Janus Capital Group Inc. Announces Third Quarter 2009 Results

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,
200920092008*

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,
200920092008
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 income29.647.093.3
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 affiliate - - 2.5
Income from Continuing Operations11.819.228.8
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 outstanding (in millions) 176.6 159.0 159.6

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 billions)$ 143.1$ 126.7$ 182.7

JANUS CAPITAL GROUP INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in millions)
September 30,December 31,
20092008
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):200920092008
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, 2009June 30, 2009September 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-Year3-Year5-Year10-YearSince PM Inception
PM InceptionPercentile Rank (%)

Rank/
 Total Funds

Percentile Rank (%)

Rank/
 Total Funds

Percentile Rank (%)

Rank/
 Total Funds

Percentile Rank (%)

Rank/
 Total Funds

Percentile Rank (%)

Rank/
 Total Funds

Lipper Category

Growth Funds - Share Class

Janus Twenty Fund - J (1) Dec-07 Large-Cap Growth Funds 966 / 81411 / 69812 / 5821854 / 30125189 / 777
Janus Fund - J Oct-07 Large-Cap Growth Funds 23184 / 81433224 / 69827154 / 58268203 / 30139292 / 762
Janus Forty Fund -S Dec-07 Large-Cap Growth Funds 14109 / 81414 / 69813 / 58226 / 30142319 / 777
Janus Orion Fund - J Dec-07 Multi-Cap Growth Funds 44210 / 478726 / 384410 / 320--54236 / 438
Janus Research Fund - J Jan-06 Large-Cap Growth Funds 18143 / 8141170 / 698846 / 58249147 / 301853 / 663
Janus Enterprise Fund - J Oct-07 Mid-Cap Growth Funds 63304 / 48528117 / 4271344 / 35688153 / 17330134 / 459
Janus Venture Fund - J (1) Jan-97 Small-Cap Growth Funds 1477 / 56829140 / 4892286 / 40465137 / 2122330 / 132
Janus Triton Fund - J Jun-06 Small-Cap Growth Funds 950 / 56826 / 489----14 / 479
INTECH RM Growth Fund - S Jan-03 Multi-Cap Growth Funds 75359 / 47879302 / 38485272 / 320--81236 / 291
Core Funds - Share Class
Janus Growth and Income Fund - J Nov-07 Large-Cap Core Funds 211 / 90445335 / 76023139 / 62640146 / 36444357 / 829
Janus Contrarian Fund - J Feb-00 Multi-Cap Core Funds 63483 / 77623144 / 637311 / 486--1735 / 215
Janus Balanced Fund - J Apr-05 Mixed-Asset Target Alloc. Mod. Funds 11 / 50511 / 39011 / 3001115 / 14711 / 333
Janus Research Core Fund - J Nov-07 Large-Cap Core Funds 16137 / 90445340 / 7601594 / 6262278 / 36454447 / 829
INTECH RM Core Fund - J Feb-03 Multi-Cap Core Funds 84652 / 77678494 / 63765312 / 486--49182 / 373
Global/International Funds - Share Class
Janus Overseas Fund - J Jun-03 International Funds 12 / 124012 / 92411 / 69439 / 37011 / 613
Janus Worldwide Fund - J Apr-09 Global Funds 49262 / 53757212 / 37272208 / 28995143 / 151
Janus Global Technology Fund - J Jan-06 Global Science/Technology Funds 6950 / 722013 / 642515 / 597414 / 183321 / 64
Janus Global Life Sciences Fund - J Apr-07 Global Health/Biotechnology Funds 5024 / 47156 / 414016 / 395610 / 17146 / 45
Janus Global Research Fund - J Feb-05 Global Funds 21109 / 5371139 / 372----514 / 308
Janus Global Opportunities Fund - J Apr-05 Global Funds 1579 / 5372592 / 37257163 / 289--58191 / 329
Janus International Equity Fund - I Nov-06 International Funds 9108 / 1240------215 / 941
INTECH RM International Fund - I May-07 International Funds 67825 / 1240------52528 / 1032
Janus International Forty Fund - I May-08 International Funds 9104 / 1240------48559 / 1169
Value Funds - Share Class
Perkins Mid Cap Value Fund - J Aug-98 Mid-Cap Value Funds 1951 / 27048 / 225610 / 17221 / 6421 / 53
Perkins Small Cap Value Fund - J (1) Feb-97 Small-Cap Core Funds 854 / 73529 / 608943 / 4911435 / 25256 / 131
INTECH RM Value Fund - I Dec-05 Multi-Cap Value Funds 80282 / 35557163 / 285----55140 / 257
Income Funds - Share Class
Janus Flexible Bond Fund - J May-07 Intermediate Investment Grade Debt Funds 1477 / 556728 / 444931 / 3821327 / 211732 / 488
Janus Short-Term Bond Fund - J May-07 Short Investment Grade Debt Funds 716 / 25612 / 20823 / 1771312 / 9236 / 244
Janus High-Yield Fund - J Dec-03 High Current Yield Funds 27120 / 4592284 / 3832271 / 3311326 / 2062268 / 316
Alternative Funds - Share Class
Janus Long/Short Fund - I Aug-06 Long/Short Equity Funds 4654 / 1182211 / 50----2311 / 47
Janus Global Real Estate Fund - I Nov-07 Global Real Estate Funds 32 / 79------21 / 70
Asset Allocation Funds - Share Class
Janus SP-Growth - J Dec-05 Mixed-Asset Targe Alloc. Growth Funds 639 / 665522 / 541----313 / 508
Janus SP-Moderate - J Dec-05 Mixed-Asset Target Alloc. Mod Funds 29 / 50513 / 390----310 / 364
Janus SP-Conservative - J Dec-05 Mixed-Asset Targe Alloc. Cons Funds 416 / 43727 / 357----24 / 320
Janus Modular Portfolio Construction Fund - I Sep-08 Mixed-Asset Targe Alloc. Growth Funds 27175 / 665------42274 / 656

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 SharesLipper Rankings Based on Total Returns as of 9/30/09
1-Year3-Year5-Year10-YearSince PM Inception
PM InceptionPercentile Rank (%)

Rank/
 Total Funds

Percentile Rank (%)

Rank/
 Total Funds

Percentile Rank (%)

Rank/
 Total Funds

Percentile Rank (%)

Rank/
 Total Funds

Percentile Rank (%)

Rank/
 Total Funds

Lipper Category

Growth Funds
Forty Portfolio Jan-08 VA Large-Cap Growth 87206 / 23611 / 21311 / 19232 / 763170 / 229
Janus Portfolio Oct-07 VA Large-Cap Growth 3786 / 2363268 / 21358111 / 1926247 / 763680 / 224
Enterprise Portfolio Oct-07 VA Mid-Cap Growth 5980 / 1361215 / 12499 / 1117331 / 422329 / 129
Core Funds
Balanced Portfolio Apr-05 VA Mixed-Asset Target Alloc. Mod. 23 / 18511 / 12032 / 78136 / 4721 / 95
Growth and Income Portfolio Nov-07 VA Large-Cap Core 2148 / 2303062 / 2071424 / 182119 / 871737 / 221
Fundamental Equity Portfolio Nov-07 VA Large-Cap Core 65149 / 23056116 / 2071527 / 1821614 / 8753117 / 221
Global/International Funds
Worldwide Growth Portfolio Apr-09 VA Global 2936 / 1253934 / 888260 / 738731 / 350
International Growth Portfolio Jun-03 VA International 410 / 27512 / 23211 / 19332 / 9711 / 185
Global Life Sciences Portfolio Oct-04 VA Health/Biotechnology 9536 / 374315 / 34196 / 31--165 / 31
Global Technology Portfolio Jan-06 VA Science & Technology 3721 / 572614 / 54168 / 52--2815 / 54
Value Funds
Perkins Mid Cap Value Portfolio May-03 VA Mid-Cap Value 64 / 7621 / 6321 / 52--21 / 49
Income Funds
Flexible Bond Portfolio May-07 VA Intermediate Investment Grade Debt 107 / 731711 / 671911 / 60185 / 28139 / 69

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.

Janus Investment Fund ("JIF")

The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar RatingTM metrics.

Overall RatingThree-Year RatingFive-Year RatingTen-Year Rating

Fund - Share Class

Category

Stars# of FundsStars# of FundsStars# of Funds

Stars

# of Funds
Janus Twenty - J(1) Large Growth Funds

4

1515

5

1515

5

1255

3

653
Janus - J Large Growth Funds

3

1515

4

1515

3

1255

2

653
Janus Forty - S Large Growth Funds

5

1515

5

1515

5

1255

4

653
Janus Research - J Large Growth Funds

3

1515

4

1515

4

1255

2

653
Janus Enterprise - J Mid-Cap Growth Funds

2

750

3

750

4

638

1

324
Janus Venture - J(1) Small Growth Funds

3

670

3

670

3

555

2

308
Janus Growth & Income - J Large Growth Funds

3

1515

2

1515

3

1255

4

653
Janus Balanced - J Moderate Allocation Funds

5

956

5

956

5

795

4

455
Janus Research Core - J Large Growth Funds

4

1515

2

1515

4

1255

4

653
Janus Overseas - J Foreign Large Growth Funds

5

202

5

202

5

153

4

81
Janus Worldwide - J World Stock Funds

2

536

3

536

2

440

1

253
Janus Global Technology - J Technology Funds

4

202

4

202

4

190

4

79
Janus Global Life Sciences - J Health Funds

3

151

3

151

3

143

2

59
Perkins Mid Cap Value - J Mid-Cap Value Funds

5

338

5

338

5

248

5

87
Perkins Small Cap Value - J(1) Small Value Funds

5

318

5

318

5

242

4

124
Janus Flexible Bond - J Intermediate-Term Bond Funds

5

954

5

954

5

836

4

480
Janus Short-Term Bond - J Short-Term Bond Funds

5

351

5

351

5

303

4

161
Janus High-Yield - J High Yield Bond Funds

5

466

4

466

4

400

5

257
Janus Orion - J Mid-Cap Growth Funds

4

750

3

750

4

638 N/A
INTECH Risk-Managed Growth - S Large Growth Funds

2

1515

2

1515

2

1255 N/A
Janus Contrarian - J Large Blend Funds

4

1704

2

1704

5

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

3

1704

3

1704

3

1352 N/A
Janus Global Opportunities - J World Stock Funds

3

536

4

536

3

440 N/A
Janus Triton - J Small Growth Funds

5

670

5

670 N/A N/A
Janus Global Research - J World Stock Funds

4

536

4

536 N/A N/A
INTECH Risk-Managed Value - I Large Value Funds

3

1133

3

1133 N/A N/A
Janus Long/Short - I Long-Short Funds

3

110

3

110 N/A N/A
Janus Smart Portfolio Conservative - J Conservative Allocation Funds

5

499

5

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

4

956

4

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

5

956

5

956 N/A N/A
Janus International Equity - I Foreign Large Growth Funds N/A N/A N/A N/A
INTECH Risk-Managed Intl - I Foreign Large Blend Funds N/A N/A N/A N/A
Janus International Forty - I Foreign Large Growth Funds N/A N/A N/A N/A
Janus Global Real Estate - I Global Real Estate Funds N/A N/A N/A N/A
Janus Modular Portfolio Construction - I Moderate Allocation Funds N/A N/A N/A N/A
Percent of funds rated 4 or 5 Stars60.0%60.0%65.2%61.1%

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

Janus Aspen Series ("JAS") Institutional Shares

The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar RatingTM metrics.

Overall RatingThree-Year RatingFive-Year RatingTen-Year Rating

Fund

Category

Stars# of FundsStars# of FundsStars# of FundsStars# of Funds
Balanced Fund Moderate Allocation Funds

5

956

5

956

5

795

5

455
Flexible Bond Fund Intermediate-Term Bond Funds

5

954

5

954

5

836

5

480
Forty Fund Large Growth Funds

5

1515

5

1515

5

1255

4

653
Research Core Fund Large Growth Funds

4

1515

2

1515

4

1255

4

653
Growth & Income Fund Large Growth Funds

4

1515

3

1515

4

1255

4

653
Overseas Fund Foreign Large Growth Funds

5

202

5

202

5

153

5

81
Worldwide Fund World Stock Funds

2

536

3

536

2

440

2

253
Janus Fund Large Growth Funds

3

1515

4

1515

4

1255

2

653
Enterprise Fund Mid-Cap Growth Funds

3

750

3

750

4

638

2

324
Global Life Sciences Fund Health Funds

4

151

3

151

4

143 N/A
Global Technology Fund Technology Funds

4

202

3

202

4

190 N/A
Perkins Mid Cap Value Fund Mid-Cap Value Funds

5

338

5

338

5

248 N/A
Percent of funds rated 4 or 5 Stars75.0%50.0%91.7%66.7%

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

Contacts:

Janus Capital Group Inc.
Shelley Peterson, 303-316-5625
or
John Groneman, 303-336-7466

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