September 30, 2004 - Fidelity Investments

The Janus preliminary year-end distribution estimates for 2004 are shown below. Please note that these estimates were prepared using income and capital gain amounts through September 30, 2004. The distribution amounts may change, perhaps significantly, for the following reasons:

1. The fiscal year-end of these funds is October 31. The funds may realize additional capital gains and losses during the month of October.

2. The income estimates include income through September 30. They do not include estimates of October, November and December income which will also be distributed in December, 2004.

3. Record date is not until December 16 for these funds (excluding the normal monthly distribution payable on December 31). This means that the total number of shares which will receive the distribution will change, perhaps significantly.

The Janus funds intend to distribute the maximum amount of dividends qualifying for the 15% rate allowable under the law. Estimates of the qualifying percentage are not yet available as we are awaiting final IRS guidance.

C-1004-49 1-15-05

Janus Investment Fund Preliminary Distribution Estimates

As of 9/30/2004 (1)

Total Ordinary Income (2)

Total Capital

Gain

Total Distribution

Janus Fund Enterprise Fund Mercury Fund Olympus Fund Orion Fund Twenty Fund * Venture Fund *

Global Life Sciences Fund Global Technology Fund Global Opportunities Fund Overseas Fund Worldwide Fund

(3) Balanced Fund Core Equity Fund

(3) Growth and Income Fund Contrarian Fund **

Risk-Managed Stock Fund

Mid Cap Value Fund (INV) Mid Cap Value Fund (INST) * Small Cap Value Fund (INV) * Small Cap Value Fund (INST) *

(4) Flexible Income Fund (4) High-Yield Fund (4) Short-Term Bond Fund (4) Federal Tax-Exempt Fund

$0.00 $0.00 $0.00 $0.00 $0.00 $0.03 $0.00

$0.00 $0.00 $0.01 $0.12 $0.22

$0.00 $0.03 $0.00 $0.01

$0.36

$0.85 $0.87 $0.38 $0.43

$0.00 $0.00 $0.01 $0.00

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00

$0.32

$1.34 $1.34 $4.46 $4.46

$0.00 $0.00 $0.00 $0.00

$0.00 $0.00 $0.00 $0.00 $0.00 $0.03 $0.00

$0.00 $0.00 $0.01 $0.12 $0.22

$0.00 $0.03 $0.00 $0.01

$0.68

$2.19 $2.21 $4.84 $4.89

$0.00 $0.00 $0.01 $0.00

(1) These amounts include income earned through September 30, 2004. They do not include estimates of income for October, November and December, which will also be distributed in December, 2004.

(2) Ordinary income includes net investment income, short-term gains, currency gains and losses, and certain tax adjustments. Details of the sources of ordinary income will be provided in your year-end statement.

(3) Amount does not include the normal quarterly distribution payable on December 17, 2004. (4) Amount does not include the normal monthly distribution payable on December 31, 2004. * Closed to new investors ** Effective 9/30/04 Janus Special Equity Fund changed its name to Janus Contrarian Fund. 1

These are dividend estimates only. There is no guarantee that any portfolio will distribute dividends. This material must be preceded or accompanied by a prospectus. Funds distributed by Janus Distributors LLC. (10/04)

C-1004-49 1-15-05

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