Janus Announces Fourth Quarter and Year-End 2008 Results

Fourth quarter earnings from continuing operations of $0.05 per diluted share;Full-year earnings of $0.86 per diluted share

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

Long-term net outflows of $3.0 billion for the quarter and$0.6 billion for the year

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

More than 75% of firmwide mutual funds outperformed theirLipper peer group medians for 3 and 5 years1

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

Strengthened value franchise through additional ownership stake in Perkins,the launch of Perkins Large Cap Value Fund and appointment of Perkins CEO

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

Company Release - 1/22/2009 8:00 AM ET

DENVER--(BUSINESS WIRE)-- Janus Capital Group Inc. (NYSE: JNS) today reported fourth quarter net income from continuing operations of $7.8 million, or $0.05 per diluted share, compared with $26.0 million, or $0.16 per diluted share, in the third quarter 2008 and $51.6 million, or $0.30 per diluted share, in the fourth quarter 2007. For the full-year 2008, net income from continuing operations totaled $138.4 million, or $0.86 per diluted share, compared with $192.0 million, or $1.07 per diluted share for 2007. The company's operating margin for the fourth quarter 2008 was 25.5% compared with 33.9% for the third quarter 2008 and 29.0% for the fourth quarter 2007. For the entire year, operating margin was 32.1% compared with 31.3% for 2007.

Flows and Assets Under Management

As a result of the recent difficult market environment, average assets under management declined 32% to $124.3 billion during the fourth quarter 2008. At December 31, 2008, the company's total assets under management were $123.5 billion compared with $160.5 billion at September 30, 2008 and $206.7 billion at December 31, 2007.

The decrease in firmwide assets during the fourth quarter reflects $34.0 billion of net market depreciation and $3.0 billion of long-term net outflows. The decrease in year-over-year assets was primarily the result of $77.6 billion of net market depreciation.

Investment Performance

Relative long-term investment performance remained strong with approximately 55%, 79% and 83% of firmwide mutual funds in the top half of their Lipper categories on a one-, three- and five-year total-return basis, respectively, as of December 31, 2008.2 In addition, 50% of firmwide mutual funds have a 4- or 5-star Overall Morningstar RatingTM at December 31, 2008.3

Despite near-term underperformance, Janus-managed equity mutual funds continue to outperform the majority of peers over longer periods with 41%, 74% and 79% of equity mutual funds ranking in the top half of their Lipper categories on a one-, three- and five-year total return basis, respectively, as of December 31, 2008.2

INTECH's relative investment performance rebounded in 2008 with 83%, 56%, 100% and 100% of strategies outperforming their respective benchmarks over the one-, three-, five- and 10-year periods, as of December 31, 2008.

Perkins continues to deliver strong investment performance with the Mid Cap Value and Small Cap Value mutual funds ranked in the top 15% of their Lipper categories on a one-, three- and five-year total-return basis as of December 31, 2008.4

"The investments we've made in the business have positioned the firm for the future," said Janus' CEO Gary Black. "We've broadened our product offerings, expanded our global distribution footprint and strengthened our value franchise with the acquisition of an additional interest in Perkins. These investments, coupled with continued strong long-term performance, position the firm for long-term success once equity markets recover."

Financial Discussion

Financial
Highlights

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

                           Three Months Ended       Year Ended

                           December 31,  September  December 31,  December 31,
                                         30,

                           2008          2008       2008          2007

Continuing Operations
(Investment Management)

Average Assets (in         $ 124.3       $ 182.7    $ 174.2       $ 190.4
billions)

Ending AUM (in billions)   $ 123.5       $ 160.5    $ 123.5       $ 206.7

Revenues                   $ 177.1       $ 275.4    $ 1,037.9     $ 1,117.0

Operating                  $ 131.9       $ 182.1    $ 704.8       $ 767.7
Expenses

Operating                  $ 45.2        $ 93.3     $ 333.1       $ 349.3
Income

Operating                    25.5%         33.9%      32.1%         31.3%
Margin

Net Income                 $ 7.8         $ 26.0     $ 138.4       $ 192.0

Diluted Earnings per       $ 0.05        $ 0.16     $ 0.86        $ 1.07
Share

Shares Repurchased (in       -             3.0        10.8          31.5
millions)

Cost of Shares             $ -           $ 71.9     $ 281.0       $ 828.6
Repurchased

Average                    $ -           $ 24.33    $ 26.13       $ 26.27
Price

Total shares outstanding
end of period (in            157.9         157.9      157.9         166.3
millions)



Continuing Operations

Fourth quarter 2008 revenues of $177.1 million decreased 35.7% from the previous quarter due to lower average assets under management, driven primarily by declining global markets. Operating expenses decreased $50.2 million, or 27.6%, from the previous quarter as a result of lower incentive compensation, asset-based distribution costs and administrative expenses.

The deterioration in market conditions and average assets under management significantly impacted operating margin and results in the fourth quarter 2008, and will continue to pressure financial results in 2009. In response, Janus took action to reduce 2009 fixed and discretionary expenses by approximately $40 million to $45 million and expects variable expenses to continue to flex with revenues.

Non-operating items for the fourth quarter 2008 include a mark-to-market loss of $21.6 million (or $0.07 per share) on Janus' seed capital investments compared to an $11.3 million loss in the third quarter 2008. In an effort to mitigate future volatility in its seed capital investments, Janus implemented a hedge strategy in late 2008. Third quarter 2008 also includes 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").

Perkins Investment Management Acquisition

On December 31, 2008, Janus increased its ownership of Perkins Investment Management LLC (formerly known as Perkins, Wolf, McDonnell and Company, LLC) to approximately 80.0% with the acquisition of an additional 50% interest for $90.0 million. The acquisition of Perkins is expected to be accretive to 2009 earnings. Additionally, Perkins hired Peter Q. Thompson as CEO and expanded its product offerings with the launch of the Perkins Large Cap Value Fund.

Institutional Money Market

On January 21, 2009, Janus announced to clients a plan to exit its institutional money market business, which includes the Janus Institutional Cash Management Fund, Janus Institutional Money Market Fund and Janus Institutional Government Money Market Fund, by April 30, 2009. Janus is taking this action to focus resources on its core businesses.

Capital and Liquidity

At December 31, 2008, Janus had stockholders' equity of $1.6 billion, cash and investments of $408 million and $1.1 billion of outstanding debt. Given the current market conditions, Janus suspended stock buybacks in the fourth quarter 2008 to preserve liquidity and financial flexibility.

Fourth Quarter 2008 Earnings Call Information

Janus will discuss its results during a conference call on Thursday, January 22 at 10 a.m. Eastern Standard Time. The call-in number will be 877-301-7574. Anyone outside the U.S. or Canada should call 706-643-3623. The slides used during the presentation will be available in the investor relations section of the Janus Capital Group Web site (www.janus.com/ir) approximately one hour prior to the call. For those unable to join the conference call at the scheduled time, an audio replay will be available on www.janus.com/ir.

About Janus Capital Group Inc.

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

At the end of December 2008, Janus managed $123.5 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, INTECH Investment Management LLC (INTECH), formerly known as Enhanced Investment Technologies, LLC and Perkins Investment Management LLC (Perkins).

1 Strong relative performance is not indicative of positive fund returns. 2008 absolute performance for most funds was 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, 24 and 12, respectively. Complete Lipper rankings are based on total returns and are on pages 10 and 11.

2 Strong relative performance is not indicative of positive fund returns. 2008 absolute performance for most funds was negative. Funds included in the analysis are JIF, JAD and JAS. The number of funds in each trust is 26, 24 and 12, respectively. Complete Lipper rankings are based on total returns and are on pages 10 and 11.

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 12-14.

4 Rankings are for the "JIF" investor share class only; other classes may have different performance characteristics. See pages 10 and 11 for complete Lipper rankings. Janus Mid Cap Value Fund and Janus Small Cap Value Fund changed names and are now Perkins Mid Cap Value Fund and Perkins Small Cap Value Fund, respectively

###

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 (1/09).

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)

                       Three Months Ended             Year Ended

                       December  September  December  December 31,  December 31,
                       31,       30,        31,

                       2008      2008       2007      2008          2007

 Revenues:

  Investment           $         $          $         $ 826.7       $ 897.9
  management fees      142.5     218.9      247.9

  Performance          1.6       8.8        8.1       27.6          19.5
  fees

  Shareowner
  servicing fees       33.0      47.7       55.5      183.6         199.6
  and other

   Total               177.1     275.4      311.5     1,037.9       1,117.0

 Operating
 Expenses:

  Employee
  compensation and     53.3      81.2       95.4      317.9         360.7
  benefits

  Long-term
  incentive            8.2       10.7       30.4      43.5          79.9
  compensation

  Marketing
  and                  8.6       8.0        9.3       33.1          25.9
  advertising

  Distribution         23.9      36.5       41.2      134.9         141.7

  Depreciation and     9.5       10.1       9.1       40.2          33.8
  amortization

  General,
  administrative and   28.4      35.6       35.9      135.2         125.3
  occupancy

  Restructuring        -         -          -         -             0.4
  and impairments

   Total               131.9     182.1      221.3     704.8         767.7

 Operating             45.2      93.3       90.2      333.1         349.3
 Income

 Interest              (18.9 )   (18.9 )    (18.9 )   (75.5   )     (58.8   )
 expense

 Investment gains      (21.6 )   (32.3 )    3.0       (60.4   )     4.7
 (losses), net

 Other income,         3.0       1.4        9.1       9.6           27.7
 net

 Income tax            (3.3  )   (17.2 )    (28.1 )   (68.8   )     (116.4  )
 provision

 Equity in
 earnings of           2.2       2.5        1.9       9.0           7.2
 unconsolidated
 affiliate

 Minority interest in  1.2       (2.8  )    (5.6  )   (8.6    )     (21.7   )
 consolidated earnings

 Income from
 Continuing            7.8       26.0       51.6      138.4         192.0
 Operations

 Loss from
 Discontinued          -         (0.6  )    (31.9 )   (1.5    )     (75.7   )
 Operations

 Net income            $ 7.8     $          $         $ 136.9       $ 116.3
                                 25.4       19.7

 Diluted weighted
 average shares        156.4     159.6      170.9     160.7         178.6
 outstanding (in
 millions)

 Diluted earnings
 per share:

  Continuing           $         $          $         $ 0.86        $ 1.07
  operations           0.05      0.16       0.30

  Discontinued         -         -          (0.19 )   (0.01   )     (0.42   )
  operations

  Diluted earnings     $         $          $         $ 0.85        $ 0.65
  per share            0.05      0.16       0.12

 Average Assets Under  $         $          $
 Management (in        124.3     182.7      207.6     $ 174.2       $ 190.4
 billions)



JANUS CAPITAL GROUP INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in millions)

                                                 December 31,  December 31,

                                                 2008          2007

 Assets

  Cash and cash equivalents                      $ 282.6       $ 480.7

  Marketable securities                          125.3         210.7

  Other assets                                   236.2         344.9

  Property and equipment, net                    51.1          46.5

  Intangibles and goodwill, net                  2,641.5       2,451.5

  Assets related to discontinued operations      -             29.8

   Total Assets                                  $ 3,336.7     $ 3,564.1

 Liabilities and Stockholders' Equity

  Debt                                           $ 1,128.0     $ 1,127.7

  Other liabilities                              212.5         297.8

  Deferred income taxes                          388.1         404.3

  Liabilities related to discontinued operations -             10.8

  Stockholders' equity                           1,608.1       1,723.5

   Total Liabilities and Stockholders' Equity    $ 3,336.7     $ 3,564.1



UNAUDITED CONDENSED CONSOLIDATED

CASH FLOW INFORMATION

(dollars in millions)

                 Three Months Ended                      Year Ended

                 December     September 30,  December    December    December
                 31,                         31,         31,         31,

Cash provided by 2008         2008           2007        2008        2007
(used in)

 Operating       $ 70.1       $ 87.4         $ 92.3      $           $
 activities                                              238.2       290.8

 Investing       (82.6  )     3.3            (67.1  )    (148.8 )    (103.3 )
 activities

 Financing       (2.5   )     (68.8  )       (149.9 )    (287.5 )    (213.9 )
 activities

Net change       $      )     $ 21.9         $      )    $      )    $      )
during period    (15.0                       (124.7      (198.1      (26.4



JANUS CAPITAL GROUP INC.

ASSETS & FLOWS BY INVESTMENT DISCIPLINE

(dollars in billions)

                         Three Months Ended               Year Ended

                         December  September  December    December    December
                         31, 2008  30, 2008   31, 2007    31, 2008    31, 2007

Growth/Blend

 Beginning of period     $         $          $           $           $
 assets                  66.2      81.8       79.1        83.5        64.4

 Sales                   3.8       5.5        6.3         24.1        20.8

 Redemptions             5.1       6.0        3.7         21.4        15.8

 Net sales               (1.3  )   (0.5  )    2.6         2.7         5.0
 (redemptions)

 Market / fund           (15.4 )   (15.0 )    1.8         (36.7 )     14.0
 performance

 End of period           $         $          $           $           $
 assets                  49.5      66.2       83.5        49.5        83.5

Global/International

 Beginning of period     $         $          $           $           $
 assets                  15.7      21.0       24.4        24.9        18.4

 Sales                   0.5       0.8        2.1         3.4         7.5

 Redemptions             1.3       1.8        1.3         5.8         5.0

 Net sales               (0.8  )   (1.0  )    0.8         (2.4  )     2.5
 (redemptions)

 Market / fund           (4.0  )   (4.3  )    (0.3  )     (11.6 )     4.1
 performance

 End of period           $         $          $           $           $
 assets                  10.9      15.7       24.9        10.9        24.9

Mathematical/Quantitative
(1)

 Beginning of period     $         $          $           $           $
 assets                  55.6      61.3       69.6        69.7        62.3

 Sales                   1.8       6.2        4.0         12.3        15.5

 Redemptions             2.8       6.0        3.9         14.0        13.2

 Net sales               (1.0  )   0.2        0.1         (1.7  )     2.3
 (redemptions)

 Market / fund           (12.2 )   (6.0  )    -           (25.6 )     5.2
 performance

 End of period           $         $          $           $           $
 assets                  42.4      55.6       69.7        42.4        69.7

Fixed Income

 Beginning of period     $ 3.4     $ 3.7      $ 5.2       $ 4.9       $ 4.6
 assets

 Sales                   0.5       0.3        0.2         1.5         1.9

 Redemptions             0.6       0.4        0.5         3.1         1.8

 Net sales               (0.1  )   (0.1  )    (0.3  )     (1.6  )     0.1
 (redemptions)

 Market / fund           (0.1  )   (0.1  )    -           (0.1  )     0.2
 performance

 End of period           $ 3.2     $ 3.4      $ 4.9       $ 3.2       $ 4.9
 assets

Alternatives

 Beginning of period     $ 0.8     $ 1.2      $ 0.6       $ 0.8       $ 0.3
 assets

 Sales                   -         -          0.3         0.8         0.6

 Redemptions             0.2       0.3        -           0.8         -

 Net sales               (0.2  )   (0.3  )    0.3         -           0.6
 (redemptions)

 Market / fund           (0.1  )   (0.2  )    -           (0.3  )     -
 performance

 End of period           $ 0.5     $ 0.8      $ 0.8       $ 0.5       $ 0.8
 assets

Value(2)

 Beginning of period     $         $          $           $           $
 assets                  10.9      10.9       10.6        10.1        10.2

 Sales                   1.7       1.9        0.5         6.3         2.9

 Redemptions             1.3       1.3        0.7         4.0         3.6

 Net sales               0.3       0.6        (0.2  )     2.3         (0.7  )
 (redemptions)

 Market / fund           (2.2  )   (0.6  )    (0.3  )     (3.3  )     0.5
 performance

 End of period           $ 9.1     $          $           $ 9.1       $
 assets                            10.9       10.1                    10.1

Money Market

 Beginning of period     $ 7.9     $          $           $           $ 7.5
 assets                            11.8       18.5        12.8

 Sales                   15.6      28.1       35.7        91.7        116.5

 Redemptions             15.6      32.1       41.4        96.5        111.3

 Net sales               -         (4.0  )    (5.7  )     (5.0  )     5.2
 (redemptions)

 Market / fund           -         -          -           -           -
 performance

 End of period           $ 7.9     $ 7.9      $           $ 7.9       $
 assets                                       12.8                    12.8

Total Company

 Beginning of period     $         $          $           $           $
 assets                  160.5     191.8      208.0       206.7       167.7

 Sales                   23.9      42.8       49.1        140.1       165.8

 Redemptions             26.9      47.9       51.6        145.7       150.8

 Net sales               (3.0  )   (5.1  )    (2.5  )     (5.6  )     15.0
 (redemptions)

 Market / fund           (34.0 )   (26.2 )    1.2         (77.6 )     24.0
 performance

 End of period           $         $          $           $           $
 assets                  123.5     160.5      206.7       123.5       206.7

Total Excluding Money Markets

 Beginning of period     $         $          $           $           $
 assets                  152.7     179.9      189.5       194.0       160.2

 Sales                   8.3       14.7       13.4        48.5        49.3

 Redemptions             11.3      15.8       10.2        49.1        39.5

 Net sales               (3.0  )   (1.1  )    3.2         (0.6  )     9.8
 (redemptions)

 Market / fund           (34.0 )   (26.2 )    1.2         (77.6 )     24.0
 performance

 End of period           $         $          $           $           $
 assets                  115.6     152.7      194.0       115.6       194.0

Each line has been rounded on the schedule individually to increase the accuracy
of the amounts presented. Therefore totals and subtotals may not foot.



Notes:
(1) Represents all assets managed by INTECH Investment Management LLC.
(2) Represents all assets managed by Perkins Investment Management LLC.

Janus Investment Fund ("JIF")                              Lipper Rankings Based on Total Returns as of 12/31/08

                                                           1-Year             3-Year             5-Year             10-Year            Since PM
                                                                                                                                       Inception

                                                                       Rank               Rank               Rank               Rank               Rank
                       PM         Lipper Category          Percentile  /      Percentile  /      Percentile  /      Percentile  /      Percentile  /
                       Inception                           Rank (%)    Total  Rank (%)    Total  Rank (%)    Total  Rank (%)    Total  Rank (%)    Total
                                                                       Funds              Funds              Funds              Funds              Funds

Growth Funds

Janus Twenty           Jan-08     Large-Cap Growth Funds   65          522 /  1           5 /    1           2 /    18          49 /   ‡
Fund (1)                                                               803                679                567                274

Janus Fund             Oct-07     Large-Cap Growth Funds   48          381 /  25          164 /  45          251 /  49          133 /  47          359 /
                                                                       803                679                567                274                778

Janus Orion Fund       Dec-07     Multi-Cap Growth Funds   94          472 /  18          69 /   5           13 /   -           -      94          472 /
                                                                       506                386                320                                   506

Janus Research         Jan-06     Large-Cap Growth Funds   81          648 /  32          216 /  22          121 /  20          54 /   33          222 /
Fund                                                                   803                679                567                274                680

Janus Enterprise       Oct-07     Mid-Cap Growth Funds     39          230 /  16          82 /   7           29 /   65          126 /  31          181 /
Fund                                                                   602                522                419                195                592

Janus Venture          Jan-01     Small-Cap Growth Funds   96          576 /  48          243 /  46          184 /  52          104 /  39          115 /
Fund (1)                                                               603                507                406                202                298

Janus Triton           Jun-06     Small-Cap Growth Funds   37          221 /  6           26 /   -           -      -           -      2           10 /
Fund                                                                   603                507                                                      526

Core Funds

Janus Contrarian       Feb-00     Multi-Cap Core Funds     96          751 /  22          135 /  2           8 /    -           -      14          32 /
Fund                                                                   787                640                455                                   228

Janus Growth and       Nov-07     Large-Cap Core Funds     89          756 /  89          637 /  59          354 /  27          92 /   86          726 /
Income Fund                                                            851                720                606                344                845

Janus Balanced         Apr-05     Mixed-Asset Target       4           17 /   5           16 /   3           7 /    9           13 /   2           4 /
Fund                              Alloc. Mod. Funds                    513                382                273                145                349

Janus Fundamental      Nov-07     Large-Cap Core Funds     91          771 /  81          581 /  25          148 /  15          50 /   85          714 /
Equity Fund                                                            851                720                606                344                845

INTECH Risk-Managed    Feb-03     Multi-Cap Core Funds     28          214 /  41          259 /  13          56 /   -           -      22          91 /
Stock Fund                                                             787                640                455                                   416

Global/International Funds

Janus Overseas                                                         1137               81 /               9 /                37 /               10 /
Fund                   Jun-03     International Funds      96          /      10          865    2           701    11          360    2           659
                                                                       1189

Janus Worldwide        Jun-04     Global Funds             76          355 /  80          288 /  94          271 /  93          131 /  87          258 /
Fund                                                                   471                359                290                140                296

Janus Global Life                 Global                               35 /               24 /               14 /               5 /                19 /
Sciences Fund          Apr-07     Healthcare/Biotechnology 70          49     54          44     33          42     36          13     38          49
                                  Funds

Janus Global           Jan-06     Global Science &         22          21 /   22          20 /   29          23 /   21          5 /    22          20 /
Technology Fund                   Technology Funds                     95                 90                 81                 23                 90

Janus Global           Feb-05     Global Funds             79          372 /  28          100 /  -           -      -           -      10          31 /
Research Fund                                                          471                359                                                      321

Janus Global           Jun-01     Global Funds             24          112 /  47          168 /  61          176 /  -           -      16          32 /
Opportunities Fund                                                     471                359                290                                   205

Value Funds

Perkins Mid Cap                                                        9 /                9 /                6 /                2 /                1 /
Value Fund - Inv       Aug-98     Mid-Cap Value Funds      3           353    4           285    3           212    3           73     2           65
(2)

Perkins Small Cap      Feb-97     Small-Cap Core Funds     1           6 /    4           23 /   12          56 /   10          22 /   5           5 /
Value Fund - Inv (1,2)                                                 775                616                487                221                123

Income Funds

Janus Flexible         May-07     Intermediate Investment  7           39 /   6           24 /   8           29 /   17          34 /   10          52 /
Bond Fund                         Grade Debt                           571                467                394                199                533

Janus High-Yield       Dec-03     High Current Yield Funds 12          55 /   9           34 /   11          35 /   9           17 /   11          35 /
Fund                                                                   466                396                334                201                334

Janus Short-Term       May-07     Short Investment Grade   4           9 /    2           4 /    3           4 /    6           5 /    6           13 /
Bond Fund                         Debt                                 260                213                178                85                 258

Asset Allocation
Funds

Janus Smart            Dec-05     Mixed-Asset Target       84          575 /  19          102 /  -           -      -           -      19          103 /
Portfolio-Growth                  Alloc. Growth Funds                  689                553                                                      548

Janus Smart            Dec-05     Mixed-Asset Target       50          252 /  14          50 /   -           -      -           -      14          50 /
Portfolio-Moderate                Alloc. Mod. Funds                    513                382                                                      382

Janus Smart            Dec-05     Mixed-Asset Target       41          176 /  11          33 /   -           -      -           -      11          33 /
Portfolio-Conservative            Alloc. Cons. Funds                   431                321                                                      321



Data presented reflects past performance, which is no guarantee of future results. Strong rankings are not indicative of positive fund performance. 2008 absolute performance for most funds was 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 S Shares      Lipper Rankings Based on Total Returns as of 12/31/08

                                                 1-Year             3-Year             5-Year             10-Year            Since PM
                                                                                                                             Inception

                                                             Rank               Rank               Rank               Rank               Rank
                       PM         Lipper         Percentile  /      Percentile  /      Percentile  /      Percentile  /      Percentile  /
                       Inception  Category       Rank (%)    Total  Rank (%)    Total  Rank (%)    Total  Rank (%)    Total  Rank (%)    Total
                                                             Funds              Funds              Funds              Funds              Funds

Growth Funds

Forty Fund             Jan-08     Large-Cap      79          628 /  5           30 /   2           9 /    2           5 /    ‡
                                  Growth Funds               803                679                567                274

Mid Cap Growth Fund    Oct-07     Mid-Cap        24          143 /  10          49 /   5           18 /   64          124 /  19          112 /
                                  Growth Funds               602                522                419                195                592

Large Cap Growth Fund  Oct-07     Large-Cap      46          362 /  30          198 /  50          281 /  43          117 /  44          339 /
                                  Growth Funds               803                679                567                274                778

INTECH Risk-Managed    Jan-03     Multi-Cap      60          303 /  73          281 /  69          221 /  -           -      79          237 /
Growth Fund                       Growth Funds               506                386                320                                   300

Orion Fund             Dec-07     Mid-Cap        76          455 /  14          70 /   -           -      -           -      76          455 /
                                  Growth Funds               602                522                                                      602

Small-Mid Growth Fund  Jun-06     Small-Cap      44          260 /  6           29 /   -           -      -           -      4           21 /
                                  Growth Funds               603                507                                                      526

Core Funds

                                  Mixed-Asset                13 /               15 /               9 /                9 /                3 /
Balanced Fund          Apr-05     Target Alloc.  3           513    4           382    4           273    7           145    1           349
                                  Mod. Funds

Growth and Income      Nov-07     Large-Cap      94          800 /  95          683 /  78          468 /  18          60 /   92          773 /
Fund                              Core Funds                 851                720                606                344                845

Fundamental Equity     Nov-07     Large-Cap      90          764 /  81          578 /  26          153 /  16          52 /   87          733 /
Fund                              Core Funds                 851                720                606                344                845

Small Company Value    Mar-02     Small-Cap      34          261 /  32          196 /  40          195 /  -           -      25          98 /
Fund                              Core Funds                 775                616                487                                   404

INTECH Risk-Managed    Jan-03     Multi-Cap      23          180 /  38          239 /  11          48 /   -           -      18          71 /
Core Fund                         Core Funds                 787                640                455                                   407

Contrarian Fund        Aug-05     Multi-Cap      97          763 /  55          350 /  -           -      -           -      26          154 /
                                  Core Funds                 787                640                                                      596

Global/International/
Funds

International Growth              International              1034               23 /               3 /                26 /               4 /
Fund                   Jun-03     Funds          87          /      3           865    1           701    8           360    1           659
                                                             1189

Worldwide Fund         Jun-04     Global Funds   74          345 /  82          292 /  95          274 /  90          126 /  88          261 /
                                                             471                359                290                140                296

International Equity   Nov-06     International  63          743 /  -           -      -           -      -           -      28          279 /
Fund                              Funds                      1189                                                                        1001

INTECH Risk-Managed    May-07     International  29          337 /  -           -      -           -      -           -      31          338 /
International Fund                Funds                      1189                                                                        1096

Global Research Fund   Nov-07     Global Funds   73          341 /  -           -      -           -      -           -      66          303 /
                                                             471                                                                         464

Value Funds

Perkins Mid Cap Value  Dec-02     Mid-Cap Value  3           10 /   4           10 /   4           7 /    -           -      8           14 /
Fund                              Funds                      353                285                212                                   196

INTECH Risk-Managed    Dec-05     Multi-Cap      28          107 /  36          108 /  -           -      -           -      36          108 /
Value Fund                        Value Funds                389                307                                                      307

Alternative Funds

Long/Short Fund        Aug-06     Long/Short     30          29 /   -           -      -           -      -           -      18          9 /
                                  Equity Funds               96                                                                          49

Global Real Estate     Nov-07     Global Real    5           4 /    -           -      -           -      -           -      5           4 /
Fund                              Estate Funds               84                                                                          82

Income Funds

                                  Intermediate               23 /               30 /               39 /               32 /               40 /
Flexible Bond Fund     May-07     Investment     5           571    7           467    10          394    16          199    8           533
                                  Grade Debt

Floating Rate High                Loan                       9 /                                                                         9 /
Income Fund            May-07     Participation  11          81     -           -      -           -      -           -      13          70
                                  Funds

High-Yield Fund        Aug-05     High Current   8           37 /   8           28 /   -           -      -           -      8           30 /
                                  Yield                      466                396                                                      381



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

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

Janus Aspen Series ("JAS") Institutional Shares       Lipper Rankings Based on Total Returns as of 12/31/08

                                                      1-Year             3-Year             5-Year             10-Year            Since PM
                                                                                                                                  Inception

                                                                  Rank               Rank               Rank               Rank               Rank
                      PM         Lipper Category      Percentile  /      Percentile  /      Percentile  /      Percentile  /      Percentile  /
                      Inception                       Rank (%)    Total  Rank (%)    Total  Rank (%)    Total  Rank (%)    Total  Rank (%)    Total
                                                                  Funds              Funds              Funds              Funds              Funds

Growth Funds

Forty Portfolio       Jan-08     VA Large-Cap Growth  81          182 /  2           4 /    2           2 /    2           1 /    ‡
                                                                  224                203                189                70

Large Cap Growth      Oct-07     VA Large-Cap Growth  32          72 /   9           17 /   39          73 /   55          39 /   29          62 /
Portfolio                                                         224                203                189                70                 220

Mid Cap Growth        Oct-07     VA Mid-Cap Growth    40          57 /   16          20 /   9           10 /   56          24 /   25          36 /
Portfolio                                                         143                132                118                42                 143

Core Funds

Balanced Portfolio    Apr-05     VA Mixed-Asset       7           10 /   4           4 /    4           3 /    9           4 /    1           1 /
                                 Target Alloc. Mod.               157                110                75                 45                 99

Growth and Income     Nov-07     VA Large-Cap Core    82          188 /  81          170 /  52          96 /   12          9 /    76          174 /
Portfolio                                                         229                211                185                80                 230

Fundamental Equity    Nov-07     VA Large-Cap Core    88          201 /  74          156 /  24          44 /   13          10 /   82          189 /
Portfolio                                                         229                211                185                80                 230

Global/International
Funds

Worldwide Growth      Jun-04     VA Global            78          83 /   80          66 /   95          69 /   84          31 /   90          70 /
Portfolio                                                         106                82                 72                 36                 77

International Growth  Jun-03     VA International     93          234 /  7           15 /   2           2 /    7           6 /    2           2 /
Portfolio                                                         251                217                195                96                 193

Global Life Sciences  Oct-04     VA                   70          25 /   9           3 /    11          3 /    -           -      7           2 /
Portfolio                        Health/Biotechnology             35                 33                 28                                    32

Global Technology     Jan-06     VA Science &         26          15 /   25          13 /   20          10 /   -           -      25          13 /
Portfolio                        Technology                       57                 53                 50                                    53

Value Funds

Perkins Mid Cap       May-03     VA Mid-Cap Value     3           2 /    2           1 /    4           2 /    -           -      4           2 /
Value Portfolio                                                   83                 74                 62                                    61

Income Funds

Flexible Bond                    VA Intermediate                  2 /                5 /                6 /                2 /                10 /
Portfolio             May-07     Investment Grade     4           64     9           57     11          54     8           25     16          64
                                 Debt



Data presented reflects past performance, which is no guarantee of future results. Strong rankings are not indicative of positive fund performance. 2008 absolute performance for most funds was 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:
‡ In accordance with FINRA regulations, Lipper rankings cannot be publicly disclosed for time periods of less than one year.

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

                                              Overall        Three-Year     Five-Year      Ten-Year
                                              Rating         Rating         Rating         Rating

Fund                    Category              Stars  # of    Stars  # of    Stars  # of    Stars  # of
                                                     Funds          Funds          Funds          Funds

Janus Fund              Large Growth Funds    3      1507    4      1507    3      1243    2      608

Janus Enterprise Fund   Mid-Cap Growth Funds  3      821     4      821     4      674     2      335

Janus Growth and        Large Growth Funds    3      1507    2      1507    3      1243    4      608
Income Fund

Janus Research Fund     Large Growth Funds    3      1507    3      1507    3      1243    3      608

Janus Twenty Fund (1)   Large Growth Funds    4      1507    5      1507    5      1243    3      608

Janus Venture Fund (1)  Small Growth Funds    3      704     3      704     3      574     2      291

Janus Overseas Fund     Foreign Large Growth  4      209     3      209     4      164     4      80
                        Funds

Janus Balanced Fund     Moderate Allocation   5      962     5      962     5      768     4      448
                        Funds

Janus Fundamental       Large Blend Funds     3      1748    2      1748    3      1365    4      683
Equity Fund

Janus Mid Cap Value
Fund - Investor Shares  Mid-Cap Value Funds   5      338     5      338     5      234     5      81
(2)

Janus Small Cap Value
Fund - Investor Shares  Small Value Funds     5      341     5      341     5      269     4      121
(1,2)

Janus Flexible Bond     Intermediate-Term     5      991     5      991     5      857     4      458
Fund                    Bond Funds

Janus High-Yield Fund   High Yield Bond       4      479     5      479     4      405     4      253
                        Funds

Janus Short-Term Bond   Short-Term Bond       5      375     5      375     5      318     4      164
Fund                    Funds

Janus Worldwide Fund    World Stock Funds     2      507     2      507     2      420     1      236

Janus Orion Fund        Specialty-Health      3      170     3      170     3      154     3      52
                        Funds

Janus Global Life       Specialty-Technology  4      238     4      238     4      216     4      74
Sciences Fund           Funds

Janus Global            Mid-Cap Growth Funds  4      821     3      821     4      674            N/A
Technology Fund

INTECH Risk-Managed     Large Blend Funds     4      1748    3      1748    4      1365           N/A
Stock Fund

Janus Contrarian Fund   Large Blend Funds     3      1748    2      1748    4      1365           N/A

Janus Global            World Stock Funds     3      507     3      507     3      420            N/A
Opportunities Fund

Janus Triton Fund       Small Growth Funds    5      704     5      704            N/A            N/A

Janus Global Research   World Stock Funds     3      507     3      507            N/A            N/A
Fund

Janus Smart             Moderate Allocation   3      962     3      962            N/A            N/A
Portfolio-Growth        Funds

Janus Smart             Moderate Allocation   4      962     4      962            N/A            N/A
Portfolio-Moderate      Funds

Janus Smart             Conservative          4      484     4      484            N/A            N/A
Portfolio-Conservative  Allocation Funds

Percent of funds rated 4 / 5 Stars            53.8%          50.0%          61.9%          58.8%



Data presented reflects past performance, which is no guarantee of future results. Strong ratings are not indicative of positive fund performance. 2008 absolute performance for most funds was 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 RatingTMis derived from a
Janus Adviser Series ("JAD") S    weighted average of the performance figures associated
Shares                            with its three-, five-, and ten-year (if applicable)
                                  Morningstar RatingTMmetrics.

                                  Overall       Three-Year    Five-Year     Ten-Year
                                  Rating        Rating        Rating        Rating

Fund           Category           Stars  # of   Stars  # of   Stars  # of   Stars  # of
                                         Funds         Funds         Funds         Funds

Balanced Fund  Moderate           5      962    5      962    5      768    5      448
               Allocation Funds

Fundamental    Large Blend Funds  3      1748   2      1748   3      1365   4      683
Equity Fund

Flexible Bond  Intermediate-Term  4      991    5      991    4      857    4      458
Fund           Bond Funds

Forty Fund     Large Growth       4      1507   4      1507   5      1243   4      608
               Funds

Growth &       Large Growth       3      1507   2      1507   2      1243   4      608
Income Fund    Funds

International  Foreign Large      4      209    4      209    5      164    4      80
Growth Fund    Growth Funds

Large Cap      Large Growth       3      1507   3      1507   3      1243   3      608
Growth Fund    Funds

Mid Cap        Mid-Cap Growth     3      821    4      821    5      674    2      335
Growth Fund    Funds

Worldwide      World Stock Funds  2      507    2      507    2      420    2      236
Fund

Perkins Mid    Mid-Cap Value
Cap Value      Funds              5      338    5      338    5      234           N/A
Fund

INTECH
Risk-Managed   Large Blend Funds  4      1748   3      1748   4      1365          N/A
Core Fund

INTECH         Large Growth
Risk-Managed   Funds              3      1507   2      1507   3      1243          N/A
Growth Fund

Perkins Small
Company Value  Small Value Funds  3      341    3      341    3      269           N/A
Fund

Contrarian     Large Blend Funds  2      1748   2      1748          N/A           N/A
Fund

Orion Fund     Mid-Cap Growth     3      821    3      821           N/A           N/A
               Funds

Small-Mid      Mid-Cap Growth     4      821    4      821           N/A           N/A
Growth Fund    Funds

High-Yield     High Yield Bond    5      479    5      479           N/A           N/A
Fund           Funds

INTECH
Risk-Managed   Large Value Funds  3      1185   3      1185          N/A           N/A
Value Fund

International  Foreign Large             N/A           N/A           N/A           N/A
Equity Fund    Growth Funds

Floating Rate  Bank Loan Funds           N/A           N/A           N/A           N/A
High Income

Global Real    Global Real               N/A           N/A           N/A           N/A
Estate Fund    Estate Funds

Global         World Stock Funds         N/A           N/A           N/A           N/A
Research Fund

Long/Short     Long-Short Funds          N/A           N/A           N/A           N/A
Fund

International  Foreign Large             N/A           N/A           N/A           N/A
Forty Fund     Growth Funds

INTECH
Risk-Managed   Foreign Large             N/A           N/A           N/A           N/A
International  Blend Funds
Fund

Modular
Portfolio      Moderate                  N/A           N/A           N/A           N/A
Construction   Allocation Funds
Fund

Percent of funds rated 4 / 5      44.4%         44.4%         53.8%         66.7%
Stars



Data presented reflects past performance, which is no guarantee of future results. Strong ratings are not indicative of positive fund performance. 2008 absolute performance for most funds was negative. (C) 2008 Morningstar, Inc. All Rights Reserved.

Ratings are for Class S Shares 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 RatingTMis derived from a
Janus Aspen Series ("JAS")           weighted average of the performance figures associated
Institutional Shares                 with its three-, five-, and ten-year (if applicable)
                                     Morningstar RatingTMmetrics.

                                     Overall       Three-Year    Five-Year     Ten-Year
                                     Rating        Rating        Rating        Rating

Fund           Category              Stars  # of   Stars  # of   Stars  # of   Stars  # of
                                            Funds         Funds         Funds         Funds

Balanced Fund  Moderate Allocation   5      962    5      962    5      768    5      448
               Funds

Flexible Bond  Intermediate-Term     5      991    5      991    5      857    5      458
Fund           Bond Funds

Forty Fund     Large Growth Funds    4      1507   4      1507   5      1243   4      608

Fundamental    Large Blend Funds     3      1748   2      1748   3      1365   4      683
Equity Fund

Growth &       Large Growth Funds    3      1507   2      1507   3      1243   4      608
Income Fund

International  Foreign Large Growth  4      209    4      209    5      164    4      80
Growth Fund    Funds

Worldwide      World Stock Funds     2      507    2      507    2      420    2      236
Fund

Large Cap      Large Growth Funds    3      1507   4      1507   3      1243   3      608
Growth Fund

Mid Cap        Mid-Cap Growth Funds  3      821    3      821    4      674    2      335
Growth Fund

Global Life    Specialty-Health      4      170    4      170    4      154           N/A
Sciences Fund  Funds

Global         Specialty-Technology
Technology     Funds                 3      238    4      238    3      216           N/A
Fund

Perkins Mid
Cap Value      Mid-Cap Value Funds   5      338    5      338    5      234           N/A
Fund

Percent of funds rated 4 / 5 Stars   50.0%         66.7%         58.3%         66.7%



Data presented reflects past performance, which is no guarantee of future results. Strong ratings are not indicative of positive fund performance. 2008 absolute performance for most funds was negative. (C) 2008 Morningstar, Inc. All Rights Reserved.

Ratings are for Institutional Shares 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.)

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