Janus Adviser Long/Short Fund Reaches One-Year Anniversary

Company Release - 8/3/2007 8:00 AM ET


Janus Capital Group Inc. (NYSE: JNS) today announced that Janus Adviser Long/Short Fund Class I Shares (JLSIX) closed out its first year ranked number one out of 118 funds in Morningstar'sLong-Short Fund category based on total returns over the trailing one-year time period, as of 8/01/07.

Janus Adviser Long/Short Fund, which is sold though financial intermediaries and to certain institutional investors, was introduced to investors on August 1, 2006 as Janus' first alternative asset product. As of June 30, 2007, the fund had approximately $164.5 million in assets under management. Janus Adviser Long/Short Fund is managed by David Decker, Dan Kozlowski and Dan Riff, each of whom has responsibility for a specific portion of the Fund.

Janus Adviser Long/Short Fund seeks to provide strong, risk-adjusted returns over a full market cycle with a low correlation to broad market. The fund does not aim to be market neutral and will normally hold a higher percentage of its assets in long positions than short positions.

The management team looks for attractive investment opportunities for the fund's long and short investments. For the long portion of the fund, the management team looks for companies that tend to create value for shareholders. Likewise, the fund's short positions will typically consist of companies that tend to destroy value or stocks that may provide an opportunity to hedge away risk.

"During the first year, we have been pleased with our ability to materially reduce the fund's volatility while adding alpha with our short sales," said David Decker. "We will continue to leverage Janus' fundamental research in hopes of enhancing returns while attempting to provide downside protection for our shareholders."

Janus Adviser Long/Short Fund Class I Shares posted a gain of 27.28% during its first year (8/02/06 - 8/01/07). As of June 30, 2007, the fund had a year-to-date return of 11.85% and a return since inception of 25.87%. The fund's annual gross and net expense ratio as of the fund's fiscal year-end (7/31/06) were 2.84% and 1.74%, respectively. From the fund's inception though 8/1/07, its beta to the S&P 500(R) Index, which is a measurement of portfolio volatility, was 0.38%.

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 1-877-335-2687 or visit janus.com for performance current to the most recent month-end.

Janus Capital has contractually agreed to waive the Fund's total operating expenses (excluding the distribution and shareholder servicing fees, administrative services fee, brokerage commissions, interest, taxes, and extraordinary expenses) to certain limits until at least 12-1-08. Total returns shown include fee waivers, if any, and without such waivers the Fund's total returns would have been lower.

A 2% redemption fee may be imposed on shares held for 3 months or less. Performance shown does not reflect this redemption fee and, if reflected, performance would have been lower.

For additional information on Janus Adviser Long/Short Fund, please visit www.janusintech.com.

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 1-877-335-2687 or download the file from www.janusintech.com. Read it carefully before you invest or send money.

Janus Adviser Long/Short Fund is classified as "non-diversified", meaning it has the ability to take larger positions in a smaller number of issuers than a "diversified" fund. Non-diversified funds may experience greater price volatility.

The use of short sales may cause the fund to have higher expenses than those of other equity funds. Short sales are speculative transactions and involve special risks, including a greater reliance on the investment team's ability to accurately anticipate the future value of a security. The Fund's losses are potentially unlimited in a short sale transaction. The Fund's use of short sales in effect leverages the Fund's portfolio. The Fund's use of leverage may result in risks and can magnify the effect of any losses. There is no assurance that a leveraging strategy will be successful. Short selling represents a highly risky strategy and can incur substantial losses if the investments rise instead of fall.

The Fund's Class I Shares commenced operations on 8-1-06. The performance shown for Class I Shares reflects the performance of the Fund's Class I Shares from 8-1-06 through the period shown. The performance shown reflects the fees and expenses of Class I Shares without the effect of any fee and expense limitations or waivers.

Upon completion of the Fund's first fiscal period, Other Expenses will include dividends or interest on short sales, which are paid to the lender of borrowed securities. Such expenses will vary depending on whether the securities the Fund sells short pay dividends or interest and the amount of such dividends or interest.

Total return includes reinvestment of dividends and capital gains. The Fund's performance for very short time periods may not be indicative of future performance.

(C) 2007 Morningstar, Inc. All Rights Reserved. Ranking is for the I share class only; other classes may have different performance characteristics. Rankings are based on total returns over the time period indicated. Morningstar's Long-Short category consists of portfolios that take long positions in securities that appear attractive and short positions in securities that appear to be unattractive. Some of these portfolios are market neutral, which means that they divide their exposure equally between long and short positions in an attempt to minimize the losses that could occur from a broad market rally or decline. Other portfolios focus exclusively on stocks that are or could be involved in mergers and acquisitions.

Beta is a measurement of a fund's trailing 36-month returns in relation to the overall market (or appropriate market index). Beta of 1 - share price will typically move with the market; Beta more than 1 - share price will typically be more volatile than the market; Beta less than 1 - share price will typically be less volatile than the market. Since the fund does not have a trailing 36-month return, the figure quoted is since inception.

CFA(R) and Chartered Financial Analyst(R) are trademarks owned by CFA Institute.

Funds distributed by Janus Distributors LLC (8/07).

Source: Janus Capital Group Inc.

Contact: Janus Capital Group Inc. James Aber, 303-336-4513