Janus Announces Second Quarter 2008 Results

Second Quarter Earnings from Continuing Operations of $0.40 Per Diluted Share, Including a One-Time Tax Benefit of $0.06 Per Diluted Share ------------------------------------------------------ Long-Term Net Inflows of $5.0 Billion for the Quarter, the Highest in Nearly 8 Years ------------------------------------------------- More Than Three-Fourths of Janus' Mutual Funds Outperformed Their Lipper Peer Group Medians for 1, 3 and 5 Years (1) ------------------------------------------------- Announced Plans to Acquire an Additional 50% Interest in U.S. Value Manager Perkins, Wolf, McDonnell and Company, LLC ------------------------------------------------------

Company Release - 7/24/2008 8:00 AM ET

DENVER--(BUSINESS WIRE)--

Janus Capital Group Inc. (NYSE: JNS) today reported second quarter net income from continuing operations of $65.6 million, or $0.40 per diluted share, compared with net income from continuing operations of $39.0 million, or $0.24 per diluted share, in the first quarter 2008 and $51.6 million, or $0.28 per diluted share, in the second quarter 2007. Second quarter 2008 includes a one-time income tax benefit of approximately $0.06 per share associated with a legislative change in state taxes. The company's operating margin from continuing operations for the second quarter 2008 was 34.5% compared with 31.8% for the first quarter 2008 and 34.6% for the second quarter 2007.

Flows and Assets Under Management

Average assets under management during the second quarter increased 5.5% to $200.1 billion compared with $189.7 billion during the first quarter 2008. At June 30, 2008, the company's total assets under management were $191.8 billion compared with $187.6 billion at March 31, 2008.

The increase in firmwide assets during the second quarter reflects long-term net inflows of $5.0 billion, $0.4 billion of net market depreciation / fund performance and money market net outflows of $0.4 billion.

Excluding INTECH, Janus had long-term net inflows during the second quarter this year of $4.8 billion compared with long-term net outflows of $0.4 billion in the previous quarter. INTECH had long-term net inflows of $0.2 billion during the second quarter 2008 compared with long-term net outflows of $1.1 billion in the first quarter 2008.

Investment Management

Despite challenging market conditions during the second quarter, Janus' relative investment performance remained strong with approximately 78%, 81% and 83% 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 June 30, 2008.(2) In addition, 79% of Janus mutual funds have a 4- or 5-star Overall Morningstar Rating(TM) at June 30, 2008.(3)

"In the midst of a turbulent market, we're pleased that our continued strong performance and investments in distribution led to our best quarterly flows in nearly eight years," said Janus CEO Gary Black. "It's especially gratifying to see Janus-managed products gaining traction with institutional clients."

Financial Discussion

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

                                               Three Months Ended
                                           ---------------------------
                                           June 30, March 31, June 30,
                                           2008(a)    2008      2007
                                           -------- --------- --------

Continuing Operations (Investment
 Management)
------------------------------------------
Average Assets (in billions)                $200.1    $189.7   $188.2
Ending AUM (in billions)                    $191.8    $187.6   $190.6
Revenues                                    $304.2    $281.2   $273.0
Operating Expenses                          $199.1    $191.7   $178.6
Operating Income                            $105.1     $89.5    $94.4
Operating Margin                              34.5%     31.8%    34.6%

Net Income                                   $65.6     $39.0    $51.6

Diluted Earnings per Share                   $0.40     $0.24    $0.28

Shares Repurchased (in millions)               2.6       5.2     10.4
Cost of Shares Repurchased                   $75.0    $134.2   $276.5
Average Price                               $28.93    $25.75   $26.60
Total shares outstanding end of period (in
 millions)                                   160.6     162.7    176.3

(a)Net income and diluted earnings per share for second quarter 2008
    include a one-time income tax benefit of approximately $10.8
    million, or $0.06 per share.

Continuing Operations

Second quarter 2008 revenues of $304.2 million increased 8.2% from the previous quarter due to higher average assets under management driven primarily by favorable market conditions through the first two months of the quarter and higher performance fees. Operating expenses increased $7.4 million, or 3.9%, from the previous quarter as a result of higher asset-based distribution expenses and administrative expenses.

Non-operating items for the second quarter 2008 include a one-time $10.8 million, or $0.06 per diluted share, income tax benefit as a result of a legislative change in Colorado state taxes. Beginning in 2009, Janus' tax rate will decline by approximately 1% from the current rate as a result of the change in state taxes. Also included in non-operating items is a gain of $3.0 million on Janus' seed capital investments compared with a $9.5 million mark-to-market loss in the first quarter 2008.

Acquisition

On July 7, 2008, Janus agreed to purchase an additional 50% interest in the U.S. value manager Perkins, Wolf, McDonnell and Company, LLC ("Perkins") for $90.0 million in cash. Pending customary regulatory and fund shareholder approvals, the acquisition is expected to close in the fourth quarter 2008.

"Perkins has been a key strategic partner for Janus and we have great confidence in its ability as a value manager," Black said. "This acquisition will enable Janus to offer clients a broader range of investment products, including a large-cap value fund later this year."

Capital and Liquidity

At June 30, 2008, Janus had stockholders' equity of $1.6 billion, cash and investments of $477 million and $1.1 billion of outstanding debt. As part of its capital and liquidity management, Janus reduced its outstanding shares by 1.3% during the second quarter by repurchasing 2.6 million shares of its common stock at an average price of $28.93 per share and a total cost of $75 million.

Second Quarter 2008 Earnings Call Information

Janus will discuss its results during a conference call on Thursday, July 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 June 2008, Janus managed $191.8 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.

(1) Strong relative performance may not be indicative of positive fund returns. Year-to-date absolute performance for some funds is negative. 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, 22 and 12, respectively. Complete Lipper rankings are based on total returns and are on pages 11 and 12.

(2) Strong relative performance may not be indicative of positive fund returns. Year-to-date absolute performance for some funds is negative. Funds included in the analysis are JIF, JAD and JAS. The number of funds in each trust is 26, 22 and 12, respectively. Complete Lipper rankings are based on total returns and are on pages 11 and 12.

(3) 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 returns. Complete Morningstar ratings are on pages 13-15.

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 (7/08).

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.

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


                                               Three Months Ended
                                           ---------------------------
                                           June 30, March 31, June 30,
                                             2008     2008      2007
                                           -------- --------- --------
Investment Management Revenues:
 Investment management fees                 $239.8    $225.5   $220.6
 Performance fees                             11.6       5.6      3.8
 Shareowner servicing fees and other          52.8      50.1     48.6
                                           -------- --------- --------
  Total                                      304.2     281.2    273.0
                                           -------- --------- --------

Investment Management Operating Expenses:
 Employee compensation and benefits           91.6      91.8     86.8
 Long-term incentive compensation             12.5      12.1     17.0
 Marketing and advertising                     8.7       7.8      5.0
 Distribution                                 38.2      36.3     34.5
 Depreciation and amortization                10.7       9.9      8.7
 General, administrative and occupancy        37.4      33.8     26.6
                                           -------- --------- --------
  Total                                      199.1     191.7    178.6
                                           -------- --------- --------

Investment Management Operating Income       105.1      89.5     94.4

Interest expense                             (18.8)    (18.9)   (11.5)
Investment gains (losses), net                 3.0      (9.5)     0.4
Other income, net                              1.0       4.2      4.6
Income tax provision                         (23.8)    (24.5)   (32.9)
Equity in earnings of unconsolidated
 affiliate                                     2.3       2.0      1.7
Minority interest in consolidated earnings    (3.2)     (3.8)    (5.1)
                                           -------- --------- --------

Income from Continuing Operations             65.6      39.0     51.6

Income (loss) from Discontinued Operations     0.7      (1.6)    (2.8)

                                           -------- --------- --------
Net income                                   $66.3     $37.4    $48.8
                                           ======== ========= ========


Diluted weighted average shares outstanding
 (in millions)                               162.4     164.0    182.4
Diluted earnings per share:
 Continuing operations                       $0.40     $0.24    $0.28
 Discontinued operations                      0.00     (0.01)   (0.02)
                                           -------- --------- --------
 Diluted earnings per share                  $0.41     $0.23    $0.27
                                           ======== ========= ========

Average Assets Under Management (in
 billions)                                  $200.1    $189.7   $188.2
                       JANUS CAPITAL GROUP INC.
           UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
                        (dollars in millions)

                                                 June 30, December 31,
                                                   2008       2007
                                                 -------- ------------
 Assets
  Cash and cash equivalents                        $275.7       $480.7
  Marketable securities                             201.1        210.7
  Other assets                                      343.4        344.9
  Property and equipment, net                        48.4         46.5
  Intangibles and goodwill, net                   2,511.6      2,451.5
  Assets related to discontinued operations          12.4         29.8
                                                 -------- ------------
   Total Assets                                  $3,392.6     $3,564.1
                                                 ======== ============

 Liabilities and Stockholders' Equity
  Debt                                           $1,127.8     $1,127.7
  Other liabilities                                 215.5        297.8
  Deferred income taxes                             401.8        404.3
  Liabilities related to discontinued operations      8.8         10.8
  Stockholders' equity                            1,638.7      1,723.5
                                                 -------- ------------
   Total Liabilities and Stockholders' Equity    $3,392.6     $3,564.1
                                                 ======== ============
              UNAUDITED CONDENSED CASH FLOW INFORMATION
                        CONTINUING OPERATIONS
                        (dollars in millions)

                                               Three Months Ended
                                           ---------------------------
                                           June 30, March 31, June 30,
 Cash provided by (used in):                 2008     2008      2007
                                           -------- --------- --------
  Operating activities                       $78.8      $1.9   $130.2
  Investing activities                         6.9     (76.4)   (13.2)
  Financing activities                       (80.3)   (135.9)   316.4
                                           -------- --------- --------
   Net change during period                   $5.4   $(210.4)  $433.4
                                           ======== ========= ========
                       JANUS CAPITAL GROUP INC.
                ASSETS & FLOWS BY INVESTMENT DISCIPLINE
                         (dollars in billions)

                                              Three Months Ended
                                         -----------------------------
                                         June 30,   March 31, June 30,
                                            2008       2008     2007
                                         ---------- --------- --------
Growth/Blend
  Beginning of period assets                 $76.8     $83.5    $65.7
  Sales                                        8.9       5.9      4.7
  Redemptions                                  4.7       5.6      4.0
                                         ---------- --------- --------
  Net sales (redemptions)                      4.2       0.2      0.7
  Market appreciation (depreciation)           0.9      (6.9)     5.1
                                         ---------- --------- --------
  End of period assets                       $81.8     $76.8    $71.6
                                         ========== ========= ========

Global/International
  Beginning of period assets                 $22.1     $24.9    $19.5
  Sales                                        1.0       1.1      1.7
  Redemptions                                  0.9       1.8      1.1
                                         ---------- --------- --------
  Net sales (redemptions)                      0.1      (0.7)     0.6
  Market appreciation (depreciation)          (1.2)     (2.1)     2.0
                                         ---------- --------- --------
  End of period assets                       $21.0     $22.1    $22.1
                                         ========== ========= ========

Mathematical/Quantitative
  Beginning of period assets                 $61.2     $69.7    $66.3
  Sales                                        2.5       1.8      4.5
  Redemptions                                  2.3       2.9      3.2
                                         ---------- --------- --------
  Net sales (redemptions)                      0.2      (1.1)     1.3
  Market appreciation (depreciation)             -      (7.5)     2.6
                                         ---------- --------- --------
  End of period assets                       $61.3     $61.2    $70.1
                                         ========== ========= ========

Fixed Income
  Beginning of period assets                  $3.8      $4.9     $4.8
  Sales                                        0.2       0.5      0.8
  Redemptions                                  0.5       1.6      0.3
                                         ---------- --------- --------
  Net sales (redemptions)                     (0.2)     (1.1)     0.5
  Market appreciation (depreciation)             -         -        -
                                         ---------- --------- --------
  End of period assets                        $3.7      $3.8     $5.2
                                         ========== ========= ========

Alternatives
  Beginning of period assets                  $1.4      $0.8     $0.4
  Sales                                        0.1       0.7      0.1
  Redemptions                                  0.2       0.1        -
                                         ---------- --------- --------
  Net sales (redemptions)                        -       0.6      0.1
  Market appreciation (depreciation)          (0.1)        -        -
                                         ---------- --------- --------
  End of period assets                        $1.2      $1.4     $0.4
                                         ========== ========= ========

Value
  Beginning of period assets                 $10.1     $10.1    $10.5
  Sales                                        1.5       1.3      0.8
  Redemptions                                  0.6       0.8      1.1
                                         ---------- --------- --------
  Net sales (redemptions)                      0.9       0.5     (0.3)
  Market appreciation (depreciation)             -      (0.5)     0.6
                                         ---------- --------- --------
  End of period assets                       $10.9     $10.1    $10.8
                                         ========== ========= ========

Money Market
  Beginning of period assets                 $12.2     $12.8     $9.0
  Sales                                       23.0      24.9     22.8
  Redemptions                                 23.4      25.5     21.5
                                         ---------- --------- --------
  Net sales (redemptions)                     (0.4)     (0.6)     1.3
  Market appreciation (depreciation)             -         -        -
                                         ---------- --------- --------
  End of period assets                       $11.8     $12.2    $10.4
                                         ========== ========= ========


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

                                              Three Months Ended
                                         -----------------------------
                                         June 30,   March 31, June 30,
                                            2008       2008     2007
                                         ---------- --------- --------
Total
  Beginning of period assets                $187.6    $206.7   $176.2
  Sales                                       37.2      36.2     35.3
  Redemptions                                 32.6      38.3     31.3
                                         ---------- --------- --------
  Net sales (redemptions)                      4.6      (2.1)     4.0
  Market appreciation (depreciation)          (0.4)    (17.0)    10.3
                                         ---------- --------- --------
  End of period assets                      $191.8    $187.6   $190.6
                                         ========== ========= ========

Total Excluding Money Markets
  Beginning of period assets                $175.4    $194.0   $167.2
  Sales                                       14.2      11.3     12.6
  Redemptions                                  9.2      12.8      9.8
                                         ---------- --------- --------
  Net sales (redemptions)                      5.0      (1.5)     2.8
  Market appreciation (depreciation)          (0.4)    (17.0)    10.3
                                         ---------- --------- --------
  End of period assets                      $179.9    $175.4   $180.2
                                         ========== ========= ========

Total Excluding Mathematical/Quantitative & Money
 Markets
  Beginning of period assets                $114.2    $124.2   $100.9
  Sales                                       11.7       9.5      8.1
  Redemptions                                  6.9       9.9      6.6
                                         ---------- --------- --------
  Net sales (redemptions)                      4.8      (0.4)     1.5
  Market appreciation (depreciation)          (0.4)     (9.5)     7.7
                                         ---------- --------- --------
  End of period assets                      $118.6    $114.2   $110.1
                                         ========== ========= ========

Each line has been rounded on the schedule individually to increase
 the accuracy of the amounts presented. Therefore totals and subtotals
 may not foot.
                                              Lipper Rankings Based
Janus Investment                               on Total Returns as of
 Fund ("JIF")                                         6/30/08
                                              ------------------------
                                                      1-Year
                                              -----------------------

                                                            Rank /
                        PM         Lipper      Percentile    Total
                      Inception    Category       Rank (%)    Funds
                     ---------- ------------- ------------ ----------
Growth Funds
----------------------------------------------------------------------
                                Large-Cap
Janus Twenty Fund(1)   Jan-08    Growth Funds            1    1 / 756
                                Large-Cap
Janus Fund             Oct-07    Growth Funds           55  411 / 756
                                Multi-Cap
Janus Orion Fund       Dec-07    Growth Funds            3   12 / 493
                                Large-Cap
Janus Research Fund    Jan-06    Growth Funds           46  342 / 756
Janus Enterprise                Mid-Cap
 Fund                  Oct-07    Growth Funds           13   75 / 596
Janus Venture                   Small-Cap
 Fund(1)               Jan-01    Growth Funds           88  532 / 604
                                Small-Cap
Janus Triton Fund      Jun-06    Growth Funds           20  119 / 604
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus Contrarian                Multi-Cap
 Fund                  Feb-00    Core Funds             47  392 / 847
Janus Growth and                Large-Cap
 Income Fund           Nov-07    Core Funds             44  358 / 817
                                Mixed-Asset
                                 Target
                                 Alloc. Mod.
Janus Balanced Fund    Apr-05    Funds                   3   10 / 462
Janus Fundamental               Large-Cap
 Equity Fund           Nov-07    Core Funds             35  280 / 817
INTECH Risk-Managed             Multi-Cap
 Stock Fund            Feb-03    Core Funds             41  344 / 847
----------------------------------------------------------------------
Global/International
 Funds
----------------------------------------------------------------------
Janus Overseas                  International
 Fund(1)               Jun-03    Funds                  10 108 / 1141
Janus Worldwide Fund   Jun-04   Global Funds            95  422 / 446
                                Global
                                Healthcare/
Janus Global Life               Biotechnology
 Sciences Fund         Apr-07   Funds                    3     2 / 70
                                Global
                                 Science &
Janus Global                     Technology
 Technology Fund       Jan-06    Funds                  34   36 / 108
Janus Global
 Research Fund         Feb-05   Global Funds             9   38 / 446
Janus Global
 Opportunities Fund    Jun-01   Global Funds            96  426 / 446
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Mid Cap Value             Mid-Cap Value
 Fund - Inv(2)         Aug-98    Funds                   7   24 / 343
Janus Small Cap
 Value Fund -                   Small-Cap
 Inv.(1,2)             Feb-97    Core Funds             24  182 / 786
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                                Intermediate
Janus Flexible Bond              Investment
 Fund                  May-07    Grade Debt             10   51 / 557
Janus High-Yield                High Current
 Fund                  Dec-03    Yield Funds            74  340 / 460
                                Short
Janus Short-Term                 Investment
 Bond Fund             May-07    Grade Debt             37   97 / 263
----------------------------------------------------------------------
Asset Allocation
 Funds
----------------------------------------------------------------------
                                Mixed-Asset
                                 Target
Janus Smart                      Alloc.
 Portfolio-Growth      Dec-05    Growth Funds            9   53 / 655
                                Mixed-Asset
                                 Target
Janus Smart                      Alloc. Mod.
 Portfolio-Moderate    Dec-05    Funds                   6   26 / 462
                                Mixed-Asset
Janus Smart                      Target
 Portfolio-                      Alloc. Cons.
 Conservative          Dec-05    Funds                  17   69 / 429
----------------------------------------------------------------------

                                              Lipper Rankings Based
Janus Investment                               on Total Returns as of
 Fund ("JIF")                                         6/30/08
                                              ------------------------
                                                      3-Year
                                              -----------------------

                                                             Rank /
                        PM         Lipper       Percentile    Total
                      Inception    Category        Rank (%)   Funds
                     ---------- ------------- ------------- ---------
Growth Funds
----------------------------------------------------------------------
                                Large-Cap
Janus Twenty Fund(1)   Jan-08    Growth Funds             1   1 / 641
                                Large-Cap
Janus Fund             Oct-07    Growth Funds            29 183 / 641
                                Multi-Cap
Janus Orion Fund       Dec-07    Growth Funds             2   6 / 374
                                Large-Cap
Janus Research Fund    Jan-06    Growth Funds             7  43 / 641
Janus Enterprise                Mid-Cap
 Fund                  Oct-07    Growth Funds             8  40 / 501
Janus Venture                   Small-Cap
 Fund(1)               Jan-01    Growth Funds            44 212 / 486
                                Small-Cap
Janus Triton Fund      Jun-06    Growth Funds             5  24 / 486
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus Contrarian                Multi-Cap
 Fund                  Feb-00    Core Funds               1   6 / 664
Janus Growth and                Large-Cap
 Income Fund           Nov-07    Core Funds              34 233 / 692
                                Mixed-Asset
                                 Target
                                 Alloc. Mod.
Janus Balanced Fund    Apr-05    Funds                    4  12 / 361
Janus Fundamental               Large-Cap
 Equity Fund           Nov-07    Core Funds              11  73 / 692
INTECH Risk-Managed             Multi-Cap
 Stock Fund            Feb-03    Core Funds              63 415 / 664
----------------------------------------------------------------------
Global/International
 Funds
----------------------------------------------------------------------
Janus Overseas                  International
 Fund(1)               Jun-03    Funds                    1   2 / 815
Janus Worldwide Fund   Jun-04   Global Funds             91 317 / 350
                                Global
                                Healthcare/
Janus Global Life               Biotechnology
 Sciences Fund         Apr-07   Funds                    21   11 / 53
                                Global
                                 Science &
Janus Global                     Technology
 Technology Fund       Jan-06    Funds                   16  16 / 102
Janus Global
 Research Fund         Feb-05   Global Funds              5  16 / 350
Janus Global
 Opportunities Fund    Jun-01   Global Funds             98 343 / 350
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Mid Cap Value             Mid-Cap Value
 Fund - Inv(2)         Aug-98    Funds                   11  28 / 270
Janus Small Cap
 Value Fund -                   Small-Cap
 Inv.(1,2)             Feb-97    Core Funds              40 249 / 628
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                                Intermediate
Janus Flexible Bond              Investment
 Fund                  May-07    Grade Debt               8  34 / 464
Janus High-Yield                High Current
 Fund                  Dec-03    Yield Funds             60 232 / 387
                                Short
Janus Short-Term                 Investment
 Bond Fund             May-07    Grade Debt              28  59 / 212
----------------------------------------------------------------------
Asset Allocation
 Funds
----------------------------------------------------------------------
                                Mixed-Asset
                                 Target
Janus Smart                      Alloc.
 Portfolio-Growth      Dec-05    Growth Funds             -         -
                                Mixed-Asset
                                 Target
Janus Smart                      Alloc. Mod.
 Portfolio-Moderate    Dec-05    Funds                    -         -
                                Mixed-Asset
Janus Smart                      Target
 Portfolio-                      Alloc. Cons.
 Conservative          Dec-05    Funds                    -         -
----------------------------------------------------------------------

                                              Lipper Rankings Based
Janus Investment                               on Total Returns as of
 Fund ("JIF")                                         6/30/08
                                              ------------------------
                                                      5-Year
                                              -----------------------

                                                             Rank /
                        PM         Lipper       Percentile    Total
                      Inception    Category        Rank (%)   Funds
                     ---------- ------------- ------------- ---------
Growth Funds
----------------------------------------------------------------------
                                Large-Cap
Janus Twenty Fund(1)   Jan-08    Growth Funds             1   1 / 530
                                Large-Cap
Janus Fund             Oct-07    Growth Funds            33 175 / 530
                                Multi-Cap
Janus Orion Fund       Dec-07    Growth Funds             1   1 / 314
                                Large-Cap
Janus Research Fund    Jan-06    Growth Funds             9  46 / 530
Janus Enterprise                Mid-Cap
 Fund                  Oct-07    Growth Funds             7  27 / 408
Janus Venture                   Small-Cap
 Fund(1)               Jan-01    Growth Funds            23  91 / 400
                                Small-Cap
Janus Triton Fund      Jun-06    Growth Funds             -         -
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus Contrarian                Multi-Cap
 Fund                  Feb-00    Core Funds               1   4 / 486
Janus Growth and                Large-Cap
 Income Fund           Nov-07    Core Funds              23 132 / 574
                                Mixed-Asset
                                 Target
                                 Alloc. Mod.
Janus Balanced Fund    Apr-05    Funds                   14  32 / 239
Janus Fundamental               Large-Cap
 Equity Fund           Nov-07    Core Funds               4  19 / 574
INTECH Risk-Managed             Multi-Cap
 Stock Fund            Feb-03    Core Funds              28 132 / 486
----------------------------------------------------------------------
Global/International
 Funds
----------------------------------------------------------------------
Janus Overseas                  International
 Fund(1)               Jun-03    Funds                    1   1 / 676
Janus Worldwide Fund   Jun-04   Global Funds             98 263 / 268
                                Global
                                Healthcare/
Janus Global Life               Biotechnology
 Sciences Fund         Apr-07   Funds                     3    1 / 48
                                Global
                                 Science &
Janus Global                     Technology
 Technology Fund       Jan-06    Funds                   36   32 / 90
Janus Global
 Research Fund         Feb-05   Global Funds              -         -
Janus Global
 Opportunities Fund    Jun-01   Global Funds             83 221 / 268
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Mid Cap Value             Mid-Cap Value
 Fund - Inv(2)         Aug-98    Funds                   15  31 / 209
Janus Small Cap
 Value Fund -                   Small-Cap
 Inv.(1,2)             Feb-97    Core Funds              52 251 / 486
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                                Intermediate
Janus Flexible Bond              Investment
 Fund                  May-07    Grade Debt              18  67 / 393
Janus High-Yield                High Current
 Fund                  Dec-03    Yield Funds             65 218 / 339
                                Short
Janus Short-Term                 Investment
 Bond Fund             May-07    Grade Debt              22  35 / 165
----------------------------------------------------------------------
Asset Allocation
 Funds
----------------------------------------------------------------------
                                Mixed-Asset
                                 Target
Janus Smart                      Alloc.
 Portfolio-Growth      Dec-05    Growth Funds             -         -
                                Mixed-Asset
                                 Target
Janus Smart                      Alloc. Mod.
 Portfolio-Moderate    Dec-05    Funds                    -         -
                                Mixed-Asset
Janus Smart                      Target
 Portfolio-                      Alloc. Cons.
 Conservative          Dec-05    Funds                    -         -
----------------------------------------------------------------------

                                              Lipper Rankings Based
Janus Investment                               on Total Returns as of
 Fund ("JIF")                                         6/30/08
                                              ------------------------
                                                      10-Year
                                              -----------------------

                                                             Rank /
                        PM         Lipper       Percentile    Total
                      Inception    Category        Rank (%)   Funds
                     ---------- ------------- ------------- ----------
Growth Funds
----------------------------------------------------------------------
                                Large-Cap
Janus Twenty Fund(1)   Jan-08    Growth Funds             2   4 / 259
                                Large-Cap
Janus Fund             Oct-07    Growth Funds            45 117 / 259
                                Multi-Cap
Janus Orion Fund       Dec-07    Growth Funds             -         -
                                Large-Cap
Janus Research Fund    Jan-06    Growth Funds             4  10 / 259
Janus Enterprise                Mid-Cap
 Fund                  Oct-07    Growth Funds            44  79 / 181
Janus Venture                   Small-Cap
 Fund(1)               Jan-01    Growth Funds            33  63 / 192
                                Small-Cap
Janus Triton Fund      Jun-06    Growth Funds             -         -
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus Contrarian                Multi-Cap
 Fund                  Feb-00    Core Funds               -         -
Janus Growth and                Large-Cap
 Income Fund           Nov-07    Core Funds              11  33 / 323
                                Mixed-Asset
                                 Target
                                 Alloc. Mod.
Janus Balanced Fund    Apr-05    Funds                    7   9 / 141
Janus Fundamental               Large-Cap
 Equity Fund           Nov-07    Core Funds               3   7 / 323
INTECH Risk-Managed             Multi-Cap
 Stock Fund            Feb-03    Core Funds               -         -
----------------------------------------------------------------------
Global/International
 Funds
----------------------------------------------------------------------
Janus Overseas                  International
 Fund(1)               Jun-03    Funds                    4  13 / 339
Janus Worldwide Fund   Jun-04   Global Funds             95 117 / 123
                                Global
                                Healthcare/
Janus Global Life               Biotechnology
 Sciences Fund         Apr-07   Funds                     -         -
                                Global
                                 Science &
Janus Global                     Technology
 Technology Fund       Jan-06    Funds                    -         -
Janus Global
 Research Fund         Feb-05   Global Funds              -         -
Janus Global
 Opportunities Fund    Jun-01   Global Funds              -         -
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Mid Cap Value             Mid-Cap Value
 Fund - Inv(2)         Aug-98    Funds                    -         -
Janus Small Cap
 Value Fund -                   Small-Cap
 Inv.(1,2)             Feb-97    Core Funds              18  33 / 193
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                                Intermediate
Janus Flexible Bond              Investment
 Fund                  May-07    Grade Debt              36  67 / 189
Janus High-Yield                High Current
 Fund                  Dec-03    Yield Funds             24  39 / 167
                                Short
Janus Short-Term                 Investment
 Bond Fund             May-07    Grade Debt              32   27 / 84
----------------------------------------------------------------------
Asset Allocation
 Funds
----------------------------------------------------------------------
                                Mixed-Asset
                                 Target
Janus Smart                      Alloc.
 Portfolio-Growth      Dec-05    Growth Funds             -         -
                                Mixed-Asset
                                 Target
Janus Smart                      Alloc. Mod.
 Portfolio-Moderate    Dec-05    Funds                    -         -
                                Mixed-Asset
Janus Smart                      Target
 Portfolio-                      Alloc. Cons.
 Conservative          Dec-05    Funds                    -         -
----------------------------------------------------------------------

                                              Lipper Rankings Based on
Janus Investment                                Total Returns as of
 Fund ("JIF")                                          6/30/08
                                              ------------------------
                                                 Since PM Inception
                                              ------------------------

                                                              Rank /
                        PM         Lipper        Percentile    Total
                      Inception    Category         Rank (%)   Funds
                     ---------- ------------- -------------- ---------
Growth Funds
----------------------------------------------------------------------
                                Large-Cap                 ++
Janus Twenty Fund(1)   Jan-08    Growth Funds
                                Large-Cap                 ++
Janus Fund             Oct-07    Growth Funds
                                Multi-Cap                 ++
Janus Orion Fund       Dec-07    Growth Funds
                                Large-Cap
Janus Research Fund    Jan-06    Growth Funds              6  37 / 679
Janus Enterprise                Mid-Cap                   ++
 Fund                  Oct-07    Growth Funds
Janus Venture                   Small-Cap
 Fund(1)               Jan-01    Growth Funds             28  85 / 307
                                Small-Cap
Janus Triton Fund      Jun-06    Growth Funds              8  38 / 539
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus Contrarian                Multi-Cap
 Fund                  Feb-00    Core Funds                7  18 / 276
Janus Growth and                Large-Cap                 ++
 Income Fund           Nov-07    Core Funds
                                Mixed-Asset
                                 Target
                                 Alloc. Mod.
Janus Balanced Fund    Apr-05    Funds                     2   6 / 359
Janus Fundamental               Large-Cap                 ++
 Equity Fund           Nov-07    Core Funds
INTECH Risk-Managed             Multi-Cap
 Stock Fund            Feb-03    Core Funds               39 182 / 475
----------------------------------------------------------------------
Global/International
 Funds
----------------------------------------------------------------------
Janus Overseas                  International
 Fund(1)               Jun-03    Funds                     1   2 / 674
Janus Worldwide Fund   Jun-04   Global Funds              94 279 / 298
                                Global
                                Healthcare/
Janus Global Life               Biotechnology
 Sciences Fund         Apr-07   Funds                      2    1 / 69
                                Global
                                 Science &
Janus Global                     Technology
 Technology Fund       Jan-06    Funds                    20  20 / 103
Janus Global
 Research Fund         Feb-05   Global Funds               4  10 / 323
Janus Global
 Opportunities Fund    Jun-01   Global Funds              41  84 / 206
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Mid Cap Value             Mid-Cap Value
 Fund - Inv(2)         Aug-98    Funds                     2    1 / 67
Janus Small Cap
 Value Fund -                   Small-Cap
 Inv.(1,2)             Feb-97    Core Funds               17  21 / 125
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                                Intermediate
Janus Flexible Bond              Investment
 Fund                  May-07    Grade Debt               12  60 / 544
Janus High-Yield                High Current
 Fund                  Dec-03    Yield Funds              51 175 / 348
                                Short
Janus Short-Term                 Investment
 Bond Fund             May-07    Grade Debt               36  94 / 262
----------------------------------------------------------------------
Asset Allocation
 Funds
----------------------------------------------------------------------
                                Mixed-Asset
                                 Target
Janus Smart                      Alloc.
 Portfolio-Growth      Dec-05    Growth Funds              3  13 / 563
                                Mixed-Asset
                                 Target
Janus Smart                      Alloc. Mod.
 Portfolio-Moderate    Dec-05    Funds                     2   7 / 393
                                Mixed-Asset
Janus Smart                      Target
 Portfolio-                      Alloc. Cons.
 Conservative          Dec-05    Funds                     2   6 / 338
----------------------------------------------------------------------

Data presented reflects past performance, which is no guarantee of future results. Strong rankings may not be indicative of positive fund performance. Year-to-date absolute performance for some funds is negative.

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.

                                                Lipper Rankings Based
Janus Adviser Series ("JAD")                     on Total Returns as
 Class S Shares                                       of 6/30/08
                                                ----------------------
                                                       1-Year
                                                ---------------------

                                                            Rank /
                         PM      Lipper         Percentile   Total
                       Inception  Category       Rank (%)     Funds
                      ---------- ------------------------------------
Growth Funds
----------------------------------------------------------------------
                                 Large-Cap
Forty Fund              Jan-08    Growth Funds           1    4 / 756
                                 Mid-Cap Growth
Mid Cap Growth Fund     Oct-07    Funds                 17   96 / 596
                                 Large-Cap
Large Cap Growth Fund   Oct-07    Growth Funds          62  464 / 756
INTECH Risk-Managed              Multi-Cap
 Growth Fund            Jan-03    Growth Funds          53  257 / 493
                                 Mid-Cap Growth
Orion Fund              Dec-07    Funds                  8   42 / 596
                                 Small-Cap
Small-Mid Growth Fund   Jun-06    Growth Funds          22  133 / 604
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
                                 Mixed-Asset
                                  Target Alloc.
Balanced Fund           Apr-05    Mod. Funds             4   15 / 462
Growth and Income                Large-Cap Core
 Fund                   Nov-07    Funds                 51  411 / 817
Fundamental Equity               Large-Cap Core
 Fund                   Nov-07    Funds                 34  277 / 817
Small Company Value              Small-Cap Core
 Fund                   Mar-02    Funds                 61  478 / 786
INTECH Risk-Managed              Multi-Cap Core
 Core Fund              Jan-03    Funds                 41  344 / 847
                                 Multi-Cap Core
Contrarian Fund         Aug-05    Funds                 46  390 / 847
----------------------------------------------------------------------
Global/International/
 Funds
----------------------------------------------------------------------
International Growth             International
 Fund (1)               Jun-03    Funds                  5  50 / 1141
Worldwide Fund          Jun-04   Global Funds           96  428 / 446
International Equity             International
 Fund                   Nov-06    Funds                  3  24 / 1141
INTECH Risk-Managed              International
 International Fund     May-07    Funds                 21 230 / 1141
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
                                 Mid-Cap Value
Mid Cap Value Fund      Dec-02    Funds                  7   22 / 343
INTECH Risk-Managed              Multi-Cap
 Value Fund             Dec-05    Value Funds           50  215 / 431
----------------------------------------------------------------------
Alternative Funds
----------------------------------------------------------------------
                                 Long/Short
Long/Short Fund (1)     Aug-06    Equity Funds          30    24 / 81
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                                 Intermediate
                                  Investment
Flexible Bond Fund      May-07    Grade Debt            13   69 / 557
                                 Loan
Floating Rate High                Participation
 Income Fund            May-07    Funds                 81    63 / 77
                                 High Current
High-Yield Fund         Aug-05    Yield                 75  342 / 460
----------------------------------------------------------------------

                                                Lipper Rankings Based
Janus Adviser Series ("JAD")                     on Total Returns as
 Class S Shares                                       of 6/30/08
                                                ----------------------
                                                       3-Year
                                                ---------------------

                                                             Rank /
                         PM      Lipper         Percentile    Total
                       Inception  Category        Rank (%)    Funds
                      ---------- -------------------------- ---------
Growth Funds
----------------------------------------------------------------------
                                 Large-Cap
Forty Fund              Jan-08    Growth Funds            1   3 / 641
                                 Mid-Cap Growth
Mid Cap Growth Fund     Oct-07    Funds                  10  46 / 501
                                 Large-Cap
Large Cap Growth Fund   Oct-07    Growth Funds           36 231 / 641
INTECH Risk-Managed              Multi-Cap
 Growth Fund            Jan-03    Growth Funds           83 309 / 374
                                 Mid-Cap Growth
Orion Fund              Dec-07    Funds                   -         -
                                 Small-Cap
Small-Mid Growth Fund   Jun-06    Growth Funds            -         -
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
                                 Mixed-Asset
                                  Target Alloc.
Balanced Fund           Apr-05    Mod. Funds              4  13 / 361
Growth and Income                Large-Cap Core
 Fund                   Nov-07    Funds                  47 325 / 692
Fundamental Equity               Large-Cap Core
 Fund                   Nov-07    Funds                  11  74 / 692
Small Company Value              Small-Cap Core
 Fund                   Mar-02    Funds                  61 378 / 628
INTECH Risk-Managed              Multi-Cap Core
 Core Fund              Jan-03    Funds                  64 424 / 664
                                 Multi-Cap Core
Contrarian Fund         Aug-05    Funds                   -         -
----------------------------------------------------------------------
Global/International/
 Funds
----------------------------------------------------------------------
International Growth             International
 Fund (1)               Jun-03    Funds                   1   3 / 815
Worldwide Fund          Jun-04   Global Funds            94 329 / 350
International Equity             International
 Fund                   Nov-06    Funds                   -         -
INTECH Risk-Managed              International
 International Fund     May-07    Funds                   -         -
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
                                 Mid-Cap Value
Mid Cap Value Fund      Dec-02    Funds                  10  26 / 270
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
                                  Investment
Flexible Bond Fund      May-07    Grade Debt             15  69 / 464
                                 Loan
Floating Rate High                Participation
 Income Fund            May-07    Funds                   -         -
                                 High Current
High-Yield Fund         Aug-05    Yield                   -         -
----------------------------------------------------------------------

                                                Lipper Rankings Based
Janus Adviser Series ("JAD")                     on Total Returns as
 Class S Shares                                       of 6/30/08
                                                ----------------------
                                                       5-Year
                                                ---------------------

                                                             Rank /
                         PM      Lipper         Percentile    Total
                       Inception  Category        Rank (%)    Funds
                      ---------- -------------------------- ---------
Growth Funds
----------------------------------------------------------------------
                                 Large-Cap
Forty Fund              Jan-08    Growth Funds            1   2 / 530
                                 Mid-Cap Growth
Mid Cap Growth Fund     Oct-07    Funds                  10  38 / 408
                                 Large-Cap
Large Cap Growth Fund   Oct-07    Growth Funds           41 217 / 530
INTECH Risk-Managed              Multi-Cap
 Growth Fund            Jan-03    Growth Funds           73 229 / 314
                                 Mid-Cap Growth
Orion Fund              Dec-07    Funds                   -         -
                                 Small-Cap
Small-Mid Growth Fund   Jun-06    Growth Funds            -         -
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
                                 Mixed-Asset
                                  Target Alloc.
Balanced Fund           Apr-05    Mod. Funds             15  34 / 239
Growth and Income                Large-Cap Core
 Fund                   Nov-07    Funds                  31 173 / 574
Fundamental Equity               Large-Cap Core
 Fund                   Nov-07    Funds                   5  24 / 574
Small Company Value              Small-Cap Core
 Fund                   Mar-02    Funds                  58 280 / 486
INTECH Risk-Managed              Multi-Cap Core
 Core Fund              Jan-03    Funds                  30 144 / 486
                                 Multi-Cap Core
Contrarian Fund         Aug-05    Funds                   -         -
----------------------------------------------------------------------
Global/International/
 Funds
----------------------------------------------------------------------
International Growth             International
 Fund (1)               Jun-03    Funds                   1   2 / 676
Worldwide Fund          Jun-04   Global Funds            99 265 / 268
International Equity             International
 Fund                   Nov-06    Funds                   -         -
INTECH Risk-Managed              International
 International Fund     May-07    Funds                   -         -
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
                                 Mid-Cap Value
Mid Cap Value Fund      Dec-02    Funds                  14  29 / 209
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
                                  Investment
Flexible Bond Fund      May-07    Grade Debt             28 107 / 393
                                 Loan
Floating Rate High                Participation
 Income Fund            May-07    Funds                   -         -
                                 High Current
High-Yield Fund         Aug-05    Yield                   -         -
----------------------------------------------------------------------

                                                Lipper Rankings Based
Janus Adviser Series ("JAD")                     on Total Returns as
 Class S Shares                                       of 6/30/08
                                                ----------------------
                                                       10-Year
                                                ---------------------

                                                             Rank /
                         PM      Lipper         Percentile    Total
                       Inception  Category        Rank (%)    Funds
                      ---------- -------------------------- ---------
Growth Funds
----------------------------------------------------------------------
                                 Large-Cap
Forty Fund              Jan-08    Growth Funds            1   1 / 259
                                 Mid-Cap Growth
Mid Cap Growth Fund     Oct-07    Funds                  49  88 / 181
                                 Large-Cap
Large Cap Growth Fund   Oct-07    Growth Funds           41 105 / 259
INTECH Risk-Managed              Multi-Cap
 Growth Fund            Jan-03    Growth Funds            -         -
                                 Mid-Cap Growth
Orion Fund              Dec-07    Funds                   -         -
                                 Small-Cap
Small-Mid Growth Fund   Jun-06    Growth Funds            -         -
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
                                 Mixed-Asset
                                  Target Alloc.
Balanced Fund           Apr-05    Mod. Funds              5   7 / 141
Growth and Income                Large-Cap Core
 Fund                   Nov-07    Funds                   4  11 / 323
Fundamental Equity               Large-Cap Core
 Fund                   Nov-07    Funds                   2   4 / 323
Small Company Value              Small-Cap Core
 Fund                   Mar-02    Funds                   -         -
INTECH Risk-Managed              Multi-Cap Core
 Core Fund              Jan-03    Funds                   -         -
                                 Multi-Cap Core
Contrarian Fund         Aug-05    Funds                   -         -
----------------------------------------------------------------------
Global/International/
 Funds
----------------------------------------------------------------------
International Growth             International
 Fund (1)               Jun-03    Funds                   4  12 / 339
Worldwide Fund          Jun-04   Global Funds            93 115 / 123
International Equity             International
 Fund                   Nov-06    Funds                   -         -
INTECH Risk-Managed              International
 International Fund     May-07    Funds                   -         -
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
                                 Mid-Cap Value
Mid Cap Value Fund      Dec-02    Funds                   -         -
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
                                  Investment
Flexible Bond Fund      May-07    Grade Debt             39  74 / 189
                                 Loan
Floating Rate High                Participation
 Income Fund            May-07    Funds                   -         -
                                 High Current
High-Yield Fund         Aug-05    Yield                   -         -
----------------------------------------------------------------------

                                                Lipper Rankings Based
Janus Adviser Series ("JAD")                     on Total Returns as
 Class S Shares                                       of 6/30/08
                                                ----------------------
                                                  Since PM Inception
                                                ----------------------

                                                             Rank /
                         PM      Lipper         Percentile    Total
                       Inception  Category        Rank (%)     Funds
                      ---------- -------------------------- ----------
Growth Funds
----------------------------------------------------------------------
                                 Large-Cap               ++
Forty Fund              Jan-08    Growth Funds             0         0
                                 Mid-Cap Growth          ++
Mid Cap Growth Fund     Oct-07    Funds                    0         0
                                 Large-Cap               ++
Large Cap Growth Fund   Oct-07    Growth Funds             0         0
INTECH Risk-Managed              Multi-Cap
 Growth Fund            Jan-03    Growth Funds           79  240 / 305
                                 Mid-Cap Growth          ++
Orion Fund              Dec-07    Funds                    0         0
                                 Small-Cap
Small-Mid Growth Fund   Jun-06    Growth Funds           11   59 / 539
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
                                 Mixed-Asset
                                  Target Alloc.
Balanced Fund           Apr-05    Mod. Funds              2    7 / 359
Growth and Income                Large-Cap Core          ++
 Fund                   Nov-07    Funds                    0         0
Fundamental Equity               Large-Cap Core          ++
 Fund                   Nov-07    Funds                    0         0
Small Company Value              Small-Cap Core
 Fund                   Mar-02    Funds                  27  109 / 416
INTECH Risk-Managed              Multi-Cap Core
 Core Fund              Jan-03    Funds                  33  154 / 466
                                 Multi-Cap Core
Contrarian Fund         Aug-05    Funds                   3   15 / 673
----------------------------------------------------------------------
Global/International/
 Funds
----------------------------------------------------------------------
International Growth             International
 Fund (1)               Jun-03    Funds                   1    3 / 674
Worldwide Fund          Jun-04   Global Funds            97  288 / 298
International Equity             International
 Fund                   Nov-06    Funds                   4  36 / 1022
INTECH Risk-Managed              International
 International Fund     May-07    Funds                  34 374 / 1123
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
                                 Mid-Cap Value
Mid Cap Value Fund      Dec-02    Funds                  21   41 / 202
INTECH Risk-Managed              Multi-Cap
 Value Fund             Dec-05    Value Funds            64  225 / 355
----------------------------------------------------------------------
Alternative Funds
----------------------------------------------------------------------
                                 Long/Short
Long/Short Fund (1)     Aug-06    Equity Funds           13     7 / 53
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                                 Intermediate
                                  Investment
Flexible Bond Fund      May-07    Grade Debt             15   78 / 544
                                 Loan
Floating Rate High                Participation
 Income Fund            May-07    Funds                  80    59 / 73
                                 High Current
High-Yield Fund         Aug-05    Yield                  69  272 / 395
----------------------------------------------------------------------

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
 Institutional Shares                           on Total Returns as
                                                     of 6/30/08
                                               -----------------------
                                                       1-Year
                                               ----------------------

                                                             Rank /
                        PM      Lipper         Percentile     Total
                      Inception  Category        Rank (%)     Funds
                     ---------- -------------- ----------------------
Growth Funds
----------------------------------------------------------------------
Large Cap Growth                VA Large-Cap
 Portfolio             Oct-07    Growth                  50 103 / 205
                                VA Large-Cap
Forty Portfolio        Jan-08    Growth                   1   1 / 205
Mid Cap Growth                  VA Mid-Cap
 Portfolio             Oct-07    Growth                   9  12 / 148
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
                                VA Mixed-Asset
                                 Target Alloc
Balanced Portfolio     Apr-05    Mod.                     4   5 / 144
Growth and Income               VA Large-Cap
 Portfolio             Nov-07    Core                    33  67 / 207
Fundamental Equity              VA Large-Cap
 Portfolio             Nov-07    Core                    26  54 / 207
----------------------------------------------------------------------
Global/International
 Funds
----------------------------------------------------------------------
Worldwide Growth
 Portfolio             Jun-04   VA Global                97 106 / 109
International Growth            VA
 Portfolio(1)          Jun-03    International            8  19 / 247
Global Life Sciences            VA Health/
 Portfolio             Oct-04   Biotechnology             6    2 / 35
Global Technology               VA Science &
 Portfolio             Jan-06    Technology              33   20 / 60
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Mid Cap Value                   VA Mid-Cap
 Portfolio             May-03    Value                    2    1 / 71
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                                VA
                                 Intermediate
Flexible Bond                    Investment
 Portfolio             May-07    Grade Debt              31   20 / 64
----------------------------------------------------------------------

Janus Aspen Series ("JAS")                     Lipper Rankings Based
 Institutional Shares                           on Total Returns as
                                                     of 6/30/08
                                               -----------------------
                                                       3-Year
                                               ----------------------

                                                             Rank /
                        PM      Lipper          Percentile    Total
                      Inception  Category         Rank (%)     Funds
                     ---------- -------------- ------------- --------
Growth Funds
----------------------------------------------------------------------
Large Cap Growth                VA Large-Cap
 Portfolio             Oct-07    Growth                   23 44 / 191
                                VA Large-Cap
Forty Portfolio        Jan-08    Growth                    1  1 / 191
Mid Cap Growth                  VA Mid-Cap
 Portfolio             Oct-07    Growth                    5  6 / 136
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
                                VA Mixed-Asset
                                 Target Alloc
Balanced Portfolio     Apr-05    Mod.                      6  6 / 104
Growth and Income               VA Large-Cap
 Portfolio             Nov-07    Core                     35 64 / 183
Fundamental Equity              VA Large-Cap
 Portfolio             Nov-07    Core                     13 23 / 183
----------------------------------------------------------------------
Global/International
 Funds
----------------------------------------------------------------------
Worldwide Growth
 Portfolio             Jun-04   VA Global                 91  75 / 82
International Growth            VA
 Portfolio(1)          Jun-03    International             1  1 / 212
Global Life Sciences            VA Health/
 Portfolio             Oct-04   Biotechnology             22   7 / 32
Global Technology               VA Science &
 Portfolio             Jan-06    Technology               25  14 / 56
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Mid Cap Value                   VA Mid-Cap
 Portfolio             May-03    Value                     2   1 / 63
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                                VA
                                 Intermediate
Flexible Bond                    Investment
 Portfolio             May-07    Grade Debt               22  12 / 56
----------------------------------------------------------------------

Janus Aspen Series ("JAS")                     Lipper Rankings Based
 Institutional Shares                           on Total Returns as
                                                     of 6/30/08
                                               -----------------------
                                                       5-Year
                                               ----------------------

                                                             Rank /
                        PM      Lipper          Percentile    Total
                      Inception  Category         Rank (%)     Funds
                     ---------- -------------- ------------- --------
Growth Funds
----------------------------------------------------------------------
Large Cap Growth                VA Large-Cap
 Portfolio             Oct-07    Growth                   40 68 / 173
                                VA Large-Cap
Forty Portfolio        Jan-08    Growth                    2  2 / 173
Mid Cap Growth                  VA Mid-Cap
 Portfolio             Oct-07    Growth                    9 10 / 123
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
                                VA Mixed-Asset
                                 Target Alloc
Balanced Portfolio     Apr-05    Mod.                     10   7 / 75
Growth and Income               VA Large-Cap
 Portfolio             Nov-07    Core                     24 40 / 166
Fundamental Equity              VA Large-Cap
 Portfolio             Nov-07    Core                      4  6 / 166
----------------------------------------------------------------------
Global/International
 Funds
----------------------------------------------------------------------
Worldwide Growth
 Portfolio             Jun-04   VA Global                 96  71 / 73
International Growth            VA
 Portfolio(1)          Jun-03    International             1  1 / 194
Global Life Sciences            VA Health/
 Portfolio             Oct-04   Biotechnology              4   1 / 28
Global Technology               VA Science &
 Portfolio             Jan-06    Technology               35  19 / 54
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Mid Cap Value                   VA Mid-Cap
 Portfolio             May-03    Value                     2   1 / 54
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                                VA
                                 Intermediate
Flexible Bond                    Investment
 Portfolio             May-07    Grade Debt               29  15 / 52
----------------------------------------------------------------------

Janus Aspen Series ("JAS")                     Lipper Rankings Based
 Institutional Shares                           on Total Returns as
                                                     of 6/30/08
                                               -----------------------
                                                      10-Year
                                               ----------------------

                                                              Rank /
                        PM      Lipper          Percentile     Total
                      Inception  Category         Rank (%)     Funds
                     ---------- -------------- -------------- -------
Growth Funds
----------------------------------------------------------------------
Large Cap Growth                VA Large-Cap
 Portfolio             Oct-07    Growth                    49 29 / 59
                                VA Large-Cap
Forty Portfolio        Jan-08    Growth                     2  1 / 59
Mid Cap Growth                  VA Mid-Cap
 Portfolio             Oct-07    Growth                    42 16 / 38
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
                                VA Mixed-Asset
                                 Target Alloc
Balanced Portfolio     Apr-05    Mod.                       7  3 / 44
Growth and Income               VA Large-Cap
 Portfolio             Nov-07    Core                       4  3 / 79
Fundamental Equity              VA Large-Cap
 Portfolio             Nov-07    Core                       3  2 / 79
----------------------------------------------------------------------
Global/International
 Funds
----------------------------------------------------------------------
Worldwide Growth
 Portfolio             Jun-04   VA Global                  95 33 / 34
International Growth            VA
 Portfolio(1)          Jun-03    International              6  5 / 93
Global Life Sciences            VA Health/
 Portfolio             Oct-04   Biotechnology               -       -
Global Technology               VA Science &
 Portfolio             Jan-06    Technology                 -       -
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Mid Cap Value                   VA Mid-Cap
 Portfolio             May-03    Value                      -       -
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                                VA
                                 Intermediate
Flexible Bond                    Investment
 Portfolio             May-07    Grade Debt                27  6 / 22
----------------------------------------------------------------------

Janus Aspen Series ("JAS")                     Lipper Rankings Based
 Institutional Shares                           on Total Returns as of
                                                       6/30/08
                                               -----------------------
                                                 Since PM Inception
                                               -----------------------

                                                               Rank /
                        PM      Lipper         Percentile Rank  Total
                      Inception  Category            (%)        Funds
                     ---------- -------------- --------------- -------
Growth Funds
----------------------------------------------------------------------
Large Cap Growth                VA Large-Cap                ++
 Portfolio             Oct-07    Growth
                                VA Large-Cap                ++
Forty Portfolio        Jan-08    Growth
Mid Cap Growth                  VA Mid-Cap                  ++
 Portfolio             Oct-07    Growth
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
                                VA Mixed-Asset
                                 Target Alloc
Balanced Portfolio     Apr-05    Mod.                        5  4 / 98
Growth and Income               VA Large-Cap                ++
 Portfolio             Nov-07    Core
Fundamental Equity              VA Large-Cap                ++
 Portfolio             Nov-07    Core
----------------------------------------------------------------------
Global/International
 Funds
----------------------------------------------------------------------
Worldwide Growth
 Portfolio             Jun-04   VA Global                   97 76 / 78
International Growth            VA
 Portfolio(1)          Jun-03    International               1 1 / 194
Global Life Sciences            VA Health/
 Portfolio             Oct-04   Biotechnology                4  1 / 32
Global Technology               VA Science &
 Portfolio             Jan-06    Technology                 28 16 / 57
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Mid Cap Value                   VA Mid-Cap
 Portfolio             May-03    Value                       2  1 / 53
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                                VA
                                 Intermediate
Flexible Bond                    Investment
 Portfolio             May-07    Grade Debt                 36 23 / 64
----------------------------------------------------------------------

Data presented reflects past performance, which is no guarantee of future results. Strong rankings may not be indicative of positive fund performance. Year-to-date absolute performance for some funds is negative.

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
Janus Investment Fund         applicable) Morningstar Rating(TM)
 ("JIF")                      metrics.

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

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

----------------------------------------------------------------------
               Large Growth
Janus Fund         Funds          3       1488       4      1488
Janus
 Enterprise      Mid-Cap
 Fund           Growth Funds      4        813       5       813
Janus Growth
 and Income    Large Growth
 Fund              Funds          4       1488       3      1488
Janus Research Large Growth
 Fund              Funds          4       1488       4      1488
Janus Orion      Mid-Cap
 Fund           Growth Funds      5        813       5       813
Janus Twenty   Large Growth
 Fund (1)          Funds          5       1488       5      1488
Janus Venture  Small Growth
 Fund (1)          Funds          3        705       3       705
Janus Triton   Small Growth
 Fund              Funds          5        705       5       705
Janus Global   World Stock
 Research Fund     Funds          5        479       5       479
Janus Global
 Life Sciences  Specialty-
 Fund           Health Funds      4        183       4       183
Janus Global    Specialty-
 Technology     Technology
 Fund              Funds          4        257       4       257
Janus Overseas Foreign Large
 Fund (1)       Growth Funds      5        182       5       182
Janus
 Worldwide     World Stock
 Fund              Funds          1        479       2       479
Janus Global
 Opportunities World Stock
 Fund              Funds          2        479       1       479
                 Moderate
Janus Balanced  Allocation
 Fund              Funds          4        935       5       935
INTECH Risk-
 Managed Stock Large Blend
 Fund              Funds          4       1715       3      1715
Janus
 Fundamental   Large Blend
 Equity Fund       Funds          4       1715       4      1715
Janus
 Contrarian    Large Blend
 Fund              Funds          5       1715       5      1715
Janus Mid Cap
 Value Fund -
 Investor      Mid-Cap Value
 Shares (2)        Funds          5        318       5       318
Janus Small
 Cap Value
 Fund -
 Investor      Small Value
 Shares (1,2)      Funds          4        331       4       331
               Intermediate-
Janus Flexible   Term Bond
 Bond Fund         Funds          4        990       4       990
Janus High-     High Yield
 Yield Fund      Bond Funds       4        476       3       476
Janus Short-
 Term Bond      Short-Term
 Fund            Bond Funds       4        381       4       381
Janus Smart      Moderate
 Portfolio-     Allocation
 Growth            Funds                   N/A               N/A
Janus Smart      Moderate
 Portfolio-     Allocation
 Moderate          Funds                   N/A               N/A
Janus Smart    Conservative
 Portfolio-     Allocation
 Conservative      Funds                   N/A               N/A
-------------- -------------------------------------------------------

Percent of
 funds rated 4
 / 5 Stars                      82.6%              73.9%

                             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 Investment Fund         applicable) Morningstar Rating(TM)
 ("JIF")                      metrics.

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

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

----------------------------------------------------------------------
               Large Growth
Janus Fund         Funds           3       1215         3      589
Janus
 Enterprise      Mid-Cap
 Fund           Growth Funds       5        684         2      325
Janus Growth
 and Income    Large Growth
 Fund              Funds           3       1215         4      589
Janus Research Large Growth
 Fund              Funds           4       1215         3      589
Janus Orion      Mid-Cap
 Fund           Growth Funds       5        684                N/A
Janus Twenty   Large Growth
 Fund (1)          Funds           5       1215         4      589
Janus Venture  Small Growth
 Fund (1)          Funds           4        571         2      273
Janus Triton   Small Growth
 Fund              Funds                    N/A                N/A
Janus Global   World Stock
 Research Fund     Funds                    N/A                N/A
Janus Global
 Life Sciences  Specialty-
 Fund           Health Funds       4        166                N/A
Janus Global    Specialty-
 Technology     Technology
 Fund              Funds           4        229                N/A
Janus Overseas Foreign Large
 Fund (1)       Growth Funds       5        157         4       75
Janus
 Worldwide     World Stock
 Fund              Funds           1        400         1      208
Janus Global
 Opportunities World Stock
 Fund              Funds           2        400                N/A
                 Moderate
Janus Balanced  Allocation
 Fund              Funds           4        707         4      415
INTECH Risk-
 Managed Stock Large Blend
 Fund              Funds           4       1325                N/A
Janus
 Fundamental   Large Blend
 Equity Fund       Funds           4       1325         4      660
Janus
 Contrarian    Large Blend
 Fund              Funds           5       1325                N/A
Janus Mid Cap
 Value Fund -
 Investor      Mid-Cap Value
 Shares (2)        Funds           5        225                N/A
Janus Small
 Cap Value
 Fund -
 Investor      Small Value
 Shares (1,2)      Funds           3        265         4      108
               Intermediate-
Janus Flexible   Term Bond
 Bond Fund         Funds           4        831         3      438
Janus High-     High Yield
 Yield Fund      Bond Funds        3        413         4      214
Janus Short-
 Term Bond      Short-Term
 Fund            Bond Funds        4        303         3      164
Janus Smart      Moderate
 Portfolio-     Allocation
 Growth            Funds                    N/A                N/A
Janus Smart      Moderate
 Portfolio-     Allocation
 Moderate          Funds                    N/A                N/A
Janus Smart    Conservative
 Portfolio-     Allocation
 Conservative      Funds                    N/A                N/A
-------------- -------------------------------------------------------

Percent of
 funds rated 4
 / 5 Stars                        71.4%                50.0%

Data presented reflects past performance, which is no guarantee of future results. Strong ratings may not be indicative of positive fund performance. Year-to-date absolute performance for some funds is negative. (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-year (if
Janus Adviser Series         applicable) Morningstar Rating(TM)
 ("JAD") S Shares            metrics.

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

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

----------------------------------------------------------------------
                Moderate
               Allocation
Balanced Fund     Funds         5         935         5       935
----------------------------------------------------------------------
Fundamental   Large Blend
 Equity Fund      Funds         4        1715         4      1715
----------------------------------------------------------------------
              Intermediate-
Flexible Bond   Term Bond
 Fund             Funds         4         990         4       990
----------------------------------------------------------------------
International Foreign Large
 Growth Fund   Growth Funds     5         182         5       182
----------------------------------------------------------------------
              Large Growth
Forty Fund        Funds         5        1488         5      1488
----------------------------------------------------------------------
Growth &      Large Growth
 Income Fund      Funds         4        1488         2      1488
----------------------------------------------------------------------
International
 Growth Fund  Foreign Large
 (1)           Growth Funds     5         182         5       182
----------------------------------------------------------------------
Large Cap     Large Growth
 Growth Fund      Funds         3        1488         3      1488
----------------------------------------------------------------------
Mid Cap         Mid-Cap
 Growth Fund   Growth Funds     4         813         5       813
----------------------------------------------------------------------
Mid Cap Value Mid-Cap Value
 Fund             Funds         5         318         5       318
----------------------------------------------------------------------
Risk-Managed  Large Blend
 Core Fund        Funds         4        1715         3      1715
----------------------------------------------------------------------
Risk-Managed  Large Growth
 Growth Fund      Funds         3        1488         2      1488
----------------------------------------------------------------------
Contrarian    Large Blend
 Fund             Funds                   N/A                 N/A
----------------------------------------------------------------------
International Foreign Large
 Equity Fund   Growth Funds               N/A                 N/A
----------------------------------------------------------------------
Floating Rate  Bank Loan
 High Income      Funds                   N/A                 N/A
----------------------------------------------------------------------
               Specialty-
Global Real    Real Estate
 Estate Fund      Funds                   N/A                 N/A
----------------------------------------------------------------------
Global
 Research     World Stock
 Fund             Funds                   N/A                 N/A
----------------------------------------------------------------------
Long/Short     Long-Short
 Fund (1)         Funds                   N/A                 N/A
----------------------------------------------------------------------
High-Yield     High Yield
 Fund           Bond Funds                N/A                 N/A
----------------------------------------------------------------------
                Mid-Cap
Orion Fund     Growth Funds               N/A                 N/A
----------------------------------------------------------------------
Risk-Managed  Large Value
 Value Fund       Funds                   N/A                 N/A
----------------------------------------------------------------------
Small Company Small Value
 Value Fund       Funds                   N/A                 N/A
----------------------------------------------------------------------
Small-Mid       Mid-Cap
 Growth Fund   Growth Funds               N/A                 N/A
----------------------------------------------------------------------
International Foreign Large
 Forty Fund    Growth Funds               N/A                 N/A
----------------------------------------------------------------------
Worldwide     World Stock
 Fund             Funds                   N/A                 N/A

Percent of
 funds rated
 4 / 5 Stars                  83.3%                 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
Janus Adviser Series         applicable) Morningstar Rating(TM)
 ("JAD") S Shares            metrics.

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

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

----------------------------------------------------------------------
                Moderate
               Allocation
Balanced Fund     Funds            4       707         5       415
----------------------------------------------------------------------
Fundamental   Large Blend
 Equity Fund      Funds            4       1325        5       660
----------------------------------------------------------------------
              Intermediate-
Flexible Bond   Term Bond
 Fund             Funds            4       831         3       438
----------------------------------------------------------------------
International Foreign Large
 Growth Fund   Growth Funds        5       157         5        75
----------------------------------------------------------------------
              Large Growth
Forty Fund        Funds            5       1215        5       589
----------------------------------------------------------------------
Growth &      Large Growth
 Income Fund      Funds            3       1215        5       589
----------------------------------------------------------------------
International
 Growth Fund  Foreign Large
 (1)           Growth Funds        5       157         5        75
----------------------------------------------------------------------
Large Cap     Large Growth
 Growth Fund      Funds            3       1215        3       589
----------------------------------------------------------------------
Mid Cap         Mid-Cap
 Growth Fund   Growth Funds        5       684         2       325
----------------------------------------------------------------------
Mid Cap Value Mid-Cap Value
 Fund             Funds            5       225                 N/A
----------------------------------------------------------------------
Risk-Managed  Large Blend
 Core Fund        Funds            4       1325                N/A
----------------------------------------------------------------------
Risk-Managed  Large Growth
 Growth Fund      Funds            3       1215                N/A
----------------------------------------------------------------------
Contrarian    Large Blend
 Fund             Funds                    N/A                 N/A
----------------------------------------------------------------------
International Foreign Large
 Equity Fund   Growth Funds                N/A                 N/A
----------------------------------------------------------------------
Floating Rate  Bank Loan
 High Income      Funds                    N/A                 N/A
----------------------------------------------------------------------
               Specialty-
Global Real    Real Estate
 Estate Fund      Funds                    N/A                 N/A
----------------------------------------------------------------------
Global
 Research     World Stock
 Fund             Funds                    N/A                 N/A
----------------------------------------------------------------------
Long/Short     Long-Short
 Fund (1)         Funds                    N/A                 N/A
----------------------------------------------------------------------
High-Yield     High Yield
 Fund           Bond Funds                 N/A                 N/A
----------------------------------------------------------------------
                Mid-Cap
Orion Fund     Growth Funds                N/A                 N/A
----------------------------------------------------------------------
Risk-Managed  Large Value
 Value Fund       Funds                    N/A                 N/A
----------------------------------------------------------------------
Small Company Small Value
 Value Fund       Funds                    N/A                 N/A
----------------------------------------------------------------------
Small-Mid       Mid-Cap
 Growth Fund   Growth Funds                N/A                 N/A
----------------------------------------------------------------------
International Foreign Large
 Forty Fund    Growth Funds                N/A                 N/A
----------------------------------------------------------------------
Worldwide     World Stock
 Fund             Funds                    N/A                 N/A

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

Data presented reflects past performance, which is no guarantee of future results. Strong ratings may not be indicative of positive fund performance. Year-to-date absolute performance for some funds is negative. (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.)

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

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

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

----------------------------------------------------------------------
                          Moderate
                         Allocation
Balanced Fund               Funds         5      935      5    935
----------------------------------------------------------------------
                        Intermediate-
                          Term Bond
Flexible Bond Fund          Funds         4      990      5    990
----------------------------------------------------------------------
                        Large Growth
Forty Fund                  Funds         5     1488      5    1488
----------------------------------------------------------------------
                        Large Blend
Fundamental Equity Fund     Funds         4     1715      4    1715
----------------------------------------------------------------------
Global Life Sciences     Specialty-
 Fund                    Health Funds     4      183      5    183
----------------------------------------------------------------------
                         Specialty-
                         Technology
Global Technology Fund      Funds         4      257      4    257
----------------------------------------------------------------------
                        Large Growth
Growth & Income Fund        Funds         4     1488      3    1488
----------------------------------------------------------------------
International Growth    Foreign Large
 Fund (1)                Growth Funds     5      182      5    182
----------------------------------------------------------------------
                        World Stock
Worldwide Fund              Funds         2      479      2    479
----------------------------------------------------------------------
                        Large Growth
Large Cap Growth Fund       Funds                N/A           N/A
----------------------------------------------------------------------
                          Mid-Cap
Mid Cap Growth Fund      Growth Funds            N/A           N/A
----------------------------------------------------------------------
                        Mid-Cap Value
Mid Cap Value Fund          Funds                N/A           N/A

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

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

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

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

----------------------------------------------------------------------
                          Moderate
                         Allocation
Balanced Fund               Funds          4      707       5      415
----------------------------------------------------------------------
                        Intermediate-
                          Term Bond
Flexible Bond Fund          Funds          4      831       4      438
----------------------------------------------------------------------
                        Large Growth
Forty Fund                  Funds          5     1215       5      589
----------------------------------------------------------------------
                        Large Blend
Fundamental Equity Fund     Funds          4     1325       5      660
----------------------------------------------------------------------
Global Life Sciences     Specialty-
 Fund                    Health Funds      4      166              N/A
----------------------------------------------------------------------
                         Specialty-
                         Technology
Global Technology Fund      Funds          4      229              N/A
----------------------------------------------------------------------
                        Large Growth
Growth & Income Fund        Funds          3     1215       5      589
----------------------------------------------------------------------
International Growth    Foreign Large
 Fund (1)                Growth Funds      5      157       4       75
----------------------------------------------------------------------
                        World Stock
Worldwide Fund              Funds          1      400       2      208
----------------------------------------------------------------------
                        Large Growth
Large Cap Growth Fund       Funds                 N/A              N/A
----------------------------------------------------------------------
                          Mid-Cap
Mid Cap Growth Fund      Growth Funds             N/A              N/A
----------------------------------------------------------------------
                        Mid-Cap Value
Mid Cap Value Fund          Funds                 N/A              N/A

Percent of funds rated
 4 / 5 Stars                             77.8%            85.7%

Data presented reflects past performance, which is no guarantee of future results. Strong ratings may not be indicative of positive fund performance. Year-to-date absolute performance for some funds is negative. (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