Janus Announces Third Quarter 2007 Results

Third quarter earnings from continuing operations of $0.29 per diluted share ------------------------------------------------------ Companywide long-term net inflows of $0.7 billion for the quarter; Janus ex-INTECH long-term inflows of $2.9 billion ------------------------------------------------- More than two-thirds of retail funds outperformed their Lipper peer group medians for 1, 3 and 5 years (1) ------------------------------------------------- $184 million of stock buybacks during the third quarter, reducing shares outstanding by 3.4% ------------------------------------------------------ Janus to sell its printing and fulfillment business

Company Release - 10/25/2007 8:00 AM ET

DENVER--(BUSINESS WIRE)--

Janus Capital Group Inc. (NYSE: JNS) today reported third quarter net income from continuing operations of $50.8 million, or $0.29 per diluted share, compared with net income from continuing operations of $51.6 million, or $0.28 per diluted share, in the second quarter 2007.(2) The company's operating margin from continuing operations for the third quarter 2007 was 33.7% compared with 34.6% for the second quarter 2007 and 24.9% for the third quarter 2006.

Janus also announced today that it plans to sell its printing business, Rapid Solutions Group (RSG). In connection with the expected disposal, Janus recorded an after-tax impairment charge of $0.21 diluted loss per share. The impairment charge and RSG's operating loss of $0.01 diluted loss per share are reflected as discontinued operations in Janus' financial statements.

Flows and Assets Under Management

Average assets under management during the third quarter increased 2.8% to $193.5 billion compared with $188.2 billion during the second quarter 2007. At September 30, 2007, the company's total assets under management were $208.0 billion, an increase of 9.1%, compared with $190.6 billion at June 30, 2007. The increase in assets during the third quarter reflects $8.6 billion in market appreciation and fund performance, long-term net inflows of $0.7 billion and money market net inflows of $8.1 billion.

Janus' INTECH subsidiary had long-term net outflows of $2.2 billion during the third quarter 2007 compared with long-term net inflows of $1.3 billion in the second quarter 2007. Excluding INTECH, Janus' long-term net inflows were $2.9 billion in the third quarter 2007 versus $1.5 billion long-term net inflows in the previous quarter.

Investment Management

Janus' relative investment management performance remained strong during the third quarter. Approximately 89%, 73% 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 September 30, 2007. Six of those funds ranked in the top 10% of their respective Lipper categories during the same one-, three- and five-year periods. In addition, 50% of JIF funds have a 4- or 5-star Morningstar overall rating at September 30, 2007, based on risk-adjusted returns.(3)

Janus CEO Gary Black said he was particularly proud that all 17 of the company's Janus-managed JIF equity funds (4) ranked in the top half of their Lipper peers on a one-year total-return basis as of September 30, 2007. He also noted that 85% of those same funds finished in the top Lipper quartile during that period.

"This quarter's significantly higher flows from Janus-managed products reflect our success with advisors and show that the marketplace recognizes our consistently strong performance," Black said. "Despite INTECH's short-term outflows, we have great confidence in its investment process, which has helped it build an excellent long-term track record."

Financial Discussion

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

                                          Three Months Ended
                                 -------------------------------------
                                 September 30, June 30,  September 30,
                                       2007        2007       2006
                                 ------------- --------- -------------

Continuing Operations
 (Investment Management)
--------------------------------
Average Assets (in billions)         $193.5      $188.2     $153.2
Ending AUM (in billions)             $208.0      $190.6     $158.3
Revenues                             $284.6      $273.0     $229.0
Operating Expenses                   $188.8      $178.6     $172.0
Operating
 Income                               $95.8       $94.4      $57.0
Operating
 Margin                                33.7%       34.6%      24.9%

Net Income (a)                        $50.8       $51.6      $32.6

Diluted Earnings per Share (a)        $0.29       $0.28      $0.16

Shares Repurchased (in millions)        6.5        10.4        7.7
Cost of Shares Repurchased           $183.5      $276.5     $138.1
Average Price                        $28.32      $26.60     $17.97
Total shares outstanding end of
 period (in millions)                 170.3       176.3      199.3

(a) Prior periods have been reclassified to separately present the
 results of continuing and discontinued operations.

Continuing Operations

Third quarter 2007 revenues of $284.6 million increased $11.6 million from the previous quarter due to higher average assets under management driven primarily by market appreciation and investment performance. Total operating expenses increased $10.2 million from the second quarter as a result of higher investment team compensation and a $3.8 million net benefit recognized in the second quarter 2007. The net benefit included 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.

Discontinued Operations

RSG, the company's printing business, reported a third quarter net loss of $38.6 million, which includes a $36.0 million impairment charge, net of tax. In light of Janus' decision to sell its printing and fulfillment operations, the company evaluated RSG's assets, resulting in a write-down of a portion of goodwill, certain intangibles and fixed assets.

Capital and Liquidity

At September 30, 2007, Janus had stockholders' equity of $1,844 million, cash and investments related to continuing operations of $725 million and $1,128 million of outstanding debt. As part of its capital and liquidity management, Janus reduced its outstanding shares by 3.4% during the third quarter by repurchasing 6.5 million shares of its common stock at an average price of $28.32 per share and a total cost of $184 million. Year to date, Janus has repurchased 26.3 million shares of its common stock at an average price of $25.09 per share and a total cost of $660 million, reducing shares outstanding by 12.0%.

Third Quarter 2007 Earnings Call Information

Janus Capital Group will discuss its results during a conference call on Thursday, October 25 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 September 2007, Janus managed $208.0 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.

(1) Detailed Lipper total return rankings for all JIF funds are on page 9.

(2) Prior periods have been reclassified to separately present the results of continuing and discontinued operations.

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

(4) Janus Managed JIF Equity Funds do not include Janus Capital Funds, Janus Adviser Series, Janus Aspen Series, Sub-advised or money markets. They also do not include JIF Value Funds, JIF Income Funds and INTECH Risk-Managed Stock Fund.

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 (10/07).

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.

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

                                          Three Months Ended
                                 -------------------------------------
                                 September 30, June 30,  September 30,
                                     2007      2007(a)     2006(a)
                                 ------------- --------- -------------
Investment Management
 Revenues:
 Investment management fees            $228.5    $220.6        $183.5
 Performance fees                         5.1       3.8           4.0
 Shareowner servicing fees
  and other                              51.0      48.6          41.5
                                 ------------- --------- -------------
  Total                                 284.6     273.0         229.0
                                 ------------- --------- -------------

Investment Management
 Operating Expenses:
 Employee compensation and
  benefits                               91.1      86.8          70.7
 Long-term incentive
  compensation                           13.8      17.0          17.0
 Marketing and advertising                6.5       5.0           6.6
 Distribution                            35.4      34.5          26.1
 Depreciation and
  amortization                            8.9       8.7           7.6
 General, administrative and
  occupancy                              33.1      26.9          33.5
 Restructuring and
  impairments                               -         -          10.5
 Mutual fund investigation
  recoveries                                -      (0.3)            -
                                 ------------- --------- -------------
  Total                                 188.8     178.6         172.0
                                 ------------- --------- -------------

Investment Management
 Operating Income                        95.8      94.4          57.0

Interest expense                        (18.9)    (11.5)         (8.1)
Other income, net                         8.9       5.0           8.0
Income tax provision                    (32.0)    (32.9)        (20.4)
Equity in earnings of
 unconsolidated affiliate                 1.9       1.7           1.7
Minority interest in
 consolidated earnings                   (4.9)     (5.1)         (5.6)
                                 ------------- --------- -------------

Income from Continuing
 Operations                              50.8      51.6          32.6

Loss from Discontinued
 Operations                             (38.6)     (2.8)         (3.1)

                                 ------------- --------- -------------
Net income                              $12.2     $48.8         $29.5
                                 ============= ========= =============


Diluted weighted average
 shares outstanding (in
 millions)                              173.9     182.4         202.2
Diluted earnings per share:
 Continuing operations                  $0.29     $0.28         $0.16
 Discontinued operations                (0.01)    (0.02)        (0.02)
 Impairment charge -
  discontinued operations               (0.21)        -             -
                                 ------------- --------- -------------
 Diluted earnings per share             $0.07     $0.27         $0.15
                                 ============= ========= =============

Average Assets Under
 Management (in billions)              $193.5    $188.2        $153.2

(a) Prior periods have been reclassified to separately present the
 results of continuing and discontinued operations.
                       JANUS CAPITAL GROUP INC.
           UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
                        (dollars in millions)

                                                   September December
                                                      30,       31,
                                                     2007     2006(a)
                                                   --------- ---------
 Assets
    Cash and cash equivalents                        $605.4    $507.1
    Marketable securities                             119.6     173.1
    Other assets                                      312.4     272.4
    Property and equipment, net                        46.6      47.2
    Intangibles and goodwill, net                   2,453.4   2,380.5
    Assets related to discontinued
     operations                                       107.2     157.6
                                                   --------- ---------
     Total Assets                                  $3,644.6  $3,537.9
                                                   ========= =========

 Liabilities and Stockholders' Equity
    Debt                                           $1,127.6    $537.2
    Other liabilities                                 261.1     282.2
    Deferred income taxes                             399.1     394.4
    Liabilities related to discontinued operations     13.2      17.7
    Stockholders' equity                            1,843.6   2,306.4
                                                   --------- ---------
     Total Liabilities and Stockholders'
      Equity                                       $3,644.6  $3,537.9
                                                   ========= =========

 (a) 2006 has been reclassified to separately present the assets and
  liabilities related to continuing and discontinued operations.


              UNAUDITED CONDENSED CASH FLOW INFORMATION
                        CONTINUING OPERATIONS
                        (dollars in millions)

                                              Three Months Ended
                                         -----------------------------
                                         September           September
                                            30,    June 30,     30,
 Cash provided by (used in):               2007     2007(a)   2006(a)
                                         --------- --------- ---------
    Operating activities                    $92.9    $130.1     $48.3
    Investing activities                     (2.3)    (13.1)    (65.5)
    Financing activities                   (176.8)    316.4     137.2
                                         --------- --------- ---------
 Net change during period                  $(86.2)   $433.4    $120.0
                                         ========= ========= =========

 (a) Prior periods exclude the impact of discontinued operations.
                       JANUS CAPITAL GROUP INC.
                ASSETS & FLOWS BY INVESTMENT DISCIPLINE
                         (dollars in billions)

                                          Three Months Ended
                                 -------------------------------------
                                 September 30, June 30,  September 30,
                                      2007       2007         2006
                                 ------------- --------- -------------
Growth/Blend
  Beginning of period assets          $74.1       $68.2         $66.9
  Sales                                 6.3         4.9           1.9
  Redemptions                           3.7         4.2           3.5
                                 ------------- --------- -------------
  Net sales (redemptions)               2.6         0.7          (1.6)
  Market appreciation                   5.3         5.2           1.6
                                 ------------- --------- -------------
  End of period assets                $81.9       $74.1         $67.0
                                 ============= ========= =============

Global/International
  Beginning of period assets          $19.6       $17.1         $12.6
  Sales                                 1.7         1.6           0.7
  Redemptions                           1.1         0.9           0.7
                                 ------------- --------- -------------
  Net sales (redemptions)               0.6         0.7             -
  Market appreciation                   1.6         1.8           0.7
                                 ------------- --------- -------------
  End of period assets                $21.9       $19.6         $13.3
                                 ============= ========= =============

Mathematical/Quantitative
  Beginning of period assets          $70.1       $66.3         $51.5
  Sales                                 2.0         4.5           3.2
  Redemptions                           4.2         3.2           1.4
                                 ------------- --------- -------------
  Net sales (redemptions)              (2.2)        1.3           1.7
  Market appreciation                   1.8         2.6           2.3
                                 ------------- --------- -------------
  End of period assets                $69.6       $70.1         $55.6
                                 ============= ========= =============

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

Value
  Beginning of period assets          $11.1       $10.8          $9.7
  Sales                                 0.8         0.8           0.6
  Redemptions                           1.0         1.1           0.7
                                 ------------- --------- -------------
  Net sales (redemptions)              (0.2)       (0.3)         (0.1)
  Market appreciation                  (0.1)        0.6           0.1
                                 ------------- --------- -------------
  End of period assets                $10.9       $11.1          $9.7
                                 ============= ========= =============

Money Market
  Beginning of period assets          $10.4        $9.0          $7.9
  Sales                                38.9        22.8          11.7
  Redemptions                          30.8        21.5          11.4
                                 ------------- --------- -------------
  Net sales (redemptions)               8.1         1.3           0.3
  Market appreciation                     -           -             -
                                 ------------- --------- -------------
  End of period assets                $18.5       $10.4          $8.0
                                 ============= ========= =============

Total
  Beginning of period assets         $190.6      $176.2        $153.4
  Sales                                50.1        35.3          18.2
  Redemptions                          41.3        31.3          18.0
                                 ------------- --------- -------------
  Net sales (redemptions)               8.8         4.0           0.2
  Market appreciation                   8.6        10.3           4.7
                                 ------------- --------- -------------
  End of period assets               $208.0      $190.6        $158.3
                                 ============= ========= =============

Total Excluding Money Markets
  Beginning of period assets         $180.2      $167.2        $145.5
  Sales                                11.2        12.6           6.5
  Redemptions                          10.5         9.8           6.6
                                 ------------- --------- -------------
  Net sales (redemptions)               0.7         2.8          (0.1)
  Market appreciation                   8.6        10.3           4.7
                                 ------------- --------- -------------
  End of period assets               $189.5      $180.2        $150.3
                                 ============= ========= =============

Total Excluding Mathematical/Quantitative &
 Money Markets
  Beginning of period assets         $110.1      $100.9         $94.0
  Sales                                 9.2         8.1           3.4
  Redemptions                           6.3         6.6           5.2
                                 ------------- --------- -------------
  Net sales (redemptions)               2.9         1.5          (1.8)
  Market appreciation                   6.8         7.7           2.4
                                 ------------- --------- -------------
  End of period assets               $119.9      $110.1         $94.7
                                 ============= ========= =============

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 9/30/07
                                    ----------------------------------
                                         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            34 245/728      23 141/621
                         Large-Cap
Janus Twenty              Growth
 Fund(1)        Aug-97    Funds             1   6/728       1   5/621
Janus                    Large-Cap
 Research                 Growth
 Fund           Jan-06    Funds             3  18/728       3  18/621
                         Multi-Cap
Janus Orion               Growth
 Fund           Jun-00    Funds             2   8/518       1   1/416
Janus                    Mid-Cap
 Enterprise               Growth
 Fund           Jan-02    Funds            31 186/609      19  89/485
                         Small-Cap
Janus Venture             Growth
 Fund(1)        Jan-01    Funds             7  37/586       8  33/469
                         Small-Cap
Janus Triton              Growth
 Fund           Jun-06    Funds             5  25/586       -       -
------------- ---------- ---------- ----------------------------------
Core Funds
------------------------ ---------- ----------------------------------
Janus                    Multi-Cap
 Contrarian               Core
 Fund           Feb-00    Funds             1   6/876       1   1/662
Janus Growth             Large-Cap
 and Income               Core
 Fund           Dec-03    Funds            25 198/817       7  44/681
                         Mixed-
                          Asset
                          Target
Janus                     Alloc.
 Balanced                 Mod.
 Fund           Apr-05    Funds            14  60/442      14  45/343
Janus                    Large-Cap
 Fundamental              Core
 Equity Fund    Apr-05    Funds            25 203/817       3  20/681
INTECH Risk-             Multi-Cap
 Managed                  Core
 Stock Fund     Feb-03    Funds            83 725/876      56 371/662
----------------------------------------------------------------------
International/Global
Funds
----------------------------------------------------------------------
Janus                    Intern-
Overseas                 ational
Fund            Jun-03    Funds             1  1/1049       1   1/812
Janus
 Worldwide               Global
 Fund           Jun-04    Funds            23  90/406      68 210/309
                         Science
Janus Global             &
 Technology              Technology
 Fund           Jan-06    Funds            22  60/278      25  63/254
Janus Global             Health/
 Life                    Biotech-
 Sciences                nology
 Fund           Apr-07    Funds            27  47/175      30  45/154
Janus Global
 Research                Global
 Fund           Feb-05    Funds             5  17/406       -       -
Janus
Global
 Opportun-
 ities                   Global
 Fund           Jun-01    Funds            21  85/406      84 260/309
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Mid Cap            Mid-Cap
 Value Fund -             Value
 Inv(2)         Aug-98    Funds            28  86/308      43 102/238
Janus Small
 Cap Value               Small-Cap
 Fund -                   Core
 Inv.(1,2)      Feb-97    Funds            46 342/744      73 417/574
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                         Inter-
                         mediate
Janus                    Inv Grade
 Flexible                Debt
 Bond Fund      May-07    Funds            20 104/524      40 180/455
                         High
                          Current
Janus High-               Yield
 Yield Fund     Dec-03    Funds            65 285/444      50 185/376
                         Short
                         Investment
Janus Short-             Grade
 Term Bond               Debt
 Fund           May-07    Funds            42  97/234      52 104/201
Janus Federal            General
 Tax-Exempt               Muni Debt
 Fund           Feb-05    Funds            99 234/236      99 218/220
----------------------------------------------------------------------
Asset
 Allocation
 Funds
----------------------------------------------------------------------
                         Mixed-
                          Asset
                          Target
Janus Smart               Alloc.
 Portfolio-               Growth
 Growth         Dec-05    Funds             2  10/627       -       -
                         Mixed-
                          Asset
                          Target
Janus Smart               Alloc.
 Portfolio-               Mod.
 Moderate       Dec-05    Funds             2   7/442       -       -
                         Mixed-
                          Asset
                          Target
Janus Smart               Alloc.
 Portfolio-               Cons.
 Conservative   Dec-05    Funds             1   4/401       -       -
----------------------------------------------------------------------

Janus Investment Fund ("JIF")             Lipper Rankings Based
                                      on Total Returns as of 9/30/07
                                    ----------------------------------
                                         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            37 191/519      32  70/219
                         Large-Cap
Janus Twenty              Growth
 Fund(1)        Aug-97    Funds             1   2/519       2   4/219
Janus                    Large-Cap
 Research                 Growth
 Fund           Jan-06    Funds             3  11/519       3   5/219
                         Multi-Cap
Janus Orion               Growth
 Fund           Jun-00    Funds             2   7/349       -       -
Janus                    Mid-Cap
 Enterprise               Growth
 Fund           Jan-02    Funds            18  67/392      43  69/162
                         Small-Cap
Janus Venture             Growth
 Fund(1)        Jan-01    Funds             3  11/388      17  28/169
                         Small-Cap
Janus Triton              Growth
 Fund           Jun-06    Funds             -       -       -       -
------------- ---------- ---------- ----------------------------------
Core Funds
------------------------ ---------- ----------------------------------
Janus                    Multi-Cap
 Contrarian               Core
 Fund           Feb-00    Funds             1   2/493       -       -
Janus Growth             Large-Cap
 and Income               Core
 Fund           Dec-03    Funds            30 170/568       4   9/276
                         Mixed-
                          Asset
                          Target
Janus                     Alloc.
 Balanced                 Mod.
 Fund           Apr-05    Funds            58 134/231       4   4/127
Janus                    Large-Cap
 Fundamental              Core
 Equity Fund    Apr-05    Funds            11  60/568       1   2/276
INTECH Risk-             Multi-Cap
 Managed                  Core
 Stock Fund     Feb-03    Funds             -       -       -       -
----------------------------------------------------------------------
International/Global
Funds
----------------------------------------------------------------------
Janus                    Intern-
Overseas                 ational
Fund            Jun-03    Funds             1   1/671       3   8/299
Janus
 Worldwide               Global
 Fund           Jun-04    Funds            94 245/262      75  80/107
                         Science
Janus Global             &
 Technology              Technology
 Fund           Jan-06    Funds            75 174/232       -       -
Janus Global             Health/
 Life                    Biotech-
 Sciences                nology
 Fund           Apr-07    Funds            44  60/137       -       -
Janus Global
 Research                Global
 Fund           Feb-05    Funds             -       -       -       -
Janus
Global
 Opportun-
 ities                   Global
 Fund           Jun-01    Funds            68 178/262       -       -
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Mid Cap            Mid-Cap
 Value Fund -             Value
 Inv(2)         Aug-98    Funds            39  70/183       -       -
Janus Small
 Cap Value               Small-Cap
 Fund -                   Core
 Inv.(1,2)      Feb-97    Funds            74 333/451      11  17/161
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                         Inter-
                         mediate
Janus                    Inv Grade
 Flexible                Debt
 Bond Fund      May-07    Funds            36 138/393      42  75/181
                         High
                          Current
Janus High-               Yield
 Yield Fund     Dec-03    Funds            86 274/319      19  27/146
                         Short
                         Investment
Janus Short-             Grade
 Term Bond               Debt
 Fund           May-07    Funds            16  23/148      40   32/81
Janus Federal            General
 Tax-Exempt               Muni Debt
 Fund           Feb-05    Funds            99 209/212      92 127/138
----------------------------------------------------------------------
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-
                          Asset
                          Target
Janus Smart               Alloc.
 Portfolio-               Cons.
 Conservative   Dec-05    Funds             -       -       -       -
----------------------------------------------------------------------

Janus Investment Fund ("JIF")            Lipper Rankings Based
                                    on Total Returns as of 9/30/07
                                    -------------------------------
                                          Since PM Inception
                                    -------------------------------


                 PM      Lipper        Percentile     Rank / Total
               Inception  Category      Rank (%)          Funds
              ---------- ---------- -------------------------------
Growth Funds
-------------------------------------------------------------------
                         Large-Cap
                          Growth
Janus Fund      Jan-06    Funds                   10       68 / 696
                         Large-Cap
Janus Twenty              Growth
 Fund(1)        Aug-97    Funds                    2        3 / 218
Janus                    Large-Cap
 Research                 Growth
 Fund           Jan-06    Funds                    3       17 / 696
                         Multi-Cap
Janus Orion               Growth
 Fund           Jun-00    Funds                   20       45 / 226
Janus                    Mid-Cap
 Enterprise               Growth
 Fund           Jan-02    Funds                   13       46 / 359
                         Small-Cap
Janus Venture             Growth
 Fund(1)        Jan-01    Funds                   14       44 / 315
                         Small-Cap
Janus Triton              Growth
 Fund           Jun-06    Funds                    2        6 / 569
------------- ---------- ---------- -------------------------------
Core Funds
------------------------ ---------- -------------------------------
Janus                    Multi-Cap
 Contrarian               Core
 Fund           Feb-00    Funds                    9       27 / 314
Janus Growth             Large-Cap
 and Income               Core
 Fund           Dec-03    Funds                   12       74 / 639
                         Mixed-
                          Asset
                          Target
Janus                     Alloc.
 Balanced                 Mod.
 Fund           Apr-05    Funds                    6       21 / 377
Janus                    Large-Cap
 Fundamental              Core
 Equity Fund    Apr-05    Funds                    4       27 / 721
INTECH Risk-             Multi-Cap
 Managed                  Core
 Stock Fund     Feb-03    Funds                   44      228 / 525
-------------------------------------------------------------------
International/Global
Funds
-------------------------------------------------------------------
Janus                    Intern-
Overseas                 ational
Fund            Jun-03    Funds                    1        1 / 721
Janus
 Worldwide               Global
 Fund           Jun-04    Funds                   69      207 / 303
                         Science
Janus Global             &
 Technology              Technology
 Fund           Jan-06    Funds                   40      109 / 274
Janus Global             Health/
 Life                    Biotech-
 Sciences                nology
 Fund           Apr-07    Funds                  (a)
Janus Global
 Research                Global
 Fund           Feb-05    Funds                    4       13 / 328
Janus
Global
 Opportun-
 ities                   Global
 Fund           Jun-01    Funds                   19       39 / 210
-------------------------------------------------------------------
Value Funds
-------------------------------------------------------------------
Janus Mid Cap            Mid-Cap
 Value Fund -             Value
 Inv(2)         Aug-98    Funds                    3         2 / 68
Janus Small
 Cap Value               Small-Cap
 Fund -                   Core
 Inv.(1,2)      Feb-97    Funds                   14       18 / 129
-------------------------------------------------------------------
Income Funds
-------------------------------------------------------------------
                         Inter-
                         mediate
Janus                    Inv Grade
 Flexible                Debt
 Bond Fund      May-07    Funds                  (a)
                         High
                          Current
Janus High-               Yield
 Yield Fund     Dec-03    Funds                   45      161 / 361
                         Short
                         Investment
Janus Short-             Grade
 Term Bond               Debt
 Fund           May-07    Funds                  (a)
Janus Federal            General
 Tax-Exempt               Muni Debt
 Fund           Feb-05    Funds                  100      221 / 221
-------------------------------------------------------------------
Asset
 Allocation
 Funds
-------------------------------------------------------------------
                         Mixed-
                          Asset
                          Target
Janus Smart               Alloc.
 Portfolio-               Growth
 Growth         Dec-05    Funds                    3       14 / 590
                         Mixed-
                          Asset
                          Target
Janus Smart               Alloc.
 Portfolio-               Mod.
 Moderate       Dec-05    Funds                    2        8 / 412
                         Mixed-
                          Asset
                          Target
Janus Smart               Alloc.
 Portfolio-               Cons.
 Conservative   Dec-05    Funds                    2        6 / 353
-------------------------------------------------------------------
                    Percent of JIF Funds per Lipper Quartile based on
                                       Total Returns
                    --------------------------------------------------
                                                           Since PM
                     1-Year   3-Year   5-Year   10-Year    Inception
----------------------------------------------------------------------
1st Quartile           66.7%    54.5%    42.9%     60.0%         79.2%
2nd Quartile           22.2%    18.2%    23.8%     26.7%         12.5%
3rd Quartile            3.7%    18.2%    19.0%      6.7%          4.2%
4th Quartile            7.4%     9.1%    14.3%      6.7%          4.2%
----------------------------------------------------------------------

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.

(a) In accordance with FINRA regulations, Lipper rankings cannot be publicly disclosed for time periods of less than one year.

                                      The Overall Morningstar
                                       Rating(TM) is derived from a
                                       weighted average of the
                                       performance figures associated
                                       with its three-, five-, and
                                       ten-year (if applicable)
Janus Investment Fund ("JIF")          Morningstar Rating(TM) metrics.

                                      --------------------------------

                                                        Three-Year
                                      Overall Rating       Rating
                                      ---------------  -------------
                                               # of           # of
         Fund             Category     Stars   Funds   Stars  Funds
---------------------- -------------- ------- -------------- ---------
                       Large Growth
Janus Fund                  Funds        3       1443    4      1443
                       Mid-Cap Growth
Janus Enterprise Fund       Funds        3        816    4       816
Janus Growth and       Large Growth
 Income Fund                Funds        4       1443    4      1443
                       Large Growth
Janus Research Fund         Funds        4       1443    5      1443
                       Mid-Cap Growth
Janus Orion Fund            Funds        5        816    5       816
                       Large Growth
Janus Twenty Fund (1)       Funds        5       1443    5      1443
                       Small Growth
Janus Venture Fund (1)      Funds        4        656    5       656
                       Small Growth
Janus Triton Fund           Funds                 N/A            N/A
Janus Global Research   World Stock
 Fund                       Funds                 N/A            N/A
Janus Global Life        Specialty-
 Sciences Fund          Health Funds     3        186    3       186
                         Specialty-
Janus Global             Technology
 Technology Fund            Funds        3        283    4       283
                       Foreign Large
Janus Overseas Fund     Growth Funds     5        183    5       183
                        World Stock
Janus Worldwide Fund        Funds        2        430    2       430
Janus Global            World Stock
 Opportunities Fund         Funds        2        430    2       430
                         Moderate
                         Allocation
Janus Balanced Fund         Funds        4        891    4       891
INTECH Risk-Managed     Large Blend
 Stock Fund                 Funds        3       1646    3      1646
Janus Fundamental       Large Blend
 Equity Fund                Funds        5       1646    5      1646
                        Large Blend
Janus Contrarian Fund       Funds        5       1646    5      1646
Janus Mid Cap Value
 Fund - Investor       Mid-Cap Value
 Shares (2)                 Funds        4        284    3       284
Janus Small Cap Value
 Fund - Investor        Small Value
 Shares (1,2)               Funds        4        316    3       316
Janus Federal Tax-     Muni National
 Exempt Fund             Long Funds      1        256    1       256
                       Intermediate-
Janus Flexible Bond      Term Bond
 Fund                       Funds        3        968    3       968
                        High Yield
Janus High-Yield Fund    Bond Funds      3        454    3       454
Janus Short-Term Bond   Short-Term
 Fund                    Bond Funds      3        375    3       375
                         Moderate
Janus Smart Portfolio-   Allocation
 Growth                     Funds                 N/A            N/A
                         Moderate
Janus Smart Portfolio-   Allocation
 Moderate                   Funds                 N/A            N/A
                       Conservative
Janus Smart Portfolio-   Allocation
 Conservative               Funds                 N/A            N/A
--------------------------------------------- -------------- ---------

Percent of funds rated 4 / 5 Stars      50.0%          54.5%

                                      The Overall Morningstar
                                       Rating(TM) is derived from a
                                       weighted average of the
                                       performance figures associated
                                       with its three-, five-, and
                                       ten-year (if applicable)
Janus Investment Fund ("JIF")          Morningstar Rating(TM) metrics.

                                      --------------------------------

                                         Five-Year        Ten-Year
                                            Rating          Rating
                                      ----------------  --------------
                                                # of            # of
         Fund             Category      Stars   Funds   Stars    Funds
---------------------- -------------- -------- ---------------  ------
                       Large Growth
Janus Fund                  Funds         3       1206    3        507
                       Mid-Cap Growth
Janus Enterprise Fund       Funds         4        675    2        275
Janus Growth and       Large Growth
 Income Fund                Funds         3       1206    5        507
                       Large Growth
Janus Research Fund         Funds         4       1206    4        507
                       Mid-Cap Growth
Janus Orion Fund            Funds         5        675             N/A
                       Large Growth
Janus Twenty Fund (1)       Funds         5       1206    4        507
                       Small Growth
Janus Venture Fund (1)      Funds         5        548    3        246
                       Small Growth
Janus Triton Fund           Funds                  N/A             N/A
Janus Global Research   World Stock
 Fund                       Funds                  N/A             N/A
Janus Global Life        Specialty-
 Sciences Fund          Health Funds      3        164             N/A
                         Specialty-
Janus Global             Technology
 Technology Fund            Funds         3        256             N/A
                       Foreign Large
Janus Overseas Fund     Growth Funds      5        159    4         61
                        World Stock
Janus Worldwide Fund        Funds         1        389    2        174
Janus Global            World Stock
 Opportunities Fund         Funds         2        389             N/A
                         Moderate
                         Allocation
Janus Balanced Fund         Funds         2        671    5        379
INTECH Risk-Managed     Large Blend
 Stock Fund                 Funds                  N/A             N/A
Janus Fundamental       Large Blend
 Equity Fund                Funds         4       1284    5        566
                        Large Blend
Janus Contrarian Fund       Funds         5       1284             N/A
Janus Mid Cap Value
 Fund - Investor       Mid-Cap Value
 Shares (2)                 Funds         4        214             N/A
Janus Small Cap Value
 Fund - Investor        Small Value
 Shares (1,2)               Funds         3        246    4         84
Janus Federal Tax-     Muni National
 Exempt Fund             Long Funds       1        245    1        189
                       Intermediate-
Janus Flexible Bond      Term Bond
 Fund                       Funds         3        819    3        407
                        High Yield
Janus High-Yield Fund    Bond Funds       2        386    4        184
Janus Short-Term Bond   Short-Term
 Fund                    Bond Funds       4        281    3        159
                         Moderate
Janus Smart Portfolio-   Allocation
 Growth                     Funds                  N/A             N/A
                         Moderate
Janus Smart Portfolio-   Allocation
 Moderate                   Funds                  N/A             N/A
                       Conservative
Janus Smart Portfolio-   Allocation
 Conservative               Funds                  N/A             N/A
---------------------------------------------- ---------------  ------

Percent of funds rated 4 / 5 Stars       47.6%           53.3%

Data presented reflects past performance, which is no guarantee of future results. (C) 2007 Morningstar, Inc. All Rights Reserved.

    Notes:

    (1) Closed to new investors.

(2)Rating is for this share class only; other classes may have different performance characteristics.

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 fund's 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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

C-1007-520

Source: Janus Capital Group Inc.

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