Janus Capital Group Inc. Announces Second Quarter 2009 Results, Interim CEO And Capital Raise

Second Quarter Earnings from Continuing Operations of $0.10 Per Diluted Share

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

Long-Term Net Flows of $2.3 Billion for the Quarter

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65%, 84% And 85% of Firmwide Mutual Funds Outperformed Their Lipper Peer Group Medians for 1-, 3- and 5-Years1

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Gary Black Steps Down as CEO; Tim Armour Named Interim CEO

Company Release - 7/14/2009 4:15 PM ET

DENVER--(BUSINESS WIRE)-- Janus Capital Group Inc. ("JCG") (NYSE: JNS) today announced strong second quarter earnings, the appointment of Tim Armour as interim chief executive officer, and the intent to raise capital through a public offering of common stock and convertible debt. A separate press release was issued today providing details about the proposed capital raise.

Second Quarter 2009 Earnings Results

JCG today reported second quarter net income from continuing operations of $15.8 million, or $0.10 per diluted share, compared with a net loss from continuing operations of $818.1 million, or $5.22 per diluted share in the first quarter 2009 and net income from continuing operations of $65.6 million, or $0.40 per diluted share, in the second quarter 2008. First quarter 2009 included a goodwill and intangible asset impairment charge of $856.7 million, or $5.21 per diluted share, a litigation charge of $7.5 million, or $0.03 per diluted share, and a non-operating impairment charge on unconsolidated seed capital investments of $0.03 per diluted share. The company's operating margin for the second quarter 2009 was 23.5% compared with 34.5% for the second quarter 2008.

Appointment of Tim Armour as Interim CEO, Replacing Gary Black

The JCG Board of Directors also announced today that Gary Black has resigned as chief executive officer, effective July 13, 2009. Tim Armour, a Janus Capital Group Director, has been named chief executive officer on an interim basis.

"After much consideration, Gary and the Board have come to the mutual decision that the time is right to bring new leadership to Janus," said Steve Scheid, chairman of the Janus Capital Group Board of Directors. "During Gary's tenure Janus made significant progress on its goals, including strengthening the firm's investment performance and risk-management, revitalizing the Janus brand, generating positive net flows, and building out the firm's product and global distribution platforms. We thank him for his dedication in helping build Janus into a world-class investment organization and wish him well in his future endeavors."

"The firm is in a much stronger place than when I joined, and the time is right for a change," said Black. "Long-term performance is strong, flows have rebounded, we have a broad diversified product platform, and we've built a global distribution footprint across both the intermediary and institutional channels that is gaining market share. I'm proud of the progress Janus has made during the last five years and I am confident that the firm is well positioned to build on that success going forward."

The firm will take a $12.1 million charge, including approximately $6.8 million of cash and $5.3 million of non-cash consideration for the acceleration of Mr. Black's unvested stock, options and mutual fund share awards. The charge will be reflected in the company's third quarter results.

Armour, 60, has more than 20 years of investment industry experience, including 10 years as a senior executive at Morningstar and five years as president of Stein Roe Farnham's mutual fund division. Armour joined the Janus Capital Group Board in March 2008 and served on the Board's strategic planning committee, working closely with Janus' executive leadership on the firm's strategy. Tim will assume day-to-day management of the company and assist the Board with the recruitment of a permanent successor.

"We're bullish about the future of Janus," said CEO Tim Armour. "Despite the challenging economic environment, the fundamentals of our business are strong thanks to strong long-term investment performance, expanded distribution and positive flows. These important achievements position the firm very competitively as we move forward and the market improves."

"Tim's industry experience, combined with his role on the strategic planning committee, will help make this transition seamless," said Scheid. "Importantly, Tim has worked closely with Janus' leadership team, including Janus' co-chief investment officers. We don't anticipate any changes to the investment process or the structure of the investment team, which is serving our shareholders and clients extraordinarily well."

The Janus investment team will continue to report to co-chief investment officers, Jonathan Coleman and Gibson Smith, who have managed Janus' investment team since early 2006 and have been at Janus for 15 and eight years, respectively. INTECH and Perkins Investment Management will continue to be managed independently under their existing leadership structures.

Capital Raise and Tender Offer

JCG also announced today that it intends to concurrently offer $150 million in common shares and $150 million of convertible senior notes due 2014 and that it is offering to repurchase approximately $400 million of the principal amount of outstanding debt in a tender offer.

Flows and Assets Under Management

Average assets under management during the second quarter increased 12.0% to $126.7 billion compared with $113.1 billion during the first quarter 2009. At June 30, 2009, the company's total assets under management were $132.6 billion compared with $110.9 billion at March 31, 2009, and $191.8 billion at June 30, 2008. The increase in firmwide assets during the second quarter reflects $20.0 billion of net market appreciation and long-term net inflows of $2.3 billion.

Investment Performance

Relative long-term investment performance remained strong with approximately 65%, 84% and 85% 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 June 30, 2009.2 In addition, 64% of firmwide mutual funds have a 4- or 5-star Overall Morningstar RatingTM at June 30, 2009.3

Janus-managed equity mutual funds continue to outperform the majority of peers with 61%, 88% and 82% 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 June 30, 2009.2

INTECH's near-term relative investment performance was weak, while longer-term performance remained strong with 33%, 56%, 86% of strategies outperforming their respective benchmarks over the one-, three- and five-year periods, as of June 30, 2009.

Perkins continues to deliver exceptional investment performance with the Mid Cap Value Fund ranked in the top 16% and Small Cap Value Fund ranked in the top 10% of their respective Lipper categories across the one-, three- and five-year periods on a total-return basis as of June 30, 2009.4

Financial Highlights

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

                                               Three Months Ended

                                               June 30,   March 31,    June 30,

                                               2009       2009         2008

Continuing Operations (Investment Management)

Average Assets (in billions)                   $ 126.7    $ 113.1      $ 200.1

Ending AUM (in billions)                       $ 132.6    $ 110.9      $ 191.8

Revenues                                       $ 200.2    $ 170.3      $ 304.2

Operating Expenses *                           $ 153.2    $ 1,000.1    $ 199.1

Operating Income (Loss) *                      $ 47.0     $ (829.8  )  $ 105.1

Operating Margin *                             23.5    %  -487.3    %  34.5    %

Net Income (Loss) *                            $ 15.8     $ (818.1  )  $ 65.6

Diluted Earnings (Loss) per Share *            $ 0.10     $ (5.22   )  $ 0.40

* First quarter 2009 results include goodwill and intangible asset impairment
charges totaling $856.7 million, or $5.21 loss per diluted share. The intangible
asset impairment charge has an associated non-cash tax benefit of $40.6 million.



Second quarter 2009 revenues of $200.2 million increased 17.6% from first quarter 2009 from higher average assets under management, driven primarily by improving global markets and mutual fund performance fees. Quarter-over-quarter operating expenses, excluding the first quarter 2009 goodwill and intangible asset impairment and litigation charges, increased in the second quarter as a result of higher revenue-based expenses and costs associated with the previously announced July 2009 merger of two of JCG's domestic mutual fund trusts.

Capital and Liquidity

At June 30, 2009, JCG had stockholders' equity of $718 million, cash and investments of $331 million and $1.1 billion of outstanding debt.

Second Quarter 2009 Earnings Call Information

JCG will discuss its results during a conference call on Tuesday, July 14 at 5:30 p.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 June 2009, JCG managed $132.6 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.

This presentation should not be considered sales material and is not an offer or a solicitation for any securities. Performance information in this material is based on assets that existed prior to the previously announced July 6, 2009 JCG domestic mutual fund trust merger.

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

Funds distributed by Janus Distributors LLC (6/09).

Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", "may increase", "may fluctuate", "forecast" and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements. These statements are based on the beliefs and assumptions of Company management based on information currently available to management.

Various risks, uncertainties, assumptions and factors that could cause future results to differ materially from those expressed by the forward-looking statements included in this press release include, but are not limited to, risks associated with the appointment of an interim CEO and our ability to identify a permanent CEO and resulting potential disruptions to the Company and our business, risks associated with our proposed capital raising transaction and related debt tender offer, including whether such offers and tender offers will be successful and on what terms they may be completed, and other risks, uncertainties, assumptions and factors specified in the Company's Annual Report on Form 10-K for the year ended December 31, 2008 included under headings such as "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and in other filings and furnishings made by the Company with the SEC from time to time. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. Many of these factors are beyond the control of the Company and its management. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Except for the Company's ongoing obligations to disclose material information under the federal securities laws, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required by law.

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, 24 and 12, respectively. Complete Lipper rankings are based on total returns and are on pages 12 and 13.

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, 24 and 12, respectively. Complete Lipper rankings are based on total returns and are on pages 12 and 13.

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 14-16.

4 Rankings are for the "JIF" investor share class only; other classes may have different performance characteristics. See pages 11 and 12 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.

UNAUDITED

CONSOLIDATED STATEMENTS OF INCOME

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

                                                Three Months Ended

                                                June 30,   March 31,   June 30,

                                                2009       2009        2008

Revenues:

Investment management fees                      $ 159.8    $ 136.8     $ 239.8

Performance fees                                6.5        3.4         11.6

Shareowner servicing fees and other             33.9       30.1        52.8

Total                                           200.2      170.3       304.2

Operating Expenses:

Employee compensation and benefits              66.2       62.2        91.6

Long-term incentive compensation                14.0       13.4        12.5

Marketing and advertising                       8.2        5.6         8.7

Distribution                                    25.4       20.1        38.2

Depreciation and amortization                   8.0        8.9         10.7

General, administrative and occupancy           31.4       33.2        37.4

Goodwill impairment *                           -          856.7       -

Total                                           153.2      1,000.1     199.1

Operating income (loss) *                       47.0       (829.8   )  105.1

Interest expense                                (19.7   )  (19.9    )  (18.8   )

Investment gains (losses), net                  0.3        (7.2     )  3.0

Other income, net                               0.4        -           1.0

Income tax provision *                          (8.8    )  41.3        (23.8   )

Equity in earnings of unconsolidated affiliate  -          -           2.3

Income (loss) from Continuing Operations *      19.2       (815.6   )  68.8

Income from Discontinued Operations             -          -           0.7

Net income (loss) *                             19.2       (815.6   )  69.5

Noncontrolling interest                         (3.4    )  (2.5     )  (3.2    )

Net income (loss) attributable to JCG *         $ 15.8     $ (818.1 )  $ 66.3

Diluted weighted average shares outstanding     158.9      156.6       162.4
(in millions)

Diluted earnings (loss) per share
attributable to JCG common shareholders:

Continuing operations *                         $ 0.10     $ (5.22  )  $ 0.40

Discontinued operations                         -          -           0.00

Diluted earnings per share *                    $ 0.10     $ (5.22  )  $ 0.41

Amounts attributable to JCG common
shareholders:

Income (loss) from Continuing Operations *      $ 15.8     $ (818.1 )  $ 65.6

Income from Discontinued Operations             -          -           0.7

Net income *                                    $ 15.8     $ (818.1 )  $ 66.3

Average Assets Under Management (in billions)   $ 126.7    $ 113.1     $ 200.1

* First quarter 2009 results include non-cash goodwill and intangible asset
impairment charges totaling $856.7 million,
or $5.21 loss per diluted share. The intangible asset impairment charge has an
associated non-cash tax benefit of
$40.6 million.



JANUS CAPITAL GROUP INC.

PRELIMINARY AND UNAUDITED

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in millions)

                                            June 30,   December 31,

                                            2009       2008

Assets

Cash and cash equivalents                   $ 218.7    $ 282.6

Marketable securities                       112.1      125.3

Other assets                                260.6      236.2

Property and equipment, net                 53.3       51.1

Intangibles and goodwill, net               1,780.0    2,641.5

Total Assets                                $ 2,424.7  $ 3,336.7

Liabilities and Stockholders' Equity

Debt                                        $ 1,106.1  $ 1,128.0

Other liabilities                           248.1      303.8

Deferred income taxes                       352.4      388.1

Stockholders' equity                        718.1      1,516.8

Total Liabilities and Stockholders' Equity  $ 2,424.7  $ 3,336.7



UNAUDITED CONDENSED CASH FLOW INFORMATION

CONTINUING OPERATIONS

(dollars in millions)

                             Three Months Ended

                             June 30,   March 31,  June 30,

Cash provided by (used in):  2009       2009       2008

Operating activities         $ 47.4     $ (27.4 )  $ 78.8

Investing activities         (27.6   )  (17.6   )  6.9

Financing activities         (33.2   )  (5.5    )  (80.3  )

Net change during period     $ (13.4 )  $ (50.5 )  $ 5.4



JANUS CAPITAL GROUP INC.

ASSETS & FLOWS BY INVESTMENT DISCIPLINE

(dollars in billions)

                              Three Months Ended

                              June 30, 2009  March 31, 2009  June 30, 2008

Growth/Blend

 Beginning of period assets   $ 46.6         $ 49.5          $ 76.8

 Sales                        3.3            2.4             8.9

 Redemptions                  2.6            3.4             4.7

 Net sales (redemptions)      0.7            (1.0    )       4.2

 Market / fund performance    9.1            (2.0    )       0.9

 End of period assets         $ 56.4         $ 46.6          $ 81.8

Global/International

 Beginning of period assets   $ 10.7         $ 10.9          $ 22.1

 Sales                        1.2            0.5             1.0

 Redemptions                  0.5            0.6             0.9

 Net sales (redemptions)      0.7            (0.1    )       0.1

 Market / fund performance    3.3            (0.1    )       (1.2    )

 End of period assets         $ 14.7         $ 10.7          $ 21.0

Mathematical(1)

 Beginning of period assets   $ 38.3         $ 42.4          $ 61.2

 Sales                        1.6            0.9             2.5

 Redemptions                  1.8            1.4             2.3

 Net sales (redemptions)      (0.2    )      (0.5    )       0.2

 Market / fund performance    5.7            (3.5    )       -

 End of period assets         $ 43.8         $ 38.3          $ 61.3

Fixed Income

 Beginning of period assets   $ 3.7          $ 3.2           $ 3.8

 Sales                        0.9            0.8             0.2

 Redemptions                  0.5            0.3             0.5

 Net sales (redemptions)      0.4            0.5             (0.2    )

 Market / fund performance    0.3            -               -

 End of period assets         $ 4.4          $ 3.7           $ 3.7

Alternatives

 Beginning of period assets   $ 0.4          $ 0.5           $ 1.4

 Sales                        -              -               0.1

 Redemptions                  0.1            0.1             0.2

 Net sales (redemptions)      (0.1    )      (0.1    )       -

 Market / fund performance    -              (0.1    )       (0.1    )

 End of period assets         $ 0.3          $ 0.4           $ 1.2

Value(2)

 Beginning of period assets   $ 8.6          $ 9.1           $ 10.1

 Sales                        1.4            1.4             1.5

 Redemptions                  0.6            1.1             0.6

 Net sales (redemptions)      0.8            0.3             0.9

 Market / fund performance    1.6            (0.8    )       -

 End of period assets         $ 11.0         $ 8.6           $ 10.9

Money Market

 Beginning of period assets   $ 2.6          $ 7.9           $ 12.2

 Sales                        0.2            3.0             23.0

 Redemptions                  0.8            8.3             23.4

 Net sales (redemptions)      (0.6    )      (5.3    )       (0.4    )

 Market / fund performance    -              -               -

 End of period assets         $ 2.0          $ 2.6           $ 11.8

Total Company

 Beginning of period assets   $ 110.9        $ 123.5         $ 187.6

 Sales                        8.6            9.0             37.2

 Redemptions                  6.9            15.2            32.6

 Net sales (redemptions)      1.7            (6.2    )       4.6

 Market / fund performance    20.0           (6.4    )       (0.4    )

 End of period assets         $ 132.6        $ 110.9         $ 191.8

Total Excluding Money Market

 Beginning of period assets   $ 108.3        $ 115.6         $ 175.4

 Sales                        8.4            6.0             14.2

 Redemptions                  6.1            6.9             9.2

 Net sales (redemptions)      2.3            (0.9    )       5.0

 Market / fund performance    20.0           (6.4    )       (0.4    )

 End of period assets         $ 130.6        $ 108.3         $ 179.9

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



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 6/30/09

                                                            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 Fund (1)   Jan-08     Large-Cap Growth Funds   81          681 /  1           1 /    1           2 /    12          36 /   26          209 /
                                                                        841                717                602                313                815

Janus Fund              Oct-07     Large-Cap Growth Funds   42          347 /  35          250 /  49          294 /  65          201 /  46          365 /
                                                                        841                717                602                313                799

Janus Orion Fund        Dec-07     Multi-Cap Growth Funds   90          409 /  20          71 /   3           9 /    -           -      75          324 /
                                                                        458                365                306                                   434

Janus Research Fund     Jan-06     Large-Cap Growth Funds   57          473 /  13          89 /   9           53 /   37          114 /  14          92 /
                                                                        841                717                602                313                693

Janus Enterprise Fund   Oct-07     Mid-Cap Growth Funds     46          238 /  16          71 /   10          37 /   77          137 /  26          128 /
                                                                        522                457                376                179                496

Janus Venture Fund (1)  Jan-01     Small-Cap Growth Funds   24          138 /  18          86 /   24          97 /   60          127 /  22          64 /
                                                                        578                498                412                214                291

Janus Triton Fund       Jun-06     Small-Cap Growth Funds   4           19 /   2           5 /    -           -      -           -      2           5 /
                                                                        578                498                                                      498

Core Funds

Janus Growth and        Nov-07     Large-Cap Core Funds     40          370 /  57          458 /  25          163 /  29          107 /  38          332 /
Income Fund                                                             936                809                673                379                890

Janus Contrarian Fund   Feb-00     Multi-Cap Core Funds     88          661 /  17          102 /  3           12 /   -           -      16          32 /
                                                                        755                610                454                                   203

Janus Balanced Fund     Apr-05     Mixed-Asset Target       3           11 /   1           3 /    2           3 /    11          15 /   1           2 /
                                   Alloc. Mod. Funds                    524                388                295                147                342

Janus Fundamental       Nov-07     Large-Cap Core Funds     70          647 /  64          516 /  18          117 /  19          71 /   63          560 /
Equity Fund                                                             936                809                673                379                890

INTECH Risk-Managed     Feb-03     Multi-Cap Core Funds     53          396 /  68          414 /  46          205 /  -           -      45          164 /
Stock Fund                                                              755                610                454                                   366

Global/International
Funds

Janus Overseas Fund     Jun-03     International Funds      8           90 /   1           8 /    1           1 /    3           9 /    1           1 /
                                                                        1237               935                711                378                643

Janus Worldwide Fund    Apr-09     Global Funds             19          96 /   45          170 /  69          201 /  87          132 /  ***         0
                                                                        524                381                294                152

Janus Global Life                  Global                               36 /               20 /               21 /               4 /                8 /
Sciences Fund           Apr-07     Healthcare/Biotechnology 72          49     45          44     49          42     25          15     16          49
                                   Funds

Janus Global            Jan-06     Global Science &         33          26 /   22          16 /   27          18 /   46          10 /   28          20 /
Technology Fund                    Technology Funds                     78                 73                 67                 21                 73

Janus Global Research   Feb-05     Global Funds             51          264 /  10          38 /   -           -      -           -      6           18 /
Fund                                                                    524                381                                                      318

Janus Global            Apr-09     Global Funds             6           31 /   24          88 /   61          179 /  -           -      ***         0
Opportunities Fund                                                      524                381                294

Value Funds

Perkins Mid Cap Value   Aug-98     Mid-Cap Value Funds      16          45 /   4           8 /    3           5 /    2           1 /    2           1 /
Fund - Inv(1)                                                           291                235                179                63                 52

Perkins Small Cap       Feb-97     Small-Cap Core Funds     1           6 /    2           7 /    10          46 /   14          33 /   5           6 /
Value Fund - Inv*(1)                                                    768                617                503                242                130

Income Funds

Janus Flexible Bond     May-07     Intermediate Investment  6           29 /   6           26 /   6           23 /   21          44 /   7           35 /
Fund                               Grade Debt                           566                462                395                210                511

Janus High-Yield Fund   Dec-03     High Current Yield Funds 8           35 /   19          74 /   18          60 /   10          20 /   18          55 /
                                                                        462                392                333                202                322

Janus Short-Term Bond   May-07     Short Investment Grade   1           1 /    2           3 /    3           4 /    9           8 /    3           7 /
Fund                               Debt                                 255                210                175                90                 248

Asset Allocation Funds

Janus Smart             Dec-05     Mixed-Asset Target       63          414 /  7           35 /   -           -      -           -      6           29 /
Portfolio-Growth                   Alloc. Growth Funds                  661                536                                                      521

Janus Smart             Dec-05     Mixed-Asset Target       24          121 /  3           8 /    -           -      -           -      5           16 /
Portfolio-Moderate                 Alloc. Mod. Funds                    524                388                                                      376

Janus Smart             Dec-05     Mixed-Asset Target       20          83 /   3           9 /    -           -      -           -      2           6 /
Portfolio-Conservative             Alloc. Cons. Funds                   422                345                                                      314



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 6/30/09

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

                       PM                                   Rank               Rank               Rank               Rank               Rank
                                  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     86          720 /  1           4 /    1           3 /    2           6 /    43          346 /
                                  Growth Funds              841                717                602                313                815

Mid Cap Growth Fund    Oct-07     Mid-Cap       36          187 /  10          45 /   6           21 /   75          135 /  19          94 /
                                  Growth Funds              522                457                376                179                496

Large Cap Growth Fund  Oct-07     Large-Cap     41          343 /  42          301 /  56          335 /  53          166 /  45          357 /
                                  Growth Funds              841                717                602                313                799

INTECH Risk-Managed    Jan-03     Multi-Cap     60          274 /  70          254 /  82          251 /  -           -      80          221 /
Growth Fund                       Growth Funds              458                365                306                                   277

Orion Fund             Dec-07     Mid-Cap       55          285 /  11          49 /   -           -      -           -      54          272 /
                                  Growth Funds              522                457                                                      503

Small-Mid Growth Fund  Jun-06     Small-Cap     5           26 /   2           9 /    -           -      -           -      2           9 /
                                  Growth Funds              578                498                                                      498

Core Funds

                                  Mixed-Asset               12 /               4 /                4 /                14 /               3 /
Balanced Fund          Apr-05     Target Alloc. 3           524    2           388    2           295    10          147    1           342
                                  Mod. Funds

Growth and Income      Nov-07     Large-Cap     64          597 /  76          610 /  42          279 /  21          77 /   63          557 /
Fund                              Core Funds                936                809                673                379                890

Fundamental Equity     Nov-07     Large-Cap     71          662 /  66          527 /  19          127 /  23          84 /   69          614 /
Fund                              Core Funds                936                809                673                379                890

Small Company Value    Mar-09     Small-Cap     13          94 /   31          188 /  28          141 /  -           -      ***
Fund                              Core Funds                768                617                503

INTECH Risk-Managed    Jan-03     Multi-Cap     48          357 /  67          407 /  44          196 /  -           -      35          124 /
Core Fund                         Core Funds                755                610                454                                   357

Contrarian Fund        Aug-05     Multi-Cap     92          690 /  38          229 /  -           -      -           -      17          90 /
                                  Core Funds                755                610                                                      541

Global/International/
Funds

International Growth   Jun-03     International 8           96 /   1           7 /    1           1 /    3           8 /    1           2 /
Fund                              Funds                     1237               935                711                378                643

Worldwide Fund         Apr-09     Global Funds  8           39 /   26          96 /   53          155 /  76          115 /  ***
                                                            524                381                294                152

International Equity   Nov-06     International 15          179 /  -           -      -           -      -           -      2           18 /
Fund                              Funds                     1237                                                                        979

INTECH Risk-Managed    May-07     International 62          761 /  -           -      -           -      -           -      48          513 /
International Fund                Funds                     1237                                                                        1070

International Forty    May-08     International 50          616 /  -           -      -           -      -           -      30          355 /
Fund                              Funds                     1237                                                                        1207

Global Research Fund   Nov-07     Global Funds  56          294 /  -           -      -           -      -           -      43          195 /
                                                            524                                                                         461

Value Funds

Perkins Mid Cap Value  Dec-02     Mid-Cap Value 15          41 /   2           4 /    3           4 /    -           -      8           12 /
Fund                              Funds                     291                235                179                                   155

INTECH Risk-Managed    Dec-05     Multi-Cap     54          187 /  60          168 /  -           -      -           -      60          156 /
Value Fund                        Value Funds               346                283                                                      259

Alternative Funds

Long/Short Fund        Aug-06     Long/Short    46          47 /   -           -      -           -      -           -      30          14 /
                                  Equity Funds              103                                                                         47

Global Real Estate     Nov-07     Global Real   5           4 /    -           -      -           -      -           -      4           3 /
Fund                              Estate Funds              81                                                                          74

Income Funds

                                  Intermediate              22 /               30 /               29 /               42 /               35 /
Flexible Bond Fund     May-07     Investment    4           566    7           462    8           395    20          210    7           511
                                  Grade Debt

High-Yield Fund        Aug-05     High Current  14          64 /   27          103 /  -           -      -           -      27          99 /
                                  Yield                     462                392                                                      369



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 6/30/09

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

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

Growth Funds

Forty Portfolio       Jan-08     VA Large-Cap Growth  87          206 /  1           1 /    1           1 /    3           2 / 76  31          70 /
                                                                  236                213                192                                    229

Janus Portfolio       Oct-07     VA Large-Cap Growth  37          86 /   32          68 /   58          111 /  62          47 /    36          80 /
                                                                  236                213                192                76                  224

Enterprise Portfolio  Oct-07     VA Mid-Cap Growth    59          80 /   12          15 /   9           9 /    73          31 /    23          29 /
                                                                  136                124                111                42                  129

Core Funds

Balanced Portfolio    Apr-05     VA Mixed-Asset       2           3 /    1           1 /    3           2 /    13          6 / 47  2           1 /
                                 Target Alloc. Mod.               185                120                78                                     95

Growth and Income     Nov-07     VA Large-Cap Core    21          48 /   30          62 /   14          24 /   11          9 / 87  17          37 /
Portfolio                                                         230                207                182                                    221

Fundamental Equity    Nov-07     VA Large-Cap Core    65          149 /  56          116 /  15          27 /   16          14 /    53          117 /
Portfolio                                                         230                207                182                87                  221

Global/International
Funds

Worldwide Growth      Apr-09     VA Global            29          36 /   39          34 /   82          60 /   87          31 /    ***         0
Portfolio                                                         125                88                 73                 35

International Growth  Jun-03     VA International     4           10 /   1           2 /    1           1 /    3           2 / 97  1           1 /
Portfolio                                                         275                232                193                                    185

Global Life Sciences  Oct-04     VA                   95          36 /   43          15 /   19          6 /    -           -       16          5 /
Portfolio                        Health/Biotechnology             37                 34                 31                                     31

Global Technology     Jan-06     VA Science &         37          21 /   26          14 /   16          8 /    -           -       28          15 /
Portfolio                        Technology                       57                 54                 52                                     54

Value Funds

Perkins Mid Cap       May-03     VA Mid-Cap Value     6           4 /    2           1 /    2           1 /    -           -       2           1 /
Value Portfolio                                                   76                 63                 52                                     49

Income Funds

Flexible Bond                    VA Intermediate                  7 /                11 /               11 /                                   9 /
Portfolio             May-07     Investment Grade     10          73     17          67     19          60     18          5 / 28  13          69
                                 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     1565   4     1565   3     1294   2     663
                        Funds

Janus Enterprise Fund   Mid-Cap Growth     3     794    4     794    4     658    2     331
                        Funds

Janus Growth and        Large Growth       3     1565   2     1565   3     1294   4     663
Income Fund             Funds

Janus Research Fund     Large Growth       3     1565   3     1565   3     1294   2     663
                        Funds

Janus Twenty Fund (1)   Large Growth       4     1565   5     1565   5     1294   3     663
                        Funds

Janus Venture Fund (1)  Small Growth       3     687    3     687    3     573    2     310
                        Funds

Janus Overseas Fund     Foreign Large      5     226    5     226    5     172    4     89
(1)                     Growth Funds

Janus Balanced Fund     Moderate           5     960    5     960    5     793    5     453
                        Allocation Funds

Janus Fundamental       Large Growth       4     1565   2     1565   4     1294   4     663
Equity Fund             Funds

Janus Mid Cap Value     Mid-Cap Value
Fund - Investor Shares  Funds              5     332    5     332    5     245    5     87
(2)

Janus Small Cap Value
Fund - Investor Shares  Small Value Funds  5     318    5     318    5     242    4     117
(1,2)

Janus Flexible Bond     Intermediate-Term  5     983    5     983    5     860    4     476
Fund                    Bond Funds

Janus High-Yield Fund   High Yield Bond    4     478    4     478    4     404    4     252
                        Funds

Janus Short-Term Bond   Short-Term Bond    5     358    5     358    5     301    4     157
Fund                    Funds

Janus Worldwide Fund    World Stock Funds  2     544    3     544    2     446    2     253

Janus Orion Fund        Health Funds       3     159    3     159    3     146    2     59

Janus Global Life       Technology Funds   4     215    4     215    4     194    4     75
Sciences Fund

Janus Global            Mid-Cap Growth     4     794    3     794    4     658          N/A
Technology Fund         Funds

INTECH Risk-Managed     Large Blend Funds  4     1740   3     1740   4     1363         N/A
Stock Fund

Janus Contrarian Fund   Large Blend Funds  4     1740   2     1740   5     1363         N/A

Janus Global            World Stock Funds  3     544    4     544    3     446          N/A
Opportunities Fund

Janus Triton Fund       Small Growth       5     687    5     687          N/A          N/A
                        Funds

Janus Global Research   World Stock Funds  4     544    4     544          N/A          N/A
Fund

Janus Smart             Moderate           4     960    4     960          N/A          N/A
Portfolio-Growth        Allocation Funds

Janus Smart             Moderate           5     960    5     960          N/A          N/A
Portfolio-Moderate      Allocation Funds

Janus Smart             Conservative       5     485    5     485          N/A          N/A
Portfolio-Conservative  Allocation Funds

Percent of funds rated 4 / 5 Stars         69.2%        65.4%        66.7%        58.8%



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 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
Shares                            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

Balanced Fund  Moderate           5     960    5     960    5     793    5     453
               Allocation Funds

Fundamental    Large Growth       4     1565   2     1565   4     1294   4     663
Equity Fund    Funds

Flexible Bond  Intermediate-Term  5     983    5     983    5     860    4     476
Fund           Bond Funds

Forty Fund     Large Growth       5     1565   5     1565   5     1294   4     663
               Funds

Growth &       Large Growth       3     1565   2     1565   3     1294   4     663
Income Fund    Funds

International  Foreign Large      5     226    5     226    5     172    5     89
Growth Fund    Growth Funds

Large Cap      Large Growth       3     1565   3     1565   3     1294   3     663
Growth Fund    Funds

Mid Cap        Mid-Cap Growth     3     794    4     794    4     658    2     331
Growth Fund    Funds

Worldwide      World Stock Funds  3     544    4     544    3     446    2     253
Fund

Perkins Mid    Mid-Cap Value
Cap Value      Funds              5     332    5     332    5     245          N/A
Fund

INTECH
Risk-Managed   Large Blend Funds  4     1740   3     1740   4     1363         N/A
Core Fund

INTECH         Large Growth
Risk-Managed   Funds              2     1565   2     1565   2     1294         N/A
Growth Fund

Perkins Small
Company Value  Small Value Funds  3     318    3     318    3     242          N/A
Fund

Contrarian     Large Blend Funds  2     1740   2     1740         N/A          N/A
Fund

Orion Fund     Mid-Cap Growth     3     794    3     794          N/A          N/A
               Funds

Small-Mid      Mid-Cap Growth     5     794    5     794          N/A          N/A
Growth Fund    Funds

High-Yield     High Yield Bond    4     478    4     478          N/A          N/A
Fund           Funds

INTECH
Risk-Managed   Large Value Funds  3     1154   3     1154         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 / 5      50.0%        50.0%        61.5%        66.7%
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 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
Institutional Shares          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

Balanced    Moderate           5     960    5     960    5     793    5     453
Fund        Allocation Funds

Flexible    Intermediate-Term  5     983    5     983    5     860    5     476
Bond Fund   Bond Funds

Forty Fund  Large Growth       5     1565   5     1565   5     1294   4     663
            Funds

Research    Large Growth       4     1565   2     1565   4     1294   4     663
Core Fund   Funds

Growth &    Large Growth
Income      Funds              4     1565   3     1565   4     1294   4     663
Fund

Overseas    Foreign Large      5     226    5     226    5     172    5     89
Fund        Growth Funds

Worldwide   World Stock Funds  2     544    3     544    2     446    2     253
Fund

Janus Fund  Large Growth       3     1565   4     1565   3     1294   2     663
            Funds

Enterprise  Mid-Cap Growth     3     794    4     794    4     658    2     331
Fund        Funds

Global
Life        Health Funds       4     159    3     159    4     146          N/A
Sciences
Fund

Global
Technology  Technology Funds   4     215    3     215    4     194          N/A
Fund

Perkins     Mid-Cap Value
Mid Cap     Funds              5     332    5     332    5     245          N/A
Value Fund

Percent of funds rated 4 / 5   75.0%        58.3%        83.3%        66.7%
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 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 or Scott Grace, 303-394-7709