8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

February 5, 2019

Janus Henderson Group plc

(Exact name of registrant as specified in its charter)

Jersey, Channel Islands	001-38103	N/A
(State or other jurisdiction	(Commission file	(IRS Employer
of incorporation)	number)	Identification Number)

201 Bishopsgate

EC2M 3AE

United Kingdom

(Address of principal executive offices)  (Zip Code)

Registrant’s telephone number, including area code

+44 (0) 20 7818 1818

N/A

(Former name or former address if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02                  Results of Operations and Financial Condition.

On February 5, 2019, Janus Henderson Group plc (“JHG”) issued a press release reporting its financial results for the fourth quarter and full-year 2018. Copies of that press release and the earnings presentation are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report.

Item 9.01  Financial Statements and Exhibits.

(d)  Exhibits. The following exhibits are being furnished herewith.

Exhibit Number	Description
99.1	Janus Henderson Group plc press release reporting its financial results for the fourth quarter and full-year 2018.
99.2	Janus Henderson Group plc fourth quarter and full-year 2018 earnings presentation.

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Janus Henderson Group plc
Date: February 5, 2019	By:	/s/ Roger Thompson
		Roger Thompson
		Chief Financial Officer

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EX-99.1

Exhibit 99.1

Janus Henderson Group plc reports fourth quarter 2018 diluted EPS of US$0.54, or US$0.59 on an adjusted basis

·Fourth quarter net income of US$106.8 million, and adjusted net income of US$117.5 million, reflect a higher tax rate driven primarily by a true-up in the quarter for mix shift in regional profitability

·AUM of US$328.5 billion, down 13% compared to the prior quarter, reflecting market conditions and net outflows of US$8.4 billion

·Completed US$50 million of share buybacks during the quarter; completed US$100 million of share buybacks during 2018

·Board declared quarterly dividend of US$0.36 per share and approved additional authorisation of US$200 million of buybacks in 2019

·Achieved targeted cost synergies of US$125 million, well ahead of plan

LONDON — 5 February 2019 — Janus Henderson Group plc (NYSE/ASX: JHG; ‘JHG’, ‘the Group’) published its fourth quarter and full year 2018 results for the period ended 31 December 2018.

Fourth quarter 2018 net income attributable to JHG was US$106.8 million compared to US$111.2 million in the third quarter 2018 and US$471.7 million in the fourth quarter 2017 (fourth quarter 2017 net income included a one-time non-cash tax benefit of US$340.7 million related to changes in US tax legislation). Adjusted net income attributable to JHG, adjusted for one-time, acquisition and transaction related costs, of US$117.5 million declined 15% compared to US$138.6 million in the third quarter 2018 and declined 21% compared to US$147.9 million in the fourth quarter 2017.

Fourth quarter 2018 diluted earnings per share was US$0.54 compared to US$0.55 in the third quarter 2018 and US$2.32 in the fourth quarter 2017 (fourth quarter 2017 diluted earnings per share included US$1.67 per diluted share related to changes in US tax legislation). Adjusted diluted earnings per share of US$0.59 declined 14% compared to US$0.69 in the third quarter 2018 and declined 19% versus US$0.73 in the fourth quarter 2017.

Fourth quarter 2018 financial results reflect a higher tax rate due primarily to a true-up in the quarter for the mix shift in regional profitability. Going forward, the firm’s statutory tax rate is expected to be 23% to 25%; the effective rate will be impacted by various differences which arise quarter to quarter.

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

“Against a backdrop of volatile markets and ongoing change in the asset management sector, 2018 was a year of further transformation for our firm. On the positive side, we made significant progress driving towards merger completion, transforming from two separate legacy companies into Janus Henderson. I am very pleased that we were able to complete our integration efforts and realise our cost synergies of US$125 million well ahead of plan in 2018. Additionally, in 2018 the business continued to generate strong cash flow - we returned a majority of this cash flow to shareholders through dividends, repaying our convertible notes and by completing our US$100 million share buyback.

“Despite this progress and our continued success taking market share in our largest geography — US active equity mutual funds — we faced the same global market challenges and headwinds as the wider industry, combined with an aggregate US$18 billion outflow, which was disappointing.

“As an active manager, the current volatile environment causes our clients to look to us for help and support.  It provides us with an especially important opportunity to earn our clients’ loyalty and to differentiate ourselves from our competition — both active and passive. We enter 2019 confident in our ability to deliver for our clients and we are committed to a continued focus on operational efficiency, while developing initiatives for future growth.”

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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. Results for 2017 were recast to reflect the adoption of the new revenue recognition standard to conform to the 2018 presentation; the change in presentation does not affect the Group’s reporting on an adjusted basis, as distribution expenses are netted against revenue. Pro forma results are based on the combined results of JHG as if the merger took place at the beginning of the period.

	Three months ended						Year ended
											31 Dec
	31 Dec		30 Sep		31 Dec		31 Dec		31 Dec		2017
	2018		2018		2017		2018		2017		(pro forma)
GAAP basis:
Revenue	545.1		581.2		621.8		2,306.4		1,818.3		2,295.9
Operating expenses	395.1		432.9		425.2		1,656.6		1,376.0		1,766.7
Operating income	150.0		148.3		196.6		649.8		442.3		529.2
Operating margin	27.5	%	25.5	%	31.6	%	28.2	%	24.3	%	23.0	%
Net income attributable to JHG	106.8		111.2		471.7		523.8		655.5		704.6
Diluted earnings per share	0.54		0.55		2.32		2.61		3.93		3.46

	Three months ended						Year ended
									31 Dec
	31 Dec		30 Sep		31 Dec		31 Dec		2017
	2018		2018		2017		2018		(pro forma)
Adjusted basis:
Revenue	442.7		468.9		505.3		1,859.7		1,848.1
Operating expenses	277.4		288.4		284.9		1,133.7		1,116.2
Operating income	165.3		180.5		220.4		726.0		731.9
Operating margin	37.3	%	38.5	%	43.6	%	39.0	%	39.6	%
Net income attributable to JHG	117.5		138.6		147.9		549.6		504.4
Diluted earnings per share	0.59		0.69		0.73		2.74		2.48

Fourth quarter 2018 adjusted revenue of US$442.7 million decreased from the third quarter 2018 result of US$468.9 million as management fees declined in line with an 8% decline in average AUM partially offset by a seasonal increase in performance fees. Fourth quarter 2018 adjusted operating income of US$165.3 million decreased from US$180.5 million in the third quarter 2018, with lower adjusted revenue slightly offset by lower operating expenses primarily due to long-term incentive compensation mark to market.

BREXIT UPDATE

Janus Henderson has a long history in continental Europe and already has fund ranges in the UK, Luxembourg and Ireland. We have completed our contingency preparations and we are in a strong position to continue to serve investors in the UK and the EU irrespective of the outcome. The announcements from ESMA last week on the subject of delegation are welcomed, and support our current planning assumptions.

DIVIDEND AND SHARE BUYBACK

On 4 February 2019, the Board declared a fourth quarter dividend in respect of the three months ended 31 December 2018 of US$0.36 per share. Shareholders on the register on the record date of 15 February 2019 will be paid the dividend on 26 February 2019. Janus Henderson does not offer a dividend reinvestment plan.

During the fourth quarter, JHG purchased approximately 2.2 million in aggregate of its ordinary shares on the NYSE and its CHESS Depositary Interests (CDIs) on the ASX for a total outlay of US$50 million.

Additionally, on 4 February 2019, and subject to formally appointing a corporate broker, the Board approved JHG commencing a new on-market buyback programme in 2019, on a date to be determined and announced by JHG. The Group intends to spend up to US$200 million to buy its ordinary shares on the NYSE and its CDIs on the ASX over 12 months. Further information regarding the proposed on-market buyback programme will be announced immediately prior to its finalisation and formal launch.

During the first quarter 2019, the firm will purchase shares on market for the annual share grants associated with 2018 variable compensation, which is not connected with the above Board approval. As a firm policy, Janus Henderson does not issue new shares to employees as part of its annual compensation practices.

2

Net tangible assets per share

US$	31 Dec 2018	31 Dec 2017
Net tangible assets per ordinary share	1.32	0.68

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)

Pro forma results are based on the combined results of JHG as if the merger took place at the beginning of the period. 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.

Total Group comparative AUM and flows

	Three months ended						Year ended
									31 Dec
	31 Dec		30 Sep		31 Dec		31 Dec		2017
	2018		2018		2017		2018		(pro forma)
Opening AUM	378.1		370.1		360.5		370.8		319.2
Sales	16.6		17.7		20.0		71.1		77.9
Redemptions	(25.0	)	(22.0	)	(22.9	)	(89.2	)	(88.1	)
Net sales / (redemptions)	(8.4	)	(4.3	)	(2.9	)	(18.1	)	(10.2	)
Market / FX	(41.2	)	12.3		13.2		(24.2	)	62.5
Acquisitions / (disposals)	—		—		—		—		(0.7	)
Closing AUM	328.5		378.1		370.8		328.5		370.8

Quarterly AUM and flows by capability

			Fixed		Quantitative
	Equities		Income		Equities		Multi-Asset		Alternatives		Total
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
Sales	8.5		5.0		0.4		1.8		1.4		17.1
Redemptions	(9.6	)	(5.6	)	(1.2	)	(1.3	)	(2.1	)	(19.8	)
Net sales / (redemptions)	(1.1	)	(0.6	)	(0.8	)	0.5		(0.7	)	(2.7	)
Market / FX	3.7		(2.9	)	0.5		0.3		(0.7	)	0.9
AUM 30 Jun 2018	193.3		76.5		50.1		32.6		17.6		370.1
Sales	6.8		6.0		1.3		2.2		1.4		17.7
Redemptions	(9.9	)	(7.6	)	(1.3	)	(1.3	)	(1.9	)	(22.0	)
Net sales / (redemptions)	(3.1	)	(1.6	)	(0.0	)	0.9		(0.5	)	(4.3	)
Market / FX	9.0		(0.4	)	2.8		1.1		(0.2	)	12.3
AUM 30 Sep 2018	199.2		74.5		52.9		34.6		16.9		378.1
Sales	8.6		4.7		0.3		2.3		0.7		16.6
Redemptions	(12.7	)	(6.0	)	(1.4	)	(2.0	)	(2.9	)	(25.0	)
Net sales / (redemptions)	(4.1	)	(1.3	)	(1.1	)	0.3		(2.2	)	(8.4	)
Market / FX	(29.2	)	(1.3	)	(7.5	)	(2.5	)	(0.7	)	(41.2	)
Reclassification	1.7		0.5		—		(2.2	)	—		—
AUM 31 Dec 2018	167.6		72.4		44.3		30.2		14.0		328.5

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Annual AUM and flows by capability

			Fixed		Quantitative
	Equities		Income		Equities		Multi-Asset		Alternatives		Total
AUM 31 Dec 2017	189.7		80.1		49.9		31.6		19.5		370.8
Sales	33.8		21.0		3.7		7.6		5.0		71.1
Redemptions	(43.9	)	(24.8	)	(5.3	)	(5.8	)	(9.4	)	(89.2	)
Net sales / (redemptions)	(10.1	)	(3.8	)	(1.6	)	1.8		(4.4	)	(18.1	)
Market / FX	(13.7	)	(4.4	)	(4.0	)	(1.0	)	(1.1	)	(24.2	)
Reclassification	1.7		0.5		—		(2.2	)	—		—
AUM 31 Dec 2018	167.6		72.4		44.3		30.2		14.0		328.5

Average AUM

	Three months ended			Year ended
					31 Dec
	31 Dec	30 Sep	31 Dec	31 Dec	2017
	2018	2018	2017	2018	(pro forma)
Average AUM:
Equities	179.5	197.8	185.9	190.7	172.8
Fixed Income	73.0	75.9	80.2	76.6	77.6
Quantitative Equities	47.6	52.1	49.7	50.3	48.2
Multi-Asset	32.2	33.7	30.9	32.5	29.5
Alternatives	15.5	17.3	19.4	17.6	18.4
Total	347.8	376.8	366.1	367.7	346.5

INVESTMENT PERFORMANCE

% of AUM outperforming benchmark (at 31 Dec 2018)

Capability	1 year		3 years		5 years
Equities	67	%	55	%	71	%
Fixed Income	36	%	88	%	93	%
Quantitative Equities	20	%	11	%	15	%
Multi-Asset	81	%	90	%	91	%
Alternatives	35	%	94	%	100	%
Total	55	%	61	%	72	%

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 5% of AUM as at 31 Dec 2018. Capabilities defined by Janus Henderson.

% of mutual fund AUM in top 2 Morningstar quartiles (at 31 Dec 2018)

Capability	1 year		3 years		5 years
Equities	67	%	63	%	85	%
Fixed Income	46	%	28	%	57	%
Quantitative Equities	98	%	17	%	100	%
Multi-Asset	89	%	89	%	88	%
Alternatives	26	%	93	%	59	%
Total	65	%	62	%	80	%

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, 82% of total mutual fund AUM was in the top 2 Morningstar quartiles for the 10-year period ended 31 Dec 2018. For the 1-, 3-, 5- and 10-year periods ending 31 Dec 2018, 57%, 48%, 61% and 64% of the 211, 200, 181 and 146 total mutual funds, respectively, were in the top 2 Morningstar quartiles.

4

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.

FIRST QUARTER 2019 RESULTS

Janus Henderson intends to publish its 2019 first quarter results on 2 May 2019.

FOURTH QUARTER AND FULL YEAR 2018 EARNINGS CALL INFORMATION

Chief Executive Officer, Dick Weil, and Chief Financial Officer, Roger Thompson, will present these results on 5 February 2019 on a conference call and webcast to be held at 8am EST, 1pm GMT, 12am AEDT (6 February).

Those wishing to participate should call:

United Kingdom	0800 358 6377 (toll free)
US & Canada	800 239 9838 (toll free)
Australia	1 800 573 793 (toll free)
All other countries:	+1 323 794 2551 (this is not a toll free number)
Conference ID:	9437527

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$329 billion in assets under management (at 31 December 2018), 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).

Investor enquiries:	Media enquiries:
John Groneman	North America:
Global Head of Investor Relations	Taylor Smith
+44 (0) 20 7818 2106	+1 303 336 5031
john.groneman@janushenderson.com	taylor.smith@janushenderson.com
Jim Kurtz	EMEA:
US Investor Relations Manager +1 (303) 336 4529	Natasha Moore +44 (0) 20 7818 3521
jim.kurtz@janushenderson.com	natasha.moore@janushenderson.com
Melanie Horton	United Kingdom: FTI Consulting
Non-US Investor Relations Manager +44 (0) 20 7818 2905	Tom Blackwell + 44 (0) 20 3727 1051
melanie.horton@janushenderson.com	tom.blackwell@FTIConsulting.com
Or	Asia Pacific: Honner
	Michael Mullane
Investor Relations	+ 61 28248 3740
investor.relations@janushenderson.com	michaelmullane@honner.com.au

5

FINANCIAL DISCLOSURES

Results for 2017 were recast to reflect the adoption of the new revenue recognition standard to conform to the 2018 presentation; the change in presentation does not affect the Group’s reporting on an adjusted basis, as distribution expenses are netted against revenue. In addition, all prior periods reflect the reclassification of certain revenue amounts from Other revenue to Shareowner servicing fees. Pro forma results are based on the combined results of JHG as if the merger took place at the beginning of the period.

Condensed consolidated statements of comprehensive income (unaudited)

	Three months ended						Year ended
											31 Dec
	31 Dec		30 Sep		31 Dec		31 Dec		31 Dec		2017
(in US$ millions, except per share data or as noted)	2018		2018		2017		2018		2017		(pro forma)
Revenue:
Management fees	452.3		498.7		498.1		1,947.4		1,480.9		1,869.3
Performance fees	3.5		(6.0	)	33.5		7.1		103.9		84.7
Shareowner servicing fees	37.0		40.2		38.3		154.2		87.3		144.5
Other revenue	52.3		48.3		51.9		197.7		146.2		197.4
Total revenue	545.1		581.2		621.8		2,306.4		1,818.3		2,295.9
Operating expenses:
Employee compensation and benefits	155.8		159.5		172.6		613.0		543.3		698.3
Long-term incentive plans	32.3		61.1		36.2		188.6		150.8		182.8
Distribution expenses	102.4		112.3		116.5		446.7		351.9		447.8
Investment administration	11.6		12.2		12.2		46.9		43.8		43.8
Marketing	12.8		7.1		9.8		37.9		31.2		62.8
General, administrative and occupancy	62.4		59.9		55.6		253.7		202.2		264.5
Depreciation and amortisation	17.8		20.8		22.3		69.8		52.8		66.7
Total operating expenses	395.1		432.9		425.2		1,656.6		1,376.0		1,766.7
Operating income	150.0		148.3		196.6		649.8		442.3		529.2
Interest expense	(4.0	)	(4.0	)	(4.1	)	(15.7	)	(11.9	)	(18.7	)
Investment gains (losses), net	(15.3	)	(8.3	)	3.0		(40.9	)	18.0		19.5
Other non-operating income (expenses), net	13.5		2.3		(9.0	)	68.6		(1.0	)	0.5
Income before taxes	144.2		138.3		186.5		661.8		447.4		530.5
Income tax provision	(43.4	)	(33.2	)	285.6		(162.2	)	211.0		179.6
Net income	100.8		105.1		472.1		499.6		658.4		710.1
Net loss (income) attributable to noncontrolling interests	6.0		6.1		(0.4	)	24.2		(2.9	)	(5.5	)
Net income attributable to JHG	106.8		111.2		471.7		523.8		655.5		704.6
Less: allocation of earnings to participating stock-based awards	(2.8	)	(3.0	)	(12.9	)	(12.7	)	(17.3	)	(19.9	)
Net income attributable to JHG common shareholders	104.0		108.2		458.8		511.1		638.2		684.7
Basic weighted-average shares outstanding (in millions)	193.3		195.2		196.3		195.0		160.7		196.3
Diluted weighted-average shares outstanding (in millions )	194.1		195.9		197.7		195.9		162.3		197.9
Diluted earnings per share (in US$)	0.54		0.55		2.32		2.61		3.93		3.46

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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.

	Three months ended						Year ended
									31 Dec
	31 Dec		30 Sep		31 Dec		31 Dec		2017
(in US$ millions, except per share data or as noted)	2018		2018		2017		2018		(pro forma)
Reconciliation of revenue to adjusted revenue
Revenue	545.1		581.2		621.8		2,306.4		2,295.9
Distribution expenses(1)	(102.4	)	(112.3	)	(116.5	)	(446.7	)	(447.8	)
Adjusted revenue	442.7		468.9		505.3		1,859.7		1,848.1
Reconciliation of operating income to adjusted operating income
Operating income	150.0		148.3		196.6		649.8		529.2
Employee compensation and benefits(2)	4.4		8.1		9.6		21.4		54.1
Long-term incentive plans(2)	(0.2	)	10.0		1.5		10.6		17.6
Investment administration(2)	—		—		—		0.7		—
Marketing(2)	0.1		—		(0.7	)	—		28.9
General, administration and occupancy(2)	1.9		1.3		(0.7	)	6.8		65.8
Depreciation and amortisation(2),(3)	9.1		12.8		14.1		36.7		36.3
Adjusted operating income	165.3		180.5		220.4		726.0		731.9
Operating margin	27.5	%	25.5	%	31.6	%	28.2	%	23.0	%
Adjusted operating margin	37.3	%	38.5	%	43.6	%	39.0	%	39.6	%
Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG
Net income attributable to JHG	106.8		111.2		471.7		523.8		704.6
Employee compensation and benefits(2)	4.4		8.1		9.6		21.4		54.1
Long-term incentive plans(2)	(0.2	)	10.0		1.5		10.6		17.6
Investment administration(2)	—		—		—		0.7		—
Marketing(2)	0.1		—		(0.7	)	—		28.9
General, administration and occupancy(2)	1.9		1.3		(0.7	)	6.8		65.8
Depreciation and amortisation(2),(3)	9.1		12.8		14.1		36.7		36.3
Interest expense(4)	0.9		0.8		0.7		3.1		2.7
Investment gains (losses), net(5)	—		—		(3.1	)	—		(13.2	)
Other non-operating income (expenses), net(4)	0.3		2.5		11.0		(46.0	)	1.7
Income tax provision(6)	(5.8	)	(8.1	)	(356.2	)	(7.5	)	(394.1	)
Adjusted net income attributable to JHG	117.5		138.6		147.9		549.6		504.4
Less: allocation of earnings to participating stock-based awards	(3.2	)	(3.7	)	(4.0	)	(13.4	)	(14.2	)
Adjusted net income attributable to JHG common shareholders	114.3		134.9		143.9		536.2		490.2
Weighted average diluted common shares outstanding — diluted (two class) (in millions)	194.1		195.9		197.7		195.9		197.9
Diluted earnings per share (two class) (in US$)	0.54		0.55		2.32		2.61		3.46
Adjusted diluted earnings per share (two class) (in US$)	0.59		0.69		0.73		2.74		2.48

(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 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 and consulting fees. 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) Adjustments primarily represent fair value movements on options issued to Dai-ichi, deferred consideration costs associated with acquisitions and increased debt expense as a consequence of the fair value uplift on the debt due to acquisition accounting. JHG management believes these costs do not represent the ongoing operations of the Group. The options issued to Dai-ichi expired on 3 October 2018.

(5) Adjustments primarily relate to the gain recognised on disposal of the alternative UK small cap team (‘Volantis team’) on 1 April 2017 and adjustments related to deferred consideration costs for prior acquisitions. JHG management believes these costs do not represent the ongoing operations of the Group.

(6) 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. In addition, fourth quarter 2017 includes the impact of US tax legislation passed in December 2017.

7

Condensed consolidated balance sheets (unaudited)

	31 Dec	30 Sep	31 Dec
(in US$ millions)	2018	2018	2017
Assets
Cash and cash equivalents	880.4	754.8	760.1
Investment securities	291.8	310.3	280.4
Property, equipment and software, net	69.5	65.0	70.6
Intangible assets and goodwill, net	4,601.3	4,641.3	4,738.7
Assets of consolidated variable interest entities	323.9	355.2	466.7
Other assets	745.0	796.9	956.2
Total assets	6,911.9	6,923.5	7,272.7
Liabilities, redeemable noncontrolling interests and equity
Debt	319.1	319.8	379.2
Deferred tax liabilities, net	729.9	744.8	752.6
Liabilities of consolidated variable interest entities	6.5	15.0	21.5
Other liabilities	859.5	806.2	1,053.6
Redeemable noncontrolling interests	136.1	139.2	190.3
Total equity	4,860.8	4,898.5	4,875.5
Total liabilities, redeemable noncontrolling interests and equity	6,911.9	6,923.5	7,272.7

Condensed consolidated statements of cash flows (unaudited)

	Three months ended
(in US$ millions)	31 Dec2018		30 Sep2018		31 Dec2017
Cash provided by (used for)
Operating activities	243.3		246.6		225.9
Investing activities	(0.4	)	31.9		0.5
Financing activities	(114.4	)	(182.4	)	(133.6	)
Effect of foreign exchange rate changes	(8.0	)	(3.8	)	1.7
Net change during period	120.5		92.3		94.5

8

STATUTORY DISCLOSURES

Associates and joint ventures

At 31 December 2018, 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 2017, on file with the SEC (Commission file no. 001-3810). 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.

9

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 2017, 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.

10

EX-99.2

Exhibit 99.2

Dick Weil Chief Executive Officer Roger Thompson Chief Financial Officer Janus Henderson Group 4Q18 and FY18 results presentation Tuesday 5 February 2019

Dick Weil Chief Executive Officer 4Q18 and FY18 results presentation 2018 achievements and future priorities

2018 achievements Despite challenging conditions, much was achieved in 2018 Investment performance Client relationships Integration, capital & culture Majority of AUM outperforming benchmark over one, three and five year periods1 8 out of the 10 largest US managed equity and multi-asset portfolios (~US$70bn of AUM) beat respective benchmarks over one year, net of fees2 Over 60% of mutual fund AUM is in top 2 Morningstar quartiles over one, three and five years3 55% of US mutual funds have a 4 or 5 star Overall Morningstar Rating4 US equity business gaining market share in the US Retail channel Winning new Institutional business across all global regions and a diversified list of strategies, reinforcing the strength and breadth of our investment capabilities Outpaced growth in our Multi-Asset capability, with 6% organic growth during the year Early wins in recently developed products including Adaptive Allocation, Multi Sector Bond and Absolute Return Income Achieved targeted cost synergies of US$125m nearly 18 months ahead of plan, substantially completing integration Returned meaningful cash to shareholders with US$275m in dividends and the completion of a US$100m share buyback Hired high calibre talent, further strengthening existing team Progressed efforts around a common culture built on ethos of Knowledge. Shared 1 Represents percentage of AUM outperforming the relevant benchmark. Full performance disclosures detailed in the appendix on slide 26. 2 Based on Class I / Institutional Shares of portfolios managed by US-based investment teams. Performance may vary by share class. 3 Full performance disclosures detailed in the appendix on slide 27. 4 Based on risk-adjusted returns for Class I / Institutional Shares, or share class with longest history. Full performance disclosures detailed in the appendix on slide 42. Performance data as at 31 December 2018.

Five strategic priorities Our focus for 2019 1 4 2 5 3 Produce dependable investment outcomes Focus on quality and stability of investment performance Enhance our proactive risk and control environment Excel in client experience Develop new growth initiatives Increase focus and operational efficiency Demand reliability, scalability, and simplicity Drive consistent and continuous improvement Build the businesses of tomorrow Focus on profitability and processes

Our vision We will seek to achieve our vision by Delivering excellent, dependable investment results that outperform the competition Ensuring industry-leading client experience Enhancing our infrastructure to be built on a foundation of market leading technology and operational efficiency Janus Henderson aspires to be a firm in which clients and shareholders seek to invest in for the long term

Roger Thompson Chief Financial Officer 4Q18 and FY18 results presentation Business and financial update

FY18 results Adjusted revenue was up year over year as higher management fees offset lower performance fees Adjusted operating margin of 39% was down slightly year over year End of period AUM was down 11% from the prior year, driven by US$41bn of negative market returns in 4Q18 FY18 dividends per share were up by 17% compared to the prior year Completed US$100m buyback in 2018; Board approved additional authorisation of US$200m in 2019 Key metrics – FY18 vs FY17 FY18 FY171 3 year investment outperformance2 61% 66% Net flows (US$18.1bn) (US$10.2bn) Total AUM US$328.5bn US$370.8bn Total revenue Operating margin Diluted EPS US$2,306m 28.2% US$2.61 US$1,818m 24.3% US$3.93 Adj. revenue Adj. operating margin Adj. diluted EPS US$1,860m 39.0% US$2.74 US$1,848m 39.6% US$2.48 Dividend per share4 US$1.40 US$1.20 US GAAP Adjusted3 1 FY17 data presents pro forma net flows, AUM and adjusted results as if the merger had occurred at the beginning of the period shown. Results updated to reflect the adoption of the new revenue recognition standard, with a reconciliation shown on slide 37. 2 Represents percentage of AUM outperforming the relevant benchmark. Full performance disclosures detailed in the appendix on slide 26. 3 See adjusted financial measures reconciliation on slides 34 and 35 for additional information. 4 2017 dividend per share reflects the hypothetical per share dividend for Janus Henderson Group plc for 1Q. Amount is derived by taking the sum of the cash dividends each legacy firm paid to its respective shareholders (for legacy Janus that was US$20.3m and for legacy Henderson that was US$26.9m), divided by the number of shares outstanding as at 30 May 2017 (approximately 200.4m). USD/GBP 1.3017.

4Q18 results Achieved cost synergy target of US$125m, significantly ahead of schedule, and we continue to seek to unlock efficiencies in the business 3 year investment performance remained solid in 4Q18 AUM of US$328.5bn reflects impact of weak markets and elevated net outflows during the quarter Adjusted diluted EPS of US$0.59 reflects 4Q18 elevated tax rate Declared US$0.36 per share dividend and completed US$50m of share buybacks 4Q18 3Q18 3 year investment outperformance¹ 61% 60% Net flows (US$8.4bn) (US$4.3bn) Total AUM US$328.5bn US$378.1bn US GAAP diluted EPS US$0.54 US$0.55 Adjusted diluted EPS² US$0.59 US$0.69 Dividend per share US$0.36 US$0.36 Key metrics – 4Q18 vs 3Q18 1 Represents percentage of AUM outperforming the relevant benchmark. Full performance disclosures detailed in the appendix on slide 26. 2 See adjusted financial measures reconciliation on slide 35 for additional information.

Capability 1 year 3 years 5 years Equities Fixed Income Quantitative Equities Multi-Asset Alternatives Total Investment performance Investment performance is mixed across capabilities % of AUM outperforming benchmark (31 Dec 2017 to 31 Dec 2018) % of AUM outperforming benchmark (as at 31 Dec 2018) Note: Represents percentage of AUM outperforming the relevant benchmark. Full performance disclosures detailed in the appendix on slide 26. 100% 72% 55% 67% 90% 61% 81% 35% 55% 91% 94% 93% 88% 36% 11% 20% 15% 71% 76 66 79 79 68 84 69 64 82 63 60 81 55 61 72 1 year 3 years 5 years 31 Dec 2017 31 Mar 2018 30 Jun 2018 30 Sep 2018 31 Dec 2018

Total flows Total flows 4Q16 to 4Q18 (US$bn) Redemptions Sales Net sales / (redemptions) 26% 24% 24% 21% 22% 21% 18% 19% 17% Annualised gross sales¹ Annualised gross redemptions¹ Outflows driven by higher redemptions and industry wide slowdown in sales 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. (28%) (33%) (26%) (20%) (25%) (24%) (21%) (24%) (26%) 20.9 19.4 20.2 18.3 20.0 19.7 17.1 17.7 16.6 (23.0) (26.4) (21.2) (17.6) (22.9) (22.4) (19.8) (22.0) (25.0) (2.1) (7.0) (1.0) 0.7 (2.9) (2.7) (2.7) (4.3) (8.4) 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

4Q18 flows by capability 4Q18 flows by capability (US$bn) Annualised gross sales¹ Redemptions Sales Net sales / (redemptions) 17% 25% 3% 27% 18% Outflows reflect challenging market conditions in the quarter (25%) (32%) (11%) (22%) (69%) Annualised gross redemptions¹ Note: Reflects operational reclassification of existing client’s funds as detailed on slide 25. 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM. 8.6 4.7 0.3 2.3 0.7 (12.7) (6.0) (1.4) (2.0) (2.9) (4.1) (1.3) (1.1) 0.3 (2.2) Equities Fixed Income Quantitative Equities Multi-Asset Alternatives

Statement of income Note: See adjusted financial measures reconciliation on slide 34 for additional information. Prior periods reflect the reclassification of certain revenue amounts from Other revenue to Shareowner servicing fees. US GAAP and adjusted US GAAP Adjustments Adjusted US GAAP Adjustments Adjusted Revenue Management fees 452.3 1,947.4 Performance fees 3.5 7.1 Shareowner servicing fees 37.0 154.2 Other revenue 52.3 197.7 Total revenue 545.1 (102.4) 442.7 2,306.4 (446.7) 1,859.7 Operating expenses Employee compensation and benefits 155.8 613.0 Long-term incentive plans 32.3 188.6 Distribution expenses 102.4 446.7 Investment administration 11.6 46.9 Marketing 12.8 37.9 General, administrative and occupancy 62.4 253.7 Depreciation and amortisation 17.8 69.8 Total operating expenses 395.1 (117.7) 277.4 1,656.6 (522.9) 1,133.7 Operating income 150.0 15.3 165.3 649.8 76.2 726.0 3 months ended 31 Dec 2018 Year ended 31 Dec 2018 US$m

Financial highlights Summary of results Note: FY17 data presents results of JHG as if the merger had occurred at the beginning of the period. FY17 results updated to reflect the adoption of the new revenue recognition standard, with a reconciliation shown on slide 37. See adjusted financial measures reconciliation on slides 34 and 35 for additional information. US GAAP and adjusted US$, except margin data 4Q18 3Q18 Change 4Q18 vs 3Q18 FY18 FY17 Pro forma Change FY18 vs FY17 Average AUM 347.8bn 376.8bn (8%) 367.7bn 346.5bn 6% Total revenue 545.1m 581.2m (6%) 2,306.4m 2,295.9m 0% Operating income 150.0m 148.3m 1% 649.8m 529.2m 23% Operating margin 27.5% 25.5% 2.0ppt 28.2% 23.0% 5.2ppt US GAAP diluted EPS 0.54 0.55 (2%) 2.61 3.46 (25%) Adjusted revenue 442.7m 468.9m (6%) 1,859.7m 1,848.1m 1% Adjusted operating income 165.3m 180.5m (8%) 726.0m 731.9m (1%) Adjusted operating margin 37.3% 38.5% (1.2ppt) 39.0% 39.6% (0.6ppt) Adjusted diluted EPS 0.59 0.69 (14%) 2.74 2.48 10%

4Q18 adjusted revenue drivers Revenue 4Q18 adjusted revenue reflects the impact of market decline Pro forma adjusted revenue – FY17 vs FY18 (US$m) Note: See adjusted financial measures reconciliation on slide 34 for additional information. Prior periods reflect the reclassification of certain revenue amounts from Other revenue to Shareowner servicing fees. 1 Net margin based on management fees net of distribution expenses. Decrease in 4Q18 management fees driven by 8% decline in average AUM Net management fee margin was down 0.7bps in 4Q18 reflecting the impact of mix shift from the market decline Performance fees increased from 3Q18 driven by seasonality US$m, except margin data 4Q18 3Q18 Change Total adjusted revenue 442.7 468.9 (6%) Management fees 452.3 498.7 (9%) Performance fees 3.5 (6.0) nm Shareowner servicing fees 37.0 40.2 (8%) Other revenue 52.3 48.3 8% Distribution expenses (102.4) (112.3) 9% Average net¹ mgmt fee margin 43.4bps 44.1bps (0.7bps) 1,947.4 1,869.3 7.1 84.7 154.2 144.5 197.7 197.4 (446.7) (447.8) 1,859.7 1,848.1 FY18 FY17 Management fees Performance fees Shareowner servicing fees Other revenue Distribution expenses

Performance fees Performance in several European strategies drove year-over-year decline Performance fees – FY17 vs FY18 (US$m) US$44m decline in 2018 SICAV performance fees US$25m decline attributable to UK Absolute Return US$19m decline due to three larger European Equity funds UK OEICs & UT performance fees down US$18m, primarily due to UK Absolute Return US mutual fund performance fees improved slightly in 2018, but remain negative SICAVs Segregated mandates¹ UK OEICs / UTs US mutual funds Other² Note: FY17 performance fees do not cast due to rounding. 1 Segregated Mandates includes Private Accounts, Managed CDOs and Private Equity. 2 Other includes Offshore Absolute Return and Investment Trusts. 19.0 10.3 22.8 4.4 32.1 24.8 48.9 5.3 (38.0) (37.7) 84.7 7.1 FY17 FY18

Adjusted operating expenses – 3Q18 vs 4Q18 (US$m) Operating expenses Note: See adjusted financial measures reconciliation on slide 35 for additional information. Decline due to mark to market 277.4 (18.6) (0.6) 288.4 0.0 5.6 1.9 0.7 3Q18 Compensation and benefits LT incentive plans Investment administration Marketing General, admin. and occupancy Depreciation and amortisation 4Q18 US$m 4Q18 US GAAP Adjustments 4Q18 adjusted 3Q18 adjusted Change 4Q18 adjusted vs 3Q18 adjusted Employee compensation and benefits 155.8 (4.4) 151.4 151.4 0% Long-term incentive plans 32.3 0.2 32.5 51.1 (36%) Total compensation expenses 188.1 (4.2) 183.9 202.5 (9%) Distribution expenses 102.4 (102.4) – – nm Investment administration 11.6 – 11.6 12.2 (5%) Marketing 12.8 (0.1) 12.7 7.1 79% General, administrative and occupancy 62.4 (1.9) 60.5 58.6 3% Depreciation and amortisation 17.8 (9.1) 8.7 8.0 9% Non-staff operating expenses 207.0 (113.5) 93.5 85.9 9% Total operating expenses 395.1 (117.7) 277.4 288.4 (4%)

Capital management We remain committed to returning excess capital to shareholders Note: Dividend paid in 2Q17 reflects the hypothetical per share 1Q17 dividend for JHG derived by adding cash dividends each legacy firm paid to its respective shareholders (US$20.3m for legacy Janus and US$26.9m for legacy Henderson) divided by the number of shares outstanding as at 30 May 2017 (200.4m). USD/GBP 1.3017. JHG purchases shares on market for the annual share grants associated with variable compensation, which is not connected with the above Board approval or included in the above share repurchases. Quarterly capital return since merger (US$m) Dividend paid / share $0.24 $0.32 $0.32 $0.32 $0.36 $0.36 $0.36 Debt repayment (US$m) – 50.2 42.3 81.6 0.3 13.5 – On 4 February 2019, the Board authorised an additional on-market share buyback of up to US$200 million 47.2 63.7 63.7 63.1 71.6 71.2 69.2 49.9 50.0 47.2 63.7 63.7 63.1 71.6 121.1 119.2 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 Dividends Share repurchases

Q&A

Appendix

Assets under management as at 31 Dec 2018 By client type By capability By client location US$167.6bn US$72.4bn US$44.3bn US$30.2bn US$14.0bn US$56.4bn US$143.1bn US$129.0bn US$172.4bn US$102.7bn US$53.4bn AUM: US$328.5bn 51% 22% 14% 9% 4% Equities Fixed Income Quantitative Equities Multi-Asset Alternatives 17% 44% 39% Self-directed Intermediary Institutional 53% 31% 16% North America EMEA & LatAm Asia Pacific

Investment management capabilities Diversified product range Equities US$167.6bn AUM 31 Dec 2018 US$328.5bn Fixed Income US$72.4bn Multi-Asset US$30.2bn Self-directed Intermediary Intermediary Institutional Institutional Institutional Institutional Quantitative Equities US$44.3bn Self-directed Self-directed Intermediary Intermediary Institutional Equities Wide range of equity strategies encompassing different geographic focuses and investment styles Fixed Income Coverage across the asset class, applying a wide range of differentiated techniques Quantitative Equities Intech applies advanced mathematical and systematic portfolio rebalancing intended to harness the volatility of movements in stock price Multi-Asset Retail and Institutional offering through a diversity of strategies Alternatives Expertise in liquid alternatives alongside traditional hedge funds Alternatives US$14.0bn Intermediary

Largest pooled funds by capability Note: Numbers may not cast due to rounding. Capability Fund Product Strategy AUM (US$bn) 31 Dec 2018 JnsHnd Enterprise US Mutual Fund Mid Cap Growth 16.4 JnsHnd Research US Mutual Fund US Research Growth Equity 12.1 JnsHnd Forty US Mutual Fund Concentrated Growth 11.0 JnsHnd Triton US Mutual Fund Small-Mid Cap Growth 9.7 JnsHnd Growth and Income US Mutual Fund Growth & Income 5.1 JnsHnd Flexible Bond US Mutual Fund Core Plus Fixed Income 6.3 JnsHnd Absolute Return Australian UT Absolute Return Income 4.3 JnsHnd Strategic Bond UK OEIC Global Strategic Fixed Income 2.6 JnsHnd Tactical Income Australian MIS Australian Tactical Income 2.3 JnsHnd Hzn Euro Corporate Bond SICAV Investment Grade (EUR) 1.4 JnsHnd US Mgd Volatility US Mutual Fund US Adaptive Volatility 1.2 JnsHnd US Low Volatility Portfolio US Mutual Fund US Low Volatility 1.0 JnsHnd Intech All World Minimum Variance Core Dublin OEIC All World Minimum Variance Core 0.6 JnsHnd Global Inc Mgd Volatility US Mutual Fund Global Income Adaptive Volatility 0.2 JnsHnd Intech Global All Country Low Volatility Dublin OEIC Global All Country Low Volatility 0.2 JnsHnd Balanced US Mutual Fund Balanced 15.7 JnsHnd Balanced Portfolio US Mutual Fund Balanced 3.8 JnsHnd Cautious Managed UK OEIC UK Income and Growth 2.0 JnsHnd Balanced Dublin OEIC Balanced 1.7 JnsHnd Multi-Manager Managed UK OEIC Multi Manager 0.4 JnsHnd UK Absolute Return SICAV UK Large Cap Absolute Return Equity 4.0 JnsHnd UK Property PAIF / Feeder UK OEIC/UT Property 3.6 JnsHnd UK Absolute Return UK OEIC UK Large Cap Absolute Return Equity 2.9 JnsHnd Horizon Pan European Alpha SICAV Europe Large Cap Long/Short 0.8 Alphagen Euro Best Ideas Hedge Fund Concentrated Pan Europe Equity 0.3 Total 109.9 Equity Fixed Income Multi-Asset Alternatives Quantitative Equities

Flows: Equities and Fixed Income Equities (US$bn) Fixed Income (US$bn) Redemptions Sales Net sales / (redemptions) Annualised gross sales¹ Annualised gross redemptions¹ 24% 21% 18% 14% 17% 26% 26% 25% 31% 25% (25%) (25%) (20%) (21%) (25%) (25%) (28%) (28%) (39%) (32%) Note: Reflects operational reclassification of existing client’s funds in 4Q18 as detailed on slide 25. 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM. 10.8 9.9 8.5 6.8 8.6 (11.5) (11.7) (9.6) (9.9) (12.7) (0.7) (1.8) (1.1) (3.1) (4.1) 4Q17 1Q18 2Q18 3Q18 4Q18 5.2 5.3 5.0 6.0 4.7 (5.0) (5.6) (5.6) (7.6) (6.0) 0.2 (0.3) (0.6) (1.6) (1.3) 4Q17 1Q18 2Q18 3Q18 4Q18

Flows: Quantitative Equities, Multi-Asset and Alternatives Quantitative Equities (US$bn) Multi-Asset (US$bn) Alternatives (US$bn) 6% 13% 3% 10% 3% Annualised gross sales¹ Annualised gross redemptions¹ Redemptions Sales Net sales / (redemptions) 14% 16% 22% 27% 27% 45% 31% 30% 31% 18% (19%) (11%) (10%) (11%) (11%) (17%) (15%) (16%) (15%) (22%) (56%) (51%) (44%) (43%) (69%) Note: Reflects operational reclassification of existing client’s funds in 4Q18 as detailed on slide 25. 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM. 1.1 1.3 1.8 2.2 2.3 (1.3) (1.2) (1.3) (1.3) (2.0) (0.2) 0.1 0.5 0.9 0.3 4Q17 1Q18 2Q18 3Q18 4Q18 0.7 1.7 0.4 1.3 0.3 (2.3) (1.4) (1.2) (1.3) (1.4) (1.6) 0.3 (0.8) (0.0) (1.1) 4Q17 1Q18 2Q18 3Q18 4Q18 2.2 1.5 1.4 1.4 0.7 (2.8) (2.5) (2.1) (1.9) (2.9) (0.6) (1.0) (0.7) (0.5) (2.2) 4Q17 1Q18 2Q18 3Q18 4Q18

Total net flows by capability (2.1) (7.0) (1.0) Total net flows by capability 4Q16 to 4Q18 (US$bn) 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. Reflects operational reclassification of existing client’s funds in 4Q18 as detailed on slide 25. 0.7 (2.9) (2.7) (2.7) (4.3) () (8.4) 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 Equities Fixed Income Quantitative Equities Multi-Asset Alternatives

AUM and flows by capability All data in US$bn Equities Fixed Income Quantitative Equities Multi-Asset Alternatives Total 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 Sales 8.5 5.0 0.4 1.8 1.4 17.1 Redemptions (9.6) (5.6) (1.2) (1.3) (2.1) (19.8) Net sales / (redemptions) (1.1) (0.6) (0.8) 0.5 (0.7) (2.7) Market / FX 3.7 (2.9) 0.5 0.3 (0.7) 0.9 AUM 30 Jun 2018 193.3 76.5 50.1 32.6 17.6 370.1 Sales 6.8 6.0 1.3 2.2 1.4 17.7 Redemptions (9.9) (7.6) (1.3) (1.3) (1.9) (22.0) Net sales / (redemptions) (3.1) (1.6) (0.0) 0.9 (0.5) (4.3) Market / FX 9.0 (0.4) 2.8 1.1 (0.2) 12.3 AUM 30 Sep 2018 199.2 74.5 52.9 34.6 16.9 378.1 Sales 8.6 4.7 0.3 2.3 0.7 16.6 Redemptions (12.7) (6.0) (1.4) (2.0) (2.9) (25.0) Net sales / (redemptions) (4.1) (1.3) (1.1) 0.3 (2.2) (8.4) Market / FX (29.2) (1.3) (7.5) (2.5) (0.7) (41.2) Reclassification1 1.7 0.5 – (2.2) – – AUM 31 Dec 2018 167.6 72.4 44.3 30.2 14.0 328.5 1 Reflects operational reclassification of existing client’s funds.

Investment performance % 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 3% of AUM as at 31 Dec 2017, 4% of AUM as at 31 Mar 2018, 30 Jun 2018 and 30 Sep 2018 and 5% of AUM as at 31 Dec 2018. Capabilities defined by Janus Henderson. 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr Equities 64% 60% 67% 68% 59% 76% 63% 58% 73% 61% 56% 75% 67% 55% 71% Fixed Income 93% 95% 98% 96% 96% 97% 87% 93% 98% 79% 92% 94% 36% 88% 93% Quantitative Equities 90% 27% 87% 91% 46% 88% 47% 25% 87% 21% 8% 83% 20% 11% 15% Multi-Asset 86% 87% 89% 83% 87% 90% 90% 88% 90% 89% 89% 90% 81% 90% 91% Alternatives 93% 76% 100% 95% 76% 100% 99% 73% 100% 99% 73% 100% 35% 94% 100% Total 76% 66% 79% 79% 68% 84% 69% 64% 82% 63% 60% 81% 55% 61% 72% Capability 4Q17 1Q18 2Q18 3Q18 4Q18

Mutual fund investment performance % 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, 73%, 67%, 74%, 84% and 82% of total mutual fund AUM were in the top 2 Morningstar quartiles for the 10-year periods ended 31 Dec 2017, 31 Mar 2018, 30 Jun 2018, 30 Sep 2018 and 31 Dec 2018 respectively. For the 1-, 3-, 5- and 10-year periods ending 31 Dec 2018, 57%, 48%, 61% and 64% of the 211, 200, 181 and 146 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. © 2018 Morningstar, Inc. All Rights Reserved. 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr Equities 63% 59% 87% 64% 62% 82% 56% 61% 75% 72% 65% 86% 67% 63% 85% Fixed Income 43% 36% 87% 48% 32% 62% 42% 38% 42% 63% 36% 66% 46% 28% 57% Quantitative Equities 24% 64% 50% 57% 55% 51% 58% 54% 53% 59% 5% 55% 98% 17% 100% Multi-Asset 82% 83% 84% 84% 82% 83% 92% 83% 83% 86% 88% 88% 89% 89% 88% Alternatives 59% 25% 32% 53% 53% 53% 92% 25% 25% 54% 26% 53% 26% 93% 59% Total 61% 56% 82% 63% 59% 76% 60% 57% 68% 71% 60% 81% 65% 62% 80% 4Q18 Capability 4Q17 1Q18 2Q18 3Q18

Mutual fund investment performance (cont’d) Group % of mutual fund AUM in top 2 Morningstar quartiles Equities 1 year 3 year 5 year 1 year 3 year 5 year Note: Full performance disclosures detailed on slide 27. Numbers may not cast due to rounding. 2nd quartile 1st quartile 30 36 23 21 39 41 40 40 35 30 44 47 51 50 47 31 27 37 50 26 15 19 17 26 32 38 29 17 31 33 61 63 60 71 65 56 59 57 60 62 82 76 68 81 80 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18 31 35 14 11 34 43 42 43 34 26 47 53 57 55 46 32 29 42 61 33 16 20 18 31 37 40 29 18 31 39 63 64 56 72 67 59 62 61 65 63 87 82 75 86 85 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18

Mutual fund investment performance (cont’d) Fixed Income % of mutual fund AUM in top 2 Morningstar quartiles Quantitative Equities 1 year 3 year 5 year 1 year 3 year 5 year 2nd quartile 1st quartile Note: Full performance disclosures detailed on slide 27. Numbers may not cast due to rounding. 57 38 42 52 38 3 5 4 48 24 20 17 46 64 55 16 2 12 50 47 53 55 52 24 57 58 59 98 64 55 54 5 17 50 51 53 55 100 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18 11 8 10 11 33 21 14 9 19 14 15 13 13 14 15 32 40 32 52 13 15 18 29 17 13 72 49 29 52 42 43 48 42 63 46 36 32 38 36 28 87 62 42 66 57 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18

Mutual fund investment performance (cont’d) Multi-Asset % of mutual fund AUM in top 2 Morningstar quartiles Alternatives 1 year 3 year 5 year 1 year 3 year 5 year 2nd quartile 1st quartile Note: Full performance disclosures detailed on slide 27. Numbers may not cast due to rounding. 76 78 90 81 84 76 77 80 82 83 78 79 79 82 84 6 6 2 5 4 7 5 3 6 6 6 4 4 6 5 82 84 92 86 89 83 82 83 88 89 84 83 83 88 88 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18 28 28 29 1 23 24 23 24 25 24 24 56 59 25 64 25 25 2 29 2 26 93 8 28 1 29 2 59 53 92 54 26 25 53 25 26 93 32 53 25 53 59 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18

1 Includes seed investments of US$481.3m (including investment securities of consolidated variable interest entities of US$303.9m), investments related to deferred compensation plans of US$128.9m and other investments of US$4.0m as at 30 September 2018; includes seed investments of US$447.5m (including investment securities of consolidated variable interest entities of US$282.7m), investments related to deferred compensation plans of US$120.3m and other investments of US$6.7m as at 31 December 2018. 2 Includes cash and cash equivalents of consolidated variable interest entities of US$41.3m and US$36.2m as at 30 September 2018 and 31 December 2018, respectively. Balance sheet At 31 December 2018, cash and investment securities totalled US$1,491m compared to outstanding debt of US$319m Cash and cash equivalents increased 15%, as cash flow generation was partially offset by dividend payments and stock repurchases Board declared a dividend of US$0.36 per share to be paid on 26 February to shareholders on record at the close of business on 15 February Repurchased approximately 2.2m shares, completing the US$100m buyback programme authorised in 2018 Strong liquidity position Investment securities¹ Cash and cash equivalents² 2025 maturity Balance sheet profile – carrying value (30 Sep 2018 vs 31 Dec 2018) (US$m) 31 Dec 2018 30 Sep 2018

US GAAP: statement of income Note: Prior periods reflect the reclassification of certain revenue amounts from Other revenue to Shareowner servicing fees. Pro forma results are based on the combined results of JHG as if the merger took place at the beginning of the period. Pro forma FY17 numbers updated to reflect the adoption of the new revenue recognition standard, with a reconciliation shown on slide 37. 3 months ended Year ended 31 Dec 2018 30 Sep 2018 31 Dec 2018 31 Dec 2017 31 Dec 2017 Pro forma Revenue Management fees 452.3 498.7 1,947.4 1,480.9 1,869.3 Performance fees 3.5 (6.0) 7.1 103.9 84.7 Shareowner servicing fees 37.0 40.2 154.2 87.3 144.5 Other revenue 52.3 48.3 197.7 146.2 197.4 Total revenue 545.1 581.2 2,306.4 1,818.3 2,295.9 Operating expenses Employee compensation and benefits 155.8 159.5 613.0 543.3 698.3 Long-term incentive plans 32.3 61.1 188.6 150.8 182.8 Distribution expenses 102.4 112.3 446.7 351.9 447.8 Investment administration 11.6 12.2 46.9 43.8 43.8 Marketing 12.8 7.1 37.9 31.2 62.8 General, administrative and occupancy 62.4 59.9 253.7 202.2 264.5 Depreciation and amortisation 17.8 20.8 69.8 52.8 66.7 Total operating expenses 395.1 432.9 1,656.6 1,376.0 1,766.7 Operating income 150.0 148.3 649.8 442.3 529.2 Interest expense (4.0) (4.0) (15.7) (11.9) (18.7) Investment gains (losses), net (15.3) (8.3) (40.9) 18.0 19.5 Other non-operating income, net 13.5 2.3 68.6 (1.0) 0.5 Income before taxes 144.2 138.3 661.8 447.4 530.5 Income tax provision (43.4) (33.2) (162.2) 211.0 179.6 Net income 100.8 105.1 499.6 658.4 710.1 Net loss (income) attributable to non-controlling interests 6.0 6.1 24.2 (2.9) (5.5) Net income attributable to JHG 106.8 111.2 523.8 655.5 704.6 Less: allocation of earnings to participating stock-based awards (2.8) (3.0) (12.7) (17.3) (19.9) Net income attributable to JHG common shareholders 104.0 108.2 511.1 638.2 684.7 Diluted weighted-average shares outstanding (m) 194.1 195.9 195.9 162.3 197.9 Diluted EPS (in US$) 0.54 0.55 2.61 3.93 3.46 US$m, except per share data or as noted

Adjusted: statement of income Note: Prior periods reflect the reclassification of certain revenue amounts from Other revenue to Shareowner servicing fees. FY17 pro forma data presents results of JHG as if the merger had occurred at the beginning of the period shown. See adjusted financial measures reconciliation on slides 34 and 35 for additional information. FY17 numbers updated to reflect the adoption of the new revenue recognition standard, with a reconciliation shown on slide 37. 3 months ended Year ended 31 Dec 2018 30 Sep 2018 31 Dec 2018 31 Dec 2017 Pro forma Revenue Management fees 452.3 498.7 1,947.4 1,869.3 Performance fees 3.5 (6.0) 7.1 84.7 Shareowner servicing fees 37.0 40.2 154.2 144.5 Other revenue 52.3 48.3 197.7 197.4 Distribution expenses (102.4) (112.3) (446.7) (447.8) Total adjusted revenue 442.7 468.9 1,859.7 1,848.1 Operating expenses Employee compensation and benefits 151.4 151.4 591.6 644.2 Long-term incentive plans 32.5 51.1 178.0 165.2 Investment administration 11.6 12.2 46.2 43.8 Marketing 12.7 7.1 37.9 33.9 General, administrative and occupancy 60.5 58.6 246.9 198.7 Depreciation and amortisation 8.7 8.0 33.1 30.4 Total adjusted operating expenses 277.4 288.4 1,133.7 1,116.2 Adjusted operating income 165.3 180.5 726.0 731.9 Interest expense (3.1) (3.2) (12.6) (16.0) Investment gains (losses), net (15.3) (8.3) (40.9) 6.3 Other non-operating income (expenses), net 13.8 4.8 22.6 2.2 Adjusted income before taxes 160.7 173.8 695.1 724.4 Income tax provision (49.2) (41.3) (169.7) (214.5) Adjusted net income 111.5 132.5 525.4 509.9 Net loss (income) attributable to non-controlling interests 6.0 6.1 24.2 (5.5) Adjusted net income attributable to JHG 117.5 138.6 549.6 504.4 Less: allocation of earnings to participating stock-based awards (3.2) (3.7) (13.4) (14.2) Adjusted net income attributable to JHG common shareholders 114.3 134.9 536.2 490.2 Diluted weighted-average shares outstanding (m) 194.1 195.9 195.9 197.9 Adjusted diluted EPS (in US$) 0.59 0.69 2.74 2.48 US$m, except per share data or as noted

Alternative performance measures Reconciliation of adjusted financial measures Note: FY17 pro forma data presents results of JHG as if the merger had occurred at the beginning of the period shown. Reconciliation to be used in conjunction with slide 35. Footnotes included on slide 36. FY17 numbers updated to reflect the adoption of the new revenue recognition standard, with a reconciliation shown on slide 37. 3 months ended Year ended 31 Dec 2018 30 Sep 2018 31 Dec 2018 31 Dec 2017 Pro forma Reconciliation of revenue to adjusted revenue Revenue 545.1 581.2 2,306.4 2,295.9 Distribution expenses¹ (102.4) (112.3) (446.7) (447.8) Adjusted revenue 442.7 468.9 1,859.7 1,848.1 Reconciliation of operating income to adjusted operating income Operating income 150.0 148.3 649.8 529.2 Employee compensation and benefits² 4.4 8.1 21.4 54.1 Long-term incentive plans² (0.2) 10.0 10.6 17.6 Investment administration² – – 0.7 – Marketing² 0.1 – – 28.9 General, administrative and occupancy² 1.9 1.3 6.8 65.8 Depreciation and amortisation³ 9.1 12.8 36.7 36.3 Adjusted operating income 165.3 180.5 726.0 731.9 Operating margin 27.5% 25.5% 28.2% 23.0% Adjusted operating margin 37.3% 38.5% 39.0% 39.6% US$m, except margin data

Alternative performance measures (cont’d) Reconciliation of adjusted financial measures Note: FY17 pro forma data presents results of JHG as if the merger had occurred at the beginning of the period shown. Reconciliation to be used in conjunction with slide 34. Footnotes included on slide 36. FY17 numbers updated to reflect the adoption of the new revenue recognition standard, with a reconciliation shown on slide 37. 3 months ended Year ended 31 Dec 2018 30 Sep 2018 31 Dec 2018 31 Dec 2017 Pro forma Reconciliation of net income to adjusted net income, attributable to JHG Net income attributable to JHG 106.8 111.2 523.8 704.6 Employee compensation and benefits² 4.4 8.1 21.4 54.1 Long-term incentive plans² (0.2) 10.0 10.6 17.6 Investment administration² – – 0.7 – Marketing² 0.1 – – 28.9 General, administrative and occupancy² 1.9 1.3 6.8 65.8 Depreciation and amortisation³ 9.1 12.8 36.7 36.3 Interest expense 4 0.9 0.8 3.1 2.7 Investment gains (losses), net 5 – – – (13.2) Other non-operating income (expense) 4 0.3 2.5 (46.0) 1.7 Income tax provision 6 (5.8) (8.1) (7.5) (394.1) Adjusted net income attributable to JHG 117.5 138.6 549.6 504.4 Diluted earnings per share (in US$) 0.54 0.55 2.61 3.46 Adjusted diluted earnings per share (in US$) 0.59 0.69 2.74 2.48 US$m, except per share data

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 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 and consulting fees. 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 Adjustments primarily represent fair value movements on options issued to Dai-ichi, deferred consideration costs associated with acquisitions and increased debt expense as a consequence of the fair value uplift on the debt due to acquisition accounting. JHG management believes these costs do not represent the ongoing operations of the Group. The options issued to Dai-ichi expired on 3 October 2018. 5 Adjustments primarily relate to the gain recognised on disposal of the alternative UK small cap team (‘Volantis team’) on 1 April 2017 and adjustments related to deferred consideration costs for prior acquisitions. JHG management believes these costs do not represent the ongoing operations of the Group. 6 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.

Note: FY17 pro forma data presents results of JHG as if the merger had occurred at the beginning of the period shown. 1 Reflects the reclassification of US$24.8m from Other revenue to Shareowner servicing fees. US$m 12 months ended 31 Dec 2017 previously reported, after revenue reclassification1 Adjustment 31 Dec 2017 updated Revenue Management fees 1,853.5 15.8 1,869.3 Performance fees 84.7 – 84.7 Shareowner servicing fees 144.5 – 144.5 Other revenue 99.9 97.5 197.4 Total revenue 2,182.6 113.3 2,295.9 Distribution expenses (334.5) (113.3) (447.8) Total revenue, net of distribution expenses 1,848.1 – 1,848.1 Reconciliation: revenue recognition standard Impact of adoption of new revenue recognition standard Pro forma US GAAP statement of income extract

4Q18 (US$m) 3Q18 (US$m) 4Q17 (US$m) AUM generating 4Q18 pfees (US$bn) # of funds generating 4Q18 pfees Frequency Timing SICAVs 0.1 0.0 9.3 – – 23 annually; 2 quarterly 23 at June; 2 on quarters Offshore Absolute Return 0.3 1.2 3.0 0.4 3 Quarterly / Annually Various Segregated Mandates1 14.7 3.2 21.6 12.2 11 Quarterly / Annually Various UK OEICs & Unit Trusts 0.0 0.0 5.9 – – Quarterly Various Investment Trusts 0.0 0.2 2.7 – – Annually Various US Mutual Funds2 (11.5) (10.6) (9.0) 37.8 17 Monthly Monthly Total 3.5 (6.0) 33.5 50.4 31 Performance fees Note: Performance fees include prior quarter accrual true-ups. 4Q18 performance fees do not cast due to rounding. 1 Segregated Mandates includes Private Accounts (legacy Janus product categorisation), Managed CDOs and Private Equity. 2 AUM data presents US Mutual Fund AUM subject to performance fees as at 31 Dec 2018. Janus Investment Funds and Janus Aspen Series Portfolios are counted as distinct and separate funds.

US mutual funds with performance fees Mutual funds with performance fees¹ AUM 31 Dec 2018 US$m Benchmark Base fee Performance fee2 Performance cap/(floor) vs benchmark 4Q18 P&L impact US$’000 Research Fund³ 12,149 Russell 1000® Growth Index 0.64% ± 15 bps ± 5.00% (4,014) Forty Fund³ and Portfolio 11,720 Russell 1000® Growth Index 0.64% ± 15 bps ± 8.50% (3,388) Global Research Fund and Portfolio 3,120 MSCI World IndexSM 0.60% ± 15 bps ± 6.00% (361) Mid Cap Value Fund and Portfolio 3,023 Russell Midcap® Value Index 0.64% ± 15 bps ± 4.00% (1,023) Small Cap Value Fund 2,591 Russell 2000® Value Index 0.72% ± 15 bps ± 5.50% (565) Contrarian Fund 2,231 S&P 500® Index 0.64% ± 15 bps ± 7.00% (1,029) Overseas Fund and Portfolio 1,909 MSCI All Country World ex-U.S. IndexSM 0.64% ± 15 bps ± 7.00% (902) Research Portfolio4 456 Russell 1000® Growth Index 0.64% ± 15 bps ± 5.00% (194) Global Real Estate Fund 273 FTSE EPRA / NAREIT Global Index 0.75% ± 15 bps ± 4.00% 48 Global Value Fund 195 MSCI World IndexSM 0.64% ± 15 bps ± 7.00% (84) Large Cap Value Fund 93 Russell 1000® Value Index 0.64% ± 15 bps ± 3.50% (53) Select Value Fund 54 Russell 3000® Value Index 0.70% ± 15 bps ± 5.00% 18 Asia Equity Fund 23 MSCI All Country Asia ex-Japan IndexSM 0.92% ± 15 bps ± 7.00% (0) Total 37,836 (11,548) Note: AUM data shown on a managed view. Numbers may not cast due to rounding. 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.

Long-term incentive compensation Estimated future long-term incentive compensation amortisation US$m Amount remaining to expense 2019 2020 2021 2022 2016 annual grant 8 7 1 – – 2017 annual grant 22 17 5 – – 2018 annual grant 80 51 23 6 – Estimated 2019 annual grant¹ 140-150 74 48 20 3 Other² 100 32 28 22 18 Total long-term incentive compensation 355 181 105 48 21 Note: 2016, 2017 and 2018 annual grants generally vest over three and four years. 2019 annual grants generally vest over three years. Assumes no forfeitures in future periods. Assumes 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 2019 annual grant based on amounts expected to be granted associated with the annual award process. Actual awards are expected to come in between US$140m and US$150m. 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 Global Head of Investor Relations +44 (0) 20 7818 2106 john.groneman@janushenderson.com Jim Kurtz US Investor Relations Manager +1 (303) 336 4529 jim.kurtz@janushenderson.com Melanie Horton Non-US Investor Relations Manager +44 (0) 20 7818 2905 melanie.horton@janushenderson.com Investor Relations investor.relations@janushenderson.com Media enquiries North America: Taylor Smith +1 303 336 5031 taylor.smith@janushenderson.com EMEA: Natasha Moore +44 (0) 20 7818 3521 natasha.moore@janushenderson.com United Kingdom: FTI Consulting Tom Blackwell +44 (0) 20 3727 1051 tom.blackwell@FTIConsulting.com Asia Pacific: Honner Michael Mullane +61 28248 3740 michaelmullane@honner.com.au

Past performance is no guarantee of future results. Investing involves risk, including the possible loss of principal and fluctuation of value. 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. The Morningstar RatingTM for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of 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. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. Ratings may vary by share class. As at 31 Dec 2018, 39%, 58% and 51% of US funds have a 4 or 5 star Morningstar RatingTM for the 3-, 5-, and 10-year periods, respectively. Based on primary share class (Class I Shares, Institutional Shares or share class with longest history) for 56, 50 and 39 funds, respectively. 56 funds were included in the analysis for the Overall period. Ratings and/or 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 rating/ranking. When an expense waiver is in effect, it may have a material effect on the total return or yield, and therefore the ranking and/or rating for the period. 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, Intech, Alphagen and Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Investors 201 Bishopsgate, London EC2M 3AE Tel: 020 7818 1818 Fax: 020 7818 1819