Janus Capital (JNS) 8-K Janus Announces Second Quarter 2008 Results

Exhibit 99.2

Second Quarter 2008 Earnings Presentation July 24, 2008 Gary Black Chief Executive Officer Daniel Charles Managing Director of JanusINTECH Institutional Greg Frost Chief Financial Officer C-0708-175 10-15-08

2 Highlights • 2Q 2008 EPS from continuing operations of $0.40 versus $0.24 in 1Q 2008 and $0.28 in 2Q 2007 - 2Q 2008 included a one-time tax benefit of approximately $0.06 per share • Total company long-term net flows for 2Q 2008 of $5.0 billion compared to $(1.5) billion in 1Q 2008 - Highest level of quarterly long-term net flows since 3Q 2000 – $4.8 billion Janus (ex-INTECH) long-term net flows and INTECH net flows of $0.2 billion • Assets Under Management (“AUM”) at June 30, 2008 of $191.8 billion up 2% versus 1Q 2008 • Relative mutual fund performance remains strong across multiple time periods – 78%, 81%, and 83% of Janus’ mutual funds are in the top 2 Lipper quartiles on a 1-, 3-, and 5- year total return basis, respectively, as of June 30, 2008 (1) • Announced plans to purchase an additional 50% of Perkins for $90 million, bringing Janus’ ownership to 80% • Repurchased $75 million of JNS stock in 2Q 2008 at an average price per share of $28.93 Note: (1) Performance reported as of 6/30/2008. Data presented reflects past performance, which is no guarantee of future results. Strong relative performance may not be indicative of positive fund returns. Year-to- date absolute performance for some funds is negative. Funds included in the analysis are Janus Retail (“JIF”), Janus Adviser Series (“JAD”) Class S Shares and J anus Aspen Series (“JAS”) Institutional Shares. The number of funds in each trust is 26, 22 and 12, respectively. See p. 24-29 for complete Lipper rankings and Morningstar ratings.

3 $8.0 $9.2 $9.4 $9.5 $11.7 ($6.6) ($6.2) ($6.3) ($9.9) ($6.9) $1.5 $2.9 $3.1 ($0.4) $4.8 ($16) ($8) $0 $8 $16 2Q07 3Q07 4Q07 1Q08 2Q08 $1.8 $2.5 $4.0 $2.0 $4.5 ($2.3) ($2.9) ($3.9) ($4.2) ($3.2) $0.2 ($1.1) $0.1 ($2.2) $1.3 ($8) ($4) $0 $4 $8 2Q07 3Q07 4Q07 1Q08 2Q08 $14.2 $11.3 $13.4 $11.1 $12.5 ($9.2) ($12.8) ($10.2) ($10.5) ($9.8) $5.0 ($1.5) $3.2 $0.7 $2.7 ($20) ($10) $0 $10 $20 2Q07 3Q07 4Q07 1Q08 2Q08 Both Janus (ex-INTECH) and INTECH long-term net flows were positive in 2Q 2008 Total Company Long-Term Flows (1,2) ($ in billions) INTECH Long-Term Flows (2) ($ in billions) Janus (ex-INTECH) Long-Term Flows (1,2) ($ in billions) Gross Redemptions Gross Sales Net Sales Notes: (1) Long-term flows depicted exclude all money market flows. (2) Annualized s ales and redemption rates calculated as a percentage of beginning of period assets. 30% 25% 28% 24% 33% 23% 23% 21% 27% 21% 27% 11% 23% 11% 16% 20% 24% 22% 17% 15% 32% 33% 31% 31% 41% 26% 23% 21% 32% 24% Annualized Redemption Rate Annualized Gross Sales Rate Annualized Redemption Rate Annualized Gross Sales Rate Annualized Redemption Rate Annualized Gross Sales Rate

4 $1.9 $0.9 $3.1 $1.5 $2.9 ($1.8) ($3.2) ($2.8) ($2.6) ($2.3) $0.5 ($1.1) $0.3 ($2.3) $0.0 ($4) ($2) $0 $2 $4 2Q07 3Q07 4Q07 1Q08 2Q08 $2.8 $2.3 $2.4 $1.5 $2.6 ($1.4) ($2.0) ($1.9) ($2.1) ($2.2) $1.5 $0.3 $0.5 ($0.6) $0.4 ($4) ($2) $0 $2 $4 2Q07 3Q07 4Q07 1Q08 2Q08 $9.6 $8.1 $7.9 $8.1 $7.0 ($6.0) ($7.6) ($5.5) ($5.7) ($5.3) $3.5 $0.5 $2.4 $2.4 $1.8 ($12) ($6) $0 $6 $12 2Q07 3Q07 4Q07 1Q08 2Q08 Retail intermediary and international channels continue to post positive net flows in 2Q 2008 Note: (1) Long-term flows exclude all money market flows. Annualized sales and redemption rates calculated as a percentage of beginning of period assets. Gross Redemptions Gross Sales Net Sales 29% 31% 27% 28% 35% Annualized Redemption Rate Annualized Gross Sales Rate 22% 22% 19% 26% 22% Retail Intermediary (1) ($ in billions, AUM $112.0 billion) Institutional (1) ($ in billions, AUM $53.9 billion) International (1) ($ in billions, AUM $14.1 billion) 86% 46% 74% 68% 90% Annualized Redemption Rate Annualized Gross Sales Rate 72% 64% 59% 59% 44% 19% 10% 20% 6% 14% Annualized Redemption Rate Annualized Gross Sales Rate 16% 17% 18% 21% 14% Annualized Redemption Rate

5 ($36) ($27) ($18) ($9) $0 $9 $18 $27 $36 2Q 2007 3Q 2007 4Q 2007 1Q 2008 2Q 2008 Growth Value Growth minus Value ($20) $0 $20 $40 $60 $80 $100 $120 2Q 2007 3Q 2007 4Q 2007 1Q 2008 2Q 2008 Equity Fixed Income Source: Confluence (2008) Growth returns were positive in 2Q 2008 and continued to outperform Value Negative returns continued across most key indices in 2Q 2008 Year-to-date, equity flows reflect volatile market environment Source: Confluence (2008) Growth flows continued to exceed Value in 2Q 2008 (Quarterly net flows for domestic mutual funds in $ billions, 2Q2007 – 2Q 2008) Source: Strategic Insight, Simfund (2008) 2Q 2008 equity flows driven by strong April and May (Quarterly net flows for mutual funds in $ billions, 2Q 2007 – 2Q 2008) Source: Strategic Insight, Simfund (2008) Key Indices (Cumulative returns over designated periods) LTM YTD 2Q 2008 S&P 500® -13.1% -11.9% -2.7% Russell 1000® Growth -6.0% -9.1% 1.2% Russell 1000® Value -18.8% -13.6% -5.3% MSCI Worldsm -10.7% -10.6% -1.7% MSCI EAFE® -10.6% -11.0% -2.3% MSCI EAFE® Growth -4.4% -8.1% 0.0% MSCI EAFE® Value -16.6% -13.8% -4.6% -6.0% -9.1% 1.2% -13.6% -18.8% -5.3% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% LTM Return YTD Return 2Q 2008 Return Russ ell 1000® Growth Russ ell 1000® Value `

6 Janus continues to outperform peers • Janus mutual funds are outperforming peers across multiple time periods – 80%, 86% and 85% of Janus-managed equity mutual funds in the top 2 Lipper quartiles on a 1-, 3-, and 5-year total return basis, respectively, as of June 30, 2008 (1) – 79% of Janus mutual funds had a 4 or 5 star Morningstar overall rating at June 30, 2008, based on risk-adjusted returns (1) – Among the Top 20 Asset Managers Janus ranked 1st, 3rd, 6th and 3rd, based on percent of funds in the top 2 Lipper quartiles on a 1-, 3-, 5-, and 10-year total return basis, respectively, as of June 30, 2008 (2) • INTECH’s near-term performance improved and longer-term performance remains strong (3) – 92%, 44%, 100% and 100% of strategies have outperformed their respective benchmarks over the 1-, 3-, 5-, and 10-year periods, as of June 30, 2008 Data presented reflects past performance, which is no guarantee of future results. Notes: (1) Performance reported as of 6/30/2008. Strong relative performance may not be indicative of positive fund returns. Year-to-date absolute performance for some funds is negative. Funds included in the analysis are J anus Retail (“JIF”), Janus Adviser Series (“JAD”) Class S Shares and Janus Aspen Series (“JAS”) Institutional Shares. See p. 24- 29 for complete Lipper rankings and Morningstar ratings. (2) Rankings are for J anus Retail (“JIF”) and J anus Adviser Series (“JAD”) Class S Shares and are based on Lipper performance as disclosed by Simfund. Selected peer group is defined as the 20 largest Mutual Fund Ass et Managers, based on end of period AUM, as of 6/30/2008. (3) Performance reported as of 6/30/2008, on an annualized basis and net of fees. See p. 30-32 for standardized INTECH performance.

7 51% 55% 63% 67% 50% 25% 33% 24% 19% 28% 86% 88% 75% 86% 78% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 6/30/07 9/30/07 12/31/07 3/31/08 6/30/08 Performance remains strong across time periods and products (1) Past performance is no guarantee of future results. (1) References Lipper relative performance on a 1-, 3-, and 5- year basis as of 6/30/2008. Strong relative performance may not be indicative of positive fund returns. Year-to-date absolute performance for some funds is negative. (2) Funds included in the analysis are Janus Retail (“JIF”), Janus Adviser Series (“JAD”) Class S Shares and Janus Aspen Series (“JAS”) Institutional Shares. The number of funds in each trust is 26, 22 and 12, respectively. (3) Janus-Managed Equity Mutual Funds do not include Value Funds, Income Funds, or INTECH Risk-Managed Funds. Funds not ranked by Lipper are not included in the analysis. See p. 24-26 for complete Lipper rankings. 1-Year Basis 3-Year Basis Percent of Funds in Top 2 Lipper Quartiles Based on Total Returns All Janus Mutual Funds (2) Janus- Managed Equity Mutual Funds (3) 5-Year Basis 47% 53% 64% 67% 65% 28% 23% 23% 19% 17% 77% 85% 74% 87% 81% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 6/30/07 9/30/07 12/31/07 3/31/08 6/30/08 43% 40% 51% 58% 61% 31% 31% 30% 29% 22% 71% 87% 83% 81% 74% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 6/30/07 9/30/07 12/31/07 3/31/08 6/30/08 67% 72% 73% 73% 52% 12% 28% 20% 16% 27% 1 00% 89% 79% 93% 80% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 6 /30/07 9/30/07 12/31/07 3/3 1/08 6/30/08 1st Quartile 2nd Quartile 65% 71% 76% 69% 69% 24% 18% 12% 19% 17% 88% 89% 86% 88% 88% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 6/30/07 9/30/07 12/3 1/07 3 /31/08 6/30/08 1st Quartile 2nd Quartile 59% 62% 68% 29% 26% 26% 26% 18% 47% 47% 74% 88% 85% 85% 76% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 6/30/07 9/30/07 12/31/07 3/31/08 6/30/08 1st Quartile 2nd Quartile

Institutional Distribution Daniel Charles Managing Director of JanusINTECH Institutional

9 $63.6 $73.7 $62.1 $47.9 $35.8 $0 $20 $40 $60 $80 2004 2005 2006 2007 1H 2008 16% 15% 39% 30% The institutional business has grown rapidly, primarily through the growth of INTECH Institutional AUM ($ in billions, 33% of total company AUM as of June 30, 2008) Institutional AUM by Sub-Channel (% of end of period AUM as of June 30, 2008) 2004 to 1H 2008 CAGR = 17.8% Public and Other Funds ($19.2bn) Taft-Hartley ($10.2bn) Corporate / Endowments & Foundations ($24.5bn) Institutional Cash Management ($9.7bn) Institutional Long-Term Flows ($ in billions) • Growth replacement cycle and above target performance drove substantial net flows for INTECH from 2004-2006 • Recent asset allocation decisions favoring alternative strategies and INTECH underperformance have impacted redemptions • Janus-managed products gaining traction Gross Sales Gross Redemptions Net Sales $10.0 $14.1 $13.8 $10.6 $2.8 ($5.1) ($9.0) ($4.5) ($1.7) ($4.7) ($2.3) $1.7 $9.4 $12.4 $5.3 ($18) ($12) ($6) $0 $6 $12 $18 2004 2005 2006 2007 1H 2008

10 Positioning Janus as a viable player in the institutional marketplace Source: eVestment Alliance • Focusing distribution efforts on the P&I top 600 plans in the Endowment & Foundation, Public and Taft Hartley channels • Proactively seeking opportunities to expand relationships with existing clients • Strategically expanding sales and consultant relations team in targeted markets • Seeking to differentiate and position existing products while strategically launching new strategies • Janus-managed investment process and performance have been enhanced to increase quality and repeatability • Institutional product set is well-diversified and has had broad success over the long-term Quartile Ranking: 1st 2nd 3rd 4th Janus-Managed Institutional Product Rankings (1) (Percentile rankings as of March 31, 2008) Key Priorities Addressing Challenges Note: (1) Relative performance shown for 3/31/2008 is latest available. See additional disclosure on J anus-managed institutional product rankings on p. 33. Janus-Managed Institutional Product Rankings (Percentile Rankings as of March 31, 2008) Strategy (Inception) 1-Year 3-Year 5-Year 10-Year U.S. Growth & Core Concentrated Growth (10/94) 1 2 2 2 Mid Cap Growth (4/89) 14 10 12 46 U.S. Research Core (8/04) 40 14 - - Small Cap Growth (1/06) 33 - - - Global / International International Equity (1/97) 9 3 7 3 Global Research Growth (4/05) 8 7 - - Opportunistic Opportunistic Alpha (4/00) 10 2 4 - Select Growth (1/91) 1 5 3 6 U.S. Value Mid Cap Value (10/98) 3 11 14 - Small Cap Value (7/88) 12 41 64 24 Percentile Rankings

11 Building on INTECH’s success NA NA 67% 53% 8/04 Broad Large Cap Value 100% 87% 80% 66% 7/93 Large Cap Value NA NA 100% 90% 1/05 Global Core 68% 78% 63% 73% 74% 76% 1-year 8/01 4/98 4/01 11/00 7/87 7/93 Inception Date NA 100% 100% Large Cap Core 100% 100% 100% Enhanced Index NA 100% 88% Broad Enhanced Plus NA 100% 88% Broad Large Cap Growth 100% 85% 80% Enhanced Plus 100% 100% 92% Large Cap Growth 10-year 5-year 3-year As of 6/30/2008 Notes: (1) Batting aver age is defined as the percentage of periods a strategy has outperformed its relative benchmark, gross of fees. Periods are calculated on a monthly basis, since inception through 6/30/2008. Only composites for INTECH product strategies with at least a 3- year performance track record are shown. (2) Performance reported as of 6/30/2008, on an annualized basis and net of fees. See p. 30-32 for standardized INTECH performance. INTECH Product Strategy Batting Averages (1) (Historical relative gross performance for composites over various time horizons) • Continuing to increase penetration with existing products • Seeking opportunities to expand relationships with focused product set - Large Cap Value, International Equity, Global Core, Long/Short (130/30) and Market Neutral • Leveraging alternative product suite to capture allocation mix shift away from long only equities • 92% of INTECH’s product strategies have outperformed their benchmarks over the past twelve months (2) • Promote further understanding of INTECH’s research and investment process Key Priorities Addressing Challenges

Financials Greg Frost Chief Financial Officer

13 2Q 2008 Financial overview • 2Q 2008 EPS from continuing operations of $0.40 versus $0.24 in 1Q 2008 and $0.28 in 2Q 2007 - One-time tax benefit from a legislative change in Colorado state taxes positively impacted 2Q 2008 by $10.8 million, or approximately $0.06 per share (1) • Average AUM of $200.1 billion and revenue from continuing operations of $304.2 million up 5.5% and 8.2%, respectively, from 1Q 2008 - 2Q 2008 performance fees increased $6.0 million compared to 1Q 2008 • 2Q 2008 operating margin of 34.5% versus 31.8% in 1Q 2008 and 34.6% in 2Q 2007 – Operating expenses of $199.1 million in 2Q 2008 increased $7.4 million versus 1Q 2008 on higher asset-based distribution expense and G&A expenses • Net investment gains from seed capital of $3.0 million in 2Q 2008 versus $(9.5) million in 1Q 2008 • Management remains focused on prudently managing expenses, while continuing to reinvest in the business • Strong liquidity position and cash flow generation support expected investments in subsidiaries and long-term strategic priorities Note: (1) As a result of the Colorado legislative tax change, Janus’ tax rate is expected to decrease by approximately 1.0% beginning on January 1, 2009.

14 Mutual Fund Relative Performance (6) (Lipper percentile rankings and Morningstar ratings, as of 6/30/2008) • Acquisition of additional 50% stake for $90.0 million brings Janus’ ownership to 80% • Remaining 20% stake held primarily by key Perkins investment professionals (3) – Proposed deal also includes the grant of profit interests awards designed to retain and incentivize key employees to grow the business (4) • Facilitates build-out of Janus’ fundamental Value product set, including Large Cap Value • Products will be marketed under the Perkins Investment Management brand • Transaction expected to be neutral-to-slightly accretive to 2008 and 2009 EPS Perkins-managed AUM (2) Transaction Highlights $5.1 $10.8 89% 24% 11% 76% $0.0 $4.0 $8.0 $12.0 Jan 1, 2003 Jun 30, 2008 Mid Cap Value Small Cap Value (5) 2003 to 1H 2008 CAGR = 14.9% Acquisition of majority stake in Perkins paves the way for build-out of Janus’ fundamental Value platform (1) Notes: (1) Perkins will be a consolidated subsidiary of Janus and will house all fundamental Value products. Transaction contingent on Janus’ fundamental Value product fundholders’ approval of new subadvisory agreements with Perkins. Expected to close in 4Q 2008. (2) Assets depicted are those of Janus products managed or subadvised by Perkins. (3) Janus has the option to acquire the remaining 20% interest of Perkins at fair value at the third, fifth or seventh year from acquisition and the minority owners have the option to require Janus to purchase their interest on the fourth or sixth year from acquisition at fair value. (4) The awards have a formula-based terminal value based on revenue growth and relative investment performance of products managed by Perkins. (5) Janus acquired its initial 30% stake in Perkins in 2Q 2003. (6) Janus Small Cap Value Fund – Investor Shares is closed to new investors. Please see p. 24-29 for complete Lipper rankings and Morningstar ratings. Trust 1-Year 3-Year 5-Year 10-Year Morningstar Overall Rating Janus Mid Cap Value Fund - Inv. JIF 7 11 15 - Janus Small Cap Value Fund - Inv. JIF 24 40 52 18

15 Summary • Relative investment performance continues to be strong despite challenging market (1) • Total company long-term net flows at the highest level in nearly 8 years • Janus-managed products gaining traction in the institutional marketplace • Investments in retail intermediary and international channels paying off • Executing on strategic initiatives with the additional 50% purchase of Perkins • Current operating margin demonstrates flexibility in the business model Past performance is no guarantee of future results. Note: (1) References r elative mutual fund performance for the 1-, 3-, 5-, and 10- year periods as of 6/30/2008. Strong relative performance may not be indicative of positive fund returns. Year-to-date absolute performance for some funds is negative. See p. 24-32 for complete Lipper rankings, Morningstar ratings and INTECH performance.

Appendix

17 1% 2% 5% 6% 11% 43% 32% 7% 60% 33% AUM by investment discipline and distribution channel Value ($10.9bn) Retail Intermediary ($114.1bn) $191.8 billion in AUM as of 6/30/08 By Investment Discipline By Distribution Channel Growth / Blend ($81.8bn) Money Market ($11.8bn) Global / International ($21.0bn) Fixed Income ($3.7bn) Mathematical ($61.3bn) Institutional ($63.6bn) International ($14.1bn) Alternative ($1.2bn)

18 $84 $84 $1,698 $376 $869 $209 $829 $493 $293 234.4 216.0 193.5 166.3 160.6 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 2004 2005 2006 2007 1H 2008 Amount of Stock Buybacks ($ mm) 0 50 100 150 200 250 EOP Shares Outstanding (mm) Cumulative Buyback Stock Buybacks in Period EOP Shares Outstanding Continuing to return excess cash to shareholders • On July 22, 2008, the Board of Directors approved a new $500 million buyback authorization • 2Q 2008 buyback activity – $75 million of repurchases – 2.6 million shares repurchased – $28.93 average price per share – 1.3% net share reduction (1) • 32.9% net share reduction since June 30, 2004 Janus cumulative stock buyback activity since 2004 (Amount of buybacks in $ millions, shares outstanding in millions) $84 $376 $869 $1,698 2.1% 9.7% 19.2% 30.5% 32.9% Cumulative net share reduction (2) Notes: (1) Net share reduction takes into account 2Q 2008 stock buyback activity and net issuances relating to stock option exercises, restricted stock grants, and the company's employee share purchase plan. (2) Cumulative net share reduction calculated as end of period shares outstanding divided by 239.4 million; the number of shares outstanding as of June 30, 2004. $1,907

19 2Q 2008 EPS from continuing operations of $0.40 Consolidated Entity Notes: (1) Continuing operations previously disclosed as the investment management segment. (2) Discontinued operations previously disclosed as the printing and fulfillment segment. (3) Each component of EPS presented has been individually rounded and therefore totals may not foot. June 30, March 31, Variance June 30, June 30, Variance ($ in millions, except AUM and per share) 2008 2008 (%) 2008 2007 (%) Average AUM ($ in billions) 200.1 $ 189.7 $ 5.5% 200.1 $ 188.2 $ 6.3% Continuing operations (1) Revenue 304.2 $ 281.2 $ 8.2% 304.2 $ 273.0 $ 11.4% Operating expenses 199.1 191.7 3.9% 199.1 178.6 11.5% Operating income 105.1 89.5 17.4% 105.1 94.4 11.3% Investment management operating margin 34.5% 31.8% 34.5% 34.6% Interest expense (18.8) (18.9) n/a (18.8) (11.5) 63.5% Investment gains (losses), net 3.0 (9.5) n/a 3.0 0.4 n/a Other income, net 1.0 4.2 -76.2% 1.0 4.6 -78.3% Income tax provision (23.8) (24.5) -2.9% (23.8) (32.9) -27.7% Equity earnings of unconsolidated affiliate 2.3 2.0 15.0% 2.3 1.7 35.3% Minority interest in consolidated earnings (3.2) (3.8) -15.8% (3.2) (5.1) -37.3% Net income from continuing operations 65.6 39.0 68.2% 65.6 51.6 27.1% Net income (loss) from discontinued operations (2) 0.7 (1.6) n/a 0.7 (2.8) n/a Net income 66.3 $ 37.4 $ 77.3% 66.3 $ 48.8 $ 35.9% Diluted earnings per share (3) Continuing operations 0.40 $ 0.24 $ 68.3% 0.40 $ 0.28 $ 42.8% Discontinued operations (2) 0.00 (0.01) n/a 0.00 (0.02) n/a Diluted earnings per share 0.41 $ 0.23 $ 77.5% 0.41 $ 0.27 $ 52.6% Weighted average diluted shares outstanding (in millions) 162.4 164.0 -1.0% 162.4 182.4 -11.0% Quarter Ended Quarter Ended

20 Operating margins of 34.5% in 2Q 2008 increased quarter-over-quarter Continuing Operations Note: (1) Includes private account and mutual fund performance fees. Mutual fund performance fee detail is presented on p. 21. June 30, March 31, Variance June 30, June 30, Variance ($ in millions, except AUM and per share) 2008 2008 (%) 2008 2007 (%) Average AUM ($ in billions) 200.1 $ 189.7 $ 5.5% 200.1 $ 188.2 $ 6.3% Revenue Investment management fees 239.8 $ 225.5 $ 239.8 $ 220.6 $ Performance fees (1) 11.6 5.6 11.6 3.8 Other 52.8 50.1 52.8 48.6 Total revenue 304.2 281.2 8.2% 304.2 273.0 11.4% Basis points Investment management fees 48.1 47.7 48.1 47.0 Investment management fees and performance fees 50.4 48.9 50.4 47.8 Operating expenses Employee compensation and benefits 91.6 91.8 91.6 86.8 Long-term incentive compensation 12.5 12.1 12.5 17.0 Marketing and advertising 8.7 7.8 8.7 5.0 Distribution 38.2 36.3 38.2 34.5 Depreciation and amortization 10.7 9.9 10.7 8.7 General, administrative and occupancy 37.4 33.8 37.4 26.6 Total operating expense 199.1 191.7 3.9% 199.1 178.6 11.5% Operating income 105.1 $ 89.5 $ 17.4% 105.1 $ 94.4 $ 11.3% Operating margin 34.5% 31.8% 34.5% 34.6% Quarter Ended Quarter Ended

21 Mutual funds with performance-based advisory fees Pleas e refer to footnotes on p. 22. Mutual Funds with Performance Fees (1) (AUM $ in millions, performance fees $ in thousands) EOP AUM Base Performance Performance 2Q 2008 P&L Impact 6/30/2008 Benchmark Fee Fee (2) Hurdle vs. Benchmark of Performance Fees Contrarian Funds (3) Janus Contrarian Fund $6,770.2 S&P 500® Index 0.64% ± 15 bps ± 7.00% $2,193.4 Janus Adviser Contrarian Fund $347.3 S&P 500® Index 0.64% ± 15 bps ± 7.00% $39.4 Worldwide Funds (3) Janus Worldwide Fund $3,135.1 MSCI Worldsm Index 0.60% ± 15 bps ± 6.00% ($589.5) Janus Adviser Worldwide Fund $123.6 MSCI Worldsm Index 0.60% ± 15 bps ± 6.00% ($31.2) Janus Aspen Worldwide Growth Portfolio $998.7 MSCI Worldsm Index 0.60% ± 15 bps ± 6.00% ($160.8) Research Fund (3) Janus Research Fund $4,075.4 Russell 1000® Growth Index 0.64% ± 15 bps ± 5.00% $1,558.0 Global Research Fund Janus Global Research Fund (4, 5) $288.6 Russell 1000® Index / MSCI World Growth Index 0.64% ± 15 bps ± 6.00% $60.3 Janus Adviser Global Research Fund (6) $4.6 MSCI World Growth Index 0.64% ± 15 bps ± 6.00% N/A Global Real Estate (6) Janus Adviser Global Real Estate Fund $6.6 FTSE EPRA / NAREIT Global Real Estate Index 0.75% ± 15 bps ± 4.00% N/A International Equity Fund (7) Janus Adviser International Equity Fund $158.4 MSCI EAFE® Index 0.68% ± 15 bps ± 7.00% $10.9 International Forty Fund (8) Janus Adviser International Forty Fund $1.0 MSCI All Country World ex-U.S. IndexSM 0.73% ± 15 bps ± 6.00% N/A Risk-Managed Funds (5) INTECH Risk-Managed Stock Fund $355.0 S&P 500® Index 0.50% ± 15 bps ± 4.00% ($181.2) Janus Adviser INTECH Risk-Managed Core Fund $115.9 S&P 500® Index 0.50% ± 15 bps ± 4.00% ($50.7) Janus Aspen INTECH Risk-Managed Core Portfolio $27.9 S&P 500® Index 0.50% ± 15 bps ± 4.00% ($8.3) Mid CapValue Funds (3,9) Janus Mid Cap Value Fund $7,212.1 Russell Midcap Value® Index 0.64% ± 15 bps ± 4.00% $1,202.4 Janus Adviser Mid Cap Value Fund $997.4 Russell Midcap Value® Index 0.64% ± 15 bps ± 4.00% $103.1 Janus Aspen Mid Cap Value Portfolio $72.7 Russell Midcap Value® Index 0.64% ± 15 bps ± 4.00% $14.1 Total $24,690.5 $4,159.8

22 Mutual funds with performance-based advisory fees (cont’d) Notes: (1) The funds listed have a performance-based investment advisory fee that adjusts upward or downward based on each fund’s performance relative to an approved benchmark index over a performance measurement period. Please see the Funds’ Statement of Additional Information for more details. Actual performance measurement periods used for calculating the performance fees are from 12 months up to 36 months, and then over 36 month rolling periods. (2) Adjustment of ± 15 bps assumes constant assets and could be higher or lower depending on asset fluctuations. (3) The performance measurement period began on 2/1/2006 and the performance adjustment was implemented as of 2/1/2007. (4) Effective December 31, 2006, Janus Research Fund changed its name to Janus Global Research Fund. Effective January 1, 2007, Janus Global Research Fund will benchmark its performance to the MSCI World Growth Index. This index will be used to calculate the Fund’s performance adjustment to the investment advisory fee for periods after January 1, 2007. The Russell 1000® Index will be used to calculate the performance adjustment to the investment advisory fee for periods prior to January 1, 2007. (5) The performance measurement period began on 1/1/2006 and the performance adjustment was implemented as of 1/1/2007. (6) The performance measurement period began on 12/1/2007 and the performance adjustment will be implemented as of 12/1/2008. (7) The performance measurement period began on 12/1/2006 and the performance adjustment was implemented as of 12/1/2007. (8) The performance measurement period began on 6/1/2008 and the performance adjustment will be implemented as of 6/1/2009. (9) Performance fees paid by the Fund are split 50/50 (net of any reimbursements of expenses incurred or waived by Janus Capital) with Perkins, Wolf, McDonnell, and Company LLC., sub-adviser for the Mid Cap Value funds. Data shown for Janus Mid Cap Value Fund includes both investor and institutional share classes. The Russell Midcap® Value Index measures the performance of those Russell Midcap® companies with lower price-to-book ratios and lower forecasted growth rates. The MSCI World Growth Index is a subset of the Morgan Stanley Capital Worldsm Index which is a market capitalization weighted index composed of companies representative of the market structure of developed market countries around the world. The index includes reinvestment of dividends, net of foreign withholding taxes. The FTSE EPRA/NAREIT Global Real Estate Index is a global market capitalization weighted index composed of listed real estate securities in the North American, European and Asian real estate markets. The MSCI All Country World ex-U.S. IndexSM is an unmanaged, free float-adjusted, market capitalization weighted index composed of stocks of companies located in countries throughout the world, excluding the United States. It is designed to measure equity market performance in global developed and emerging markets outside the United States. The index includes reinvestment of dividends, net of foreign withholding taxes.

23 LTI amortization schedule Notes: (1) Schedule reflects LTI awards granted as of 6/30/2008. (2) Includes reduction in expense related to estimated forfeitures. (3) 2008 EPS growth for the 2007 grant is calculated excluding the $7 million decrease related to the 2002 5% grant becoming fully amortized in 2007. (4) Grants do not include performance based acceleration and vest on a pro rata basis. (5) Includes other grants with no performance vesting and grants made to executives which will not vest if targeted EPS growth is not met. Full-Year 2008 Long-Term Incentive Compensation Amortization (1,2) ($ in millions) % remaining to vest Amount remaining to vest <10% 10% - 15% 15% - 20% 20% - 25% 25% - 50% >50% % amortized based on EPS growth 25% 30% 35% 40% 45% 50% 2005 grant 0% - $ - $ - $ - $ - $ - $ - $ 2006 grant 10% 3.6 3.6 3.6 3.6 3.6 3.6 3.6 2007 grant (3) 55% 16.0 7.8 9.1 10.4 11.8 13.1 14.4 2008 grant (4) 100% 42.0 Retention / Succession grants Janus investment team (4) 100% 18.9 INTECH ( 4) 100% 15.0 All other (5) n/a 50.5 13.8 14.3 14.5 15.2 15.6 16.1 Grants vest over 10 years Grants vest over 3 years 2008 EPS Growth Assumptions Grants vest over 4 years

24 Lipper Quartile: 1st 2nd 3rd 4th Seven Janus-managed JIF funds across seven different categories are ranked in the top quartile on a 1-, 3-, and 5-year total return basis *Closed to new investors. ‡ In accordance with FINRA regulations, Lipper rankings cannot be publicly disclosed for time periods of less than one year. Past performance is no guarantee of future results. Top quartile relative performance may not be indicative of positive fund returns. Year-to-date absolute performance for some funds is negative. Lipper Inc. rankings are historical with capital gains and dividends reinvested. (1) Ranking is for the investor s hare class only; other classes may have different performance characteristics. (2) AUM for the asset allocation funds are not reported separately as they have been reflected in the respective underlying funds. If an expense waiver was in effect, it may have had a material effect on the total return or yield and therefore, the ranking for the period. 6/30/08 PM Percentile Rank / Percentile Rank / Percentile Rank / Percentile Rank / Percentile Rank / AUM ($mms) Inception Lipper Category Rank (%) Total Funds Rank (%) Total Funds Rank (%) Total Funds Rank (%) Total Funds Rank (%) Total Funds Growth Funds Janus Twenty Fund* 12,795 $ J an-08 Large-Cap Growth Funds 1 1 / 756 1 1 / 641 1 1 / 530 2 4 / 259 Janus Fund 10,812 $ Oct-07 Large-Cap Growth Funds 55 411 / 756 29 183 / 641 33 175 / 530 45 117 / 259 Janus Orion Fund 5,095 $ Dec-07 Multi-Cap Growth Funds 3 12 / 493 2 6 / 374 1 1 / 314 - - Janus Research Fund 4,075 $ J an-06 Large-Cap Growth Funds 46 342 / 756 7 43 / 641 9 46 / 530 4 10 / 259 6 37 / 679 Janus Enterprise Fund 2,145 $ Oct-07 Mid-Cap Growth Funds 13 75 / 596 8 40 / 501 7 27 / 408 44 79 / 181 J anus Venture Fund* 1,182 $ J an-01 Small-Cap Growth Funds 88 532 / 604 44 212 / 486 23 91 / 400 33 63 / 192 28 85 / 307 J anus Triton Fund 153 $ Jun-06 Small-Cap Growth Funds 20 119 / 604 5 24 / 486 - - - - 8 38 / 539 Core Funds Janus Contrarian Fund 6,770 $ Feb-00 Multi-Cap Core Funds 47 392 / 847 1 6 / 664 1 4 / 486 - - 7 18 / 276 J anus Growth and Income Fund 5,267 $ Nov-07 Large-Cap Core Funds 44 358 / 817 34 233 / 692 23 132 / 574 11 33 / 323 J anus Balanced Fund 2,818 $ Apr-05 Mixed-Ass et Target Alloc. Mod. Funds 3 10 / 462 4 12 / 361 14 32 / 239 7 9 / 141 2 6 / 359 J anus Fundamental Equity Fund 863 $ Nov-07 Large-Cap Core Funds 35 280 / 817 11 73 / 692 4 19 / 574 3 7 / 323 INTECH Risk-Managed Stock Fund 355 $ Feb-03 Multi-Cap Core Funds 41 344 / 847 63 415 / 664 28 132 / 486 - - 39 182 / 475 Global/International Funds Janus Overseas Fund* 9,052 $ Jun-03 International Funds 10 108 / 1141 1 2 / 815 1 1 / 676 4 13 / 339 1 2 / 674 Janus Worldwide Fund 3,135 $ Jun-04 Global Funds 95 422 / 446 91 317 / 350 98 263 / 268 95 117 / 123 94 279 / 298 J anus Global Life Sciences Fund 822 $ Apr-07 Global Healthcare/Biotechnology Funds 3 2 / 70 21 11 / 53 3 1 / 48 - - 2 1 / 69 J anus Global Technology F und 814 $ J an-06 Global Science & Technology Funds 34 36 / 108 16 16 / 102 36 32 / 90 - - 20 20 / 103 Janus Global Research Fund 289 $ Feb-05 Global Funds 9 38 / 446 5 16 / 350 - - - - 4 10 / 323 Janus Global Opportunities Fund 121 $ Jun-01 Global Funds 96 426 / 446 98 343 / 350 83 221 / 268 - - 41 84 / 206 Value Funds Janus Mid Cap Value Fund - Inv(1) 6,415 $ Aug-98 Mid-Cap Value Funds 7 24 / 343 11 28 / 270 15 31 / 209 - - 2 1 / 67 Janus Small Cap Value Fund - Inv.*(1) 607 $ Feb-97 Small-Cap Core Funds 24 182 / 786 40 249 / 628 52 251 / 486 18 33 / 193 17 21 / 125 Income Funds Janus Flexible Bond Fund 879 $ May-07 Intermediate Investment Grade Debt 10 51 / 557 8 34 / 464 18 67 / 393 36 67 / 189 12 60 / 544 Janus High-Yield Fund 505 $ Dec-03 High Current Yield Funds 74 340 / 460 60 232 / 387 65 218 / 339 24 39 / 167 51 175 / 348 Janus Short-Term Bond Fund 192 $ May-07 Short Investment Grade Debt 37 97 / 263 28 59 / 212 22 35 / 165 32 27 / 84 36 94 / 262 Asset Allocation Funds J anus Smart Portfolio-Growth(2) N/A Dec-05 Mixed-Ass et Target Alloc. Growth Funds 9 53 / 655 - - - - - - 3 13 / 563 J anus Smart Portfolio-Moderate( 2) N/A Dec-05 Mixed-Ass et Target Alloc. Mod. Funds 6 26 / 462 - - - - - - 2 7 / 393 J anus Smart Portfolio-Conservative(2) N/A Dec-05 Mixed-Ass et Target Alloc. Cons . Funds 17 69 / 429 - - - - - - 2 6 / 338 ‡ ‡ Janus Investment Fund ("JIF") 1-Year 10-Year 3-Year 5-Year Lipper Rankings Based on Total Returns as of 6/30/08 Since PM Inception ‡ ‡ ‡ ‡

25 Lipper Quartile: 1st 2nd 3rd 4th Six Janus-managed JAD funds across six different Lipper categories are outperforming peers on a 1-, 3-, 5-, and 10-year total return basis *Closed to new investors. ‡ In accordance with FINRA regulations, Lipper rankings cannot be publicly disclosed for time periods of less than one year. Past performance is no guarantee of future results. Top quartile relative performance may not be indicative of positive fund returns. Year-to-date absolute performance for some funds is negative. Lipper Inc. rankings are historical with capital gains and dividends reinvested. Rankings are for the Class S Shares only; other classes may have different performance characteristics. If an expense waiver was in effect, it may have had a material effect on the total return or yield and therefore, the ranking for the period. 6/30/08 PM Percentile Rank / Percentile Rank / Percentile Rank / Percentile Rank / Percentile Rank / AUM ($mms) Inception Lipper Category Rank (%) Total Funds Rank (%) Total Funds Rank (%) Total Funds Rank (%) Total Funds Rank (%) Total Funds Growth Funds Forty Fund 4,026 $ Jan-08 Large-Cap Growth Funds 1 4 / 756 1 3 / 641 1 2 / 530 1 1 / 259 Mid Cap Growth Fund 191 $ Oct-07 Mid-Cap Growth Funds 17 96 / 596 10 46 / 501 10 38 / 408 49 88 / 181 Large Cap Growth Fund 127 $ Oct-07 Large-Cap Growth Funds 62 464 / 756 36 231 / 641 41 217 / 530 41 105 / 259 INTECH Risk-Managed Growth Fund 74 $ Jan-03 Multi-Cap Growth Funds 53 257 / 493 83 309 / 374 73 229 / 314 - - 79 240 / 305 Orion F und 6 $ Dec-07 Mid-Cap Growth Funds 8 42 / 596 - - - - - - Small-Mid Growth Fund 0 $ Jun-06 Small-Cap Growth Funds 22 133 / 604 - - - - - - 11 59 / 539 Core Funds Balanced Fund 479 $ Apr-05 Mixed-Ass et Target Alloc. Mod. Funds 4 15 / 462 4 13 / 361 15 34 / 239 5 7 / 141 2 7 / 359 Growth and Income Fund 104 $ Nov-07 Large-Cap Core Funds 51 411 / 817 47 325 / 692 31 173 / 574 4 11 / 323 Fundamental Equity Fund 41 $ Nov-07 Large-Cap Core Funds 34 277 / 817 11 74 / 692 5 24 / 574 2 4 / 323 Small Company Value Fund 27 $ Mar-02 Small-Cap Core Funds 61 478 / 786 61 378 / 628 58 280 / 486 - - 27 109 / 416 INTECH Risk-Managed Core Fund 13 $ Jan-03 Multi-Cap Core Funds 41 344 / 847 64 424 / 664 30 144 / 486 - - 33 154 / 466 Contrarian Fund 8 $ Aug-05 Multi-Cap Core Funds 46 390 / 847 - - - - - - 3 15 / 673 Global/International/ Funds International Growth Fund * 1,528 $ Jun-03 International Funds 5 50 / 1141 1 3 / 815 1 2 / 676 4 12 / 339 1 3 / 674 Worldwide Fund 90 $ Jun-04 Global Funds 96 428 / 446 94 329 / 350 99 265 / 268 93 115 / 123 97 288 / 298 International Equity Fund 6 $ Nov-06 International Funds 3 24 / 1141 - - - - - - 4 36 / 1022 INTECH Risk-Managed International Fund 2 $ May-07 International Funds 21 230 / 1141 - - - - - - 34 374 / 1123 Value Funds Mid Cap Value F und 143 $ Dec-02 Mid-Cap Value Funds 7 22 / 343 10 26 / 270 14 29 / 209 - - 21 41 / 202 INTECH Risk-Managed Value Fund 0 $ Dec-05 Multi-Cap Value Funds 50 215 / 431 - - - - - - 64 225 / 355 Alternative Funds Long/Short Fund * 40 $ Aug-06 Long/Short Equity Funds 30 24 / 81 - - - - - - 13 7 / 53 Income Fund s Flexible Bond Fund 38 $ May-07 Intermediate Investment Grade Debt 13 69 / 557 15 69 / 464 28 107 / 393 39 74 / 189 15 78 / 544 Floating Rate High Income Fund 1 $ May-07 Loan Participation Funds 81 63 / 77 - - - - - - 80 59 / 73 High-Yield Fund 1 $ Aug-05 High Current Yield 75 342 / 460 - - - - - - 69 272 / 395 Janus Adviser Series ("JAD") Class S Shares ‡ ‡ ‡ 1-Year 10-Year 3-Year 5-Year Lipper Rankings Based on Total Returns as of 6/30/08 Since PM I ception

26 Lipper Quartile: 1st 2nd 3rd 4th All JAS Growth and Core funds continue to outperform peers on a 1-, 3-, 5-, and 10-year total return basis *Closed to new investors. ‡ In accordance with FINRA regulations, Lipper rankings cannot be publicly disclosed for time periods of less than one year. Past performance is no guarantee of future results. Top quartile relative performance may not be indicative of positive fund returns. Year-to-date absolute performance for some funds is negative. Lipper Inc. rankings are historical with capital gains and dividends reinvested. Rankings are for the Institutional Shares only; other classes may have different performance characteristics. If an expense waiver was in effect, it may have had a material effect on the total return or yield and therefore, the ranking for the period. 6/30/08 PM Percentile Rank / Percentile Rank / Percentile Rank / Percentile Rank / Percentile Rank / AUM ($mms) Inception Lipper Category Rank (%) Total Funds Rank (%) Total Funds Rank (%) Total Funds Rank (%) Total Funds Rank (%) Total Funds Growth Funds Forty Portfolio 730 $ J an-08 VA Large-Cap Growth 1 1 / 205 1 1 / 191 2 2 / 173 2 1 / 59 Large Cap Growth Portfolio 563 $ Oct-07 VA Large-Cap Growth 50 103 / 205 23 44 / 191 40 68 / 173 49 29 / 59 Mid Cap Growth Portfolio 511 $ Oct-07 VA Mid-Cap Growth 9 12 / 148 5 6 / 136 9 10 / 123 42 16 / 38 Core Funds Balanced Portfolio 1,202 $ Apr-05 VA Mixed-Asset Target Alloc Mod. 4 5 / 144 6 6 / 104 10 7 / 75 7 3 / 44 5 4 / 98 Growth and Income Portfolio 33 $ Nov-07 VA Large-Cap Core 33 67 / 207 35 64 / 183 24 40 / 166 4 3 / 79 Fundamental Equity Portfolio 10 $ Nov-07 VA Large-Cap Core 26 54 / 207 13 23 / 183 4 6 / 166 3 2 / 79 Global/International Funds Worldwide Growth Portfolio 844 $ Jun-04 VA Global 97 106 / 109 91 75 / 82 96 71 / 73 95 33 / 34 97 76 / 78 International Growth Portfolio* 807 $ Jun-03 VA International 8 19 / 247 1 1 / 212 1 1 / 194 6 5 / 93 1 1 / 194 Global Life Sciences Portfolio 3 $ Oct-04 VA Health/Biotechnology 6 2 / 35 22 7 / 32 4 1 / 28 - - 4 1 / 32 Global Technology Portfolio 3 $ J an-06 VA Science & Technology 33 20 / 60 25 14 / 56 35 19 / 54 - - 28 16 / 57 Value Funds Mid Cap Value Portfolio 13 $ May-03 VA M id-Cap Value 2 1 / 71 2 1 / 63 2 1 / 54 - - 2 1 / 53 Income Funds Flexible Bond Portfolio 307 $ May-07 VA Intermediate Investment Grade Debt 31 20 / 64 22 12 / 56 29 15 / 52 27 6 / 22 36 23 / 64 ‡ ‡ Janus Aspen Series ("JAS") Institutional Shares ‡ ‡ ‡ 1-Year 10-Year 3-Year 5-Year Lipper Rankings Based on Total Returns as of 6/30/08 Since PM In eption

27 Janus Investment Fund ("JIF") The Overall Morningstar Rating TM is derived from a weighted average of the performance figures associated with its three-, five-, an d ten-year (if applicable) Morning star RatingTM metrics. Fund Category Stars # of Funds Stars # of Funds Stars # of Funds Stars # of Funds Janus Fund Large Growth Funds 1488 1488 1215 589 Janus Enterprise Fund Mid-Cap Growth Funds 813 813 684 325 J anus Growth and Income Fund Large Growth Funds 1488 1488 1215 589 J anus Research Fund Large Growth Funds 1488 1488 1215 589 Janus Orion Fund Mid-Cap Growth Funds 813 813 684 N/A Janus Twenty Fund (1 ) Large Growth Funds 1488 1488 1215 589 J anus Venture Fund (1 ) Small Growth Funds 705 705 571 273 Janus Triton Fund Small Growth Funds 705 705 N/A N/A J anus Global Research Fund World Stock Funds 479 479 N/A N/A Janus Global Life Sciences Fund Specialty-Health Funds 183 183 166 N/A Janus Global Technology Fund Specialty-Technology Funds 257 257 229 N/A J anus Over seas Fund (1) Foreign Large Growth Funds 182 182 157 75 Janus Worldwide Fund World Stock Funds 479 479 400 208 Janus Global Opportunities Fund World Stock Funds 479 479 400 N/A Janus Balanced Fund Moderate Allocation Funds 935 935 707 415 INTECH Risk-Managed Stock Fund Lar ge Blend Funds 1715 1715 1325 N/A Janus Fundamental Equity Fund Large Blend Funds 1715 1715 1325 660 Janus Contrarian Fund Large Blend Funds 1715 1715 1325 N/A J anus Mid Cap Value Fund - Investor Shares (2) Mid-Cap Value Funds 318 318 225 N/A Janus Small Cap Value Fund - Investor Shares (1,2) Small Value Funds 331 331 265 108 Janus Flexible Bond Fund Intermediate-Term Bond Funds 990 990 831 438 J anus High-Yield Fund High Yield Bond Funds 476 476 413 214 Janus Short-Term Bond Fund Short-Term Bond Funds 381 381 303 164 Janus Smart Portfolio-Growth Moderate Allocation Funds N/A N/A N/A N/A Janus Smart Portfolio-Moderate Moderate Allocation Funds N/A N/A N/A N/A Janus Smart Portfolio-Conservative Conservative Allocation Funds N/A N/A N/A N/A Percent of funds rated 4 or 5 Stars 82.6% 73.9% 71.4% 50.0% Ten-Year Rating Overall Rating Three-Year Rating Five-Year Rating JIF Morningstar RatingTM based on risk-adjusted returns as of June 30, 2008 Data presented reflects past performance, which is no guarantee of future results. © 2008 Morningstar, Inc. All Rights Reserved. Notes: (1)Closed to new investors. (2)Rating is for this share class only; other classes may have different performance characteristics. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Strong relative performance may not be indicative of positive fund returns. Year-to-date absolute performance for some funds is negative.

28 Janus Adviser Series ("JAD") Class S 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. Fund Category Stars # of Funds Stars # of Funds Stars # of Funds Stars # of Funds Balanced Fund Moderate Allocation Funds 935 935 707 415 Fundamental Equity Fund Large Blend Funds 1715 1715 1325 660 Flexible Bond Fund Intermediate-Term Bond Funds 990 990 831 438 International Growth Fund Foreign Large Growth Funds 182 182 157 75 Forty Fund Large Growth Funds 1488 1488 1215 589 Growth & Income Fund Large Growth Funds 1488 1488 1215 589 International Growth Fund (1) Foreign Large Growth Funds 182 182 157 75 Large Cap Growth Fund Large Growth Funds 1488 1488 1215 589 Mid Cap Growth Fund Mid-Cap Growth Funds 813 813 684 325 Mid Cap Value Fund Mid-Cap Value Funds 318 318 225 N/A Risk-Managed Core Fund Large Blend Funds 1715 1715 1325 N/A Risk-Managed Growth Fund Large Growth Funds 1488 1488 1215 N/A Contrarian Fund Large Blend Funds N/A N/A N/A N/A International Equity Fund Foreign Large Growth Funds N/A N/A N/A N/A Floating Rate High Income Bank Loan Funds N/A N/A N/A N/A Global Real Estate Fund Specialty-Real Estate Funds N/A N/A N/A N/A Global Research Fund World Stock Funds N/A N/A N/A N/A Long/Short Fund (1) Long-Short Funds N/A N/A N/A N/A High-Yield Fund High Yield Bond Funds N/A N/A N/A N/A Orion Fund Mid-Cap Growth Funds N/A N/A N/A N/A Risk-Managed Value Fund Large Value Funds N/A N/A N/A N/A Small Company Value Fund Small Value Funds N/A N/A N/A N/A Small-Mid Growth Fund Mid-Cap Growth Funds N/A N/A N/A N/A International Forty Fund Foreign Large Growth Funds N/A N/A N/A N/A Worldwide Fund World Stock Funds N/A N/A N/A N/A Percent of funds rated 4 or 5 Stars 83.3% 66.7% 75.0% 66.7% Ten-Year Rating Overall Rating Three-Year Rating Five-Year Rating JAD Morningstar RatingTM based on risk-adjusted returns as of June 30, 2008 Data presented reflects past performance, which is no guarantee of future results. © 2008 Morningstar, Inc. All Rights Reserved. Note: (1)Closed to new investors. Ratings are for Class S Shares only; other classes may have different performance characteristics. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Strong relative performance may not be indicative of positive fund returns. Year-to-date absolute performance for some funds is negative.

29 JAS Morningstar RatingTM based on risk-adjusted returns as of June 30, 2008 Data presented reflects past performance, which is no guarantee of future results. © 2008 Morningstar, Inc. All Rights Reserved. Note: (1)Closed to new investors. Ratings are for the Institutional Shares only; other classes may have different performance characteristics. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Strong relative performance may not be indicative of positive fund returns. Year-to-date absolute performance for some funds is negative. Janus Aspen Series ("JAS") Institutional Shares The Overall Morningstar RatingTM is derived from a weighted average o f the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar RatingTM metrics. Fund Category Stars # of Funds Stars # of Funds Stars # of Funds Stars # of Funds Balanced Fund Moderate Allocation Funds 935 935 707 415 Flexible Bond Fund Intermediate-Term Bond Funds 990 990 831 438 Forty Fund Large Growth Funds 1488 1488 1215 589 Fundamental Equity Fund Large Blend Funds 1715 1715 1325 660 Global Life Sciences Fund Specialty-Health Funds 183 183 166 N/A Global Technology Fund Specialty-Technology Funds 257 257 229 N/A Growth & Income Fund Large Growth Funds 1488 1488 1215 589 International Growth Fund (1) Foreign Large Growth Funds 182 182 157 75 Worldwide Fund World Stock Funds 479 479 400 208 Large Cap Growth Fund Large Growth Funds N/A N/A N/A N/A Mid Cap Growth Fund Mid-Cap Growth Funds N/A N/A N/A N/A Mid Cap Value Fund Mid-Cap Value Funds N/A N/A N/A N/A Percent of funds rated 4 or 5 Stars 88.9% 77.8% 77.8% 85.7% Ten-Year Rating Overall Rating Three-Year Rating Five-Year Rating

30 Inception Since Composite and Respective Index Date 1 Year 3 Year 5 Year 10 Year Inception (Composite returns shown net of fees) Large Cap Growth Composite 7/93 (3.91) 4.83 8.65 6.96 13.42 S&P 500® / Citigroup Growth Index (5.82) 5.40 6.65 1.68 9.03 Difference versus S&P 500® / Citigroup Growth Index 1.91 (0.57) 2.00 5.28 4.39 Enhanced Plus Composite 7/87 (10.81) 4.85 9.36 5.21 10.80 S&P 500® Index (13.12) 4.40 7.58 2.88 9.55 Difference versus S&P 500® Index 2.31 0.45 1.78 2.33 1.25 Broad Large Cap Growth Composite 11/00 (6.95) 4.45 8.33 -- (0.03) Russell 1000® Growth Index (5.96) 5.92 7.33 -- (3.46) Difference versus Russell 1000® Growth Index (0.99) (1.47) 1.00 -- 3.43 Broad Enhanced Plus Composite 4/01 (12.29) 3.97 8.90 -- 5.29 Russell 1000® Index (12.36) 4.81 8.22 -- 3.78 Difference versus Russell 1000® Index 0.07 (0.84) 0.68 -- 1.51 Enhanced Index Composite 4/98 (11.75) 4.64 8.04 3.77 4.12 S&P 500® Index (13.12) 4.40 7.58 2.88 3.14 Difference versus S&P 500® Index 1.37 0.24 0.46 0.89 0.98 Large Cap Core Composite 8/01 (10.55) 4.25 10.11 -- 5.11 S&P 500® Index (13.12) 4.40 7.58 -- 2.63 Difference versus S&P 500® Index 2.57 (0.15) 2.53 -- 2.48 Broad Large Cap Value Composite 8/04 (17.78) 2.53 -- -- 6.83 Russell 1000® Value Index (18.77) 3.52 -- -- 6.57 Difference versus Russell 1000® Value Index 0.99 (0.99) -- -- 0.26 Global Core Composite 1/05 (4.31) 11.63 -- -- 10.68 MSCI Developed World® Index (10.17) 9.44 -- -- 7.91 Difference versus MSCI Developed World® Index 5.86 2.19 -- -- 2.77 Large Cap Value Composite 7/93 (18.05) 3.54 9.83 6.72 10.86 S&P 500® / Citigroup Value Index (20.24) 3.20 8.36 3.67 9.04 Difference versus S&P 500® / Citigroup Value Index 2.19 0.34 1.47 3.05 1.82 Annualized Returns (%) for Periods Ended 6/30/08 Latest INTECH standardized performance (1) Note: (1) Returns for periods greater than 1- year are annualized. See notes to performance on p. 32.

31 Latest INTECH standardized performance (cont’d) (1) Note: (1) Returns for periods greater than 1- year are annualized. See notes to performance on p. 32. Inception Since Composite and Respective Index Date 1 Year 3 Year 5 Year 10 Year Inception (Composite returns shown net of fees) Broad Enhanced Index 3/06 (12.04) -- -- -- 1.23 Russell 1000® Index (12.36) -- -- -- 2.22 Difference versus Russell 1000® Index 0.32 -- -- -- (0.99) International Equity 11/06 (4.56) -- -- -- 9.80 MSCI EAFE® Index (10.15) -- -- -- 3.60 Difference versus MSCI EAFE® Index 5.59 -- -- -- 6.20 Long/Short Market Neutral 12/06 9.59 -- -- -- 5.95 LIBOR 3-Month Rate 4.00 -- -- -- 4.50 Difference versus LIBOR 3-Month Rate 5.59 -- -- -- 1.45 Broad Large Cap Core (130/30) 1/07 (9.18) -- -- -- (2.95) Russell 1000® Index (12.36) -- -- -- (4.09) Difference versus Russell 1000® Index 3.18 -- -- -- 1.14 Annualized Returns (%) for Periods Ended 6/30/08

32 Latest INTECH standardized performance (cont’d) Past performance cannot guarantee future results. Your principal may be at risk during certain market periods. Performance results reflect the reinvestment of dividends and other earnings. Portfolio performance results shown are time-weighted rates of return using daily valuation and include the effect of transaction costs (commissions, exchange fees, etc.). The composites include all actual fee paying accounts managed on a fully discretionary basis according to the investment strategy from inception date, including those no longer under management. Accounts meeting such criteria enter the composite upon the full first month under management. The net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite. However, the net performance results do reflect the deduction of model investment advisory fees. For example, through 12/31/2004, net returns were derived using the maximum fixed fee in effect for each strategy. As of 1/1/2005, net returns were calculated by applying the standard fee schedule in effect for the respective period to each account in the composite on a monthly basis. Actual advisory fees may vary among clients invested in this strategy. Actual advisory fees paid may be higher or lower than model advisory fees. The S&P 500®/Citigroup Growth Index is a capitalization-weighted index. The S&P 500®/Citigroup style indices allow for overlap between growth and value. Approximately 1/3 of the market capitalization of the S&P 500® Index will represent pure growth and will be allocated to the growth index. Approximately 1/3 of the market capitalization of the S&P 500® Index will represent pure value and will be allocated to the value index. The remaining stocks that are neither pure growth nor pure value will be apportioned between the two style indices. The S&P 500®/Citigroup style indices will be reconstituted annually. The annual reconstitution of the S&P 500®/Citigroup style indices will occur annually on the 3rd Friday of December to coincide with futures and options expiration. From inception to 12/31/2005, the portfolio's benchmark was the S&P 500®/Barra Growth Index (the "Barra Index"). During the period from 1/1/2006 to 3/31/2006, the benchmark return consisted partially of the return of the Barra Index and the S&P 500®/Citigroup Growth Index (the "Citigroup Index") to resemble the portfolio's composition during the transitional period. The index data for the Large Cap Growth index above is representative of this change. The S&P 500®/Citigroup Value Index is a capitalization-weighted index. The S&P 500®/Citigroup style indices allow for overlap between growth and value. Approximately 1/3 of the market capitalization of the S&P 500® Index will represent pure growth and will be allocated to the growth index. Approximately 1/3 of the market capitalization of the S&P 500® Index will represent pure value and will be allocated to the value index. The remaining stocks that are neither pure growth nor pure value will be apportioned between the two style indices. The S&P 500®/Citigroup style indices will be reconstituted annually. The annual reconstitution of the S&P 500®/Citigroup style indices will occur annually on the 3rd Friday of December to coincide with futures and options expiration. From inception to 12/31/2005, the portfolio's benchmark was the S&P 500®/Barra Value Index (the "Barra Index"). During the period from 1/1/2006 to 3/31/2006, the benchmark return consisted partially of the return of the Barra Index and the S&P 500®/Citigroup Value Index (the "Citigroup Index") to resemble the portfolio's composition during the transitional period. The index data for the Large Cap Value Composite above is representative of this change. MSCI Developed World® Index is a free float-adjusted, market capitalization-weighted index that is designed to measure global developed market equity performance. LIBOR (London Interbank Offered Rate) is a short-term interest rate that banks charge one another and that is generally representative of the most competitive and current cash rates available.

33 eVestment Alliance’s (eA) software was used by JanusINTECH Institutional to create the performance rankings shown on page 10. A fee was paid to the firm for the use of the software. The results are presented gross of fees, are annualized for periods of one year or longer and are based on performance as of March 31, 2008. For Janus Concentrated Growth, the percentile rankings were based on 357, 347, 322 and 213 managers in the large cap growth universe for the 1-, 3-, 5-, and 10-year periods. For Janus U.S. Research Core Equity, the percentile rankings were based on 352 and 338 managers in the large cap growth universe for the 1-, and 3-year periods. For Janus Mid Cap Growth, the percentile rankings were based on 142, 134, 121 and 66 managers in the mid cap growth universe for the 1-, 3-, 5-, and 10-year periods. For Janus Small Cap Growth the percentile rank was among 192 managers in the small cap growth universe for the 1-year period. For Janus International Equity the percentile rankings were based on 67, 63, 58, and 37 managers in the international large cap growth universe for the 1-, 3-, 5-, and10-year periods. For Janus Global Research Growth the percentile ranking was based on 201 managers in the global equity universe for the 1-year period. For Janus Opportunistic Alpha the percentile rankings were based on 103, 94, and 81 managers in the all cap core universe for the 1-, 3-, and 5- year periods. For Janus Select Growth the percentile rankings were based on 357, 347, 322, and 213 managers in the large cap growth universe for the 1-, 3-, 5-, and10-year periods. For Janus Mid Cap Value the percentile rankings were based on 124, 116, and 105 managers in the mid cap value universe for the 1-, 3-, and 5- year periods. For Janus Small Cap Value the percentile rankings were based on 218, 205, 187, and 124 managers in the small cap value universe for the 1-, 3- , 5-, and10-year periods. Janus-managed institutional product performance disclosures

34 Safe harbor statement This presentation includes statements concerning potential future events involving Janus Capital Group Inc. that could differ materially from the events that actually occur. The differences could be caused by a number of factors including those factors identified in Janus’ Annual Report on Form 10-K for the year ended December 31, 2007, on file with the Securities and Exchange Commission (Commission file no. 001-15253), including those that appear under headings such as “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Many of these factors are beyond the control of the company and its management. Any forward-looking statements contained in this presentation are as of the date on which such statements were made. The company assumes no duty to update them, even if experience, unexpected events, or future changes make it clear that any projected results expressed or implied therein will not be realized.

35 Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus containing this and other information, please call Janus at 1-800-525-3713 or download the file from janus.com. Read it carefully before you invest or send money. Janus Capital Group consists of Janus Capital Management LLC, Enhanced Investment Technologies, LLC (INTECH), and Capital Group Partners, Inc. Janus Capital Group owns 30% of Perkins, Wolf, McDonnell and Company, LLC. INTECH is a subsidiary of Janus Capital Group Inc. Indexes are not available for direct investment; therefore their performance does not reflect the expenses associated with the active management of an actual portfolio. The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The S&P 500® Index is a commonly recognized, market capitalization weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance. The MSCI Worldsm Index is a market capitalization weighted index composed of companies representative of the market structure of Developed Market countries in North America, Europe and the Asia/Pacific Region. The MSCI EAFE®Index is a market capitalization weighted index composed of companies representative of the market structure of Developed Market countries in Europe, Australasia and the Far East. The MSCI EAFE®Growth Index is a subset of the Morgan Stanley Capital International EAFE Index and contains constituents of the Morgan Stanley Capital International EAFE Index which are categorized as growth securities. The MSCI EAFE®Value Index is a subset of the Morgan Stanley Capital International EAFE Index and contains constituents of the Morgan Stanley Capital International EAFE Index which are categorized as value securities. 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. Janus funds distributed by Janus Distributors LLC (7/08) Other important disclosures