Janus Announces Third Quarter 2008 Results

Third quarter earnings from continuing operations of $0.16 per diluted share, including an investment impairment charge of $0.08 per share ------------------------------------------------------ Long-term net outflows of $1.1 billion for the quarter ------------------------------------------------- 65% or more of Janus' mutual funds outperformed their Lipper peer group medians for 1, 3 and 5 years (1) ------------------------------------------------- Taking action to align cost structure with lower assets under management -------------------------------------------------

Company Release - 10/23/2008 8:00 AM ET

DENVER--(BUSINESS WIRE)--

Janus Capital Group Inc. (NYSE: JNS) today reported third quarter net income from continuing operations of $26.0 million, or $0.16 per diluted share, compared with net income from continuing operations of $65.6 million, or $0.40 per diluted share, in the second quarter 2008 and $50.8 million, or $0.29 per diluted share, in the third quarter 2007.

Third quarter 2008 results include an impairment charge of $0.08 per share related to the Stanfield Victoria Funding LLC securities and second quarter 2008 results include a tax benefit of $0.06 per share from a legislative change in state taxes. Also included in the third quarter 2008 is a mark-to-market loss on seed capital investments of $0.04 per share compared with a gain of $0.01 per share in the second quarter 2008. The company's operating margin from continuing operations for the third quarter 2008 was 33.9% compared with 34.5% for the second quarter 2008 and 33.7% for the third quarter 2007.

Flows and Assets Under Management

Average assets under management during the third quarter decreased 8.7% to $182.7 billion compared with $200.1 billion during the second quarter 2008. At September 30, 2008, the company's total assets under management were $160.5 billion compared with $191.8 billion at June 30, 2008.

The decrease in firmwide assets during the third quarter reflects $26.2 billion of net market depreciation / fund performance, long-term net outflows of $1.1 billion, and money market net outflows of $4.0 billion.

Excluding INTECH, Janus had long-term net outflows during the third quarter this year of $1.3 billion compared with long-term net inflows of $4.8 billion in the previous quarter. INTECH had long-term net inflows of $0.2 billion during both the third and second quarters 2008.

Investment Management

Despite near-term underperformance, Janus' relative long-term investment performance remained strong with approximately 65%, 75% 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 September 30, 2008.(2) In addition, 75% of Janus mutual funds have a 4- or 5-star Overall Morningstar Rating(TM) at September 30, 2008.(3)

INTECH's long-term performance remained strong with 83%, 56%, 100% and 100% of strategies outperforming their respective benchmarks over the one-, three-, five- and 10-year periods, as of September 30, 2008.

"I'm pleased that our long-term relative performance has remained strong during these turbulent times," CEO Gary Black said. "I'm also confident that our investments in research and risk management -- and our expanded product lineup and distribution -- will help position Janus for future success.

"In light of the challenging environment, Janus is focused on aligning our expenses with our revenues," Black said. "While we're cutting overall compensation, reducing headcount and scaling back spending, we're also moving forward with our strategic plan."

Financial Discussion

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

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

Continuing Operations
 (Investment Management)
------------------------------
Average Assets (in billions)          $182.7      $200.1        $193.5
Ending AUM (in billions)              $160.5      $191.8        $208.0
Revenues                              $275.4      $304.2        $284.6
Operating Expenses                    $182.1      $199.1        $188.8
Operating Income                       $93.3      $105.1         $95.8
Operating Margin                       33.9%       34.5%         33.7%

Net Income                             $26.0       $65.6         $50.8

Diluted Earnings per Share             $0.16       $0.40         $0.29

Shares Repurchased (in
 millions)                               3.0         2.6           6.5
Cost of Shares Repurchased             $71.9       $75.0        $183.5
Average Price                         $24.33      $28.93        $28.32
Total shares outstanding end
 of period (in millions)               157.9       160.6         170.3

(a) Net income and diluted earnings per share for third quarter 2008
 include an impairment charge of $21.0 million, or $0.08 per share,
 related to the Stanfield Victoria Funding LLC securities. Net income
 and diluted earnings per share for second quarter 2008 include a one-
 time state income tax benefit of approximately $10.8 million, or
 $0.06 per share.

Continuing Operations

Third quarter 2008 revenues of $275.4 million decreased 9.5% from the previous quarter due to lower average assets under management driven primarily by declining markets. Operating expenses decreased $17.0 million, or 8.5%, from the previous quarter as a result of lower incentive compensation, asset-based distribution costs and administrative expenses.

Operating margin for the third quarter 2008 remained comparable with the second quarter 2008 and third quarter 2007. However, global markets have declined 20% to 30% through September 30, 2008 and approximately 20% more in October. The continuing deterioration in market conditions and Janus' average assets under management will place pressure on its operating margin and results in the fourth quarter 2008 and into 2009. To align the company's cost structure with the current level of assets under management and revenues, Janus anticipates reducing 2009 fixed and discretionary costs by approximately $40 million to $45 million. The cost savings are expected to be achieved by reducing the workforce approximately 9%, yielding $15 million of annualized savings, and cutting general and administrative expenses by approximately $25 million to $30 million. In connection with the workforce reduction, Janus will incur an estimated severance charge of approximately $7 million in the fourth quarter 2008. In addition, variable compensation and distribution expenses are expected to fluctuate with assets under management and revenues. Janus does not believe that these cost-reduction measures will impede its ability to achieve the company's long-term strategic objectives, including operating margins of approximately 30%.

Non-operating items for the third quarter 2008 include a $21.0 million impairment charge ($13.0 million net of tax, or $0.08 per share) associated with structured investment vehicle securities issued by Stanfield Victoria Funding LLC ("Stanfield"). The impairment charge reflects the impact of the deterioration in market conditions on the value of the securities underlying Stanfield and the establishment of a reserve by the portfolio custodian for litigation and operating expenses. Second quarter 2008 included a one-time $10.8 million, or $0.06 per share, income tax benefit as a result of a legislative change in Colorado state taxes. Also included in non-operating items in third quarter 2008 is a mark-to-market loss of $11.3 million on Janus' seed capital investments compared with a $3.0 million mark-to-market gain in the second quarter 2008.

Capital and Liquidity

At September 30, 2008, Janus had stockholders' equity of $1.6 billion, cash and investments of $466 million and $1.1 billion of outstanding debt. As part of its capital and liquidity management, Janus reduced its outstanding shares by 1.7% during the third quarter by repurchasing 3.0 million shares of its common stock at an average price of $24.33 per share and a total cost of $72 million. Given the current market conditions, Janus is suspending stock buybacks to preserve liquidity.

Third Quarter 2008 Earnings Call Information

Janus will discuss its results during a conference call on Thursday, October 23 at 10 a.m. Eastern Daylight Time. The call-in number will be 877-301-7574. Anyone outside the U.S. or Canada should call 706-643-3623. The slides used during the presentation will be available in the investor relations section of the Janus Capital Group Web site (www.janus.com/ir) approximately one hour prior to the call. For those unable to join the conference call at the scheduled time, an audio replay will be available on www.janus.com/ir.

About Janus Capital Group Inc.

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

At the end of September 2008, Janus managed $160.5 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 is not indicative of positive fund returns. Year-to-date absolute performance for most 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 is not indicative of positive fund returns. Year-to-date absolute performance for most 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 (10/08).

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 and the company's Quarterly Report on Form 10-Q for period ended September 30, 2008, 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
                               ---------------------------------------
                               September 30,  June 30,   September 30,
                                   2008         2008         2007
                               ------------ ------------ -------------
Investment Management
 Revenues:
  Investment management fees        $218.9       $239.8        $228.5
  Performance fees                     8.8         11.6           5.1
  Shareowner servicing fees
   and other                          47.7         52.8          51.0
                               ------------ ------------ -------------
    Total                            275.4        304.2         284.6
                               ------------ ------------ -------------

Investment Management
 Operating Expenses:
  Employee compensation and
   benefits                           81.2         91.6          91.1
  Long-term incentive
   compensation                       10.7         12.5          13.8
  Marketing and advertising            8.0          8.7           6.5
  Distribution                        36.5         38.2          35.4
  Depreciation and
   amortization                       10.1         10.7           8.9
  General, administrative and
   occupancy                          35.6         37.4          33.1
                               ------------ ------------ -------------
    Total                            182.1        199.1         188.8
                               ------------ ------------ -------------

Investment Management
 Operating Income                     93.3        105.1          95.8

Interest expense                     (18.9)       (18.8)        (18.9)
Investment gains (losses), net       (32.3)         3.0           0.5
Other income, net                      1.4          1.0           8.4
Income tax provision                 (17.2)       (23.8)        (32.0)
Equity in earnings of
 unconsolidated affiliate              2.5          2.3           1.9
Minority interest in
 consolidated earnings                (2.8)        (3.2)         (4.9)
                               ------------ ------------ -------------

Income from Continuing
 Operations                           26.0         65.6          50.8

Income (loss) from
 Discontinued Operations              (0.6)         0.7         (38.6)

                               ------------ ------------ -------------
Net income                           $25.4        $66.3         $12.2
                               ============ ============ =============


Diluted weighted average
 shares outstanding (in
 millions)                           159.6        162.4         173.9

Diluted earnings per share:
  Continuing operations              $0.16        $0.40         $0.29
  Discontinued operations                -            -         (0.22)
                               ------------ ------------ -------------
  Diluted earnings per share         $0.16        $0.41         $0.07
                               ============ ============ =============

Average Assets Under
 Management (in billions)           $182.7       $200.1        $193.5
                       JANUS CAPITAL GROUP INC.
           UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
                        (dollars in millions)

                                           September 30, December 31,
                                               2008          2007
                                           ------------- -------------
Assets
  Cash and cash equivalents                      $297.6        $480.7
  Marketable securities                           168.7         210.7
  Other assets                                    337.6         344.9
  Property and equipment, net                      49.5          46.5
  Intangibles and goodwill, net                 2,508.8       2,451.5
  Assets related to discontinued
   operations                                       5.9          29.8
                                           ------------- -------------
    Total Assets                               $3,368.1      $3,564.1
                                           ============= =============

Liabilities and Stockholders' Equity
  Debt                                         $1,127.9      $1,127.7
  Other liabilities                               230.2         297.8
  Deferred income taxes                           402.3         404.3
  Liabilities related to discontinued
   operations                                       3.5          10.8
  Stockholders' equity                          1,604.2       1,723.5
                                           ------------- -------------
    Total Liabilities and Stockholders'
     Equity                                    $3,368.1      $3,564.1
                                           ============= =============


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

                                        Three Months Ended
                             -----------------------------------------
                             September 30,   June 30,    September 30,
Cash provided by (used in):      2008          2008          2007
                             ------------- ------------- -------------
  Operating activities              $87.4         $78.8         $92.9
  Investing activities                3.3           6.9          (2.3)
  Financing activities              (68.8)        (80.3)       (176.8)
                             ------------- ------------- -------------
    Net change during period        $21.9          $5.4        $(86.2)
                             ============= ============= =============
                       JANUS CAPITAL GROUP INC.
               ASSETS & FLOWS BY INVESTMENT DISCIPLINE
                        (dollars in billions)

                                         Three Months Ended
                               ---------------------------------------
                               September 30,  June 30,   September 30,
                                    2008         2008         2007
                               ------------- ----------- -------------
Growth/Blend
  Beginning of period assets          $81.8       $76.8         $71.6
  Sales                                 5.5         8.9           6.0
  Redemptions                           6.0         4.7           3.6
                               ------------- ----------- -------------
  Net sales (redemptions)              (0.5)        4.2           2.4
  Market appreciation
   (depreciation)                     (15.0)        0.9           5.1
                               ------------- ----------- -------------
  End of period assets                $66.2       $81.8         $79.1
                               ============= =========== =============

Global/International
  Beginning of period assets          $21.0       $22.1         $22.1
  Sales                                 0.8         1.0           1.9
  Redemptions                           1.8         0.9           1.3
                               ------------- ----------- -------------
  Net sales (redemptions)              (1.0)        0.1           0.6
  Market appreciation
   (depreciation)                      (4.3)       (1.2)          1.8
                               ------------- ----------- -------------
  End of period assets                $15.7       $21.0         $24.4
                               ============= =========== =============

Mathematical/Quantitative
  Beginning of period assets          $61.3       $61.2         $70.1
  Sales                                 6.2         2.5           2.0
  Redemptions                           6.0         2.3           4.2
                               ------------- ----------- -------------
  Net sales (redemptions)               0.2         0.2          (2.2)
  Market appreciation
   (depreciation)                      (6.0)          -           1.8
                               ------------- ----------- -------------
  End of period assets                $55.6       $61.3         $69.6
                               ============= =========== =============

Fixed Income
  Beginning of period assets           $3.7        $3.8          $5.2
  Sales                                 0.3         0.2           0.3
  Redemptions                           0.4         0.5           0.4
                               ------------- ----------- -------------
  Net sales (redemptions)              (0.1)       (0.2)         (0.1)
  Market appreciation
   (depreciation)                      (0.1)          -           0.1
                               ------------- ----------- -------------
  End of period assets                 $3.4        $3.7          $5.2
                               ============= =========== =============

Alternatives
  Beginning of period assets           $1.2        $1.4          $0.4
  Sales                                   -         0.1           0.2
  Redemptions                           0.3         0.2             -
                               ------------- ----------- -------------
  Net sales (redemptions)              (0.3)          -           0.2
  Market appreciation
   (depreciation)                      (0.2)       (0.1)            -
                               ------------- ----------- -------------
  End of period assets                 $0.8        $1.2          $0.6
                               ============= =========== =============

Value
  Beginning of period assets          $10.9       $10.1         $10.8
  Sales                                 1.9         1.5           0.8
  Redemptions                           1.3         0.6           1.0
                               ------------- ----------- -------------
  Net sales (redemptions)               0.6         0.9          (0.2)
  Market appreciation
   (depreciation)                      (0.6)          -          (0.1)
                               ------------- ----------- -------------
  End of period assets                $10.9       $10.9         $10.6
                               ============= =========== =============

Money Market
  Beginning of period assets          $11.8       $12.2         $10.4
  Sales                                28.1        23.0          38.9
  Redemptions                          32.1        23.4          30.8
                               ------------- ----------- -------------
  Net sales (redemptions)              (4.0)       (0.4)          8.1
  Market appreciation
   (depreciation)                         -           -             -
                               ------------- ----------- -------------
  End of period assets                 $7.9       $11.8         $18.5
                               ============= =========== =============


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

                                         Three Months Ended
                               ---------------------------------------
                               September 30,  June 30,   September 30,
                                    2008         2008         2007
                               ------------- ----------- -------------
Total
  Beginning of period assets         $191.8      $187.6        $190.6
  Sales                                42.8        37.2          50.1
  Redemptions                          47.9        32.6          41.3
                               ------------- ----------- -------------
  Net sales (redemptions)              (5.1)        4.6           8.8
  Market appreciation
   (depreciation)                     (26.2)       (0.4)          8.6
                               ------------- ----------- -------------
  End of period assets               $160.5      $191.8        $208.0
                               ============= =========== =============

Total Excluding Money Markets
  Beginning of period assets        $ 179.9      $175.4        $180.2
  Sales                                14.7        14.2          11.2
  Redemptions                          15.8         9.2          10.5
                               ------------- ----------- -------------
  Net sales (redemptions)              (1.1)        5.0           0.7
  Market appreciation
   (depreciation)                     (26.2)       (0.4)          8.6
                               ------------- ----------- -------------
  End of period assets               $152.7      $179.9        $189.5
                               ============= =========== =============

Total Excluding Mathematical/Quantitative & Money
 Markets
  Beginning of period assets         $118.6      $114.2        $110.1
  Sales                                 8.5        11.7           9.2
  Redemptions                           9.8         6.9           6.3
                               ------------- ----------- -------------
  Net sales (redemptions)              (1.3)        4.8           2.9
  Market appreciation
   (depreciation)                     (20.2)       (0.4)          6.8
                               ------------- ----------- -------------
  End of period assets                $96.9      $118.6        $119.9
                               ============= =========== =============

Each line has been rounded on the schedule individually to increase
 the accuracy of the amounts presented. Therefore totals and subtotals
 may not foot.
                                     Lipper Rankings Based on Total
Janus Investment Fund ("JIF")              Returns as of 9/30/08
                                     --------------------------------
                                          1-Year          3-Year
                                     ---------------- ---------------

                                     Percen-          Percen-
                                       tile   Rank/     tile   Rank/
                 PM     Lipper        Rank    Total    Rank   Total
              Inception  Category      (%)     Funds    (%)    Funds
              --------- ------------ ---------------- ---------------
Growth Funds
----------------------------------------------------------------------
                        Large-Cap
Janus Twenty             Growth
 Fund (1)        Jan-08  Funds         15    112/769     1     1/652
                        Large-Cap
                         Growth
Janus Fund       Oct-07  Funds         57    436/769    29    184/652
                        Multi-Cap
Janus Orion              Growth
 Fund            Dec-07  Funds         44    220/509     2     6/382
Janus                   Large-Cap
 Research                Growth
 Fund            Jan-06  Funds         66    504/769    14    87/652
Janus                   Mid-Cap
 Enterprise              Growth
 Fund            Oct-07  Funds         12     70/611     5    23/525
                        Small-Cap
Janus Venture            Growth
 Fund (1)        Jan-01  Funds         93    555/597    48    233/494
                        Small-Cap
Janus Triton             Growth
 Fund            Jun-06  Funds         40    236/597     5    22/494
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus
 Contrarian             Multi-Cap
 Fund            Feb-00  Core Funds    85    691/815     4    25/638
Janus Growth
 and Income             Large-Cap
 Fund            Nov-07  Core Funds    95    801/850    94    669/716
                        Mixed-Asset
Janus                    Target
 Balanced                Alloc. Mod.
 Fund            Apr-05  Funds          7     32/498     3     9/362
Janus
 Fundamental            Large-Cap
 Equity Fund     Nov-07  Core Funds    81    684/850    63    449/716
INTECH Risk-
 Managed                Multi-Cap
 Stock Fund      Feb-03  Core Funds    19    148/815    54    340/638
----------------------------------------------------------------------
Global/ International
 Funds
----------------------------------------------------------------------
Janus                   Inter-
 Overseas               national
 Fund (1)        Jun-03 Funds          85    969/1150    1     5/829
Janus
 Worldwide
 Fund            Jun-04 Global Funds   85    387/458    77    270/352
                        Global
Janus Global            Healthcare/
 Life                   Biotech-
 Sciences               nology
 Fund            Apr-07 Funds          20     12/60     35     19/54
                        Global
Janus Global             Science &
 Technology              Technology
 Fund            Jan-06  Funds          2      1/95     17     15/90
Janus Global
 Research
 Fund            Feb-05 Global Funds   48    219/458     8    25/352
Janus Global
Oppor-
tunities
 Fund            Jun-01 Global Funds   59    268/458    63    222/352
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Mid Cap
 Value Fund -           Mid-Cap
 Inv(2)          Aug-98  Value Funds    3     8/359      2     5/275
Janus Small
 Cap Value
 Fund -                 Small-Cap
 Inv.(1,2)       Feb-97  Core Funds     2     8/796      8    50/633
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                        Inter-
Janus                   mediate
 Flexible               Investment
 Bond Fund       May-07 Grade Debt      5     27/565     5    22/462
Janus High-             High Current
 Yield Fund      Dec-03  Yield Funds   27    122/466    22    83/390
Janus Short-            Short
 Term Bond               Investment
 Fund            May-07  Grade Debt     7     18/261     7    14/211
----------------------------------------------------------------------
Asset
 Allocation
 Funds
----------------------------------------------------------------------
                        Mixed-Asset
                         Target
Janus Smart              Alloc.
 Portfolio-              Growth
 Growth          Dec-05  Funds         72    477/663     -       -
                        Mixed-Asset
Janus Smart              Target
 Portfolio-              Alloc. Mod.
 Moderate        Dec-05  Funds         49    244/498     -       -
                        Mixed-Asset
Janus Smart              Target
 Portfolio-              Alloc.
 Conservative    Dec-05  Cons. Funds   46    204/446     -       -
----------------------------------------------------------------------

                                      Lipper Rankings Based on Total
Janus Investment Fund ("JIF")              Returns as of 9/30/08
                                      -------------------------------
                                          5-Year          10-Year
                                      --------------- ---------------
                                      Percen-         Percen-
                                        tile   Rank/    tile   Rank/
                   PM     Lipper       Rank   Total    Rank   Total
               Inception   Category     (%)    Funds    (%)    Funds
               ---------- ----------- --------------- ----------------
Growth Funds
----------------------------------------------------------------------
                          Large-Cap
Janus Twenty               Growth
 Fund (1)          Jan-08  Funds         1     1/538    11    28/255
                          Large-Cap
                           Growth
Janus Fund         Oct-07  Funds        34    181/538   46    117/255
                          Multi-Cap
Janus Orion                Growth
 Fund              Dec-07  Funds         1     1/325     -       -
                          Large-Cap
Janus Research             Growth
 Fund              Jan-06  Funds         7    36/538     9    21/255
Janus                     Mid-Cap
 Enterprise                Growth
 Fund              Oct-07  Funds         3    12/421    50    96/192
                          Small-Cap
Janus Venture              Growth
 Fund (1)          Jan-01  Funds        34    133/399   50    97/195
                          Small-Cap
Janus Triton               Growth
 Fund              Jun-06  Funds         -       -       -       -
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus
 Contrarian               Multi-Cap
 Fund              Feb-00  Core Funds    1     1/465     -       -
Janus Growth
 and Income               Large-Cap
 Fund              Nov-07  Core Funds   55    329/600   24    81/339
                          Mixed-Asset
                           Target
Janus Balanced             Alloc.
 Fund              Apr-05  Mod. Funds    7    16/244     5     7/139
Janus
 Fundamental              Large-Cap
 Equity Fund       Nov-07  Core Funds   10    56/600     8    26/339
INTECH Risk-
 Managed Stock            Multi-Cap
 Fund              Feb-03  Core Funds   17    78/465     -       -
----------------------------------------------------------------------
Global/ International
 Funds
----------------------------------------------------------------------
                          Inter-
Janus Overseas            national
 Fund (1)          Jun-03 Funds          1     4/684     6    19/340
Janus
 Worldwide                Global
 Fund              Jun-04  Funds        98    270/277   88    115/131
                          Global
                          Healthcare/
Janus Global              Biotech-
 Life Sciences            nology
 Fund              Apr-07 Funds          8     4/49      -       -
                          Global
Janus Global               Science &
 Technology                Technology
 Fund              Jan-06  Funds        27     21/78     -       -
Janus Global              Global
 Research Fund     Feb-05  Funds         -       -       -       -
Janus Global
Oppor-
tunities                  Global
 Fund              Jun-01  Funds        77    213/277    -       -
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Mid Cap             Mid-Cap
 Value Fund -              Value
 Inv(2)            Aug-98  Funds         8    16/209     3     2/73
Janus Small
 Cap Value
 Fund -                   Small-Cap
 Inv.(1,2)         Feb-97  Core Funds   18    87/493    14    28/204
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                          Inter-
                          mediate
Janus Flexible            Investment
 Bond Fund         May-07 Grade Debt    11    40/395    22    43/198
                          High
                           Current
Janus High-                Yield
 Yield Fund        Dec-03  Funds        39    130/338   19    34/185
Janus Short-              Short
 Term Bond                 Investment
 Fund              May-07  Grade Debt    8    14/174    13     11/84
----------------------------------------------------------------------
Asset
 Allocation
 Funds
----------------------------------------------------------------------
                          Mixed-Asset
                           Target
Janus Smart                Alloc.
 Portfolio-                Growth
 Growth            Dec-05  Funds         -       -       -       -
                          Mixed-Asset
Janus Smart                Target
 Portfolio-                Alloc.
 Moderate          Dec-05  Mod. Funds    -       -       -       -
                          Mixed-Asset
                           Target
Janus Smart                Alloc.
 Portfolio-                Cons.
 Conservative      Dec-05  Funds         -       -       -       -
----------------------------------------------------------------------

                                      Lipper Rankings Based on Total
Janus Investment Fund ("JIF")              Returns as of 9/30/08
                                     ---------------------------------
                                            Since PM Inception
                                     ---------------------------------


                  PM     Lipper        Percen-tile        Rank/Total
              Inception   Category      Rank (%)             Funds
              ---------- ----------- ---------------------------------
Growth Funds
----------------------------------------------------------------------
                         Large-Cap
Janus Twenty              Growth
 Fund (1)         Jan-08  Funds            ++
                         Large-Cap
                          Growth
Janus Fund        Oct-07  Funds            ++
                         Multi-Cap
Janus Orion               Growth
 Fund             Dec-07  Funds            ++
Janus                    Large-Cap
 Research                 Growth
 Fund             Jan-06  Funds            15               98/673
Janus                    Mid-Cap
 Enterprise               Growth
 Fund             Oct-07  Funds            ++
                         Small-Cap
Janus Venture             Growth
 Fund (1)         Jan-01  Funds            33               97/297
                         Small-Cap
Janus Triton              Growth
 Fund             Jun-06  Funds             3               15/526
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
Janus
 Contrarian              Multi-Cap
 Fund             Feb-00  Core Funds       10               24/247
Janus Growth
 and Income              Large-Cap
 Fund             Nov-07  Core Funds       ++
                         Mixed-Asset
Janus                     Target
 Balanced                 Alloc.
 Fund             Apr-05  Mod. Funds        2                6/351
Janus
 Fundamental             Large-Cap
 Equity Fund      Nov-07  Core Funds       ++
INTECH Risk-
 Managed                 Multi-Cap
 Stock Fund       Feb-03  Core Funds       28               120/441
----------------------------------------------------------------------
Global/ International
 Funds
----------------------------------------------------------------------
Janus                    Inter-
 Overseas                national
 Fund (1)         Jun-03 Funds              1                4/664
Janus
 Worldwide               Global
 Fund             Jun-04  Funds            89               262/296
                         Global
Janus Global             Healthcare/
 Life                    Biotech-
 Sciences                nology
 Fund             Apr-07 Funds             12                7/60
                         Global
Janus Global              Science &
 Technology               Technology
 Fund             Jan-06  Funds            17                15/90
Janus Global
 Research                Global
 Fund             Feb-05  Funds             3                8/321
Janus Global
Oppor-
tunities                 Global
 Fund             Jun-01  Funds            19               38/205
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Janus Mid Cap            Mid-Cap
 Value Fund -             Value
 Inv(2)           Aug-98  Funds             3                2/68
Janus Small
 Cap Value
 Fund -                  Small-Cap
 Inv.(1,2)        Feb-97  Core Funds        9               10/122
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                         Inter-
Janus                    mediate
 Flexible                Investment
 Bond Fund        May-07 Grade Debt        10               50/537
                         High
                          Current
Janus High-               Yield
 Yield Fund       Dec-03  Funds            31               104/343
Janus Short-             Short
 Term Bond                Investment
 Fund             May-07  Grade Debt       11               27/259
----------------------------------------------------------------------
Asset
 Allocation
 Funds
----------------------------------------------------------------------
                         Mixed-Asset
                          Target
Janus Smart               Alloc.
 Portfolio-               Growth
 Growth           Dec-05  Funds             7               36/559
                         Mixed-Asset
Janus Smart               Target
 Portfolio-               Alloc.
 Moderate         Dec-05  Mod. Funds        9               31/384
                         Mixed-Asset
                          Target
Janus Smart               Alloc.
 Portfolio-               Cons.
 Conservative     Dec-05  Funds             4               13/341
----------------------------------------------------------------------

Data presented reflects past performance, which is no guarantee of future results. Strong rankings are not indicative of positive fund performance. Year-to-date absolute performance for most 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.

Janus Adviser Series ("JAD") Class   Lipper Rankings Based on Total
 S Shares                                  Returns as of 9/30/08
                                    ----------------------------------
                                          1-Year           3-Year
                                    ------------------ ---------------

                                                       Percen-
                                     Percen-   Rank/     tile   Rank/
                 PM      Lipper        tile    Total    Rank   Total
               Inception  Category  Rank (%)    Funds    (%)    Funds
              ---------- ---------- ------------------ ------- -------
Growth Funds
----------------------------------------------------------------------
                         Large-Cap
                          Growth
Forty Fund        Jan-08  Funds        23     172/769     1     3/652
                         Mid-Cap
Mid Cap                   Growth
 Growth Fund      Oct-07  Funds        10      58/611     5    26/525
                         Large-Cap
Large Cap                 Growth
 Growth Fund      Oct-07  Funds        56     429/769    38    245/652
INTECH Risk-             Multi-Cap
 Managed                  Growth
 Growth Fund      Jan-03  Funds        35     175/509    70    267/382
                         Mid-Cap
                          Growth
Orion Fund        Dec-07  Funds        43     258/611     3    12/525
                         Small-Cap
Small-Mid                 Growth
 Growth Fund      Jun-06  Funds        46     273/597     6    25/494
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
                         Mixed-
                          Asset
                          Target
                          Alloc.
                          Mod.
Balanced Fund     Apr-05  Funds         7      30/498     4    12/362
                         Large-Cap
Growth and                Core
 Income Fund      Nov-07  Funds        97     819/850    97    692/716
                         Large-Cap
Fundamental               Core
 Equity Fund      Nov-07  Funds        79     667/850    63    446/716
                         Small-Cap
Small Company             Core
 Value Fund       Mar-02  Funds        59     465/796    36    226/633
INTECH Risk-             Multi-Cap
 Managed Core             Core
 Fund             Jan-03  Funds        20     159/815    57    360/638
                         Multi-Cap
Contrarian                Core
 Fund             Aug-05  Funds        85     687/815    12    75/638
----------------------------------------------------------------------
Global/
International Funds
----------------------------------------------------------------------
International            Inter-
 Growth Fund             national
 (1)              Jun-03  Funds        56     636/1150    1     2/829
Worldwide                Global
 Fund             Jun-04  Funds        85     389/458    83    292/352
                         Inter-
International            national
 Equity Fund      Nov-06  Funds        13     147/1150    -       -
INTECH
Risk-
Managed                  Inter-
International            national
 Fund             May-07  Funds        38     429/1150    -       -
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
                         Mid-Cap
Mid Cap Value             Value
 Fund             Dec-02  Funds         3      8/359      1     2/275
INTECH Risk-             Multi-Cap
 Managed                  Value
 Value Fund       Dec-05  Funds        29     117/416     -       -
----------------------------------------------------------------------
Alternative
 Funds
----------------------------------------------------------------------
                         Long/Short
Long/Short                Equity
 Fund (1)         Aug-06  Funds        39      31/79      -       -
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                         Inter-
                         mediate
                         Investment
Flexible Bond            Grade
 Fund             May-07  Debt          5      25/565     8    34/462
                         Loan
Floating Rate            Partici-
 High Income             pation
 Fund             May-07  Funds        29      22/75      -       -
                         High
High-Yield                Current
 Fund             Aug-05  Yield        24     110/466    26    100/390
----------------------------------------------------------------------

Janus Adviser Series ("JAD") Class  Lipper Rankings Based on Total
 S Shares                            Returns as of 9/30/08
                                    ----------------------------------
                                          5-Year          10-Year
                                     ---------------- ---------------

                                                      Percen-
                                     Percen-   Rank/    tile   Rank/
                 PM      Lipper        tile   Total    Rank   Total
               Inception  Category   Rank (%)  Funds    (%)    Funds
              ---------- ----------  -------- ------- ------- -------
Growth Funds
----------------------------------------------------------------------
                         Large-Cap
                          Growth
Forty Fund        Jan-08  Funds         1      2/538     1     1/255
                         Mid-Cap
Mid Cap                   Growth
 Growth Fund      Oct-07  Funds         4     13/421    52    99/192
                         Large-Cap
Large Cap                 Growth
 Growth Fund      Oct-07  Funds         45    238/538   41    103/255
INTECH Risk-             Multi-Cap
 Managed                  Growth
 Growth Fund      Jan-03  Funds         71    231/325    -       -
                         Mid-Cap
                          Growth
Orion Fund        Dec-07  Funds         -        -       -       -
                         Small-Cap
Small-Mid                 Growth
 Growth Fund      Jun-06  Funds         -        -       -       -
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
                         Mixed-
                          Asset
                          Target
                          Alloc.
                          Mod.
Balanced Fund     Apr-05  Funds         9     20/244     3     4/139
                         Large-Cap
Growth and                Core
 Income Fund      Nov-07  Funds         73    437/600   14    45/339
                         Large-Cap
Fundamental               Core
 Equity Fund      Nov-07  Funds         11    64/600     8    24/339
                         Small-Cap
Small Company             Core
 Value Fund       Mar-02  Funds         50    244/493    -       -
INTECH Risk-             Multi-Cap
 Managed Core             Core
 Fund             Jan-03  Funds         19    86/465     -       -
                         Multi-Cap
Contrarian                Core
 Fund             Aug-05  Funds         -        -       -       -
----------------------------------------------------------------------
Global/
International Funds
----------------------------------------------------------------------
International            Inter-
 Growth Fund             national
 (1)              Jun-03  Funds         1      3/684     6    18/340
Worldwide                Global
 Fund             Jun-04  Funds         99    273/277   85    111/131
                         Inter-
International            national
 Equity Fund      Nov-06  Funds         -        -       -       -
INTECH
Risk-
Managed                  Inter-
International            national
 Fund             May-07  Funds         -        -       -       -
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
                         Mid-Cap
Mid Cap Value             Value
 Fund             Dec-02  Funds         9     17/209     -       -
INTECH Risk-             Multi-Cap
 Managed                  Value
 Value Fund       Dec-05  Funds         -        -       -       -
----------------------------------------------------------------------
Alternative
 Funds
----------------------------------------------------------------------
                         Long/Short
Long/Short                Equity
 Fund (1)         Aug-06  Funds         -        -       -       -
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                         Inter-
                         mediate
                         Investment
Flexible Bond            Grade
 Fund             May-07  Debt          16    61/395    21    41/198
                         Loan
Floating Rate            Partici-
 High Income             pation
 Fund             May-07  Funds         -        -       -       -
                         High
High-Yield                Current
 Fund             Aug-05  Yield         -        -       -       -
----------------------------------------------------------------------

Janus Adviser Series ("JAD") Class  Lipper Rankings Based on Total
 S Shares                                 Returns as of 9/30/08
                                    --------------------------------
                                           Since PM Inception
                                    --------------------------------


                 PM      Lipper       Percen-tile         Rank/
               Inception  Category     Rank (%)        Total Funds
              ---------- ---------- ---------------  ---------------
Growth Funds
--------------------------------------------------------------------
                         Large-Cap
                          Growth
Forty Fund        Jan-08  Funds           ++
                         Mid-Cap
Mid Cap                   Growth
 Growth Fund      Oct-07  Funds           ++
                         Large-Cap
Large Cap                 Growth
 Growth Fund      Oct-07  Funds           ++
INTECH Risk-             Multi-Cap
 Managed                  Growth
 Growth Fund      Jan-03  Funds           77             234/306
                         Mid-Cap
                          Growth
Orion Fund        Dec-07  Funds           ++
                         Small-Cap
Small-Mid                 Growth
 Growth Fund      Jun-06  Funds            5             22/526
--------------------------------------------------------------------
Core Funds
--------------------------------------------------------------------
                         Mixed-
                          Asset
                          Target
                          Alloc.
                          Mod.
Balanced Fund     Apr-05  Funds            3              9/351
                         Large-Cap
Growth and                Core
 Income Fund      Nov-07  Funds           ++
                         Large-Cap
Fundamental               Core
 Equity Fund      Nov-07  Funds           ++
                         Small-Cap
Small Company             Core
 Value Fund       Mar-02  Funds           24             99/414
INTECH Risk-             Multi-Cap
 Managed Core             Core
 Fund             Jan-03  Funds           25             107/432
                         Multi-Cap
Contrarian                Core
 Fund             Aug-05  Funds            3             15/629
--------------------------------------------------------------------
Global/
International Funds
--------------------------------------------------------------------
International            Inter-
 Growth Fund             national
 (1)              Jun-03  Funds            1              3/664
Worldwide                Global
 Fund             Jun-04  Funds           91             269/296
                         Inter-
International            national
 Equity Fund      Nov-06  Funds            8             71/1010
INTECH
Risk-
Managed                  Inter-
International            national
 Fund             May-07  Funds           36            392/1105
--------------------------------------------------------------------
Value Funds
--------------------------------------------------------------------
                         Mid-Cap
Mid Cap Value             Value
 Fund             Dec-02  Funds           13             26/202
INTECH Risk-             Multi-Cap
 Managed                  Value
 Value Fund       Dec-05  Funds           35             116/334
--------------------------------------------------------------------
Alternative
 Funds
--------------------------------------------------------------------
                         Long/Short
Long/Short                Equity
 Fund (1)         Aug-06  Funds           30              15/50
--------------------------------------------------------------------
Income Funds
--------------------------------------------------------------------
                         Inter-
                         mediate
                         Investment
Flexible Bond            Grade
 Fund             May-07  Debt             9             44/537
                         Loan
Floating Rate            Partici-
 High Income             pation
 Fund             May-07  Funds           31              22/70
                         High
High-Yield                Current
 Fund             Aug-05  Yield           31             119/390
--------------------------------------------------------------------

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

    Note:

    (1) Closed to new investors.

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

Janus Aspen Series ("JAS")            Lipper Rankings Based on Total
 Institutional Shares                       Returns as of 9/30/08
                                      --------------------------------
                                           1-Year          3-Year
                                      ---------------- ---------------

                                                       Percen-
                                      Percen-   Rank/    tile   Rank/
                 PM     Lipper          tile   Total    Rank   Total
              Inception  Category     Rank (%)  Funds    (%)    Funds
              --------- ------------- ---------------- ------- -------
Growth Funds
----------------------------------------------------------------------
Forty                   VA Large-Cap
 Portfolio       Jan-08  Growth          24    49/207     1     1/192
Large Cap
 Growth                 VA Large-Cap
 Portfolio       Oct-07  Growth          42    86/207    20    38/192
Mid Cap
 Growth                 VA Mid-Cap
 Portfolio       Oct-07  Growth          11    15/147     3     3/135
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
                        VA Mixed-
Balanced                 Asset Target
 Portfolio       Apr-05  Alloc Mod.      8     11/154     2     2/110
Growth and
 Income                 VA Large-Cap
 Portfolio       Nov-07  Core            95    199/209   95    176/186
Fundamental
 Equity                 VA Large-Cap
 Portfolio       Nov-07  Core            80    166/209   74    137/186
----------------------------------------------------------------------
Global/
International
 Funds
----------------------------------------------------------------------
Worldwide
 Growth
 Portfolio       Jun-04 VA Global        86    93/108    80     65/81
International
 Growth
 Portfolio              VA Inter-
 (1)             Jun-03  national        87    217/249    1     1/217
Global Life
 Sciences               VA Health/
 Portfolio       Oct-04 Biotechnology    25     9/35     21     7/33
Global
 Technology             VA Science &
 Portfolio       Jan-06  Technology      11     6/57     15     8/53
----------------------------------------------------------------------
Value Funds
----------------------------------------------------------------------
Mid Cap Value           VA Mid-Cap
 Portfolio       May-03  Value           2      1/73      2     1/66
----------------------------------------------------------------------
Income Funds
----------------------------------------------------------------------
                        VA
                         Intermediate
Flexible Bond            Investment
 Portfolio       May-07  Grade Debt      10     6/64     13     7/57
----------------------------------------------------------------------

Janus Aspen Series ("JAS")             Lipper Rankings Based on Total
 Institutional Shares                   Returns as of 9/30/08
                                       ------------------------------
                                           5-Year         10-Year
                                       --------------- --------------
                                       Percen-         Percen-
                                         tile   Rank/    tile  Rank/
                 PM     Lipper          Rank   Total    Rank   Total
              Inception  Category        (%)    Funds    (%)    Funds
              --------- -------------  ------- ------- ------- ------
Growth Funds
----------------------------------------------------------------------
Forty                   VA Large-Cap
 Portfolio       Jan-08  Growth           1     1/177     2     1/61
Large Cap
 Growth                 VA Large-Cap
 Portfolio       Oct-07  Growth          40    70/177    54    33/61
Mid Cap
 Growth                 VA Mid-Cap
 Portfolio       Oct-07  Growth           5     6/121    40    16/40
----------------------------------------------------------------------
Core Funds
----------------------------------------------------------------------
                        VA Mixed-
Balanced                 Asset Target
 Portfolio       Apr-05  Alloc Mod.       7     5/78      7     3/48
Growth and
 Income                 VA Large-Cap
 Portfolio       Nov-07  Core            64    108/170    9     7/84
Fundamental
 Equity                 VA Large-Cap
 Portfolio       Nov-07  Core            13    22/170     5     4/84
----------------------------------------------------------------------
Global/
International
 Funds
----------------------------------------------------------------------
Worldwide
 Growth
 Portfolio       Jun-04 VA Global        96     70/72    84    31/36
International
 Growth
 Portfolio              VA Inter-
 (1)             Jun-03  national         1     1/196     6     5/96
Global Life
 Sciences               VA Health/
 Portfolio       Oct-04 Biotechnology     7     2/28      -      -
Global
 Technology             VA Science &
 Portfolio       Jan-06  Technology      24     12/50     -      -
----------------------------------------------------------------------
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      15     8/53      8     2/24
----------------------------------------------------------------------

                                       Lipper Rankings Based on
Janus Aspen Series ("JAS")                Total Returns as of
 Institutional Shares                            9/30/08
                                       --------------------------
                                           Since PM Inception
                                       --------------------------


                  PM     Lipper         Percen-tile     Rank/
              Inception   Category       Rank (%)    Total Funds
              ---------- ------------- ------------- ------------
Growth Funds
-----------------------------------------------------------------
Forty                    VA Large-Cap
 Portfolio        Jan-08  Growth            ++
Large Cap
 Growth                  VA Large-Cap
 Portfolio        Oct-07  Growth            ++
Mid Cap
 Growth                  VA Mid-Cap
 Portfolio        Oct-07  Growth            ++
-----------------------------------------------------------------
Core Funds
-----------------------------------------------------------------
                         VA Mixed-
Balanced                  Asset Target
 Portfolio        Apr-05  Alloc Mod.         1          1/100
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          90          70/77
International
 Growth
 Portfolio               VA Inter-
 (1)              Jun-03  national           1          1/194
Global Life              VA
 Sciences                 Health/
 Portfolio        Oct-04 Biotechnology       4           1/32
Global
 Technology              VA Science &
 Portfolio        Jan-06  Technology        19          10/53
-----------------------------------------------------------------
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        19          12/64
-----------------------------------------------------------------

Data presented reflects past performance, which is no guarantee of future results. Strong rankings are not indicative of positive fund performance. Year-to-date absolute performance for most 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.

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


                                 Overall Rating    Three-Year Rating
                               ------------------- -----------------
                                           # of               # of
      Fund         Category      Stars     Funds     Stars    Funds
================-=============-=========-=========-=========-=======--
Janus Fund       Large Growth
                     Funds         3       1489        3      1489
Janus Enterprise   Mid-Cap
 Fund             Growth Funds     4        835        5       835
Janus Growth and Large Growth
 Income Fund         Funds         3       1489        2      1489
Janus Research   Large Growth
 Fund                Funds         4       1489        4      1489
Janus Twenty     Large Growth
 Fund (1)            Funds         4       1489        5      1489
Janus Venture    Small Growth
 Fund (1)            Funds         3        695        3       695
Janus Overseas   Foreign Large
 Fund (1)         Growth Funds     5        181        5       181
Janus Balanced     Moderate
 Fund             Allocation
                     Funds         5        944        5       944
Janus            Large Blend
 Fundamental         Funds
 Equity Fund                       4       1719        2      1719
Janus Mid Cap    Mid-Cap Value
 Value Fund -        Funds
 Investor
 Shares(2)                         5        328        5       328
Janus Small Cap  Small Value
 Value Fund -        Funds
 Investor Shares
 (1,2)                             4        335        5       335
Janus Flexible   Intermediate-
 Bond Fund         Term Bond
                     Funds         4        984        5       984
Janus High-Yield  High Yield
 Fund              Bond Funds      4        475        4       475
Janus Short-Term  Short-Term
 Bond Fund         Bond Funds      5        378        5       378
Janus Worldwide  World Stock
 Fund                Funds         1        485        2       485
Janus Orion Fund   Mid-Cap
                  Growth Funds     5        835        5       835
Janus Global      Specialty-
 Life Sciences    Health Funds
 Fund                              4        184        3       184
Janus Global      Specialty-
 Technology Fund  Technology
                     Funds         4        246        4       246
INTECH Risk-     Large Blend
 Managed Stock       Funds
 Fund                              4       1719        3      1719
Janus Contrarian Large Blend
 Fund                Funds         5       1719        4      1719
Janus Global     World Stock
 Opportunities       Funds
 Fund                              2        485        3       485
Janus Triton     Small Growth
 Fund                Funds         5        695        5       695
Janus Global     World Stock
 Research Fund       Funds         4        485        4       485
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                             78.3%               65.2%

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


                                 Five-Year Rating    Ten-Year Rating
                               ------------------- -------------------
                                           # of                # of
      Fund         Category      Stars     Funds     Stars     Funds
================-=============--========-=========-=========-=========
Janus Fund       Large Growth
                     Funds         3       1222        3        590
Janus Enterprise   Mid-Cap
 Fund             Growth Funds     5        687        2        334
Janus Growth and Large Growth
 Income Fund         Funds         3       1222        4        590
Janus Research   Large Growth
 Fund                Funds         4       1222        3        590
Janus Twenty     Large Growth
 Fund (1)            Funds         5       1222        3        590
Janus Venture    Small Growth
 Fund (1)            Funds         3        571        2        280
Janus Overseas   Foreign Large
 Fund (1)         Growth Funds     5        153        4        70
Janus Balanced     Moderate
 Fund             Allocation
                     Funds         5        723        4        427
Janus            Large Blend
 Fundamental         Funds
 Equity Fund                       4       1353        4        667
Janus Mid Cap    Mid-Cap Value
 Value Fund -        Funds
 Investor
 Shares(2)                         5        224        5        78
Janus Small Cap  Small Value
 Value Fund -        Funds
 Investor Shares
 (1,2)                             4        267        4        117
Janus Flexible   Intermediate-
 Bond Fund         Term Bond
                     Funds         4        848        4        456
Janus High-Yield  High Yield
 Fund              Bond Funds      3        408        4        233
Janus Short-Term  Short-Term
 Bond Fund         Bond Funds      5        317        4        164
Janus Worldwide  World Stock
 Fund                Funds         1        401        1        216
Janus Orion Fund   Mid-Cap
                  Growth Funds     5        687                 N/A
Janus Global      Specialty-
 Life Sciences    Health Funds
 Fund                              4        167                 N/A
Janus Global      Specialty-
 Technology Fund  Technology
                     Funds         4        221                 N/A
INTECH Risk-     Large Blend
 Managed Stock       Funds
 Fund                              4       1353                 N/A
Janus Contrarian Large Blend
 Fund                Funds         5       1353                 N/A
Janus Global     World Stock
 Opportunities       Funds
 Fund                              2        401                 N/A
Janus Triton     Small Growth
 Fund                Funds                  N/A                 N/A
Janus Global     World Stock
 Research Fund       Funds                  N/A                 N/A
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%               60.0%

Data presented reflects past performance, which is no guarantee of future results. Strong ratings are not indicative of positive fund performance. Year-to-date absolute performance for most 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.)

Janus Adviser Series ("JAD") S           The Overall Morningstar
 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
================-=============-=========-=========-=========-=======--
Balanced Fund      Moderate
                  Allocation
                     Funds         5        944        5       944
Fundamental      Large Blend
 Equity Fund         Funds         4       1719        2      1719
Flexible Bond    Intermediate-
 Fund              Term Bond
                     Funds         4        984        4       984
International    Foreign Large
 Growth Fund      Growth Funds     5        181        5       181
Forty Fund       Large Growth
                     Funds         5       1489        5      1489
Growth & Income  Large Growth
 Fund                Funds         3       1489        1      1489
International    Foreign Large
 Growth Fund (1)  Growth Funds     5        181        5       181
Large Cap Growth Large Growth
 Fund                Funds         3       1489        3      1489
Mid Cap Growth     Mid-Cap
 Fund             Growth Funds     4        835        5       835
Worldwide Fund   World Stock
                     Funds         2        485        2       485
Mid Cap Value    Mid-Cap Value
 Fund                Funds         5        328        5       328
Risk-Managed     Large Blend
 Core Fund           Funds         4       1719        3      1719
Risk-Managed     Large Growth
 Growth Fund         Funds         3       1489        3      1489
Small Company    Small Value
 Value Fund          Funds         3        335        3       335
Contrarian Fund  Large Blend
                     Funds         4       1719        4      1719
Orion Fund         Mid-Cap
                  Growth Funds     5        835        5       835
Small-Mid Growth   Mid-Cap
 Fund             Growth Funds     5        835        5       835
High-Yield Fund   High Yield
                   Bond Funds      4        475        4       475
International    Foreign Large
 Equity Fund      Growth Funds              N/A                N/A
Floating Rate     Bank Loan
 High Income         Funds                  N/A                N/A
Global Real      Global Real
 Estate Fund      Estate Funds              N/A                N/A
Global Research  World Stock
 Fund                Funds                  N/A                N/A
Long/Short Fund   Long-Short
 (1)                 Funds                  N/A                N/A
Risk-Managed     Large Value
 Value Fund          Funds                  N/A                N/A
International    Foreign Large
 Forty Fund       Growth Funds              N/A                N/A
----------------------------------------------------------------------
Percent of funds
 rated 4 / 5
 Stars                           72.2%               61.1%

Janus Adviser Series ("JAD") S The Overall Morningstar Rating(TM) is
 Shares                         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 Rating    Ten-Year Rating
                               ------------------- -------------------
                                           # of                # of
      Fund         Category      Stars     Funds     Stars     Funds
================-=============--========-=========-=========-=========
Balanced Fund      Moderate
                  Allocation
                     Funds         5        723        5        427
Fundamental      Large Blend
 Equity Fund         Funds         4       1353        4        667
Flexible Bond    Intermediate-
 Fund              Term Bond
                     Funds         4        848        4        456
International    Foreign Large
 Growth Fund      Growth Funds     5        153        4        70
Forty Fund       Large Growth
                     Funds         5       1222        5        590
Growth & Income  Large Growth
 Fund                Funds         3       1222        4        590
International    Foreign Large
 Growth Fund (1)  Growth Funds     5        153        4        70
Large Cap Growth Large Growth
 Fund                Funds         3       1222        3        590
Mid Cap Growth     Mid-Cap
 Fund             Growth Funds     5        687        2        334
Worldwide Fund   World Stock
                     Funds         1        401        2        216
Mid Cap Value    Mid-Cap Value
 Fund                Funds         5        224                 N/A
Risk-Managed     Large Blend
 Core Fund           Funds         4       1353                 N/A
Risk-Managed     Large Growth
 Growth Fund         Funds         3       1222                 N/A
Small Company    Small Value
 Value Fund          Funds         3        267                 N/A
Contrarian Fund  Large Blend
                     Funds                  N/A                 N/A
Orion Fund         Mid-Cap
                  Growth Funds              N/A                 N/A
Small-Mid Growth   Mid-Cap
 Fund             Growth Funds              N/A                 N/A
High-Yield Fund   High Yield
                   Bond 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
Global Real      Global Real
 Estate Fund      Estate Funds              N/A                 N/A
Global Research  World Stock
 Fund                Funds                  N/A                 N/A
Long/Short Fund   Long-Short
 (1)                 Funds                  N/A                 N/A
Risk-Managed     Large Value
 Value Fund          Funds                  N/A                 N/A
International    Foreign Large
 Forty Fund       Growth Funds              N/A                 N/A
----------------------------------------------------------------------
Percent of funds
 rated 4 / 5
 Stars                           64.3%               70.0%

Data presented reflects past performance, which is no guarantee of future results. Strong ratings are not indicative of positive fund performance. Year-to-date absolute performance for most 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
===============-=============-=========-=========-=========-========--
Balanced Fund     Moderate
                 Allocation
                    Funds         5        944        5       944
Flexible Bond   Intermediate-
 Fund             Term Bond
                    Funds         5        984        5       984
Forty Fund      Large Growth
                    Funds         5       1489        4       1489
Fundamental     Large Blend
 Equity Fund        Funds         4       1719        2       1719
Growth & Income Large Growth
 Fund               Funds         3       1489        2       1489
International   Foreign Large
 Growth Fund     Growth Funds
 (1)                              5        181        5       181
Worldwide Fund  World Stock
                    Funds         2        485        3       485
Global Life      Specialty-
 Sciences Fund   Health Funds     4        184        4       184
Global           Specialty-
 Technology      Technology
 Fund               Funds         4        246        4       246
Large Cap       Large Growth
 Growth Fund        Funds                  N/A                N/A
Mid Cap Growth    Mid-Cap
 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%               66.7%

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 Rating     Ten-Year Rating
                              -------------------- -------------------
                                           # of                # of
     Fund         Category       Stars     Funds     Stars     Funds
===============-=============--=========-=========-=========-=========
Balanced Fund     Moderate
                 Allocation
                    Funds          5        723        5        427
Flexible Bond   Intermediate-
 Fund             Term Bond
                    Funds          5        848        4        456
Forty Fund      Large Growth
                    Funds          5       1222        5        590
Fundamental     Large Blend
 Equity Fund        Funds          4       1353        4        667
Growth & Income Large Growth
 Fund               Funds          3       1222        4        590
International   Foreign Large
 Growth Fund     Growth Funds
 (1)                               5        153        4        70
Worldwide Fund  World Stock
                    Funds          1        401        2        216
Global Life      Specialty-
 Sciences Fund   Health Funds      4        167                 N/A
Global           Specialty-
 Technology      Technology
 Fund               Funds          4        221                 N/A
Large Cap       Large Growth
 Growth Fund        Funds                   N/A                 N/A
Mid Cap Growth    Mid-Cap
 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 are not indicative of positive fund performance. Year-to-date absolute performance for most 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.)

C-1008-177

Source: Janus Capital Group Inc.

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