JANUS HENDERSON GROUP PLC (Form: 8-K, Received: 02/04/2021 06:14:57)

0001274173false00012741732021-02-042021-02-04

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 4, 2021

Commission File Number 001-38103

JANUS HENDERSON GROUP PLC

(Exact name of registrant as specified in its charter)

Jersey, Channel Islands
(State or other jurisdiction of
incorporation or organization)

98-1376360
(I.R.S. Employer
Identification No.)

201 Bishopsgate

London, United Kingdom
(Address of principal executive offices)

EC2M3AE
(Zip Code)

+44 (0) 20 7818 1818

(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.50 Per Share Par Value	JHG	New York Stock Exchange


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):
☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	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 ☐

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. ☐

Item 1.02Termination of a Material Definitive Agreement.

On February 4, 2021, Janus Henderson Group plc (“JHG”) and Dai-ichi Life Holdings, Inc. (“Dai-ichi”) entered into a Termination and Amendment Agreement (the “Termination Agreement”), which terminated the Amended and Restated Investment and Strategic Cooperation Agreement dated October 3, 2016, between JHG and Dai-ichi (the “Investment Agreement”) and amended certain surviving provisions of the Investment Agreement.

Pursuant to the terms of the Investment Agreement, certain rights and obligations of the parties, including certain “standstill” provisions, share transfer restrictions, confidentiality obligations and registration rights, survive the termination of the Investment Agreement. Certain of such surviving provisions with respect to the share transfer restrictions were amended by the Termination Agreement to increase the limit on the number of JHG shares that Dai-ichi may sell on a single day from 10% to 20% of the average daily trading volume of JHG shares during a period of thirty trading days immediately preceding the date of such sale (but such limit would not apply to sales in connection with an underwritten public offering).

All of the other rights and obligations of JHG and Dai-ichi under the Investment Agreement were terminated in accordance with the Termination Agreement as of February 4, 2021.

The foregoing description does not purport to be complete and is qualified in its entirety by reference to the Termination Agreement, a copy of which is attached as Exhibit 10.1 to this Current Report and is incorporated herein by reference.

Item 2.02Results of Operations and Financial Condition.

On February 4, 2021, JHG issued a press release reporting its financial results for the fourth quarter and full-year 2020. 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.

The information contained in this Item 2.02 and the accompanying Exhibit 99.1 and Exhibit 99.2 shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be deemed incorporated by reference in any filing with the Securities and Exchange Commission, whether or not filed under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, regardless of the general incorporation language in such document.

Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

In connection with the termination of the Investment Agreement, Tatsusaburo Yamamoto, a director of JHG designated by Dai-ichi in accordance with the Investment Agreement, voluntarily resigned from the Board of Directors of JHG (the “Board”) and all committees of the Board of which he is a member, effective as of February 4, 2021.

Item 7.01Results of Operations and Financial Condition.

On February 4, 2021, JHG issued a press release reporting its financial results for the fourth quarter and full-year 2020. A copy of the related press release is filed herewith as Exhibit 99.1 and incorporated herein by reference.

The press release also provides an update on JHG’s amended relationship with Dai-ichi. As at December 31, 2020, we managed US$10.4 billion for Dai-ichi, its subsidiaries and affiliates. As of December 31, 2020, our assets under management were US$221 billion in North America, US$124 billion in EMEA and Latin America and US$57 billion in Asia Pacific.

The information set forth under this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 8.01Other Events.

Although JHG and Dai-ichi have terminated the Investment Agreement, they have entered into a new Strategic Cooperation Agreement (the “New Agreement”) which includes many provisions similar to those in the Investment Agreement, absent the capital commitment, and reflects the evolution of the companies’ strategic relationship.

Pursuant to the New Agreement, Dai-ichi will cooperate with JHG in good faith and use commercially reasonable efforts to ensure that any sales by Dai-ichi of the JHG shares owned by Dai-ichi be conducted in an orderly manner. Dai-ichi will also consider in good faith to maintain investments of at least US$2.0 billion (with such amount determined without giving effect to changes in market value or investment performance) in JHG’s investment products for three years. The parties will continue to cooperate on the development of new investment products and cooperate in good faith and use commercially reasonable efforts to distribute each other’s investment products through their respective distribution channels.

In addition, JHG and Dai-ichi have agreed to expand their existing program to exchange expertise and human resources to include a senior executive from Dai-ichi to help lead JHG’s efforts in Japan. The companies will also continue to collaborate on new product development and distribution.

Item 9.01Financial Statements and Exhibits.

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


Exhibit Number		Description
10.1		Termination and Amendment Agreement, dated as of February 4, 2021, by and between Janus Henderson Group plc and Dai-ichi Life Holdings, Inc.
99.1		Janus Henderson Group plc press release reporting its financial results for the fourth quarter and full-year 2020.
99.2		Janus Henderson Group plc fourth quarter and full-year 2020 earnings presentation.
104		Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

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 4, 2021	By:	/s/ Roger Thompson
		Roger Thompson
		Chief Financial Officer

EXHIBIT 10.1

TERMINATION AND AMENDMENT AGREEMENT

This Termination and Amendment Agreement, dated as of February 4, 2021 (this “Agreement”), is entered into by and between Janus Henderson Group plc, a company incorporated and registered in Jersey, Channel Islands (“JHG”), and Dai-ichi Life Holdings, Inc., a Japanese corporation (“Dai-ichi”). JHG and Dai-ichi may be referred to in this Agreement individually as a “Party” and collectively as the “Parties”.

WHEREAS, JHG’s predecessors and Dai-ichi were parties to that certain Amended and Restated Investment and Strategic Cooperation Agreement, dated as of October 3, 2016 (the “Investment and Cooperation Agreement”);

WHEREAS, the Parties desire to terminate the Investment and Cooperation Agreement with effect from the date hereof;

WHEREAS, pursuant to Section 8.1 of the Investment and Cooperation Agreement, the Investment and Cooperation Agreement may be terminated at any time by mutual consent of the Parties;

WHEREAS, pursuant to Section 8.2 of the Investment and Cooperation Agreement, Article III, Sections 4.1, 4.3, 4.4, 4.6, 5.4 and 5.5, Article VIII and Article IX of the Investment and Cooperation Agreement will survive the termination of the Investment and Cooperation Agreement, and Section 5.3 (Information Rights) of the Investment and Cooperation Agreement will survive with respect to the fiscal quarter in which the Investment and Cooperation Agreement is terminated (the “Surviving Provisions”);

WHEREAS, the Parties desire to amend certain Surviving Provisions as provided herein; and

WHEREAS, in connection with the termination of the Investment and Cooperation Agreement, Tatsusaburo Yamamoto, who is serving as the Investor Representative (as defined in the Investment and Cooperation Agreement), will resign from the Board of Directors of JHG.

NOW, THEREFORE, in consideration of the mutual covenants and premises of this Agreement and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows:

The Investment and Cooperation Agreement is hereby terminated by mutual consent of the Parties (the “Termination”) and shall have no further force or effect, without any liability or obligation on the part of JHG, on the one hand, or Dai-ichi, on the other hand, other than the Surviving Provisions.

The Surviving Provisions, as amended under Sections 3 and 4 of this Agreement, shall survive the Termination and remain in full force and effect in accordance with the Investment and Cooperation Agreement.

With effect from and after the date hereof, Section 4.4 of the Investment and Cooperation Agreement is hereby amended and restated in its entirety as follows:

Notwithstanding anything in this Article IV to the contrary (other than Section 4.1), the Investor shall not, without the Company’s prior written consent, Transfer pursuant to a Permitted Public Transfer, on any single day (other than in connection with an underwritten public offering), a number of Shares that in the aggregate exceeds 20% of the average daily trading volume of shares of the Company Common Stock (or other applicable securities, which for the avoidance of doubt, includes issued and outstanding Company CDIs) during a period of thirty (30) trading days immediately preceding the date of such Transfer.

Except as set forth above, this Agreement does not alter, amend, modify or change any other term, covenant or condition of the Surviving Provisions in any respect.

This Agreement shall be governed by Section 5.3 of the Investment and Cooperation Agreement. Promptly following the execution and delivery of this Agreement, each of the Parties shall issue a press release in the form mutually agreed. Except as provided in the immediately preceding sentence, no Party shall issue or cause the publication of any press release or other public announcement with respect to this Agreement or any of the transactions contemplated by this Agreement without the prior written consent of the other Party; provided, however, that nothing in this Agreement shall prohibit any Party from issuing or causing publication of any such press release or public announcement to the extent that such disclosure is required by applicable law or the rules of a securities exchange on which such Party’s securities are listed, in which case such Party shall, if practicable under the circumstances, reasonably consider any comments of the other Party on such press release or public announcement in advance of the issuance or publication thereof; provided, further, that the foregoing shall not restrict communications between any Party and the investors or potential investors of such Party or its affiliates in the ordinary course of business consistent with past practice.

[Signature Page Follows]

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by each Party or a duly authorized officer of each Party as of the date first above written.

JANUS HENDERSON GROUP PLC

By: /s/ Richard M. Weil
Name: Richard M. Weil
Title: Chief Executive Officer

[Signature Page to Termination and Amendment Agreement]

DAI-ICHI LIFE HOLDINGS, INC.

By: /s/ Tetsuya Kikuta
Name: Tetsuya Kikuta
Title: Director, Managing Executive Officer

[Signature Page to Termination and Amendment Agreement]

Exhibit 99.1

LOGO

DESCRIPTION AUTOMATICALLY GENERATED

Janus Henderson Group plc Reports Fourth Quarter 2020 Diluted EPS of US$1.02,

or US$1.04 on an Adjusted Basis

●

Solid long-term investment performance, with 65% and 72% of assets under management (‘AUM’) outperforming relevant benchmarks on a three- and five-year basis, respectively, as at 31 December 2020

●

AUM increased 12% to US$401.6 billion compared to the prior quarter, reflecting positive markets and improved outflows of US$(1.1) billion

●

Completed US$27 million of share buybacks during the fourth quarter for a total of US$131 million of share buybacks in 2020

●

Board declared quarterly dividend of US$0.36 per share

LONDON — 4 February 2021 — Janus Henderson Group plc (NYSE/ASX: JHG; ‘JHG’, ‘the Group’) published its fourth quarter and full-year 2020 results for the period ended 31 December 2020.

Fourth Quarter 2020 Results

Fourth quarter 2020 operating income was US$227.0 million compared to US$156.5 million in the third quarter 2020 and US$154.3 million in the fourth quarter 2019. Adjusted operating income, adjusted for one-time, acquisition and transaction related costs, was US$231.7 million in the fourth quarter 2020 compared to US$162.1 million in the third quarter 2020 and US$171.0 million in the fourth quarter 2019. The increases in operating income and adjusted operating income primarily resulted from higher average AUM, seasonal performance fees and investment gains compared to the prior quarter.

Fourth quarter 2020 diluted earnings per share of US$1.02 increased 57% compared to US$0.65 in the third quarter 2020 and increased 73% versus US$0.59 in the fourth quarter 2019. Adjusted diluted earnings per share of US$1.04 in the fourth quarter 2020 increased 49% compared to US$0.70 in the third quarter 2020 and increased 60% versus US$0.65 in the fourth quarter 2019.

Amended Relationship with Dai-ichi Life Holdings, Inc. and Board Resignation

Dai-ichi Life Holdings, Inc. (‘Dai-ichi’) has made the strategic decision to focus capital on its global insurance business. As such, Dai-ichi has determined to monetise its stake in JHG and has relinquished its board seat. Tatsusaburo Yamamoto, Dai-ichi’s representative on the Board, has consequently resigned as a non-executive director of the Group, effective today. As part of this decision, JHG and Dai-ichi have entered into a new strategic co-operation agreement which continues more than eight years of a successful partnership. The new agreement includes many similar provisions of the prior agreement, absent the capital commitment, and reflects the evolution of the companies’ relationship. JHG and Dai-ichi will expand the companies’ expertise and human resources program to include a senior executive from Dai-ichi to help JHG’s efforts in Japan. The companies will also continue to collaborate on new product development and distribution.

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

“Despite the exceptionally challenging year, we have continued to make significant progress on our path to achieving Simple Excellence. Investment performance remains solid, distribution is gathering momentum, as seen in our improving flow trends, and our financial results are strong. We continue to work tirelessly for our clients, and our people’s dedication is a testament to the culture we have collectively fostered since our merger. Though global challenges persist, our resiliency and ongoing efforts have made us a stronger company for the future.

“We look forward to continuing the strong relationship with Dai-ichi through the new co-operation agreement building on eight years of trust. Although we are disappointed to lose Dai-ichi as a shareholder, today’s news does not change the path that Janus Henderson is on. As we enter 2021, our focus is on increasing momentum and progressing further in delivering a strong, profitable and resilient business through our strategy of Simple Excellence. We remain committed to delivering strong risk-adjusted returns for all of our clients and long-term value and profit growth for all of our shareholders.”

Page | 1

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, JHG management evaluates the profitability of the Group and its ongoing operations using additional non-GAAP financial measures. Management uses these performance measures to evaluate the business, and adjusted values are consistent with internal management reporting. See ‘Reconciliation of non-GAAP financial information’ below for additional information.


	Three months ended						Year ended
	31 Dec		30 Sep		31 Dec		31 Dec		31 Dec
	2020		2020		2019		2020		2019
GAAP basis:
Revenue	657.2		568.5		601.2		2,298.6		2,192.4
Operating expenses	430.2		412.0		446.9		2,140.8		1,651.5
Operating income	227.0		156.5		154.3		157.8		540.9
Operating margin	34.5	%	27.5	%	25.7	%	6.9	%	24.7	%
Net income attributable to JHG	186.8		118.9		112.0		161.6		427.6
Diluted earnings per share	1.02		0.65		0.59		0.87		2.21

Adjusted basis:
Revenue	528.5		449.7		463.1		1,834.2		1,748.1
Operating expenses	296.8		287.6		292.1		1,137.5		1,121.5
Operating income	231.7		162.1		171.0		696.7		626.6
Operating margin	43.8	%	36.0	%	36.9	%	38.0	%	35.8	%
Net income attributable to JHG	189.0		129.6		123.9		557.9		478.3
Diluted earnings per share	1.04		0.70		0.65		3.01		2.47

Fourth quarter 2020 adjusted revenue of US$528.5 million increased from the third quarter 2020 result of US$449.7 million as a result of higher average AUM and improved performance fees driven by seasonality and investment performance. Fourth quarter 2020 adjusted net income attributable to JHG of US$189.0 million increased 46% from US$129.6 million in the third quarter 2020 primarily due to higher revenue and net investment gains compared to the third quarter 2020.

DIVIDEND AND SHARE BUYBACK

On 3 February 2021, the Board declared a fourth quarter dividend in respect of the three months ended 31 December 2020 of US$0.36 per share. Shareholders on the register on the record date of 17 February 2021 will be paid the dividend on 3 March 2021. Janus Henderson does not offer a dividend reinvestment plan.

As part of the US$200 million on-market buyback programme approved by the Board in February 2020, JHG purchased approximately one million of its ordinary shares on the NYSE and its CHESS Depositary Interests (CDIs) on the ASX in the fourth quarter, for a total outlay of US$27.4 million.

Net tangible assets per share


US$	31 Dec 2020	31 Dec 2019
Net tangible assets / (liabilities) per ordinary share	3.78	1.68

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.

Page | 2

AUM AND FLOWS (in US$ billions)

FX reflects movement in AUM resulting from changes in foreign currency rates as non-US$ denominated AUM is translated into US$. Redemptions include impact of client switches.

Total Group comparative AUM and flows


	Three months ended			Year ended
	31 Dec	30 Sep	31 Dec	31 Dec	31 Dec
	2020	2020	2019	2020	2019
Opening AUM	358.3	336.7	356.1	374.8	328.5
Sales	23.2	15.8	18.7	78.3	65.2
Redemptions	(24.3)	(18.7)	(25.4)	(102.7)	(92.6)
Net sales / (redemptions)	(1.1)	(2.9)	(6.7)	(24.4)	(27.4)
Market / FX	44.4	24.5	25.4	55.4	73.7
Disposals	—	—	—	(4.2)	—
Closing AUM	401.6	358.3	374.8	401.6	374.8

Quarterly AUM and flows by capability


		Fixed	Quantitative
	Equities	Income	Equities	Multi-Asset	Alternatives	Total
AUM 31 Dec 2019	204.0	74.8	45.2	39.8	11.0	374.8
Sales	8.8	8.0	0.4	3.5	0.7	21.4
Redemptions	(15.7)	(11.4)	(2.4)	(2.5)	(1.6)	(33.6)
Net sales / (redemptions)	(6.9)	(3.4)	(2.0)	1.0	(0.9)	(12.2)
Market / FX	(43.2)	(6.1)	(8.6)	(5.3)	(0.8)	(64.0)
Disposals	(4.0)	—	—	(0.2)	—	(4.2)
AUM 31 Mar 2020	149.9	65.3	34.6	35.3	9.3	294.4
Sales	7.9	6.3	0.4	2.5	0.8	17.9
Redemptions	(12.1)	(7.0)	(4.3)	(1.8)	(0.9)	(26.1)
Net sales / (redemptions)	(4.2)	(0.7)	(3.9)	0.7	(0.1)	(8.2)
Market / FX	33.5	5.6	6.8	4.3	0.3	50.5
Reclassification¹	(0.1)	—	—	—	0.1	—
AUM 30 Jun 2020	179.1	70.2	37.5	40.3	9.6	336.7
Sales	5.8	5.9	1.3	2.3	0.5	15.8
Redemptions	(10.9)	(4.1)	(1.4)	(1.7)	(0.6)	(18.7)
Net sales / (redemptions)	(5.1)	1.8	(0.1)	0.6	(0.1)	(2.9)
Market / FX	14.9	3.1	3.3	2.7	0.5	24.5
AUM 30 Sep 2020	188.9	75.1	40.7	43.6	10.0	358.3
Sales	10.3	8.7	0.3	3.1	0.8	23.2
Redemptions	(10.4)	(7.5)	(3.7)	(1.9)	(0.8)	(24.3)
Net sales / (redemptions)	(0.1)	1.2	(3.4)	1.2	—	(1.1)
Market / FX	30.6	5.2	4.7	3.2	0.7	44.4
AUM 31 Dec 2020	219.4	81.5	42.0	48.0	10.7	401.6

¹Reflects reclassification of an existing fund from Equities to Alternatives.

Average AUM


	Three months ended			Year ended
	31 Dec	30 Sep	31 Dec	31 Dec	31 Dec
	2020	2020	2019	2020	2019
Equities	204.1	188.5	194.5	187.7	189.4
Fixed Income	78.1	74.8	74.2	73.3	73.5
Multi-Asset	45.6	42.7	37.8	41.5	35.0
Quantitative Equities	40.8	40.0	44.8	40.2	47.1
Alternatives	10.4	10.0	11.1	10.0	12.1
Total	379.0	356.0	362.4	352.7	357.1

Page | 3

INVESTMENT PERFORMANCE

% of AUM outperforming benchmark (at 31 December 2020)


Capability	1-year		3-year		5-year
Equities	54	%	54	%	67	%
Fixed Income	92	%	96	%	90	%
Multi-Asset	97	%	96	%	94	%
Quantitative Equities	69	%	24	%	16	%
Alternatives	97	%	97	%	100	%
Total	68	%	65	%	72	%

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 December 2020. Capabilities defined by Janus Henderson.

% of mutual fund AUM in top 2 Morningstar quartiles (at 31 December 2020)


Capability	1-year		3-year		5-year
Equities	47	%	57	%	67	%
Fixed Income	70	%	79	%	73	%
Multi-Asset	91	%	91	%	92	%
Quantitative Equities	4	%	33	%	4	%
Alternatives	74	%	76	%	75	%
Total	57	%	66	%	71	%

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% of total mutual fund AUM was in the top 2 Morningstar quartiles for the 10-year period ending 31 December 2020. For the 1-, 3-, 5- and 10-year periods ending 31 December 2020, 56%, 58%, 55% and 63% of the 201, 191, 183 and 150 total mutual funds, respectively, were in the top 2 Morningstar quartiles.

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

FIRST QUARTER 2021 RESULTS

Janus Henderson intends to publish its first quarter 2021 results on 29 April 2021.

Page | 4

FOURTH QUARTER AND FULL-YEAR 2020 RESULTS BRIEFING INFORMATION

Chief Executive Officer Dick Weil and Chief Financial Officer Roger Thompson will present these results on 4 February 2021 on a conference call and webcast to be held at 8am EST, 1pm GMT, 12am AEDT (5 February).

Those wishing to participate should call:


United Kingdom	0800 279 9489 (toll free)
United States	866 270 1533 (toll free)
Australia	1 800 121 301 (toll free)
All other countries	+1 412 317 0797 (this is not toll free)
Conference ID	10151464

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

About Janus Henderson

Janus Henderson Group 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.

At 31 December 2020, Janus Henderson had approximately US$402 billion in assets under management, more than 2,000 employees, and offices in 26 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:
Jim Kurtz		Stephen Sobey
Co-Head Investor Relations (US) +1 303 336 4529		Head of Media Relations +44 (0)20 7818 2523
jim.kurtz@janushenderson.com		stephen.sobey@janushenderson.com

Melanie Horton		United Kingdom: Edelman Smithfield
Co-Head Investor Relations (Non-US)		Latika Shah
+44 (0)20 7818 2905		+44 (0)7950 671 948
melanie.horton@janushenderson.com		latika.shah@edelmansmithfield.com

Or		Andrew Wilde
		+44 (0)7786 022 022
Investor Relations		andrew.wilde@edelmansmithfield.com
investor.relations@janushenderson.com
		Asia Pacific: Honner
		Craig Morris
		+61 2 8248 3757
		craig@honner.com.au

Page | 5

FINANCIAL DISCLOSURES

Condensed consolidated statements of comprehensive income (unaudited)


	Three months ended			Year ended
	31 Dec	30 Sep	31 Dec	31 Dec	31 Dec
(in US$ millions, except per share data or as noted)	2020	2020	2019	2020	2019
Revenue:
Management fees	489.1	457.7	457.8	1,794.1	1,792.3
Performance fees	59.3	7.0	18.3	98.1	17.6
Shareowner servicing fees	57.9	53.7	71.9	209.2	185.4
Other revenue	50.9	50.1	53.2	197.2	197.1
Total revenue	657.2	568.5	601.2	2,298.6	2,192.4

Operating expenses:
Employee compensation and benefits	162.3	154.9	163.1	618.6	602.5
Long-term incentive plans	44.7	42.7	44.5	170.1	184.3
Distribution expenses	128.7	118.8	138.1	464.4	444.3
Investment administration	12.6	13.1	13.8	50.0	47.9
Marketing	3.9	5.3	10.0	19.6	31.1
General, administrative and occupancy	66.4	65.6	60.3	255.2	260.8
Impairment of goodwill and intangible assets	—	—	—	513.7	18.0
Depreciation and amortisation	11.6	11.6	17.1	49.2	62.6
Total operating expenses	430.2	412.0	446.9	2,140.8	1,651.5

Operating income	227.0	156.5	154.3	157.8	540.9

Interest expense	(3.2)	(3.2)	(3.3)	(12.9)	(15.1)
Investment gains, net	32.2	25.5	12.1	57.5	34.2
Other non-operating income (expense), net	(0.2)	(0.9)	(5.8)	39.7	23.5
Income before taxes	255.8	177.9	157.3	242.1	583.5
Income tax provision	(57.4)	(40.8)	(36.9)	(59.5)	(137.8)
Net income	198.4	137.1	120.4	182.6	445.7
Net income attributable to noncontrolling interests	(11.6)	(18.2)	(8.4)	(21.0)	(18.1)
Net income attributable to JHG	186.8	118.9	112.0	161.6	427.6
Less: allocation of earnings to participating stock-based awards	(5.5)	(3.5)	(3.1)	(4.7)	(11.7)
Net income attributable to JHG common shareholders	181.3	115.4	108.9	156.9	415.9

Basic weighted-average shares outstanding (in millions)	176.5	178.4	183.6	179.4	188.0
Diluted weighted-average shares outstanding (in millions)	177.0	178.8	184.1	179.9	188.6

Diluted earnings per share (in US$)	1.02	0.65	0.59	0.87	2.21

Page | 6

Reconciliation of non-GAAP financial information

In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components, as defined by the SEC. These measures are not in accordance with, or a substitute for, GAAP, and our financial measures may be different from non-GAAP financial measures used by other companies. We have provided a reconciliation of our non-GAAP components to the most directly comparable GAAP components. The following are reconciliations of US GAAP revenue, operating expenses, operating income, net income attributable to JHG and diluted earnings per share to adjusted revenue, adjusted operating expenses, adjusted operating income, adjusted net income attributable to JHG and adjusted diluted earnings per share.


	Three months ended						Year ended
	31 Dec		30 Sep		31 Dec		31 Dec		31 Dec
(in US$ millions, except per share data or as noted)	2020		2020		2019		2020		2019
Reconciliation of revenue to adjusted revenue
Revenue	657.2		568.5		601.2		2,298.6		2,192.4
Management fees¹	(51.6)		(47.9)		(48.0)		(183.8)		(189.6)
Shareowner servicing fees¹	(47.4)		(42.8)		(62.7)		(170.3)		(149.4)
Other revenue¹	(29.7)		(28.1)		(27.4)		(110.3)		(105.3)
Adjusted revenue	528.5		449.7		463.1		1,834.2		1,748.1

Reconciliation of operating expenses to adjusted operating expenses
Operating expenses	430.2		412.0		446.9		2,140.8		1,651.5
Employee compensation and benefits²	(0.1)		(0.3)		(6.3)		(2.3)		(19.1)
Long-term incentive plans²	0.1		0.1		0.2		0.5		0.8
Distribution expenses¹	(128.7)		(118.8)		(138.1)		(464.4)		(444.3)
General, administration and occupancy²	(2.8)		(3.5)		(3.2)		(11.0)		(20.0)
Impairment of goodwill and intangible assets³	—		—		—		(513.7)		(18.0)
Depreciation and amortisation³	(1.9)		(1.9)		(7.4)		(12.4)		(29.4)
Adjusted operating expenses	296.8		287.6		292.1		1,137.5		1,121.5

Adjusted operating income	231.7		162.1		171.0		696.7		626.6

Operating margin	34.5	%	27.5	%	25.7	%	6.9	%	24.7	%
Adjusted operating margin	43.8	%	36.0	%	36.9	%	38.0	%	35.8	%

Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG
Net income attributable to JHG	186.8		118.9		112.0		161.6		427.6
Employee compensation and benefits²	0.1		0.3		6.3		2.3		19.1
Long-term incentive plans²	(0.1)		(0.1)		(0.2)		(0.5)		(0.8)
General, administration and occupancy²	2.8		3.5		3.2		11.0		20.0
Impairment of goodwill and intangible assets³	—		—		—		513.7		18.0
Depreciation and amortisation³	1.9		1.9		7.4		12.4		29.4
Interest expense⁴	—		—		0.2		0.1		2.5
Investment gains (losses), net	(1.4)		—		—		(1.4)		—
Other non-operating income (expense), net⁴	(1.7)		(0.5)		(1.9)		(28.7)		(24.3)
Income tax benefit (provision)⁵	0.6		5.6		(3.1)		(112.6)		(13.2)
Adjusted net income attributable to JHG	189.0		129.6		123.9		557.9		478.3
Less: allocation of earnings to participating stock-based awards	(5.5)		(3.8)		(3.4)		(16.4)		(13.1)
Adjusted net income attributable to JHG common shareholders	183.5		125.8		120.5		541.5		465.2

Weighted-average diluted common shares outstanding – diluted (two class) (in millions)	177.0		178.8		184.1		179.9		188.6
Diluted earnings per share (two class) (in US$)	1.02		0.65		0.59		0.87		2.21
Adjusted diluted earnings per share (two class) (in US$)	1.04		0.70		0.65		3.01		2.47

JHG contracts with third-party intermediaries to distribute and service certain of its investment products. Fees for distribution and servicing related activities are either provided for separately in an investment product’s prospectus or are part of the management fee. Under both arrangements, the fees are collected by JHG and passed through to third-party intermediaries who are responsible for performing the applicable services. The majority of distribution and servicing fees collected by JHG are passed through to third-party intermediaries. JHG

Page | 7

management believes that the deduction of distribution and service fees from revenue in the computation of adjusted revenue reflects the pass-through nature of these revenues. In certain arrangements, JHG performs the distribution and servicing activities and retains the applicable fees. Revenues for distribution and servicing activities performed by JHG are not deducted from GAAP revenue.

2	Adjustments primarily represent rent expense for subleased office space as well as integration costs in relation to the Merger, including severance costs, legal costs and consulting fees. JHG management believes these costs are not representative of the ongoing operations of the Group.

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. Adjustments also include impairment charges of our goodwill and certain mutual fund investment management agreements and client relationships. JHG management believes these non-cash and acquisition-related costs are not representative of the ongoing operations of the Group.

Adjustments primarily relate to contingent consideration adjustments associated with prior acquisitions and increased debt expense as a consequence of the fair value uplift on debt due to acquisition accounting. JHG management believes these costs are not representative of the ongoing operations of the Group.

5	The tax impact of the adjustments is calculated based on the applicable US or foreign statutory tax rate as it relates to each adjustment. Certain adjustments are either not taxable or not tax-deductible.

Condensed consolidated balance sheets (unaudited)


	31 Dec	31 Dec
(in US$ millions)	2020	2019
Assets:
Cash and cash equivalents	1,099.7	733.9
Investment securities	268.1	253.5
Property, equipment and software, net	77.9	84.7
Intangible assets and goodwill, net	4,070.2	4,592.9
Assets of consolidated variable interest entities	226.5	1,010.9
Other assets	966.6	945.8
Total assets	6,709.0	7,621.7

Liabilities, redeemable noncontrolling interests and equity:
Long-term debt	313.3	316.2
Deferred tax liabilities, net	627.4	729.1
Liabilities of consolidated variable interest entities	3.2	57.1
Other liabilities	927.3	935.2
Redeemable noncontrolling interests	85.8	677.9
Total equity	4,752.0	4,906.2
Total liabilities, redeemable noncontrolling interests and equity	6,709.0	7,621.7

Condensed consolidated statements of cash flows (unaudited)


	Three months ended			Year ended
	31 Dec	30 Sep	31 Dec	31 Dec	31 Dec
(in US$ millions)	2020	2020	2019	2020	2019
Cash provided by (used for):
Operating activities	220.2	183.0	207.0	645.7	463.2
Investing activities	119.4	135.0	(364.7)	129.4	(389.3)
Financing activities	(191.2)	(291.2)	176.0	(491.0)	(207.0)
Effect of exchange rate changes	33.2	19.3	4.5	27.5	13.0
Net change during period	181.6	46.1	22.8	311.6	(120.1)

Page | 8

STATUTORY DISCLOSURES

Associates and joint ventures

At 31 December 2020, 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:

●

LongTail 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 2019, on file with the SEC (Commission file no. 001-38103). Events subsequent to the balance sheet date have been evaluated for inclusion in the financial statements through the issuance date and are included in the notes to the condensed consolidated financial statements.

Corporate governance principles and recommendations

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

Page | 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 2019 and in other filings or furnishings made by the Company with the Securities and Exchange Commission from time to time (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 undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except as required by law.

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.

Page | 10

Thursday 4 February 2021 FOURTH QUARTER AND FULL-YEAR 2020 RESULTS Dick Weil Chief Executive Officer Roger Thompson Chief Financial Officer

2020 RESULTS AND STRATEGY UPDATE Dick Weil Chief Executive Officer

3 1 Represents percentage of AUM outperforming the relevant benchmark. Full performance disclosures detailed in the appendix on s lide 31. 2 See adjusted financial measures reconciliation on slides 38 and 39 for additional information. FULL-YEAR 2020 RESULTS Q1 2020 Q2 2020 Q3 2020 Q4 2020 Equities Fixed Income Multi-Asset Quantitative Equities Alternatives Q1 2020 to Q4 2020 total net flows by capability (US$bn) (12.2) (8.2) (2.9) (1.1) Key metrics 2020 2019 3-year investment outperformance¹ 65% 76% Net flows US$(24.4)bn US$(27.4)bn Total AUM US$401.6bn US$374.8bn US GAAP diluted EPS US$0.87 US$2.21 Adjusted diluted EPS² US$3.01 US$2.47 ▪ Investment performance remained solid despite volatile markets ▪ AUM increased 7% in 2020 to US$401.6bn; strength in global markets was partially offset by net outflows ▪ Flows improved throughout the year; 84% of net outflows occurred in H1 2020 ▪ Adjusted diluted EPS of US$3.01 in 2020 improved 22% over 2019 ▪ Returned US$394m in capital through dividends and share buybacks in 2020

4 Delivering on our strategy of Simple Excellence... Produce dependable investment outcomes Excel in distribution and client experience Focus and increase operational efficiency Proactive risk and control environment Develop new growth initiatives OUR STRATEGY: SIMPLE EXCELLENCE Strengthening our core foundation and maximising growth potential Simple Excellence lays the strong foundation for sustained organic and inorganic growth to create value for all our stakeholders: our clients, shareholders and employees Positive flows and AUM growth Revenue stability and profitability A return to consistent net inflows driven by organic growth across regions, client types and capabilities A growing and diversified AUM and client base, able to weather shifting market environments Revenue stability resulting from a focus on profitable growth, recognising changing investor trends globally A balanced approach to managing costs for expanded profitability and increased cash flow generation

5 Continued investment strength ✓ Strong results across many capabilities through a challenging market environment ✓ Maintained process discipline and improved results in strategies impacted by Q1 2020 volatility ✓ Filled key investment roles, including in ESG ✓ Global system upgrades underway across several key front-office processes Growing distribution momentum ✓ Positive net flows in Intermediary across EMEA, LatAm and Asia Pacific ✓ Strong organic growth across our ‘Focus Product’ strategic initiative ✓ Further strengthened senior leadership across distribution, client relations and product ✓ Continued globalisation of distribution intelligence and client analytics capabilities DELIVERING ON SIMPLE EXCELLENCE Significant progress across our strategic initiatives Historical gross sales (LTM, quarterly)2 LTM gross sales (US$bn) and sales rate (%)2 % of AUM outperforming benchmark1 5-year basis 1-year basis 1 Full performance disclosures detailed in the appendix on slide 31. 2 Last twelve months (‘LTM’) gross sales calculated as trailing 12-month gross sales. LTM gross sales rate calculated as average of trailing four quarters’ annualised gross sales rates. Quarterly annualised gross sales rates are shown on slide 11. 65 71 73 74 78 19% 20% 21% 22% 23% Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 69% 50% 60% 58% 68% 77% 66% 68% 73% 72% Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020

6 DELIVERING ON SIMPLE EXCELLENCE Significant progress across our strategic initiatives Developed new growth initiatives New products brought to market ✓ CLO ETF ✓ BioTech L/S ✓ Global Sustainability / ESG ✓ Multi-Strategy ✓ Multiple product extensions, globally Expanding our global presence ✓ Intermediary, notably in EMEA and LatAm ✓ North America advisory, private wealth Improved operational efficiency Platform simplification ✓ Reducing complexity through strategic exits from non-core business areas, including Geneva ✓ Streamlined back-office functionality and lowered fund complexity through TPA consolidation Ongoing technology transformation ✓ Modernised data infrastructure comprising a scalable cloud-based core data platform ✓ Consolidation of key front office systems, including order management, risk, performance and attribution into a single, global enterprise platform ✓ Key technology enhancements in CRM, client reporting, business intelligence, distribution analytics and marketing

7 UPDATE ON DAI-ICHI RELATIONSHIP ▪ Dai-ichi has made the strategic decision to focus capital on their global insurance business ▪ As part of this decision, we have entered into a new strategic co-operation agreement, and Dai-ichi will sell its position in JHG and relinquish its Board seat ▪ While the capital portion of the relationship is ending, the operational relationship remains strong, and its continued importance is reflected in the new strategic co- operation agreement - We manage US$10.4bn for Dai-ichi, its subsidiaries and affiliates1 - Both firms will collaborate and look for opportunities to further support the growth of each other’s business - The exchange of expertise, which has been a bedrock of the relationship over the last eight years, will be expanded to include a senior executive from Dai-ichi to help lead Janus Henderson’s efforts in Japan ▪ We remain committed to Japan as part of our broader efforts to expand in this strategically important market The relationship remains strong and is strategically important to both organisations 1 At 31 December 2020.

BUSINESS AND FINANCIAL UPDATE Roger Thompson Chief Financial Officer

9 1 Represents percentage of AUM outperforming the relevant benchmark. Full performance disclosures detailed in the appendix on s lide 31. 2 See adjusted financial measures reconciliation on slides 38 and 39 for additional information. Key metrics – Q4 2020 vs Q3 2020 Q4 2020 RESULTS ▪ Long-term investment performance remains solid ▪ AUM increased 12% to US$401.6bn; strength in global markets was partially offset by significantly improved net outflows of US$(1.1)bn ▪ Adjusted diluted EPS of US$1.04 ▪ Declared US$0.36 per share dividend and completed US$27m of share buybacks Q4 2020 Q3 2020 3-year investment outperformance¹ 65% 61% Net flows US$(1.1)bn US$(2.9)bn Total AUM US$401.6bn US$358.3bn US GAAP diluted EPS US$1.02 US$0.65 Adjusted diluted EPS² US$1.04 US$0.70 Dividend per share US$0.36 US$0.36

10 INVESTMENT PERFORMANCE Firmwide investment performance remains solid Note: Full performance disclosures detailed in the appendix on slides 31 and 32. The top two Morningstar quartiles represent funds in the top half of their category based on total return. Refer to slide 32 for the 10-year period, percent of funds in the top 2 quartiles for all periods, and description and quantity of funds included in the analysis. Past performance is no guarantee of future results. Capability 1-year 3-year 5-year Equities Fixed Income Multi-Asset Quantitative Equities Alternatives Total Capability 1-year 3-year 5-year Equities Fixed Income Multi-Asset Quantitative Equities Alternatives Total % of mutual fund AUM in top 2 Morningstar quartiles At 31 Dec 20 % of AUM outperforming benchmark At 31 Dec 20 69% 24% 16% 72% 65% 68% 100% 97% 97% 94% 96% 97% 90% 96% 92% 67% 54% 54% 4% 33% 4% 71% 66% 57% 75% 76% 74% 92% 91% 91% 73% 79% 70% 67% 57% 47%

11 16.6 15.6 15.6 15.3 18.7 21.4 17.9 15.8 23.2 (25.0) (23.0) (25.4) (18.8) (25.4) (33.6) (26.1) (18.7) (24.3) (8.4) (7.4) (9.8) (3.5) (6.7) (12.2) (8.2) (2.9) (1.1) Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q4 2018 to Q4 2020 total flows (US$bn) Redemptions Sales Net sales / (redemptions) 17% 19% 18% 17% 21% 23% 25% 19% 26% Annualised gross sales¹ Annualised gross redemptions¹ 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM. TOTAL FLOWS Net flows improved quarter over quarter and year over year (26%) (28%) (29%) (21%) (29%) (36%) (36%) (22%) (27%)

12 6.3 6.3 4.2 3.7 8.8 (13.8) (14.1) (12.7) (5.6) (10.0) (7.5) (7.8) (8.5) (1.9) (1.2) Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 11.7 14.1 13.0 11.5 13.5 (10.1) (17.2) (12.1) (11.6) (12.5) 1.6 (3.1) 0.9 (0.1) 1.0 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 0.7 1.0 0.7 0.6 0.9 (1.5) (2.3) (1.3) (1.5) (1.8) (0.8) (1.3) (0.6) (0.9) (0.9) Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Intermediary (US$bn) 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM. QUARTERLY FLOWS BY CLIENT TYPE Redemptions Sales Net sales / (redemptions) Institutional (US$bn) 19% 19% 17% 13% 30% 29% 33% 38% 29% 32% 4% 6% 5% 4% 5% (42%) (43%) (50%) (20%) (34%) (25%) (40%) (36%) (29%) (29%) (9%) (14%) (9%) (9%) (10%) Annualised gross redemptions¹ Annualised gross sales¹ Self-Directed (US$bn) Net flows reflect strength in Intermediary and improved Institutional flows

13 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM. Q4 2020 FLOWS BY CAPABILITY Net flows reflect strength in Fixed Income and Multi-Asset 10.3 8.7 3.1 0.3 0.8 (10.4) (7.5) (1.9) (3.7) (0.8) (0.1) 1.2 1.2 (3.4) 0.0 Equities Fixed Income Multi-Asset Quantitative Equities Alternatives Annualised gross sales¹ Redemptions Sales Net sales / (redemptions) 22% 46% 28% 3% 33% Annualised gross redemptions¹ (22%) (40%) (17%) (36%) (31%) Q4 2020 flows by capability (US$bn)

14 STATEMENT OF INCOME US GAAP and adjusted Note: See adjusted financial measures reconciliation on slides 38 and 39 for additional information. US GAAP Adjustments Adjusted US GAAP Adjustments Adjusted Revenue Management fees 489.1 1,794.1 Performance fees 59.3 98.1 Shareowner servicing fees 57.9 209.2 Other revenue 50.9 197.2 Total revenue 657.2 (128.7) 528.5 2,298.6 (464.4) 1,834.2 Operating expenses Employee compensation and benefits 162.3 618.6 Long-term incentive plans 44.7 170.1 Distribution expenses 128.7 464.4 Investment administration 12.6 50.0 Marketing 3.9 19.6 General, administrative and occupancy 66.4 255.2 Impairment of goodwill and intangible assets 0.0 513.7 Depreciation and amortisation 11.6 49.2 Total operating expenses 430.2 (133.4) 296.8 2,140.8 (1,003.3) 1,137.5 Operating income 227.0 4.7 231.7 157.8 538.9 696.7 3 months ended 31 Dec 20 Year ended 31 Dec 20 (US$m)

15 (US$, except margin data) Q4 2020 Q3 2020 Change Q4 2020 vs Q3 2020 2020 2019 Change 2020 vs 2019 Average AUM 379.0bn 356.0bn 6% 352.7bn 357.1bn (1%) Total revenue 657.2m 568.5m 16% 2,298.6m 2,192.4m 5% Operating income 227.0m 156.5m 45% 157.8m 540.9m (71%) Operating margin 34.5% 27.5% 7.0ppt 6.9% 24.7% (17.8ppt) US GAAP diluted EPS 1.02 0.65 57% 0.87 2.21 (61%) Adjusted revenue 528.5m 449.7m 18% 1,834.2m 1,748.1m 5% Adjusted operating income 231.7m 162.1m 43% 696.7m 626.6m 11% Adjusted operating margin 43.8% 36.0% 7.8ppt 38.0% 35.8% 2.2ppt Adjusted diluted EPS 1.04 0.70 49% 3.01 2.47 22% SUMMARY FINANCIAL RESULTS US GAAP and adjusted Note: See adjusted financial measures reconciliation on slides 38 and 39 for additional information.

16 REVENUE Q4 2020 adjusted revenue reflects higher performance fees and average assets Note: See adjusted financial measures reconciliation on slides 38 and 39 for additional information. 1 Net margin based on management fees net of distribution expenses. Adjusted revenue – Q3 2020 vs Q4 2020 (US$m) Q4 2020 adjusted revenue drivers ▪ Increase from Q3 2020 management fees driven by higher average assets ▪ Performance fees improved from Q3 2020 driven by investment performance and seasonality ▪ Improved average net management fee margin due to asset mix shift 437.5 409.8 59.3 7.0 10.5 10.9 21.2 22.0 528.5 449.7 Q4 2020 Q3 2020 Management fees Performance fees Shareowner servicing fees Other revenue (US$m, except margin data) Q4 2020 Q3 2020 Change Total adjusted revenue 528.5 449.7 18% Management fees 437.5 409.8 7% Performance fees 59.3 7.0 nm Shareowner servicing fees 10.5 10.9 (4%) Other revenue 21.2 22.0 (4%) Average net¹ mgmt fee margin 45.9bps 45.8bps 0.1bps

17 PERFORMANCE FEES Performance in several strategies drove the year-over-year improvement Performance fees – 2019 vs 2020 (US$m) ▪ US$42m increase in 2020 performance fees for segregated mandates includes strategies in Equities, Fixed Income and Quantitative Equities ▪ SICAV performance fees increased US$16m primarily resulting from UK Absolute Return, Global Real Estate, Global Market Neutral and European Equities ▪ UK OEIC and unit trust performance fees increased US$10m, primarily due to UK Absolute Return ▪ US mutual fund performance fees improved in 2020, but remain negative 30.6 72.1 1.7 17.6 0.3 10.5 0.4 11.0 (15.4) (13.1) 17.6 98.1 2019 2020 Segregated mandates SICAVs UK OEICs and unit trusts Offshore absolute return US mutual funds

18 OPERATING EXPENSES Q4 2020 adjusted expenses reflect higher variable compensation on increased profits Note: See adjusted financial measures reconciliation on slides 38 and 39 for additional information. Adjusted operating expenses – Q3 2020 vs Q4 2020 (US$m) (US$m) Q4 2020 US GAAP Adjustments Q4 2020 adjusted Q3 2020 adjusted Change Q4 2020 adj vs Q3 2020 adj Employee compensation and benefits 162.3 (0.1) 162.2 154.6 5% Long-term incentive plans 44.7 0.1 44.8 42.8 5% Total compensation expenses 207.0 – 207.0 197.4 5% Distribution expenses 128.7 (128.7) –– nm Investment administration 12.6 – 12.6 13.1 (4%) Marketing 3.9 – 3.9 5.3 (26%) General, administrative and occupancy 66.4 (2.8) 63.6 62.1 2% Depreciation and amortisation 11.6 (1.9) 9.7 9.7 (0%) Non-staff operating expenses 223.2 (133.4) 89.8 90.2 (0%) Total operating expenses 430.2 (133.4) 296.8 287.6 3% 296.8 (0.5) (1.4) 0.0 287.6 7.6 2.0 1.5 Q3 2020 Compensation and benefits LT incentive plans Investment administration Marketing General, admin. and occupancy Depreciation and amortisation Q4 2020

19 EXPENSE UPDATE Maintaining expense discipline whilst investing for growth Adjusted operating expense metrics1 2018 2019 2020 2021 Adjusted compensation as a % of adjusted net revenue 41.4% 44.0% 42.9% Low 40s Adjusted non-compensation annual growth2 15% 0% (1)% Mid-single digits3 1 See adjusted financial measures reconciliation on slides 38 and 39 for additional information. 2 2018 excludes US$12m for a one-time legal outcome. 3 Low-single digits excluding impact of currency movements. ▪ We have maintained a high degree of financial operating leverage, following US$125m of cost reductions delivered through our merger, with continuous cost discipline balanced with strategic investments in our business for growth ▪ During 2020, we performed an extensive review of our expense model with the support of an outside consultant and are actioning approximately US$40m in cost efficiencies ▪ The cost efficiencies will offset the investments in our business and infrastructure that are necessary to support a growing business ▪ In 2021, we will continue to invest in the business; however, our strong cost discipline and higher AUM are expected to translate into increased financial operating leverage

20 Note: At 31 December 2020, JHG had a US$200m, undrawn, unsecured, revolving credit facility. 1 Includes seed investments of US$354.9m (including investment securities of consolidated VIEs of US$158.4m), investments relat ed to deferred compensation plans of US$88.9m and other investments of US$5.4m at 30 September 2020; includes seed investments of US$380.7m (including investment securities of consolidated variable interest entities (‘VIEs’) of US$214.6m), investments related to deferred comp ensation plans of US$96.5m and other investments of US$5.5m at 31 December 2020. 2 Includes cash and cash equivalents of consolidated VIEs of US$17.5m and US$8.4m at 30 September 2020 and 31 December 2020, re spectively. BALANCE SHEET Strong liquidity position ▪ Cash and investment securities totalled US$1,591m compared to outstanding debt of US$313m ▪ Board declared a dividend of US$0.36 per share to be paid on 3 March to shareholders on record at the close of business on 17 February ▪ Repurchased 6.6m shares in 2020 for US$131m from the US$200m buyback programme authorised in February 2020 ▪ Expected eligibility for Russell 1000 in June 2021 926.5 1,108.1 449.2 482.7 1,375.7 1,590.8 314.0 313.3 Cash and investments Debt Cash and investments Debt Balance sheet profile – carrying value 30 Sep 20 vs 31 Dec 20 (US$bn) Investment securities¹ Cash and cash equivalents² 2025 maturity 31 Dec 20 30 Sep 20

CONCLUSION Dick Weil Chief Executive Officer

22 CONCLUSION ▪ Solid investment performance ▪ Strengthened global distribution and product platform ▪ Improved flows demonstrate diversification of broad capabilities ▪ Maintaining focus and cost discipline whilst investing for growth ▪ Dai-ichi Life continues to be a valued long-term strategic partner ▪ Progress, momentum in delivering a profitable and resilient business through our Simple Excellence strategy

Q&A

APPENDIX

25 ASSETS UNDER MANAGEMENT AUM at 31 December 2020: US$401.6bn 55% 20% 12% 10% 3% Equities Fixed Income Multi-Asset Quantitative Equities Alternatives 48% 32% 20% Intermediary Institutional Self-Directed 55% 31% 14% North America EMEA & LatAm Asia Pacific By client type By capability By client location US$219.4bn US$81.5bn US$48.0bn US$42.0bn US$10.7bn US$192.9bn US$127.6bn US$81.1bn US$220.6bn US$124.1bn US$56.9bn

26 INVESTMENT MANAGEMENT CAPABILITIES Diversified product range Equities US$219.4bn AUM 31 Dec 20 US$401.6bn Fixed Income US$81.5bn Multi-Asset US$48.0bn Self-directed Intermediary Institutional Institutional Institutional Quantitative Equities US$42.0bn Institutional Alternatives US$10.7bn Intermediary Equities (56bps1) ▪ Wide range of equity strategies encompassing different geographic focuses and investment styles Fixed Income (28bps1) ▪ Innovative and differentiated techniques designed to support clients as they navigate each unique economic cycle Multi-Asset (52bps1) ▪ Provides a range of diversified core investment solutions with the aim of delivering attractive returns over the long term with lower levels of volatility Quantitative Equities (19bps1) ▪ Intech applies advanced mathematics and systematic portfolio rebalancing intended to harness the volatility of movements in stock prices Alternatives (66bps1) ▪ Investment solutions aimed at delivering specific outcomes tailored to meet the needs and constraints of clients 1 Full-year 2020 average net management fee margin; net margin based on management fees net of distribution expenses.

27 LARGEST STRATEGIES BY CAPABILITY Note: Numbers may not cast due to rounding. Capability Strategy AUM (US$bn) 31 Dec 20 US Mid Cap Growth 29.6 US Concentrated Growth 25.1 US Research Growth Equity 20.2 US SMID Cap Growth 14.5 Global Life Sciences 14.1 Absolute Return Income 12.5 Sterling Buy & Maintain Credit 10.8 Global Strategic Fixed Income 9.8 Core Plus Fixed Income 7.4 Australian Fixed Income 6.4 Balanced 41.8 UK Cautious Managed 1.6 Global Adaptive Capital Appreciation 0.7 Multi Manager Managed 0.5 Global Diversified Growth 0.3 Intech Global Large Cap Core ex-Japan - ESG 10.5 Intech US Enhanced Plus 4.7 Intech Global Large Cap Core 4.5 Intech US Large Cap Growth 2.7 Intech Global Enhanced Index ex-Australia ex-Tobacco 1% Risk 2.6 UK Large Cap Absolute Return Equity 5.2 Property 2.6 Global Commodities 0.6 Europe Large Cap Long/Short 0.5 Concentrated Pan Europe Equity 0.3 Total 229.3 Equity Fixed Income Multi-Asset Alternatives Quantitative Equities

28 9.4 8.8 7.9 5.8 10.3 (10.7) (15.7) (12.1) (10.9) (10.4) (1.3) (6.9) (4.2) (5.1) (0.1) Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Equities (US$bn) 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM. QUARTERLY FLOWS BY CAPABILITY Equities and Fixed Income 5.6 8.0 6.3 5.9 8.7 (8.4) (11.4) (7.0) (4.1) (7.5) (2.8) (3.4) (0.7) 1.8 1.2 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 (23%) (31%) (32%) (24%) (22%) Redemptions Sales Net sales / (redemptions) Annualised gross redemptions¹ 20% 17% 21% 13% 22% 30% 43% 39% 34% 46% (45%) (61%) (43%) (23%) (40%) Fixed Income (US$bn) Annualised gross sales¹

29 0.3 0.4 0.4 1.3 0.3 (3.6) (2.4) (4.3) (1.4) (3.7) (3.3) (2.0) (3.9) (0.1) (3.4) Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 2.7 3.5 2.5 2.3 3.1 (1.3) (2.5) (1.8) (1.7) (1.9) 1.4 1.0 0.7 0.6 1.2 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 0.7 0.7 0.8 0.5 0.8 (1.4) (1.6) (0.9) (0.6) (0.8) (0.7) (0.9) (0.1) (0.1) 0.0 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Multi-Asset (US$bn) 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM. QUARTERLY FLOWS BY CAPABILITY Multi-Asset, Quantitative Equities and Alternatives Redemptions Sales Net sales / (redemptions) Quantitative Equities (US$bn) 3% 4% 5% 13% 3% 29% 36% 29% 22% 28% 24% 25% 36% 23% 33% (31%) (22%) (50%) (14%) (36%) (14%) (26%) (21%) (17%) (17%) (49%) (58%) (40%) (24%) (31%) Annualised gross redemptions¹ Annualised gross sales¹ Alternatives (US$bn)

30 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Equities Fixed Income Multi-Asset Quantitative Equities Alternatives Q4 2018 to Q4 2020 total net flows by capability (US$bn) NET FLOWS BY CAPABILITY (12.2) (7.4) (8.4) (9.8) (3.5) (6.7) (8.2) (2.9) (1.1)

31 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 at 31 December 2020, 30 September 2020, 30 June 2020 and 31 December 2019, and 6% of AUM at 31 March 2020. Capabilities defined by Janus Henderson. INVESTMENT PERFORMANCE % of AUM outperforming benchmark Capability 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr Equities 67% 76% 80% 43% 69% 70% 52% 54% 64% 38% 53% 71% 54% 54% 67% Fixed Income 82% 84% 92% 48% 55% 61% 83% 87% 96% 88% 92% 97% 92% 96% 90% Multi-Asset 91% 91% 93% 86% 87% 93% 93% 91% 94% 93% 93% 95% 97% 96% 94% Quantitative Equities 37% 40% 16% 35% 28% 9% 23% 22% 9% 64% 8% 8% 69% 24% 16% Alternatives 94% 99% 100% 95% 97% 97% 96% 96% 99% 97% 97% 100% 97% 97% 100% Total 69% 76% 77% 50% 65% 66% 60% 62% 68% 58% 61% 73% 68% 65% 72% Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020

32 INVESTMENT PERFORMANCE 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%, 86%, 86%, 88% and 79% of total mutual fund AUM were in the top 2 Morningstar quartiles for the 10-year periods ended 31 December 2019, 31 March 2020, 30 June 2020, 30 September 2020 and 31 December 2020, respectively. For the 1-, 3-, 5- and 10-year periods ending 31 December 2020, 56%, 58%, 55% and 63% of the 201, 191, 183 and 150 total mutual funds, respectively, were in the top 2 Morningstar quartiles. Analysis based on ‘primary’ share class (Class I Shares, Institutional Shares or share class with longest history for US Trusts; Class A Shares or share class with longest history for Dublin based; primary share class as defined by Morningstar for other funds). Performance may vary by share class. Rankings may be based, in part, on the performance of a predecessor fund or share class and are calculated by Morningstar using a methodology that differs from that used by Janus Henderson. Methodology differences may have a material effect on the return and therefore the ranking. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period. ETFs and funds not ranked by Morningstar are excluded from the analysis. Capabilities defined by Janus Henderson. © 2020 Morningstar, Inc. All Rights Reserved. % of mutual fund AUM in top 2 Morningstar quartiles Capability 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr Equities 88% 87% 77% 60% 85% 78% 59% 56% 76% 60% 68% 76% 47% 57% 67% Fixed Income 70% 55% 56% 75% 82% 70% 77% 86% 74% 76% 78% 72% 70% 79% 73% Multi-Asset 93% 89% 90% 91% 91% 92% 90% 92% 92% 91% 92% 92% 91% 91% 92% Quantitative Equities 22% 22% 19% 37% 57% 46% 3% 60% 8% 4% 30% 4% 4% 33% 4% Alternatives 36% 74% 95% 98% 60% 98% 98% 100% 96% 100% 100% 100% 74% 76% 75% Total 83% 82% 76% 69% 84% 79% 67% 67% 78% 68% 74% 78% 57% 66% 71% Q4 2020 Q4 2019 Q1 2020 Q2 2020 Q3 2020

33 INVESTMENT PERFORMANCE Note: Full performance disclosures detailed on slide 32. Numbers may not cast due to rounding. % of mutual fund AUM in top 2 Morningstar quartiles (continued) Group 45 44 42 32 17 51 44 46 48 44 50 51 41 41 40 38 25 25 36 41 31 40 22 26 22 26 28 37 37 31 83 69 67 68 57 82 84 67 74 66 76 79 78 78 71 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Equities 45 35 31 13 10 50 31 33 32 29 50 46 30 27 27 43 25 28 48 36 37 54 23 36 29 27 32 46 49 40 88 60 59 60 47 87 85 56 68 57 77 78 76 76 67 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 2nd quartile 1st quartile 1-year 3-year 5-year 1-year 3-year 5-year

34 INVESTMENT PERFORMANCE % of mutual fund AUM in top 2 Morningstar quartiles (continued) 2nd quartile 1st quartile Fixed Income Multi-Asset 19 37 41 56 54 29 52 64 67 71 28 44 41 49 49 51 38 36 19 16 26 30 23 11 8 28 27 33 24 24 70 75 77 76 70 55 82 86 78 79 56 70 74 72 73 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 86 89 89 90 15 86 89 90 91 91 87 88 90 90 91 6 2 1 1 76 3 3 2 1 1 3 4 2 2 0 93 91 90 91 91 89 91 92 92 91 90 92 92 92 92 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 1-year 3-year 5-year 1-year 3-year 5-year Note: Full performance disclosures detailed on slide 32. Numbers may not cast due to rounding.

35 29 4 3 3 4 4 4 4 4 3 4 4 22 7 3 4 19 54 56 26 29 15 42 4 22 37 3 4 4 22 57 60 30 33 19 46 8 4 4 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 5 29 64 43 0 31 56 32 72 41 25 47 47 39 31 69 34 57 74 43 5 68 28 35 95 73 48 53 37 36 98 98 100 74 74 60 100100 76 95 98 96 100 75 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 INVESTMENT PERFORMANCE % of mutual fund AUM in top 2 Morningstar quartiles (continued) Quantitative Equities Alternatives 2nd quartile 1st quartile 1-year 3-year 5-year 1-year 3-year 5-year Note: Full performance disclosures detailed on slide 32. Numbers may not cast due to rounding.

36 CAPITAL MANAGEMENT Note: JHG purchases shares on market for the annual share grants associated with variable compensation, which is not included in the above share repurchases. Numbers may not cast due to rounding. 1 Total shares outstanding reflect amounts disclosed on forms 10-Q or 10-K for each respective quarter. Continued commitment to return of capital – nearly US$400m in 2020 Dividend paid / share (US$) 0.36 0.36 0.36 0.36 0.36 0.36 0.36 0.36 Shares repurchased (m) 1.3 3.5 4.2 0.5 2.1 1.1 2.4 1.0 Total shares outstanding1 (m) 195.2 191.6 187.5 187.0 184.9 183.9 181.4 180.4 Q1 2019 to Q4 2020 quarterly capital return (US$bn) 69.7 68.6 67.8 66.3 66.2 66.1 65.8 64.8 30.9 75.2 81.3 12.5 31.2 22.0 50.2 27.4 100.6 143.8 149.1 78.8 97.4 88.1 116.0 92.2 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Dividends Share repurchases

37 US GAAP: STATEMENT OF INCOME (US$m, except per share data or as noted) 31 Dec 20 30 Sep 20 31 Dec 19 31 Dec 20 31 Dec 19 Revenue Management fees 489.1 457.7 457.8 1,794.1 1,792.3 Performance fees 59.3 7.0 18.3 98.1 17.6 Shareowner servicing fees 57.9 53.7 71.9 209.2 185.4 Other revenue 50.9 50.1 53.2 197.2 197.1 Total revenue 657.2 568.5 601.2 2,298.6 2,192.4 Operating expenses Employee compensation and benefits 162.3 154.9 163.1 618.6 602.5 Long-term incentive plans 44.7 42.7 44.5 170.1 184.3 Distribution expenses 128.7 118.8 138.1 464.4 444.3 Investment administration 12.6 13.1 13.8 50.0 47.9 Marketing 3.9 5.3 10.0 19.6 31.1 General, administrative and occupancy 66.4 65.6 60.3 255.2 260.8 Impairment of goodwill and intangible assets ––– 513.7 18.0 Depreciation and amortisation 11.6 11.6 17.1 49.2 62.6 Total operating expenses 430.2 412.0 446.9 2,140.8 1,651.5 Operating income 227.0 156.5 154.3 157.8 540.9 Interest expense (3.2) (3.2) (3.3) (12.9) (15.1) Investment gains, net 32.2 25.5 12.1 57.5 34.2 Other non-operating income (expense), net (0.2) (0.9) (5.8) 39.7 23.5 Income before taxes 255.8 177.9 157.3 242.1 583.5 Income tax provision (57.4) (40.8) (36.9) (59.5) (137.8) Net income 198.4 137.1 120.4 182.6 445.7 Net income attributable to noncontrolling interests (11.6) (18.2) (8.4) (21.0) (18.1) Net income attributable to JHG 186.8 118.9 112.0 161.6 427.6 Less: allocation of earnings to participating stock-based awards (5.5) (3.5) (3.1) (4.7) (11.7) Net income attributable to JHG common shareholders 181.3 115.4 108.9 156.9 415.9 Diluted weighted-average shares outstanding (m) 177.0 178.8 184.1 179.9 188.6 Diluted EPS (in US$) 1.02 0.65 0.59 0.87 2.21 Year ended 3 months ended

38 ALTERNATIVE PERFORMANCE MEASURES Note: Reconciliation to be used in conjunction with slide 39. Footnotes included on slide 40. Reconciliation of adjusted financial measures (US$m, except per share data) 31 Dec 20 30 Sep 20 31 Dec 19 31 Dec 20 31 Dec 19 Reconciliation of revenue to adjusted revenue Revenue 657.2 568.5 601.2 2,298.6 2,192.4 Management fees1 (51.6) (47.9) (48.0) (183.8) (189.6) Shareowner servicing fees1 (47.4) (42.8) (62.7) (170.3) (149.4) Other revenue1 (29.7) (28.1) (27.4) (110.3) (105.3) Adjusted revenue 528.5 449.7 463.1 1,834.2 1,748.1 Reconciliation of operating expenses to adjusted operating expenses Operating expenses 430.2 412.0 446.9 2,140.8 1,651.5 Employee compensation and benefits2 (0.1) (0.3) (6.3) (2.3) (19.1) Long-term incentive plans2 0.1 0.1 0.2 0.5 0.8 Distribution expenses1 (128.7) (118.8) (138.1) (464.4) (444.3) General, administrative and occupancy2 (2.8) (3.5) (3.2) (11.0) (20.0) Impairment of goodwill and intangible assets3 –––(513.7) (18.0) Depreciation and amortisation3 (1.9) (1.9) (7.4) (12.4) (29.4) Adjusted operating expenses 296.8 287.6 292.1 1,137.5 1,121.5 Adjusted operating income 231.7 162.1 171.0 696.7 626.6 Operating margin 34.5% 27.5% 25.7% 6.9% 24.7% Adjusted operating margin 43.8% 36.0% 36.9% 38.0% 35.8% 3 months ended Year ended

39 ALTERNATIVE PERFORMANCE MEASURES Note: Reconciliation to be used in conjunction with slide 38. Footnotes included on slide 40. Reconciliation of adjusted financial measures (continued) (US$m, except per share data) 31 Dec 20 30 Sep 20 31 Dec 19 31 Dec 20 31 Dec 19 Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG Net income attributable to JHG 186.8 118.9 112.0 161.6 427.6 Employee compensation and benefits2 0.1 0.3 6.3 2.3 19.1 Long-term incentive plans2 (0.1) (0.1) (0.2) (0.5) (0.8) General, administrative and occupancy2 2.8 3.5 3.2 11.0 20.0 Impairment of goodwill and intangible assets3 ––– 513.7 18.0 Depreciation and amortisation3 1.9 1.9 7.4 12.4 29.4 Interest expense4 –– 0.2 0.1 2.5 Investment gains (losses), net4 (1.4) ––(1.4) – Other non-operating income (expense), net4 (1.7) (0.5) (1.9) (28.7) (24.3) Income tax benefit (provision)5 0.6 5.6 (3.1) (112.6) (13.2) Adjusted net income attributable to JHG 189.0 129.6 123.9 557.9 478.3 Diluted earnings per share (in US$) 1.02 0.65 0.59 0.87 2.21 Adjusted diluted earnings per share (in US$) 1.04 0.70 0.65 3.01 2.47 3 months ended Year ended

40 ALTERNATIVE PERFORMANCE MEASURES Footnotes to reconciliation of adjusted financial measures 1 JHG contracts with third-party intermediaries to distribute and service certain of its investment products. Fees for distribution and servicing related activities are either provided for separately in an investment product’s prospectus or are part of the management fee. Under both arrangements, the fees are collected by JHG and passed through to third-party intermediaries who are responsible for performing the applicable services. The majority of distribution and servicing fees collected by JHG are passed through to third-party intermediaries. JHG management believes that the deduction of distribution and service fees from revenue in the computation of adjusted revenue reflects the pass-through nature of these revenues. In certain arrangements, JHG performs the distribution and servicing activities and retainsthe applicable fees. Revenuesfor distribution andservicing activitiesperformed by JHG are not deducted from GAAP revenue. 2 Adjustments primarily represent rent expense for subleased office space as well as integration costs in relation to the Merger, including severance costs, legal costs and consulting fees. JHG management believesthese costs are not representative of the ongoing operationsof 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. Adjustments also include impairment charges of our goodwill and certain mutual fund investment management agreements and client relationships. JHG management believes these non-cash and acquisition-related costs are not representative of the ongoing operationsof the Group. 4 Adjustments primarily relate to contingent consideration adjustments associated with prior acquisitions and increased debt expense as a consequence of the fair value uplift on debt dueto acquisition accounting. JHG management believesthese costs are not representative of the ongoing operationsof the Group. 5 The tax impact of the adjustments is calculated based on the applicable US or foreign statutory tax rate as it relates to each adjustment. Certain adjustments are either not taxable ornot tax-deductible.

41 PERFORMANCE FEES Note: Performance fees include prior quarter accrual true-ups. Numbers may not cast due to rounding. 1 AUM data present US mutual fund AUM subject to performance fees at 31 December 2020. Janus Investment Funds and Janus Aspen S eries Portfolios are counted as distinct and separate funds. Q4 2020 (US$m) Q3 2020 (US$m) Q4 2019 (US$m) AUM generating Q4 2020 pfees (US$bn) # of funds generating Q4 2020 pfees Frequency Timing SICAVs 5.4 2.8 0.2 3.6 3 17 annually; 3 quarterly 17 at June; 3 on quarters UK OEICs and unit trusts 0.5 6.4 0.3 2.3 2 quarterly various Offshore absolute return 6.9 0.1 0.2 0.6 7 annually various Segregated mandates 48.6 3.2 19.3 22.1 18 quarterly / annually various US mutual funds1 (2.1) (5.5) (1.7) 57.4 17 monthly monthly Total 59.3 7.0 18.3 86.0 47

42 US MUTUAL FUNDS WITH PERFORMANCE FEES 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 ben chmark 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 Until 1 August 2022, the Fund’s performance during the portion of the performance measurement period prior to 1 August 2019 will be compared to the Fund's former benchmark, the Russell 3000® Value Index. Mutual funds with performance fees¹ AUM 31 Dec 20 (US$m) Benchmark Base fee Performance fee2 Performance cap/(floor) v s benchmark Q4 2020 P&L impact (US$’000) Forty Fund and Portfolio 20,219 Russell 1000® Growth Index 0.64% ± 15 bps ± 8.50% 2,607 Research Fund and Portfolio 19,596 Russell 1000® Growth Index 0.64% ± 15 bps ± 5.00% (5,667) Global Research Fund and Portfolio 4,103 MSCI World IndexSM 0.60% ± 15 bps ± 6.00% 1,330 Contrarian Fund 3,785 S&P 500® Index 0.64% ± 15 bps ± 7.00% 1,033 Small Cap Value Fund 3,706 Russell 2000® Value Index 0.72% ± 15 bps ± 5.50% (886) Mid Cap Value Fund and Portfolio 2,830 Russell Midcap® Value Index 0.64% ± 15 bps ± 4.00% (1,250) Overseas Fund and Portfolio 2,129 MSCI All Country World ex-U.S. IndexSM 0.64% ± 15 bps ± 7.00% 666 Global Real Estate Fund 680 FTSE EPRA / NAREIT Global Index 0.75% ± 15 bps ± 4.00% 148 Global Value Fund 115 MSCI World IndexSM 0.64% ± 15 bps ± 7.00% (71) Large Cap Value Fund 96 Russell 1000® Value Index 0.64% ± 15 bps ± 3.50% (37) Small-Mid Cap Value Fund3 73 Russell 2500TM Value Index 0.70% ± 15 bps ± 5.00% (19) Asia Equity Fund 35 MSCI All Country Asia ex-Japan IndexSM 0.92% ± 15 bps ± 7.00% 4 Total 57,367 (2,141)

43 LONG-TERM INCENTIVE COMPENSATION Note: 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, DIP and DEP funds) and social security expense upon vesting. 1 Estimated 2021 annual grant based on amounts expected to be granted associated with the annual award process. Actual awards a re expected to come in between US$135m and US$145m. 2 Includes retention and recruiting awards; other subsidiary grants and social security expense. Social security expense is est imated based on amount of existing awards expected to vest in that year. Estimated future long-term incentive compensation amortization (US$m) Amount remaining to expense 2021 2022 2023 2024 2025 2018 annual grant 6 6 –––– 2019 annual grant 23 20 3 ––– 2020 annual grant 67 45 19 3 –– Estimated 2021 annual grant1 140 71 47 19 3 – Other2 66 25 18 13 8 2 Total long-term incentive compensation 302 167 87 35 11 2

44 GLOBAL FOOTPRINT Global headquarters Regional head offices Other office locations North America AUM US$221bn Investment professionals 162 Distribution professionals 312 EMEA & Latin America AUM US$124bn Investment professionals 145 Distribution professionals 217 Asia Pacific AUM US$57bn Investment professionals 44 Distribution professionals 77 Source: Janus Henderson Investors. Staff and AUM data at 31 December 2020.

45 CONTACTS Investor enquiries Melanie Horton Co-Head Investor Relations (Non-US) +44 (0)20 7818 2905 melanie.horton@janushenderson.com Jim Kurtz Co-Head Investor Relations (US) +1 303 336 4529 jim.kurtz@janushenderson.com Investor Relations investor.relations@janushenderson.com Media enquiries Stephen Sobey +44 (0)20 7818 2523 stephen.sobey@janushenderson.com United Kingdom: Edelman Smithfield Latika Shah +44 (0)7950 671 948 latika.shah@edelmansmithfield.com Andrew Wilde +44 (0)7786 022 022 andrew.wilde@edelmansmithfield.com Asia Pacific: Honner Craig Morris +61 2 8248 3757 craig@honner.com.au

201 Bishopsgate London EC2M 3AE United Kingdom www.janushenderson.com Contact us 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 2019 and the Company’s other filings and furnishings w ith 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 the company and its management. Any forw ard-looking statements contained in this presentation are as of the date on w hich such statements w ere made. The company assumes no duty to update them, even if experience, unexpected events, or future changes make it clear that any projected res ults expressed or implied therein w ill 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 w ith respect to such securities or other financial instruments. Not all products or services are available in all jurisdictions. Various account minimums or other eligibility qualifications apply depending on the investment strategy, vehicle or investor jurisdiction. 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 and Intech are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.