Janus Announces First Quarter 2008 Results

First quarter earnings from continuing operations of $0.24 per diluted share ------------------------------------------------------ More than 85% of Janus' mutual funds outperformed their Lipper peer group medians for 1, 3 and 5 years (1) ------------------------------------------------- Long-term net outflows of $1.5 billion for the quarter ------------------------------------------------- $134 million of stock buybacks during the first quarter, reducing shares outstanding by 2.1%

Company Release - 4/24/2008 8:00 AM ET

DENVER--(BUSINESS WIRE)--

Janus Capital Group Inc. (NYSE: JNS) today reported first quarter net income from continuing operations of $39.0 million, or $0.24 per diluted share, compared with net income from continuing operations of $51.6 million, or $0.30 per diluted share,(2) in the fourth quarter 2007 and $38.0 million, or $0.20 per diluted share, in the first quarter 2007. The company's operating margin from continuing operations for the first quarter 2008 was 31.8% compared with 29.0% for the fourth quarter 2007 and 27.8% for the first quarter 2007.

Flows and Assets Under Management

Average assets under management during the first quarter decreased 8.6% to $189.7 billion compared with $207.6 billion during the fourth quarter 2007. At March 31, 2008, the company's total assets under management were $187.6 billion compared with $206.7 billion at December 31, 2007. The decrease in assets during the first quarter reflects $17.0 billion of net market depreciation and fund performance, long-term net outflows of $1.5 billion and money market net outflows of $0.6 billion.

Janus' INTECH subsidiary had long-term net outflows of $1.1 billion during the first quarter 2008 compared with long-term net inflows of $0.1 billion in the fourth quarter last year. Excluding INTECH, Janus had long-term net outflows during the first quarter this year of $0.4 billion compared with long-term net inflows of $3.1 billion in the previous quarter. The first quarter long-term net outflows included the redemption of a $1.1 billion fixed-income mandate.

Investment Management

Despite challenging market conditions, Janus' relative investment performance remained strong during the first quarter, with approximately 86%, 85% and 87% of Janus' mutual funds in the top half of their Lipper categories on a one-, three- and five-year total-return basis, respectively, as of March 31, 2008.(3) In addition, 77% of Janus mutual funds have a 4- or 5-star Overall Morningstar Rating(TM) at March 31, 2008.(4)

Of the Janus-managed equity funds that were launched during the last three years or that have new managers, 82% rank in the top Lipper quartile on a since portfolio manager inception basis, as of March 31, 2008.

"The last several months have been tough for most money managers, but we're encouraged that our products have weathered the turbulence well," said CEO Gary Black. "Our investment team continues to deliver strong relative performance over multiple time periods."

Financial Discussion

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

                                            Three Months Ended
                                     ---------------------------------

                                     March 31, December 31,  March 31,
                                        2008     2007 (1)       2007
                                     --------- ------------- ---------

Continuing Operations (Investment
 Management)
------------------------------------
Average Assets (in billions)            $189.7        $207.6    $172.1
Ending AUM (in
 billions)                              $187.6        $206.7    $176.2
Revenues                                $281.2        $311.5    $247.9
Operating Expenses                      $191.7        $221.3    $179.0
Operating Income                         $89.5         $90.2     $68.9
Operating Margin                         31.8%         29.0%     27.8%

Net Income                               $39.0         $51.6     $38.0

Diluted Earnings per Share               $0.24         $0.30     $0.20

Shares Repurchased (in millions)           5.2           5.2       9.4
Cost of Shares Repurchased              $134.2        $168.4    $200.2
Average Price                           $25.75        $32.21    $21.22
Total shares outstanding end of
 period (in millions)                    162.7         166.3     185.3
(1) Net income and diluted earnings per share for fourth quarter 2007
     reflect a post-earnings revision of $10.0 million and $0.06,
     respectively, for an impairment charge related to the Stanfield
     Victoria Funding LLC securities.

Continuing Operations

First quarter 2008 revenues of $281.2 million decreased 9.7% from the previous quarter due to lower average assets under management driven primarily by declining markets. Operating expenses decreased $29.6 million, or 13.4%, from the previous quarter as a result of lower revenue-based compensation, long-term incentive compensation and distribution expenses. The decline in long-term incentive compensation is attributable to a fourth quarter charge of $17.0 million associated with departure-related accelerated vesting of awards. Fourth quarter operating expenses also included a $5.0 million insurance recovery for legal expenses incurred in prior periods.

Non-operating items for the first quarter 2008 were impacted by a mark-to-market loss of $9.5 million on Janus' consolidated seed capital investments while the fourth quarter 2007 included a $17.6 million mark-to-market gain. Fourth quarter 2007 non-operating items also reflect an $18.2 million impairment charge associated with an investment in securities issued by Stanfield Victoria Funding LLC.

Acquisition / Disposition

On March 31, 2008, Janus increased its ownership of INTECH to approximately 89.5% with the acquisition of an additional 3% interest for $60.7 million.

On April 9, 2008, Rapid Solutions Group's ("RSG") digital print operations were sold to Bowne & Co., Inc. The disposition of RSG's digital and offset operations is not expected to have a material impact on Janus' second quarter 2008 results.

Capital and Liquidity

At March 31, 2008, Janus had stockholders' equity of $1.6 billion, cash and investments of $473 million and $1.1 billion of outstanding debt. As part of its capital and liquidity management, Janus reduced its outstanding shares by 2.1% during the first quarter by repurchasing 5.2 million shares of its common stock at an average price of $25.75 per share and a total cost of $134 million.

First Quarter 2008 Earnings Call Information

Janus will discuss its results during a conference call on Thursday, April 24 at 10 a.m. Eastern Daylight Time. The call-in number will be 877-301-7574. Anyone outside the U.S. or Canada should call 706-643-3623. The slides used during the presentation will be available in the investor relations section of the Janus Capital Group Web site (www.janus.com/ir) approximately one hour prior to the call. For those unable to join the conference call at the scheduled time, an audio replay will be available on www.janus.com/ir.

About Janus Capital Group Inc.

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

At the end of March 2008, Janus managed $187.6 billion in assets for more than four million shareholders, clients and institutions around the globe. Outside the U.S., Janus has offices in London, Tokyo, Hong Kong and Singapore. Janus Capital Group consists of Janus Capital Management LLC and Enhanced Investment Technologies, LLC (INTECH). In addition, Janus Capital Group owns 30% of Perkins, Wolf, McDonnell and Company, LLC.

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus containing this and other information, please call Janus at

(800) 525-3713 or download the file from www.janus.com. Read it carefully before you invest or send money.

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

Funds distributed by Janus Distributors LLC (4/08).

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, 2007, on file with the Securities and Exchange Commission (Commission file no. 001-15253), including those that appear under headings such as "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Many of these factors are beyond the control of the Company and its management. Any forward-looking statements contained in this release are as of the date on which such statements were made. The Company assumes no duty to update them, even if experience, unexpected events, or future changes make it clear that any projected results expressed or implied therein will not be realized.

(1) Funds included in the analysis are Janus Retail (JIF), Janus Adviser Series Class S Shares (JAD) and Janus Aspen Series Institutional Shares (JAS). The number of funds in each trust is 26, 20 and 12, respectively. Complete Lipper rankings are based on total returns and are on pages 11 and 12.

(2) Net income and diluted earnings per share for the fourth quarter 2007 reflect a post-earnings revision of $10.0 million and $0.06, respectively, for an impairment charge related to the Stanfield Victoria Funding LLC securities.

(3) Funds included in the analysis are JIF, JAD and JAS. The number of funds in each trust is 26, 20 and 12, respectively. Complete Lipper rankings are based on total returns and are on pages 11 and 12.

(4) Funds included in the Morningstar analysis were JIF, JAD and JAS with at least a three-year history. Morningstar rankings are based on risk-adjusted return. Complete Morningstar ratings are on pages 13-15.

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


                                           Three Months Ended
                                   -----------------------------------

                                   March 31,  December 31,  March 31,
                                      2008         2007        2007
                                   ---------- ------------- ----------
Investment Management Revenues:
   Investment management fees         $225.5        $247.9     $200.9
   Performance fees                      5.6           8.1        2.5
   Shareowner servicing fees and
    other                               50.1          55.5       44.5
                                   ---------- ------------- ----------
    Total                              281.2         311.5      247.9
                                   ---------- ------------- ----------

Investment Management Operating
 Expenses:
   Employee compensation and
    benefits                            91.8          95.4       87.4
   Long-term incentive
    compensation                        12.1          30.4       18.7
   Marketing and advertising             7.8           9.3        5.1
   Distribution                         36.3          41.2       30.6
   Depreciation and amortization         9.9           9.1        7.1
   General, administrative and
    occupancy                           33.8          35.9       30.1
                                   ---------- ------------- ----------
    Total                              191.7         221.3      179.0
                                   ---------- ------------- ----------

Investment Management Operating
 Income                                 89.5          90.2       68.9

Interest
 expense                               (18.9)        (18.9)      (9.5)
Investment gains (losses), net          (9.5)          3.0        0.8
Other income, net                        4.2           9.1        5.6
Income tax provision                   (24.5)        (28.1)     (23.4)
Equity in earnings of
 unconsolidated affiliate                2.0           1.9        1.7
Minority interest in consolidated
 earnings                               (3.8)         (5.6)      (6.1)
                                   ---------- ------------- ----------

Income from Continuing
 Operations(1)                          39.0          51.6       38.0

Loss from Discontinued Operations       (1.6)        (31.9)      (2.4)

                                   ---------- ------------- ----------
Net income (1)                         $37.4         $19.7      $35.6
                                   ========== ============= ==========


Diluted weighted average shares
 outstanding (in millions)             164.0         170.9      188.6
Diluted earnings per share:
   Continuing operations (1)           $0.24         $0.30      $0.20
   Discontinued operations             (0.01)        (0.19)     (0.01)
                                   ---------- ------------- ----------
   Diluted earnings per share (1)      $0.23         $0.12      $0.19
                                   ========== ============= ==========

Average Assets Under Management
 (in billions)                        $189.7        $207.6     $172.1

(1)Net income and diluted earnings per share for fourth quarter 2007
    reflect a post-earnings revision of $10.0 million and $0.06,
   respectively, for the impairment charge related to the Stanfield
    Victoria Funding LLC securities.
                       JANUS CAPITAL GROUP INC.
           UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
                        (dollars in millions)

                                               March 31,  December 31,
                                                 2008         2007
                                              ----------- ------------
Assets
 Cash and cash equivalents                         $270.3       $480.7
 Marketable securities                              202.9        210.7
 Other assets                                       335.8        344.9
 Property and equipment, net                         46.8         46.5
 Intangibles and goodwill, net                    2,510.1      2,451.5
 Assets related to discontinued operations           28.1         29.8
                                              ----------- ------------
   Total Assets                                  $3,394.0     $3,564.1
                                              =========== ============

Liabilities and Stockholders' Equity
 Debt                                            $1,127.8     $1,127.7
 Other liabilities                                  205.0        297.8
 Deferred income taxes                              412.5        404.3
 Liabilities related to discontinued
  operations                                         11.6         10.8
 Stockholders' equity                             1,637.1      1,723.5
                                              ----------- ------------
   Total Liabilities and Stockholders' Equity    $3,394.0     $3,564.1
                                              =========== ============
              UNAUDITED CONDENSED CASH FLOW INFORMATION
                        CONTINUING OPERATIONS
                        (dollars in millions)

                                           Three Months Ended
                                   -----------------------------------
                                   March 31,  December 31,  March 31,
Cash provided by (used in):          2008        2007         2007
                                   ---------- ------------ -----------
 Operating activities                   $1.9        $87.0      $(19.3)
 Investing activities                  (76.4)       (67.1)      (20.8)
 Financing activities                 (135.9)      (144.6)     (208.9)
                                   ---------- ------------ -----------
  Net change during period           $(210.4)     $(124.7)    $(249.0)
                                   ========== ============ ===========
                       JANUS CAPITAL GROUP INC.
                ASSETS & FLOWS BY INVESTMENT DISCIPLINE
                         (dollars in billions)

                                           Three Months Ended
                                  ------------------------------------
                                   March 31,  December 31,  March 31,
                                     2008         2007        2007
                                  ----------- ------------ -----------
Growth/Blend
  Beginning of period assets           $83.5        $79.1       $64.4
  Sales                                  5.9          6.3         3.8
  Redemptions                            5.6          3.7         4.5
                                  ----------- ------------ -----------
  Net sales (redemptions)                0.2          2.6        (0.7)
  Market appreciation                   (6.9)         1.8         2.0
                                  ----------- ------------ -----------
  End of period assets                 $76.8        $83.5       $65.7
                                  =========== ============ ===========

Global/International
  Beginning of period assets           $24.9        $24.4       $18.4
  Sales                                  1.1          2.1         1.8
  Redemptions                            1.8          1.3         1.3
                                  ----------- ------------ -----------
  Net sales (redemptions)               (0.7)         0.8         0.5
  Market appreciation                   (2.1)        (0.3)        0.6
                                  ----------- ------------ -----------
  End of period assets                 $22.1        $24.9       $19.5
                                  =========== ============ ===========

Mathematical/Quantitative
  Beginning of period assets           $69.7        $69.6       $62.3
  Sales                                  1.8          4.0         5.0
  Redemptions                            2.9          3.9         1.9
                                  ----------- ------------ -----------
  Net sales (redemptions)               (1.1)         0.1         3.1
  Market appreciation                   (7.5)           -         0.8
                                  ----------- ------------ -----------
  End of period assets                 $61.2        $69.7       $66.3
                                  =========== ============ ===========

Fixed Income
  Beginning of period assets            $4.9         $5.2        $4.6
  Sales                                  0.5          0.2         0.6
  Redemptions                            1.6          0.5         0.5
                                  ----------- ------------ -----------
  Net sales (redemptions)               (1.1)        (0.3)        0.1
  Market appreciation                      -            -         0.1
                                  ----------- ------------ -----------
  End of period assets                  $3.8         $4.9        $4.8
                                  =========== ============ ===========

Alternatives
  Beginning of period assets            $0.8         $0.6        $0.3
  Sales                                  0.7          0.3         0.1
  Redemptions                            0.1            -           -
                                  ----------- ------------ -----------
  Net sales (redemptions)                0.6          0.3         0.1
  Market appreciation                      -            -           -
                                  ----------- ------------ -----------
  End of period assets                  $1.4         $0.8        $0.4
                                  =========== ============ ===========

Value
  Beginning of period assets           $10.1        $10.6       $10.2
  Sales                                  1.3          0.5         0.8
  Redemptions                            0.8          0.7         0.8
                                  ----------- ------------ -----------
  Net sales (redemptions)                0.5         (0.2)          -
  Market appreciation                   (0.5)        (0.3)        0.3
                                  ----------- ------------ -----------
  End of period assets                 $10.1        $10.1       $10.5
                                  =========== ============ ===========

Money Market
  Beginning of period assets           $12.8        $18.5        $7.5
  Sales                                 24.9         35.7        19.1
  Redemptions                           25.5         41.4        17.6
                                  ----------- ------------ -----------
  Net sales (redemptions)               (0.6)        (5.7)        1.5
  Market appreciation                      -            -           -
                                  ----------- ------------ -----------
  End of period assets                 $12.2        $12.8        $9.0
                                  =========== ============ ===========


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

                                           Three Months Ended
                                  ------------------------------------
                                  March 31,   December 31, March 31,
                                      2008        2007         2007
                                  ----------- ------------ -----------
Total
  Beginning of period assets          $206.7       $208.0      $167.7
  Sales                                 36.2         49.1        31.2
  Redemptions                           38.3         51.6        26.6
                                  ----------- ------------ -----------
  Net sales (redemptions)               (2.1)        (2.5)        4.6
  Market appreciation                  (17.0)         1.2         3.9
                                  ----------- ------------ -----------
  End of period assets                $187.6       $206.7      $176.2
                                  =========== ============ ===========

Total Excluding Money Markets
  Beginning of period assets          $194.0       $189.5      $160.2
  Sales                                 11.3         13.4        12.1
  Redemptions                           12.8         10.2         9.0
                                  ----------- ------------ -----------
  Net sales (redemptions)               (1.5)         3.2         3.1
  Market appreciation                  (17.0)         1.2         3.9
                                  ----------- ------------ -----------
  End of period assets                $175.4       $194.0      $167.2
                                  =========== ============ ===========

Total Excluding Mathematical/Quantitative &
 Money Markets
  Beginning of period assets          $124.2       $119.9       $97.9
  Sales                                  9.5          9.4         7.1
  Redemptions                            9.9          6.3         7.1
                                  ----------- ------------ -----------
  Net sales (redemptions)               (0.4)         3.1           -
  Market appreciation                   (9.5)         1.2         3.1
                                  ----------- ------------ -----------
  End of period assets                $114.2       $124.2      $100.9
                                  =========== ============ ===========

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 Fund                 Lipper Rankings Based on Total
         ("JIF")                            Returns as of 3/31/08
                                       -------------------------------
                                           1-Year          3-Year
                                       --------------- ---------------

                                       Percen- Rank /  Percen- Rank /
                 PM      Lipper          tile   Total    tile   Total
               Inception  Category     Rank(%)  Funds  Rank(%)  Funds
              ---------- ------------- --------------- ---------------
Growth Funds
----------------------------------------------------------------------
Janus
Twenty                    Large-Cap
Fund (1)          Jan-08  Growth Funds       1   3/739       1   1/615
Janus                     Large-Cap
 Fund             Oct-07  Growth Funds      45 328/739      30 183/615
Janus
Orion                     Multi-Cap
 Fund             Dec-07  Growth Funds       2  10/527       2   5/403
Janus
Research                  Large-Cap
 Fund             Jan-06  Growth Funds      17 120/739       4  24/615
Janus
Enterprise                Mid-Cap
 Fund             Oct-07  Growth Funds      12  71/607       7  31/503
Janus
Venture                   Small-Cap
 Fund (1)         Jan-01  Growth Funds      62 370/598      26 120/475
Janus
Triton                    Small-Cap
 Fund             Jun-06  Growth Funds       8  47/598       1   3/475
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus
Contrarian               Multi-Cap
 Fund             Feb-00 Core Funds          2  16/869       1   1/663
Janus Growth
and Income               Large-Cap
 Fund             Nov-07 Core Funds         25 207/828      21 140/685
                         Mixed-Asset
Janus                    Target
Balanced                 Alloc.
 Fund             Apr-05 Mod. Funds          1   1/457       1   2/331
Janus
Fundamental              Large-Cap
Equity Fund       Nov-07 Core Funds         20 164/828       3  20/685
INTECH
Risk-Managed             Multi-Cap
 Stock Fund       Feb-03 Core Funds         70 606/869      63 416/663
----------------------------------------------------------------------
Global/
International
 Funds
----------------------------------------------------------------------
Janus                    Inter-
Overseas                 national
 Fund (1)         Jun-03 Funds               1  9/1105       1   1/811
Janus
Worldwide                Global
 Fund             Jun-04 Funds              52 230/448      79 271/343
Janus Global
Life                     Health/
Sciences                 Biotechnology
 Fund             Apr-07 Funds               8  15/193      20  30/154
Janus Global             Science &
 Technology              Technology
 Fund             Jan-06 Funds              33  87/270      23  55/241
Janus Global
 Research
 Fund             Feb-05 Global Funds        4  15/448       3  10/343
Janus Global
Opportunities
 Fund             Jun-01 Global Funds       49 216/448      93 318/343
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Mid
Cap Value
Fund -                   Mid-Cap Value
 Inv (2)          Aug-98  Funds              5  14/330       9  22/256
Janus Small
Cap Value
Fund -                   Small-Cap
 Inv. (1,2)       Feb-97  Core Funds        10  77/795      24 149/626
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
Janus
Flexible                 Intermediate
Bond                      Investment
 und              May-07  Grade Debt         8  39/552       6  25/467
Janus
High-Yield               High Current
 Fund             Dec-03  Yield Funds       50 224/453      35 133/381
Janus                    Short
Short-Term                Investment
 Bond Fund        May-07  Grade Debt        18  45/263      17  34/210
----------------------------------------------------------------------
Asset
 Allocation
 Funds
----------------------------------------------------------------------
                         Mixed-Asset
Janus Smart               Target
Portfolio-                Alloc.
 Growth           Dec-05  Growth Funds       5  29/667       -       -
                         Mixed-Asset
Janus Smart               Target
Portfolio-                Alloc. Mod.
 Moderate         Dec-05  Funds              3  12/457       -       -
                         Mixed-Asset
Janus Smart               Target
Portfolio-                Alloc. Cons.
 Conservative     Dec-05  Funds              3  12/431       -       -
----------------------------------------------------------------------

 Janus Investment Fund                 Lipper Rankings Based on Total
         ("JIF")                            Returns as of 3/31/08
                                      -------------------------------
                                           5-Year         10-Year
                                       --------------- --------------

                                       Percen- Rank /  Percen- Rank /
                 PM      Lipper          tile   Total    tile   Total
               Inception  Category     Rank(%)  Funds  Rank(%)  Funds
              ---------- ------------- --------------- --------------
Growth Funds
---------------------------------------------------------------------
Janus
Twenty                    Large-Cap
Fund (1)          Jan-08  Growth Funds       1   1/521       2  3/247
Janus                     Large-Cap
 Fund             Oct-07  Growth Funds      22 113/521      38 92/247
Janus
Orion                     Multi-Cap
 Fund             Dec-07  Growth Funds       1   1/343       -      -
Janus
Research                  Large-Cap
 Fund             Jan-06  Growth Funds       3  12/521       3  7/247
Janus
Enterprise                Mid-Cap
 Fund             Oct-07  Growth Funds      10  38/414      38 68/178
Janus
Venture                   Small-Cap
 Fund (1)         Jan-01  Growth Funds       7  25/393      25 46/183
Janus
Triton                    Small-Cap
 Fund             Jun-06  Growth Funds       -       -       -      -
---------------------------------------------------------------------
Core Funds
---------------------------------------------------------------------
Janus
Contrarian               Multi-Cap
 Fund             Feb-00 Core Funds          1   2/504       -      -
Janus Growth
and Income               Large-Cap
 Fund             Nov-07 Core Funds         28 159/567       7 19/295
                         Mixed-Asset
Janus                    Target
Balanced                 Alloc.
 Fund             Apr-05 Mod. Funds         22  50/235       4  5/135
Janus
Fundamental              Large-Cap
Equity Fund       Nov-07 Core Funds          7  38/567       1  2/295
INTECH
Risk-Managed             Multi-Cap
 Stock Fund       Feb-03 Core Funds         34 167/504       -      -
---------------------------------------------------------------------
Global/
International
 Funds
---------------------------------------------------------------------
Janus                    Inter-
Overseas                 national
 Fund (1)         Jun-03 Funds               1   1/683       3  8/325
Janus
Worldwide                Global
 Fund             Jun-04 Funds              93 252/271      80 98/123
Janus Global
Life                     Health/
Sciences                 Biotechnology
 Fund             Apr-07 Funds              21  30/142       -      -
Janus Global             Science &
 Technology              Technology
 Fund             Jan-06 Funds              38  84/221       -      -
Janus Global
 Research
 Fund             Feb-05 Global Funds        -       -       -      -
Janus Global
Opportunities
 Fund             Jun-01 Global Funds       47 127/271       -      -
---------------------------------------------------------------------
Value Funds
---------------------------------------------------------------------
Janus Mid
Cap Value
Fund -                   Mid-Cap Value
 Inv (2)          Aug-98  Funds             19  37/203       -      -
Janus Small
Cap Value
Fund -                   Small-Cap
 Inv. (1,2)       Feb-97  Core Funds        48 229/485      12 22/183
---------------------------------------------------------------------
Income Funds
---------------------------------------------------------------------
Janus
Flexible                 Intermediate
Bond                      Investment
 und              May-07  Grade Debt        12  45/396      33 62/192
Janus
High-Yield               High Current
 Fund             Dec-03  Yield Funds       78 258/332      20 31/160
Janus                    Short
Short-Term                Investment
 Bond Fund        May-07  Grade Debt        12  19/162      31  26/84
---------------------------------------------------------------------
Asset
 Allocation
 Funds
---------------------------------------------------------------------
                         Mixed-Asset
Janus Smart               Target
Portfolio-                Alloc.
 Growth           Dec-05  Growth Funds       -       -       -      -
                         Mixed-Asset
Janus Smart               Target
Portfolio-                Alloc. Mod.
 Moderate         Dec-05  Funds              -       -       -      -
                         Mixed-Asset
Janus Smart               Target
Portfolio-                Alloc. Cons.
 Conservative     Dec-05  Funds              -       -       -      -
---------------------------------------------------------------------

                                             Lipper Rankings Based
 Janus Investment Fund                        on Total Returns as
         ("JIF")                                   of 3/31/08
                                             ---------------------
                                              Since PM Inception
                                             ---------------------

                                             Percen-     Rank /
                 PM      Lipper                tile       Total
               Inception  Category           Rank(%)      Funds
              ---------- -------------       ---------------------
Growth Funds
------------------------------------------------------------------
Janus
Twenty                    Large-Cap
Fund (1)          Jan-08  Growth Funds             ++            0
Janus                     Large-Cap
 Fund             Oct-07  Growth Funds             ++            0
Janus
Orion                     Multi-Cap
 Fund             Dec-07  Growth Funds             ++            0
Janus
Research                  Large-Cap
 Fund             Jan-06  Growth Funds              2        9/677
Janus
Enterprise                Mid-Cap
 Fund             Oct-07  Growth Funds             ++            0
Janus
Venture                   Small-Cap
 Fund (1)         Jan-01  Growth Funds             22       65/306
Janus
Triton                    Small-Cap
 Fund             Jun-06  Growth Funds              3       13/544
------------------------------------------------------------------
Core Funds
------------------------------------------------------------------
Janus
Contrarian               Multi-Cap
 Fund             Feb-00 Core Funds                 5       12/296
Janus Growth
and Income               Large-Cap
 Fund             Nov-07 Core Funds                ++            0
                         Mixed-Asset
Janus                    Target
Balanced                 Alloc.
 Fund             Apr-05 Mod. Funds                 1        1/355
Janus
Fundamental              Large-Cap
Equity Fund       Nov-07 Core Funds                ++            0
INTECH
Risk-Managed             Multi-Cap
 Stock Fund       Feb-03 Core Funds                37      182/503
------------------------------------------------------------------
Global/
International
 Funds
------------------------------------------------------------------
Janus                    Inter-
Overseas                 national
 Fund (1)         Jun-03 Funds                      1        1/687
Janus
Worldwide                Global
 Fund             Jun-04 Funds                     75      228/304
Janus Global
Life                     Health/
Sciences                 Biotechnology
 Fund             Apr-07 Funds                     ++            0
Janus Global             Science &
 Technology              Technology
 Fund             Jan-06 Funds                     29       73/258
Janus Global
 Research
 Fund             Feb-05 Global Funds               4       10/329
Janus Global
Opportunities
 Fund             Jun-01 Global Funds              21       43/210
------------------------------------------------------------------
Value Funds
------------------------------------------------------------------
Janus Mid
Cap Value
Fund -                   Mid-Cap Value
 Inv (2)          Aug-98  Funds                     2         1/66
Janus Small
Cap Value
Fund -                   Small-Cap
 Inv. (1,2)       Feb-97  Core Funds               10       13/129
------------------------------------------------------------------
Income Funds
------------------------------------------------------------------
Janus
Flexible                 Intermediate
Bond                      Investment
 und              May-07  Grade Debt               ++            0
Janus
High-Yield               High Current
 Fund             Dec-03  Yield Funds              42      147/350
Janus                    Short
Short-Term                Investment
 Bond Fund        May-07  Grade Debt               ++            0
------------------------------------------------------------------
Asset
 Allocation
 Funds
------------------------------------------------------------------
                         Mixed-Asset
Janus Smart               Target
Portfolio-                Alloc.
 Growth           Dec-05  Growth Funds              2       11/586
                         Mixed-Asset
Janus Smart               Target
Portfolio-                Alloc. Mod.
 Moderate         Dec-05  Funds                     5       16/389
                         Mixed-Asset
Janus Smart               Target
Portfolio-                Alloc. Cons.
 Conservative     Dec-05  Funds                     2        5/341
------------------------------------------------------------------

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 Adviser Series ("JAD") Class S   Lipper Rankings Based on Total
 Shares                                     Returns as of 3/31/08
                                       -------------------------------
                                           1-Year          3-Year
                                       --------------- ---------------

                                       Percen- Rank /  Percen- Rank /
                 PM      Lipper          tile   Total    tile   Total
               Inception  Category     Rank(%)  Funds  Rank(%)  Funds
              ---------- ------------- --------------- ---------------
Growth
 Funds
----------------------------------------------------------------------
                         Large-Cap
Forty Fund        Jan-08  Growth Funds       1   4/739       1   3/615
Mid Cap
Growth                   Mid-Cap
 Fund             Oct-07  Growth Funds      12  69/607       6  29/503
Large Cap
Growth                   Large-Cap
 Fund             Oct-07  Growth Funds      51 372/739      39 239/615
INTECH
Risk-
Managed
Growth                   Multi-Cap
 Fund             Jan-03  Growth Funds      70 369/527      85 343/403
Orion                    Mid-Cap
 Fund             Dec-07  Growth Funds       3  18/607       -       -
Small-Mid
Growth                   Small-Cap
 Fund             Jun-06  Growth Funds       9  52/598       -       -
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
                         Mixed-Asset
                          Target
Balanced                  Alloc. Mod.
 Fund             Apr-05  Funds              3  18/667       7  34/539
Growth
and
Income                   Large-Cap
 Fund             Nov-07  Core Funds        30 248/828      30 203/685
Fundamental              Large-Cap
Equity Fund       Nov-07  Core Funds        18 149/828       4  21/685
Small
Company
Value                    Small-Cap
 Fund             Mar-02  Core Funds        66 524/795      40 249/626
INTECH Risk-
Managed                  Multi-Cap
Core Fund         Jan-03  Core Funds        71 611/869      65 425/663
Contrarian               Multi-Cap
 Fund             Aug-05  Core Funds         7  57/869       -       -
----------------------------------------------------------------------
Global/
International
 Funds
----------------------------------------------------------------------
International
Growth                   International
 Fund (1)         Jun-03  Funds              1  6/1105       1   3/811
Worldwide
 Fund             Jun-04 Global Funds       53 234/448      82 282/343
International
Equity                   International
 Fund             Nov-06  Funds              5 48/1105       -       -
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Mid Cap                  Mid-Cap Value
 Value Fund       Dec-02  Funds              5  15/330       9  23/256
INTECH Risk-
Managed                  Multi-Cap
 Value Fund       Dec-05  Value Funds       49 214/441       -       -
----------------------------------------------------------------------
Alternative
 Funds
----------------------------------------------------------------------
Long/Short               Long/Short
 Fund (1)         Aug-06  Equity Funds       5    4/86       -       -
----------------------------------------------------------------------
Income
 Funds
----------------------------------------------------------------------
                         Intermediate
Flexible                  Investment
 Bond Fund        May-07  Grade Debt         9  48/552      10  45/467
High Yield               High Current
 Fund             Aug-05  Yield Funds       50 223/453       -       -
----------------------------------------------------------------------

Janus Adviser Series ("JAD") Class S    Lipper Rankings Based on Total
 Shares                                      Returns as of 3/31/08
                                       -------------------------------
                                            5-Year         10-Year
                                        --------------- --------------

                                        Percen- Rank /  Percen- Rank /
                 PM      Lipper           tile   Total    tile   Total
               Inception  Category      Rank(%)  Funds  Rank(%)  Funds
              ---------- -------------  --------------- --------------
Growth
 Funds
----------------------------------------------------------------------
                         Large-Cap
Forty Fund        Jan-08  Growth Funds        1   2/521       1  1/247
Mid Cap
Growth                   Mid-Cap
 Fund             Oct-07  Growth Funds       11  42/414      42 74/178
Large Cap
Growth                   Large-Cap
 Fund             Oct-07  Growth Funds       32 163/521      35 86/247
INTECH
Risk-
Managed
Growth                   Multi-Cap
 Fund             Jan-03  Growth Funds       83 284/343       -      -
Orion                    Mid-Cap
 Fund             Dec-07  Growth Funds        -       -       -      -
Small-Mid
Growth                   Small-Cap
 Fund             Jun-06  Growth Funds        -       -       -      -
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
                         Mixed-Asset
                          Target
Balanced                  Alloc. Mod.
 Fund             Apr-05  Funds              39 166/425       4  7/228
Growth
and
Income                   Large-Cap
 Fund             Nov-07  Core Funds         40 227/567       -      -
Fundamental              Large-Cap
Equity Fund       Nov-07  Core Funds          8  40/567       1  1/295
Small
Company
Value                    Small-Cap
 Fund             Mar-02  Core Funds         60 288/485       -      -
INTECH Risk-
Managed                  Multi-Cap
Core Fund         Jan-03  Core Funds         36 179/504       -      -
Contrarian               Multi-Cap
 Fund             Aug-05  Core Funds          -       -       -      -
----------------------------------------------------------------------
Global/
International
 Funds
----------------------------------------------------------------------
International
Growth                   International
 Fund (1)         Jun-03  Funds               1   2/683       2  6/325
Worldwide
 Fund             Jun-04 Global Funds        97 262/271      72 89/123
International
Equity                   International
 Fund             Nov-06  Funds               -       -       -      -
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Mid Cap                  Mid-Cap Value
 Value Fund       Dec-02  Funds              23  46/203       -      -
INTECH Risk-
Managed                  Multi-Cap
 Value Fund       Dec-05  Value Funds         -       -       -      -
----------------------------------------------------------------------
Alternative
 Funds
----------------------------------------------------------------------
Long/Short               Long/Short
 Fund (1)         Aug-06  Equity Funds        -       -       -      -
----------------------------------------------------------------------
Income
 Funds
----------------------------------------------------------------------
                         Intermediate
Flexible                  Investment
 Bond Fund        May-07  Grade Debt         19  73/396      34 65/192
High Yield               High Current
 Fund             Aug-05  Yield Funds         -       -       -      -
----------------------------------------------------------------------

                                                Lipper Rankings
                                                 Based on Total
Janus Adviser Series ("JAD") Class S             Returns as of
 Shares                                              3/31/08
                                       ---------------------------
                                               Since PM Inception
                                              --------------------

                                               Percen-   Rank /
                 PM      Lipper                  tile     Total
               Inception  Category             Rank(%)     Funds
              ---------- -------------        --------- ----------
Growth
 Funds
------------------------------------------------------------------
                         Large-Cap
Forty Fund        Jan-08  Growth Funds               ++          0
Mid Cap
Growth                   Mid-Cap
 Fund             Oct-07  Growth Funds               ++          0
Large Cap
Growth                   Large-Cap
 Fund             Oct-07  Growth Funds               ++          0
INTECH
Risk-
Managed
Growth                   Multi-Cap
 Fund             Jan-03  Growth Funds               82    279/340
Orion                    Mid-Cap
 Fund             Dec-07  Growth Funds               ++          0
Small-Mid
Growth                   Small-Cap
 Fund             Jun-06  Growth Funds                3     16/544
------------------------------------------------------------------
Core Funds
------------------------------------------------------------------
                         Mixed-Asset
                          Target
Balanced                  Alloc. Mod.
 Fund             Apr-05  Funds                       7     39/559
Growth
and
Income                   Large-Cap
 Fund             Nov-07  Core Funds                 ++          0
Fundamental              Large-Cap
Equity Fund       Nov-07  Core Funds                 ++          0
Small
Company
Value                    Small-Cap
 Fund             Mar-02  Core Funds                 25    106/426
INTECH Risk-
Managed                  Multi-Cap
Core Fund         Jan-03  Core Funds                 31    152/494
Contrarian               Multi-Cap
 Fund             Aug-05  Core Funds                  1      3/708
------------------------------------------------------------------
Global/
International
 Funds
------------------------------------------------------------------
International
Growth                   International
 Fund (1)         Jun-03  Funds                       1      2/687
Worldwide
 Fund             Jun-04 Global Funds                80    243/304
International
Equity                   International
 Fund             Nov-06  Funds                       3    30/1038
------------------------------------------------------------------
Value Funds
------------------------------------------------------------------
Mid Cap                  Mid-Cap Value
 Value Fund       Dec-02  Funds                      24     48/201
INTECH Risk-
Managed                  Multi-Cap
 Value Fund       Dec-05  Value Funds                50    187/376
------------------------------------------------------------------
Alternative
 Funds
------------------------------------------------------------------
Long/Short               Long/Short
 Fund (1)         Aug-06  Equity Funds                5       3/64
------------------------------------------------------------------
Income
 Funds
------------------------------------------------------------------
                         Intermediate
Flexible                  Investment
 Bond Fund        May-07  Grade Debt                 ++          0
High Yield               High Current
 Fund             Aug-05  Yield Funds                57    226/398
------------------------------------------------------------------

Rankings are for the Class S Shares only; other classes may have different performance characteristics.

    Note:

    (1) Closed to new investors.

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

Janus Aspen Series ("JAS")            Lipper Rankings Based on Total
 Institutional Shares                      Returns as of 3/31/08
                                     ---------------------------------
                                          1-Year           3-Year
                                     ---------------- ----------------


                                     Percen- Rank /   Percen- Rank /
                 PM        Lipper      tile   Total     tile   Total
               Inception   Category  Rank(%)   Funds  Rank(%)   Funds
              ---------- ----------- ---------------- ----------------
Growth Funds
----------------------------------------------------------------------
Large Cap                VA Large-
Growth                    Cap
 Portfolio        Oct-07  Growth          35 71 / 204      26 49 / 193
                         VA Large-
Forty                     Cap
 Portfolio        Dec-07  Growth           1  1 / 204       1  1 / 193
Mid Cap
Growth                   VA Mid-Cap
 Portfolio        Oct-07  Growth           5  7 / 155       3  3 / 140
------------------------------------ ---------------------------------
Core Funds
------------------------------------ ---------------------------------
                         VA Mixed-
                          Asset
                         Target
Balanced                  Alloc
 Portfolio        Apr-05  Mod.             1  1 / 133       2   1 / 90
Growth and               VA Large-
Income                    Cap
 Portfolio        Nov-07  Core            22 45 / 206      18 31 / 176
Fundamental              VA Large-
Equity                    Cap
 Portfolio        Nov-07  Core            20 40 / 206       3  5 / 176
----------------------------------------------------------------------
Global/
International
 Funds
----------------------------------------------------------------------
Worldwide
Growth
 Portfolio        Jun-04 VA Global        36 37 / 104      77  61 / 79
International
Growth
 Portfolio               VA Inter-
  (1)             Jun-03  national         1  2 / 245       1  1 / 209
Global Life              VA Health/
Sciences                  Biotech-
 Portfolio        Oct-04  nology           6   2 / 35      21   7 / 33
                         VA
Global                    Science
Technology                &
 Portfolio        Jan-06  Technology      34  20 / 59      28  16 / 57
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Mid Cap
Value                    VA Mid-Cap
 Portfolio        May-03  Value            3   2 / 68      12   7 / 58
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                         VA Inter-
                         mediate
Flexible                 Investment
Bond                     Grade
 Portfolio        May-07  Debt            29  19 / 65      26  15 / 58
----------------------------------------------------------------------

Janus Aspen Series ("JAS")            Lipper Rankings Based on Total
 Institutional Shares                       Returns as of 3/31/08
                                     ---------------------------------
                                           5-Year          10-Year
                                      ---------------- ---------------

                                      Percen- Rank /   Percen- Rank /
                 PM        Lipper       tile   Total     tile   Total
               Inception   Category   Rank(%)   Funds  Rank(%)  Funds
              ---------- -----------  ---------------- ---------------
Growth Funds
----------------------------------------------------------------------
Large Cap                VA Large-
Growth                    Cap
 Portfolio        Oct-07  Growth           27 45 / 166      42 23 / 55
                         VA Large-
Forty                     Cap
 Portfolio        Dec-07  Growth            1  1 / 166       2  1 / 55
Mid Cap
Growth                   VA Mid-Cap
 Portfolio        Oct-07  Growth           10 11 / 120      40 13 / 32
------------------------------------ ---------------------------------
Core Funds
------------------------------------ ---------------------------------
                         VA Mixed-
                          Asset
                         Target
Balanced                  Alloc
 Portfolio        Apr-05  Mod.             11   8 / 73       5  2 / 41
Growth and               VA Large-
Income                    Cap
 Portfolio        Nov-07  Core             33 52 / 161       -       -
Fundamental              VA Large-
Equity                    Cap
 Portfolio        Nov-07  Core             10 15 / 161       2  1 / 73
----------------------------------------------------------------------
Global/
International
 Funds
----------------------------------------------------------------------
Worldwide
Growth
 Portfolio        Jun-04 VA Global         95  64 / 67      73 21 / 28
International
Growth
 Portfolio               VA Inter-
  (1)             Jun-03  national          1  1 / 188       4  3 / 87
Global Life              VA Health/
Sciences                  Biotech-
 Portfolio        Oct-04  nology           25   7 / 28       -       -
                         VA
Global                    Science
Technology                &
 Portfolio        Jan-06  Technology       40  22 / 54       -       -
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Mid Cap
Value                    VA Mid-Cap
 Portfolio        May-03  Value             -        -       -       -
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                         VA Inter-
                         mediate
Flexible                 Investment
Bond                     Grade
 Portfolio        May-07  Debt             28  14 / 49      29  6 / 20
----------------------------------------------------------------------

                                         Lipper Rankings Based on
Janus Aspen Series ("JAS")                 Total Returns as of
 Institutional Shares                             3/31/08
                                     ----------------------------
                                            Since PM Inception
                                         ------------------------

                                          Percen-
                 PM        Lipper           tile     Rank / Total
               Inception   Category       Rank(%)        Funds
              ---------- -----------     ------------------------
Growth Funds
-----------------------------------------------------------------
Large Cap                VA Large-
Growth                    Cap
 Portfolio        Oct-07  Growth                 ++             0
                         VA Large-
Forty                     Cap
 Portfolio        Dec-07  Growth                 ++             0
Mid Cap
Growth                   VA Mid-Cap
 Portfolio        Oct-07  Growth                 ++             0
------------------------------------ ----------------------------
Core Funds
------------------------------------ ----------------------------
                         VA Mixed-
                          Asset
                         Target
Balanced                  Alloc
 Portfolio        Apr-05  Mod.                    2        1 / 98
Growth and               VA Large-
Income                    Cap
 Portfolio        Nov-07  Core                   ++             0
Fundamental              VA Large-
Equity                    Cap
 Portfolio        Nov-07  Core                   ++             0
-----------------------------------------------------------------
Global/
International
 Funds
-----------------------------------------------------------------
Worldwide
Growth
 Portfolio        Jun-04 VA Global               76       59 / 77
International
Growth
 Portfolio               VA Inter-
  (1)             Jun-03  national                1       1 / 198
Global Life              VA Health/
Sciences                  Biotech-
 Portfolio        Oct-04  nology                  3        1 / 33
                         VA
Global                    Science
Technology                &
 Portfolio        Jan-06  Technology             36       21 / 58
-----------------------------------------------------------------
Value Funds
-----------------------------------------------------------------
Mid Cap
Value                    VA Mid-Cap
 Portfolio        May-03  Value                   2        1 / 53
-----------------------------------------------------------------
Income Funds
-----------------------------------------------------------------
                         VA Inter-
                         mediate
Flexible                 Investment
Bond                     Grade
 Portfolio        May-07  Debt                   ++             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.

Rankings are for the Institutional Shares only; other classes may have different performance characteristics.

    Note:

    (1) Closed to new investors.

++ 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       1442    4    1442
Janus Enterprise     Mid-Cap Growth
 Fund                     Funds           4       827     5    827
Janus Growth and      Large Growth
 Income Fund              Funds           4       1442    3    1442
                      Large Growth
Janus Research Fund       Funds           5       1442    5    1442
                     Mid-Cap Growth
Janus Orion Fund          Funds           5       827     5    827
Janus Twenty Fund     Large Growth
 ((1))                    Funds           5       1442    5    1442
Janus Venture Fund    Small Growth
 ((1))                    Funds           3       681     4    681
                      Small Growth
Janus Triton Fund         Funds           5       681     5    681
Janus Global
 Research Fund      World Stock Funds     5       460     5    460
Janus Global Life   Specialty-Health
 Sciences Fund            Funds           4       184     4    184
Janus Global           Specialty-
 Technology Fund     Technology Funds     4       267     4    267
Janus Overseas Fund  Foreign Large
 (1)                   Growth Funds       5       179     5    179
Janus Worldwide
 Fund               World Stock Funds     2       460     2    460
Janus Global
 Opportunities Fund World Stock Funds     2       460     1    460
                        Moderate
Janus Balanced Fund  Allocation Funds     5       905     5    905
INTECH Risk-Managed
 Stock Fund         Large Blend Funds     4       1664    3    1664
Janus Fundamental
 Equity Fund        Large Blend Funds     5       1664    5    1664
Janus Contrarian
 Fund               Large Blend Funds     5       1664    5    1664
Janus Mid Cap Value
 Fund - Investor     Mid-Cap Value
 Shares (2)               Funds           5       287     5    287
Janus Small Cap
 Value Fund -
 Investor Shares
 (1,2)              Small Value Funds     4       336     4    336
Janus Flexible Bond Intermediate-Term
 Fund                   Bond Funds        4       974     5    974
Janus High-Yield    High Yield Bond
 Fund                     Funds           3       464     3    464
Janus Short-Term    Short-Term Bond
 Bond Fund                Funds           4       383     4    383
Janus Smart             Moderate
 Portfolio-Growth    Allocation Funds             N/A          N/A
Janus Smart             Moderate
 Portfolio-Moderate  Allocation Funds             N/A          N/A
Janus Smart
 Portfolio-           Conservative
 Conservative        Allocation Funds             N/A          N/A
------------------- ---------------------------- ------------ --------

Percent of funds
 rated 4 / 5 Stars                      78.3%           78.3%

                                      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      1207     3     564
Janus Enterprise     Mid-Cap Growth
 Fund                      Funds           5      694      2     305
Janus Growth and      Large Growth
 Income Fund               Funds           4      1207     5     564
                      Large Growth
Janus Research Fund        Funds           5      1207     4     564
                     Mid-Cap Growth
Janus Orion Fund           Funds           5      694            N/A
Janus Twenty Fund     Large Growth
 ((1))                     Funds           5      1207     5     564
Janus Venture Fund    Small Growth
 ((1))                     Funds           4      561      2     268
                      Small Growth
Janus Triton Fund          Funds                  N/A            N/A
Janus Global           World Stock
 Research Fund             Funds                  N/A            N/A
Janus Global Life    Specialty-Health
 Sciences Fund             Funds           4      168            N/A
                        Specialty-
Janus Global            Technology
 Technology Fund           Funds           4      241            N/A
Janus Overseas Fund   Foreign Large
 (1)                   Growth Funds        5      156      4      73
                       World Stock
Janus Worldwide Fund       Funds           1      393      2     198
Janus Global           World Stock
 Opportunities Fund        Funds           3      393            N/A
                        Moderate
                        Allocation
Janus Balanced Fund        Funds           4      712      5     416
INTECH Risk-Managed    Large Blend
 Stock Fund                Funds           4      1314           N/A
Janus Fundamental      Large Blend
 Equity Fund               Funds           4      1314     5     621
Janus Contrarian       Large Blend
 Fund                      Funds           5      1314           N/A
Janus Mid Cap Value
 Fund - Investor      Mid-Cap Value
 Shares (2)                Funds           5      215            N/A
Janus Small Cap
 Value Fund -
 Investor Shares       Small Value
 (1,2)                     Funds           3      261      4      98
Janus Flexible Bond   Intermediate-
 Fund                 Term Bond Funds      4      830      3     433
Janus High-Yield     High Yield Bond
 Fund                      Funds           2      401      4     205
Janus Short-Term     Short-Term Bond
 Bond Fund                 Funds           4      291      3     164
                        Moderate
Janus Smart             Allocation
 Portfolio-Growth          Funds                  N/A            N/A
                        Moderate
Janus Smart             Allocation
 Portfolio-Moderate        Funds                  N/A            N/A
Janus Smart           Conservative
 Portfolio-             Allocation
 Conservative              Funds                  N/A            N/A
-------------------- --------------------------- -------------- ------

Percent of funds
 rated 4 / 5 Stars                       76.2%           57.1%

Data presented reflects past performance, which is no guarantee of future results. (C) 2008 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.)

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

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

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

----------------------------------------------------------------------
Balanced Fund            Moderate
                        Allocation
                           Funds        5       905      5     905
Contrarian Fund        Large Blend
                           Funds                N/A            N/A
Fundamental Equity     Large Blend
 Fund                      Funds        5      1664      5     1664
Flexible Bond Fund     Intermediate-
                         Term Bond
                           Funds        4       974      4     974
International Equity   Foreign Large
 Fund                   Growth Funds            N/A            N/A
International Growth   Foreign Large
 Fund                   Growth Funds    5       179      5     179
Forty Fund             Large Growth
                           Funds        5      1442      5     1442
Growth & Income Fund   Large Growth
                           Funds        3      1442      3     1442
Floating Rate High      Bank Loan
 Income                    Funds                N/A            N/A
Global Real Estate      Specialty-
 Fund                   Real Estate
                           Funds                N/A            N/A
Global Research Fund   World Stock
                           Funds                N/A            N/A
Long/Short Fund ((1))   Long-Short
                           Funds                N/A            N/A
High Yield Fund         High Yield
                         Bond Funds             N/A            N/A
International Growth   Foreign Large
 Fund (1)               Growth Funds    5       179      5     179
Large Cap Growth Fund  Large Growth
                           Funds        3      1442      3     1442
Mid Cap Growth Fund      Mid-Cap
                        Growth Funds    4       827      5     827
Mid Cap Value Fund     Mid-Cap Value
                           Funds        4       287      5     287
Orion Fund               Mid-Cap
                        Growth Funds            N/A            N/A
Risk-Managed Core Fund Large Blend
                           Funds        4      1664      3     1664
Risk-Managed Growth    Large Growth
 Fund                      Funds        3      1442      2     1442
Risk-Managed Value     Large Value
 Fund                      Funds                N/A            N/A
Small Company Value    Small Value
 Fund                      Funds                N/A            N/A
Small-Mid Growth Fund    Mid-Cap
                        Growth Funds            N/A            N/A
Worldwide Fund         World Stock
                           Funds                N/A            N/A
----------------------------------------------------------------------

Percent of funds rated
 4 / 5 Stars                          75.0%            66.7%

                                      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 Adviser Series ("JAD") S Shares  Morningstar Rating(TM) metrics.

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

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

----------------------------------------------------------------------
Balanced Fund             Moderate
                         Allocation
                            Funds          4      712     5      416
Contrarian Fund         Large Blend
                            Funds                 N/A            N/A
Fundamental Equity Fund Large Blend
                            Funds          4     1314     5      621
Flexible Bond Fund      Intermediate-
                          Term Bond
                            Funds          4      830     3      433
International Equity    Foreign Large
 Fund                    Growth Funds             N/A            N/A
International Growth    Foreign Large
 Fund                    Growth Funds      5      156     5      73
Forty Fund              Large Growth
                            Funds          5     1207     5      564
Growth & Income Fund    Large Growth
                            Funds          3     1207            N/A
Floating Rate High       Bank Loan
 Income                     Funds                 N/A            N/A
Global Real Estate Fund  Specialty-
                         Real Estate
                            Funds                 N/A            N/A
Global Research Fund    World Stock
                            Funds                 N/A            N/A
Long/Short Fund ((1))    Long-Short
                            Funds                 N/A            N/A
High Yield Fund          High Yield
                          Bond Funds              N/A            N/A
International Growth    Foreign Large
 Fund (1)                Growth Funds      5      156     5      73
Large Cap Growth Fund   Large Growth
                            Funds          3     1207     3      564
Mid Cap Growth Fund       Mid-Cap
                         Growth Funds      5      694     2      305
Mid Cap Value Fund      Mid-Cap Value
                            Funds          4      215            N/A
Orion Fund                Mid-Cap
                         Growth Funds             N/A            N/A
Risk-Managed Core Fund  Large Blend
                            Funds          4     1314            N/A
Risk-Managed Growth     Large Growth
 Fund                       Funds          3     1207            N/A
Risk-Managed Value Fund Large Value
                            Funds                 N/A            N/A
Small Company Value     Small Value
 Fund                       Funds                 N/A            N/A
Small-Mid Growth Fund     Mid-Cap
                         Growth Funds             N/A            N/A
Worldwide Fund          World Stock
                            Funds                 N/A            N/A
----------------------------------------------------------------------

Percent of funds rated
 4 / 5 Stars                             75.0%          62.5%

Data presented reflects past performance, which is no guarantee of future results. (C) 2008 Morningstar, Inc. All Rights Reserved.

Ratings are for Class S Shares only; other classes may have different performance characteristics.

    Note:

    (1) Closed to new investors.

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.)

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

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

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

----------------------------------------------------------------------
                        Moderate
                        Allocation
Balanced Fund              Funds         5       905     5     905
                      Intermediate-
Flexible Bond Fund    Term Bond Funds    5       974     5     974
                      Large Growth
Forty Fund                 Funds         5      1442     5     1442
Fundamental Equity     Large Blend
 Fund                      Funds         4      1664     4     1664
Global Life Sciences Specialty-Health
 Fund                      Funds         4       184     5     184
                        Specialty-
Global Technology       Technology
 Fund                      Funds         4       267     4     267
                      Large Growth
Growth & Income Fund       Funds         4      1442     3     1442
International Growth  Foreign Large
 Fund (1)              Growth Funds      5       179     5     179
Large Cap Growth      Large Growth
 Fund                      Funds                 N/A           N/A
                     Mid-Cap Growth
Mid Cap Growth Fund        Funds                 N/A           N/A
                      Mid-Cap Value
Mid Cap Value Fund         Funds                 N/A           N/A
                       World Stock
Worldwide Fund             Funds         2       460     2     460
----------------------------------------------------------------------

Percent of funds
 rated 4 / 5 Stars                     88.9%           77.8%

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

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

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

----------------------------------------------------------------------
                           Moderate
                           Allocation
Balanced Fund                 Funds         4     712      5     416
                         Intermediate-
Flexible Bond Fund       Term Bond Funds    5     830      4     433
                         Large Growth
Forty Fund                    Funds         5     1207     5     564
                          Large Blend
Fundamental Equity Fund       Funds         4     1314     5     621
Global Life Sciences    Specialty-Health
 Fund                         Funds         4     168            N/A
                           Specialty-
                           Technology
Global Technology Fund        Funds         4     241            N/A
                         Large Growth
Growth & Income Fund          Funds         4     1207           N/A
International Growth     Foreign Large
 Fund (1)                 Growth Funds      5     156      4      73
                         Large Growth
Large Cap Growth Fund         Funds               N/A            N/A
                        Mid-Cap Growth
Mid Cap Growth Fund           Funds               N/A            N/A
                         Mid-Cap Value
Mid Cap Value Fund            Funds               N/A            N/A
                          World Stock
Worldwide Fund                Funds         1     393      2     198
----------------------------------------------------------------------

Percent of funds rated
 4 / 5 Stars                              88.9%          83.3%

Data presented reflects past performance, which is no guarantee of future results. (C) 2008 Morningstar, Inc. All Rights Reserved.

Ratings are for Institutional Shares only; other classes may have different performance characteristics.

    Note:

    (1) Closed to new investors.

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.)

Source: Janus Capital Group Inc.

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