Ja SECOND QUARTER 2021 RESULTS Thursday 29 July 2021 Dick Weil Chief Executive Officer Roger Thompson Chief Financial Officer Q2 2021 RESULTS Q2 2021 Q1 2021 3-year investment outperformance¹ 66% 62% Net flows US$(2.5)bn US$(3.3)bn Total AUM US$427.6bn US$405.1bn Long-term investment performance remains solid AUM increased 6% to US$427.6bn Strength in global markets was partially offset by net outflows of US$(2.5)bn Adjusted diluted EPS of US$1.16 Board approved additional buyback authorisation of US$200m | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to 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 ...

Financial Performance - Adjusted diluted EPS was $0.91 in Q1 2021, a 13% decrease compared to $1.04 in Q4 2020, but a 52% increase compared to $0.60 in Q1 2020 [3, 17] - Total revenue decreased by 2% from $657.2 million in Q4 2020 to $644.0 million in Q1 2021 [17] - Adjusted revenue decreased by 2% from $528.5 million in Q4 2020 to $516.6 million in Q1 2021, but increased 17% from $442.7 million in Q1 2020 [17] - Operating income decreased by 15% from $227.0 million in Q4 2020 to $192.5 million in Q1 2021 [17] - Adjusted operating income decreased by 13% from $231.7 million in Q4 2020 to $201.5 million in Q1 2021, but increased 22% from $164.5 million in Q1 2020 [17] Assets Under Management (AUM) and Flows - Total AUM increased by 1% to $405.1 billion in Q1 2021 from $401.6 billion in Q4 2020 [2, 3] - Net outflows were $3.3 billion in Q1 2021, compared to net outflows of $1.1 billion in Q4 2020 [2, 3] - Intermediary saw annualized gross sales of 13.5% and redemptions of 22% [8] - Institutional saw annualized gross sales of 9% and redemptions of 10% [8] Capital Management - The board declared a $0.02 increase in the quarterly dividend to $0.38 per share [2, 3] - The company completed $230 million of share buybacks in Q1 2021, repurchasing 8.0 million shares [2, 25] Investment Performance - 62% of AUM outperformed the relevant benchmark over a 3-year period [3] - 67% of total AUM was in the top 2 Morningstar quartiles [5]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to 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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-38103 JANUS HENDERSON GROUP PLC (Exact name of registrant as specified in its charter) Jersey, Channel Islands 98-1376360 (I.R ...

Janus Henderson Group plc (NYSE:JHG) Q4 2020 Earnings Conference Call February 4, 2021 8:00 AM ET Company Participants Dick Weil - Chief Executive Officer Roger Thompson - Chief Financial Officer Conference Call Participants Ken Worthington - JPMorgan Ed Henning - CLSA Dan Fannon - Jefferies Nigel Pittaway - Citi Patrick Davitt - Autonomous Research Andrei Stadnik - Morgan Stanley Sean Colman - Bank of America Simon Fitzgerald - Evans & Partners Kareem Afifi - Crédit Suisse John Dunn - Evercore Liz Miliati ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to Commission File Number 001-38103 JANUS HENDERSON GROUP PLC (Exact name of registrant as specified in its charter) Jersey, Channel Islands (State or other jurisdic ...

Financial Data and Key Metrics Changes - The company reported adjusted EPS of $0.67, an increase from $0.60 in the previous quarter and $0.61 a year ago [21][32] - Total adjusted revenues decreased by 7% compared to the prior quarter, primarily due to lower average AUM, although performance fees increased to $17.2 million from $14.6 million in the prior quarter [30][34] - Adjusted operating income was $138 million, down 16% from the prior quarter, with an adjusted operating margin of 33.5% compared to 37.2% in the previous quarter [32][36] Business Line Data and Key Metrics Changes - Net outflows for the quarter were $8.2 billion, an improvement from $12.2 billion in the previous quarter, with positive flows in the intermediary business but significant outflows in institutional [20][24] - Equity net outflows were $4.2 billion, improved from $6.9 billion in the prior quarter, while fixed income saw negative flows of $700 million [26][28] - Multi-asset flows were positive at $700 million, driven by strong performance in the balanced strategy [28] Market Data and Key Metrics Changes - The U.K. business within EMEA posted its first positive result since Q4 2017, indicating a recovery in the market [25] - Intermediary flows were positive across the U.S., EMEA, and Asia Pacific, with a 3% annualized organic growth rate for the quarter [25][50] - The company noted that the institutional pipeline remains diverse, with opportunities for improvement in the second half of the year despite recent outflows [25][64] Company Strategy and Development Direction - The company is focused on a strategy termed "simple excellence," which aims to deliver organic growth and increasing profitability through disciplined execution [43][44] - Key strategic priorities include enhancing investment outcomes, improving client experience, and modernizing infrastructure while maintaining cost discipline [55][57] - The company is committed to diversity and inclusion, having already met its target of 25% women in finance by 2022 [16][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the promise of growth has taken longer to materialize than expected, but they remain confident in their strategy and the potential for improved results [10][13] - The impact of COVID-19 has created delays in institutional funding processes, but management is optimistic about future opportunities [100][101] - The company plans to continue examining its cost structure and make necessary investments to support its strategic goals [58][124] Other Important Information - The company returned $88 million to shareholders through dividends and share repurchases during the quarter [21][41] - Cash and cash equivalents stood at $880 million, with $837 million attributed to Janus Henderson [40] Q&A Session Summary Question: Institutional business performance and growth path - Management noted that institutional flows were impacted by significant redemptions, but they are taking steps to strengthen the non-INTECH parts of the institutional distribution [68][72] Question: Direct channel reopening and investment - The direct channel was reopened to better serve existing shareholders, with cautious optimism about improving flows without significant investment [73][76] Question: Gross sales trends and month-to-month movement - Management indicated that gross sales have fluctuated due to market conditions, with no significant trends drawn from recent changes [78][79] Question: Impact of weaker performance on flows - The weaker performance in U.S. SMID and MID strategies is recognized, but management believes these strategies will recover over time [82][86] Question: Review of cost structure and potential headcount changes - Management emphasized that the review of the cost structure is ongoing, with no pre-judged outcomes regarding headcount reductions [91][94] Question: Institutional outflows and client retention - Management expressed the need to improve efforts to retain assets during client derisking activities, acknowledging the importance of strong client relationships [97][98] Question: Delayed funding in institutional business - Management noted that the process of moving from pipeline to funding has slowed, but they remain hopeful for future opportunities [100][101]

[PART I — FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements for H1 2020 reflect a decrease in total assets, a net loss of $144.1 million, and positive operating cash flow, primarily due to significant impairment charges Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$6,725.2** | **$7,621.7** | | Intangible assets, net | $2,638.6 | $3,088.6 | | Goodwill | $1,310.4 | $1,504.3 | | **Total Liabilities** | **$1,827.6** | **$2,037.6** | | **Total Equity** | **$4,428.9** | **$4,906.2** | Condensed Consolidated Statements of Comprehensive Income (Loss) Highlights (in millions, except per share data) | Metric | Q2 2020 | Q2 2019 | 6 Months 2020 | 6 Months 2019 | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $518.0 | $535.9 | $1,072.9 | $1,055.2 | | Operating Income (Loss) | $106.7 | $118.5 | $(225.7) | $243.0 | | Net Income (Loss) Attributable to JHG | $102.9 | $109.4 | $(144.1) | $203.5 | | Diluted EPS | $0.55 | $0.56 | $(0.79) | $1.03 | Condensed Consolidated Statements of Cash Flows Highlights (in millions) | Cash Flow Activity | Six months ended June 30, 2020 | Six months ended June 30, 2019 | | :--- | :--- | :--- | | Net Operating Activities | $242.5 | $83.0 | | Net Investing Activities | $(125.0) | $11.5 | | Net Financing Activities | $(8.6) | $(275.5) | [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes detail significant events including the sale of Geneva Capital Management, substantial impairment charges of $513.7 million due to COVID-19, and ongoing litigation related to VelocityShares ETNs - On March 17, 2020, the company sold Geneva Capital Management for **$38.4 million** in cash, recognizing a pre-tax gain of **$16.2 million**[23](index=23&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) - An interim impairment assessment in Q1 2020, driven by COVID-19, resulted in significant charges: **$263.5 million** on investment management agreements, **$92.6 million** on client relationships, **$7.7 million** on trademarks, and **$123.5 million** on goodwill[64](index=64&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) - In June 2020, an additional impairment charge of **$26.4 million** was recorded, writing off the entire intangible asset associated with VelocityShares ETNs following a delisting announcement[69](index=69&type=chunk) - The company is defending lawsuits related to VelocityShares ETNs, with one consolidated case dismissed and on appeal, and most claims against Janus Indices dismissed in another case[98](index=98&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion highlights the significant negative impact of COVID-19 on AUM and financial results, leading to impairments, while the company maintains a stable capital position and continues its share buyback program - The COVID-19 pandemic significantly impacted financial results, leading to AUM and revenue declines, and triggering Q1 impairments of **$363.8 million** in intangible assets and **$123.5 million** in goodwill[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) Assets Under Management (AUM) Roll-Forward (in billions) | Period | Starting AUM | Net Sales (Redemptions) | Markets | FX & Other | Ending AUM | | :--- | :--- | :--- | :--- | :--- | :--- | | **6 Months to 6/30/20** | **$374.8** | **$(20.4)** | **$(8.3)** | **$(9.4)** | **$336.7** | Q2 2020 Financial Summary (in millions) | Metric | Q2 2020 | Q2 2019 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $518.0 | $535.9 | (3)% | | Operating Income | $106.7 | $118.5 | (10)% | | Net Income (to JHG) | $102.9 | $109.4 | (6)% | | Diluted EPS | $0.55 | $0.56 | (1.8)% | - The company maintains a stable financial condition with surplus capital and liquidity, not expecting to suspend its quarterly dividend or share buyback program despite economic uncertainty[119](index=119&type=chunk) [Results of Operations](index=36&type=section&id=Results%20of%20Operations) Q2 2020 saw a $38.7 million decrease in management fees offset by a $13.7 million increase in performance fees, while operating expenses decreased due to lower G&A and marketing, partially offset by a $26.4 million impairment charge - Q2 2020 management fees fell **$38.7 million** year-over-year due to lower average AUM, while performance fees increased by **$13.7 million**[149](index=149&type=chunk)[152](index=152&type=chunk) - Q2 2020 operating expenses decreased, with G&A down **$9.7 million** (including **$5.3 million** in travel reductions) and marketing expenses down **$4.4 million**[167](index=167&type=chunk)[168](index=168&type=chunk) - Goodwill and intangible asset impairment charges increased by **$8.4 million** in Q2 2020, primarily due to a **$26.4 million** impairment of the VelocityShares ETN asset[170](index=170&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2020, the company held **$835.8 million** in cash, maintained an undrawn **$200 million** credit facility, repurchased **$22.0 million** in stock, and paid **$66.1 million** in dividends, demonstrating strong liquidity and capital Key Liquidity Data (in millions) | Item | June 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Cash and cash equivalents | $835.8 | $732.4 | | Debt | $314.8 | $316.2 | - The company has an undrawn **$200 million** unsecured revolving credit facility maturing in February 2024[74](index=74&type=chunk)[201](index=201&type=chunk) - In Q2 2020, the company repurchased **1,061,633 shares** for **$22.0 million** under its buyback program and paid **$0.36 per share** in dividends[191](index=191&type=chunk)[195](index=195&type=chunk) [PART II — OTHER INFORMATION](index=47&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Item 1A. Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) This section updates risk factors, focusing on the significant and ongoing adverse effects of the COVID-19 pandemic, including potential revenue declines, further impairments, liquidity constraints, and operational disruptions - The primary updated risk factor is the **COVID-19 pandemic**, which has adversely affected and is expected to continue to adversely affect results of operations[212](index=212&type=chunk) - Specific risks include further decreases in AUM and revenue, additional impairments of intangible assets and goodwill, potential constraints on liquidity and capital, and possible disruption of business operations[213](index=213&type=chunk)[216](index=216&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details its common stock repurchase activities, including a new **$200 million** buyback program approved in February 2020, under which **1,061,633 shares** were repurchased for **$22.0 million** in Q2 - A new on-market share buyback program of up to **$200 million** was approved on February 3, 2020[215](index=215&type=chunk) Share Repurchases (Q2 2020) | Month | Shares Purchased (Buyback Program) | Average Price Paid | Total Cost (Buyback Program) | | :--- | :--- | :--- | :--- | | April | 0 | N/A | $0 | | May | 438,443 | $18.11 | ~$7.9M | | June | 623,190 | $22.21 | ~$13.8M | | **Total Q2** | **1,061,633** | **-** | **~$22.0M** |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to Commission File Number 001-38103 JANUS HENDERSON GROUP PLC 98-1376360 (I.R.S. Employer Identification No.) EC2M3AE (Zip Code) +44 (0) 20 7818 1818 (Registrant's telep ...