Janus 1Q10 Earnings Release Thursday, April 22 before the bell

We expect JNS to report 1Q10 EPS of $0.16, -11% below consensus estimates of $0.18

· We expect AUM at the end of March to reach $162.1 bn (+3% Q/Q). We’re tracking flows and returns on 125 JNS funds representing 91% of mutual fund assets. Separate accounts (30% of assets) mimic returns of mutual fund portfolios.

· Total revenues should reach $251 mn (+1% Q/Q; +49% Y/Y), with outflows at high yielding INTECH (the quantitative division) still putting downward pressure on revenues and the stock. Investment Management fees should reach $206 mn (+2% Q/Q; +50% Y/Y) and we expect performance fees to reach $9.6 mn (-17% Q/Q; +182% Y/Y), significantly higher than consensus estimates.

· The company appointed Richard Weil as CEO and board member, effective February 1, 2010. Richard was PIMCO’s COO for nine years, and previously served as global head of PIMCO Advisory.

· JNS is trading at 14.9x consensus 2011 earnings.

Provided By: Equity Research Desk, www.erdesk.com