan-06    Funds        33    163/503      40   76/190
                        Large-Cap
Janus Twenty             Growth
 Fund(1)       Aug-97    Funds         1      3/503       2    2/190
Janus                   Large-Cap
 Research                Growth
 Fund          Jan-06    Funds         7     32/503       2    3/190
                        Multi-Cap
Janus Orion              Growth
 Fund          Jun-00    Funds         5     15/319       -        -
Janus                   Mid-Cap
 Enterprise              Growth
 Fund          Jan-02    Funds         8     29/394      48   77/161
Janus                   Small-Cap
 Venture                 Growth
 Fund(1)       Jan-01    Funds         7     23/368      27   39/146
Janus Global            Multi-Cap
 Research                Growth
 Fund          Feb-05    Funds         -          -       -        -
                        Small-Cap
Janus Triton             Growth
 Fund          Jun-06    Funds         -          -       -        -
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus Growth            Large-Cap
 and Income              Core
 Fund          Dec-03    Funds        29    163/567       3    7/253
Janus                   Multi-Cap
 Contrarian              Core
 Fund          Feb-00    Funds         1      2/476       -        -
                        Mixed-
                         Asset
                         Target
Janus                    Alloc.
 Balanced                Mod.
 Fund          Apr-05    Funds        40     84/212       6    6/112
Janus Funda-            Large-Cap
 mental                  Core
 Equity Fund   Apr-05    Funds         7     35/567       1    2/253
INTECH Risk-            Multi-Cap
 Managed                 Core
 Stock Fund    Feb-03    Funds         -          -       -        -
----------------------------------------------------------------------
International/
Global Funds
----------------------------------------------------------------------
Janus                   Inter-
 Overseas                national
 Fund          Jun-03    Funds         7     41/668       4   11/278
Janus
 Worldwide              Global
 Fund          Jun-04    Funds        97    231/238      74   74/100
                        Science &
Janus Global             Tech-
 Technology              nology
 Fund          Jan-06    Funds        49    119/242       -        -
Janus Global            Health/
 Life                   Biotech-
 Sciences                nology
 Fund          Dec-98    Funds        50     70/139       -        -
Janus Global
 Oppor-
 tunities               Global
 Fund          Jun-01    Funds        75    179/238       -        -
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Mid
 Cap Value              Mid-Cap
 Fund -                  Value
 Inv(2)        Aug-98    Funds        43     75/176       -        -
Janus Small
 Cap Value              Small-Cap
 Fund -                  Core
 Inv.(1,2)     Feb-97    Funds        79    342/435      15   20/136
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                        Inter-
                         mediate
                         Inv
Janus                    Grade
 Flexible                Debt
 Bond Fund     Dec-91    Funds        16     60/379      33   57/172
                        High
                         Current
Janus High-              Yield
 Yield Fund    Dec-03    Funds        67    210/315      16   20/126
                        Short
                         Invest-
                         ment
Janus Short-             Grade
 Term Bond               Debt
 Fund          Jun-03    Funds        43     62/146      39    31/80
Janus                   General
 Federal                 Muni
 Tax-Exempt              Debt
 Fund          Feb-05    Funds        67    145/217      83  114/137
----------------------------------------------------------------------
Asset Allocation Funds
----------------------------------------------------------------------
                        Mixed-
                         Asset
                         Target
Janus Smart              Alloc.
 Portfolio-              Growth
 Growth        Dec-05    Funds         -          -       -        -
                        Mixed-
                         Asset
                         Target
Janus Smart              Alloc.
 Portfolio-              Mod.
 Moderate      Dec-05    Funds         -          -       -        -
                        Mixed-
Janus                    Asset
Smart                    Target
 Portfolio-              Alloc.
 Conser-                 Cons.
 vative        Dec-05    Funds         -          -       -        -
----------------------------------------------------------------------


Janus Investment Fund ("JIF")            Lipper Rankings Based
                                     on Total Returns as of 3/31/07
                                  ------------------------------------
                                           Since PM Inception
                                  ------------------------------------


                PM      Lipper        Percentile       Rank / Total
              Inception  Category      Rank (%)             Funds
             ---------- --------- ------------------------------------
Growth Funds
----------------------------------------------------------------------
                        Large-Cap
                         Growth
Janus Fund     Jan-06    Funds                     6           42/711
                        Large-Cap
Janus Twenty             Growth
 Fund(1)       Aug-97    Funds                     2            4/225
Janus                   Large-Cap
 Research                Growth
 Fund          Jan-06    Funds                     3           17/711
                        Multi-Cap
Janus Orion              Growth
 Fund          Jun-00    Funds                    31           68/225
Janus                   Mid-Cap
 Enterprise              Growth
 Fund          Jan-02    Funds                    12           45/386
Janus                   Small-Cap
 Venture                 Growth
 Fund(1)       Jan-01    Funds                    17           53/319
Janus Global            Multi-Cap
 Research                Growth
 Fund          Feb-05    Funds                     2            6/418
                        Small-Cap
Janus Triton             Growth
 Fund          Jun-06    Funds                     ++
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus Growth            Large-Cap
 and Income              Core
 Fund          Dec-03    Funds                    20          127/656
Janus                   Multi-Cap
 Contrarian              Core
 Fund          Feb-00    Funds                    11           36/331
                        Mixed-
                         Asset
                         Target
Janus                    Alloc.
 Balanced                Mod.
 Fund          Apr-05    Funds                    16           60/383
Janus Funda-            Large-Cap
 mental                  Core
 Equity Fund   Apr-05    Funds                     4           23/739
INTECH Risk-            Multi-Cap
 Managed                 Core
 Stock Fund    Feb-03    Funds                    29          158/559
----------------------------------------------------------------------
International/
Global Funds
----------------------------------------------------------------------
Janus                   Inter-
 Overseas                national
 Fund          Jun-03    Funds                     1            1/749
Janus
 Worldwide              Global
 Fund          Jun-04    Funds                    79          242/306
                        Science &
Janus Global             Tech-
 Technology              nology
 Fund          Jan-06    Funds                    31           88/288
Janus Global            Health/
 Life                   Biotech-
 Sciences                nology
 Fund          Dec-98    Funds                    37            18/48
Janus Global
 Oppor-
 tunities               Global
 Fund          Jun-01    Funds                    23           49/213
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Mid
 Cap Value              Mid-Cap
 Fund -                  Value
 Inv(2)        Aug-98    Funds                     6             4/68
Janus Small
 Cap Value              Small-Cap
 Fund -                  Core
 Inv.(1,2)     Feb-97    Funds                    14           18/132
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                        Inter-
                         mediate
                         Inv
Janus                    Grade
 Flexible                Debt
 Bond Fund     Dec-91    Funds                     4             2/54
                        High
                         Current
Janus High-              Yield
 Yield Fund    Dec-03    Funds                    43          160/376
                        Short
                         Invest-
                         ment
Janus Short-             Grade
 Term Bond               Debt
 Fund          Jun-03    Funds                    25           45/181
Janus                   General
 Federal                 Muni
 Tax-Exempt              Debt
 Fund          Feb-05    Funds                    50          116/234
----------------------------------------------------------------------
Asset Allocation Funds
----------------------------------------------------------------------
                        Mixed-
                         Asset
                         Target
Janus Smart              Alloc.
 Portfolio-              Growth
 Growth        Dec-05    Funds                     8           47/601
                        Mixed-
                         Asset
                         Target
Janus Smart              Alloc.
 Portfolio-              Mod.
 Moderate      Dec-05    Funds                    10           39/417
                        Mixed-
Janus                    Asset
Smart                    Target
 Portfolio-              Alloc.
 Conser-                 Cons.
 vative        Dec-05    Funds                     4           12/343
----------------------------------------------------------------------
                           Percent of JIF Funds per Lipper Quartile
                                     based on Total Returns
                         ---------------------------------------------
                                                           Since PM
                          1-Year   3-Year  5-Year 10-Year   Inception
 ---------------------------------------------------------------------
 1st Quartile              55.6%    54.5%  42.9%   53.3%     73.1%
 2nd Quartile              18.5%    18.2%  33.3%   33.3%     23.1%
 3rd Quartile              14.8%    18.2%  14.3%   6.7%       0.0%
 4th Quartile              11.1%    9.1%    9.5%   6.7%       3.8%
 ---------------------------------------------------------------------

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. If an expense waiver was in effect, it may have had a material effect on the total return or yield for the period.

Data presented reflects past performance, which is no guarantee of future results.

    Notes:

    (1) Closed to new investors

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

++ The Fund's since PM-Inception ranking is not available.

                             The Overall Morningstar Rating(TM) is
                              derived from a weighted average of the
                              performance figures associated with its
                              three-, five-, and ten-year (if
Janus Investment Fund         applicable) Morningstar Rating(TM)
 ("JIF")                      metrics.
                             -----------------------------------------
Based on risk-adjusted
 returns as of 3/31/2007

                                Overall Rating     Three-Year Rating
                             --------------------- -----------------
                                           # of               # of
     Fund        Category       Stars       Funds    Stars    Funds
-------------- ------------- ------------ -------- --------- -------

----------------------------------------------------------------------
               Large Growth
Janus Fund         Funds          3 Stars    1390    4 Stars   1390
Janus
 Enterprise      Mid-Cap
 Fund           Growth Funds      4 Stars     829    5 Stars    829
Janus Growth
 and Income    Large Growth
 Fund              Funds          5 Stars    1390    4 Stars   1390
Janus Research Large Growth
 Fund              Funds          4 Stars    1390    4 Stars   1390
Janus Orion      Mid-Cap
 Fund           Growth Funds      5 Stars     829    5 Stars    829
Janus Twenty   Large Growth
 Fund (1)          Funds          5 Stars    1390    5 Stars   1390
Janus Venture  Small Growth
 Fund (1)          Funds          4 Stars     621    4 Stars    621
Janus Triton   Small Growth
 Fund              Funds                      N/A               N/A
Janus Global   Large Growth
 Research Fund     Funds                      N/A               N/A
Janus Global
 Life Sciences  Specialty-
 Fund           Health Funds      3 Stars     186    3 Stars    186
Janus Global    Specialty-
 Technology     Technology
 Fund              Funds          3 Stars     288    4 Stars    288
Janus Overseas Foreign Large
 Fund           Growth Funds      5 Stars     201    5 Stars    201
Janus
 Worldwide     World Stock
 Fund              Funds          2 Stars     412     1 Star    412
Janus Global
 Opportunities World Stock
 Fund              Funds          2 Stars     412     1 Star    412
                 Moderate
Janus Balanced  Allocation
 Fund              Funds          4 Stars     871    4 Stars    871
INTECH Risk-
 Managed Stock Large Blend
 Fund              Funds          5 Stars    1589    5 Stars   1589
Janus
 Fundamental   Large Blend
 Equity Fund       Funds          5 Stars    1589    5 Stars   1589
Janus
 Contrarian    Large Blend
 Fund              Funds          5 Stars    1589    5 Stars   1589
Janus Mid Cap
 Value Fund -
 Investor      Mid-Cap Value
 Shares (2)        Funds          4 Stars     276    3 Stars    276
Janus Small
 Cap Value
 Fund -
 Investor      Small Value
 Shares (1,2)      Funds          3 Stars     310    3 Stars    310
Janus Federal
 Tax-Exempt    Muni National
 Fund            Long Funds       2 Stars     271    3 Stars    271
               Intermediate-
Janus Flexible   Term Bond
 Bond Fund         Funds          3 Stars     947    3 Stars    947
Janus High-     High Yield
 Yield Fund      Bond Funds       4 Stars     463    3 Stars    463
Janus Short-
 Term Bond      Short-Term
 Fund            Bond Funds       3 Stars     377    3 Stars    377
Janus Smart      Moderate
 Portfolio-     Allocation
 Growth            Funds                      N/A               N/A
Janus Smart      Moderate
 Portfolio-     Allocation
 Moderate          Funds                      N/A               N/A
Janus Smart    Conservative
 Portfolio-     Allocation
 Conservative      Funds                      N/A               N/A
----------------------------------------------------------------------

Percent of funds rated 4 / 5
 Stars                              59.1%              59.1%

                             The Overall Morningstar Rating(TM) is
                              derived from a weighted average of the
                              performance figures associated with its
                              three-, five-, and ten-year (if
Janus Investment Fund         applicable) Morningstar Rating(TM)
 ("JIF")                      metrics.
                             -----------------------------------------
Based on risk-adjusted
 returns as of 3/31/2007
                             -

                                 Five-Year Rating     Ten-Year Rating
                             ------------------------ ----------------
                                              # of              # of
     Fund        Category         Stars       Funds     Stars    Funds
-------------- -------------  ------------- --------- --------- ------

----------------------------------------------------------------------
               Large Growth
Janus Fund         Funds            3 Stars     1118    3 Stars   454
Janus
 Enterprise      Mid-Cap
 Fund           Growth Funds        5 Stars      679    2 Stars   274
Janus Growth
 and Income    Large Growth
 Fund              Funds            4 Stars     1118    5 Stars   454
Janus Research Large Growth
 Fund              Funds            4 Stars     1118    4 Stars   454
Janus Orion      Mid-Cap
 Fund           Growth Funds        5 Stars      679              N/A
Janus Twenty   Large Growth
 Fund (1)          Funds            5 Stars     1118    4 Stars   454
Janus Venture  Small Growth
 Fund (1)          Funds            4 Stars      513    3 Stars   220
Janus Triton   Small Growth
 Fund              Funds                         N/A              N/A
Janus Global   Large Growth
 Research Fund     Funds                         N/A              N/A
Janus Global
 Life Sciences  Specialty-
 Fund           Health Funds        3 Stars      166              N/A
Janus Global    Specialty-
 Technology     Technology
 Fund              Funds            3 Stars      265              N/A
Janus Overseas Foreign Large
 Fund           Growth Funds        5 Stars      176    4 Stars    74
Janus
 Worldwide     World Stock
 Fund              Funds             1 Star      344    2 Stars   158
Janus Global
 Opportunities World Stock
 Fund              Funds            2 Stars      344              N/A
                 Moderate
Janus Balanced  Allocation
 Fund              Funds            3 Stars      650    4 Stars   358
INTECH Risk-
 Managed Stock Large Blend
 Fund              Funds                         N/A              N/A
Janus
 Fundamental   Large Blend
 Equity Fund       Funds            4 Stars     1249    5 Stars   530
Janus
 Contrarian    Large Blend
 Fund              Funds            5 Stars     1249              N/A
Janus Mid Cap
 Value Fund -
 Investor      Mid-Cap Value
 Shares (2)        Funds            4 Stars      204              N/A
Janus Small
 Cap Value
 Fund -
 Investor      Small Value
 Shares (1,2)      Funds            2 Stars      238    4 Stars    79
Janus Federal
 Tax-Exempt    Muni National
 Fund            Long Funds         2 Stars      260    2 Stars   191
               Intermediate-
Janus Flexible   Term Bond
 Bond Fund         Funds            4 Stars      779    3 Stars   390
Janus High-     High Yield
 Yield Fund      Bond Funds         3 Stars      385    4 Stars   162
Janus Short-
 Term Bond      Short-Term
 Fund            Bond Funds         3 Stars      261    3 Stars   159
Janus Smart      Moderate
 Portfolio-     Allocation
 Growth            Funds                         N/A              N/A
Janus Smart      Moderate
 Portfolio-     Allocation
 Moderate          Funds                         N/A              N/A
Janus Smart    Conservative
 Portfolio-     Allocation
 Conservative      Funds                         N/A              N/A
----------------------------------------------------------------------

Percent of funds rated 4 / 5
 Stars                                52.4%               53.3%

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating(TM) based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.

Past performance is no guarantee of future results. Call 1-800-525-3713 or visit janus.com for current month end performance.

C-0407-277

Source: Janus Capital Group Inc.

Contact: Janus Capital Group Inc. Shelley Peterson, 303-316-5625 or James Aber, 303-336-4513