Janus Capital Group Inc. Announces Preliminary First Quarter 2009 Results

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Preliminary First Quarter Earnings from Continuing Operations of $0.02 Per Diluted Share, Excluding Expected Goodwill and Intangible Asset Impairment Charges

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Long-Term Net Outflows of $0.9 Billion for the Quarter

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More Than 70% of Firmwide Mutual Funds Outperformed Their Lipper Peer Group Medians for 3 and 5 Years1

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Company Release - 4/23/2009 8:00 AM ET

DENVER--(BUSINESS WIRE)-- Janus Capital Group Inc. ("JCG") (NYSE: JNS) today reported preliminary first quarter net income from continuing operations of $2.7 million, or $0.02 per diluted share, excluding expected goodwill and intangible asset impairment charges, compared with $7.8 million, or $0.05 per diluted share, in the fourth quarter 2008 and $39.0 million, or $0.24 per diluted share, in the first quarter 2008. The company's preliminary operating margin for the first quarter 2009 was 20.2% compared with 25.5% for the fourth quarter 2008 and 31.8% for the first quarter 2008.

Preliminary first quarter 2009 results exclude expected goodwill and intangible asset impairment charges totaling $900 million to $1 billion, or $5.74 to $6.37 loss per diluted share which are non-cash and not deductible for income tax purposes. The impaired assets were originally recognized in connection with the buyout of Janus Capital Management LLC's founder in 2001. JCG assessed goodwill and intangible assets for impairment as a result of lower forecasted results of operations based on continued deterioration in global market conditions and revenues during the first quarter 2009. Final first quarter 2009 results will be released through the filing of JCG's first quarter Form 10-Q which is expected on or before May 11, 2009.

Flows and Assets Under Management

Average assets under management during the first quarter decreased 9% to $113.1 billion compared with $124.3 billion during the fourth quarter 2008. At March 31, 2009, the company's total assets under management were $110.9 billion compared with $123.5 billion at December 31, 2008 and $187.6 billion at March 31, 2008. The decrease in firmwide assets during the first quarter reflects $6.4 billion of net market depreciation, long-term net outflows of $0.9 billion and money market net outflows of $5.3 billion.

Investment Performance

Relative long-term investment performance remained strong with approximately 51%, 73% and 87% 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 March 31, 2009.2 In addition, 55% of firmwide mutual funds have a 4- or 5-star Overall Morningstar RatingTM at March 31, 2009.3

Janus-managed equity mutual funds continue to outperform the majority of peers over longer periods with 38%, 71% and 85% 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 March 31, 2009.2

INTECH's relative investment performance remained strong with 83%, 56%, 86% and 100% of strategies outperforming their respective benchmarks over the one-, three-, five- and 10-year periods, as of March 31, 2009.

Perkins continues to deliver exceptional investment performance with the Mid Cap Value and Small Cap Value mutual funds ranked in the top 11% of their Lipper categories on a one-, three- and five-year total-return basis as of March 31, 2009.4

"Despite continued challenges in the market, we believe our distribution build-out and strong long-term investment performance will translate into market share gains once equity markets recover," said Gary Black CEO.

Financial Discussion

Preliminary Financial Highlights

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

                                             Three Months Ended

                                             March 31,  December 31,  March 31,

                                             2009       2008          2008

Continuing Operations (Investment
Management)

Average Assets (in billions)                 $ 113.1    $ 124.3       $ 189.7

Ending AUM (in billions)                     $ 110.9    $ 123.5       $ 187.6

Revenues                                     $ 170.3    $ 177.1       $ 281.2

Operating Expenses *                         $ 135.9    $ 131.9       $ 191.7

Operating Income *                           $ 34.4     $ 45.2        $ 89.5

Operating Margin *                             20.2  %    25.5  %       31.8  %

Net Income *                                 $ 2.7      $ 7.8         $ 39.0

Diluted Earnings per Share *                 $ 0.02     $ 0.05        $ 0.24

* Preliminary first quarter 2009 results exclude expected goodwill and
intangible asset impairment charges totaling $900 million to $1 billion, or
$5.74 to $6.37 loss per diluted share. The expected impairment charges are
non-cash and not deductible for income tax purposes. Final financial results
for the first quarter 2009, including the expected goodwill and intangible
asset impairment charges, will be included in JCG's Form 10-Q for the quarter
ended March 31, 2009 to be filed on or before May 11, 2009.



Continuing Operations

First quarter 2009 revenues of $170.3 million decreased 39% from first quarter 2008 due to lower average assets under management, driven primarily by declining global markets. Preliminary operating expenses decreased $55.8 million, or 29%, from the first quarter 2008 as a result of a 49% decrease in variable expenses and a 25% decline in both marketing and administrative expenses from cost reductions implemented in the fourth quarter 2008.

"We're on track to realize $40 to $45 million of savings from previously announced cost reduction initiatives," said Greg Frost CFO. "As we move forward, we continue to balance the need to manage expenses in this environment with positioning the firm for growth as markets improve."

Non-operating items for the first quarter 2009 include impairment losses of $6.6 million, or $0.03 per diluted share, primarily on JCG's unconsolidated seed capital investments.

Acquisition

JCG is finalizing the acquisition of an additional 3% interest in INTECH for $25 million. Upon completion, JCG's interest in INTECH will be approximately 92%. The acquisition is pursuant to contractual obligations with the INTECH founders.

Capital and Liquidity

At March 31, 2009, JCG had preliminary stockholders' equity of $1.5 billion, cash and investments of $341 million and $1.1 billion of outstanding debt.

First Quarter 2009 Earnings Call Information

JCG will discuss its results during a conference call on Thursday, April 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.

Janus Capital Group Inc. (JCG) is a global investment firm offering strategies from three individual investment boutiques: Janus Capital Management LLC (Janus), INTECH Investment Management LLC (INTECH) and Perkins Investment Management LLC (Perkins). Each manager employs a research-intensive approach that is distinct within its respective asset class. This multi-boutique approach enables the firm to provide style-specific expertise across an array of strategies, including growth, value and risk-managed equities, fixed income and alternatives through one common distribution platform.

At the end of March 2009, JCG managed $110.9 billion in assets for shareholders, clients and institutions around the globe. Based in Denver, JCG also has offices in London, Tokyo, Hong Kong and Singapore.

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus containing this and other information, please call JCG at (800) 525-3713 or download the file from www.janus.com. Read it carefully before you invest or send money.

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

Funds distributed by Janus Distributors LLC (4/09).

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 JCG's Annual Report on Form 10-K for the year ended December 31, 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.

1 Strong relative performance is not indicative of positive fund returns. Year-to-date absolute performance for some funds is negative. Funds included in the analysis are Janus Retail (JIF), Janus Adviser Series Class S Shares (JAD) and Janus Aspen Series Institutional Shares (JAS). The number of funds in each trust is 26, 23 and 12, respectively. Complete Lipper rankings are based on total returns and are on pages 9 and 10.

2 Strong relative performance is not indicative of positive fund returns. Year-to-date absolute performance for some funds is negative. Funds included in the analysis are JIF, JAD and JAS. The number of funds in each trust is 26, 23 and 12, respectively. Complete Lipper rankings are based on total returns and are on pages 9 and 10.

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 11-13.

4 Rankings are for the "JIF" investor share class only; other classes may have different performance characteristics. See pages 9 and 10 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.

JANUS CAPITAL GROUP INC.
PRELIMINARY AND UNAUDITED
CONSOLIDATED STATEMENTS OF INCOME
EXCLUDING AN EXPECTED GOODWILL IMPAIRMENT CHARGE
(dollars in millions, except per share data or as noted)

                                              Three Months Ended

                                              March 31,  December 31,  March 31,

                                              2009       2008          2008

Revenues:

Investment management fees                    $ 136.8    $ 142.5       $ 225.5

Performance fees                                3.4        1.6           5.6

Shareowner servicing fees and other             30.1       33.0          50.1

Total                                           170.3      177.1         281.2

Operating Expenses:

Employee compensation and benefits              62.2       53.3          91.8

Long-term incentive compensation                13.4       8.2           12.1

Marketing and advertising                       5.6        8.6           7.8

Distribution                                    20.1       23.9          36.3

Depreciation and amortization                   8.9        9.5           9.9

General, administrative and occupancy           25.7       28.4          33.8

Goodwill impairment *                                      -             -

Total                                           135.9      131.9         191.7

Operating Income *                              34.4       45.2          89.5

Interest expense                                (19.9 )    (18.9 )       (18.9 )

Investment losses, net                          (7.2  )    (21.6 )       (9.5  )

Other income, net                               -          3.0           4.2

Income tax provision                            (2.1  )    (3.3  )       (24.5 )

Equity in earnings of unconsolidated            -          2.2           2.0
affiliate

Income from Continuing Operations *             5.2        6.6           42.8

Loss from Discontinued Operations               -          -             (1.6  )

Net income *                                    5.2        6.6           41.2

Noncontrolling interest                         (2.5  )    1.2           (3.8  )

Net income attributable to JCG *              $ 2.7      $ 7.8         $ 37.4

Diluted weighted average shares outstanding     156.9      156.4         164.0
(in millions)

Diluted earnings per share attributable to
JCG common shareholders:

Continuing operations *                       $ 0.02     $ 0.05        $ 0.24

Discontinued operations                         -          -             (0.01 )

Diluted earnings per share *                  $ 0.02     $ 0.05        $ 0.23

Amounts attributable to JCG common
shareholders:

Income from Continuing Operations *           $ 2.7      $ 7.8         $ 39.0

Loss from Discontinued Operations               -          -             (1.6  )

Net income *                                  $ 2.7      $ 7.8         $ 37.4

Average Assets Under Management (in           $ 113.1    $ 124.3       $ 189.7
billions)

*Preliminary first quarter 2009 results exclude expected goodwill and intangible
asset impairment charges totaling $900 million to $1 billion, or $5.74 to $6.37
loss per diluted share. The expected impairment charges are non-cash and not
deductible for income tax purposes. Final financial results for the first
quarter 2009, including the expected goodwill and intangible asset impairment
charges, will be included in JCG's Form 10-Q for the quarter ended March 31,
2009 to be filed on or before May 11, 2009.



JANUS CAPITAL GROUP INC.
PRELIMINARY AND UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in millions)

                                              March 31,  December 31,

                                              2009       2008

Assets

Cash and cash equivalents                     $ 232.1    $ 282.6

Marketable securities                           108.4      125.3

Other assets                                    251.6      236.2

Property and equipment, net                     52.0       51.1

Intangibles and goodwill, net *                 2,639.6    2,641.5

Total Assets *                                $ 3,283.7  $ 3,336.7

Liabilities and Stockholders' Equity

Debt                                          $ 1,128.0  $ 1,128.0

Other liabilities                               241.7      305.6

Deferred income taxes                           390.2      388.1

Stockholders' equity *                          1,523.8    1,515.0

Total Liabilities and Stockholders' Equity *  $ 3,283.7  $ 3,336.7

*Preliminary first quarter 2009 results exclude expected goodwill and
intangible asset impairment charges totaling $900 million to $1 billion,
or $5.74 to $6.37 loss per diluted share. The expected impairment charges
are non-cash and not deductible for income tax purposes. Final financial
results for the first quarter 2009, including the expected goodwill and
intangible asset impairment charges, will be included in JCG's Form 10-Q
for the quarter ended March 31, 2009 to be filed on or before May 11,
2009.



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

                             Three Months Ended

                             March 31,  December 31,  March 31,

Cash provided by (used in):  2009       2008          2008

Operating activities         $ (18.3 )  $ 70.1        $ 1.9

Investing activities           (26.8 )    (82.6 )       (76.4  )

Financing activities           (5.4  )    (2.5  )       (135.9 )

Net change during period     $ (50.5 )  $ (15.0 )     $ (210.4 )



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

                               Three Months Ended

                               March 31, 2009  December 31, 2008  March 31, 2008

Growth/Blend

Beginning of period assets     $ 49.5          $ 66.2             $ 83.5

Sales                            2.4             3.8                5.9

Redemptions                      3.4             5.1                5.6

Net sales (redemptions)          (1.0  )         (1.3  )            0.2

Market / fund performance        (2.0  )         (15.4 )            (6.9  )

End of period assets           $ 46.6          $ 49.5             $ 76.8

Global/International

Beginning of period assets     $ 10.9          $ 15.7             $ 24.9

Sales                            0.5             0.5                1.1

Redemptions                      0.6             1.3                1.8

Net sales (redemptions)          (0.1  )         (0.8  )            (0.7  )

Market / fund performance        (0.1  )         (4.0  )            (2.1  )

End of period assets           $ 10.7          $ 10.9             $ 22.1

Mathematical/Quantitative(1)

Beginning of period assets     $ 42.4          $ 55.6             $ 69.7

Sales                            0.9             1.8                1.8

Redemptions                      1.4             2.8                2.9

Net sales (redemptions)          (0.5  )         (1.0  )            (1.1  )

Market / fund performance        (3.5  )         (12.2 )            (7.5  )

End of period assets           $ 38.3          $ 42.4             $ 61.2

Fixed Income

Beginning of period assets     $ 3.2           $ 3.4              $ 4.9

Sales                            0.8             0.5                0.5

Redemptions                      0.3             0.6                1.6

Net sales (redemptions)          0.5             (0.1  )            (1.1  )

Market / fund performance        -               (0.1  )            -

End of period assets           $ 3.7           $ 3.2              $ 3.8

Alternatives

Beginning of period assets     $ 0.5           $ 0.8              $ 0.8

Sales                            -               -                  0.7

Redemptions                      0.1             0.2                0.1

Net sales (redemptions)          (0.1  )         (0.2  )            0.6

Market / fund performance        (0.1  )         (0.1  )            -

End of period assets           $ 0.4           $ 0.5              $ 1.4

Value(2)

Beginning of period assets     $ 9.1           $ 10.9             $ 10.1

Sales                            1.4             1.7                1.3

Redemptions                      1.1             1.3                0.8

Net sales (redemptions)          0.3             0.3                0.5

Market / fund performance        (0.8  )         (2.2  )            (0.5  )

End of period assets           $ 8.6           $ 9.1              $ 10.1

Money Market

Beginning of period assets     $ 7.9           $ 7.9              $ 12.8

Sales                            3.0             15.6               24.9

Redemptions                      8.3             15.6               25.5

Net sales (redemptions)          (5.3  )         -                  (0.6  )

Market / fund performance        -               -                  -

End of period assets           $ 2.6           $ 7.9              $ 12.2

Total Company

Beginning of period assets     $ 123.5         $ 160.5            $ 206.7

Sales                            9.0             23.9               36.2

Redemptions                      15.2            26.9               38.3

Net sales (redemptions)          (6.2  )         (3.0  )            (2.1  )

Market / fund performance        (6.4  )         (34.0 )            (17.0 )

End of period assets           $ 110.9         $ 123.5            $ 187.6

Total Excluding Money Markets

Beginning of period assets     $ 115.6         $ 152.7            $ 194.0

Sales                            6.0             8.3                11.3

Redemptions                      6.9             11.3               12.8

Net sales (redemptions)          (0.9  )         (3.0  )            (1.5  )

Market / fund performance        (6.4  )         (34.0 )            (17.0 )

End of period assets           $ 108.3         $ 115.6            $ 175.4

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                                        Lipper Rankings Based on Total Returns as of 3/31/2009
("JIF")

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

                        PM                                   Percentile  Rank   Percentile  Rank   Percentile  Rank   Percentile  Rank   Percentile  Rank
                                                                         /                  /                  /                  /                  /

                        Inception  Lipper Category           Rank (%)    Total  Rank (%)    Total  Rank (%)    Total  Rank (%)    Total  Rank (%)    Total
                                                                         Funds              Funds              Funds              Funds              Funds

Growth Funds

Janus Twenty Fund (1)   Jan-08     Large-Cap Growth Funds    76          595 /  1           1 /    1           2 /    31          86 /   44          343 /
                                                                         789                674                563                285                781

Janus Fund              Oct-07     Large-Cap Growth Funds    60          474 /  37          246 /  32          180 /  60          169 /  49          369 /
                                                                         789                674                563                285                761

Janus Orion Fund        Dec-07     Multi-Cap Growth Funds    99          492 /  37          143 /  6           18 /   -           -      97          473 /
                                                                         499                387                323                                   488

Janus Research Fund     Jan-06     Large-Cap Growth Funds    95          747 /  45          299 /  31          173 /  46          130 /  41          271 /
                                                                         789                674                563                285                662

Janus Enterprise Fund   Oct-07     Mid-Cap Growth Funds      65          364 /  22          103 /  12          46 /   74          139 /  39          209 /
                                                                         562                486                398                187                543

Janus Venture Fund (1)  Jan-01     Small-Cap Growth Funds    75          443 /  40          201 /  34          138 /  63          131 /  28          82 /
                                                                         593                506                413                207                292

Janus Triton Fund       Jun-06     Small-Cap Growth Funds    7           40 /   3           11 /   -           -      -           -      1           5 /
                                                                         593                506                                                      515

Core Funds

Janus Contrarian Fund   Feb-00     Multi-Cap Core Funds      99          763 /  74          464 /  8           33 /   -           -      20          44 /
                                                                         772                627                468                                   222

Janus Growth and        Nov-07     Large-Cap Core Funds      67          589 /  74          562 /  34          213 /  33          117 /  54          460 /
Income Fund                                                              888                766                638                360                866

Janus Balanced Fund     Apr-05     Mixed-Asset Target        4           19 /   4           12 /   1           2 /    11          16 /   1           3 /
                                   Alloc. Mod. Funds                     522                391                289                153                353

Janus Fundamental       Nov-07     Large-Cap Core Funds      87          771 /  83          631 /  23          144 /  24          86 /   82          706 /
Equity Fund                                                              888                766                638                360                866

INTECH Risk-Managed     Feb-03     Multi-Cap Core Funds      38          292 /  51          318 /  28          128 /  -           -      32          126 /
Stock Fund                                                               772                627                468                                   398

Global/International
Funds

Janus Overseas Fund     Jun-03     International Funds       50          591 /  3           24 /   1           4 /    5           15 /   1           3 /
                                                                         1203               884                705                367                648

Janus Worldwide Fund    Jun-04     Global Funds              71          351 /  60          228 /  91          268 /  92          140 /  76          227 /
                                                                         494                381                294                152                298

Janus Global Life                  Global                                34 /               18 /               16 /               2 /                12 /
Sciences Fund           Apr-07     Healthcare/Biotechnology  66          51     39          46     36          44     13          15     24          51
                                   Funds

Janus Global            Jan-06     Global Science &          27          22 /   40          31 /   43          30 /   29          6 /    40          31 /
Technology Fund                    Technology Funds                      82                 77                 70                 20                 77

Janus Global Research   Feb-05     Global Funds              61          299 /  25          94 /   -           -      -           -      7           20 /
Fund                                                                     494                381                                                      323

Janus Global            Jun-01     Global Funds              27          133 /  40          150 /  67          196 /  -           -      16          32 /
Opportunities Fund                                                       494                381                294                                   206

Value Funds

Perkins Mid Cap Value   Aug-98     Mid-Cap Value Funds       6           21 /   4           10 /   2           4 /    3           2 /    2           1 /
Fund - Inv (2)                                                           360                292                218                74                 63

Perkins Small Cap                                                        23 /               21 /               52 /               30 /               7 /
Value Fund - Inv (1,    Feb-97     Small-Cap Core Funds      4           758    4           606    11          482    14          228    6           122
2)

Income Funds

Janus Flexible Bond     May-07     Intermediate Investment   6           34 /   4           19 /   7           26 /   19          39 /   6           32 /
Fund                               Grade Debt                            580                480                401                208                535

Janus High-Yield Fund   Dec-03     High Current Yield Funds  13          60 /   13          48 /   13          43 /   9           17 /   14          46 /
                                                                         461                390                335                207                329

Janus Short-Term Bond   May-07     Short Investment Grade    2           4 /    2           4 /    3           4 /    6           5 /    5           12 /
Fund                               Debt                                  259                214                176                89                 254

Asset Allocation Funds

Janus Smart             Dec-05     Mixed-Asset Target        75          508 /  27          145 /  -           -      -           -      14          73 /
Portfolio-Growth                   Alloc. Growth Funds                   682                542                                                      539

Janus Smart             Dec-05     Mixed-Asset Target        32          165 /  15          55 /   -           -      -           -      9           33 /
Portfolio-Moderate                 Alloc. Mod. Funds                     522                391                                                      387

Janus Smart             Dec-05     Mixed-Asset Target        35          150 /  17          54 /   -           -      -           -      10          30 /
Portfolio-Conservative             Alloc. Cons. Funds                    433                336                                                      320

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 some funds is negative.

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

Notes:

(1) Closed to new investors.

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

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



Janus Adviser Series ("JAD") Class S Shares      Lipper Rankings Based on Total Returns as of 3/31/2009

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

                       PM                        Percentile  Rank   Percentile  Rank   Percentile  Rank   Percentile  Rank   Percentile  Rank
                                                             /                  /                  /                  /                  /

                       Inception  Lipper         Rank (%)    Total  Rank (%)    Total  Rank (%)    Total  Rank (%)    Total  Rank (%)    Total
                                  Category                   Funds              Funds              Funds              Funds              Funds

Growth Funds

Forty Fund             Jan-08     Large-Cap      94          735 /  2           12 /   1           3 /    3           7 /    67          522 /
                                  Growth Funds               789                674                563                285                781

Mid Cap Growth Fund    Oct-07     Mid-Cap        48          270 /  13          61 /   7           26 /   73          137 /  26          140 /
                                  Growth Funds               562                486                398                187                543

Large Cap Growth Fund  Oct-07     Large-Cap      59          463 /  41          273 /  40          224 /  51          144 /  46          347 /
                                  Growth Funds               789                674                563                285                761

INTECH Risk-Managed    Jan-03     Multi-Cap      58          288 /  69          267 /  78          252 /  -           -      81          237 /
Growth Fund                       Growth Funds               499                387                323                                   294

Orion Fund             Dec-07     Mid-Cap        91          510 /  20          96 /   -           -      -           -      81          444 /
                                  Growth Funds               562                486                                                      552

Small-Mid Growth Fund  Jun-06     Small-Cap      10          59 /   4           20 /   -           -      -           -      2           8 /
                                  Growth Funds               593                506                                                      515

Core Funds

                                  Mixed-Asset                15 /               11 /               3 /                12 /               2 /
Balanced Fund          Apr-05     Target Alloc.  3           522    3           391    2           289    8           153    1           353
                                  Mod. Funds

Growth and Income      Nov-07     Large-Cap      83          734 /  87          666 /  55          347 /  24          84 /   77          661 /
Fund                              Core Funds                 888                766                638                360                866

Fundamental Equity     Nov-07     Large-Cap      88          776 /  83          633 /  24          153 /  26          92 /   84          726 /
Fund                              Core Funds                 888                766                638                360                866

Small Company Value    Mar-02     Small-Cap      21          158 /  33          196 /  32          152 /  -           -      23          90 /
Fund                              Core Funds                 758                606                482                                   396

INTECH Risk-Managed    Jan-03     Multi-Cap      35          266 /  49          305 /  27          122 /  -           -      26          98 /
Core Fund                         Core Funds                 772                627                468                                   389

Contrarian Fund        Aug-05     Multi-Cap      100         766 /  85          530 /  -           -      -           -      59          338 /
                                  Core Funds                 772                627                                                      572

Global/International/
Funds

International Growth   Jun-03     International  26          308 /  2           15 /   1           1 /    4           12 /   1           1 /
Fund                              Funds                      1203               884                705                367                648

Worldwide Fund         Jun-04     Global Funds   65          320 /  60          229 /  93          273 /  89          136 /  78          232 /
                                                             494                381                294                152                298

International Equity   Nov-06     International  30          361 /  -           -      -           -      -           -      7           66 /
Fund                              Funds                      1203                                                                        989

INTECH Risk-Managed    May-07     International  43          509 /  -           -      -           -      -           -      38          406 /
International Fund                Funds                      1203                                                                        1083

Global Research Fund   Nov-07     Global Funds   60          297 /  -           -      -           -      -           -      48          224 /
                                                             494                                                                         466

Value Funds

Perkins Mid Cap Value  Dec-02     Mid-Cap Value  5           16 /   4           9 /    3           5 /    -           -      8           14 /
Fund                              Funds                      360                292                218                                   192

INTECH Risk-Managed    Dec-05     Multi-Cap      58          210 /  53          154 /  -           -      -           -      56          153 /
Value Fund                        Value Funds                364                291                                                      277

Alternative Funds

Long/Short Fund        Aug-06     Long/Short     43          44 /   -           -      -           -      -           -      22          11 /
                                  Equity Funds               102                                                                         49

Global Real Estate     Nov-07     Global Real    5           4 /    -           -      -           -      -           -      5           4 /
Fund                              Estate Funds               84                                                                          81

Income Funds

                                  Intermediate               24 /               20 /               36 /               35 /               28 /
Flexible Bond Fund     May-07     Investment     5           580    5           480    9           401    17          208    6           535
                                  Grade Debt

High-Yield Fund        Aug-05     High Current   12          52 /   14          54 /   -           -      -           -      17          61 /
                                  Yield                      461                390                                                      376

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 3/31/2009

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

                      PM                               Percentile  Rank   Percentile  Rank   Percentile  Rank   Percentile  Rank   Percentile  Rank
                                                                   /                  /                  /                  /                  /

                      Inception  Lipper Category       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   89          212 /  2           3 /    2           3 /    3           2 /    64          149 /
                                                                   238                211                193                71                 234

Large Cap Growth      Oct-07     VA Large-Cap Growth   56          132 /  25          51 /   36          69 /   63          45 /   37          83 /
Portfolio                                                          238                211                193                71                 229

Mid Cap Growth        Oct-07     VA Mid-Cap Growth     77          110 /  19          24 /   17          19 /   74          31 /   41          55 /
Portfolio                                                          143                128                113                41                 136

Core Funds

Balanced Portfolio    Apr-05     VA Mixed-Asset        3           4 /    2           2 /    2           1 /    11          5 /    1           1 /
                                 Target Alloc. Mod.                184                117                78                 47                 101

Growth and Income     Nov-07     VA Large-Cap Core     33          80 /   52          112 /  20          37 /   11          9 /    21          48 /
Portfolio                                                          242                217                189                84                 237

Fundamental Equity    Nov-07     VA Large-Cap Core     72          173 /  75          163 /  18          34 /   19          16 /   66          156 /
Portfolio                                                          242                217                189                84                 237

Global/International
Funds

Worldwide Growth      Jun-04     VA Global             75          93 /   51          42 /   95          70 /   87          33 /   89          70 /
Portfolio                                                          124                82                 73                 37                 78

International Growth  Jun-03     VA International      43          116 /  3           5 /    2           2 /    6           5 /    2           2 /
Portfolio                                                          269                225                195                97                 189

Global Life Sciences  Oct-04     VA                    95          35 /   65          22 /   11          3 /    -           -      7           2 /
Portfolio                        Health/Biotechnology              36                 33                 28                                    31

Global Technology     Jan-06     VA Science &          55          33 /   37          21 /   40          21 /   -           -      39          22 /
Portfolio                        Technology                        59                 56                 52                                    56

Value Funds

Perkins Mid Cap       May-03     VA Mid-Cap Value      2           1 /    2           1 /    2           1 /    -           -      2           1 /
Value Portfolio                                                    87                 73                 59                                    57

Income Funds

Flexible Bond                    VA Intermediate                   4 /                4 /                4 /                2 /                6 /
Portfolio             May-07     Investment Grade      6           68     7           60     8           56     8           26     10          65
                                 Debt

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 some funds is negative.

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

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

Note:

‡ 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       3      1491   3      1491   3      1229   2      615
                        Funds

Janus Enterprise Fund   Mid-Cap Growth     3      805    4      805    4      673    2      331
                        Funds

Janus Growth and        Large Growth       3      1491   2      1491   3      1229   4      615
Income Fund             Funds

Janus Research Fund     Large Growth       3      1491   3      1491   3      1229   2      615
                        Funds

Janus Twenty Fund (1)   Large Growth       4      1491   5      1491   5      1229   3      615
                        Funds

Janus Venture Fund (1)  Small Growth       3      678    3      678    3      566    2      293
                        Funds

Janus Overseas Fund     Foreign Large      4      212    4      212    5      164    4      82
                        Growth Funds

Janus Balanced Fund     Moderate           5      968    5      968    5      799    4      462
                        Allocation Funds

Janus Fundamental       Large Blend Funds  3      1723   2      1723   3      1371   3      695
Equity Fund

Janus Mid Cap Value     Mid-Cap Value
Fund - Investor Shares  Funds              5      334    5      334    5      239    5      82
(2)

Janus Small Cap Value
Fund - Investor Shares  Small Value Funds  5      349    5      349    5      269    4      126
(1, 2)

Janus Flexible Bond     Intermediate-Term  5      993    5      993    5      856    4      467
Fund                    Bond Funds

Janus High-Yield Fund   High Yield Bond    4      473    4      473    4      405    4      259
                        Funds

Janus Short-Term Bond   Short-Term Bond    5      372    5      372    5      318    4      168
Fund                    Funds

Janus Worldwide Fund    World Stock Funds  2      529    3      529    2      425    2      249

Janus Orion Fund        Health Funds       3      169    3      169    3      154    3      54

Janus Global Life       Technology Funds   4      220    3      220    3      201    4      70
Sciences Fund

Janus Global            Mid-Cap Growth     4      805    3      805    4      673           N/A
Technology Fund         Funds

INTECH Risk-Managed     Large Blend Funds  4      1723   3      1723   4      1371          N/A
Stock Fund

Janus Contrarian Fund   Large Blend Funds  2      1723   1      1723   3      1371          N/A

Janus Global            World Stock Funds  3      529    3      529    3      425           N/A
Opportunities Fund

Janus Triton Fund       Small Growth       5      678    5      678           N/A           N/A
                        Funds

Janus Global Research   World Stock Funds  4      529    4      529           N/A           N/A
Fund

Janus Smart             Moderate           3      968    3      968           N/A           N/A
Portfolio-Growth        Allocation Funds

Janus Smart             Moderate           5      968    5      968           N/A           N/A
Portfolio-Moderate      Allocation Funds

Janus Smart             Conservative       4      489    4      489           N/A           N/A
Portfolio-Conservative  Allocation Funds

Percent of funds rated                     57.7%         50.0%         52.4%         52.9%
4 / 5 Stars

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 some funds
is negative. (C) 2009 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 RatingTM
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      968    5      968    5      799    5      462
               Allocation Funds

Fundamental    Large Blend Funds  3      1723   2      1723   3      1371   3      695
Equity Fund

Flexible Bond  Intermediate-Term  4      993    5      993    4      856    4      467
Fund           Bond Funds

Forty Fund     Large Growth       5      1491   5      1491   5      1229   4      615
               Funds

Growth &       Large Growth       3      1491   2      1491   3      1229   4      615
Income Fund    Funds

International  Foreign Large      5      212    5      212    5      164    5      82
Growth Fund    Growth Funds

Large Cap      Large Growth       3      1491   3      1491   3      1229   3      615
Growth Fund    Funds

Mid Cap        Mid-Cap Growth     3      805    4      805    4      673    2      331
Growth Fund    Funds

Worldwide      World Stock Funds  2      529    3      529    2      425    2      249
Fund

Perkins Mid    Mid-Cap Value
Cap Value      Funds              5      334    5      334    5      239           N/A
Fund

INTECH
Risk-Managed   Large Blend Funds  4      1723   3      1723   4      1371          N/A
Core Fund

INTECH         Large Growth
Risk-Managed   Funds              2      1491   2      1491   2      1229          N/A
Growth Fund

Perkins Small
Company Value  Small Value Funds  3      349    3      349    3      269           N/A
Fund

Contrarian     Large Blend Funds  1      1723   1      1723          N/A           N/A
Fund

Orion Fund     Mid-Cap Growth     3      805    3      805           N/A           N/A
               Funds

Small-Mid      Mid-Cap Growth     4      805    4      805           N/A           N/A
Growth Fund    Funds

High-Yield     High Yield Bond    4      473    4      473           N/A           N/A
Fund           Funds

INTECH
Risk-Managed   Large Value Funds  3      1192   3      1192          N/A           N/A
Value Fund

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

Perkins Large
Cap Value      Large Value Funds         N/A           N/A           N/A           N/A
Fund

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                     44.4%         44.4%         53.8%         55.6%
/ 5 Stars

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 some funds is negative. (C) 2009 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
RatingTM 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           5      968    5      968    5      799    5      462
               Allocation Funds

Flexible Bond  Intermediate-Term  5      993    5      993    5      856    4      467
Fund           Bond Funds

Forty Fund     Large Growth       5      1491   5      1491   5      1229   4      615
               Funds

Fundamental    Large Blend Funds  3      1723   2      1723   4      1371   3      695
Equity Fund

Growth &       Large Growth       4      1491   3      1491   4      1229   4      615
Income Fund    Funds

International  Foreign Large      4      212    4      212    5      164    4      82
Growth Fund    Growth Funds

Worldwide      World Stock Funds  2      529    3      529    2      425    2      249
Fund

Large Cap      Large Growth       4      1491   4      1491   4      1229   3      615
Growth Fund    Funds

Mid Cap        Mid-Cap Growth     3      805    3      805    4      673    2      331
Growth Fund    Funds

Global Life    Health Funds       4      169    3      169    4      154           N/A
Sciences Fund

Global
Technology     Technology Funds   3      220    3      220    3      201           N/A
Fund

Perkins Mid    Mid-Cap Value
Cap Value      Funds              5      334    5      334    5      239           N/A
Fund

Percent of
funds rated 4                     66.7%         50.0%         83.3%         55.6%
/ 5 Stars

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 some funds is negative. (C) 2009 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
RatingTM 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 or Scott Grace, 303-394-7709