Janus Announces Fourth Quarter and Year-End 2007 Results

Fourth quarter earnings from continuing operations of $0.36 per diluted share; Full-year earnings of $1.13 per diluted share, up 66% from 2006 ------------------------------------------------------ Long-term net inflows of $3.2 billion for the quarter and $9.8 billion for the year ------------------------------------------------- More than three-fourths of retail funds outperformed their Lipper peer group medians for 1, 3 and 5 years (1) ------------------------------------------------- $168 million of stock buybacks during the fourth quarter and $829 million for the year, reducing shares outstanding by 14% during 2007 ------------------------------------------------------

Company Release - 1/24/2008 8:00 AM ET

DENVER--(BUSINESS WIRE)--

Janus Capital Group Inc. (NYSE: JNS) today reported fourth quarter net income from continuing operations of $61.6 million, or $0.36 per diluted share, compared with net income from continuing operations of $50.8 million, or $0.29 per diluted share, in the third quarter 2007. Fourth quarter 2007 net income from continuing operations included a net after-tax benefit of $0.03 per diluted share for several operating and non-operating items. (See Financial Discussion on page 3.) For the full year 2007, net income from continuing operations totaled $202.0 million, or $1.13 per diluted share, compared with $138.9 million, or $0.68 per diluted share for 2006.(2) The company's operating margin from continuing operations for the fourth quarter 2007 was 29.0% compared with 33.7% for the third quarter 2007. For the entire year, Janus' operating margin from continuing operations was 31.3% compared with 25.5% for 2006.(2)

Flows and Assets Under Management

Average assets under management during the fourth quarter increased 7.3% to $207.6 billion compared with $193.5 billion during the third quarter 2007. Year over year, average assets under management increased $33.7 billion or 21.5%. At December 31, 2007, the company's total assets under management were $206.7 billion compared with $208.0 billion at September 30, 2007. The decrease in assets during the fourth quarter reflects long-term net inflows of $3.2 billion, money market net outflows of $5.7 billion and $1.2 billion in fund performance.

Janus' INTECH subsidiary had long-term net inflows of $0.1 billion during the fourth quarter 2007 compared with long-term net outflows of $2.2 billion in the third quarter 2007. For all of 2007, INTECH's long-term net inflows totaled $2.3 billion compared with $12.0 billion in 2006.

Excluding INTECH, Janus' long-term net inflows were $3.1 billion in the fourth quarter 2007 compared with $2.9 billion in the previous quarter. For all of 2007, excluding INTECH, Janus had net inflows of $7.5 billion compared with long-term net outflows of $9.7 billion in 2006.

Investment Management

Janus' relative investment management performance remained very strong during the fourth quarter, with approximately 89%, 86% and 76% of the funds in the company's primary retail fund family, Janus Investment Fund (JIF), in the top half of their Lipper categories on a one-, three- and five-year total-return basis, respectively, as of December 31, 2007. Five of those funds ranked in the top 10% of their respective Lipper categories during the same one-, three- and five-year periods. In addition, 68% of JIF funds have a 4- or 5-star Morningstar overall rating at December 31, 2007.(3)

"Despite market headwinds, continued strong relative performance helped us generate $3 billion in long-term net flows from Janus-managed products last quarter," said Janus CEO Gary Black, noting that 2007 was the first full year of positive flows for Janus-managed products in seven years. "We're also encouraged by INTECH's significant improvement in performance and positive net flows in the fourth quarter."

In addition, Black said the company made progress in expanding its global and alternative product lineup and leveraging its investments in advisory and institutional distribution. He pointed out that all four sales channels recorded positive net flows for 2007 and that net flows in the domestic intermediary business improved by $12.0 billion from the previous year.

Financial Discussion

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

                     Three Months Ended             Year Ended
                 -------------------------- --------------------------
                 December 31, September 30, December 31,  December 31,
                    2007          2007          2007         2006
                 ------------ ------------- ------------- ------------


Continuing
 Operations
 (Investment
 Management)
----------------
Average Assets
 (in billions)        $207.6        $193.5        $190.4       $156.7
Ending AUM (in
 billions)            $206.7        $208.0        $206.7       $167.7
Revenues              $311.5        $284.6      $1,117.0       $935.8
Operating
 Expenses             $221.3        $188.8        $767.7       $696.9
Operating Income       $90.2         $95.8        $349.3       $238.9
Operating Margin        29.0%         33.7%         31.3%        25.5%

Net Income (a)         $61.6         $50.8        $202.0       $138.9

Diluted Earnings
 per Share (a)         $0.36         $0.29         $1.13        $0.68

Shares
 Repurchased (in
 millions)               5.2           6.5          31.5         24.8
Cost of Shares
 Repurchased          $168.4        $183.5        $828.6       $492.9
Average Price         $32.21        $28.32        $26.27       $19.85
Total shares
 outstanding end
 of period (in
 millions)             166.3         170.3         166.3        193.5

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

Continuing Operations

Fourth quarter 2007 revenues of $311.5 million increased 9.5% from the previous quarter due to higher average assets under management driven primarily by long-term net sales and investment performance. Operating expenses increased 17.2% from the third quarter and include $17.0 million of departure-related accelerated vesting of long-term incentive awards, partially offset by $5.0 million of insurance recoveries for legal expenses incurred in prior periods. Operating expenses also include higher variable expenses combined with increased administrative and technology spending.

Non-operating items include income of $17.6 million from Janus' seed capital investments, a $3.0 million tax benefit from finalizing state filings and a $2.0 million impairment charge related to the purchase of senior securities in a structured investment vehicle from Janus' money market funds.

After evaluating Janus' seed capital investments in the fourth quarter, the company determined that mutual funds and separate accounts in which it owns a majority interest should be consolidated. For those investments, changes in market value are required to be reported in earnings. As a result, Janus recognized $17.6 million of income previously recorded as unrealized gains in the equity statement.

The structured investment vehicle securities were issued by Stanfield Victoria Funding LLC and were purchased from Janus' money market funds in conjunction with a Moody's downgrade of the securities. As of December 31, 2007, Janus' money market portfolios owned $581 million in bank-sponsored structured investment vehicles that mature on or before August 20, 2008. The bank-sponsored structured investment vehicles represent 3.7% of total money market fund assets managed by Janus.

Full year 2007 results from operations improved significantly from 2006 with growth in earnings per share of 66% and a 580 basis point increase in operating margin driven by strong investment performance and positive flows.

"Janus achieved a significant milestone in 2007 by crossing the 30% operating margin threshold and finishing the year at 31.3%, with incremental margins of 61% in 2007," said Janus Chief Financial Officer Greg Frost.

Discontinued Operations

RSG, the company's printing business, reported a fourth quarter net loss of $31.9 million, including an impairment charge of $31.1 million, net of taxes. During 2007, Janus recognized a total impairment charge of $67.1 million, net of taxes.

Capital and Liquidity

At December 31, 2007, Janus had stockholders' equity of $1.7 billion, cash and investments of $704 million and $1.1 billion of outstanding debt. As part of its capital and liquidity management, Janus reduced its outstanding shares by 2.4% during the fourth quarter by repurchasing 5.2 million shares of its common stock at an average price of $32.21 per share and a total cost of $168 million. For the year, Janus reduced outstanding shares by 14.1% by repurchasing $829 million of its stock at an average price of $26.27 per share.

Fourth Quarter 2007 Earnings Call Information

Janus Capital Group will discuss its results during a conference call on Thursday, January 24 at 10 a.m. Eastern Standard 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 December 2007, Janus managed $206.7 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, Hong Kong and Singapore. 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 rankings based on total returns for all JIF funds are on page 10.

(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 10 and 11, respectively. As of December 31, 2007, the number of funds in the Janus Investment Fund is 27.

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.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

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

Funds distributed by Janus Distributors LLC (1/08).

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            Year Ended
                  -------------------------- -------------------------
                  December 31, September 30, December 31, December 31,
                     2007          2007         2007        2006 (a)
                  ------------ ------------- ------------ ------------
Revenues:
  Investment
   management
   fees                $247.9        $228.5       $897.9       $750.2
  Performance
   fees                   8.1           5.1         19.5         14.9
  Shareowner
   servicing fees
   and other             55.5          51.0        199.6        170.7
                  ------------ ------------- ------------ ------------
     Total              311.5         284.6      1,117.0        935.8
                  ------------ ------------- ------------ ------------

Operating
 Expenses:
  Employee
   compensation
   and benefits          95.4          91.1        360.7        315.2
  Long-term
   incentive
   compensation          30.4          13.8         79.9         82.7
  Marketing and
   advertising            9.3           6.5         25.9         28.3
  Distribution           41.2          35.4        141.7        110.2
  Depreciation
   and
   amortization           9.1           8.9         33.8         32.0
  General,
   administrative
   and occupancy         35.9          33.1        125.3        117.5
  Restructuring
   and
   impairments              -             -          0.4         11.0
                  ------------ ------------- ------------ ------------
     Total              221.3         188.8        767.7        696.9
                  ------------ ------------- ------------ ------------

Operating Income         90.2          95.8        349.3        238.9


Interest expense        (18.9)        (18.9)       (58.8)       (32.3)
Investment gains,
 net                     19.0           0.5         20.7         11.7
Other income, net         9.3           8.4         27.9         25.3
Income tax
 provision              (34.3)        (32.0)      (122.6)       (90.1)
Equity in
 earnings of
 unconsolidated
 affiliate                1.9           1.9          7.2          7.1
Minority interest
 in consolidated
 earnings                (5.6)         (4.9)       (21.7)       (21.7)
                  ------------ ------------- ------------ ------------

Income from
 Continuing
 Operations              61.6          50.8        202.0        138.9

Loss from
 Discontinued
 Operations             (31.9)        (38.6)       (75.7)        (5.3)

                  ------------ ------------- ------------ ------------
Net income              $29.7         $12.2       $126.3       $133.6
                  ============ ============= ============ ============


Diluted weighted
 average shares
 outstanding (in
 millions)              170.9         173.9        178.6        203.5
Diluted earnings
 per share:
  Continuing
   operations           $0.36         $0.29        $1.13        $0.68
  Discontinued
   operations           (0.00)        (0.01)       (0.05)       (0.03)
  Impairment
   charge -
   discontinued
   operations           (0.18)        (0.21)       (0.38)           -
                  ------------ ------------- ------------ ------------
  Diluted
   earnings per
   share                $0.17         $0.07        $0.71        $0.66
                  ============ ============= ============ ============

Average Assets
 Under Management
 (in billions)         $207.6        $193.5       $190.4       $156.7

(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)

                                            December 31,  December 31,
                                                2007        2006 (a)
                                            ------------  ------------
Assets
  Cash and cash equivalents                       $480.7        $507.1
  Marketable securities                            223.4         173.1
  Other assets                                     339.9         272.4
  Property and equipment, net                       46.5          47.2
  Intangibles and goodwill, net                  2,451.5       2,380.5
  Assets related to discontinued operations         29.8         157.6
                                            ------------  ------------
     Total Assets                               $3,571.8      $3,537.9
                                            ============  ============

Liabilities and Stockholders' Equity
  Debt                                          $1,127.7        $537.2
  Other liabilities                                295.3         282.2
  Deferred income taxes                            404.3         394.4
  Liabilities related to discontinued
   operations                                       10.8          17.7
  Stockholders' equity                           1,733.7       2,306.4
                                            ------------  ------------
     Total Liabilities and Stockholders'
      Equity                                    $3,571.8      $3,537.9
                                            ============  ============

(a) 2006 has been reclassified to separately present the assets and
 liabilities related to continuing and discontinued operations.
                   UNAUDITED CONDENSED CONSOLIDATED
                        CASH FLOW INFORMATION
                        (dollars in millions)

                     Three Months Ended             Year Ended
                 -------------------------- --------------------------
                 December 31, September 30, December 31,  December 31,
Cash provided by
 (used in)          2007          2007          2007        2006 (a)
                 ------------ ------------- ------------- ------------
Operating
 activities            $92.3         $92.9        $296.1       $298.6
Investing
 activities            (67.1)         (2.3)       (103.3)        48.0
Financing
 activities           (149.9)       (176.8)       (219.2)      (340.5)
                 ------------ ------------- ------------- ------------
Net change
 during period       $(124.7)       $(86.2)       $(26.4)       $ 6.1
                 ============ ============= ============= ============

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

                      Three Months Ended            Year Ended
                  -------------------------- -------------------------
                  December 31, September 30, December 31, December 31,
                      2007         2007          2007         2006
                  ------------ ------------- ------------ ------------
Growth/Blend
  Beginning of
   period assets        $81.9         $74.1        $66.8        $68.5
  Sales                   6.8           6.3         21.8         11.2
  Redemptions             3.8           3.7         16.5         19.0
                  ------------ ------------- ------------ ------------
  Net sales
   (redemptions)          2.8           2.6          5.3         (7.8)
  Market
   appreciation           1.8           5.3         14.6          6.1
                  ------------ ------------- ------------ ------------
  End of period
   assets               $86.7         $81.9        $86.7        $66.8
                  ============ ============= ============ ============

Global/International
  Beginning of
   period assets        $21.9         $19.6        $16.0        $12.2
  Sales                   1.9           1.7          7.0          4.0
  Redemptions             1.2           1.1          4.3          3.8
                  ------------ ------------- ------------ ------------
  Net sales
   (redemptions)          0.7           0.6          2.7          0.2
  Market
   appreciation          (0.3)          1.6          3.6          3.6
                  ------------ ------------- ------------ ------------
  End of period
   assets               $22.3         $21.9        $22.3        $16.0
                  ============ ============= ============ ============

Mathematical/Quantitative
  Beginning of
   period assets        $69.6         $70.1        $62.3        $44.7
  Sales                   4.0           2.0         15.5         18.5
  Redemptions             3.9           4.2         13.2          6.5
                  ------------ ------------- ------------ ------------
  Net sales
   (redemptions)          0.1          (2.2)         2.3         12.0
  Market
   appreciation             -           1.8          5.2          5.6
                  ------------ ------------- ------------ ------------
  End of period
   assets               $69.7         $69.6        $69.7        $62.3
                  ============ ============= ============ ============

Fixed Income
  Beginning of
   period assets         $5.2          $5.2         $4.6         $5.2
  Sales                   0.2           0.3          1.9          0.9
  Redemptions             0.5           0.4          1.8          1.7
                  ------------ ------------- ------------ ------------
  Net sales
   (redemptions)         (0.3)         (0.1)         0.1         (0.8)
  Market
   appreciation             -           0.1          0.2          0.3
                  ------------ ------------- ------------ ------------
  End of period
   assets                $4.9          $5.2         $4.9         $4.6
                  ============ ============= ============ ============

Value
  Beginning of
   period assets        $10.9         $11.1        $10.5        $10.4
  Sales                   0.5           0.8          3.0          3.0
  Redemptions             0.8           1.0          3.7          4.2
                  ------------ ------------- ------------ ------------
  Net sales
   (redemptions)         (0.3)         (0.2)        (0.7)        (1.2)
  Market
   appreciation          (0.3)         (0.1)         0.5          1.3
                  ------------ ------------- ------------ ------------
  End of period
   assets               $10.3         $10.9        $10.3        $10.5
                  ============ ============= ============ ============

Money Market
  Beginning of
   period assets        $18.5         $10.4         $7.5         $7.5
  Sales                  35.7          38.9        116.5         48.2
  Redemptions            41.4          30.8        111.3         48.3
                  ------------ ------------- ------------ ------------
  Net sales
   (redemptions)         (5.7)          8.1          5.2            -
  Market
   appreciation             -             -            -            -
                  ------------ ------------- ------------ ------------
  End of period
   assets               $12.8         $18.5        $12.8         $7.5
                  ============ ============= ============ ============

Total
  Beginning of
   period assets       $208.0        $190.6       $167.7       $148.5
  Sales                  49.1          50.1        165.8         85.8
  Redemptions            51.6          41.3        150.8         83.5
                  ------------ ------------- ------------ ------------
  Net sales
   (redemptions)         (2.5)          8.8         15.0          2.3
  Market
   appreciation           1.2           8.6         24.0         16.9
                  ------------ ------------- ------------ ------------
  End of period
   assets              $206.7        $208.0       $206.7       $167.7
                  ============ ============= ============ ============

Total Excluding Money Markets
  Beginning of
   period assets       $189.5        $180.2       $160.2       $141.0
  Sales                  13.4          11.2         49.3         37.5
  Redemptions            10.2          10.5         39.5         35.2
                  ------------ ------------- ------------ ------------
  Net sales
   (redemptions)          3.2           0.7          9.8          2.3
  Market
   appreciation           1.2           8.6         24.0         16.9
                  ------------ ------------- ------------ ------------
  End of period
   assets              $194.0        $189.5       $194.0       $160.2
                  ============ ============= ============ ============

Total Excluding Mathematical/Quantitative & Money Markets
  Beginning of
   period assets       $119.9        $110.1        $97.9        $96.2
  Sales                   9.4           9.2         33.8         19.0
  Redemptions             6.3           6.3         26.3         28.7
                  ------------ ------------- ------------ ------------
  Net sales
   (redemptions)          3.1           2.9          7.5         (9.7)
  Market
   appreciation           1.2           6.8         18.8         11.3
                  ------------ ------------- ------------ ------------
  End of period
   assets              $124.2        $119.9       $124.2        $97.9
                  ============ ============= ============ ============

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 12/31/07
                                     ---------------------------------
                                          1-Year           3-Year
                                     ---------------- ----------------

                                     Percen-          Percen-
                                       tile   Rank /    tile   Rank /
                  PM       Lipper      Rank    Total    Rank    Total
               Inception  Category     (%)     Funds    (%)     Funds
               --------- ----------- ---------------------------------
Growth Funds
----------------------------------------------------------------------
                         Large-Cap
Janus Twenty              Growth
 Fund(1)        Aug-97    Funds             1   6/723        1   5/602
                         Large-Cap
                          Growth
Janus Fund      Oct-07    Funds            41 294/723       30 179/602
                         Multi-Cap
Janus Orion               Growth
 Fund           Jun-00    Funds             3  11/518        1   1/399
                         Large-Cap
Janus Research            Growth
 Fund           Jan-06    Funds             5  32/723        8  45/602
Janus                    Mid-Cap
 Enterprise               Growth
 Fund           Oct-07    Funds            22 131/601       15  72/487
                         Small-Cap
Janus Venture             Growth
 Fund(1)        Jan-01    Funds            18 105/591       14  64/477
                         Small-Cap
Janus Triton              Growth
 Fund           Jun-06    Funds             9  52/591        -       -
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus
 Contrarian              Multi-Cap
 Fund           Feb-00    Core Funds        3  19/883        1   1/669
Janus Growth
 and Income              Large-Cap
 Fund           Nov-07    Core Funds       26 213/835       22 148/702
                         Mixed-Asset
                          Target
Janus Balanced            Alloc.
 Fund           Apr-05    Mod. Funds        4  16/458        6  19/340
Janus
 Fundamental             Large-Cap
 Equity Fund    Nov-07    Core Funds       12  95/835        3  18/702
INTECH Risk-
 Managed Stock           Multi-Cap
 Fund           Feb-03    Core Funds       49 428/883       36 237/669
----------------------------------------------------------------------
International/
Global Funds
----------------------------------------------------------------------
                         Inter-
Janus Overseas            national
 Fund(1)        Jun-03    Funds             1  8/1089        1   1/798
Janus
 Worldwide               Global
 Fund           Jun-04    Funds            53 226/431       79 255/324
                         Science &
Janus Global              Tech-
 Technology               nology
 Fund           Jan-06    Funds            22  59/269       16  37/242
                         Health/
Janus Global             Biotech-
 Life Sciences            nology
 Fund           Apr-07    Funds             3   4/180       20  30/153
Janus Global             Global
 Research Fund  Feb-05    Funds             3  11/431        -       -
Janus Global
 Opportunities           Global
 Fund           Jun-01    Funds            41 173/431       95 306/324
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Mid Cap            Mid-Cap
 Value Fund -             Value
 Inv(2)         Aug-98    Funds            20  62/313       23  55/242
Janus Small
 Cap Value
 Fund -                  Small-Cap
 Inv.(1,2)      Feb-97    Core Funds       26 196/775       31 187/611
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                         Inter-
                          mediate
Janus Flexible            Inv Grade
 Bond Fund      May-07    Debt Funds       11  58/547       21  95/468
                         High
                          Current
Janus High-               Yield
 Yield Fund     Dec-03    Funds            67 304/455       38 146/388
                         Short
Janus Short-              Investment
 Term Bond                Grade Debt
 Fund           May-07    Funds            34  86/256       38  77/206
Janus Federal            General
 Tax-Exempt               Muni Debt
 Fund(1)        Feb-05    Funds            99 234/237      100 220/220
----------------------------------------------------------------------
Asset
 Allocation
 Funds
----------------------------------------------------------------------
                         Mixed-Asset
                          Target
Janus Smart               Alloc.
 Portfolio-               Growth
 Growth         Dec-05    Funds             2  11/640        -       -
                         Mixed-Asset
Janus Smart               Target
 Portfolio-               Alloc.
 Moderate       Dec-05    Mod. Funds        2   5/458        -       -
                         Mixed-Asset
                          Target
Janus Smart               Alloc.
 Portfolio-               Cons.
 Conservative   Dec-05    Funds             1   3/414        -       -
----------------------------------------------------------------------

Janus Investment Funds ("JIF")             Lipper Rankings Based
                                      on Total Returns as of 12/31/07
                                     ---------------------------------
                                          5-Year          10-Year
                                     ---------------- ----------------

                                     Percen-          Percen-
                                       tile   Rank /    tile   Rank /
                  PM       Lipper      Rank    Total    Rank    Total
               Inception  Category     (%)     Funds    (%)     Funds
               --------- ----------- ---------------------------------
Growth Funds
----------------------------------------------------------------------
                         Large-Cap
Janus Twenty              Growth
 Fund(1)        Aug-97    Funds             1   1/515        1   2/239
                         Large-Cap
                          Growth
Janus Fund      Oct-07    Funds            32 161/515       39  92/239
                         Multi-Cap
Janus Orion               Growth
 Fund           Jun-00    Funds             1   1/339        -       -
                         Large-Cap
Janus Research            Growth
 Fund           Jan-06    Funds             3  12/515        3   7/239
Janus                    Mid-Cap
 Enterprise               Growth
 Fund           Oct-07    Funds            11  43/404       46  77/170
                         Small-Cap
Janus Venture             Growth
 Fund(1)        Jan-01    Funds             4  13/394       19  34/179
                         Small-Cap
Janus Triton              Growth
 Fund           Jun-06    Funds             -       -        -       -
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus
 Contrarian              Multi-Cap
 Fund           Feb-00    Core Funds        1   2/507        -       -
Janus Growth
 and Income              Large-Cap
 Fund           Nov-07    Core Funds       25 140/572        4  11/287
                         Mixed-Asset
                          Target
Janus Balanced            Alloc.
 Fund           Apr-05    Mod. Funds       32  77/240        3   3/132
Janus
 Fundamental             Large-Cap
 Equity Fund    Nov-07    Core Funds        5  25/572        1   2/287
INTECH Risk-
 Managed Stock           Multi-Cap
 Fund           Feb-03    Core Funds        -       -        -       -
----------------------------------------------------------------------
International/
Global Funds
----------------------------------------------------------------------
                         Inter-
Janus Overseas            national
 Fund(1)        Jun-03    Funds             1   1/681        3   8/314
Janus
 Worldwide               Global
 Fund           Jun-04    Funds            97 258/267       80  93/116
                         Science &
Janus Global              Tech-
 Technology               nology
 Fund           Jan-06    Funds            40  88/223        -       -
                         Health/
Janus Global             Biotech-
 Life Sciences            nology
 Fund           Apr-07    Funds            20  28/142        -       -
Janus Global             Global
 Research Fund  Feb-05    Funds             -       -        -       -
Janus Global
 Opportunities           Global
 Fund           Jun-01    Funds            73 194/267        -       -
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Mid Cap            Mid-Cap
 Value Fund -             Value
 Inv(2)         Aug-98    Funds            29  55/194        -       -
Janus Small
 Cap Value
 Fund -                  Small-Cap
 Inv.(1,2)      Feb-97    Core Funds       69 329/478       16  26/169
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                         Inter-
                          mediate
Janus Flexible            Inv Grade
 Bond Fund      May-07    Debt Funds       22  85/395       41  75/184
                         High
                          Current
Janus High-               Yield
 Yield Fund     Dec-03    Funds            82 273/334       20  30/151
                         Short
Janus Short-              Investment
 Term Bond                Grade Debt
 Fund           May-07    Funds            19  29/154       33   27/82
Janus Federal            General
 Tax-Exempt               Muni Debt
 Fund(1)        Feb-05    Funds           100 211/211       98 140/143
----------------------------------------------------------------------
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        -       -        -       -
                         Mixed-Asset
                          Target
Janus Smart               Alloc.
 Portfolio-               Cons.
 Conservative   Dec-05    Funds             -       -        -       -
----------------------------------------------------------------------

Janus Investment Funds ("JIF")             Lipper Rankings Based
                                      on Total Returns as of 12/31/07
                                     ---------------------------------
                                            Since PM Inception
                                     ---------------------------------


                  PM       Lipper     Percentile         Rank / Total
               Inception  Category     Rank (%)              Funds
               --------- ----------- ---------------------------------
Growth Funds
----------------------------------------------------------------------
                         Large-Cap
Janus Twenty              Growth
 Fund(1)        Aug-97    Funds                  1               2/203
                         Large-Cap
                          Growth                    ++
Janus Fund      Oct-07    Funds
                         Multi-Cap
Janus Orion               Growth
 Fund           Jun-00    Funds                 20              43/221
                         Large-Cap
Janus Research            Growth
 Fund           Jan-06    Funds                  2              11/670
Janus                    Mid-Cap
 Enterprise               Growth                    ++
 Fund           Oct-07    Funds
                         Small-Cap
Janus Venture             Growth
 Fund(1)        Jan-01    Funds                 14              42/311
                         Small-Cap
Janus Triton              Growth
 Fund           Jun-06    Funds                  2              11/554
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus
 Contrarian              Multi-Cap
 Fund           Feb-00    Core Funds             7              19/304
Janus Growth
 and Income              Large-Cap                  ++
 Fund           Nov-07    Core Funds
                         Mixed-Asset
                          Target
Janus Balanced            Alloc.
 Fund           Apr-05    Mod. Funds             4              12/368
Janus
 Fundamental             Large-Cap                  ++
 Equity Fund    Nov-07    Core Funds
INTECH Risk-
 Managed Stock           Multi-Cap
 Fund           Feb-03    Core Funds            35             180/518
----------------------------------------------------------------------
International/
Global Funds
----------------------------------------------------------------------
                         Inter-
Janus Overseas            national
 Fund(1)        Jun-03    Funds                  1               1/698
Janus
 Worldwide               Global
 Fund           Jun-04    Funds                 80             242/304
                         Science &
Janus Global              Tech-
 Technology               nology
 Fund           Jan-06    Funds                 34              89/262
                         Health/
Janus Global             Biotech-                   ++
 Life Sciences            nology
 Fund           Apr-07    Funds
Janus Global             Global
 Research Fund  Feb-05    Funds                  4              12/329
Janus Global
 Opportunities           Global
 Fund           Jun-01    Funds                 24              49/210
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Mid Cap            Mid-Cap
 Value Fund -             Value
 Inv(2)         Aug-98    Funds                  3                2/67
Janus Small
 Cap Value
 Fund -                  Small-Cap
 Inv.(1,2)      Feb-97    Core Funds            14              17/127
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                         Inter-
                          mediate                   ++
Janus Flexible            Inv Grade
 Bond Fund      May-07    Debt Funds
                         High
                          Current
Janus High-               Yield
 Yield Fund     Dec-03    Funds                 45             162/360
                         Short
Janus Short-              Investment                ++
 Term Bond                Grade Debt
 Fund           May-07    Funds
Janus Federal            General
 Tax-Exempt               Muni Debt
 Fund(1)        Feb-05    Funds                100             219/220
----------------------------------------------------------------------
Asset
 Allocation
 Funds
----------------------------------------------------------------------
                         Mixed-Asset
                          Target
Janus Smart               Alloc.
 Portfolio-               Growth
 Growth         Dec-05    Funds                  2              10/584
                         Mixed-Asset
Janus Smart               Target
 Portfolio-               Alloc.
 Moderate       Dec-05    Mod. Funds             2               5/402
                         Mixed-Asset
                          Target
Janus Smart               Alloc.
 Portfolio-               Cons.
 Conservative   Dec-05    Funds                  2               4/338
----------------------------------------------------------------------
                  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%      63.6%      57.1%      60.0%      75.0%
2nd Quartile         22.2%      22.7%      19.0%      26.7%      15.0%
3rd Quartile          7.4%       0.0%       9.5%       0.0%       0.0%
4th Quartile          3.7%      13.6%      14.3%      13.3%      10.0%
----------------------------------------------------------------------

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

Lipper , a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments including mutual funds, retirement funds, hedge funds, fund fees and expenses to the asset management and media communities. Lipper ranks the performance of mutual funds within a classification of funds that have similar investment objectives. Rankings are historical with capital gains and dividends reinvested and do not include the effect of loads. If an expense waiver was in effect, it may have had a material effect on the total return or yield for the period.

    Notes:

    (1) Closed to new investors.

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

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

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

                         Overall   Three-Year   Five-Year   Ten-Year
                         Rating      Rating      Rating      Rating
                       ----------- ----------- ----------- -----------
    Fund     Category  Stars# of   Stars# of   Stars# of   Stars# of
                             Funds       Funds       Funds       Funds
----------------------------------------------------------------------
Janus Fund    Large
              Growth
               Funds       3  1449     3  1449     3  1215     3   554
Janus Enter- Mid-Cap
 prise Fund   Growth
               Funds       4   811     5   811     5   682     2   291
Janus Growth  Large
 and Income   Growth
 Fund          Funds       4  1449     3  1449     3  1215     5   554
Janus         Large
 Research     Growth
 Fund          Funds       4  1449     5  1449     4  1215     4   554
Janus Orion  Mid-Cap
 Fund         Growth
               Funds       5   811     5   811     5   682         N/A
Janus Twenty  Large
 Fund (1)     Growth
               Funds       5  1449     5  1449     5  1215     4   554
Janus         Small
 Venture      Growth
 Fund (1)      Funds       4   671     4   671     5   556     3   258
Janus Triton  Small
 Fund         Growth
               Funds           N/A         N/A         N/A         N/A
Janus Global  World
 Research      Stock
 Fund          Funds           N/A         N/A         N/A         N/A
Janus Global Specialty
 Life         - Health
 Sciences      Funds
 Fund                      4   184     4   184     4   169         N/A
Janus Global Specialty
 Tech-nology  - Tech-
 Fund         nology
               Funds       3   269     4   269     3   245         N/A
Janus        Foreign
 Overseas      Large
 Fund (1)     Growth
               Funds       5   173     5   173     5   155     4    67
Janus         World
 Worldwide     Stock
 Fund          Funds       2   440     2   440     1   388     2   185
Janus Global  World
 Oppor-        Stock
 tunities      Funds
 Fund                      2   440     1   440     2   388         N/A
Janus        Moderate
 Balanced      Allo-
 Fund         cation
               Funds       4   894     4   894     3   698     5   396
INTECH Risk-  Large
 Managed       Blend
 Stock Fund    Funds       4  1623     4  1623         N/A         N/A
Janus Funda-  Large
 mental        Blend
 Equity Fund   Funds       5  1623     5  1623     4  1278     5   594
Janus         Large
 Contrarian    Blend
 Fund          Funds       5  1623     5  1623     5  1278         N/A
Janus Mid    Mid-Cap
 Cap Value     Value
 Fund -        Funds
 Investor
 Shares (2)                4   274     4   274     4   220         N/A
Janus Small   Small
 Cap Value     Value
 Fund -        Funds
 Investor
 Shares
 (1,2)                     4   329     4   329     3   258     4    92
Janus          Muni
 Federal      National
 Tax-Exempt    Long
 Fund (1)      Funds       1   252     1   252     1   244     1   192
Janus        Interme-
 Flexible      diate-
 Bond Fund     Term
               Bond
               Funds       4   967     4   967     4   826     3   414
Janus High-    High
 Yield Fund    Yield
               Bond
               Funds       3   466     3   466     2   398     4   192
Janus Short-  Short-
 Term Bond     Term
 Fund          Bond
               Funds       3   374     3   374     4   282     3   159
Janus Smart  Moderate
 Portfolio -   Allo-
 Growth       cation
               Funds           N/A         N/A         N/A         N/A
Janus Smart  Moderate
 Portfolio -   Allo-
 Moderate     cation
               Funds           N/A         N/A         N/A         N/A
Janus Smart   Conser-
 Portfolio -  vative
 Conser-       Allo-
 vative       cation
               Funds           N/A         N/A         N/A         N/A
----------------------------------------------------------------------

Percent of
 funds rated
 4 / 5 Stars           68.2%       68.2%       57.1%       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-0108-289

Source: Janus Capital Group Inc.

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