Janus Capital Group Inc. Announces Third Quarter 2009 Results

Company Release - 10/22/2009 8:00 AM ET

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Third Quarter Earnings from Continuing Operations of $0.05 Per Diluted Share

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Long-Term Net Outflows of $0.6 Billion for the Quarter

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79%, 88% And 86% of Firmwide Mutual Funds Outperformed Their Lipper Peer Group Medians for 1-, 3- and 5- Years1

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Successfully Completed Capital Restructuring

DENVER--(BUSINESS WIRE)-- Janus Capital Group Inc. ("JCG") (NYSE: JNS) today reported third quarter net income from continuing operations of $8.2 million, or $0.05 per diluted share, compared with net income from continuing operations of $15.8 million, or $0.10 per diluted share in the second quarter 2009 and net income from continuing operations of $26.0 million, or $0.16 per diluted share, in the third quarter 2008. Third quarter 2009 includes operating charges from legal settlements and severance associated with the former CEO of $20.5 million and $12.1 million, respectively, partially offset by a realized non-operating gain of $5.8 million resulting from the debt tender. The company's operating margin for the third quarter 2009 was 13.0% compared with 23.5% for the second quarter 2009 and 33.9% for the third quarter 2008.

Flows and Assets Under Management

Average assets under management during the third quarter increased 12.9% to $143.1 billion compared with $126.7 billion during the second quarter 2009. At September 30, 2009, the company's total assets under management were $151.8 billion compared with $132.6 billion at June 30, 2009 and $160.5 billion at September 30, 2008. The increase in firmwide assets during the third quarter primarily reflects $20.0 billion of market appreciation and long-term net outflows of $0.6 billion. Janus and Perkins long-term net inflows totaled $1.3 billion and $0.6 billion, respectively, while INTECH long-term net outflows totaled $2.5 billion.

Investment Performance

Relative long-term investment performance remained strong with approximately 79%, 88% and 86% 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 September 30, 2009.2 In addition, 64% of firmwide mutual funds have a 4- or 5-star Overall Morningstar RatingTM at September 30, 2009.3

Janus-managed equity mutual funds continue to outperform the majority of peers with 83%, 94% and 88% 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 September 30, 2009.2

INTECH's relative performance continued to be weak in the short- and intermediate- term, with 0%, 44%, and 63% of strategies outperforming their respective benchmarks over the one-, three- and five-year periods, as of September 30, 2009.

Perkins continues to deliver exceptional investment performance with the Mid Cap Value fund ranked in the top 19% and the Small Cap Value fund ranked in the top 9% of their respective Lipper categories on a one-, three- and five-year total-return basis as of September 30, 2009.4

"During my tenure as interim CEO, I've become more confident than ever that the strength of our performance and the expansion of our distribution efforts position the firm for long-term success," said Tim Armour. "Although the leadership team is mindful of the uncertain operating environment, we believe we've got strong momentum and are committed to building a top tier global firm in the intermediary and institutional channels."

Financial Highlights

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

                                   Three Months Ended

                                   September 30,  June 30,  September 30,

                                   2009           2009      2008*

Continuing Operations (Investment
Management)

Average Assets (in billions)       $ 143.1        $ 126.7   $ 182.7

Ending AUM (in billions)           $ 151.8        $ 132.6   $ 160.5

Revenues                           $ 227.6        $ 200.2   $ 275.4

Operating Expenses                 $ 198.0        $ 153.2   $ 182.1

Operating Income                   $ 29.6         $ 47.0    $ 93.3

Operating Margin                   13.0%          23.5%     33.9%

Net Income                         $ 8.2          $ 15.8    $ 26.0

Diluted Earnings per Share         $ 0.05         $ 0.10    $ 0.16

* Net income and diluted earnings per share for third quarter 2008
include an impairment charge of $21.0 million, or $0.08 per share,
related to the Stanfield Victoria Funding LLC securities.



Third quarter 2009 revenues of $227.6 million increased 13.7% from second quarter 2009 from higher average assets under management, driven primarily by improving global markets. Operating expenses were up $44.8 million, or 29.2%, primarily as a result of legal settlements, severance charges and higher revenue-based expenses. Legal settlements totaling $20.5 million were paid in the third quarter 2009 and were primarily related to compensation matters with former employees. JCG is not aware of any additional claims by former employees of a similar nature.

Capital and Liquidity

At September 30, 2009, JCG had stockholders' equity of $978 million, cash and investments of $337 million and $790 million of outstanding debt. During the third quarter 2009, JCG raised approximately $382 million of capital, net of underwriting discounts and commissions, through the concurrent public offering of 20.9 million shares of common stock and $170 million of convertible senior notes due 2014. The combined proceeds of the offerings, together with available cash, were used to repurchase approximately $443 million aggregate principal amount of the Company's outstanding 2011, 2012 and 2017 senior notes in a tender offer. Following the successful completion of the capital raise and debt tender, total long-term debt was reduced by approximately $316 million.

Third Quarter 2009 Earnings Call Information

JCG will discuss its results during a conference call on Thursday, October 22 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 September 2009, JCG managed $151.8 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.

1 Relative performance analysis is based on ratings and rankings for the share class with the longest performance history, Class J, S or I Shares in the Janus retail fund ("JIF") trust, and on Janus Aspen Series ("JAS") Institutional Shares. Complete Lipper rankings are based on total returns and are on pages 9 and 10.

2 Relative performance analysis is based on ratings and rankings for the share class with the longest performance history, Class J, S or I Shares in the Janus retail fund ("JIF") trust, and on Janus Aspen Series ("JAS") Institutional Shares. Complete Lipper rankings are based on total returns and are on pages 9 and 10.

3 Funds included in the analysis reflect the share class with the longest performance history, and include Janus Retail ("JIF") Class J, S and I Shares and Janus Aspen Series ("JAS") Institutional Shares. Morningstar rankings are based on risk-adjusted returns. Complete Morningstar ratings are on pages 11-12.

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

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.

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

Funds distributed by Janus Distributors LLC (10/09).

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 a CEO and the Company's ability to identify a permanent CEO and resulting potential disruptions to the Company and its business, 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 the Prospectus Supplements, dated July 17, 2009, to the Registration Statement of Form S-3 (Registration No. 333-145310) 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.

JANUS CAPITAL GROUP INC.

UNAUDITED

CONSOLIDATED STATEMENTS OF INCOME

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

                                         Three Months Ended

                                         September 30,  June 30,   September 30,

                                         2009           2009       2008

Revenues:

Investment management fees               $ 185.4        $ 159.8    $ 218.9

Performance fees                         7.4            6.5        8.8

Shareowner servicing fees and other      34.8           33.9       47.7

Total                                    227.6          200.2      275.4

Operating Expenses:

Employee compensation and benefits       85.7           66.2       81.2

Long-term incentive compensation         19.5           14.0       10.7

Marketing and advertising                6.5            8.2        8.0

Distribution                             29.2           25.4       36.5

Depreciation and amortization            8.7            8.0        10.1

General, administrative and occupancy    48.4           31.4       35.6

Total                                    198.0          153.2      182.1

Operating income                         29.6           47.0       93.3

Interest expense                         (18.6   )      (19.7   )  (18.9   )

Investment gains (losses), net           0.9            0.3        (32.3   )

Other income, net                        0.1            0.4        1.4

Gain on early extinguishment of debt     5.8            -          -

Income tax provision                     (6.0    )      (8.8    )  (17.2   )

Equity in earnings of unconsolidated     -              -          2.5
affiliate

Income from Continuing Operations        11.8           19.2       28.8

Loss from Discontinued Operations        -              -          (0.6    )

Net income                               11.8           19.2       28.2

Noncontrolling interest                  (3.6    )      (3.4    )  (2.8    )

Net income attributable to JCG           $ 8.2          $ 15.8     $ 25.4

Diluted weighted average shares          176.6          159.0      159.6
outstanding (in millions)

Diluted earnings per share attributable
to JCG common shareholders:

Continuing operations                    $ 0.05         $ 0.10     $ 0.16

Discontinued operations                  -              -          -

Diluted earnings per share               $ 0.05         $ 0.10     $ 0.16

Amounts attributable to JCG common
shareholders:

Income from Continuing Operations        $ 8.2          $ 15.8     $ 26.0

Loss from Discontinued Operations        -              -          (0.6    )

Net income                               $ 8.2          $ 15.8     $ 25.4

Average Assets Under Management (in      $ 143.1        $ 126.7    $ 182.7
billions)



JANUS CAPITAL GROUP INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in millions)

                                            September 30,  December 31,

                                            2009           2008

Assets

Cash and cash equivalents                   $ 236.4        $ 282.6

Marketable securities                       100.5          125.3

Other assets                                286.0          236.2

Property and equipment, net                 50.5           51.1

Intangibles and goodwill, net               1,777.0        2,641.5

Total Assets                                $ 2,450.4      $ 3,336.7

Liabilities and Stockholders' Equity

Debt                                        $ 790.2        $ 1,128.0

Other liabilities                           294.2          303.8

Deferred income taxes                       387.7          388.1

Stockholders' equity                        978.3          1,516.8

Total Liabilities and Stockholders' Equity  $ 2,450.4      $ 3,336.7



UNAUDITED CONDENSED CASH FLOW INFORMATION

CONTINUING OPERATIONS

(dollars in millions)

                             Three Months Ended

                             September 30,  June 30,   September 30,

Cash provided by (used in):  2009           2009       2008

Operating activities         $ 60.9         $ 47.4     $ 87.4

Investing activities         14.4           (0.1    )  3.3

Financing activities         (57.6  )       (60.7   )  (68.8  )

Net change during period     $ 17.7         $ (13.4 )  $ 21.9



JANUS CAPITAL GROUP INC.

ASSETS & FLOWS BY INVESTMENT DISCIPLINE

(dollars in billions)

                           Three Months Ended

                           September 30, 2009  June 30, 2009  September 30, 2008

Growth/Blend

Beginning of period assets $ 56.4              $ 46.6         $ 81.8

Sales                      3.4                 3.3            5.5

Redemptions                3.4                 2.6            6.0

Net sales (redemptions)    -                   0.7            (0.5    )

Market / fund performance  8.7                 9.1            (15.0   )

End of period assets       $ 65.1              $ 56.4         $ 66.2

Global/International

Beginning of period assets $ 14.7              $ 10.7         $ 21.0

Sales                      1.2                 1.2            0.8

Redemptions                0.7                 0.5            1.8

Net sales (redemptions)    0.5                 0.7            (1.0    )

Market / fund performance  3.0                 3.3            (4.3    )

End of period assets       $ 18.2              $ 14.7         $ 15.7

Mathematical/Quantitative
(1)

Beginning of period assets $ 43.8              $ 38.3         $ 61.3

Sales                      1.1                 1.6            6.2

Redemptions                3.6                 1.8            6.0

Net sales (redemptions)    (2.5    )           (0.2    )      0.2

Market / fund performance  6.0                 5.7            (6.0    )

End of period assets       $ 47.3              $ 43.8         $ 55.6

Fixed Income

Beginning of period assets $ 4.4               $ 3.7          $ 3.7

Sales                      1.3                 0.9            0.3

Redemptions                0.4                 0.5            0.4

Net sales (redemptions)    0.9                 0.4            (0.1    )

Market / fund performance  0.3                 0.3            (0.1    )

End of period assets       $ 5.6               $ 4.4          $ 3.4

Alternatives

Beginning of period assets $ 0.3               $ 0.4          $ 1.2

Sales                      -                   -              -

Redemptions                0.1                 0.1            0.3

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

Market / fund performance  0.1                 -              (0.2    )

End of period assets       $ 0.3               $ 0.3          $ 0.8

Value(2)

Beginning of period assets $ 11.0              $ 8.6          $ 10.9

Sales                      1.6                 1.4            1.9

Redemptions                1.0                 0.6            1.3

Net sales (redemptions)    0.6                 0.8            0.6

Market / fund performance  1.9                 1.6            (0.6    )

End of period assets       $ 13.5              $ 11.0         $ 10.9

Money Market

Beginning of period assets $ 2.0               $ 2.6          $ 11.8

Sales                      0.2                 0.2            28.1

Redemptions                0.4                 0.8            32.1

Net sales (redemptions)    (0.2    )           (0.6    )      (4.0    )

Market / fund performance  -                   -              -

End of period assets       $ 1.8               $ 2.0          $ 7.9

Total Company

Beginning of period assets $ 132.6             $ 110.9        $ 191.8

Sales                      8.8                 8.6            42.8

Redemptions                9.6                 6.9            47.9

Net sales (redemptions)    (0.8    )           1.7            (5.1    )

Market / fund performance  20.0                20.0           (26.2   )

End of period assets       $ 151.8             $ 132.6        $ 160.5

Total Excluding Money
Market

Beginning of period assets $ 130.6             $ 108.3        $ 179.9

Sales                      8.6                 8.4            14.7

Redemptions                9.2                 6.1            15.8

Net sales (redemptions)    (0.6    )           2.3            (1.1    )

Market / fund performance  20.0                20.0           (26.2   )

End of period assets       $ 150.0             $ 130.6        $ 152.7

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 9/30/09

                                                 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 - Share Class

Janus Twenty    Dec-07     Large-Cap Growth      9          66 /   1          1 /    1          2 /    18         54 /   25         189 /
Fund - J (1)               Funds                            814               698               582               301               777

Janus Fund - J  Oct-07     Large-Cap Growth      23         184 /  33         224 /  27         154 /  68         203 /  39         292 /
                           Funds                            814               698               582               301               762

Janus Forty     Dec-07     Large-Cap Growth      14         109 /  1          4 /    1          3 /    2          6 /    42         319 /
Fund -S                    Funds                            814               698               582               301               777

Janus Orion     Dec-07     Multi-Cap Growth      44         210 /  7          26 /   4          10 /   -          -      54         236 /
Fund - J                   Funds                            478               384               320                                 438

Janus Research  Jan-06     Large-Cap Growth      18         143 /  11         70 /   8          46 /   49         147 /  8          53 /
Fund - J                   Funds                            814               698               582               301               663

Janus                                                       304 /             117 /             44 /              153 /             134 /
Enterprise Fund Oct-07     Mid-Cap Growth Funds  63         485    28         427    13         356    88         173    30         459
- J

Janus Venture   Jan-97     Small-Cap Growth      14         77 /   29         140 /  22         86 /   65         137 /  23         30 /
Fund - J (1)               Funds                            568               489               404               212               132

Janus Triton    Jun-06     Small-Cap Growth      9          50 /   2          6 /    -          -      -          -      1          4 /
Fund - J                   Funds                            568               489                                                   479

INTECH RM       Jan-03     Multi-Cap Growth      75         359 /  79         302 /  85         272 /  -          -      81         236 /
Growth Fund - S            Funds                            478               384               320                                 291

Core Funds - Share Class

Janus Growth                                                11 /              335 /             139 /             146 /             357 /
and Income Fund Nov-07     Large-Cap Core Funds  2          904    45         760    23         626    40         364    44         829
- J

Janus                                                       483 /             144 /             11 /                                35 /
Contrarian Fund Feb-00     Multi-Cap Core Funds  63         776    23         637    3          486    -          -      17         215
- J

Janus Balanced  Apr-05     Mixed-Asset Target    1          1 /    1          1 /    1          1 /    11         15 /   1          1 /
Fund - J                   Alloc. Mod. Funds                505               390               300               147               333

Janus Research  Nov-07     Large-Cap Core Funds  16         137 /  45         340 /  15         94 /   22         78 /   54         447 /
Core Fund - J                                               904               760               626               364               829

INTECH RM Core  Feb-03     Multi-Cap Core Funds  84         652 /  78         494 /  65         312 /  -          -      49         182 /
Fund - J                                                    776               637               486                                 373

Global/International Funds - Share Class

Janus Overseas  Jun-03     International Funds   1          2 /    1          2 /    1          1 /    3          9 /    1          1 /
Fund - J                                                    1240              924               694               370               613

Janus Worldwide Apr-09     Global Funds          49         262 /  57         212 /  72         208 /  95         143 /  ***
Fund - J                                                    537               372               289               151

Janus Global               Global                           50 /              13 /              15 /              14 /              21 /
Technology Fund Jan-06     Science/Technology    69         72     20         64     25         59     74         18     33         64
- J                        Funds

Janus Global               Global                           24 /              6 /               16 /              10 /              6 /
Life Sciences   Apr-07     Health/Biotechnology  50         47     15         41     40         39     56         17     14         45
Fund - J                   Funds

Janus Global                                                109 /             39 /                                                  14 /
Research Fund - Feb-05     Global Funds          21         537    11         372    -          -      -          -      5          308
J

Janus Global                                                79 /              92 /              163 /                               191 /
Opportunities   Apr-05     Global Funds          15         537    25         372    57         289    -          -      58         329
Fund - J

Janus                                                       108 /                                                                   15 /
International   Nov-06     International Funds   9          1240   -          -      -          -      -          -      2          941
Equity Fund - I

INTECH RM                                                   825 /                                                                   528 /
International   May-07     International Funds   67         1240   -          -      -          -      -          -      52         1032
Fund - I

Janus                                                       104 /                                                                   559 /
International   May-08     International Funds   9          1240   -          -      -          -      -          -      48         1169
Forty Fund - I

Value Funds - Share Class

Perkins Mid Cap Aug-98     Mid-Cap Value Funds   19         51 /   4          8 /    6          10 /   2          1 /    2          1 /
Value Fund - J                                              270               225               172               64                53

Perkins Small                                               54 /              9 /               43 /              35 /              6 /
Cap Value Fund  Feb-97     Small-Cap Core Funds  8          735    2          608    9          491    14         252    5          131
- J (1)

INTECH RM Value Dec-05     Multi-Cap Value       80         282 /  57         163 /  -          -      -          -      55         140 /
Fund - I                   Funds                            355               285                                                   257

Income Funds - Share Class

Janus Flexible             Intermediate                     77 /              28 /              31 /              27 /              32 /
Bond Fund - J   May-07     Investment Grade      14         556    7          444    9          382    13         211    7          488
                           Debt Funds

Janus                      Short Investment                 16 /              2 /               3 /               12 /              6 /
Short-Term Bond May-07     Grade Debt Funds      7          256    1          208    2          177    13         92     3          244
Fund - J

Janus                      High Current Yield               120 /             84 /              71 /              26 /              68 /
High-Yield Fund Dec-03     Funds                 27         459    22         383    22         331    13         206    22         316
- J

Alternative Funds - Share Class

Janus                      Long/Short Equity                54 /              11 /                                                  11 /
Long/Short Fund Aug-06     Funds                 46         118    22         50     -          -      -          -      23         47
- I

Janus Global               Global Real Estate               2 /                                                                     1 /
Real Estate     Nov-07     Funds                 3          79     -          -      -          -      -          -      2          70
Fund - I

Asset Allocation Funds - Share Class

Janus SP-Growth Dec-05     Mixed-Asset Targe     6          39 /   5          22 /   -          -      -          -      3          13 /
- J                        Alloc. Growth Funds              665               541                                                   508

Janus           Dec-05     Mixed-Asset Target    2          9 /    1          3 /    -          -      -          -      3          10 /
SP-Moderate - J            Alloc. Mod Funds                 505               390                                                   364

Janus                      Mixed-Asset Targe                16 /              7 /                                                   4 /
SP-Conservative Dec-05     Alloc. Cons Funds     4          437    2          357    -          -      -          -      2          320
- J

Janus Modular
Portfolio       Sep-08     Mixed-Asset Targe     27         175 /  -          -      -          -      -          -      42         274 /
Construction               Alloc. Growth Funds              665                                                                     656
Fund - I



Data presented reflects past performance, which is no guarantee of future results.

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.
*** 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 9/30/09

                                                      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   87         206 /  1          1 /    1          1 /    3          2 /    31         70 /
                                                                 236               213               192               76                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 /    2          1 /
                                Target Alloc. Mod.               185               120               78                47                95

Growth and Income    Nov-07     VA Large-Cap Core     21         48 /   30         62 /   14         24 /   11         9 /    17         37 /
Portfolio                                                        230               207               182               87                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 /    1          1 /
Portfolio                                                        275               232               193               97                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 /              5 /               9 /
Portfolio            May-07     Investment Grade      10         73     17         67     19         60     18         28     13         69
                                Debt



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

Data presented reflects past performance, which is no guarantee of future results.

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 - Share   Category           Stars  # of   Stars  # of   Stars  # of   Stars  # of
Class                                    Funds         Funds         Funds         Funds

Janus Twenty   Large Growth       4      1515   5      1515   5      1255   3      653
- J(1)         Funds

Janus - J      Large Growth       3      1515   4      1515   3      1255   2      653
               Funds

Janus Forty -  Large Growth       5      1515   5      1515   5      1255   4      653
S              Funds

Janus          Large Growth       3      1515   4      1515   4      1255   2      653
Research - J   Funds

Janus          Mid-Cap Growth
Enterprise -   Funds              2      750    3      750    4      638    1      324
J

Janus Venture  Small Growth       3      670    3      670    3      555    2      308
- J(1)         Funds

Janus Growth   Large Growth       3      1515   2      1515   3      1255   4      653
& Income - J   Funds

Janus          Moderate           5      956    5      956    5      795    4      455
Balanced - J   Allocation Funds

Janus          Large Growth
Research Core  Funds              4      1515   2      1515   4      1255   4      653
- J

Janus          Foreign Large      5      202    5      202    5      153    4      81
Overseas - J   Growth Funds

Janus          World Stock Funds  2      536    3      536    2      440    1      253
Worldwide - J

Janus Global
Technology -   Technology Funds   4      202    4      202    4      190    4      79
J

Janus Global
Life Sciences  Health Funds       3      151    3      151    3      143    2      59
- J

Perkins Mid    Mid-Cap Value      5      338    5      338    5      248    5      87
Cap Value - J  Funds

Perkins Small
Cap Value - J  Small Value Funds  5      318    5      318    5      242    4      124
(1)

Janus          Intermediate-Term
Flexible Bond  Bond Funds         5      954    5      954    5      836    4      480
- J

Janus          Short-Term Bond
Short-Term     Funds              5      351    5      351    5      303    4      161
Bond - J

Janus          High Yield Bond
High-Yield -   Funds              5      466    4      466    4      400    5      257
J

Janus Orion -  Mid-Cap Growth     4      750    3      750    4      638           N/A
J              Funds

INTECH         Large Growth
Risk-Managed   Funds              2      1515   2      1515   2      1255          N/A
Growth - S

Janus
Contrarian -   Large Blend Funds  4      1704   2      1704   5      1352          N/A
J

INTECH
Risk-Managed   Large Blend Funds  3      1704   3      1704   3      1352          N/A
Core - J

Janus Global
Opportunities  World Stock Funds  3      536    4      536    3      440           N/A
- J

Janus Triton   Small Growth       5      670    5      670           N/A           N/A
- J            Funds

Janus Global   World Stock Funds  4      536    4      536           N/A           N/A
Research - J

INTECH
Risk-Managed   Large Value Funds  3      1133   3      1133          N/A           N/A
Value - I

Janus
Long/Short -   Long-Short Funds   3      110    3      110           N/A           N/A
I

Janus Smart
Portfolio      Conservative       5      499    5      499           N/A           N/A
Conservative   Allocation Funds
- J

Janus Smart    Moderate
Portfolio      Allocation Funds   4      956    4      956           N/A           N/A
Growth - J

Janus Smart    Moderate
Portfolio      Allocation Funds   5      956    5      956           N/A           N/A
Moderate - J

Janus          Foreign Large
International  Growth Funds              N/A           N/A           N/A           N/A
Equity - I

INTECH         Foreign Large
Risk-Managed   Blend Funds               N/A           N/A           N/A           N/A
Intl - I

Janus          Foreign Large
International  Growth Funds              N/A           N/A           N/A           N/A
Forty - I

Janus Global   Global Real
Real Estate -  Estate Funds              N/A           N/A           N/A           N/A
I

Janus Modular
Portfolio      Moderate                  N/A           N/A           N/A           N/A
Construction   Allocation Funds
- I

Percent of
funds rated 4                     60.0%         60.0%         65.2%         61.1%
or 5 Stars



Data presented reflects past performance, which is no guarantee of future results. (C) 2009 Morningstar, Inc. All Rights Reserved.

Notes:
(1) Closed to new investors.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating TM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

                               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    Moderate           5      956    5      956    5      795    5      455
Fund        Allocation Funds

Flexible    Intermediate-Term  5      954    5      954    5      836    5      480
Bond Fund   Bond Funds

Forty Fund  Large Growth       5      1515   5      1515   5      1255   4      653
            Funds

Research    Large Growth       4      1515   2      1515   4      1255   4      653
Core Fund   Funds

Growth &    Large Growth
Income      Funds              4      1515   3      1515   4      1255   4      653
Fund

Overseas    Foreign Large      5      202    5      202    5      153    5      81
Fund        Growth Funds

Worldwide   World Stock Funds  2      536    3      536    2      440    2      253
Fund

Janus Fund  Large Growth       3      1515   4      1515   4      1255   2      653
            Funds

Enterprise  Mid-Cap Growth     3      750    3      750    4      638    2      324
Fund        Funds

Global
Life        Health Funds       4      151    3      151    4      143           N/A
Sciences
Fund

Global
Technology  Technology Funds   4      202    3      202    4      190           N/A
Fund

Perkins     Mid-Cap Value
Mid Cap     Funds              5      338    5      338    5      248           N/A
Value Fund

Percent of funds rated 4 or 5  75.0%         50.0%         91.7%         66.7%
Stars



Data presented reflects past performance, which is no guarantee of future results. (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 John Groneman, 303-336-7466