April 21, 2003

Janus Fund Manager Hayes to Retire

April 17, 2003 -- Janus Capital Management said international fund manager and investment chief Helen Young Hayes will retire in June.

Hayes, who has been with the Denver-based mutual fund company for 16 years, has managed the Janus Worldwide Fund (JAWWX) since its inception in 1991, and has run Janus Overseas Fund (JAOSX) since it began operations in 1994.

Laurence Chang will succeed Hayes as lead manager of the Worldwide fund, which he has helped oversee since late 1999. Chang also served as Hayes' co-portfolio manager on the Overseas fund from 1998 to 2000. Douglas Kirkpatrick continues as co-manager of the Worldwide fund.

Brent Lynn will replace Hayes on the Overseas fund, which he has helped run since 2001. Garth Yettick, an analyst, was promoted to assistant manager of the fund.

Both funds generated strong returns and topped their peers in the 1990s, but have slipped since.

The Overseas fund returned 86.1% in 1999, but has been in the red since. The Worldwide fund returned an average annualized 7.7% for the ten years ended last month, while its international stock fund peers were up 4.9%. However, Worldwide lost 27% on average for the three years ended in March, compared to a loss of 19.3% by its global fund peers.

Hayes, who came to the Denver-based mutual fund company from Fred Alger Management, will stay on at the fund complex through the end of the year, after which she "plans to retire from the asset management business," the company said.

Hayes is the second well-known fund manager to leave Janus this year. Warren Lammert stepped down last month from the Janus Mercury Fund (JAMRX), which he had Piloted since 1993.

Mark Whitson, chief executive officer of Janus Capital Group (JNS), the fund company's parent, will initiate a search for a new chief investment officer, the position Hayes has held since February 2002.

He will be joined by former Janus portfolio manager and chief investment officer Jim Craig. Also spearheading the search will be Andrew Cox, a former portfolio manager and vice president of investments at the Founders mutual fund family. Craig and Cox are also Janus Capital directors.

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