• Strong investment performance, with 69% and 74% of assets under
  management (“AUM”) outperforming relevant benchmarks on a 3 and 5 year
  basis, respectively, as at 31 March 2019
• First quarter net income of US$94.1 million and adjusted net income of
  US$110.0 million
• AUM of US$357.3 billion, up 9% compared to the prior quarter,
  reflecting positive markets partially offset by net outflows of US$7.4
  billion
• Completed US$31 million of share buybacks during March; US$169 million
  remains authorised for buybacks in 2019
• Board declared quarterly dividend of US$0.36 per share

LONDON–(BUSINESS WIRE)–Janus Henderson Group plc (NYSE/ASX: JHG; ‘JHG’, ‘the Group’) published
its first quarter 2019 results for the period ended 31 March 2019.

First quarter 2019 net income attributable to JHG was US$94.1 million
compared to US$106.8 million in the fourth quarter 2018 and US$165.2
million in the first quarter 2018. Adjusted net income attributable to
JHG, adjusted for one-time, acquisition and transaction related costs,
of US$110.0 million declined 6% compared to US$117.5 million in the
fourth quarter 2018 and declined 23% compared to US$143.6 million in the
first quarter 2018.

First quarter 2019 diluted earnings per share was US$0.48 compared to
US$0.54 in the fourth quarter 2018 and US$0.82 in the first quarter
2018. Adjusted diluted earnings per share of US$0.56 declined 5%
compared to US$0.59 in the fourth quarter 2018 and declined 21% versus
US$0.71 in the first quarter 2018.

Dick Weil, Chief Executive Officer of Janus Henderson Group plc,
stated:

“Overall investment performance for the quarter was strong, but we
continue to face pockets of underperformance which are driving
substantial net outflows. That said, we are seeing encouraging results
in several areas of our business, including momentum in the US retail
channel, primarily with our US Equity strategies, ongoing growth in our
Multi-Asset capability, and an improving environment in Continental
Europe.

“We finished the quarter with a 9% increase in assets under management
as strong investment performance and rebounding markets offset outflows.

“We continue to be financially disciplined, remaining focused on
investing in sustainable growth and upholding our commitment to return
cash flow to shareholders, with over US$100 million returned through
dividends and our share buyback programme in the first quarter.”

SUMMARY OF FINANCIAL RESULTS (unaudited) (in US$ millions,
except per share data or as noted)

The Group presents its financial results in US$ and in accordance with
accounting principles generally accepted in the United States of America
(‘US GAAP’ or ‘GAAP’). However, in the opinion of Management, the
profitability of the Group and its ongoing operations is best evaluated
using additional non-GAAP financial measures on an adjusted basis. See
adjusted statements of income reconciliation for additional information.

First quarter 2019 adjusted revenue of US$417.4 million decreased from
the fourth quarter 2018 result of US$442.7 million due to a slight
decline in management fee margin, given outflows in higher fee equity
products, and lower performance fees from segregated mandates. First
quarter 2019 adjusted operating income of US$143.4 million decreased
from US$165.3 million in the fourth quarter 2018, with lower adjusted
revenue slightly offset by lower operating expenses.

DIVIDEND AND SHARE BUYBACK

On 1 May 2019, the Board declared a first quarter dividend in respect of
the three months ended 31 March 2019 of US$0.36 per share. Shareholders
on the register on the record date of 13 May 2019 will be paid the
dividend on 29 May 2019. Janus Henderson does not offer a dividend
reinvestment plan.

As part of the US$200 million on-market buyback programme approved by
the Board in February, JHG purchased approximately 1.3 million of its
ordinary shares on the NYSE and its CHESS Depositary Interests (CDIs) on
the ASX in March, for a total outlay of US$31 million.

During the first quarter, the firm also purchased shares on market for
the annual share grants associated with 2018 variable compensation,
which is not connected with the buyback programme. As a firm policy,
Janus Henderson does not issue new shares to employees as part of its
annual compensation practices.

Net tangible assets per share

Net tangible assets are defined by the ASX as being total assets less
intangible assets less total liabilities ranking ahead of, or equally
with, claims of ordinary shares.

AUM AND FLOWS (in US$ billions)

FX reflects movement in AUM resulting from changes in foreign currency
rates as non-USD denominated AUM is translated into USD. Redemptions
include impact of client switches. The reclassification in the fourth
quarter 2018 reflects an operational reclassification of an existing
client’s funds.

INVESTMENT PERFORMANCE

% of AUM outperforming benchmark (at 31 Mar 2019)

Note: Outperformance is measured based on composite performance gross of
fees vs primary benchmark, except where a strategy has no benchmark
index or corresponding composite in which case the most relevant metric
is used: (1) composite gross of fees vs zero for absolute return
strategies, (2) fund net of fees vs primary index or (3) fund net of
fees vs Morningstar peer group average or median. Non-discretionary and
separately managed account assets are included with a corresponding
composite where applicable.

Cash management vehicles, ETFs, Managed CDOs, Private Equity funds and
custom non-discretionary accounts with no corresponding composite are
excluded from the analysis. Excluded assets represent 4% of AUM as at 31
Mar 2019. Capabilities defined by Janus Henderson.

% of mutual fund AUM in top 2 Morningstar quartiles (at 31 Mar 2019)

Note: Includes Janus Investment Fund, Janus Aspen Series and Clayton
Street Trust (US Trusts), Janus Henderson Capital Funds (Dublin based),
Dublin and UK OEIC and Investment Trusts, Luxembourg SICAVs and
Australian Managed Investment Schemes. The top two Morningstar quartiles
represent funds in the top half of their category based on total return.
On an asset-weighted basis, 80% of total mutual fund AUM was in the top
2 Morningstar quartiles for the 10-year period ended 31 Mar 2019. For
the 1-, 3-, 5- and 10-year periods ending 31 Mar 2019, 62%, 50%, 62% and
62% of the 205, 195, 181 and 141 total mutual funds, respectively, were
in the top 2 Morningstar quartiles.

Analysis based on ‘primary’ share class (Class I Shares, Institutional
Shares or share class with longest history for US Trusts; Class A Shares
or share class with longest history for Dublin based; primary share
class as defined by Morningstar for other funds). Performance may vary
by share class. Rankings may be based, in part, on the performance of a
predecessor fund or share class and are calculated by Morningstar using
a methodology that differs from that used by Janus Henderson.
Methodology differences may have a material effect on the return and
therefore the ranking. When an expense waiver is in effect, it may have
a material effect on the total return, and therefore the ranking for the
period.

ETFs and funds not ranked by Morningstar are excluded from the analysis.
Capabilities defined by JHG. © 2019 Morningstar, Inc. All Rights
Reserved.

SECOND QUARTER 2019 RESULTS

Janus Henderson intends to publish its second quarter 2019 results on 31
July 2019.

FIRST QUARTER 2019 RESULTS BRIEFING INFORMATION

Chief Executive Officer Dick Weil and Chief Financial Officer Roger
Thompson will present these results on 2 May 2019 on a conference call
and webcast to be held at 8am EDT, 1pm BST, 10pm AEST.

Those wishing to participate should call:

Access to the webcast and accompanying slides will be available via the
investor relations section of Janus Henderson’s website (www.janushenderson.com/IR).

About Janus Henderson

Janus Henderson Group (JHG) is a leading global active asset manager
dedicated to helping investors achieve long-term financial goals through
a broad range of investment solutions, including equities, fixed income,
quantitative equities, multi-asset and alternative asset class
strategies.

Janus Henderson has approximately US$357 billion in assets under
management (at 31 March 2019), more than 2,000 employees, and offices in
28 cities worldwide. Headquartered in London, the company is listed on
the New York Stock Exchange (NYSE) and the Australian Securities
Exchange (ASX).

FINANCIAL DISCLOSURES

Period ending 31 March 2018 reflects the reclassification of certain
revenue amounts from ‘Other revenue’ to ‘Shareowner servicing fees’.

Adjusted statements of income (unaudited)

The following are reconciliations of US GAAP basis revenues, operating
income, net income attributable to JHG and diluted earnings per share to
adjusted revenues, adjusted operating income, adjusted net income
attributable to JHG and adjusted diluted earnings per share.

STATUTORY DISCLOSURES

Associates and joint ventures

At 31 March 2019, the Group holds interests in the following associates
and joint ventures managed through shareholder agreements with third
party investors, accounted for under the equity method:

• Long Tail Alpha LLC. Ownership 20%

Basis of preparation

In the opinion of management of Janus Henderson Group plc, the condensed
consolidated financial statements contain all normal recurring
adjustments necessary to fairly present the financial position, results
of operations and cash flows of JHG in accordance with US GAAP. Such
financial statements have been prepared in accordance with the
instructions to Form 10-Q pursuant to the rules and regulations of the
SEC. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with GAAP have been
condensed or omitted pursuant to such rules and regulations. The
financial statements should be read in conjunction with the annual
consolidated financial statements and notes presented in Janus Henderson
Group’s Annual Report on Form 10-K for the year ended 31 December 2018,
on file with the SEC (Commission file no. 001-38103). Events subsequent
to the balance sheet date have been evaluated for inclusion in the
financial statements through the issuance date and are included in the
notes to the condensed consolidated financial statements.

Corporate governance principles and recommendations

In the opinion of the Directors, the financial records of the Group have
been properly maintained, and the Condensed Consolidated Financial
Statements comply with the appropriate accounting standards and give a
true and fair view of the financial position and performance of the
Group. This opinion has been formed on the basis of a sound system of
risk management and internal control which is operating effectively.

FORWARD-LOOKING STATEMENTS DISCLAIMER

Past performance is no guarantee of future results. Investing involves
risk, including the possible loss of principal and fluctuation of value.

This document includes statements concerning potential future events
involving Janus Henderson Group plc 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 Henderson
Group’s Annual Report on Form 10-K for the fiscal year ended 31 December
2018, on file with the Securities and Exchange Commission (Commission
file no. 001-38103), 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 JHG and its management. Any forward-looking statements
contained in this document are as at the date on which such statements
were made. Janus Henderson Group 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 realised.

Annualised, pro forma, projected and estimated numbers are used for
illustrative purposes only, are not forecasts and may not reflect actual
results.

The information, statements and opinions contained in this document do
not constitute a public offer under any applicable legislation or an
offer to sell or solicitation of any offer to buy any securities or
financial instruments or any advice or recommendation with respect to
such securities or other financial instruments.

Not all products or services are available in all jurisdictions.

Mutual funds in the US are distributed by Janus Henderson Distributors.

Please consider the charges, risks, expenses and investment
objectives carefully before investing. For a US fund prospectus or, if
available, a summary prospectus containing this and other information,
please contact your investment professional or call 800.668.0434. Read
it carefully before you invest or send money.

Janus Henderson, Janus, Henderson, Intech, Alphagen and Knowledge.
Shared are trademarks of Janus Henderson Group plc or one of its
subsidiaries. © Janus Henderson Group plc.

Contacts

Investor enquiries:
John Groneman
Global Head of
Investor Relations
+44 (0) 20 7818 2106
[email protected]

Jim
Kurtz
US Investor Relations Manager
+1 (303) 336 4529
[email protected]

Melanie
Horton
Non-US Investor Relations Manager
+44 (0) 20 7818 2905
[email protected]

Or

Investor
Relations
[email protected]

Media
enquiries:
North America:
Taylor Smith
+1 303
336 5031
[email protected]

EMEA:
Sally
Todd
+44 (0) 20 7818 2244
[email protected]

United
Kingdom: FTI Consulting
Tom Blackwell
+ 44 (0) 20 3727 1051
[email protected]

Asia
Pacific: Honner
Michael Mullane
+ 61 28248 3740
[email protected]