Janus Announces Second Quarter 2007 Results

Second Quarter Earnings of $0.27 Per Diluted Share ------------------------------------------------------ Companywide Long-Term Net Inflows of $2.8 Billion for the Quarter, Janus Ex-INTECH Long-Term Inflows of $1.5 Billion ------------------------------------------------- Investment Management Operating Margin Increased to 34.6% ------------------------------------------------------ More Than Two-Thirds of Retail Funds Outperformed Their Lipper Peer Group Medians for 1, 3 and 5 Years (1) ------------------------------------------------- $277 Million of Stock Buybacks During the Second Quarter, Reducing Shares Outstanding by 4.8% -------------------------------------------------

Company Release - 7/26/2007 8:00 AM ET

DENVER--(BUSINESS WIRE)--

Janus Capital Group Inc. (NYSE: JNS) today reported second quarter net income of $48.8 million, or $0.27 per diluted share, compared with net income of $35.6 million, or $0.19 per diluted share, in the first quarter 2007. The company's investment management operating margin for the second quarter 2007 was 34.6% compared with 27.8% for the first quarter 2007 and 24.6% for the second quarter 2006.

Flows and Assets Under Management

Average assets under management during the second quarter increased 9.4% to $188.2 billion compared with $172.1 billion during the first quarter 2007. At June 30, 2007, the company's total assets under management were $190.6 billion, an increase of 8.2%, compared with $176.2 billion at March 31, 2007. The increase in assets during the second quarter reflects $10.3 billion in market appreciation and fund performance, long-term net inflows of $2.8 billion and money market net inflows of $1.3 billion.

Janus' INTECH subsidiary had long-term net inflows of $1.3 billion during the second quarter 2007 compared with long-term net inflows of $3.1 billion in the first quarter 2007. Excluding INTECH, Janus' long-term net flows were $1.5 billion in the second quarter 2007 versus breakeven long-term net flows in the previous quarter.

"This is the first time in six years that we've generated positive net flows from Janus-managed products," said CEO Gary Black. "We're also pleased with the marked improvement in our investment management operating margin. Our progress on these two fronts represents an important step in Janus' comeback."

Investment Management

Janus' relative investment management performance remained strong during the second quarter. Approximately 82%, 77% and 67% 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 June 30, 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, all three of Janus' flagship products - Janus Fund, Janus Worldwide and Janus Twenty - were in the top 15th percentile of their respective Lipper categories on a one-year total return basis as of June 30, 2007.(1)

Financial Discussion

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

                                               Three Months Ended
                                           ---------------------------
                                           June 30, March 31, June 30,
                                             2007     2007      2006
                                           -------- --------- --------

Investment Management Segment
------------------------------------------
Average Assets (in billions)                $188.2    $172.1   $154.0
Ending AUM (in billions)                    $190.6    $176.2   $153.4
Revenues                                    $273.0    $247.9   $233.1
Operating Expenses                          $178.6    $179.0   $175.8
Operating Income                             $94.4     $68.9    $57.3
Operating Margin                              34.6%     27.8%    24.6%

Printing and Fulfillment Operating Loss      $(5.2)    $(4.7)   $(4.1)

Consolidated Net Income                      $48.8     $35.6    $31.1
Diluted Earnings per Share                   $0.27     $0.19    $0.15
Shares Repurchased (in millions)              10.4       9.4      5.3
Cost of Shares Repurchased                  $276.5    $200.2   $104.9
Average Price                               $26.60    $21.22   $19.66
End of Period Shares (in millions)           176.3     185.3    206.7

Investment Management Segment

Second quarter revenues of $273.0 million increased $25.1 million from the previous quarter, primarily due to higher average assets under management while total operating expenses were flat quarter-to-quarter. Higher distribution expenses and revenue-based compensation in the second quarter were offset by a $3.8 million net benefit. This net benefit includes the release of $6.3 million in legal reserves and a $2.5 million charge for departure-related accelerated vesting of long-term incentive awards.

Printing and Fulfillment Segment

Janus' printing business, Rapid Solutions Group (RSG), reported an operating loss of $5.2 million in the second quarter of 2007, primarily because of a decline in production volume compared with the previous quarter.

Capital and Liquidity

At June 30, 2007, Janus had stockholders' equity of $1,994 million, cash and investments of $860 million and $1,128 million of outstanding debt. On June 14, 2007, Janus issued $300 million of five-year, 6.250% senior notes, and $450 million of 10-year, 6.700% senior notes. On June 26, 2007, approximately $160 million of the total proceeds were used to repay the 7.875% senior notes due 2032.

As part of its capital and liquidity management, Janus reduced its outstanding shares by 4.8% during the second quarter by repurchasing 10.4 million shares of its common stock at an average price of $26.60 per share and a total cost of $277 million. Year to date, Janus has repurchased 19.8 million shares of its common stock at an average price of $24.04 per share and a total cost of $477 million, reducing shares outstanding by 8.9%.

Second Quarter 2007 Earnings Call Information

Janus Capital Group will discuss its results during a conference call on Thursday, July 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 June 2007, Janus managed $190.6 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 (7/07).

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" and in the Prospectus Supplement to the Company's Registration Statement on Form S-3 filed June 11, 2007 and June 5, 2007, respectively. 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 rankings for all JIF funds are on page 9.

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


                                               Three Months Ended
                                           ---------------------------
                                           June 30, March 31, June 30,
                                             2007     2007      2006
                                           -------- --------- --------
 Investment Management Revenues:
  Investment management fees                $220.6    $200.9   $187.0
  Performance fees                             3.8       2.5      4.3
  Shareowner servicing fees and other         48.6      44.5     41.8
                                           -------- --------- --------
   Total                                     273.0     247.9    233.1
                                           -------- --------- --------

 Investment Management Operating Expenses:
  Employee compensation and benefits          86.8      87.4     78.2
  Long-term incentive compensation            17.0      18.7     23.0
  Marketing and advertising                    5.0       5.1      7.7
  Distribution                                34.5      30.6     27.2
  Depreciation and amortization                8.7       7.1      8.3
  General, administrative and occupancy       26.9      30.2     31.4
  Restructuring and impairments                  -       0.4        -
  Mutual fund investigation recoveries        (0.3)     (0.5)       -
                                           -------- --------- --------
   Total                                     178.6     179.0    175.8
                                           -------- --------- --------

 Investment Management Operating Income       94.4      68.9     57.3

 Printing and Fulfillment Segment:
  Revenue                                     21.9      23.5     21.5
  Operating expenses                          25.1      26.1     23.7
  Depreciation and amortization                2.0       2.1      1.9
                                           -------- --------- --------
 Printing and Fulfillment Operating Loss      (5.2)     (4.7)    (4.1)

 Interest expense                            (11.5)     (9.5)    (7.2)
 Other income, net                             5.6       7.1      7.8
 Income tax provision                        (31.1)    (21.8)   (19.5)
 Equity in earnings of unconsolidated
  affiliate                                    1.7       1.7      2.0
 Minority interest in consolidated
  earnings                                    (5.1)     (6.1)    (5.2)
                                           -------- --------- --------

 Net Income                                  $48.8     $35.6    $31.1
                                           ======== ========= ========

 Basic Earnings per Share
  Weighted average shares outstanding (in
   millions)                                 180.1     187.3    205.3
  Basic earnings per share                   $0.27     $0.19    $0.15

 Diluted Earnings per Share
  Weighted average shares outstanding (in
   millions)                                 182.4     188.6    206.4
  Diluted earnings per share                 $0.27     $0.19    $0.15

 Average Assets Under Management (in
  billions)                                 $188.2    $172.1   $154.0
                       JANUS CAPITAL GROUP INC.
           UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
                        (dollars in millions)

                                                June 30,  December 31,
                                                  2007        2006
                                                --------- ------------
 Assets
  Cash and cash equivalents                       $742.1       $559.7
  Marketable securities                            117.5        173.1
  Other assets                                     318.4        291.7
  Property and equipment, net                       57.2         60.3
  Intangibles and goodwill, net                  2,524.8      2,453.1
                                                --------- ------------
   Total Assets                                 $3,760.0     $3,537.9
                                                ========= ============

 Liabilities and Stockholders' Equity
  Debt                                          $1,127.6       $537.2
  Other liabilities                                229.7        295.0
  Deferred income taxes                            408.9        399.3
  Stockholders' equity                           1,993.8      2,306.4
                                                --------- ------------
   Total Liabilities and Stockholders'
    Equity                                      $3,760.0     $3,537.9
                                                ========= ============

                   UNAUDITED CONDENSED CONSOLIDATED
                        CASH FLOW INFORMATION
                        (dollars in millions)

                                             Three Months Ended
                                       -------------------------------
                                       June 30, March 31,   June 30,
 Cash provided by (used in):             2007     2007        2006
                                       -------- --------- ------------
  Operating activities                  $127.8    $(18.0)      $114.6
  Investing activities                   (13.4)    (21.5)        10.4
  Financing activities                   316.4    (208.9)      (114.3)
                                       -------- --------- ------------
 Net change during period               $430.8   $(248.4)       $10.7
                                       ======== ========= ============

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

                                        Three Months Ended
                            ------------------------------------------
                            June 30, 2007 March 31, 2007 June 30, 2006
                            ------------- -------------- -------------
Growth/Blend
  Beginning of period
   assets                          $68.2          $66.8         $71.5
  Sales                              4.9            3.9           3.0
  Redemptions                        4.2            4.7           4.4
                            ------------- -------------- -------------
  Net sales (redemptions)            0.7           (0.8)         (1.5)
  Market appreciation                5.2            2.2          (3.1)
                            ------------- -------------- -------------
  End of period assets             $74.1          $68.2         $66.9
                            ============= ============== =============

Global/International
  Beginning of period
   assets                          $17.1          $16.0         $13.3
  Sales                              1.6            1.7           0.9
  Redemptions                        0.9            1.1           1.2
                            ------------- -------------- -------------
  Net sales (redemptions)            0.7            0.6          (0.3)
  Market appreciation                1.8            0.5          (0.4)
                            ------------- -------------- -------------
  End of period assets             $19.6          $17.1         $12.6
                            ============= ============== =============

Mathematical/Quantitative
  Beginning of period
   assets                          $66.3          $62.3         $50.6
  Sales                              4.5            5.0           3.8
  Redemptions                        3.2            1.9           1.1
                            ------------- -------------- -------------
  Net sales (redemptions)            1.3            3.1           2.6
  Market appreciation                2.6            0.8          (1.7)
                            ------------- -------------- -------------
  End of period assets             $70.1          $66.3         $51.5
                            ============= ============== =============

Fixed Income
  Beginning of period
   assets                           $4.8           $4.6          $4.9
  Sales                              0.8            0.6           0.2
  Redemptions                        0.3            0.5           0.4
                            ------------- -------------- -------------
  Net sales (redemptions)            0.5            0.1          (0.2)
  Market appreciation                  -            0.1             -
                            ------------- -------------- -------------
  End of period assets              $5.2           $4.8          $4.7
                            ============= ============== =============

Value
  Beginning of period
   assets                          $10.8          $10.5         $11.1
  Sales                              0.8            0.8           0.7
  Redemptions                        1.1            0.8           1.8
                            ------------- -------------- -------------
  Net sales (redemptions)           (0.3)             -          (1.1)
  Market appreciation                0.6            0.3          (0.3)
                            ------------- -------------- -------------
  End of period assets             $11.1          $10.8          $9.7
                            ============= ============== =============

Money Market
  Beginning of period
   assets                           $9.0           $7.5          $6.7
  Sales                             22.8           19.1          12.4
  Redemptions                       21.5           17.6          11.3
                            ------------- -------------- -------------
  Net sales (redemptions)            1.3            1.5           1.2
  Market appreciation                  -              -             -
                            ------------- -------------- -------------
  End of period assets             $10.4           $9.0          $7.9
                            ============= ============== =============

Total
  Beginning of period
   assets                         $176.2         $167.7        $158.1
  Sales                             35.3           31.2          21.1
  Redemptions                       31.3           26.6          20.3
                            ------------- -------------- -------------
  Net sales (redemptions)            4.0            4.6           0.8
  Market appreciation               10.3            3.9          (5.5)
                            ------------- -------------- -------------
  End of period assets            $190.6         $176.2        $153.4
                            ============= ============== =============

Total Excluding Money
 Markets
  Beginning of period
   assets                         $167.2         $160.2        $151.4
  Sales                             12.6           12.1           8.6
  Redemptions                        9.8            9.0           9.0
                            ------------- -------------- -------------
  Net sales (redemptions)            2.8            3.1          (0.4)
  Market appreciation               10.3            3.9          (5.5)
                            ------------- -------------- -------------
  End of period assets            $180.2         $167.2        $145.5
                            ============= ============== =============

Total Excluding Mathematical/Quantitative & Money
 Markets
  Beginning of period
   assets                         $100.9          $97.9        $100.8
  Sales                              8.1            7.1           4.9
  Redemptions                        6.6            7.1           7.9
                            ------------- -------------- -------------
  Net sales (redemptions)            1.5              -          (3.0)
  Market appreciation                7.7            3.1          (3.8)
                            ------------- -------------- -------------
  End of period assets            $110.1         $100.9         $94.0
                            ============= ============== =============

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 Funds ("JIF")           Lipper Rankings Based
                                     on Total Returns as of 6/30/07
                                    ----------------------------------
                                         1-Year           3-Year
                                    ----------------- ---------------

                                                      Percen-
                                     Percen-  Rank /    tile  Rank /
                PM      Lipper         tile    Total   Rank    Total
              Inception  Category   Rank (%)   Funds    (%)    Funds
             ---------- ----------- ----------------- ----------------
 Growth Funds
 ---------------------------------------------------------------------
                        Large-Cap
                         Growth
 Janus Fund    Jan-06    Funds             15 105/717      39 238/614
 Janus                  Large-Cap
  Twenty                 Growth
  Fund(1)      Aug-97    Funds              1   7/717       1   2/614
 Janus                  Large-Cap
  Research               Growth
  Fund         Jan-06    Funds              1   1/717       2  11/614
                        Multi-Cap
 Janus Orion             Growth
  Fund         Jun-00    Funds              9  46/514       2   7/410
 Janus                  Mid-Cap
  Enterprise             Growth
  Fund         Jan-02    Funds             14  81/608      18  85/485
 Janus                  Small-Cap
  Venture                Growth
  Fund(1)      Jan-01    Funds              1   1/565       4  16/458
 Janus
  Global                Multi-Cap
  Research               Growth
  Fund         Feb-05    Funds              4  19/514       -       -
 Janus                  Small-Cap
  Triton                 Growth
  Fund         Jun-06    Funds              6  30/565       -       -
 ---------------------------------------------------------------------
 Core Funds
 ---------------------------------------------------------------------
 Janus
  Contrarian            Multi-Cap
  Fund         Feb-00    Core Funds         1   2/849       1   1/644
 Janus
  Growth and
  Income                Large-Cap
  Fund         Dec-03    Core Funds        86 692/806      13  84/671
                        Mixed-Asset
 Janus                   Target
  Balanced               Alloc.
  Fund         Apr-05    Mod. Funds        26 109/432      23  74/331
 Janus
  Funda-
  mental
  Equity                Large-Cap
 Fund          Apr-05    Core Funds        83 667/806       2  12/671
 INTECH
  Risk-
  Managed               Multi-Cap
  Stock Fund   Feb-03    Core Funds        91 766/849      50 318/644
 ---------------------------------------------------------------------
 International/
 Global Funds
 ---------------------------------------------------------------------
 Janus                  Inter-
  Overseas               national
  Fund         Jun-03    Funds              1  1/1024       1   1/802
 Janus
  Worldwide             Global
  Fund         Jun-04    Funds              5  17/401      69 208/302
 Janus
  Global                Science &
  Technology             Technology
  Fund         Jan-06    Funds             27  75/283      23  57/257
 Janus
  Global                Health/
  Life                  Biotech-
  Sciences               nology
  Fund         Apr-07    Funds             88 154/174      48  72/152
 Janus
 Global
  Opportun-             Global
  ities Fund   Jun-01    Funds             14  56/401      93 281/302
 ---------------------------------------------------------------------
 Value Funds
 ---------------------------------------------------------------------
 Janus Mid
  Cap Value             Mid-Cap
  Fund -                 Value
  Inv(2)       Aug-98    Funds             47 138/297      64 147/232
 Janus Small
  Cap Value
  Fund -                Small-Cap
  Inv.(1,2)    Feb-97    Core Funds        28 199/732      80 449/564
 ---------------------------------------------------------------------
 Income Funds
 ---------------------------------------------------------------------
                        Inter-
 Janus                   mediate
  Flexible               Inv Grade
  Bond Fund    May-07    Debt Funds        27 140/522      43 191/450
                        High
                         Current
 Janus High-             Yield
  Yield Fund   Dec-03    Funds             34 149/447      44 163/376
                        Short
 Janus                   Investment
  Short-Term             Grade Debt
  Bond Fund    May-07    Funds             37  84/232      40  78/195
 Janus
  Federal               General
  Tax-Exempt             Muni Debt
  Fund         Feb-05    Funds             94 222/236      82 182/221
 ---------------------------------------------------------------------
 Asset Allocation Funds
 ---------------------------------------------------------------------
                        Mixed-Asset
                         Target
 Janus Smart             Alloc.
  Portfolio-             Growth
  Growth       Dec-05    Funds              5  25/607       -       -
                        Mixed-Asset
 Janus Smart             Target
  Portfolio-             Alloc.
  Moderate     Dec-05    Mod. Funds         6  23/432       -       -
 Janus                  Mixed-Asset
 Smart                   Target
  Portfolio-             Alloc.
  Conserv-               Cons.
  ative        Dec-05    Funds              3   8/380       -       -
 ----------- ---------------------------------------------------------



 Janus Investment Funds ("JIF")           Lipper Rankings Based
                                     on Total Returns as of 6/30/07
                                    ----------------------------------
                                         5-Year           10-Year
                                    ----------------- ---------------

                                                      Percen-
                                     Percen-  Rank /    tile  Rank /
                PM      Lipper         tile    Total   Rank    Total
              Inception  Category   Rank (%)   Funds    (%)    Funds
             ---------- ----------- ----------------- ----------------
 Growth Funds
 ---------------------------------------------------------------------
                        Large-Cap
                         Growth
 Janus Fund    Jan-06    Funds             29 141/494      35  67/193
 Janus                  Large-Cap
  Twenty                 Growth
  Fund(1)      Aug-97    Funds              1   3/494       3   4/193
 Janus                  Large-Cap
  Research               Growth
  Fund         Jan-06    Funds              2   7/494       2   3/193
                        Multi-Cap
 Janus Orion             Growth
  Fund         Jun-00    Funds              3   8/338       -       -
 Janus                  Mid-Cap
  Enterprise             Growth
  Fund         Jan-02    Funds              9  34/383      51  81/159
 Janus                  Small-Cap
  Venture                Growth
  Fund(1)      Jan-01    Funds              4  14/380      20  30/156
 Janus
  Global                Multi-Cap
  Research               Growth
  Fund         Feb-05    Funds              -       -       -       -
 Janus                  Small-Cap
  Triton                 Growth
  Fund         Jun-06    Funds              -       -       -       -
 ---------------------------------------------------------------------
 Core Funds
 ---------------------------------------------------------------------
 Janus
  Contrarian            Multi-Cap
  Fund         Feb-00    Core Funds         1   2/465       -       -
 Janus
  Growth and
  Income                Large-Cap
  Fund         Dec-03    Core Funds        32 173/556       5  12/260
                        Mixed-Asset
 Janus                   Target
  Balanced               Alloc.
  Fund         Apr-05    Mod. Funds        42  91/218       6   6/116
 Janus
  Funda-
  mental
  Equity                Large-Cap
 Fund          Apr-05    Core Funds         9  49/556       1   2/260
 INTECH
  Risk-
  Managed               Multi-Cap
  Stock Fund   Feb-03    Core Funds         -       -       -       -
 ---------------------------------------------------------------------
 International/
 Global Funds
 ---------------------------------------------------------------------
 Janus                  Inter-
  Overseas               national
  Fund         Jun-03    Funds              1   1/656       4  11/285
 Janus
  Worldwide             Global
  Fund         Jun-04    Funds             95 233/245      67   66/98
 Janus
  Global                Science &
  Technology             Technology
  Fund         Jan-06    Funds             53 126/237       -       -
 Janus
  Global                Health/
  Life                  Biotech-
  Sciences               nology
  Fund         Apr-07    Funds             62  84/135       -       -
 Janus
 Global
  Opportun-             Global
  ities Fund   Jun-01    Funds             78 191/245       -       -
 ---------------------------------------------------------------------
 Value Funds
 ---------------------------------------------------------------------
 Janus Mid
  Cap Value             Mid-Cap
  Fund -                 Value
  Inv(2)       Aug-98    Funds             39  69/177       -       -
 Janus Small
  Cap Value
  Fund -                Small-Cap
  Inv.(1,2)    Feb-97    Core Funds        88 389/442      12  18/150
 ---------------------------------------------------------------------
 Income Funds
 ---------------------------------------------------------------------
                        Inter-
 Janus                   mediate
  Flexible               Inv Grade
  Bond Fund    May-07    Debt Funds        21  81/387      35  63/181
                        High
                         Current
 Janus High-             Yield
  Yield Fund   Dec-03    Funds             81 251/311      15  20/134
                        Short
 Janus                   Investment
  Short-Term             Grade Debt
  Bond Fund    May-07    Funds             35  50/142      36   29/80
 Janus
  Federal               General
  Tax-Exempt             Muni Debt
  Fund         Feb-05    Funds             79 164/207      82 107/130
 ---------------------------------------------------------------------
 Asset Allocation Funds
 ---------------------------------------------------------------------
                        Mixed-Asset
                         Target
 Janus Smart             Alloc.
  Portfolio-             Growth
  Growth       Dec-05    Funds              -       -       -       -
                        Mixed-Asset
 Janus Smart             Target
  Portfolio-             Alloc.
  Moderate     Dec-05    Mod. Funds         -       -       -       -
 Janus                  Mixed-Asset
 Smart                   Target
  Portfolio-             Alloc.
  Conserv-               Cons.
  ative        Dec-05    Funds              -       -       -       -
 ----------- ---------------------------------------------------------



 Janus Investment Funds ("JIF")           Lipper Rankings Based
                                      on Total Returns as of 6/30/07
                                    ----------------------------------
                                            Since PM Inception
                                    ----------------------------------


                PM      Lipper         Percen-tile      Rank / Total
              Inception  Category        Rank (%)           Funds
             ---------- ----------- ----------------------------------
 Growth Funds
 ---------------------------------------------------------------------
                        Large-Cap
                         Growth
 Janus Fund    Jan-06    Funds                       8          50/692
 Janus                  Large-Cap
  Twenty                 Growth
  Fund(1)      Aug-97    Funds                       2           4/215
 Janus                  Large-Cap
  Research               Growth
  Fund         Jan-06    Funds                       2           9/692
                        Multi-Cap
 Janus Orion             Growth
  Fund         Jun-00    Funds                      27          60/228
 Janus                  Mid-Cap
  Enterprise             Growth
  Fund         Jan-02    Funds                      15          55/368
 Janus                  Small-Cap
  Venture                Growth
  Fund(1)      Jan-01    Funds                      14          44/315
 Janus
  Global                Multi-Cap
  Research               Growth
  Fund         Feb-05    Funds                       2           6/426
 Janus                  Small-Cap
  Triton                 Growth
  Fund         Jun-06    Funds                       6          30/565
 ---------------------------------------------------------------------
 Core Funds
 ---------------------------------------------------------------------
 Janus
  Contrarian            Multi-Cap
  Fund         Feb-00    Core Funds                 11          32/317
 Janus
  Growth and
  Income                Large-Cap
  Fund         Dec-03    Core Funds                 13          77/639
                        Mixed-Asset
 Janus                   Target
  Balanced               Alloc.
  Fund         Apr-05    Mod. Funds                 13          46/379
 Janus
  Funda-
  mental
  Equity                Large-Cap
 Fund          Apr-05    Core Funds                  4          24/722
 INTECH
  Risk-
  Managed               Multi-Cap
  Stock Fund   Feb-03    Core Funds                 46         239/523
 ---------------------------------------------------------------------
 International/
 Global Funds
 ---------------------------------------------------------------------
 Janus                  Inter-
  Overseas               national
  Fund         Jun-03    Funds                       1           1/730
 Janus
  Worldwide             Global
  Fund         Jun-04    Funds                      69         208/302
 Janus
  Global                Science &
  Technology             Technology
  Fund         Jan-06    Funds                      29          80/281
 Janus
  Global                Health/
  Life                  Biotech-
  Sciences               nology
  Fund         Apr-07    Funds                      ++
 Janus
 Global
  Opportun-             Global
  ities Fund   Jun-01    Funds                      20          40/209
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 Value Funds
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 Janus Mid
  Cap Value             Mid-Cap
  Fund -                 Value
  Inv(2)       Aug-98    Funds                       6            4/68
 Janus Small
  Cap Value
  Fund -                Small-Cap
  Inv.(1,2)    Feb-97    Core Funds                 17          21/129
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 Income Funds
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                        Inter-
 Janus                   mediate
  Flexible               Inv Grade
  Bond Fund    May-07    Debt Funds                 ++
                        High
                         Current
 Janus High-             Yield
  Yield Fund   Dec-03    Funds                      42         151/365
                        Short
 Janus                   Investment
  Short-Term             Grade Debt
  Bond Fund    May-07    Funds                      ++
 Janus
  Federal               General
  Tax-Exempt             Muni Debt
  Fund         Feb-05    Funds                      66         146/222
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 Asset Allocation Funds
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                        Mixed-Asset
                         Target
 Janus Smart             Alloc.
  Portfolio-             Growth
  Growth       Dec-05    Funds                       6          33/587
                        Mixed-Asset
 Janus Smart             Target
  Portfolio-             Alloc.
  Moderate     Dec-05    Mod. Funds                  8          31/414
 Janus                  Mixed-Asset
 Smart                   Target
  Portfolio-             Alloc.
  Conserv-               Cons.
  ative        Dec-05    Funds                       2           6/343
 ----------- ---------------------------------------------------------
               Percent of JIF Funds per Lipper Quartile based on Total
                                       Returns
               -------------------------------------------------------
                1-Year    3-Year  5-Year   10-Year  Since PM Inception
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 1st Quartile      55.6%    50.0%   42.9%     60.0%              75.0%
 2nd Quartile      25.9%    27.3%   23.8%     20.0%              16.7%
 3rd Quartile       0.0%     9.1%    9.5%     13.3%               8.3%
 4th Quartile      18.5%    13.6%   23.8%      6.7%               0.0%
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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.

Source: Janus Capital Group Inc.

Contact: Janus Capital Group Inc. Shelley Peterson, 303-316-5625 or Scott Grace, 303-394-7709