Fourth Quarter and Full-Year 2015 Earnings Presentation January 26, 2016 Dick Weil Chief Executive Officer Jennifer McPeek Chief Financial Officer

2015 was a volatile year across markets; however, we made continued progress strengthening our investment performance, which translated into better net flows and an improvement in mutual fund performance fees Investment performance continues to be strong, with 84% and 74% of complex-wide assets in the top 2 Morningstar quartiles on a 1- and 3-year basis, respectively, as of December 31, 2015 (1) Full-year 2015 total company long-term net flows were $(2.6) billion, compared to $(4.9) billion in 2014 Mutual fund performance fees in 2015 were $(29) million compared to $(60) million in 2014 International business had organic growth of 20% in 2015, representing the strongest year of growth for this business in the firm’s history We are gaining market share in the U.S. Intermediary channel 2015 organic growth in our Janus Equity and Fixed Income mutual funds was 1.2% and 1.0%, respectively, compared to organic loss of 2.6% and 1.6% for the industry, respectively (2) In 2015, we strengthened our balance sheet by proactively deleveraging and refinancing our remaining debt, generating $274 million of cash flow from operations and returning $157 million to shareholders in the form of dividends and share repurchases We are committed to investing in our business to capitalize on momentum and build a more globally diverse firm, which will be better suited to deliver more consistent results for shareholders, clients and employees Executive summary Notes: References Morningstar relative performance. Refer to p. 25 for the 5-year period and p. 32 for the 10-year period and quantity of funds in the analysis. Organic growth metrics are calculated as a percentage of beginning of period AUM. Janus data reflects flows into U.S. Mutual funds only (JIF and JAS Trusts). Industry data is per Simfund and reflects flows into active U.S. domestic mutual funds; industry data excludes all passive flows.

Janus Capital Group 4Q and full-year 2015 results 4Q 2015 EPS of $0.25 compared to 3Q 2015 adjusted EPS of $0.22, resulting in full-year adjusted EPS of $0.92 compared to $0.81 in 2014 3Q 2015 and full-year 2015 adjusted EPS exclude a $0.12 non-operating loss due to the early extinguishment of debt Assets Under Management of $189.1 billion at December 31, 2015 increased 4.2% versus September 30, 2015 and increased 3.3% versus December 31, 2014 Operating margin in 4Q 2015 of 30.2% versus 30.5% in 3Q 2015 Full-year 2015 operating margin of 29.9% versus 30.4% in 2014 Total company long-term net flows were $(0.6) billion in 4Q 2015 compared to $(3.3) billion in 3Q 2015 Full-year 2015 long-term net flows of $(2.6) billion compared to $(4.9) billion in 2014 Generated cash flow from operations of $274 million in 2015 Adjusted EPS(1) AUM(2) Long-Term Net Flows Margin Cash Flow From Operations Notes: Only 3Q 2015 and full-year 2015 EPS are adjusted. See detail to non-GAAP adjustments on p. 22. AUM does not include $3.2 billion of VelocityShares ending assets.

2015 Accomplishments Notes: References Morningstar relative performance on an asset-weighted, total return basis as of December 31, 2015. Refer to p. 32 for the 10-year period for percent of assets, percent of funds in top 2 Morningstar quartiles for all periods and quantity of funds in analysis. Organic growth rates calculated as a percentage of beginning of period assets. For Kapstream, beginning of period AUM was as of July 1, 2015 (acquisition date), and flows are annualized based on July-December flows. Grow Fixed Income Business Franchise posted 7th consecutive year of positive flows, growing at an organic growth rate of 9%(2) Acquired Kapstream Capital Pty Limited to reinforce our commitment to building a world-class global macro fixed income business Expand Non-U.S. Distribution Capabilities and Product Offerings Full-year gross sales and net flows of $17.2 billion and $6.6 billion, respectively, represent the strongest year of flows in the firm’s history The business grew at an organic growth rate of 20%(2) Our relationship with Dai-ichi Life continues to assist with ongoing growth in Japan 2015 Accomplishments: Initiative: Product Development Launched the Adaptive Global Allocation strategy to meet the growing needs of our clients Filed an initial registration statement for Janus Small Cap Growth Alpha and Small/Mid Cap Growth Alpha ETFs with an anticipated launch date in 1Q 2016 Continued Focus on Fundamental Equity Franchise Strong fundamental equity investment performance(1) 84%, 70% and 62% of fundamental equity assets were in the top two Morningstar quartiles on a 1-, 3- and 5-year basis, respectively, as of December 31, 2015

4Q and Full-Year 2015 Results Jennifer McPeek Chief Financial Officer

4Q 2015 financial review Adjusted EPS(2) Average AUM(1) ($ in billions) Total Revenue ($ in millions) Operating Income & Operating Margin ($ in millions) Quarter over Quarter Year over Year Notes: Average AUM does not include VelocityShares average assets. 3Q 2015and full-year 2015 EPS excludes a $0.12 non-operating loss due to the early extinguishment of debt. Only 3Q and full-year 2015 are adjusted. See detail to non-GAAP adjustments on p. 22. $83.4 $80.8 30.5% 30.2% 3Q 2015 4Q 2015 $192.1 $191.2 3Q 2015 4Q 2015 $0.22 $0.25 3Q 2015 4Q 2015 $953.2 $1,076.2 2014 2015 $289.7 $322.3 30.4% 29.9% 2014 2015 $175.8 $190.6 2014 2015 $0.81 $0.92 2014 2015 $273.8 $267.8 3Q 2015 4Q 2015

4Q 2015 investment performance summary Notes: References Morningstar relative performance on an asset-weighted, total return basis as of December 31, 2015. Refer to p. 25 and 26 for the 1-, 3- and 5-year periods and p. 32 for the 10-year period for percent of assets, percent of funds in top 2 Morningstar quartiles for all periods and quantity of funds in analysis. Excludes absolute volatility strategies. References relative performance net of fees as of December 31, 2015, as shown on p. 29 and 30. Refer to p. 31 for INTECH mutual fund analysis and disclosure. Complex-wide as of December 31, 2015. Refer to p. 32 for 3-, 5- and 10-year Morningstar ratings and quantity of funds in the analysis. Morningstar ratings are based on risk-adjusted returns. Period Ending December 31, 2015 1-Year 3-Year 5-Year % of Assets in Top Two Morningstar Quartiles Complex-Wide Mutual Fund Assets (1) 84% 74% 65% Fundamental Equity Mutual Fund Assets (1) 84% 70% 62% Fixed Income Mutual Fund Assets (1) 82% 100% 82% % of Relative Return Strategies Which Outperformed Respective Benchmarks Mathematical Equity Strategies (2) 74% 53% 67% % of Complex-Wide Mutual Funds with 4- or 5-Star Overall Morningstar Rating TM Complex-Wide Mutual Funds (3) 55%

4Q 2015 long-term net flow summary Notes: Long-term flows exclude money market flows. Annualized sales and redemption rates calculated as a percentage of beginning of period assets. Long-term flows do not include VelocityShares. 29% 27% 25% 25% 27% Total Company Long-Term Flows (1,2) ($ in billions) Gross Redemptions Gross Sales Net Sales Annualized Redemption Rate Annualized Gross Sales Rate 24% 31% 27% 23% 21% 25% 24% 27% 29% 27% 16% 11% 17% 12% 13% 21% 22% 18% 25% 26% 67% 41% 30% 39% 55% 32% 32% 27% 41% 32% Fundamental Equity ($ in billions) Mathematical Equity ($ in billions) Fixed Income ($ in billions) 25% 25% 24% 32% 28% $5.3 $3.5 $2.7 $4.2 $5.8 ($2.5) ($2.7) ($2.4) ($4.4) ($3.4) $2.8 $0.8 $0.3 ($0.2) $2.4 ($12) ($6) $0 $6 $12 4Q14 1Q15 2Q15 3Q15 4Q15 $2.0 $1.4 $2.2 $1.5 $1.5 ($2.6) ($2.7) ($2.2) ($3.1) ($3.0) ($0.6) ($1.3) ($0.0) ($1.6) ($1.5) ($6) ($3) $0 $3 $6 4Q14 1Q15 2Q15 3Q15 4Q15 $5.6 $7.4 $6.7 $6.0 $4.8 ($5.8) ($5.8) ($6.8) ($7.5) ($6.3) ($0.2) $1.6 ($0.1) ($1.5) ($1.5) ($20) ($10) $0 $10 $20 4Q14 1Q15 2Q15 3Q15 4Q15 $12.9 $12.3 $11.6 $11.7 $12.1 ($10.9) ($11.2) ($11.4) ($15.0) ($12.7) $2.0 $1.1 $0.2 ($3.3) ($0.6) ($32) ($16) $0 $16 $32 4Q14 1Q15 2Q15 3Q15 4Q15

4Q 2015 total revenue Total Revenue ($ in millions) Note: Includes mutual fund and private account performance fees. (1) Management Fees Shareowner Servicing Fees and Other Performance Fees Total revenue decreased 2% quarter over quarter Management fees declined $4.6 million due to lower average AUM and a slight decline in fee rate Performance fees were $0.7 million lower versus 3Q 2015 due to lower mutual fund performance fees mostly offset by seasonally higher private account performance fees $44.0 $43.3 ($1.2) ($1.9) $231.0 $226.4 $273.8 $267.8 3Q 2015 4Q 2015

4Q 2015 operating expenses Operating Expenses ($ in millions) Note: 2016 annual long-term incentive compensation is currently expected to be $70 - 75 million. (1) 4Q 2015 operating expenses of $187.0 million decreased compared to 3Q 2015 Long-term incentive compensation increased $1.7 million primarily due to mark-to-market on mutual fund share awards G&A decreased $2.7 million, as previously guided, driven by the absence of additional earnout for VelocityShares and an operational error that was recognized in the prior quarter 4Q 2015 operating margin declined slightly to 30.2% from 30.5% in 3Q 2015 $36.2 $33.5 $9.0 $9.0 $36.8 $35.3 $4.9 $5.9 $17.6 $19.3 $85.9 $84.0 $190.4 $187.0 3Q 2015 4Q 2015 $79.9 $71.2 $17.7 $16.4 $8.2 $6.2 $39.6 $35.5 $8.4 $8.1 $28.4 $25.3 2Q 2011 3Q 2011 Employee Compensation & Benefits Long - Term Incentive Compensation Marketing & Advertising Distribution Depreciation & Amortization G&A

4Q 2015 balance sheet profile 12/31/2015 2018 Maturity Investment Securities (2) 12/31/2014 Cash & Investments Debt Debt Cash and Cash Equivalents Notes: Numbers may not foot due to rounding. Includes Seed Investments of $326.6 million, Investments in Advised Mutual Funds of $4.4 million and Investments Related to Deferred Compensation Plans of $13.0 million as of December 31, 2014; includes Seed Investments of $306.6 million, Investments in Advised Mutual Funds of $4.2 million and Investments Related to Deferred Compensation Plans of $16.3 million as of December 31, 2015. 2025 Maturity Cash & Investments Balance Sheet Profile (Carrying Value) (1) – 12/31/2014 vs. 12/31/2015 ($ in millions) 2017 Maturity Total cash and marketable securities decreased $88 million year over year as a result of the Kapstream acquisition and capital return initiatives Carrying value of debt decreased 10% or $44 million compared to the prior year, following the issuance of Senior Notes due 2025 and redemption of the 2017 Senior Notes During 2015, we returned $157 million to shareholders in the form of dividends and share repurchases Share repurchases – $92 million (repurchased 5.8 million shares at an average price of $15.82 per share) Quarterly dividends – $65 million Generated cash flow from operations of $274 million over the last 12 months $453 $364 $344 $327 $797 $692 $345 $297 $106 $109 $451 $406

Topics of Discussion Jennifer McPeek Chief Financial Officer

Global distribution annual net flow summary Notes: Long-term flows exclude money market flows. Sales and redemption rates calculated as a percentage of beginning of period assets. For Kapstream, beginning of period AUM was as of July 1, 2015 (acquisition date), and 2015 sales and redemption rates are annualized based on July-December flows. Long-term flows do not include VelocityShares. Total Company Long-Term Flows (1,2) ($ in billions) Gross Redemptions Gross Sales Net Sales 23% 23% 23% 26% 31% 35% 25% 27% Redemption Rate Gross Sales Rate 34% 35% 39% 45% 42% 55% 41% 42% 19% 17% 17% 21% 27% 24% 19% 23% 12% 12% 10% 9% 22% 19% 13% 13% Intermediary ($ in billions) Institutional ($ in billions) Self-Directed ($ in billions) $4.8 $5.0 $4.9 $4.9 ($8.8) ($8.4) ($6.8) ($6.6) ($3.9) ($3.4) ($1.9) ($1.7) ($20) ($10) $0 $10 $20 2012 2013 2014 2015 $8.9 $8.3 $9.9 $13.0 ($12.3) ($12.0) ($11.5) ($15.0) ($3.4) ($3.7) ($1.6) ($2.0) ($30) ($20) ($10) $0 $10 $20 $30 2012 2013 2014 2015 $20.3 $21.7 $24.1 $29.8 ($25.1) ($34.3) ($25.5) ($28.6) ($4.8) ($12.7) ($1.4) $1.2 ($80) ($40) $0 $40 $80 2012 2013 2014 2015 $34.0 $35.0 $38.9 $47.7 ($46.0) ($54.7) ($43.8) ($50.3) ($12.0) ($19.7) ($4.9) ($2.6) ($100) ($50) $0 $50 $100 2012 2013 2014 2015 See Channel descriptions on p. 18.

2016 Expense Outlook Despite a challenging market environment to begin 2016, we plan to continue investing in our business in a few select areas Momentum and opportunities for near-term growth: Intermediary distribution New products (e.g., ETPs and Asset Allocation) Continued investment in client support and reporting Continued commitment to meet industry-wide pressures on salaries, regulatory requirements and risk We intend to offset some of our strategic spend through efficiencies and other cost saves Total Impact: Net headcount additions of 15 to 20, predominantly in distribution roles 2016 total compensation-to-revenue ratio in low-40s ~10% year-over-year increase in Marketing and Advertising spend in 2016

Q&A Jennifer McPeek Chief Financial Officer Dick Weil Chief Executive Officer

Appendix

4Q 2015 asset diversification 12/31/15 Assets of $192.3 Billion(1) By Investment Discipline ($ in Billions) Note: Percentages and numbers may not foot due to rounding. By Distribution Channel ($ in Billions) By Domicile ($ in Billions) $64.9 47.6 44.4 22.5 8.4 3.2 1.3 $70.9 66.5 55.0 $150.0 42.4 34% 25% 23% 12% 4% 1% 1% Growth / Blend Mathematical Fixed Income Global / International Value ETPs Money Market 37% 34% 29% Intermediary Institutional Self-Directed 78% 22% U.S. Non-U.S.

Assets by channel presentation changes (1) Note: Items in red font in the tables were new additions in 3Q 2015; shaded items were reorganized. Prior to 3Q 2015 Channel View Current Channel View The presentation of our assets by channel coincides with how we view channels strategically Retail Intermediary Defined Contribution Platform Advisory Services Variable Insurance Trusts Retail Direct Supermarket Retail Institutional Corporate Endowments & Foundations Public Funds Taft Hartley International All Internationally-Domiciled Assets Intermediary Defined Contribution Platform Advisory Services Variable Insurance Trusts Non-U.S. Mutual Funds ETFs Institutional Corporate Endowments & Foundations Public Funds Taft Hartley Non-U.S. Separate Accounts Self-Directed Retail Direct Supermarket Retail ETNs

Annual net flow summary Notes: Long-term flows exclude money market flows. Sales and redemption rates calculated as a percentage of beginning of period assets. For Kapstream, beginning of period AUM was as of July 1, 2015 (acquisition date), and 2015 sales and redemption rates are annualized based on July-December flows. Long-term flows do not include VelocityShares. Total Company Long-Term Flows (1,2) ($ in billions) Gross Redemptions Gross Sales Net Sales Fundamental Equity ($ in billions) Mathematical Equity ($ in billions) Fixed Income ($ in billions) 23% 23% 23% 26% 31% 35% 25% 27% Redemption Rate Gross Sales Rate 20% 19% 19% 26% 32% 37% 27% 27% 12% 13% 14% 13% 26% 25% 17% 22% 56% 47% 47% 43% 37% 44% 32% 34% $11.6 $12.6 $13.7 $16.2 ($7.6) ($11.7) ($9.3) ($12.9) $4.0 $0.9 $4.4 $3.3 ($30) ($20) ($10) $0 $10 $20 $30 2012 2013 2014 2015 $34.0 $35.0 $38.9 $47.7 ($46.0) ($54.7) ($43.8) ($50.3) ($12.0) ($19.7) ($4.9) ($2.6) ($100) ($50) $0 $50 $100 2012 2013 2014 2015 $17.5 $17.2 $18.6 $24.9 ($27.9) ($33.1) ($26.2) ($26.4) ($10.4) ($15.9) ($7.6) ($1.5) ($75) ($50) ($25) $0 $25 $50 $75 2012 2013 2014 2015 $4.9 $5.2 $6.6 $6.6 ($10.5) ($9.9) ($8.3) ($11.0) ($5.6) ($4.7) ($1.7) ($4.4) ($30) ($20) ($10) $0 $10 $20 $30 2012 2013 2014 2015

4Q 2015 EPS of $0.25 compared to $0.10 in 3Q 2015 December 31, September 30, Variance December 31, December 31, Variance ($ in millions, except AUM and per share) 2015 2015 (%) 2015 2014 (%) Average AUM ($ in billions) 191.2 $ 192.1 $ -0.4% 190.6 $ 175.8 $ 8.4% Revenues 267.8 $ 273.8 $ -2.2% 1,076.2 $ 953.2 $ 12.9% Operating expenses 187.0 190.4 -1.8% 753.9 663.5 13.6% Operating income 80.8 $ 83.4 $ -3.1% 322.3 $ 289.7 $ 11.3% Operating margin 30.2% 30.5% 29.9% 30.4% Interest expense (5.2) $ (8.0) $ 35.0% (27.7) $ (33.1) $ 16.3% Investment gains (losses), net (2.3) (7.2) 68.1% (8.2) (1.9) n/m Other income (expense), net 4.3 1.2 n/m 3.2 3.0 6.7% Loss on early extinguishment of debt - (36.3) n/m (36.3) - n/a Income tax provision (29.3) (13.2) n/m (94.0) (102.3) 8.1% Net income 48.3 $ 19.9 $ n/m 159.3 $ 155.4 $ 2.5% Noncontrolling interests (1.7) - n/a (3.5) (1.0) n/m Net income attributable to JCG 46.6 $ 19.9 $ n/m 155.8 $ 154.4 $ 0.9% Allocation of earnings to restricted stock 1.6 0.7 n/m 5.5 5.1 7.8% Net income attributable to JCG common shareholders 45.0 $ 19.2 $ n/m 150.3 $ 149.3 $ 0.7% Diluted earnings per share attributable to JCG common shareholders 0.25 $ 0.10 $ n/m 0.80 $ 0.81 $ -1.2% Diluted weighted average shares outstanding (in millions) 183.6 186.4 -1.5% 186.8 184.9 1.0% Quarter Ended Year Ended

4Q 2015 operating margin of 30.2% versus 30.5% in 3Q 2015 December 31, September 30, Variance December 31, December 31, Variance ($ in millions, except AUM) 2015 2015 (%) 2015 2014 (%) Average AUM ($ in billions) 191.2 $ 192.1 $ -0.4% 190.6 $ 175.8 $ 8.4% Revenues Investment management fees 226.4 $ 231.0 $ 913.7 $ 849.1 $ Performance fees - mutual funds (9.6) (3.9) (28.8) (59.7) Performance fees - private accounts 7.7 2.7 19.0 11.7 Shareowner servicing fees and other 43.3 44.0 172.3 152.1 Total revenues 267.8 $ 273.8 $ -2.2% 1,076.2 $ 953.2 $ 12.9% Basis points Investment management fees 47.0 47.7 47.9 48.3 Investment management fees and performance fees 46.6 47.5 47.4 45.6 Operating expenses Employee compensation and benefits 84.0 $ 85.9 $ 352.5 $ 322.8 $ Long-term incentive compensation 19.3 17.6 76.8 51.3 Marketing and advertising 5.9 4.9 22.0 19.5 Distribution 35.3 36.8 141.0 131.0 Depreciation and amortization 9.0 9.0 33.0 25.6 General, administrative and occupancy 33.5 36.2 128.6 113.3 Total operating expenses 187.0 $ 190.4 $ -1.8% 753.9 $ 663.5 $ 13.6% Operating income 80.8 $ 83.4 $ -3.1% 322.3 $ 289.7 $ 11.3% Operating margin 30.2% 30.5% 29.9% 30.4% Quarter Ended Year Ended

Reconciliation of non-GAAP financial measures Quarter Ended Year Ended September 30, December 31, ($ in millions, except per share amounts) 2015 2015 Net income attributable to JCG $ 19.9 $ 155.8 Less: Allocation of earnings to participating restricted stock awards 0.7 5.5 Net income attributable to JCG common shareholders 19.2 150.3 Non-GAAP adjustments: Loss on extinguishment of debt 36.3 36.3 Tax effect of loss on extinguishment of debt (13.5) (13.5) Allocation of loss on extinguishment of debt to participating restricted stock awards (0.8) (0.8) Net income attributable to JCG common shareholders, adjusted $ 41.2 $ 172.3 Weighted-average diluted common shares outstanding 186.4 186.8 Diluted earnings per share $ 0.10 $ 0.80 Diluted earnings per share, adjusted $ 0.22 $ 0.92

Mutual funds with performance-based advisory fees Please refer to footnotes on p. 24. Mutual Funds with Performance Fees (1) (AUM $ in millions, performance fees $ in thousands) EOP AUM 12/31/2015 Benchmark Base Fee Performance Fee (2) Performance Hurdle vs. Benchmark 4Q 2015 P&L Impact Janus Contrarian Fund (3) $3,204.9 S&P 500 ® Index 0.64% ± 15 bps ± 7.00% ($1,173.5) Janus Research Fund (3) 4,697.2 Russell 1000 ® Growth Index 0.64% ± 15 bps ± 5.00% 1,138.7 Janus Global Research Fund (3,4) 3,288.5 MSCI World Index SM 0.60% ± 15 bps ± 6.00% 144.8 Janus Global Real Estate Fund (5) 259.8 FTSE EPRA / NAREITGlobal Index 0.75% ± 15 bps ± 4.00% 50.8 Janus International Equity Fund (6) 239.7 MSCI EAFE ® Index 0.68% ± 15 bps ± 7.00% (49.6) INTECH U.S. Core Fund (7) 620.5 S&P 500 ® Index 0.50% ± 15 bps ± 4.00% 38.2 Perkins Mid Cap Value Fund (3) 4,296.2 Russell Midcap ® Value Index 0.64% ± 15 bps ± 4.00% (3,395.1) Perkins Small Cap Value Fund (8) 1,327.0 Russell 2000 ® Value Index 0.72% ± 15 bps ± 5.50% 453.7 Perkins Large Cap Value Fund (8) 155.5 Russell 1000 ® Value Index 0.64% ± 15 bps ± 3.50% (56.5) Janus Fund (9) 8,458.3 Core Growth Index 0.64% ± 15 bps ± 4.50% (1,845.2) Perkins Global Value Fund (9,10) 236.9 MSCI World Index SM 0.64% ± 15 bps ± 7.00% (88.4) Janus Aspen Overseas Portfolio (11) 818.5 MSCI All Country World ex-U.S. Index SM 0.64% ± 15 bps ± 7.00% (479.7) Janus Overseas Fund (12) 2,017.8 MSCI All Country World ex-U.S. Index SM 0.64% ± 15 bps ± 7.00% (1,545.4) Janus Twenty Fund (13) 9,116.9 Russell 1000 ® Growth Index 0.64% ± 15 bps ± 8.50% (2,899.5) Janus Forty Fund (13) 3,131.0 Russell 1000 ® Growth Index 0.64% ± 15 bps ± 8.50% 142.0 Janus Emerging Markets Fund (14) 53.2 MSCI Emerging Markets Index SM 1.00% ± 15 bps ± 6.00% 12.1 Janus Asia Equity (15) 9.5 MSCI All Country Asia ex-Japan Index SM 0.92% ± 15 bps ± 7.00% 0.6 Perkins Select Value (16) 77.7 Russell 3000 ® Value Index 0.70% ± 15 bps ± 5.00% (29.3) Total Existing Funds with Fees $42,009.1 ($9,581.5)

Mutual funds with performance-based advisory fees (cont.) Notes: 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’ Statements 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. Adjustment of ± 15 bps assumes constant assets and could be higher or lower depending on asset fluctuations. The performance measurement period began on 2/1/2006, and the performance adjustment was implemented as of 2/1/2007. Effective close of business on March 15, 2013, Janus Global Research Fund merged with and into Janus Worldwide Fund; following the merger, Janus Worldwide Fund was renamed Janus Global Research Fund (the “Combined Fund”). The Combined Fund’s surviving performance track record is that of the former Janus Global Research Fund, and the performance measurement benchmark is the MSCI World Index. For three years after the merger, Janus will waive its management fee to at least a level that is equivalent to the fee rate the Combined Fund would have paid if, after the merger, the performance history of Janus Worldwide Fund were used to calculate the performance fee adjustment to the base management fee. The performance measurement period began on 12/1/2007 and the performance adjustment was implemented as of 12/1/2008. Beginning 7/1/2010, Janus Global Real Estate Fund’s benchmark index changed from the FTSE EPRA/NAREIT Developed Index to the FTSE EPRA/NAREIT Global Index for purposes of measuring the Fund’s performance and calculating the performance adjustment. Because the Fund’s performance adjustment is based upon a rolling 36-month performance measurement period, comparisons to the FTSE EPRA/NAREIT Global Index will not be fully implemented until 36 months after July 1, 2010. During this transition period, the Fund's returns will be compared to a blended index return. The performance measurement period began on 12/1/2006, and the performance adjustment was implemented as of 12/1/2007. The performance measurement period began on 1/1/2006, and the performance adjustment was implemented as of 1/1/2007. Effective 12/7/11, INTECH Risk-Managed Core Fund was renamed INTECH U.S. Core Fund. The performance measurement period began on 1/1/2009, and the performance adjustment was implemented as of 1/1/2010. The performance measurement period began on 7/1/2010, and the performance adjustment was implemented as of 6/30/2011. Effective 7/1/10, Janus Global Opportunities Fund was renamed Perkins Global Value Fund. The performance measurement period began on 7/1/2010, and the performance adjustment was implemented as of 9/30/2011. The performance measurement period began on 8/1/2010, and the performance adjustment was implemented as of 10/31/2011. The performance measurement period began on 7/1/2010, and the performance adjustment was implemented as of 12/31/2011. The performance measurement period began on 12/31/2010, and the performance adjustment was implemented as of 12/31/2011. The performance measurement period began on 7/29/2011, and the performance adjustment was implemented as of 7/31/2012. The performance measurement period began on 1/1/2012, and the performance adjustment was implemented as of 12/31/2012.

Complex-Wide: Percent in Top 2 Morningstar Quartiles Based on Total Returns 1-Year 3-Year 5-Year % of Funds % of Assets Complex-wide performance (1) Note: References Morningstar relative performance as of December 31, 2015. Refer to p. 32 for 10-year periods and quantity of funds in the analysis. 46% 61% 63% 61% 48% 24% 27% 31% 33% 39% 88% 94% 88% 94% 71% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 3/31/09 6/30/09 9/30/09 12/31/09 3/31/10 Percent of Janus Managed Equity JIF Funds . 1st Quartile 2nd Quartile 46% 61% 63% 61% 48% 24% 27% 31% 33% 39% 88% 94% 88% 94% 71% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 3/31/09 6/30/09 9/30/09 12/31/09 3/31/10 Percent of Janus Managed Equity JIF Funds . 1st Quartile 2nd Quartile 56% 60% 56% 53% 40% 1% 3% 2% 17% 44% 57% 63% 58% 70% 84% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 46% 47% 41% 61% 41% 35% 22% 35% 18% 34% 82% 69% 75% 79% 74% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 22% 27% 23% 35% 48% 31% 28% 32% 27% 17% 53% 55% 55% 63% 65% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 44% 49% 38% 43% 36% 11% 18% 24% 28% 34% 56% 67% 62% 70% 70% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 32% 37% 32% 42% 37% 34% 24% 32% 30% 33% 66% 61% 64% 72% 69% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 28% 33% 26% 33% 36% 35% 28% 26% 30% 31% 63% 60% 51% 63% 67% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15

Fundamental Equity: Percent in Top 2 Morningstar Quartiles Based on Total Returns Fundamental equity performance (1) 1-Year 3-Year 5-Year % of Funds % of Assets Note: References Morningstar relative performance as of December 31, 2015. Refer to p. 32 for 10-year periods and quantity of funds in the analysis. 46% 61% 63% 61% 48% 24% 27% 31% 33% 39% 88% 94% 88% 94% 71% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 3/31/09 6/30/09 9/30/09 12/31/09 3/31/10 Percent of Janus Managed Equity JIF Funds . 1st Quartile 2nd Quartile 64% 70% 67% 63% 44% 1% 2% 1% 6% 40% 66% 73% 68% 69% 84% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 54% 54% 48% 58% 46% 27% 15% 23% 17% 24% 81% 68% 71% 75% 70% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 24% 30% 27% 27% 44% 24% 21% 24% 29% 18% 48% 50% 50% 56% 62% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 50% 55% 45% 41% 28% 14% 19% 21% 27% 38% 64% 74% 67% 68% 67% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 36% 38% 35% 38% 37% 31% 23% 25% 26% 24% 67% 60% 60% 64% 61% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15 25% 25% 22% 21% 26% 31% 28% 22% 33% 35% 56% 53% 44% 55% 62% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 12/31/14 3/31/15 6/30/15 9/30/15 12/31/15

Complex-wide mutual fund rankings (1) Morningstar Quartile: 1st 2nd 3rd 4th * Closed to new investors. Note: In accordance with FINRA regulations, rankings cannot be publicly disclosed for time periods of less than one year. Refer to p. 32 for additional Morningstar disclosure. Janus Aspen Series ("JAS") and Janus Investment Funds ("JIF") PM Percentile Rank / Percentile Rank / Percentile Rank / Percentile Rank / Percentile Rank / Inception Morningstar Category Rank (%) Total Funds Rank (%) Total Funds Rank (%) Total Funds Rank (%) Total Funds Rank (%) Total Funds Janus Equity Janus Aspen Balanced Instl Apr-05 Moderate Allocation 10 98/967 14 127/933 10 79/834 2 13/670 3 15/645 Janus Aspen Enterprise Instl Oct-07 Mid-Cap Growth 11 82/748 15 102/705 11 72/677 7 43/613 12 77/634 Janus Aspen Forty Instl Jun-13 Large Growth 1 15/1745 24 410/1703 24 361/1548 9 116/1331 14 232/1710 Janus Aspen Global Allocation Mod Instl Aug-11 World Allocation 35 202/584 26 134/512 / / 13 56/442 Janus Aspen Global Research Instl Mar-11 World Stock 61 769/1255 19 197/1076 49 440/893 58 353/609 50 447/901 Janus Aspen Global Technology Instl May-11 Technology 65 134/205 55 112/204 47 96/204 33 65/196 40 81/204 Janus Aspen Janus Instl May-11 Large Growth 38 653/1745 46 779/1703 51 794/1548 42 552/1331 44 687/1568 Janus Aspen Overseas Instl Jun-03 Foreign Large Blend 93 767/820 96 747/771 98 685/698 25 133/528 9 39/440 Janus Asia Equity I Jul-11 Pacific/Asia ex-Japan Stk 39 38/97 55 47/84 / 47 38/80 Janus Balanced T Apr-05 Moderate Allocation 13 121/967 17 156/933 17 137/834 4 27/670 5 30/645 Janus Contrarian T Jun-11 Mid-Cap Blend 94 424/450 46 196/425 72 271/376 65 197/303 39 151/385 Janus Diversified Alternatives I Dec-12 Multialternative 77 362/469 85 225/262 / 86 228/263 Janus Emerging Markets I Dec-10 Diversified Emerging Mkts 17 148/870 23 149/650 48 226/474 51 236/466 Janus Enterprise T Oct-07 Mid-Cap Growth 13 97/748 26 182/705 17 112/677 12 72/613 17 106/634 Janus Forty S Jun-13 Large Growth 2 30/1745 25 429/1703 28 430/1548 18 231/1331 15 254/1710 Janus Global Allocation Cnsrv T Aug-14 World Allocation 38 219/584 48 246/512 31 124/397 17 51/308 28 157/566 Janus Global Allocation Growth T Aug-14 World Allocation 35 207/584 7 32/512 21 84/397 16 50/308 40 225/566 Janus Global Allocation Moderate T Aug-14 World Allocation 37 216/584 24 123/512 27 106/397 13 41/308 34 195/566 Janus Global Life Sciences T Apr-07 Health 42 55/129 15 20/129 21 26/123 29 34/117 24 28/117 Janus Global Real Estate I Nov-07 Global Real Estate 72 184/256 21 45/213 49 99/201 5 8/159 Janus Global Research T Feb-05 World Stock 61 771/1255 38 410/1076 47 417/893 7 42/609 4 18/560 Janus Global Select T Aug-12 World Stock 75 945/1255 42 451/1076 94 844/893 54 329/609 30 319/1054 Janus Global Technology T May-11 Technology 69 142/205 61 125/204 52 106/204 36 70/196 47 96/204 Janus Growth & Income T Nov-07 Large Blend 20 322/1652 41 631/1532 45 640/1422 78 958/1230 64 833/1299 Janus International Equity I Jun-10 Foreign Large Growth 92 347/374 68 245/359 71 239/336 / 79 261/328 Janus Overseas T Jun-03 Foreign Large Blend 93 764/820 98 762/771 99 692/698 60 316/528 22 96/440 Janus Research T Jan-06 Large Growth 38 656/1745 18 296/1703 32 496/1548 13 174/1331 12 161/1331 Janus T May-11 Large Growth 38 668/1745 52 884/1703 62 955/1548 56 747/1331 54 845/1568 Janus Triton T* May-13 Small Growth 16 115/753 16 114/715 8 54/689 1 7/602 11 80/716 Janus Twenty T* May-13 Large Growth 41 707/1745 58 996/1703 61 941/1548 18 232/1331 48 827/1710 Janus Venture T* May-13 Small Growth 31 229/753 9 61/715 5 32/689 6 33/602 10 70/716 Morningstar Rankings Based on Total Returns as of 12/31/2015 3 Years 1 Year 5 Years 10 Years Since PM Inception

Complex-wide mutual fund rankings, cont. (1) Morningstar Quartile: 1st 2nd 3rd 4th * Closed to new investors. Note: ‡ In accordance with FINRA regulations, rankings cannot be publicly disclosed for time periods of less than one year. Refer to p. 32 for additional Morningstar disclosure. Since PM inception performance for Perkins Small Cap Value T Shares is not available for comparison. Janus Aspen Series ("JAS") and Janus Investment Funds ("JIF") PM Percentile Rank / Percentile Rank / Percentile Rank / Percentile Rank / Percentile Rank / Inception Morningstar Category Rank (%) Total Funds Rank (%) Total Funds Rank (%) Total Funds Rank (%) Total Funds Rank (%) Total Funds Fixed Income Janus Aspen Flexible Bond Instl May-07 Intermediate-Term Bond 37 401/1088 23 235/1042 16 161/992 3 22/862 2 18/892 Janus Flexible Bond T May-07 Intermediate-Term Bond 44 480/1088 29 299/1042 24 236/992 7 56/862 6 49/892 Janus Global Bond I Dec-10 World Bond 53 198/376 32 112/351 22 63/286 26 75/286 Janus Global Unconstrained Bond I Oct-14 Nontraditional Bond 34 171/501 / / / 34 154/454 Janus High-Yield T Dec-03 High Yield Bond 16 126/789 28 198/713 34 211/618 21 111/524 23 112/500 Janus Multi-Sector Income I Feb-14 Multisector Bond 7 22/316 / / / 9 24/277 Janus Real Return I Oct-12 Multisector Bond 8 24/316 27 67/246 35 86/244 Janus Short-Term Bond T May-07 Short-Term Bond 59 339/575 38 204/533 56 270/484 30 127/418 31 142/454 INTECH Janus Aspen INTECH US Low Volatil Svc Sep-12 Large Blend 4 60/1652 15 232/1532 / / 26 386/1514 INTECH Emrg Mkts Mgd Vol I Dec-14 Diversified Emerging Mkts 23 201/870 / / / 29 254/870 INTECH Global Income Mgd Vol I Dec-11 World Stock 3 37/1255 42 456/1076 / 56 542/958 INTECH Intl Mgd Volatility I May-07 Foreign Large Blend 5 39/820 6 40/771 10 65/698 26 146/566 INTECH U.S. Core T* Feb-03 Large Growth 70 1224/1745 45 762/1703 20 311/1548 54 724/1331 31 363/1182 INTECH US Mgd Volatility I Dec-05 Large Blend 6 98/1652 14 207/1532 11 149/1422 39 473/1230 39 475/1234 Perkins Janus Aspen Perkins Mid Cap Value Svc Dec-02 Mid-Cap Value 35 170/485 83 373/447 87 348/399 51 175/339 51 141/276 Perkins Global Value T Apr-05 World Stock 58 729/1255 63 676/1076 41 366/893 56 339/609 67 385/574 Perkins International Value I Apr-13 Foreign Large Value 36 133/370 / / 37 129/350 Perkins Large Cap Value I Dec-08 Large Value 44 636/1435 68 901/1321 69 846/1227 66 795/1195 Perkins Mid Cap Value T* Aug-98 Mid-Cap Value 37 178/485 82 366/447 86 344/399 54 185/339 6 9/140 Perkins Select Value I Dec-11 Mid-Cap Value 10 45/485 80 359/447 85 371/432 Perkins Small Cap Value T Feb-97 Small Value 11 50/450 43 183/421 63 245/385 13 42/328 N/A N/A Perkins Value Plus Income I Jul-10 Moderate Allocation 73 710/967 60 557/933 39 327/834 44 360/810 Morningstar Rankings Based on Total Returns as of 12/31/2015 1 Year 3 Years 5 Years 10 Years Since PM Inception

Mathematical equity performance: relative return strategies (1) Past performance is no guarantee of future results. Notes: Excludes absolute volatility strategies. Returns for periods greater than 1 year are annualized. Refer to p. 31 for performance disclosure. Differences may not agree with input data due to rounding. Inception Since Composite and Respective Benchmark Date 1 Year 3 Year 5 Year 10 Year Inception U.S. Enhanced Plus Gross 7/87 2.98 16.44 13.68 7.97 10.77 U.S. Enhanced Plus Net 2.70 16.11 13.34 7.64 10.38 S&P 500 ® Index 1.38 15.13 12.57 7.31 9.35 Difference versus S&P 500 ® Index Net of Fees 1.31 0.98 0.78 0.34 1.03 U.S. Large Cap Growth Gross 7/93 4.58 15.67 12.77 7.79 12.48 U.S. Large Cap Growth Net 4.08 15.12 12.24 7.30 11.91 S&P 500 ® Growth Index 5.53 17.19 14.06 8.69 9.41 Difference versus S&P 500 ® Growth Index Net of Fees (1.44) (2.07) (1.82) (1.39) 2.50 U.S. Enhanced Index Gross 4/98 1.45 14.69 12.62 7.53 6.41 U.S. Enhanced Index Net 1.15 14.34 12.27 7.19 6.06 S&P 500 ® Index 1.38 15.13 12.57 7.31 5.49 Difference versus S&P 500 ® Index Net of Fees (0.24) (0.78) (0.30) (0.11) 0.58 U.S. Broad Large Cap Growth Gross 11/00 4.78 16.79 13.76 7.97 4.97 U.S. Broad Large Cap Growth Net 4.28 16.22 13.20 7.43 4.43 Russell 1000 ® Growth Index 5.67 16.83 13.53 8.53 2.98 Difference versus Russell 1000 ® Growth Index Net of Fees (1.39) (0.61) (0.34) (1.11) 1.45 U.S. Broad Enhanced Plus Gross 4/01 2.52 15.61 13.28 7.71 7.55 U.S. Broad Enhanced Plus Net 2.22 15.26 12.93 7.39 7.21 Russell 1000 ® Index 0.92 15.01 12.44 7.40 6.30 Difference versus Russell 1000 ® Index Net of Fees 1.30 0.25 0.49 (0.01) 0.90 U.S. Large Cap Core Gross 8/01 3.96 16.58 13.66 7.63 7.58 U.S. Large Cap Core Net 3.45 16.01 13.11 7.12 7.08 S&P 500 ® Index 1.38 15.13 12.57 7.31 5.79 Difference versus S&P 500 ® Index Net of Fees 2.06 0.89 0.54 (0.19) 1.29 U.S. Broad Large Cap Value Gross 8/04 (2.65) 12.68 12.08 6.86 8.16 U.S. Broad Large Cap Value Net (3.01) 12.27 11.66 6.47 7.76 Russell 1000 ® Value Index (3.83) 13.08 11.27 6.16 7.20 Difference versus Russell 1000 ® Value Index Net of Fees 0.81 (0.82) 0.39 0.31 0.56 Global Large Cap Core Gross 1/05 2.03 12.23 10.15 7.10 7.77 Global Large Cap Core Net 1.58 11.72 9.65 6.56 7.23 MSCI World ® Index (0.32) 10.23 8.20 5.56 5.96 Difference versus MSCI World ® Index Net of Fees 1.90 1.49 1.45 1.00 1.27 International Large Cap Core Gross 11/06 4.33 9.08 6.61 - 4.52 International Large Cap Core Net 3.90 8.63 6.17 - 4.08 MSCI EAFE ® Index (0.39) 5.46 4.07 - 1.84 Difference versus MSCI EAFE ® Index Net of Fees 4.29 3.17 2.10 - 2.25 U.S. Broad Enhanced Index Gross 10/08 0.76 14.42 12.44 - 10.40 U.S. Broad Enhanced Index Net 0.55 14.17 12.20 - 10.13 Russell 1000 ® Index 0.92 15.01 12.44 - 10.61 Difference versus Russell 1000 ® Index Net of Fees (0.37) (0.84) (0.25) - (0.49) Annualized Returns (%) for Periods Ended 12/31/2015 (2)

Mathematical equity performance: relative return strategies (cont.) (1) Past performance is no guarantee of future results. Notes: Excludes absolute volatility strategies. Returns for periods greater than 1 year are annualized. Refer to p. 31 for performance disclosure. Differences may not agree with input data due to rounding. Inception Since Composite and Respective Benchmark Date 1 Year 3 Year 5 Year 10 Year Inception Global Large Cap Core ex Japan (Kokusai) Gross 5/09 0.67 12.19 10.26 - 14.34 Global Large Cap Core ex Japan (Kokusai) Net 0.25 11.67 9.72 - 13.77 MSCI KOKUSAI ® World ex Japan Index (1.21) 10.21 8.57 - 13.19 Difference versus MSCI KOKUSAI ® World ex Japan Index Net of Fees 1.46 1.47 1.15 - 0.57 European Large Cap Core Gross (EUR) 1/10 15.85 17.49 12.72 - 14.34 European Large Cap Core Net (EUR) 15.28 16.87 12.12 - 13.72 MSCI Europe ® Index (EUR) 8.78 12.08 8.99 - 9.44 Difference versus MSCI Europe ® Index (EUR) Net of Fees 6.49 4.79 3.13 - 4.28 Global All Country Enhanced Index Gross 11/11 (0.84) 8.82 - - 9.88 Global All Country Enhanced Index Net (1.18) 8.44 - - 9.50 MSCI All Country World ® Index (1.84) 8.26 - - 9.07 Difference versus MSCI All Country World ® Index Net of Fees 0.66 0.19 - - 0.43 Enhanced Index North America Gross 7/12 (0.14) 13.29 - - 13.42 Enhanced Index North America Net (0.41) 12.98 - - 13.10 MSCI North America ® Index (0.27) 13.54 - - 13.55 Difference versus MSCI North America ® Index Net of Fees (0.13) (0.57) - - (0.45) Large Cap Core USA Gross 8/12 1.79 14.86 - - 14.70 Large Cap Core USA Net 1.33 14.38 - - 14.22 MSCI USA ® Index 1.32 15.06 - - 14.64 Difference versus MSCI USA ® Index Net of Fees 0.01 (0.68) - - (0.42) Global All Country Core Gross 5/13 (0.16) - - - 6.39 Global All Country Core Net (0.68) - - - 5.81 MSCI All Country World ® Index (1.84) - - - 5.59 Difference versus MSCI All Country World ® Index Net of Fees 1.16 - - - 0.22 Emerging Markets Core Gross 6/13 (10.88) - - - (5.25) Emerging Markets Core Net (11.59) - - - (6.00) MSCI Emerging Markets® Index (14.60) - - - (6.21) Difference versus MSCI Emerging Markets ® Index Net of Fees 3.01 - - - 0.21 Global All Country Core Select Gross 6/13 1.13 - - - 7.43 Global All Country Core Select Net 0.46 - - - 6.71 MSCI All Country World ® Index (1.84) - - - 5.85 Difference versus MSCI All Country World ® Index Net of Fees 2.30 - - - 0.86 Global All Country Core ex U.S. Gross 7/14 (2.27) - - - (6.99) Global All Country Core ex U.S. Net (2.86) - - - (7.54) MSCI All Country World ® ex USA Index (5.25) - - - (9.29) Difference versus MSCI All Country World ® ex USA Index Net of Fees 2.39 - - - 1.75 Annualized Returns (%) for Periods Ended 12/31/2015 (2)

Mathematical equity performance disclosure For the period ending December 31, 2015, 100%, 80%, 100% and 50% of the mathematical equity mutual funds were beating their benchmarks on a 1-, 3-, 5-year and since-fund inception basis. Funds included in the analysis and their inception dates are: INTECH U.S. Core Fund – Class T (2/03); INTECH U.S. Managed Volatility Fund – Class I (12/05); INTECH International Managed Volatility Fund – Class I (5/07), INTECH Global Income Managed Volatility Fund – Class I (12/11) , Janus Aspen INTECH U.S. Low Volatility Portfolio – Service Shares (9/12)  and INTECH Emerging Markets Managed Volatility Fund – Class I (12/14). INTECH's focus on managed volatility may keep the Fund from achieving excess returns over its index. The strategy may underperform during certain periods of up markets and may not achieve the desired level of protection in down markets. The proprietary mathematical process used by INTECH may not achieve the desired results. Since the portfolios are regularly re-balanced, this may result in a higher portfolio turnover rate, higher expenses and potentially higher net taxable gains or losses compared to a "buy and hold" or index fund strategy. Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Performance results reflect the reinvestment of dividends and other earnings. Composite performance results shown are time-weighted rates of return using daily valuation, include the effect of transaction costs (commissions, exchange fees, etc.), and are gross of non-reclaimable withholding taxes, if any. 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. Portfolios meeting such criteria enter the composite upon the full first month under management. Reporting currency is USD, unless otherwise noted. The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other contractual expenses as described in each client’s individual contract. 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. Through 12/31/04, net returns were derived using the maximum fixed fee in effect for each strategy. As of 1/1/05, net returns are 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. Some clients may utilize a performance-based fee. For U.S. Large Cap Growth from inception to 12/31/05, the composite’s benchmark was the S&P 500/Barra Growth Index (“Barra Growth Index”). In 2005, S&P announced index name and methodology changes affecting the Barra Growth Index, which later became the S&P 500/Citigroup Growth Index (“Citigroup Growth Index”). During the transitional period, from 1/1/06 to 3/31/06, the benchmark return consisted partially of the return of the Barra Growth Index and the Citigroup Growth Index. On 4/1/06, the composite’s benchmark was changed to the Citigroup Growth Index. Effective 12/9/2009, the Citigroup Growth Index's name was changed to S&P 500 Growth Index. The S&P 500 Growth Index is a market-capitalization-weighted index developed by Standard and Poor's consisting of those stocks within the S&P 500 Index that exhibit strong growth characteristics. The index measures the performance of the growth style of investing in large cap U.S. stocks. The S&P 500 Growth Index will be reconstituted annually. Prior to May 21, 2010, with respect to non-U.S. securities traded on non-U.S. exchanges, INTECH used fair value prices that reflected current market conditions at the end of regular trading hours of the NYSE, normally 4:00 PM ET, rather than unadjusted closing prices in local markets. Therefore, the prices as well as foreign exchange rates used to calculate the U.S. dollar market values of securities may have differed from those used by an index. Indices typically use the unadjusted closing price in local markets instead of fair value pricing. As of May 21, 2010, prices for non-U.S. securities traded on non-U.S. exchanges are valued as of the close of their respective local markets. Non-U.S. securities are translated into U.S. dollars using the 4:00 PM London spot rate. Non-U.S. investments are subject to certain risks of overseas investing, including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets. With respect to European Large Cap Core, prices assigned to investments are published prices on their primary markets or exchanges since the composite’s inception. The returns for the indices shown do not include any transaction costs, management fees or other costs, and are gross of dividend tax withholdings. Mathematical equity strategies included in the investment performance summaries include those strategies with at least a 1-year track record. Absolute volatility strategies are excluded. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products This report has not been approved, reviewed or produced by MSCI.

Other important disclosures Data presented reflects past performance, which is no guarantee of future results. Due to market volatility, current performance may be higher or lower than the performance shown. Call 877.33JANUS (52687) or visit janus.com/advisor/mutual-funds for performance, rankings and ratings current to the most recent month-end. Janus Capital Group Inc. (“JCG”) provides investment advisory services through its primary subsidiaries, Janus Capital Management LLC (“Janus”), INTECH Investment Management LLC (“INTECH”) and Perkins Investment Management LLC (“Perkins”). For ETFs shown on page 4: The information in the prospectus is not complete and may be changed. The securities may not be sold until the registration statement filed with the Securities Exchange Commission is effective. The prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer is not permitted. Please call 1-877-33-JANUS for a prospectus. Janus Capital Management LLC is the investment adviser and ALPS Distributors, Inc. is the distributor. ALPS is not affiliated with Janus. VelocityShares ETNs are issued by Credit Suisse AG (Credit Suisse), the Janus Volatility Hedged Large Cap ETF and the Janus Velocity Tail Risk Hedged ETF are advised by ALPS Advisors, Inc. (ALPS), and the Janus Equal Risk Weighted Large Cap ETF is advised by Exchange Traded Concepts, LLC (ETC). Credit Suisse, ALPS and ETC are not affiliated with Janus Capital Group Inc. “Complex-Wide Mutual Funds” means all affiliated mutual funds managed by Janus, INTECH and Perkins. “Fundamental Equity Mutual Funds” means all mutual funds managed by Janus or Perkins that invest in equity securities. “Fixed Income Mutual Funds” means all mutual funds managed by Janus that invest primarily in fixed income securities. “Mathematical Equity Strategies” means all relative return, discretionary managed accounts (not mutual funds) that are advised or sub-advised by INTECH. Mutual fund relative performance analysis shown is for each Fund's parent share class (typically the share class with the longest performance history): Class T, S or I Shares in the Janus retail fund (“JIF”) trust and the Institutional or Service Shares in the Janus Aspen Series (“JAS”). These share classes may not be eligible for purchase by all investors. Other share classes may have higher sales and management fees, which can result in differences in performance. Morningstar Comparative Performance Morningstar performance on an asset-weighted basis is calculated by taking all funds and assigning the assets under management ("AUM") in each respective fund to either the 1st, 2nd, 3rd or 4th quartile bucket based on each fund's respective Morningstar relative ranking. The total AUM of each quartile’s bucket is then divided by complex-wide total AUM to arrive at the respective percent of AUM in each bucket. The Morningstar percentile ranking is based on the fund’s total-return percentile rank relative to all funds that have the same category for the same time period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%. Morningstar total-return includes both income and capital gains or losses and is not adjusted for sales charges. The top-performing funds in a category will always receive a rank of 1. For the 1-, 3-, 5- and 10-year periods ending December 31, 2015, 70%, 69%, 67% and 71% of the 53, 49, 42 and 35 Complex-Wide mutual funds; 67%, 61%, 62% and 69% of the 39, 38, 34 and 29 Fundamental Equity mutual funds; 75%, 100%, 80% and 100% of the 8, 6, 5 and 4 Fixed Income mutual funds outperformed the majority of their Morningstar peers based on total returns. On an asset-weighted basis, 75% of the Complex-Wide mutual fund assets, 71% of the Fundamental Equity mutual fund assets and 100% of the Fixed Income mutual fund assets outperformed the majority of their Morningstar peers based on total returns for the 10-year period. The Overall Morningstar RatingTM for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar RatingTM metrics. 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.) The Morningstar RatingTM may differ among share classes of a mutual fund as a result of different sales loads and/or expense structures. It may be based, in part, on the performance of a predecessor fund. Morningstar does not rate funds with less than a 3-year performance history. For the period ending December 31, 2015, 49%, 52% and 60% of Complex-Wide mutual funds had a 4- or 5-star Morningstar rating for the 3-, 5- and 10-year periods based on risk-adjusted returns for 49, 42 and 35 funds, respectively. 49 funds were included in the analysis for the Overall period. Investing involves risk, including the possible loss of principal. The value of your investment will fluctuate over time and you may gain or lose money. A fund’s performance may be affected by risks that include those associated with non-diversification, non-investment grade debt securities, high-yield/high-risk securities, undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest. Additional risks to funds may include those associated with investing in foreign securities, emerging markets, initial public offerings, real estate investment trusts (REITs), derivatives, short sales, commodity linked Investments and companies with relatively small market capitalizations. Each fund has different risks, please see a Janus prospectus for more information about risks, fund holdings and other details.

Other important disclosures Indexes are not available for direct investment; therefore, their performance does not reflect the expenses associated with the active management of an actual portfolio. Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Russell Midcap® Value Index measures the performance of those Russell Midcap® companies with lower price-to-book ratios and lower forecasted growth rates. Russell 2000® Value Index measures the performance of those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values. 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. MSCI World IndexSM 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. 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. 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. MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure performance of global developed and emerging equity markets. MSCI All Country World ex USA 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. Russell 1000 Index measures performance of the 1,000 largest companies in the Russell 3000 Index. Core Growth Index is an internally calculated, hypothetical combination of unmanaged indices that combines total returns from the Russell 1000® Growth Index (50%) and the S&P 500® Index (50%). MSCI USA Index is a free float-adjusted market capitalization index that is designed to measure large and mid cap U.S. equity market performance. MSCI World ex Australia Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets excluding Australia. MSCI KOKUSAI World ex Japan Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets excluding Japan. MSCI Europe Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. MSCI North America Index is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of the developed equity markets in Canada and the United States. MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. Russell Global Large Cap Defensive Index measures the performance of the investable securities in the Global Large Cap Defensive segment of the market. Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus at 1-800-525-3713 or download the file from www.janus.com. Read it carefully before you invest or send money. Funds distributed by Janus Distributors LLC. C-0116-108124 04-15-16

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, 2014, 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.