Roger Thompson Chief Financial Officer Andrew Formica and Dick Weil Co-Chief Executive Officers Janus Henderson Group 1Q18 results presentation Wednesday 9 May 2018

Roger Thompson Chief Financial Officer 1Q18 results presentation Business and financial update

1Q18 highlights Long-term investment performance remains strong AUM increased to US$371.9bn, supported by positive markets and FX Adjusted diluted EPS of US$0.71 reflecting strong financial discipline Declared US$0.36 per share dividend, an increase of 13% 1Q18 4Q17 3 year investment outperformance¹ 68% 66% Net flows (US$2.7bn) (US$2.9bn) Total AUM US$371.9bn US$370.8bn US GAAP diluted EPS² US$0.82 US$2.32 Adjusted diluted EPS³ US$0.71 US$0.73 Dividend per share US$0.36 US$0.32 1 Represents percentage of AUM outperforming the relevant benchmark. Full performance disclosures detailed in the appendix on slide 23. 2 4Q17 US GAAP diluted EPS of US$2.32 includes US$1.67 per diluted share related to the new US tax legislation. 3 See adjusted financial measures reconciliation on slide 29 for additional information. Key metrics – 1Q18 vs 4Q17

97% Capability 1 year 3 years 5 years Equities Fixed Income Quantitative Equities Multi-Asset Alternatives Total Investment performance Investment performance strong in the face of elevated market volatility % of AUM outperforming benchmark (31 Mar 2017 to 31 Mar 2018) % of AUM outperforming benchmark (as at 31 Mar 2018) Note: Represents percentage of AUM outperforming the relevant benchmark. For periods prior to and including 30 Jun 2017, JHG pro forma AUM data is used in the calculation as if the merger had occurred at the beginning of the period shown. Full performance disclosures detailed in the appendix on slide 23. 100% 84% 59% 68% 87% 68% 83% 95% 79% 90% 76% 97% 96% 96% 46% 91% 88% 76% 50 60 82 69 71 89 75 77 87 76 66 79 79 68 84 1 year 3 years 5 years 31 Mar 2017 30 Jun 2017 30 Sep 2017 31 Dec 2017 31 Mar 2018

Total flows Total flows 1Q16 to 1Q18 (US$bn) 23% 20% 26% 24% 24% (25%) (24%) (28%) (33%) (26%) 23% (24%) Note: Data for periods prior to and including 2Q17 presents pro forma flows of JHG as if the merger had occurred at the beginning of the period shown. 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM. Redemptions Sales Net sales / (redemptions) Annualised gross sales¹ Annualised gross redemptions¹ Institutional mandate wins offset by challenging Retail flows 22% (25%) 21% (20%) 21% (24%) 18.6 18.2 15.6 20.9 19.4 20.2 18.3 20.0 19.7 (19.8) (20.1) (18.8) (23.0) (26.4) (21.2) (17.6) (22.9) (22.4) (1.2) (1.9) (3.2) (2.1) (7.0) (1.0) 0.7 (2.9) (2.7) 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18

1Q18 flows by capability 26% 13% 16% 31% 21% (28%) (11%) (15%) (51%) (25%) 1Q18 flows by capability (US$bn) Annualised gross sales¹ Annualised gross redemptions¹ 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM. Redemptions Sales Net sales / (redemptions) Net outflows driven by Equities and Alternatives 9.9 5.3 1.7 1.3 1.5 (11.7) (5.6) (1.4) (1.2) (2.5) (1.8) (0.3) 0.3 0.1 (1.0) Equities Fixed Income Quantitative Equities Multi-Asset Alternatives

Statement of income Note: See adjusted financial measures reconciliation on slide 28 for additional information. US GAAP and adjusted US$m 3 months ended 31 Mar 2018 US GAAP Adjustments Adjusted Revenue Management fees 502.9 Performance fees (3.9) Shareowner servicing fees 31.5 Other revenue 57.2 Total revenue 587.7 (117.3) 470.4 Operating expenses Employee compensation and benefits 146.7 Long-term incentive plans 40.0 Distribution expenses 117.3 Investment administration 11.4 Marketing 8.5 General, administrative and occupancy 72.2 Depreciation and amortisation 15.4 Total operating expenses 411.5 (129.9) 281.6 Operating income 176.2 12.6 188.8

US$m unless otherwise stated 1Q18 4Q17 Change 1Q18 vs 4Q17 1Q17 Change 1Q18 vs 1Q17 Average AUM 377.4bn 366.1bn 3% 329.0bn 15% Total revenue 587.7m 621.8m (5%) 513.4m 14% Operating income 176.2m 196.6m (10%) 105.9m 66% Operating margin 30.0% 31.6% (1.6ppt) 20.6% 9.4ppt US GAAP diluted EPS 0.82 2.32 (65%) 0.36 128% Adjusted revenue 470.4m 505.3m (7%) 406.0m 16% Adjusted operating income 188.8m 220.4m (14%) 143.6m 31% Adjusted operating margin 40.1% 43.6% (3.5ppt) 35.4% 4.7ppt Adjusted diluted EPS 0.71 0.73 (3%) 0.50 42% Financial highlights Summary of results Note: 1Q17 data presents results of JHG as if the merger had occurred at the beginning of the period shown. 1Q17 and 4Q17 numbers updated to reflect the adoption of the new revenue recognition standard, with a reconciliation shown on slide 31. See adjusted financial measures reconciliation on slides 28 and 29 for additional information. US GAAP and adjusted

1Q18 adjusted revenue drivers 1% increase in management fees driven by higher average AUM 1Q18 group average net¹ management fee margin of 44.9bps (4Q17: 44.9bps) Reduction in performance fees primarily due to lower performance fees from UK Absolute Return Revenue 1Q18 adjusted revenue impacted by lower performance fees US$m 1Q18 4Q17 Change Total adjusted revenue 470.4 505.3 (7%) Management fees 502.9 498.1 1% Performance fees (3.9) 33.5 nm Shareowner servicing fees 31.5 31.4 – Other revenue 57.2 58.8 (3%) Distribution expenses (117.3) (116.5) 1% Pro forma adjusted revenue – 4Q17 vs 1Q18 (US$m) 505.3 470.4 Note: 4Q17 numbers updated to reflect the adoption of the new revenue recognition standard, with a reconciliation shown on slide 31. See pro forma adjusted financial measures reconciliation on slide 28 for additional information. 1 Net margin based on management fees net of distribution expenses. 498.1 502.9 33.5 (3.9) 31.4 31.5 58.8 57.2 (116.5) (117.3) 4Q17 1Q18 Management fees Performance fees Shareowner servicing fees Other revenue Distribution expenses

Adjusted operating expenses – 1Q18 versus 4Q17 (US$m) Operating expenses US$m 1Q18 US GAAP Adjustments 1Q18 adjusted 4Q17 adjusted Change 1Q18 adjusted vs 4Q17 adjusted Employee compensation and benefits 146.7 (2.9) 143.8 163.0 (12%) Long-term incentive plans 40.0 (0.1) 39.9 34.7 15% Distribution expenses 117.3 (117.3) – – nm Investment administration 11.4 – 11.4 12.2 (7%) Marketing 8.5 (0.1) 8.4 10.5 (20%) General, administrative and occupancy 72.2 (2.1) 70.1 56.3 25% Depreciation and amortisation 15.4 (7.4) 8.0 8.2 (2%) Total operating expenses 411.5 (129.9) 281.6 284.9 (1%) Note: See adjusted financial measures reconciliation on slide 28 for additional information. Includes US$12m one-off adjustment for the 2017 bonus pool split of cash / non-cash compensation Includes US$4m accrual for MiFID II research cost and a US$12m legal outcome 284.9 281.6 (19.2) 5.2 (0.8) (2.1) 13.8 (0.2) 4Q17 Compensation and benefits LT incentive plans Investment adminstration Marketing General, admin. and occupancy Depreciation and amortisation 1Q18

Profitability Financial discipline to support sustainable growth Pro forma adjusted operating income and margin (US$m unless otherwise stated) Pro forma adjusted net income and diluted EPS (US$m, except per share data) Note: Data for periods prior to and including 2Q17 presents the results of JHG as if the merger had occurred at the beginning of the period shown. See pro forma adjusted financial measures reconciliation on slides 28 and 29 for additional information.

331 Balance sheet At 31 Mar 2018, cash and investment securities totalled US$1,385m compared to outstanding debt of US$331m Cash and investment securities decreased 7% driven by seasonal bonus payments, dividends and convertible debt repayment Total debt outstanding declined 13% due to US$48m early conversion notices received from holders of 2018 Convertible Senior Notes, settled in cash for US$82m The Board approved a dividend of US$0.36 per share to be paid on 1 June to shareholders on record at the close of business on 21 May Strong liquidity position 1,494 Investment securities¹ Cash and cash equivalents² 2018 maturity 2025 maturity Balance sheet profile – carrying value (31 December 2017 vs 31 March 2018) (US$m) 379 2 Includes cash and cash equivalents of consolidated variable interest entities of US$34.1m and US$54.0m as at 31 December 2017 and 31 March 2018 respectively. 31 Dec 2017 31 Mar 2018 1,385 1 Includes seed investments of US$597.9m (including investment securities of consolidated variable interest entities of US$419.7m), investments related to deferred compensation plans of US$94.0m and other investments of US$8.2m as at 31 December 2017; includes seed investments of US$600.5m (including investment securities of consolidated variable interest entities of US$432.2m), investments related to deferred compensation plans of US$106.0m and other investments of US$13.3m as at 31 March 2018.

Capital philosophy Balancing strategic investments with returning excess capital to shareholders Investing internally in the business Deploying seed capital investments to develop new products Inorganic opportunities Increasing the quarterly dividend Repurchasing shares Declaring a special dividend Investing in the business Returning excess cash Maintaining capital requirements Reserving capital for working capital needs and regulatory requirements Setting aside capital for contractual obligations such as deal earn-outs, capital lease payments, interest payments, near-term debt maturities and regular quarterly dividends Janus Henderson’s capital return programme will be comprised of a progressive, quarterly dividend that grows with profits supported by regular share repurchases

Q&A

Appendix

Assets under management as at 31 Mar 2018 By client type By capability By client location US$190.7bn US$80.0bn US$50.4bn US$31.8bn US$19.0bn US$62.2bn US$164.2bn US$145.5bn US$194.0bn US$119.2bn US$58.7bn AUM: US$371.9bn 51% 21% 14% 9% 5% Equities Fixed Income Quantitative Equities Multi-Asset Alternatives 17% 44% 39% Self-directed Intermediary Institutional 52% 32% 16% Americas EMEA Asia Pacific

Investment management capabilities Diversified product range Equities US$190.7bn AUM 31 Mar 2018 US$371.9bn Fixed Income US$80.0bn Multi-Asset US$31.8bn Self-directed Intermediary Intermediary Institutional Institutional Institutional Institutional Quantitative Equities US$50.4bn Self-directed Self-directed Intermediary Intermediary Institutional Equities (54bps¹) Diverse business encompassing a wide range of geographic and investment styles Fixed Income (31bps¹) Coverage across the asset class, with an increasingly global offering Quantitative Equities (24bps¹) Intech applies advanced mathematical and systematic portfolio rebalancing intended to harness the volatility of stock price movements Multi-Asset (40bps¹) Retail and Institutional offering through a diversity of strategies Alternatives (71bps¹) Expertise in liquid alternatives alongside traditional hedge funds Alternatives US$19.0bn Intermediary 1 1Q18 average net management fee margin. Net margin based on management fees net of distribution expenses.

Investment management capabilities Balanced range of strategies AUM by investment capability as at 31 Mar 2018 US$19.0bn US$31.8bn US$190.7bn US$50.4bn US$80.0bn Specialist Global Equities US Equities European Equities Asia Pacific Equities Relative return Absolute risk Regional Enhanced index US Fixed Income Australian Fixed Income Corporate credit Global bonds Regional Long/short equity Property Absolute return Strategic Fixed Inc. Unconstrained Structured debt Commodities/Agri. Multi-Asset Other¹ 1 Other primarily includes Absolute Return Bond, Multi-Strategy and VelocityShares. 0% 100% Equities Fixed Income Quantitative Equities Multi-Asset Alternatives

Largest pooled funds by capability Capability Fund Product Strategy AUM 31 Mar 2018 Equity JnsHnd Enterprise US Mutual Fund Mid Cap Growth US$17.0bn JnsHnd Research US Mutual Fund US Research Growth Equity US$13.4bn JnsHnd Forty US Mutual Fund Concentrated Growth US$12.0bn JnsHnd Triton US Mutual Fund Small-Mid Cap Growth US$10.2bn JnsHnd Global Equity Income US Mutual Fund Global Equity Income US$5.7bn Fixed Income JnsHnd Flexible Bond US Mutual Fund Core Plus Fixed Income US$7.8bn JnsHnd Absolute Return Australian UT Absolute Return Income US$5.0bn JnsHnd Strategic Bond UK OEIC Global Strategic Fixed Income US$2.9bn JnsHnd Global Unconstrained Bond US Mutual Fund Global Unconstrained Bond US$2.2bn JnsHnd Tactical Income Australian MIS Australian Fixed Income US$2.2bn Multi-Asset JnsHnd Balanced US Mutual Fund Balanced US$14.2bn JnsHnd Balanced Portfolio US Mutual Fund Balanced US$3.4bn JnsHnd Cautious Managed UK OEIC UK Income and Growth US$2.9bn JnsHnd Balanced Dublin OEIC Balanced US$0.9bn JnsHnd Multi-Manager Managed UK OEIC Multi-manager US$0.5bn Alternatives JnsHnd UK Absolute Return SICAV UK Large Cap Absolute Return Equity US$5.9bn JnsHnd UK Property PAIF / Feeder UK OEIC/UT Property US$4.4bn JnsHnd UK Absolute Return UK OEIC UK Large Cap Absolute Return Equity US$3.6bn JnsHnd Horizon Pan European Alpha SICAV Europe Large Cap Long/Short US$1.2bn JnsHnd Multi-Asset Absolute Return UK OEIC Multi-manager US$0.2bn Total US$115.6bn

Flows: Equities and Fixed Income Equities (US$bn) Fixed Income (US$bn) 22% 26% (28%) (23%) 31% 28% (30%) (33%) Redemptions Sales Net sales / (redemptions) Note: Data for periods prior to and including 2Q17 presents pro forma flows of JHG as if the merger had occurred at the beginning of the period shown. 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM. Annualised gross sales¹ Annualised gross redemptions¹ 22% (21%) 27% (25%) 24% (25%) 26% (25%) 21% 26% (25%) (28%) 8.4 10.6 9.6 10.8 9.9 (10.8) (9.4) (9.0) (11.5) (11.7) (2.4) 1.2 0.6 (0.7) (1.8) 1Q17 2Q17 3Q17 4Q17 1Q18 5.7 5.4 5.3 5.2 5.3 (5.4) (6.3) (4.9) (5.0) (5.6) 0.3 (0.9) 0.4 0.2 (0.3) 1Q17 2Q17 3Q17 4Q17 1Q18

Flows: Quantitative Equities, Multi-Asset and Alternatives Quantitative Equities (US$bn) Multi-Asset (US$bn) Alternatives (US$bn) 12% 26% 6% (45%) (35%) (20%) (21%) (58%) (22%) Note: Data for periods prior to and including 2Q17 presents pro forma flows of JHG as if the merger had occurred at the beginning of the period shown. 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM. 2 1Q17 gross sales and redemptions include an intra-strategy transfer of US$1.6bn from a Danish krone-denominated account into a US dollar-denominated account. Annualised gross sales¹ Annualised gross redemptions¹ Redemptions Sales Net sales / (redemptions) 6% (10%) (16%) 16% 13% 31% 54% (29%) 38% 6% (19%) (17%) 14% (56%) 45% 31% 16% 13% (51%) (15%) (11%) 0.9 1.2 0.9 1.1 1.3 (1.5) (1.5) (1.2) (1.3) (1.2) (0.6) (0.3) (0.3) (0.2) 0.1 1Q17 2Q17 3Q17 4Q17 1Q18 3.0 0.7 0.7 0.7 1.7 (6.7) (2.5) (1.2) (2.3) (1.4) (3.7) (1.8) (0.5) (1.6) 0.3 1Q17² 2Q17 3Q17 4Q17 1Q18 1.4 2.3 1.8 2.2 1.5 (2.0) (1.5) (1.3) (2.8) (2.5) (0.6) 0.8 0.5 (0.6) (1.0) 1Q17 2Q17 3Q17 4Q17 1Q18

Total net flows by capability (1.9) (3.2) (2.1) (7.0) (1.0) Total net flows by capability 1Q16 to 1Q18 (US$bn) (1.2) Note: Data for periods prior to and including 2Q17 presents pro forma flows of JHG as if the merger had occurred at the beginning of the period shown. 0.7 (2.9) (2.7) 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 Equities Fixed Income Quantitative Equities Multi-Asset Alternatives

AUM and flows by capability Note: Data for periods prior to and including 2Q17 presents pro forma AUM and flows of JHG as if the merger had occurred at the beginning of the period shown. All data in US$bn Equities Fixed Income Quantitative Equities Multi-Asset Alternatives Total AUM 31 Dec 2016 153.3 73.7 46.5 28.0 17.7 319.2 Sales 8.4 5.7 3.0 0.9 1.4 19.4 Redemptions (10.8) (5.4) (6.7) (1.5) (2.0) (26.4) Net sales / (redemptions) (2.4) 0.3 (3.7) (0.6) (0.6) (7.0) Market / FX 11.4 2.3 3.4 1.2 0.3 18.6 AUM 31 Mar 2017 162.3 76.3 46.2 28.6 17.4 330.8 Sales 10.6 5.4 0.7 1.2 2.3 20.2 Redemptions (9.4) (6.3) (2.5) (1.5) (1.5) (21.2) Net sales / (redemptions) 1.2 (0.9) (1.8) (0.3) 0.8 (1.0) Market / FX 9.9 1.9 2.1 1.1 0.8 15.8 Acquisitions / disposals – (0.1) – – (0.6) (0.7) AUM 30 Jun 2017 173.4 77.2 46.5 29.4 18.4 344.9 Sales 9.6 5.3 0.7 0.9 1.8 18.3 Redemptions (9.0) (4.9) (1.2) (1.2) (1.3) (17.6) Net sales / (redemptions) 0.6 0.4 (0.5) (0.3) 0.5 0.7 Market / FX 8.3 1.8 3.0 1.1 0.7 14.9 AUM 30 Sep 2017 182.3 79.4 49.0 30.2 19.6 360.5 Sales 10.8 5.2 0.7 1.1 2.2 20.0 Redemptions (11.5) (5.0) (2.3) (1.3) (2.8) (22.9) Net sales / (redemptions) (0.7) 0.2 (1.6) (0.2) (0.6) (2.9) Market / FX 8.1 0.5 2.5 1.6 0.5 13.2 AUM 31 Dec 2017 189.7 80.1 49.9 31.6 19.5 370.8 Sales 9.9 5.3 1.7 1.3 1.5 19.7 Redemptions (11.7) (5.6) (1.4) (1.2) (2.5) (22.4) Net sales / (redemptions) (1.8) (0.3) 0.3 0.1 (1.0) (2.7) Market / FX 2.8 0.2 0.2 0.1 0.5 3.8 AUM 31 Mar 2018 190.7 80.0 50.4 31.8 19.0 371.9

Investment performance Capability 1Q17 2Q17 3Q17 4Q17 1Q18 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr Equities 38% 64% 73% 68% 77% 84% 61% 73% 82% 64% 60% 67% 68% 59% 76% Fixed Income 92% 90% 93% 93% 92% 91% 92% 91% 97% 93% 95% 98% 96% 96% 97% Quantitative Equities 0% 12% 92% 6% 48% 91% 85% 61% 87% 90% 27% 87% 91% 46% 88% Multi-Asset 87% 22% 89% 97% 21% 100% 95% 87% 90% 86% 87% 89% 83% 87% 90% Alternatives 73% 90% 100% 97% 67% 100% 91% 100% 100% 93% 76% 100% 95% 76% 100% Total 50% 60% 82% 69% 71% 89% 75% 77% 87% 76% 66% 79% 79% 68% 84% % of AUM outperforming benchmark 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 2017, 30 Jun 2017 and 31 Mar 2018, and 3% of AUM as at 30 Sep 2017 and 31 Dec 2017. Capabilities defined by Janus Henderson. Data for periods prior to and including 2Q17 presents the pro forma assets as if the merger had occurred at the beginning of the period shown.

Mutual fund investment performance Capability 1Q17 2Q17 3Q17 4Q17 1Q18 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr Equities 47% 88% 70% 53% 87% 90% 56% 71% 88% 63% 59% 87% 64% 62% 82% Fixed Income 37% 43% 98% 38% 41% 98% 81% 49% 98% 43% 36% 87% 48% 32% 62% Quantitative Equities 3% 80% 100% 3% 58% 100% 7% 97% 48% 24% 64% 50% 57% 55% 51% Multi-Asset 77% 76% 97% 79% 80% 97% 83% 81% 83% 82% 83% 84% 84% 82% 83% Alternatives 12% 23% 67% 63% 24% 69% 38% 25% 32% 59% 25% 32% 53% 53% 53% Total 46% 76% 77% 54% 74% 90% 61% 66% 85% 61% 56% 82% 63% 59% 76% % of mutual fund AUM in top 2 Morningstar quartiles 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, 79%, 82%, 82%, 73% and 67% of total mutual fund AUM were in the top 2 Morningstar quartiles for the 10-year periods ended 31 Mar 2017, 30 Jun 2017, 30 Sep 2017, 31 Dec 2017 and 31 Mar 2018 respectively. For the 1-, 3-, 5- and 10-year periods ending 31 Mar 2018, 51%, 48%, 57% and 60% of the 216, 202, 181 and 132 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. ETFs and funds not ranked by Morningstar are excluded from the analysis. Capabilities defined by Janus Henderson. Data for periods prior to and including 2Q17 presents the pro forma assets as if the merger had occurred at the beginning of the period shown. © 2017 Morningstar, Inc. All Rights Reserved.

US$m, except per share data or as noted 3 months ended 31 Mar 2018 31 Dec 2017 31 Mar 2017 Revenue Management fees 502.9 498.1 201.0 Performance fees (3.9) 33.5 14.8 Shareowner servicing fees 31.5 31.4 – Other revenue 57.2 58.8 17.2 Total revenue 587.7 621.8 233.0 Operating expenses Employee compensation and benefits 146.7 172.6 70.4 Long-term incentive plans 40.0 36.2 16.4 Distribution expenses 117.3 116.5 50.6 Investment administration 11.4 12.2 10.2 Marketing 8.5 9.8 3.2 General, administrative and occupancy 72.2 55.6 25.1 Depreciation and amortisation 15.4 22.3 6.3 Total operating expenses 411.5 425.2 182.2 Operating income 176.2 196.6 50.8 Interest expense (3.8) (4.1) (1.1) Investment gains (losses), net (0.7) 3.0 (0.9) Other non-operating income (expenses), net 38.9 (9.0) 1.3 Income before taxes 210.6 186.5 50.1 Income tax provision (47.4) 285.6 (7.5) Net income 163.2 472.1 42.6 Net (income) loss attributable to non-controlling interests 2.0 (0.4) – Net income attributable to JHG 165.2 471.7 42.6 Less: allocation of earnings to participating stock-based awards 4.2 12.9 0.9 Net income attributable to JHG common shareholders 161.0 458.8 41.7 Diluted weighted-average shares outstanding (m) 196.9 197.7 110.6 Diluted EPS 0.82 2.32 0.38 US GAAP: statement of income Note: 1Q17 and 4Q17 numbers updated to reflect the adoption of the new revenue recognition standard.

US$m, except per share data 3 months ended 31 Mar 2018 31 Dec 2017 31 Mar 2017 Revenue Management fees 502.9 498.1 431.1 Performance fees (3.9) 33.5 1.0 Shareowner servicing fees 31.5 31.4 28.6 Other revenue 57.2 58.8 52.7 Total revenue 587.7 621.8 513.4 Operating expenses Employee compensation and benefits 146.7 172.6 163.3 Long-term incentive plans 40.0 36.2 34.5 Distribution expenses 117.3 116.5 107.4 Investment administration 11.4 12.2 10.2 Marketing 8.5 9.8 21.7 General, administrative and occupancy 72.2 55.6 56.0 Depreciation and amortisation 15.4 22.3 14.4 Total operating expenses 411.5 425.2 407.5 Operating income 176.2 196.6 105.9 Interest expense (3.8) (4.1) (4.8) Investment gains (losses), net (0.7) 3.0 0.5 Other non-operating income (expenses), net 38.9 (9.0) 2.4 Income before taxes 210.6 186.5 104.0 Income tax provision (47.4) 285.6 (28.2) Net income 163.2 472.1 75.8 Net (income) loss attributable to non-controlling interests 2.0 (0.4) (1.4) Net income attributable to JHG 165.2 471.7 74.4 Less: allocation of earnings to participating stock-based awards 4.2 12.9 2.1 Net income attributable to JHG common shareholders 161.0 458.8 72.3 Diluted weighted-average shares outstanding (m) 196.9 197.7 196.5 Diluted EPS 0.82 2.32 0.36 Pro forma US GAAP: statement of income Note: 1Q17 data presents pro forma results of JHG as if the merger had occurred at the beginning of the period shown. 1Q17 and 4Q17 numbers updated to reflect the adoption of the new revenue recognition standard, with a reconciliation shown on slide 31.

Pro forma adjusted: statement of income US$m, except per share data 3 months ended 31 Mar 2018 31 Dec 2017 31 Mar 2017 Revenue Management fees 502.9 498.1 431.1 Performance fees (3.9) 33.5 1.0 Shareowner servicing fees 31.5 31.4 28.6 Other revenue 57.2 58.8 52.7 Distribution expenses (117.3) (116.5) (107.4) Total adjusted revenue 470.4 505.3 406.0 Operating expenses Employee compensation and benefits 143.8 163.0 159.7 Long-term incentive plans 39.9 34.7 34.5 Investment administration 11.4 12.2 10.2 Marketing 8.4 10.5 7.2 General, administrative and occupancy 70.1 56.3 44.0 Depreciation and amortisation 8.0 8.2 6.8 Total adjusted operating expenses 281.6 284.9 262.4 Adjusted operating income 188.8 220.4 143.6 Interest expense (3.1) (3.4) (4.8) Investment gains (losses), net (0.7) (0.1) 0.5 Other non-operating income (expenses), net (5.9) 2.0 3.3 Adjusted income before taxes 179.1 218.9 142.6 Income tax provision (37.5) (70.6) (38.9) Adjusted net income 141.6 148.3 103.7 Net (income) loss attributable to non-controlling interests 2.0 (0.4) (1.4) Adjusted net income attributable to JHG 143.6 147.9 102.3 Less: allocation of earnings to participating stock-based awards (3.6) (4.0) (3.0) Adjusted net income attributable to JHG common stockholders 140.0 143.9 99.3 Diluted weighted-average shares outstanding (m) 196.9 197.7 196.5 Adjusted diluted EPS 0.71 0.73 0.50 Note: 1Q17 data presents pro forma results of JHG as if the merger had occurred at the beginning of the period shown. 1Q17 and 4Q17 numbers updated to reflect the adoption of the new revenue recognition standard, with a reconciliation shown on slide 31. See adjusted financial measures reconciliation on slides 28 and 29 for additional information.

3 months ended US$m, except per share data 31 Mar 2018 31 Dec 2017 31 Mar 2017 Reconciliation of revenue to adjusted revenue Revenue 587.7 621.8 513.4 Distribution expenses¹ (117.3) (116.5) (107.4) Adjusted revenue 470.4 505.3 406.0 Reconciliation of operating income to adjusted operating income Operating income 176.2 196.6 105.9 Employee compensation and benefits² 2.9 9.6 3.6 Long-term incentive plans² 0.1 1.5 – Marketing² 0.1 (0.7) 14.5 General, administrative and occupancy² 2.1 (0.7) 12.0 Depreciation and amortisation²,³ 7.4 14.1 7.6 Adjusted operating income 188.8 220.4 143.6 Operating margin4 30.0% 31.6% 20.6% Adjusted operating margin5 40.1% 43.6% 35.4% Alternative performance measures Reconciliation of adjusted financial measures Note: 1Q17 data presents pro forma results of JHG as if the merger had occurred at the beginning of the period shown. 1Q17 and 4Q17 numbers updated to reflect the adoption of the new revenue recognition standard, with a reconciliation shown on slide 31. Reconciliation to be used in conjunction with slide 29. Footnotes 1 to 5 included on slide 30.

3 months ended US$m, except per share data 31 Mar 2018 31 Dec 2017 31 Mar 2017 Reconciliation of net income to adjusted net income, attributable to JHG Net income attributable to JHG 165.2 471.7 74.4 Employee compensation and benefits² 2.9 9.6 3.6 Long-term incentive plans² 0.1 1.5 – Marketing² 0.1 (0.7) 14.5 General, administrative and occupancy² 2.1 (0.7) 12.0 Depreciation and amortisation²,³ 7.4 14.1 7.6 Interest expense6 0.7 0.7 – Investment gains7 – (3.1) – Other non-operating income (expense)6 (44.8) 11.0 0.9 Income tax provision8 9.9 (356.2) (10.7) Adjusted net income attributable to JHG 143.6 147.9 102.3 Diluted earnings per share9 0.82 2.32 0.36 Adjusted diluted earnings per share¹0 0.71 0.73 0.50 Alternative performance measures (cont’d) Reconciliation of adjusted financial measures Note: 1Q17 data presents pro forma results of JHG as if the merger had occurred at the beginning of the period shown. Reconciliation to be used in conjunction with slide 28. Footnotes 2, 3, 6, 7, 8, 9 and 10 included on slide 30.

Alternative performance measures (cont’d) Footnotes to reconciliation of adjusted financial measures 1 Distribution expenses are paid to financial intermediaries for the distribution of JHG’s investment products. JHG management believes that the deduction of third-party distribution, service and advisory expenses from revenue in the computation of net revenue reflects the nature of these expenses as revenue-sharing activities, as these costs are passed through to external parties that perform functions on behalf of, and distribute, the Group’s managed AUM. 2 Adjustments primarily represent deal and integration costs in relation to the Merger. The costs primarily represent severance costs, legal costs, consulting fees and the write down of legacy IT systems. JHG management believes these costs do not represent the ongoing operations of the Group. 3 Investment management contracts have been identified as a separately identifiable intangible asset arising on the acquisition of subsidiaries and businesses. Such contracts are recognised at the net present value of the expected future cash flows arising from the contracts at the date of acquisition. For segregated mandate contracts, the intangible asset is amortised on a straight-line basis over the expected life of the contracts. JHG management believes these non-cash and acquisition-related costs do not represent the ongoing operations of the Group. 4 Operating income divided by revenue. 5 Adjusted operating income divided by adjusted revenue. 6 Adjustments primarily represent the gain on the sale of JHG’s back office (including fund administration and fund accounting), middle office and custody functions in the US to BNP Paribas, fair value movements on options issued to Dai-ichi, adjustments to debt expense as a result of the fair value uplift on debt due to acquisition accounting and deferred consideration costs associated with acquisitions prior to the Merger. JHG management believes these costs do not represent the ongoing operations of the Group. 7 Adjustment primarily relates to adjustments related to deferred consideration costs from prior acquisitions. JHG management believes these adjustments do not represent the ongoing operations of the Group. 8 The tax impact of the adjustments is calculated based on the US or foreign statutory tax rate as they relate to each adjustment. Certain adjustments are either not taxable or not tax-deductible. Fourth quarter 2017 adjustments include the impact of the US tax legislation passed in December 2017. 9 Net income attributable to JHG common shareholders divided by weighted-average diluted common shares outstanding. 10 Adjusted net income attributable to JHG common shareholders divided by weighted-average diluted common shares outstanding.

US$m 3 months ended 3 months ended 31 Dec 2017 Previously reported Adjustment 31 Dec 2017 Updated 31 Mar 2017 Previously reported Adjustment 31 Mar 2017 Updated Revenue Management fees 493.9 4.2 498.1 427.6 3.5 431.1 Performance fees 33.5 – 33.5 1.0 – 1.0 Shareowner servicing fees 31.4 – 31.4 28.6 – 28.6 Other revenue 33.2 25.6 58.8 29.9 22.8 52.7 Total revenue 592.0 29.8 621.8 487.1 26.3 513.4 Distribution expenses (86.7) (29.8) (116.5) (81.1) (26.3) (107.4) Total revenue, net of distribution expenses 505.3 – 505.3 406.0 – 406.0 Reconciliation: revenue recognition standard Impact of adoption of new revenue recognition standard Pro forma US GAAP statement of income extract

1Q18 (US$m) 4Q17 (US$m) 1Q17 (US$m) AUM generating 1Q18 pfees (US$bn) # of funds generating 1Q18 pfees Frequency Timing SICAVs¹ 1.0 9.3 8.2 – – 23 annually; 2 quarterly 23 at June; 2 on quarters Offshore Absolute Return 0.4 3.0 1.0 0.1 2 Quarterly / Annually Various Segregated Mandates² 2.5 21.6 1.8 9.9 28 Quarterly / Annually Various UK OEICs & Unit Trusts – 5.9 3.2 – 1 Quarterly Various Investment Trusts – 2.7 – – – Annually Various US Mutual Funds³ (7.8) (9.0) (13.2) 42.8 17 Monthly Monthly Total (3.9) 33.5 1.0 52.8 48 Performance fees Note: 1Q17 data presents the results of JHG as if the merger had occurred at the beginning of the period shown. 1 1Q18 SICAV performance fee relates to accrual true-ups. 2 Segregated Mandates includes Private Accounts (legacy Janus product categorisation), Managed CDOs and Private Equity. 3 AUM data presents US Mutual Fund AUM subject to performance fees as at 31 Mar 2018. Janus Investment Funds and Janus Aspen Series Portfolios are counted as distinct and separate funds.

Note: AUM data shown on a managed view. 1 The funds listed have a performance-based investment advisory fee that adjusts up or down based on performance relative to a benchmark over 36-month rolling periods. Please see the funds’ Statements of Additional Information for more details and benchmark information. 2 Adjustment of ± 15 bps assumes constant assets and could be higher or lower depending on asset fluctuations. 3 The Janus Fund merged into the Research Fund and the Twenty Fund merged into the Forty Fund effective 1 May 2017. For two years, the investment advisory fee will be waived to the lesser of the investment advisory fee rate payable by the surviving fund, or the investment advisory fee rate that the merged fund would have paid if the merger did not occur. 4 Until 1 May 2020, the portion of performance for periods prior to 1 May 2017 will be compared to the Portfolio's former benchmark, the Core Growth Index (50% S&P 500® Index / 50% Russell 1000® Growth Index. Prior to 1 May 2017, the performance fee hurdle was ± 4.5% vs the Core Growth Index. US mutual funds with performance fees Mutual funds with performance fees¹ AUM 31 Mar 2018 US$m Benchmark Base fee Performance fee2 Performance cap/(floor) vs benchmark 1Q18 P&L impact US$’000 Research Fund³ 13,402 Russell 1000® Growth Index 0.64% ± 15 bps ± 5.00% (3,520) Forty Fund³ and Portfolio 12,777 Russell 1000® Growth Index 0.64% ± 15 bps ± 8.50% (1,798) Mid Cap Value Fund and Portfolio 3,905 Russell Midcap® Value Index 0.64% ± 15 bps ± 4.00% 567 Global Research Fund and Portfolio 3,580 MSCI World IndexSM 0.60% ± 15 bps ± 6.00% (1,173) Small Cap Value Fund 2,852 Russell 2000® Value Index 0.72% ± 15 bps ± 5.50% 443 Contrarian Fund 2,538 S&P 500® Index 0.64% ± 15 bps ± 7.00% (1,152) Overseas Fund and Portfolio 2,500 MSCI All Country World ex-U.S. IndexSM 0.64% ± 15 bps ± 7.00% (934) Research Portfolio4 517 Russell 1000® Growth Index 0.64% ± 15 bps ± 5.00% (199) Global Value Fund 240 MSCI World IndexSM 0.64% ± 15 bps ± 7.00% (92) Global Real Estate Fund 237 FTSE EPRA / NAREIT Global Index 0.75% ± 15 bps ± 4.00% 58 Large Cap Value Fund 130 Russell 1000® Value Index 0.64% ± 15 bps ± 3.50% (58) Select Value Fund 120 Russell 3000® Value Index 0.70% ± 15 bps ± 5.00% 19 Asia Equity Fund 40 MSCI All Country Asia ex-Japan IndexSM 0.92% ± 15 bps ± 7.00% (1) Total 42,838 (7,840)

Long-term incentive compensation Estimated future long-term incentive compensation amortisation US$m Amount remaining to expense 2018 2019 2020 2021 2015 annual grant 7 6 1 2016 annual grant 29 21 7 1 2017 annual grant 61 37 18 6 2018 annual grant¹ 164 80 53 24 6 Other² 111 40 32 23 16 Total long-term incentive 372 184 111 54 22 Note: 2015, 2016, 2017 and 2018 annual grants generally vest over three and four years. Assumed no forfeitures in future periods. Assumed no change in future values related to market or currency, which would impact expense related to cash based awards (MFSAs and DEP funds) and social security expense upon vesting. 1 Estimated 2018 annual grant based on amounts expected to be granted associated with the annual award process. Includes US$1m of vesting in 2022 that is not reflected in the table. 2 Includes retention and recruiting awards; other subsidiary grants and social security expense. Social security expense is estimated based on amount of existing awards expected to vest in that year.

Contacts Investor enquiries John Groneman Head of Investor Relations +44 (0) 20 7818 2106 john.groneman@janushenderson.com Louise Curran Non-US Investor Relations +44 (0) 20 7818 5927 louise.curran@janushenderson.com Jim Kurtz US Investor Relations +1 (303) 336 4529 jim.kurtz@janushenderson.com Investor Relations +44 (0) 20 7818 5310 investor.relations@janushenderson.com Media enquiries Erin Passan North America +1 (303) 394 7681 erin.passan@janushenderson.com Angela Warburton EMEA +44 (0) 20 7818 3010 angela.warburton@janushenderson.com United Kingdom: FTI Consulting Andrew Walton +44 (0) 20 3727 1514 Asia Pacific: Honner Michael Mullane +61 2 28248 3740

Janus Henderson Investors 201 Bishopsgate, London EC2M 3AE Tel: 020 7818 1818 Fax: 020 7818 1819 Past performance is no guarantee of future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Forward looking information This presentation 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 2017, on file with the Securities and Exchange Commission (Commission file no. 001-3810), 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 realised. Annualised, pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results. No public offer The information, statements and opinions contained in this presentation 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 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 and Intech are trademarks of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC.