Janus Capital Group Inc. Announces Fourth Quarter and Year-End 2009 Results

Company Release - 1/28/2010 8:00 AM ET

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Fourth quarter earnings from continuing operations of $0.20 per diluted share; Full-year loss of $4.55 per diluted share, including impairment charges of $4.90 per diluted share

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Long-term net flows were breakeven for the quarter; Long-term net inflows of $0.9 billion for the year

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75%, 88% and 86% of complex-wide mutual funds outperformed their Lipper peer group medians for 1-, 3- and 5-years1

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DENVER--(BUSINESS WIRE)-- Janus Capital Group Inc. ("JCG") (NYSE: JNS) today reported fourth quarter net income from continuing operations of $37.0 million, or $0.20 per diluted share, compared with net income from continuing operations of $8.2 million, or $0.05 per diluted share, in the third quarter 2009 and net income from continuing operations of $7.8 million, or $0.05 per diluted share, in the fourth quarter 2008. Third quarter 2009 included a net $0.10 charge per diluted share as a result of severance associated with the former CEO and legal settlements with former employees, partially offset by the realized gain following the completion of the debt tender. The fourth quarter 2008 included a charge of $0.07 per diluted share from the mark-to-market loss on seed capital investments.

For the full-year 2009, net loss from continuing operations totaled $757.1 million, or $4.55 per diluted share, compared with net income from continuing operations of $138.4 million, or $0.86 per diluted share for 2008. Full-year 2009 included a net $5.03 charge per diluted share as a result of goodwill and intangible asset impairment charges, legal settlements and severance, partially offset by the gain associated with the debt tender.

The company's operating margin for the fourth quarter 2009 was 30.2% compared with 13.0% for the third quarter 2009 and 25.5% for the fourth quarter 2008.

Flows and Assets Under Management

Average assets under management during the fourth quarter increased 8.5% to $155.2 billion compared with $143.1 billion during the third quarter 2009. At December 31, 2009, the company's total assets under management were $159.7 billion compared with $151.8 billion at September 30, 2009 and $123.5 billion at December 31, 2008.

The increase in firmwide assets during the fourth quarter 2009 reflects $8.0 billion of net market appreciation and breakeven net flows. Janus and Perkins long-term net inflows totaled $1.5 billion and $0.9 billion, respectively, while INTECH long-term net outflows totaled $2.4 billion. The increase in year-over-year assets was primarily the result of $41.5 billion of net market appreciation.

Investment Performance

Relative long-term investment performance remained strong with 75%, 88% and 86% of complex-wide mutual funds in the top half of their Lipper categories on a one-, three- and five-year total-return basis, respectively, as of December 31, 2009.2 In addition, 51% of complex-wide mutual funds have a 4- or 5-star Overall Morningstar RatingTM at December 31, 2009.3

Janus-managed equity mutual funds continue to outperform the majority of peers with 89%, 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 December 31, 2009.2 Additionally, 25%, 100% and 100% of Janus-managed fixed income funds ranked in the top half of their Lipper categories on a one-, three- and five-year total return basis, respectively, for the same time period.2

INTECH continued to underperform over the short- and intermediate-term, with 0%, 50% and 67% of strategies surpassing their respective benchmarks, net of fees, over the one-, three-, and five-year periods, as of December 31, 2009.

Perkins continues to deliver strong long-term investment performance with 75%, 100% and 100% of mutual funds in the top half of their Lipper categories on a one-, three- and five-year total-return basis as of December 31, 2009.

"As I transition my responsibilities as interim CEO to Dick Weil, I'm confident that Janus Capital Group has a very bright future," said Tim Armour, interim CEO. Armour, who will return to serving as a member of the Janus Capital Group board commented that "Dick brings a wealth of global experience to the role and has demonstrated that he has the vision and leadership to build a world-class organization."

Financial Discussion

Financial Highlights

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

                         Three Months Ended           Year Ended

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

                         2009          2009           2009          2008

Continuing Operations
(Investment Management)

Average Assets (in       $ 155.2       $ 143.1        $ 134.5       $ 174.2
billions)

Ending AUM (in           $ 159.7       $ 151.8        $ 159.7       $ 123.5
billions)

Revenues                 $ 250.6       $ 227.6        $ 848.7       $ 1,037.9

Operating Expenses       $ 174.9       $ 198.0        $ 1,526.2     $ 704.8

Operating Income (Loss)  $ 75.7        $ 29.6         $ (677.5  )   $ 333.1

Operating Margin         30.2    %     13.0    %      -79.8     %   32.1      %

Net Income (Loss)        $ 37.0        $ 8.2          $ (757.1  )   $ 138.4

Diluted Earnings (Loss)  $ 0.20        $ 0.05         $ (4.55   )   $ 0.86
per Share



Fourth quarter 2009 revenues of $250.6 million increased 10.1% from the previous quarter due to higher average assets under management driven primarily by favorable market conditions and from separate account performance fees. Operating expenses decreased $23.1 million, or 11.7%, primarily as a result of severance associated with the former CEO and legal settlements with former employees, included in the third quarter, partially offset by higher variable expenses in the fourth quarter.

Capital and Liquidity

At December 31, 2009, JCG had stockholders' equity of $1.0 billion, cash and investments of $432 million and $792 million of outstanding debt.

Fourth Quarter 2009 Earnings Call Information

JCG will discuss its results during a conference call on Thursday, January 28 at 10 a.m. Eastern Standard Time. The call-in number will be 877-301-7574. Anyone outside the U.S. or Canada should call 706-643-3623. The slides used during the presentation will be available in the investor relations section of the Janus Capital Group Web site (www.janus.com/ir) approximately one hour prior to the call. For those unable to join the conference call at the scheduled time, an audio replay will be available on www.janus.com/ir.

About Janus Capital Group Inc.

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 December 2009, JCG managed $159.7 billion in assets for shareholders, clients and institutions around the globe. Based in Denver, JCG also has offices in London, Milan, Munich, Singapore, Hong Kong, Tokyo and Melbourne.

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.

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 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.

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 10 and 11.

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 10 and 11.

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 12-13.

JANUS CAPITAL GROUP INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(dollars in millions, except per share data)

                Three Months Ended                     Year Ended

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

                2009        2009          2008         2009         2008

Revenues:

Investment      $           $             $
management      202.0       185.4         142.5        $ 684.0      $ 826.7
fees

Performance     11.6        7.4           1.6          28.9         27.6
fees

Shareowner
servicing fees  37.0        34.8          33.0         135.8        183.6
and other

Total           250.6       227.6         177.1        848.7        1,037.9

Operating
Expenses:

Employee
compensation    82.5        85.7          53.3         296.6        317.9
and benefits

Long-term
incentive       14.1        19.5          8.2          61.0         43.5
compensation

Marketing and   7.5         6.5           8.6          27.8         33.1
advertising

Distribution    32.9        29.2          23.9         107.6        134.9

Depreciation
and             10.3        8.7           9.5          35.9         40.2
amortization

General,
administrative  27.6        48.4          28.4         140.6        135.2
and occupancy

Goodwill and
intangible      -           -             -            856.7        -
asset
impairments

Total           174.9       198.0         131.9        1,526.2      704.8

Operating       75.7        29.6          45.2         (677.5  )    333.1
Income (Loss)

Interest        (15.8 )     (18.6  )      (18.9  )     (74.0   )    (75.5   )
expense

Investment
gains           0.4         0.9           (21.6  )     (5.6    )    (60.4   )
(losses), net

Other income,   0.4         0.1           3.0          0.9          9.6
net

Gain on early
extinguishment  -           5.8           -            5.8          -
of debt

Income tax      (20.2 )     (6.0   )      (3.3   )     6.3          (68.8   )
provision

Equity in
earnings of     -           -             2.2          -            9.0
unconsolidated
affiliate

Income (Loss)
from            40.5        11.8          6.6          (744.1  )    147.0
Continuing
Operations

Loss from
Discontinued    -           -             -            -            (1.5    )
Operations

Net income      40.5        11.8          6.6          (744.1  )    145.5
(loss)

Noncontrolling  (3.5  )     (3.6   )      1.2          (13.0   )    (8.6    )
interest

Net income
(loss)          $           $ 8.2         $ 7.8        $       )    $ 136.9
attributable    37.0                                   (757.1
to JCG

Diluted
weighted
average shares  181.7       176.6         156.4        166.5        160.7
outstanding
(in millions)

Diluted
earnings per
share

attributable
to JCG common
shareholders:

Continuing      $           $ 0.05        $ 0.05       $ (4.55 )    $ 0.86
operations      0.20

Discontinued    -           -             -            -            (0.01   )
operations

Diluted         $
earnings per    0.20        $ 0.05        $ 0.05       $ (4.55 )    $ 0.85
share

Amounts
attributable
to JCG common
shareholders:

Income (Loss)
from            $           $ 8.2         $ 7.8        $       )    $ 138.4
Continuing      37.0                                   (757.1
Operations

Loss from
Discontinued    -           -             -            -            (1.5    )
Operations

Net income      $           $ 8.2         $ 7.8        $       )    $ 136.9
                37.0                                   (757.1

Average Assets
Under           $           $             $            $ 134.5      $ 174.2
Management (in  155.2       143.1         124.3
billions)




JANUS CAPITAL GROUP INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in millions)

                                            December 31,  December 31,

                                            2009          2008

Assets

Cash and cash equivalents                   $ 324.7       $ 282.6

Marketable securities                       106.8         125.3

Other assets                                276.7         236.2

Property and equipment, net                 48.4          51.1

Intangibles and goodwill, net               1,773.7       2,641.5

Total Assets                                $ 2,530.3     $ 3,336.7

Liabilities and Stockholders' Equity

Debt                                        $ 792.0       $ 1,128.0

Other liabilities                           325.7         303.8

Deferred income taxes                       390.1         388.1

Stockholders' equity                        1,022.5       1,516.8

Total Liabilities and Stockholders' Equity  $ 2,530.3     $ 3,336.7




UNAUDITED CONDENSED CONSOLIDATED

CASH FLOW INFORMATION

(dollars in millions)

            Three Months Ended                         Year Ended

Cash                                                                 December
provided    December 31,  September 30,  December 31,  December 31,  31,
by (used    2009          2009           2008          2009          2008
in)

Operating   $ 95.6        $ 60.9         $ 70.1        $ 176.5       $ 238.2
activities

Investing   (6.3   )      14.4           (82.6   )     (9.6    )     (148.8  )
activities

Financing   (1.0   )      (57.6  )       (2.5    )     (124.8  )     (287.5  )
activities

Net change                                                           $
during      $ 88.3        $ 17.7         $ (15.0 )     $ 42.1        (198.1  )
period




JANUS CAPITAL GROUP INC.

ASSETS & FLOWS BY INVESTMENT DISCIPLINE

(dollars in billions)

                         Three Months Ended               Year Ended

                         December  September  December    December    December
                         31, 2009  30, 2009   31, 2008    31, 2009    31, 2008

Growth/Blend

 Beginning of period     $         $          $           $           $
 assets                  65.1      56.4       66.2        49.5        83.5

 Sales                   2.9       3.4        3.8         12.1        24.1

 Redemptions             3.0       3.4        5.1         12.4        21.4

 Net sales               (0.1  )   -          (1.3  )     (0.3  )     2.7
 (redemptions)

 Market / fund           3.6       8.7        (15.4 )     19.4        (36.7 )
 performance

 End of period           $         $          $           $           $
 assets                  68.6      65.1       49.5        68.6        49.5

Global/International

 Beginning of period     $         $          $           $           $
 assets                  18.2      14.7       15.7        10.9        24.9

 Sales                   1.4       1.2        0.5         4.3         3.4

 Redemptions             0.8       0.7        1.3         2.6         5.8

 Net sales               0.6       0.5        (0.8  )     1.7         (2.4  )
 (redemptions)

 Market / fund           0.6       3.0        (4.0  )     6.8         (11.6 )
 performance

 End of period           $         $          $           $           $
 assets                  19.4      18.2       10.9        19.4        10.9

Mathematical/Quantitative
(1)

 Beginning of period     $         $          $           $           $
 assets                  47.3      43.8       55.6        42.4        69.7

 Sales                   2.2       1.1        1.8         5.8         12.3

 Redemptions             4.6       3.6        2.8         11.4        14.0

 Net sales               (2.4  )   (2.5  )    (1.0  )     (5.6  )     (1.7  )
 (redemptions)

 Market / fund           3.1       6.0        (12.2 )     11.2        (25.6 )
 performance

 End of period           $         $          $           $           $
 assets                  48.0      47.3       42.4        48.0        42.4

Fixed Income

 Beginning of period     $ 5.6     $ 4.4      $ 3.4       $ 3.2       $ 4.9
 assets

 Sales                   1.5       1.3        0.5         4.5         1.5

 Redemptions             0.5       0.4        0.6         1.7         3.1

 Net sales               1.0       0.9        (0.1  )     2.8         (1.6  )
 (redemptions)

 Market / fund           0.2       0.3        (0.1  )     0.8         (0.1  )
 performance

 End of period           $ 6.8     $ 5.6      $ 3.2       $ 6.8       $ 3.2
 assets

Alternatives

 Beginning of period     $ 0.3     $ 0.3      $ 0.8       $ 0.5       $ 0.8
 assets

 Sales                   0.1       -          -           0.1         0.8

 Redemptions             0.1       0.1        0.2         0.4         0.8

 Net sales               -         (0.1  )    (0.2  )     (0.3  )     -
 (redemptions)

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

 End of period           $ 0.3     $ 0.3      $ 0.5       $ 0.3       $ 0.5
 assets

Value(2)

 Beginning of period     $         $          $           $ 9.1       $
 assets                  13.5      11.0       10.9                    10.1

 Sales                   2.1       1.6        1.7         6.6         6.3

 Redemptions             1.2       1.0        1.3         4.0         4.0

 Net sales               0.9       0.6        0.3         2.6         2.3
 (redemptions)

 Market / fund           0.5       1.9        (2.2  )     3.2         (3.3  )
 performance

 End of period           $         $          $ 9.1       $           $ 9.1
 assets                  14.9      13.5                   14.9

Money Market

 Beginning of period     $ 1.8     $ 2.0      $ 7.9       $ 7.9       $
 assets                                                               12.8

 Sales                   0.2       0.2        15.6        3.6         91.7

 Redemptions             0.3       0.4        15.6        9.8         96.5

 Net sales               (0.1  )   (0.2  )    -           (6.2  )     (5.0  )
 (redemptions)

 Market / fund           -         -          -           -           -
 performance

 End of period           $ 1.7     $ 1.8      $ 7.9       $ 1.7       $ 7.9
 assets

Total Company

 Beginning of period     $         $          $           $           $
 assets                  151.8     132.6      160.5       123.5       206.7

 Sales                   10.4      8.8        23.9        37.0        140.1

 Redemptions             10.5      9.6        26.9        42.3        145.7

 Net sales               (0.1  )   (0.8  )    (3.0  )     (5.3  )     (5.6  )
 (redemptions)

 Market / fund           8.0       20.0       (34.0 )     41.5        (77.6 )
 performance

 End of period           $         $          $           $           $
 assets                  159.7     151.8      123.5       159.7       123.5

Total Excluding Money
Market

 Beginning of period     $         $          $           $           $
 assets                  150.0     130.6      152.7       115.6       194.0

 Sales                   10.2      8.6        8.3         33.4        48.5

 Redemptions             10.2      9.2        11.3        32.5        49.1

 Net sales               -         (0.6  )    (3.0  )     0.9         (0.6  )
 (redemptions)

 Market / fund           8.0       20.0       (34.0 )     41.5        (77.6 )
 performance

 End of period           $         $          $           $           $
 assets                  158.0     150.0      115.6       158.0       115.6

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



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


Janus Investment Fund ("JIF")                         Lipper Rankings Based on Total Returns as of 12/31/09

                                                      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 - Share
Class

Janus Twenty Fund -   Dec-07     Large-Cap Growth     14          111 /  1           2 /    1           3 /    41          127 /  38          286 /
J (1)                            Funds                            814                702                582                310                766

Janus Fund - J        Oct-07     Large-Cap Growth     36          290 /  35          246 /  27          154 /  67          207 /  40          301 /
                                 Funds                            814                702                582                310                754

Janus Forty Fund -S   Dec-07     Large-Cap Growth     13          105 /  3           17 /   1           4 /    7           19 /   53          404 /
                                 Funds                            814                702                582                310                766

Janus Orion Fund - J  Dec-07     Multi-Cap Growth     8           36 /   16          57 /   3           9 /    -           -      57          238 /
                                 Funds                            459                378                310                                   418

Janus Research Fund   Jan-06     Large-Cap Growth     16          124 /  17          117 /  14          78 /   76          235 /  12          77 /
- J                              Funds                            814                702                582                310                652

Janus Enterprise      Oct-07     Mid-Cap Growth Funds 41          191 /  25          103 /  14          47 /   93          166 /  26          115 /
Fund - J                                                          474                425                353                178                448

Janus Venture Fund -  Jan-97     Small-Cap Growth     7           36 /   47          220 /  30          116 /  84          181 /  20          25 /
J (1)                            Funds                            540                472                397                217                125

Janus Triton Fund -   Jun-06     Small-Cap Growth     10          53 /   2           9 /    -           -      -           -      1           4 /
J                                Funds                            540                472                                                      450

INTECH RM Growth      Jan-03     Multi-Cap Growth     62          283 /  76          285 /  82          252 /  -           -      82          227 /
Fund - S                         Funds                            459                378                310                                   279

Core Funds - Share
Class

Janus Growth and      Nov-07     Large-Cap Core Funds 7           60 /   40          304 /  37          240 /  68          252 /  48          388 /
Income Fund - J                                                   906                773                653                374                820

Janus Contrarian      Feb-00     Multi-Cap Core Funds 22          170 /  46          308 /  6           29 /   -           -      17          37 /
Fund - J                                                          795                683                519                                   227

Janus Balanced Fund   Apr-05     Mixed-Asset Target   43          219 /  1           1 /    1           1 /    19          28 /   1           1 /
- J                              Alloc. Mod. Funds                509                412                311                148                338

Janus Research Core   Nov-07     Large-Cap Core Funds 9           74 /   40          302 /  15          98 /   35          129 /  57          466 /
Fund - J                                                          906                773                653                374                820

INTECH RM Core Fund   Feb-03     Multi-Cap Core Funds 83          656 /  68          464 /  60          312 /  -           -      48          182 /
- J                                                               795                683                519                                   386

Global/International
Funds - Share Class

Janus Overseas Fund   Jun-03     International Funds  1           2 /    1           7 /    1           1 /    13          48 /   1           1 /
- J                                                               1275               975                700                386                611

Janus Worldwide Fund  Apr-09     Global Funds         27          142 /  64          239 /  74          211 /  96          137 /  ***
- J                                                               544                378                287                143

Janus Global                     Global                           50 /               21 /               15 /               18 /               27 /
Technology Fund - J   Jan-06     Science/Technology   65          77     33          64     26          58     90          19     43          63
                                 Funds

Janus Global Life                Global                           8 /                3 /                12 /               15 /               4 /
Sciences Fund - J     Apr-07     Health/Biotechnology 18          45     8           41     33          36     79          18     10          42
                                 Funds

Janus Global          Feb-05     Global Funds         12          65 /   10          36 /   -           -      -           -      4           11 /
Research Fund - J                                                 544                378                                                      292

Janus Global                                                      266 /              122 /              185 /                                 201 /
Opportunities Fund -  Apr-05     Global Funds         49          544    33          378    65          287    -           -      65          313
J

Janus International   Nov-06     International Funds  5           55 /   2           14 /   -           -      -           -      2           14 /
Equity Fund - I                                                   1275               975                                                      937

INTECH RM                                                         1019 /                                                                      551 /
International Fund -  May-07     International Funds  80          1275   -           -      -           -      -           -      54          1025
I

Janus International   May-08     International Funds  1           7 /    -           -      -           -      -           -      27          310 /
Forty Fund - I                                                    1275                                                                        1154

Value Funds - Share
Class

Perkins Mid Cap       Aug-98     Mid-Cap Value Funds  76          191 /  6           11 /   5           8 /    4           2 /    3           1 /
Value Fund - J                                                    251                210                161                61                 48

Perkins Small Cap     Feb-97     Small-Cap Core Funds 27          198 /  1           6 /    4           18 /   12          32 /   4           5 /
Value Fund - J (1)                                                756                631                522                269                128

INTECH RM Value Fund  Dec-05     Multi-Cap Value      83          292 /  54          153 /  -           -      -           -      54          133 /
- I                              Funds                            351                285                                                      249

Perkins Large Cap     Dec-08     Large-Cap Value      31          160 /  -           -      -           -      -           -      31          160 /
Value Fund - I                   Funds                            527                                                                         527

Income Funds - Share
Class

Janus Flexible Bond              Intermediate                     285 /              25 /               24 /               39 /               30 /
Fund - J              May-07     Investment Grade     52          549    6           458    7           395    18          219    7           477
                                 Debt Funds

Janus Short-Term      May-07     Short Investment     59          144 /  2           4 /    2           3 /    13          12 /   3           6 /
Bond Fund - J                    Grade Debt Funds                 246                223                176                94                 231

Janus High-Yield      Dec-03     High Current Yield   76          347 /  25          98 /   17          56 /   16          33 /   23          70 /
Fund - J                         Funds                            459                391                341                207                313

Alternative Funds -
Share Class

Janus Long/Short      Aug-06     Long/Short Equity    85          104 /  40          22 /   -           -      -           -      26          11 /
Fund - I                         Funds                            122                54                                                       42

Janus Global Real     Nov-07     Global Real Estate   3           2 /    -           -      -           -      -           -      2           1 /
Estate Fund - I                  Funds                            80                                                                          67

Asset Allocation
Funds - Share Class

Janus SP-Growth - J   Dec-05     Mixed-Asset Targe    7           43 /   6           32 /   -           -      -           -      3           13 /
                                 Alloc. Growth Funds              649                549                                                      497

Janus SP-Moderate -   Dec-05     Mixed-Asset Target   10          49 /   1           3 /    -           -      -           -      2           6 /
J                                Alloc. Mod Funds                 509                412                                                      369

Janus                 Dec-05     Mixed-Asset Targe    22          97 /   4           13 /   -           -      -           -      2           5 /
SP-Conservative - J              Alloc. Cons Funds                441                361                                                      304

Janus Modular
Portfolio             Sep-08     Mixed-Asset Targe    27          172 /  -           -      -           -      -           -      44          276 /
Construction Fund -              Alloc. Growth Funds              649                                                                         636
I



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

Lipper, a wholly-owned subsidiary of Thomson 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 12/31/09

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

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

Growth Funds

Forty Portfolio       Oct-07     Large-Cap Growth      58          131 /  36          73 /    33          63 /   60          51 /   40          84 /
                                                                   228                207                 191                85                 214

Janus Portfolio       Dec-07     Large-Cap Growth      10          21 /   1           1 /     2           3 /    12          10 /   52          114 /
                                                                   228                207                 191                85                 219

Enterprise Portfolio  Oct-07     Multi-Cap Growth      29          34 /   40          40 /    22          19 /   78          31 /   34          36 /
                                                                   120                101                 87                 39                 105

Core Funds

Balanced Portfolio    Apr-05     Mixed-Asset Target    28          49 /   1           1 /     2           1 /    25          12 /   2           1 /
                                 Alloc Moderate                    179                122                 81                 48                 93

Growth and Income     Nov-07     Large-Cap Core        4           9 /    19          39 /    22          39 /   67          62 /   21          43 /
Portfolio                                                          225                210                 181                92                 213

Fundamental Equity    Nov-07     Large-Cap Core        10          22 /   23          47 /    15          26 /   32          29 /   51          108 /
Portfolio                                                          225                210                 181                92                 213

Global/International
Funds

Worldwide Growth      Apr-09     Global                39          53 /   58          57 /    83          62 /   86          36 /   ***
Portfolio                                                          135                98                  74                 41

International Growth  Jun-03     International         1           1 /    1           2 /     1           1 /    7           7 /    1           1 /
Portfolio                                                          274                227                 195                99                 179

Global Life Sciences  Jan-06     Science & Technology  55          31 /   34          18 /    25          13 /   -           -      34          18 /
Portfolio                                                          56                 53                  51                                    53

Global Technology     Oct-04     Health/Biotechnology  39          14 /   9           3 / 34  24          7 /    -           -      17          5 /
Portfolio                                                          35                                     29                                    29

Value Funds

Perkins Mid Cap       May-03     Multi-Cap Core        28          64 /   2           3 /     2           2 /    -           -      1           1 /
Value Portfolio                                                    233                187                 126                                   104

Income Funds

Flexible Bond                    Intermediate                      33 /               10 /                11 /               5 /                9 /
Portfolio             May-07     Investment Grade      44          75     15          67      19          60     17          30     14          68
                                 Debt



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

Lipper, a wholly-owned subsidiary of Thomson 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 -Series   Category           Stars  # of   Stars  # of   Stars  # of   Stars  # of
                                         Funds         Funds         Funds         Funds

Janus Twenty   US OE Large        4      1548   5      1548   5      1276   2      698
- J(1)         Growth Funds

Janus - J      US OE Large        3      1548   3      1548   3      1276   2      698
               Growth Funds

Janus Forty -  US OE Large        5      1548   5      1548   5      1276   4      698
S              Growth Funds

Janus          US OE Large        3      1548   3      1548   3      1276   2      698
Research - J   Growth Funds

Janus          US OE Mid-Cap
Enterprise -   Growth Funds       2      727    3      727    4      631    1      338
J

Janus Venture  US OE Small        2      669    3      669    3      563    1      317
- J(1)         Growth Funds

Janus Growth   US OE Large        3      1548   2      1548   3      1276   3      698
& Income - J   Growth Funds

Janus          US OE Moderate     5      953    5      953    5      786    4      441
Balanced - J   Allocation Funds

Janus          US OE Large
Research Core  Growth Funds       3      1548   2      1548   3      1276   4      698
- J

Janus          US OE Foreign
Overseas - J   Large Growth       4      206    4      206    5      149    4      80
               Funds

Janus          US OE World Stock  2      542    3      542    2      447    1      251
Worldwide - J  Funds

Janus Global   US OE Technology
Technology -   Funds              3      194    3      194    4      183    3      92
J

Janus Global   US OE Health
Life Sciences  Funds              3      157    4      157    3      143    2      68
- J

Perkins Mid    US OE Mid-Cap      5      356    5      356    5      250    5      84
Cap Value - J  Value Funds

Perkins Small  US OE Small Value
Cap Value - J  Funds              5      310    5      310    5      245    4      131
(1)

Janus          US OE
Flexible Bond  Intermediate-Term  5      978    5      978    5      866    4      496
- J            Bond Funds

Janus          US OE Short-Term
Short-Term     Bond Funds         5      384    5      384    5      318    4      168
Bond - J

Janus          US OE High Yield
High-Yield -   Bond Funds         4      475    4      475    4      411    4      258
J

Janus Orion -  US OE Mid-Cap      4      727    3      727    5      631           N/A
J              Growth Funds

INTECH         US OE Large
Risk-Managed   Growth Funds       2      1548   2      1548   2      1276          N/A
Growth - S

Janus          US OE Large Blend
Contrarian -   Funds              3      1757   2      1757   4      1376          N/A
J

INTECH         US OE Large Blend
Risk-Managed   Funds              3      1757   3      1757   3      1376          N/A
Core - J

Janus Global   US OE World Stock
Opportunities  Funds              3      542    4      542    3      447           N/A
- J

Janus Triton   US OE Small        5      669    5      669           N/A           N/A
- J            Growth Funds

Janus Global   US OE World Stock  4      542    4      542           N/A           N/A
Research - J   Funds

INTECH         US OE Large Value
Risk-Managed   Funds              3      1104   3      1104          N/A           N/A
Value - I

Janus          US OE Long-Short
Long/Short -   Funds              3      118    3      118           N/A           N/A
I

Janus Smart    US OE
Portfolio      Conservative       5      522    5      522           N/A           N/A
Conservative   Allocation Funds
- J

Janus Smart    US OE Moderate
Portfolio      Allocation Funds   3      953    3      953           N/A           N/A
Growth - J

Janus Smart    US OE Moderate
Portfolio      Allocation Funds   5      953    5      953           N/A           N/A
Moderate - J

Janus          US OE Foreign
International  Large Growth       5      206    5      206           N/A           N/A
Equity - I     Funds

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

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

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

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

Perkins Large  US OE Large Value         N/A           N/A           N/A           N/A
Cap Value I    Funds

Percent of
funds rated 4                     48.4%         51.6%         56.5%         50.0%
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   US OE Moderate     5      953    5      953    5      786    4      441
Fund       Allocation Funds

Flexible   US OE
Bond Fund  Intermediate-Term  5      978    5      978    5      866    4      496
           Bond Funds

Forty Fund US OE Large        5      1548   5      1548   5      1276   4      698
           Growth Funds

Research   US OE Large        3      1548   2      1548   3      1276   4      698
Core Fund  Growth Funds

Growth &   US OE Large
Income     Growth Funds       3      1548   3      1548   3      1276   3      698
Fund

Overseas   US OE Foreign
Fund       Large Growth       5      206    5      206    5      149    4      80
           Funds

Worldwide  US OE World Stock  2      542    3      542    2      447    1      251
Fund       Funds

Janus Fund US OE Large        3      1548   3      1548   4      1276   2      698
           Growth Funds

Enterprise US OE Mid-Cap      2      727    3      727    4      631    1      338
Fund       Growth Funds

Global
Life       US OE Health       4      157    4      157    4      143           N/A
Sciences   Funds
Fund

Global     US OE Technology
Technology Funds              4      194    3      194    4      183           N/A
Fund

Perkins    US OE Mid-Cap
Mid Cap    Value Funds        5      356    5      356    5      250           N/A
Value Fund

Percent of
funds                         58.3%         50.0%         75.0%         55.6%
rated 4 /
5 Stars



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

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

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 John Groneman, 303-336-7466