Document:

<PAGE>

                                                                     EXHIBIT 4.1

                            JANUS CAPITAL GROUP INC.

                          6.119% SENIOR NOTES DUE 2014

                           -------------------------

                                    INDENTURE

                           Dated as of April 26, 2004

                            -------------------------

                               JPMORGAN CHASE BANK

                                     Trustee

<PAGE>

                            CROSS REFERENCE TABLE(1)
    Reconciliation and tie between Trust Indenture Act of 1939 and Indenture

<TABLE>
<CAPTION>
   Trust Indenture Act Section       Indenture Section
---------------------------------    -----------------
<S>                                  <C>
 Section  310 (a)(1)                     607(a)
              (a)(2)                     607(a)
              (b)                        607(b), 608
 Section  312 (c)                        701
 Section  314 (a)                        703
              (a)(4)                     1005
              (c)(1)                     102
              (c)(2)                     102
              (e)                        102
 Section  315 (b)                        601
 Section  316 (a) (last sentence)        101
              (a)(1)(A)                  502, 512
              (a)(1)(B)                  513
              (b)                        508
 Section  317 (a)(1)                     503
              (a)(2)                     504
 Section  318 (a)                        111
              (c)                        111
</TABLE>

------------

NOTE: This cross-reference table shall not, for any purpose, be deemed to be a
part of this Indenture.

------------

(1)   This table will be reviewed and revised upon completion of the Indenture.

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                                       <C>
                                                  ARTICLE I
                           DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 101.    Definitions......................................................................          1

Section 102.    Compliance Certificates and Opinions.............................................          8

Section 103.    Form of Documents Delivered to Trustee...........................................          8

Section 104.    Acts of Holders..................................................................          9

Section 105.    Notices, etc., to Trustee and Company............................................         10

Section 106.    Notice to Holders; Waiver........................................................         10

Section 107.    Effect of Headings and Table of Contents.........................................         10

Section 108.    Successors and Assigns...........................................................         10

Section 109.    Separability Clause..............................................................         11

Section 110.    Benefits of Indenture............................................................         11

Section 111.    Qualification of Indenture.......................................................         11

Section 112.    Governing Law....................................................................         11

Section 113.    Legal Holidays...................................................................         11

                                                 ARTICLE II
                                                NOTES FORMS

Section 201.    Form of Notes; Denominations.....................................................         11

Section 202.    Form of Trustee's Certificate of Authentication..................................         12

Section 203.    Notes Issuable in Global Form....................................................         12

Section 204.    Legends..........................................................................         13

                                                ARTICLE III
                                                 THE NOTES

Section 301.    Amount Unlimited.................................................................         14

Section 302.    [Intentionally Left Blank].......................................................         14

Section 303.    Execution, Authentication, Delivery and Dating...................................         14

Section 304.    Temporary Notes..................................................................         14

Section 305.    Registration, Registration of Transfer and Exchange..............................         15

Section 306.    Mutilated, Destroyed, Lost and Stolen Notes......................................         19

Section 307.    Payment of Interest; Interest Rights Preserved...................................         20

Section 308.    Additional Interest..............................................................         21

Section 309.    Persons Deemed Owners............................................................         21

Section 310.    Cancellation.....................................................................         21
</TABLE>

                                        i
<PAGE>

<TABLE>
<S>                                                                                                       <C>
Section 311.    Computation of Interest..........................................................         22

Section 312.    Add On Notes.....................................................................         22

Section 313.    CUSIP Numbers....................................................................         22

                                                 ARTICLE IV
                                         SATISFACTION AND DISCHARGE

Section 401.    Satisfaction and Discharge of Indenture..........................................         23

Section 402.    Application of Trust Funds.......................................................         24

                                                 ARTICLE V
                                                  REMEDIES

Section 501.    Events of Default................................................................         24

Section 502.    Acceleration of Maturity; Rescission and Annulment...............................         25

Section 503.    Collection of Indebtedness and Suits for Enforcement by Trustee..................         26

Section 504.    Trustee May File Proofs of Claim.................................................         27

Section 505.    Trustee May Enforce Claims Without Possession of Notes...........................         27

Section 506.    Application of Money Collected...................................................         28

Section 507.    Limitation on Suits..............................................................         28

Section 508.    Unconditional Right of Holders to Receive Principal; Premium and Interest........         28

Section 509.    Restoration of Rights and Remedies...............................................         29

Section 510.    Rights and Remedies Cumulative...................................................         29

Section 511.    Delay or Omission Not Waiver.....................................................         29

Section 512.    Control by Holders of Notes......................................................         29

Section 513.    Waiver of Past Defaults..........................................................         29

Section 514.    Waiver of Stay or Extension Laws.................................................         30

                                                 ARTICLE VI
                                                THE TRUSTEE

Section 601.    Notice of Defaults...............................................................         30

Section 602.    Certain Rights of Trustee........................................................         30

Section 603.    Not Responsible for Recitals or Issuance of Notes................................         32

Section 604.    May Hold Notes...................................................................         32

Section 605.    Money Held in Trust..............................................................         32

Section 606.    Compensation and Reimbursement...................................................         32

Section 607.    Corporate Trustee Required; Eligibility..........................................         33
</TABLE>

                                       ii
<PAGE>

<TABLE>
<S>                                                                                                       <C>
Section 608.    Resignation and Removal; Appointment of Successor................................         33

Section 609.    Acceptance of Appointment by Successor...........................................         34

Section 610.    Merger, Conversion, Consolidation or Succession to Business......................         35

Section 611.    Appointment of Authenticating Agent..............................................         35

                                                ARTICLE VII
                             HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

Section 701.    Disclosure of Names and Addresses of Holders.....................................         36

Section 702.    Reports by Trustee...............................................................         37

Section 703.    Reports by Company...............................................................         37

                                                ARTICLE VIII
                               CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

Section 801.    Company May Consolidate, Etc., Only on Certain Terms.............................         37

Section 802.    Successor Person Substituted.....................................................         38

                                                 ARTICLE IX
                                          SUPPLEMENTAL INDENTURES

Section 901.    Supplemental Indentures Without Consent of Holders...............................         38

Section 902.    Supplemental Indentures with Consent of Holders..................................         39

Section 903.    Execution of Supplemental Indentures.............................................         40

Section 904.    Effect of Supplemental Indentures................................................         40

Section 905.    Conformity with Trust Indenture Act..............................................         41

Section 906.    Reference in Notes to Supplemental Indentures....................................         41

                                                 ARTICLE X
                                                 COVENANTS

Section 1001.   Payment of Principal, Premium and Interest.......................................         41

Section 1002.   Maintenance of Office or Agency..................................................         41

Section 1003.   Money for Notes Payments to Be Held in Trust.....................................         42

Section 1004.   Statement as to Compliance.......................................................         42

Section 1005.   Limitation on Liens..............................................................         43

                                                 ARTICLE XI
                                            REDEMPTION OF NOTES

Section 1101.   Company's Right to Redeem; Notice to Trustee.....................................         43

Section 1102.   Selection by Trustee of Notes to Be Redeemed.....................................         43

Section 1103.   Notice of Redemption.............................................................         44

Section 1104.   Deposit of Redemption Price......................................................         44
</TABLE>

                                       iii
<PAGE>

<TABLE>
<S>                                                                                                       <C>
Section 1105.   Notes Payable on Redemption Date.................................................         45

Section 1106.   Notes Redeemed in Part...........................................................         45

                                                 ARTICLE XII
                                         [INTENTIONALLY LEFT BLANK]

                                                ARTICLE XIII
                                     REPURCHASE AT THE OPTION OF HOLDERS

Section 1302.   Repurchase of Notes..............................................................         47

Section 1303.   Exercise of Option...............................................................         47

Section 1304.   Effect of Repurchase Notice; Withdrawal..........................................         48

Section 1305.   When Notes Presented for Repurchase Become Due and Payable.......................         48

Section 1306.   Notes Repurchased in Part........................................................         49

                                                ARTICLE XIV
                                     DEFEASANCE AND COVENANT DEFEASANCE

Section 1401.   Company's Option to Effect Defeasance or Covenant Defeasance.....................         49

Section 1402.   Defeasance and Discharge.........................................................         49

Section 1403.   Covenant Defeasance..............................................................         49

Section 1404.   Conditions to Defeasance or Covenant Defeasance..................................         50

Section 1405.   Deposited Money and Government Obligations to Be Held in
                Trust; Other Miscellaneous Provisions ...........................................         51

Section 1406.   Reinstatement....................................................................         51

                                                 ARTICLE XV
                                        MEETINGS OF HOLDERS OF NOTES

Section 1501.   [Intentionally Left Blank].......................................................         52

Section 1502.   Call, Notice and Place of Meetings...............................................         52

Section 1503.   Persons Entitled to Vote at Meetings.............................................         53

Section 1504.   Quorum; Action...................................................................         53

Section 1505.   Determination of Voting Rights; Conduct and Adjournment of Meetings..............         54

Section 1506.   Counting Votes and Recording Action of Meetings..................................         55
</TABLE>

                                       iv
<PAGE>

EXHIBIT A FORM OF NOTE

EXHIBIT B FORM OF TRANSFER CERTIFICATE FOR TRANSFER TO QIB

EXHIBIT C FORM OF RULE 144 CERTIFICATION

                                        v
<PAGE>

            INDENTURE, dated as of April 26, 2004, between Janus Capital Group
Inc., a Delaware corporation (the "Company"), having its principal office at 100
Fillmore Street, Denver, Colorado 80206, and JPMorgan Chase Bank, a New York
banking corporation (the "Trustee"), having its Corporate Trust Office at 4 New
York Plaza, 15th Floor, New York, New York 10004.

                             RECITALS OF THE COMPANY

            WHEREAS, the Company has duly authorized the execution and delivery
of this Indenture (as defined below) to provide for the issuance of $527,385,000
principal amount of its 6.119% Senior Notes due 2014, as provided herein
(together with any Exchange Notes (as defined below) issued therefor and any Add
On Notes (as defined below) (or any Exchange Notes issued therefor), in each
case as provided herein, the "Notes"); and

            WHEREAS, all things necessary to make this Indenture a valid
agreement of the Company, in accordance with its terms, have been done.

            NOW, THEREFORE, THIS INDENTURE WITNESSETH:

            Each party agrees as follows for the benefit of the other party and
for the equal and ratable benefit of the Holders (as defined below) of the
Notes:

                                    Article I

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

            SECTION 101. DEFINITIONS. For all purposes of this Indenture, except
as otherwise expressly provided or unless the context otherwise requires:

            (1) the terms defined in this Article I have the meanings assigned
      to them in this Article I, and include the plural as well as the singular;

            (2) all other terms used herein which are defined in the Trust
      Indenture Act (as defined below) either directly or by reference therein,
      have the meanings assigned to them therein, and the terms "cash
      transaction" and "self-liquidating paper," as used in Section 311 of the
      Trust Indenture Act, shall have the meanings assigned to them in the rules
      of the Commission (as defined below) adopted under the Trust Indenture
      Act;

            (3) all accounting terms not otherwise defined herein have the
      meanings assigned to them in accordance with generally accepted accounting
      principles in the United States (as defined below); and

            (4) the words "herein," "hereof" and "hereunder" and other words of
      similar import refer to this Indenture as a whole and not to any
      particular Article, Section or other subdivision.

            "Act" has the meaning specified in Section 104(a).

<PAGE>

            "Add On Note Board Resolutions" means Board Resolutions providing
for the issuance of Add On Notes.

            "Add On Note Supplemental Indenture" means a supplement to this
Indenture duly executed and delivered by the Company and the Trustee pursuant to
Article IX providing for the issuance of Add On Notes.

            "Add On Notes" has the meaning specified in Section 312(a).

            "Affiliate" means, with respect to any specified Person, any other
Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such specified Person. For the purposes of this
definition, "control" when used with respect to any specified Person means the
power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms "controlling" and "controlled" have meanings
correlative to the foregoing.

            "Agent Members" has the meaning specified in Section 203(b).

            "AI" means any "accredited investor" (as defined in Rule 501) other
than a QIB.

            "AI Note" means a Certificated Note that is a Restricted Note held
by a Specified Accredited Investor.

            "Assignment and Assumption Agreement" means the Assignment and
Assumption Agreement, dated as of March 16, 2004, between the Company and
Capital Group Partners, Inc.

            "Authenticating Agent" means any authenticating agent appointed by
the Trustee pursuant to Section 611.

            "Authorized Newspaper" means a newspaper, in the English language or
in an official language of the country of publication, customarily published on
each Business Day, whether or not such newspaper is also published on Saturdays,
Sundays or holidays, and of general circulation in each place in connection with
which the term is used or in the financial community of each such place. Where
successive publications are required to be made in Authorized Newspapers, the
successive publications may be made in the same or in different newspapers in
the same city meeting the foregoing requirements, on any Business Day.

            "Bankruptcy Law" means Title 11, U.S. Code or any similar Federal,
state or foreign law for the relief of debtors.

            "Board of Directors" means the board of directors of the Company,
the executive committee or any duly authorized committee of that board.

            "Board Resolution" means a copy of a resolution that is delivered to
the Trustee, certified by the Secretary or an Assistant Secretary of the Company
to have been duly adopted by the Board of Directors and to be in full force and
effect on the date of such certification.

                                       2
<PAGE>

            "Business Day" means, when used with respect to any Place of Payment
or any other particular location referred to in this Indenture or in the Notes,
each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which
banking institutions in that Place of Payment or particular location are
authorized or obligated by law or executive order to close.

            "Certificated Note" means any Note issued in fully-registered
certificated form (other than a Global Note), which shall be substantially in
the form of Exhibit A, with appropriate legends as specified in Section 204 and
Exhibit A.

            "Commission" means the United States Securities and Exchange
Commission.

            "Company" means the Person named as the "Company" in the first
paragraph of this Indenture until a successor replaces it pursuant to the
applicable provisions of this Indenture and, thereafter, "Company" shall mean
such successor or successors. The foregoing sentence shall likewise apply to any
subsequent such successor or successors.

            "Company Paid Amount" has the meaning specified in Section 1406(c).

            "Company Request" and "Company Order" means a written request or
order signed in the name of the Company by any two Officers.

            "Corporate Trust Office" means the principal office of the Trustee
at which at any time its corporate trust business shall be administered, which
office at the date hereof is located at 4 New York Plaza, 15th Floor, New York,
New York 10004, Attention, Institutional Trust Services, or such other address
as the Trustee may designate from time to time by notice to the Holders of Notes
and the Company, or the principal corporate trust office of any successor
Trustee (or such other address as a successor Trustee may designate from time to
time by notice to the Holders of Notes and the Company).

            "corporation" includes corporations, associations, companies and
business trusts.

            "Default" means any event that is, or after notice or passage of
time or both would be, an Event of Default.

            "Defaulted Interest" has the meaning specified in Section 307(b).

            "DTC" means The Depository Trust Company, its nominees and their
respective successors and assigns, or such other depositary institution
hereinafter appointed by the Company that is a clearing agency registered under
the Exchange Act.

            "Event of Default" has the meaning specified in Section 501.

            "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

            "Exchange Notes" means Notes issued in a Registered Exchange Offer
in exchange for a like principal amount of Notes originally issued pursuant to
an exemption from registration under the Securities Act, and replacement Notes
issued therefor in accordance with this Indenture.

                                       3
<PAGE>

            "Global Note" means any Note issued in fully-registered certificated
form to DTC (or its nominee), as depositary for the beneficial owners thereof,
which shall be substantially in the form of Exhibit A, with appropriate legends
as specified in Section 204 and Exhibit A.

            "Government Obligations" means securities that are (i) direct
obligations of the United States for the payment of which its full faith and
credit is pledged or (ii) obligations of a Person controlled or supervised by
and acting as an agency or instrumentality of the United States the payment of
which is unconditionally guaranteed as a full faith and credit obligation by the
United States which in either case under clauses (i) or (ii) are not callable or
redeemable at the option of the issuer thereof.

            "Holder" means the Person in whose name a Note is registered in the
Register.

            "Indenture" means this instrument as originally executed or as it
may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof,
and shall include the terms of the Notes established herein and the provisions
of the Trust Indenture Act that are deemed to be a part hereof.

            "Interest Payment Date" means each April 15 and October 15 of each
year, beginning October 15, 2004.

            "Issue Date" means April 26, 2004.

            "Maturity" means the date on which the principal of any Note or an
installment of principal becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by declaration of acceleration, notice of
redemption, notice of option to elect repurchase, notice of exchange or
otherwise.

            "Note Custodian" means the custodian with respect to any Global Note
appointed by DTC, or any successor Person thereto, and shall initially be the
Trustee.

            "Notes" has the meaning specified in the recitals of this Indenture
and means any Notes authenticated and delivered pursuant to this Indenture.

            "Officer" means the Chairman of the Board, the Vice Chairman, the
Chief Executive Officer, the President, any Executive Vice President, any Senior
Vice President, any Vice President, the Treasurer or the Secretary or any
Assistant Treasurer or any Assistant Secretary of the Company.

            "Officers' Certificate" means a written certificate signed in the
name of the Company by any two Officers and delivered to the Trustee. Any
certificate given pursuant to Section 1004 shall be signed by the principal
executive, principal financial, treasurer or the principal accounting officer of
the Company.

            "Opinion of Counsel" means a written opinion of legal counsel, who
may be an employee of, or counsel to, the Company or the Trustee.

                                       4
<PAGE>

            "Optional Repurchase Company Notice" has the meaning specified in
Section 1301(c).

            "Optional Repurchase Date" has the meaning specified in Section
1301(a).

            "Optional Repurchase Limit" has the meaning specified in Section
1301(b).

            "Optional Repurchase Notice" has the meaning specified in Section
1303(a).

            "Optional Repurchase Price" has the meaning specified in Section
1301(a).

            "Optional Repurchase Right" has the meaning specified in Section
1301(a).

            "Outstanding" means, when used with respect to the Notes, as of the
date of determination, all Notes authenticated and delivered under this
Indenture, except:

            (i)   Notes cancelled by the Trustee or delivered to the Trustee for
      cancellation pursuant to the terms of this Indenture;

            (ii)  Notes, except to the extent provided in Sections 1402 and
      1403, with respect to which the Company has effected defeasance and/or
      covenant defeasance as provided in Article XIV;

            (iii) Notes, or portions thereof, for whose payment money in the
      necessary amount has been theretofore deposited with the Trustee or any
      Paying Agent (other than the Company) in trust or set aside and segregated
      in trust by the Company (if the Company shall act as its own Paying Agent)
      for the Holders of such Notes; provided that Notes, or portions thereof,
      for whose redemption pursuant to Article XI or repurchase pursuant to
      Article XIII money in the necessary amount has been so deposited, shall
      remain Outstanding, subject to the final proviso to this definition, until
      the Company shall have directed the Trustee in writing that such Notes are
      to be deemed cancelled; and

            (iv)  Notes which have been paid pursuant to Section 306, or Notes
      which have been exchanged for other Notes which have been authenticated
      and delivered pursuant to this Indenture, other than any Notes in respect
      of which there shall have been presented to the Trustee proof satisfactory
      to it that such Notes are held by a protected purchaser (as defined in the
      Uniform Commercial Code) in whose hands such Notes are valid obligations
      of the Company;

provided, however, that in determining whether the Holders of the requisite
principal amount of the Outstanding Notes have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or are present at
a meeting of Holders for quorum purposes, and for the purpose of making the
calculations required by Section 313(i) of the Trust Indenture Act, Notes owned
by the Company, or any other obligor upon the Notes, or any Affiliate of the
Company or of such other obligor, shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected
in making such calculation or in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Notes which a
Responsible Officer of the Trustee actually knows to be so owned shall be so
disregarded. Notes

                                       5
<PAGE>

so owned which have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the satisfaction of the Trustee the pledgee's right
so to act with respect to such Notes and that the pledgee is not the Company or
any other obligor upon the Notes or any Affiliate of the Company or of such
other obligor.

            "Paying Agent" means any Person authorized by the Company to pay the
principal of (or premium, if any) or interest, if any, on any Notes on behalf of
the Company.

            "Person" means any individual, corporation, partnership, limited
liability company, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.

            "Place of Payment" means, when used with respect to the Notes, the
place or places where the principal of (and premium, if any) and interest, if
any, on such Notes are payable as specified and as contemplated by or pursuant
to Section 1002.

            "Predecessor Note" means, when used with respect to any particular
Note, every previous Note evidencing all or a portion to the same debt as that
evidenced by such particular Note; and, for the purposes of this definition, any
Note authenticated and delivered under Section 306 in exchange for or in lieu of
a mutilated, destroyed, lost or stolen Note, shall be deemed to evidence the
same debt as the mutilated, destroyed, lost or stolen Note.

            "Private Placement Legend" has the meaning specified in Section
204(b).

            "QIB" means any "qualified institutional buyer" (as defined in Rule
144A).

            "Record Date" has the meaning assigned to it in Exhibit A.

            "Redemption Date" has the meaning specified in Section 1101.

            "Redemption Limit" has the meaning specified in Section 1101.

            "Redemption Notice" has the meaning specified in Section 1103(a).

            "Redemption Price" has the meaning specified in Section 1101.

            "Redemption Right" has the meaning specified in Section 1101.

            "Register" and "Registrar" have the respective meanings specified in
Section 305(a).

            "Registered Exchange Offer" means an exchange offer by the Company
registered under the Securities Act pursuant to which Notes originally issued
pursuant to an exemption from registration under the Securities Act are
exchanged for Notes of like principal amount not bearing the Private Placement
Legend.

            "Registration Rights Agreement" means the Registration Rights
Agreement, dated as of April 26, 2004, between the Company and Citigroup Global
Markets Inc.

                                       6
<PAGE>

            "Registration Statement" means an effective shelf registration
statement under the Securities Act that registers the resale by Holders (and
beneficial owners) of Notes (or beneficial interests therein).

            "Resale Restriction Termination Date" means, for any Restricted Note
(or beneficial interest therein), two years (or such other period specified in
Rule 144(k)) from the Issue Date or, if any Add On Notes that are Restricted
Notes have been issued before the Resale Restriction Termination Date for any
Restricted Notes, from the latest such original issue date of such Add On Notes.

            "Responsible Officer" means, when used with respect to the Trustee,
any officer of the Trustee with direct responsibility for the administration of
this Indenture and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of his
knowledge of and familiarity with the particular subject.

            "Restricted Note" means any Note issued on the Issue Date (or
beneficial interest therein) or any Add On Note (or any beneficial interest
therein) not originally issued and sold pursuant to an effective registration
under the Securities Act or any Exchange Note, until such time as: (i) such Note
issued on the Issue Date (or beneficial interest therein) or Add On Note (or any
beneficial interest therein) has been transferred pursuant to a Registration
Statement; (ii) the Resale Restriction Termination Date therefor has passed; or
(iii) the Private Placement Legend therefor has otherwise been removed pursuant
to Section 305(e) or, in the case of a beneficial interest in a Global Note,
such beneficial interest has been exchanged for an interest in a Global Note not
bearing a Private Placement Legend.

            "Rule 144" means Rule 144 under the Securities Act (or any successor
rule).

            "Rule 144A" means Rule 144A under the Securities Act (or any
successor rule).

            "Rule 144A Global Note" has the meaning specified in Section 201(d).

            "Rule 501" means Rule 501 under the Securities Act (or any successor
rule).

            "Securities Act" means the Securities Act of 1933, as amended.

            "Special Record Date" means, for the payment of any Defaulted
Interest on the Notes, a date fixed by the Trustee pursuant to Section 307(b).

            "Specified AIs" means [o], an [o] of the Company, and [o], an [o] of
the Company, each of which has certified that he or it is an "accredited
investor" (as defined in Rule 501) other than a QIB.

            "Stated Maturity" means April 15, 2014.

            "Trust Indenture Act" means the Trust Indenture Act of 1939 as in
force at the date as of which this Indenture was executed, except as provided in
Section 905; provided, however, that in the event the Trust Indenture Act is
amended after such date, "Trust Indenture

                                       7
<PAGE>

Act" means, to the extent required by any such amendment, the Trust Indenture
Act of 1939, as so amended.

            "Trustee" means the Person named as the "Trustee" in the first
paragraph of this Indenture until a successor replaces it pursuant to the
applicable provisions of this Indenture and, thereafter, shall mean such
successor. The foregoing sentence shall likewise apply to any subsequent such
successor or successors.

            "United States" means the United States of America (including the
states and the District of Columbia), its territories, its possessions and other
areas subject to its jurisdiction.

            SECTION 102. COMPLIANCE CERTIFICATES AND OPINIONS. (a) Upon any
application or request by the Company to the Trustee to take any action under
any provision of this Indenture, the Company shall furnish to the Trustee an
Officers' Certificate stating that all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with
and an Opinion of Counsel stating that in the opinion of such counsel such
action is authorized or permitted by this Indenture and that all such conditions
precedent, if any, have been complied with; and, except in the case of any such
application or request as to which the furnishing of documents is specifically
required by any provision of this Indenture relating to such particular
application or request, no additional certificate or opinion need be furnished.

            (b)   Every certificate or opinion with respect to compliance with a
      condition or covenant provided for in this Indenture (other than pursuant
      to Section 1004) shall include:

            (1)   a statement that each individual signing such certificate or
      opinion has read such condition or covenant and the definitions herein
      relating thereto;

            (2)   a brief statement as to the nature and scope of the
      examination or investigation upon which the statements or opinions
      contained in such certificate or opinion are based;

            (3)   a statement that, in the opinion of each such individual, he
      has made such examination or investigation as is necessary to enable him
      to express an informed opinion as to whether or not such condition or
      covenant has been complied with; and

            (4)   a statement as to whether, in the opinion of each such
      individual, such condition or covenant has been complied with.

            SECTION 103. FORM OF DOCUMENTS DELIVERED TO TRUSTEE. (a) In any case
where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified
by, or covered by the opinion of, only one such Person, or that they be so
certified or covered by only one document, but one such Person may certify or
give an opinion as to some matters and one or more other such Persons as to
other matters, and any such Person may certify or give an opinion as to such
matters in one or several documents.

            (b)   Any certificate or opinion of an officer of the Company may be
      based, insofar as it relates to legal matters, upon an Opinion of Counsel,
      or a certificate or

                                       8
<PAGE>

      representations by counsel. Any such Opinion of Counsel or certificate or
      representations may be based, insofar as they relate to factual matters,
      upon a certificate or opinion of, or representations by, an officer or
      officers of the Company stating that the information as to such factual
      matters is in the possession of the Company.

            (c)   Where any Person is required to make, give or execute two or
      more applications, requests, consents, certificates, statements, opinions
      or other instruments under this Indenture, they may, but need not, be
      consolidated and form one instrument.

            SECTION 104. ACTS OF HOLDERS. (a) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by Holders of Outstanding Notes may be
embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by agents duly appointed in writing.
Except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments or record or both are delivered to
the Trustee and, where it is hereby expressly required, to the Company. Such
instrument or instruments and any such record (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the "Act" of the
Holders signing such instrument or instruments or so voting at any such meeting.
Proof of execution of any such instrument or of a writing appointing any such
agent, or of the holding by any Person of a Note, shall be sufficient for any
purpose of this Indenture and conclusive in favor of the Trustee and the Company
and any agent of the Trustee or the Company, if made in the manner provided in
this Section 104. The record of any meeting of Holders of Notes shall be proved
in the manner provided in Section 1506.

            (b)   The fact and date of the execution of any such instrument or
      writing, or the authority of the Person executing the same, may be proved
      in any manner that the Trustee deems reasonably sufficient.

            (c)   The ownership of Notes shall be proved by the Register.

            (d)   If the Company shall solicit from the Holders of Notes any
      request, demand, authorization, direction, notice, consent, waiver or
      other Act, the Company may, at its option, in or pursuant to a Board
      Resolution, fix in advance a record date for the determination of Holders
      entitled to give such request, demand, authorization, direction, notice,
      consent, waiver or other Act, but the Company shall have no obligation to
      do so. Notwithstanding Section 316(c) of the Trust Indenture Act, such
      record date shall be the record date specified in or pursuant to such
      Board Resolution, which shall be a date not earlier than the date 30 days
      prior to the first solicitation of Holders of Notes generally in
      connection therewith and not later than the date such solicitation is
      completed. If such a record date is fixed, such request, demand,
      authorization, direction, notice, consent, waiver or other Act may be
      given before or after such record date, but only the Holders of record at
      the close of business on such record date shall be deemed to be Holders
      for the purposes of determining whether Holders of the requisite
      proportion of Outstanding Notes have authorized or agreed or consented to
      such request, demand, authorization, direction, notice, consent, waiver or
      other Act, and for that purpose the Outstanding Notes shall be computed as
      of such record date; provided that no such authorization, agreement or
      consent by the Holders on such record date shall be deemed effective
      unless

                                       9
<PAGE>

            it shall become effective pursuant to the provisions of this
            Indenture not later than eleven months after the record date.

            (e)   Any request, demand, authorization, direction, notice,
      consent, waiver or other Act of the Holder of any Note shall bind every
      future Holder of the same Note and the Holder of every Note issued upon
      the registration of transfer thereof or in exchange therefor or in lieu
      thereof in respect of anything done, omitted or suffered to be done by the
      Trustee, any Registrar, any Paying Agent, any Authenticating Agent or the
      Company in reliance thereon, whether or not notation of such action is
      made upon such Note.

            SECTION 105. NOTICES, ETC., TO TRUSTEE AND COMPANY. Any request,
demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Indenture to be made upon, given or
furnished to, or filed with:

            (1)   the Trustee by any Holder or by the Company shall be
      sufficient for every purpose hereunder if made, given, furnished or filed
      in writing to or with the Trustee at its Corporate Trust Office; or

            (2)   the Company by the Trustee or by any Holder of Notes shall be
      sufficient for every purpose hereunder (unless otherwise herein expressly
      provided) if in writing and mailed, first-class postage prepaid, to the
      Company addressed to it at the address of its principal office specified
      in the first paragraph of this Indenture or at any other address
      previously furnished in writing to the Trustee by the Company.

            SECTION 106. NOTICE TO HOLDERS; WAIVER. (a) Where this Indenture
provides for notice of any event to Holders of Notes by the Company or the
Trustee, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to
each such Holder affected by such event, at his address as it appears in the
Register, not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice. In any case where notice to
Holders of Notes is given by mail, neither the failure to mail such notice, nor
any defect in any notice so mailed, to any particular Holder of Notes shall
affect the sufficiency of such notice with respect to other Holders of Notes.
Any notice mailed to a Holder of Notes in the manner herein prescribed shall be
conclusively deemed to have been received by such Holder, whether or not such
Holder actually receives such notice.

            (b)   If by reason of the suspension of or irregularities in regular
      mail service or by reason of any other cause it shall be impracticable to
      give such notice by mail, then such notification to Holders of Notes as
      shall be made in a manner approved by the Trustee shall constitute a
      sufficient notification to such Holders for every purpose hereunder.

            (c)   Any request, demand, authorization, direction, notice, consent
      or waiver required or permitted under this Indenture shall be in the
      English language, except that any published notice may be in an official
      language of the country of publication.

            (d)   Where this Indenture provides for notice in any manner, such
      notice may be waived in writing by the Person entitled to receive such
      notice, either before or after the event, and such waiver shall be deemed
      to be the equivalent of notice given. Waivers

                                       10
<PAGE>

      of notice by Holders of Notes shall be filed with the Trustee, but such
      filing shall not be a condition precedent to the validity of any action
      taken in reliance upon such waiver.

            SECTION 107. EFFECT OF HEADINGS AND TABLE OF CONTENTS. The Article
and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

            SECTION 108. SUCCESSORS AND ASSIGNS. All covenants and agreements in
this Indenture by the Company shall bind its successors and assigns, whether so
expressed or not.

            SECTION 109. SEPARABILITY CLAUSE. In case any provision in this
Indenture or in any Note shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

            SECTION 110. BENEFITS OF INDENTURE. Nothing in this Indenture or in
the Notes, express or implied, shall give to any Person (including any
Registrar, any Paying Agent, any Authenticating Agent and their successors
hereunder), other than the parties hereto, any benefit or any legal or equitable
right, remedy or claim under this Indenture.

            SECTION 111. QUALIFICATION OF INDENTURE. The Trustee shall be
entitled to receive from the Company any such Officers' Certificates, Opinions
of Counsel or other documentation as it may reasonably request in connection
with any qualification of this Indenture under the Trust Indenture Act.

            SECTION 112. GOVERNING LAW. This Indenture and the Notes shall be
governed by and construed in accordance with the law of the State of New York,
without regard to principles of conflicts of laws that would apply the laws of
any other state.

            SECTION 113. LEGAL HOLIDAYS. In any case where any Interest Payment
Date, Redemption Date, Optional Repurchase Date, Stated Maturity or Maturity of
any Note shall not be a Business Day at any Place of Payment, then
(notwithstanding any other provision of this Indenture or the Notes which
specifically states that such provision shall apply in lieu of this Section
113), payment of principal (or premium, if any) or interest, if any, need not be
made at such Place of Payment on such date, but may be made on the next
succeeding Business Day at such Place of Payment with the same force and effect
as if made on the Interest Payment Date, Redemption Date, Optional Repurchase
Date, or at the Stated Maturity or Maturity; provided that no interest shall
accrue on the amount so paid for the period from and after such Interest Payment
Date, Redemption Date, Optional Repurchase Date, Stated Maturity or Maturity, as
the case may be.

                                   ARTICLE II

                                   NOTES FORMS

            SECTION 201. FORM OF NOTES; DENOMINATIONS. (a) The Notes will be
issued in fully-registered certificated form without coupons, and only in
denominations of $1,000 and any integral multiple of $1,000. The Notes shall be
substantially in the form of Exhibit A.

                                       11
<PAGE>

            (b)   The terms and provisions of the Notes, the form of which is in
      Exhibit A, shall constitute, and are hereby expressly made, a part of this
      Indenture, and, to the extent applicable, the Company and the Trustee, by
      their execution and delivery of this Indenture expressly agree to such
      terms and provisions and to be bound thereby. Except as otherwise
      expressly permitted in this Indenture, all Notes shall be identical in all
      respects. Notwithstanding any differences among them, all Notes issued
      under this Indenture shall vote and consent together on all matters as one
      class.

            (c)   The Notes may have notations, legends or endorsements as
      specified in Section 204 or as otherwise required by law, stock exchange
      rule or DTC rule or usage. The Company and the Trustee shall approve the
      form of the Notes and any notation, legend or endorsement on them.

            (d)   Notes originally offered and sold to QIBs in reliance on Rule
      144A will be issued in the form of one or more permanent Global Notes
      (each, a "Rule 144A Global Note").

            (e)   Each Note originally offered and sold to a Specified
      Accredited Investor will be issued in the form of an AI Note. Upon such
      issuance, the Registrar shall register such AI Note in the name of the
      respective Specified Accredited Investor and deliver the certificates for
      such AI Notes to the respective Specified Accredited Investor. AI Notes
      shall be in minimum denominations of $250,000, except as specified in
      Sections 1106 and 1306.

            SECTION 202. FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION.
Subject to Section 611, the Trustee's certificate of authentication shall be in
substantially the following form:

            This is one of the Notes referred to in the within-mentioned
Indenture.

                                                 JPMORGAN CHASE BANK,
                                                     as Trustee

                                                 By: __________________________
                                                     Authorized Officer

            SECTION 203. NOTES ISSUABLE IN GLOBAL FORM. (a) Each Global Note
initially shall (i) be registered in the name of DTC or the nominee of DTC, (ii)
be delivered to the Note Custodian, and (iii) bear the appropriate legend, as
set forth in Section 204 and Exhibit A. Any Global Note may be represented by
more than one certificate. The aggregate principal amount of each Global Note
may from time to time be increased or decreased by adjustments made on the
records of the Note Custodian, as provided in this Indenture.

            (b)   Members of, or participants in, DTC ("Agent Members") shall
      have no rights under this Indenture with respect to any Global Note held
      on their behalf by DTC or by the Note Custodian under such Global Note,
      and DTC may be treated by the

                                       12
<PAGE>

      Company, the Trustee, the Paying Agent and the Registrar and any of their
      agents as the absolute owner of such Global Note for all purposes
      whatsoever. Notwithstanding the foregoing, nothing herein shall prevent
      the Company, the Trustee, the Paying Agent or the Registrar or any of
      their agents from giving effect to any written certification, proxy or
      other authorization furnished by DTC or impair, as between DTC and its
      Agent Members, the operation of customary practices of DTC governing the
      exercise of the rights of an owner of a beneficial interest in any Global
      Note. The registered Holder of a Global Note may grant proxies and
      otherwise authorize any person, including Agent Members and persons that
      may hold interests through Agent Members, to take any action that a Holder
      of Notes is entitled to take under this Indenture or the Notes.

            (c)   Except as provided below, owners of beneficial interests in
      Global Notes will not be entitled to receive Certificated Notes.

            (i)   Notes issued to the Specified Accredited Investors shall be
      issued as Certificated Notes.

            (ii)  Certificated Notes shall be issued to all owners of beneficial
      interests in a Global Note in exchange for such interests if:

            (1)   DTC notifies the Company that it is unwilling or unable to
      continue as depositary for such Global Note or DTC ceases to be a clearing
      agency registered under the Exchange Act at a time when DTC is required to
      be so registered in order to act as depositary, and in each case a
      successor depositary is not appointed by the Company within 60 days of
      such notice;

            (2)   the Company executes and delivers to the Trustee and Registrar
      an Officers' Certificate stating that such Global Note shall be so
      exchangeable; or

            (3)   an Event of Default has occurred and is continuing and the
      Registrar has received a request from DTC.

In connection with the exchange of an entire Global Note for Certificated Notes
pursuant to this Section 203(c)(ii), such Global Note shall be deemed to be
surrendered to the Trustee for cancellation, and the Company shall execute, and
upon Company Order the Trustee shall authenticate and deliver, to each
beneficial owner identified by DTC in exchange for its beneficial interest in
such Global Note, an equal aggregate principal amount of Certificated Notes of
authorized denominations.

            (d)   In connection with the exchange of a portion of a Certificated
      Note for a beneficial interest in a Global Note, the Trustee shall cancel
      such Certificated Note, and the Company shall execute, and the Trustee
      shall authenticate and deliver to the exchanging Holder, a new
      Certificated Note representing the principal amount not so exchanged.

            SECTION 204. LEGENDS. (a) Each Global Note shall bear the legend
specified therefor in Exhibit A on the face thereof.

                                       13
<PAGE>

            (b)   Each Restricted Note shall bear the private placement legend
      specified therefor in Exhibit A on the face thereof (together with, if
      applicable, the legend specified in Section 204(c), the "Private Placement
      Legend").

            (c)   Each Certificated Note that is a Restricted Note shall bear
      the legend specified therefor in Exhibit A on the face thereof.

                                   ARTICLE III

                                    THE NOTES

            SECTION 301. AMOUNT UNLIMITED. The aggregate principal amount of
Notes that may be authenticated and delivered under this Indenture is unlimited.

            SECTION 302. [INTENTIONALLY LEFT BLANK]

            SECTION 303. EXECUTION, AUTHENTICATION, DELIVERY AND DATING. (a) The
Notes shall be executed on behalf of the Company by any Officer. The signature
of any Officer on the Notes may be manual or facsimile signature of the present
or any future such authorized Officer and may be imprinted or otherwise
reproduced on the Notes.

            (b)   Notes bearing the manual or facsimile signature of an
      individual who was at any time the proper Officer of the Company shall
      bind the Company, notwithstanding that such individual has ceased to hold
      such Office prior to the authentication and delivery of such Notes or did
      not hold such office at the date of such Notes.

            (c)   At any time and from time to time after the execution and
      delivery of this Indenture, the Company may deliver Notes, executed by the
      Company, to the Trustee for authentication, together with a Company Order
      for the authentication and delivery of such Notes, and the Trustee in
      accordance with the Company Order shall authenticate and deliver such
      Notes.

            (d)   Each Note shall be dated the date of its authentication.

            (e)   No Note shall be entitled to any benefit under this Indenture
      or be valid or obligatory for any purpose unless there appears on such
      Note a certificate of authentication substantially in the form provided
      for herein duly executed by the Trustee by manual signature of an
      authorized signatory, and such certificate upon any Note shall be
      conclusive evidence, and the only evidence, that such Note has been duly
      authenticated and delivered hereunder and is entitled to the benefits of
      this Indenture. Notwithstanding the foregoing, if any Note shall have been
      authenticated and delivered hereunder but never issued and sold by the
      Company, and the Company shall deliver such Note to the Trustee for
      cancellation as provided in Section 310 together with a written statement
      (which need not comply with Section 102 and need not be accompanied by an
      Opinion of Counsel) stating that such Note has never been issued and sold
      by the Company, for all purposes of this Indenture such Note shall be
      deemed never to have been authenticated and delivered hereunder and shall
      never be entitled to the benefits of this Indenture.

                                       14
<PAGE>

            The Trustee shall not be required to authenticate such Notes if the
issuance of such Notes pursuant to this Indenture will affect the Trustee's own
rights, duties or immunities under the Notes and this Indenture otherwise in a
manner which is not reasonably acceptable to the Trustee.

            SECTION 304. TEMPORARY NOTES. Until definitive Notes are ready for
delivery, the Company may execute and, upon Company Order, the Trustee will
authenticate temporary Notes. Temporary Notes will be substantially in the form
of definitive Notes but may have variations that the Company considers
appropriate for temporary Notes. Without unreasonable delay, the Company will
prepare and execute and, upon Company Order, the Trustee will authenticate
definitive Notes. After the preparation of definitive Notes, the temporary Notes
will be exchangeable for definitive Notes upon surrender of the temporary Notes
at any office or agency maintained by the Company for that purpose, and such
exchange shall be without charge to the Holder. Upon surrender for cancellation
of any one or more temporary Notes, the Company will execute and, upon Company
Order, the Trustee will authenticate and make available for delivery in exchange
therefor one or more definitive Notes representing an equal principal amount of
Notes. Until so exchanged, the Holder of temporary Notes shall in all respects
be entitled to the same benefits under this Indenture as a Holder of definitive
Notes.

            SECTION 305. REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.
(a) The Company shall cause to be kept at the Corporate Trust Office of the
Trustee or in any office or agency of the Company in a Place of Payment a
register for the Notes (the registers maintained in such office or in any such
office or agency of the Company in a Place of Payment (being herein sometimes
referred to collectively as the "Register") in which, subject to such reasonable
regulations as it may prescribe, the Company shall provide for the registration
of Notes and of transfers of Notes. The Register shall be in written form or any
other form capable of being converted into written form within a reasonable
time. The Trustee, at its Corporate Trust Office, is hereby initially appointed
"Registrar" for the purpose of registering Notes and transfers of Notes on such
Register as herein provided. In the event that the Trustee shall cease to be the
Registrar, it shall have the right to examine the Register at all reasonable
times.

            (a)   Certificated Notes. Each Certificated Note will be registered
      in the name of the Holder thereof.

            (b)   AI Note Transfers.

            (i)   No AI Note will be issued to a transferee of an interest in a
      Global Note.

            (ii)  The following provisions shall apply with respect to any
      proposed transfer of an AI Note (or portion thereof) that is a Restricted
      Note:

            (A)   If the Holder of an AI Note wishes to transfer such AI Note
      (or a portion thereof) to a QIB pursuant to Rule 144A, (x) upon receipt by
      the Note Custodian and Registrar of:

            (1)   such AI Note, duly endorsed as provided herein;

                                       15
<PAGE>

            (2)   instructions from such Holder directing the Note Custodian and
      Registrar to credit or cause to be credited a beneficial interest in the
      Rule 144A Global Note equal to the principal amount (or portion thereof)
      of such AI Note to be transferred, and, if the entire principal amount of
      such AI Note is not being transferred, to issue one or more AI Notes to
      the transferor in an amount equal to the principal amount not transferred;
      and

            (3)   a certificate in the form of Exhibit B duly executed by the
      transferor;

            and (y) subject to the rules and procedures of DTC, the Note
      Custodian and Registrar shall:

                  (a)   cancel the AI Note delivered to it;

                  (b)   increase the Rule 144A Global Note in accordance with
            the foregoing; and

                  (c)   if applicable, issue to the transferor one or more AI
            Note(s) in accordance with the foregoing.

            (B)   No holder of an AI Note may transfer such AI Note (or any
      portion thereof) to another AI.

            (d)   Other Transfers. Any transfer of Restricted Notes not
      described above (other than a transfer of a beneficial interest in a
      Global Note that does not involve an exchange of such interest for a
      Certificated Note or a beneficial interest in another Global Note, which
      must be effected in accordance with applicable law and the rules and
      procedures of DTC, but is not subject to any procedure required by this
      Indenture) shall be made only upon receipt by the Registrar of such
      Opinions of Counsel, certificates and/or other information in accordance
      with Section 305(e).

            (e)   Use and Removal of Private Placement Legends. Upon the
      transfer, exchange or replacement of Notes (or beneficial interests in a
      Global Note) not bearing a Private Placement Legend, the Note Custodian
      and Registrar shall exchange such Notes (or beneficial interests) for
      beneficial interests in a Global Note (or Certificated Notes if they have
      been issued pursuant to Section 203(c)(ii)) that does not bear a Private
      Placement Legend. Upon the transfer, exchange or replacement of Notes (or
      beneficial interests in a Global Note) bearing a Private Placement Legend,
      the Note Custodian and Registrar shall deliver only Notes (or beneficial
      interests in a Global Note) that bear a Private Placement Legend unless:

            (i)   such Notes (or beneficial interests) are exchanged in a
      Registered Exchange Offer;

            (ii)  such Notes (or beneficial interests) are transferred pursuant
      to a Registration Statement;

                                       16
<PAGE>

            (iii) such Notes (or beneficial interests) are transferred pursuant
      to Rule 144 upon delivery to the Registrar of a certificate of the
      transferor in the form of Exhibit C and an Opinion of Counsel reasonably
      satisfactory to the Registrar;

            (iv)  such Notes (or beneficial interests) are transferred, replaced
      or exchanged after the Resale Restriction Termination Date therefor; or

            (v)   in connection with such registration of transfer, exchange or
      replacement the Registrar shall have received an Opinion of Counsel and
      other evidence reasonably satisfactory to it to the effect that neither
      such Private Placement Legend nor the related restrictions on transfer are
      required in order to maintain compliance with the provisions of the
      Securities Act.

The Private Placement Legend on any Note shall be removed at the request of the
Holder on or after the Resale Restriction Termination Date therefor. The Holder
of a Global Note may exchange an interest therein for an equivalent interest in
a Global Note not bearing a Private Placement Legend upon transfer of such
interest pursuant to any of clauses (i) through (v) of this Section 305(e). The
Company shall deliver to the Trustee an Officers' Certificate promptly upon
effectiveness, withdrawal or suspension of any Registration Statement.

            (f)   Consolidation of Global Notes and Exchange of Certificated
      Notes for Beneficial Interests in Global Notes.

            (i)   If a Global Note not bearing a Private Placement Legend is
      Outstanding at the time of a Registered Exchange Offer, any interests in a
      Global Note exchanged in such Registered Exchange Offer shall be exchanged
      for interests in such Outstanding Global Note.

            (ii)  Upon the registration of transfer or exchange (including
      pursuant to a Registered Exchange Offer) of any Certificated Note for
      which a Private Placement Legend would not be required pursuant to Section
      204(b) following such registration of transfer or exchange, such
      Certificated Note shall be exchanged for an interest in a Global Note not
      bearing a Private Placement Legend and, if no such Global Note is
      Outstanding at such time, the Company shall execute and upon Company Order
      the Trustee shall authenticate a Global Note not bearing a Private
      Placement Legend.

            (iii) Nothing in this Indenture shall provide for the consolidation
      of any Notes with any other Notes to the extent that they constitute, as
      determined pursuant to an Opinion of Counsel, different classes of
      securities for U.S. federal income tax purposes.

            (g)   Retention of Documents. The Registrar shall retain copies of
      all letters, notices and other written communications received pursuant to
      this Article III. The Company shall have the right to inspect and make
      copies of all such letters, notices or other written communications at any
      reasonable time upon the giving of reasonable written notice to the
      Registrar.

            (h)   Execution, Authentication of Notes, etc.

                                       17
<PAGE>

            (i)   Subject to the other provisions of this Section 305, when
      Notes are presented to the Registrar with a request to register the
      transfer of such Notes or to exchange such Notes for an equal principal
      amount of Notes of other authorized denominations, the Registrar shall
      register the transfer or make the exchange as requested if its
      requirements for such transaction are met; provided that any Notes
      presented or surrendered for registration of transfer or exchange shall be
      duly endorsed or accompanied by a written instrument of transfer in form
      satisfactory to the Registrar, duly executed by the Holder thereof or his
      attorney duly authorized in writing. To permit registrations of transfers
      and exchanges and subject to the other terms and conditions of Section
      203(c)(ii) and this Article III, the Company will execute and upon Company
      Order the Trustee will authenticate Certificated Notes and Global Notes at
      the Registrar's request. In accordance with the Registration Rights
      Agreement, the Company will execute and upon Company Order the Trustee
      will authenticate Exchange Notes in exchange for Notes.

            (ii)  No service charge shall be made to a Holder for any
      registration of transfer or exchange, but the Company or the Trustee may
      require payment of a sum sufficient to cover any transfer tax,
      assessments, or similar governmental charge payable in connection
      therewith (other than any such transfer taxes, assessments or similar
      governmental charges payable upon registration of exchange or transfer
      pursuant to a Registered Exchange Offer or to Section 1101).

            (iii) The Registrar shall not be required to register the transfer
      of or exchange of: (A) any Note for a period beginning 15 days prior to
      the mailing of a Redemption Notice and ending at the close of business on
      the day of such mailing; (B) any Note selected for redemption pursuant to
      Section 1101, in whole or in part, except the unredeemed portion of any
      Note being redeemed in part; (C) any Note with respect to which an
      Optional Repurchase Notice has been delivered and not withdrawn pursuant
      to Section 1304(b), except the portion of such Note, if any, with respect
      to which such Optional Repurchase Notice has not been delivered; or (D)
      any Note for a period beginning 15 days prior to an Interest Payment Date
      and ending on such Interest Payment Date.

            (iv)  Prior to the due presentation for registration of transfer of
      any Note, the Company, the Trustee, the Paying Agent, the Registrar or any
      co-Registrar may deem and treat the person in whose name a Note is
      registered as the absolute owner of such Note for the purpose of receiving
      payment of principal of and interest on such Note and for all other
      purposes whatsoever, whether or not such Note is overdue, and none of the
      Company, the Trustee, the Paying Agent or the Registrar shall be affected
      by notice to the contrary.

            (v)   All Notes issued upon any registration of transfer or exchange
      pursuant to the terms of this Indenture shall evidence the same debt and
      shall be entitled to the same benefits under this Indenture as the Notes
      surrendered upon such registration of transfer or exchange.

                                       18
<PAGE>

            (i)   No Obligation of the Trustee.

            (i)   The Trustee shall have no responsibility or obligation to any
      beneficial owner of an interest in a Global Note, a member of, or a
      participant in, DTC or other Person with respect to the accuracy of the
      records of DTC or its nominee or of any participant or member thereof,
      with respect to any ownership interest in the Notes or with respect to the
      delivery to any participant, member, beneficial owner or other Person
      (other than DTC) of any notice (including any Redemption Notice) or the
      payment of any amount or delivery of any Notes (or other security or
      property) under or with respect to such Notes. All notices and
      communications to be given to the Holders of Notes and all payments to be
      made to Holders of Notes in respect of the Notes shall be given or made
      only to or upon the order of the registered Holders of Notes (which shall
      be DTC or its nominee in the case of a Global Note). The Trustee may rely
      and shall be fully protected in relying upon information furnished by DTC
      with respect to its members, participants and any beneficial owners.

            (ii)  The Trustee shall have no obligation or duty to monitor,
      determine or inquire as to compliance with any restrictions on transfer
      imposed under this Indenture or under applicable law with respect to any
      transfer of any interest in any Note (including any transfers between or
      among DTC participants, members or beneficial owners in any Global Note)
      other than to require delivery of such certificates and other
      documentation or evidence as are expressly required by, and to do so if
      and when expressly required by, the terms of this Indenture, and to
      examine the same to determine substantial compliance as to form with the
      express requirements hereof.

            SECTION 306. MUTILATED, DESTROYED, LOST AND STOLEN NOTES. (a) If any
mutilated Note is surrendered to the Trustee or the Company, together with, in
proper cases, such security or indemnity as may be required by the Company or
the Trustee to save each of them or any agent of either of them harmless, the
Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Note of the same principal amount, containing identical terms and
provisions and bearing a number not contemporaneously outstanding.

            (b)   If there shall be delivered to the Company and to the Trustee
      (i) evidence to their satisfaction of the destruction, loss or theft of
      any Note, and (ii) such security or indemnity as may be required by them
      to save each of them and any agent of either of them harmless, then, in
      the absence of notice to the Company or the Trustee that such Note has
      been acquired by a protected purchaser (as defined in the Uniform
      Commercial Code), the Company shall execute and upon its request the
      Trustee shall authenticate and deliver, in lieu of any such destroyed,
      lost or stolen Note, a new Note with the same principal amount, containing
      identical terms and provisions and bearing a number not contemporaneously
      outstanding.

            (c)   Notwithstanding the provisions of the previous two paragraphs,
      in case any such mutilated, destroyed, lost or stolen Note has or is about
      to become payable, the Company in its discretion may, instead of issuing a
      new Note, pay such Note.

                                       19
<PAGE>

            (d)   Upon the issuance of any new Note under this Section 306, the
      Company may require the payment of a sum sufficient to cover any tax or
      other governmental charge that may be imposed in relation thereto and any
      other expenses (including the fees and expenses of the Trustee) connected
      therewith.

            (e)   Every new Note, if any, issued pursuant to this Section 306 in
      lieu of any destroyed, lost or stolen Note shall constitute an original
      additional contractual obligation of the Company, whether or not the
      destroyed, lost or stolen Note shall be at any time enforceable by anyone,
      and shall be entitled to all the benefits of this Indenture equally and
      proportionately with any and all other Notes duly issued hereunder.

            (f)   The provisions of this Section 306 are exclusive and shall
      preclude (to the extent lawful) all other rights and remedies with respect
      to the replacement or payment of mutilated, destroyed, lost or stolen
      Notes.

            SECTION 307. PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED. (a)
Interest, if any, on any Note that is payable, and is punctually paid or duly
provided for, on any Interest Payment Date shall be paid to the Person in whose
name that Note (or one or more Predecessor Notes) is registered at the close of
business on the Record Date for such interest at the office or agency of the
Company maintained for such purpose pursuant to Section 1002; provided, however,
that each installment of interest, if any, on any Note may at the Company's
option be paid by (i) mailing a check for such interest, payable to or upon the
written order of the Person entitled thereto pursuant to Section 309, to the
address of such Person as it appears on the Register or (ii) transfer to an
account maintained by the payee inside the United States.

            (b)   Any interest on any Note that is payable, but is not
      punctually paid or duly provided for, on any Interest Payment Date (herein
      called "Defaulted Interest") shall forthwith cease to be payable to the
      registered Holder thereof on the relevant Record Date by virtue of having
      been such Holder and such Defaulted Interest may be paid by the Company,
      at its election in each case, as provided in clause (1) or (2) below:

            (1)   The Company may elect to make payment of any Defaulted
      Interest to the Persons in whose names the Notes (or their respective
      Predecessor Notes) are registered at the close of business on a Special
      Record Date for the payment of such Defaulted Interest, which shall be
      fixed in the following manner. The Company shall notify the Trustee in
      writing of the amount of Defaulted Interest proposed to be paid on each
      Note and the date of the proposed payment which shall not be less than 20
      days after such notice is received by the Trustee), and at the same time
      the Company shall deposit with the Trustee an amount of money equal to the
      aggregate amount proposed to be paid in respect of such Defaulted Interest
      or shall make arrangements satisfactory to the Trustee for such deposit on
      or prior to the date of the proposed payment, such money when deposited to
      be held in trust for the benefit of the Persons entitled to such Defaulted
      Interest as in this clause provided. Thereupon the Trustee shall fix a
      Special Record Date for the payment of such Defaulted Interest, which
      shall be not more than 15 days and not less than 10 days prior to the date
      of the proposed payment and not less than 10 days after the receipt by the
      Trustee of the notice of the proposed payment. The Trustee shall promptly
      notify the Company of such Special Record Date and, in the name and at the

                                       20
<PAGE>

      expense of the Company, shall cause notice of the proposed payment of such
      Defaulted Interest and the Special Record Date therefor to be mailed,
      first class postage prepaid, to each Holder of Notes at his address as it
      appears in the Register not less than 10 days prior to such Special Record
      Date. Notice of the proposed payment of such Defaulted Interest and the
      Special Record Date therefor having been mailed as aforesaid, such
      Defaulted Interest shall be paid to the Persons in whose names the Notes
      or their respective Predecessor Notes are registered at the close of
      business on such Special Record Date and shall no longer be payable
      pursuant to the following clause (2).

            (2)   The Company may make payment of any Defaulted Interest on the
      Notes in any other lawful manner not inconsistent with the requirements of
      any securities exchange on which the Notes may be listed, and upon such
      notice as may be required by such exchange, if, after notice given by the
      Company to the Trustee of the proposed payment pursuant to this clause
      (2), such manner of payment shall be deemed practicable by the Trustee.

            (c)   Subject to the foregoing provisions of this Section 307 and
      Section 305, each Note delivered under this Indenture upon registration of
      transfer of or in exchange for or in lieu of any other Note shall carry
      the rights to interest accrued and unpaid, and to accrue, which were
      carried by such other Note.

            SECTION 308. ADDITIONAL INTEREST. Under certain circumstances, the
Company may be obligated to pay additional interest to Holders of Notes, all as
and to the extent set forth in the Registration Rights Agreement. Such
additional interest is deemed to be interest for purposes of this Indenture.

            SECTION 309. PERSONS DEEMED OWNERS. (a) Prior to due presentment of
a Note for registration of transfer, the Company, the Trustee and any agent of
the Company or the Trustee may treat the Person in whose name such Note is
registered as the owner of such Note for the purpose of receiving payment of
principal of (and premium, if any) and (subject to Sections 305 and 307)
interest, if any, on such Note and for all other purposes whatsoever, whether or
not such Note be overdue, and neither the Company, the Trustee nor any agent of
the Company or the Trustee shall be affected by notice to the contrary.

            (b)   None of the Company, the Trustee, any Paying Agent or the
      Registrar will have any responsibility or liability for any aspect of the
      records relating to or payments made on account of beneficial ownership
      interests of a Global Note or for maintaining, supervising or reviewing
      any records relating to such beneficial ownership interests.

            (c)   Notwithstanding the foregoing, with respect to a Global Note,
      nothing herein shall prevent the Company, the Trustee, or any agent of the
      Company or the Trustee, from giving effect to any written certification,
      proxy or other authorization furnished by any depositary, as a Holder of
      Notes, with respect to such Global Note or impair, as between such
      depositary and owners of beneficial interests in such Global Note, the
      operation of customary practices governing the exercise of the rights of
      such depositary (or its nominee) as Holder of such Global Note.

                                       21
<PAGE>

            SECTION 310. CANCELLATION. All Notes surrendered for payment,
registration of transfer or exchange shall, if surrendered to any Person other
than the Trustee, be delivered to the Trustee, and any such Notes surrendered
directly to the Trustee for any such purpose shall be promptly cancelled by it;
provided, however, that any Notes surrendered to any Person for redemption
pursuant to Article XI or for repurchase pursuant to Article XIII shall, upon
delivery of the consideration to be received by the Holders, be transferred to
and registered in the name of the Person directed by the Company. The Company
may at any time deliver to the Trustee for cancellation any Notes previously
authenticated and delivered hereunder which the Company may have acquired in any
manner whatsoever, and may deliver to the Trustee (or to any other Person for
delivery to the Trustee) for cancellation any Notes previously authenticated
hereunder which the Company has not issued and sold, and all Notes so delivered
shall be promptly cancelled by the Trustee. If the Company shall so acquire any
of the Notes, however, such acquisition shall not operate as a satisfaction of
the indebtedness represented by such Notes and such Notes shall remain
Outstanding hereunder unless and until the same are surrendered to the Trustee
for cancellation. No Notes shall be authenticated in lieu of or in exchange for
any Notes cancelled as provided in this Section 310, except as expressly
permitted by this Indenture. Cancelled Notes held by the Trustee shall be
disposed of by the Trustee in accordance with its customary procedures and the
Trustee, upon receipt of the Company's written request, shall deliver a
certificate stating that such cancelled securities have been disposed of, unless
by a Company Order the Company directs their return to it.

            SECTION 311. COMPUTATION OF INTEREST. Interest on the Notes shall be
computed on the basis of a 360-day year consisting of twelve 30-day months.

            SECTION 312. ADD ON NOTES. (a) The Company may, from time to time,
subject to compliance with Section 312(b) and any other applicable provisions of
this Indenture, without the consent of the Holders of any Notes, create and
issue pursuant to this Indenture additional notes ("Add On Notes") having terms
and conditions set forth in Exhibit A identical to those of the other
outstanding Notes, except that Add On Notes:

            (1)   may have a different issue date from other Outstanding Notes;

            (2)   may have a different amount of interest payable on the first
      Interest Payment Date after their issuance than is payable on other
      Outstanding Notes;

            (3)   may have terms specified in Add On Note Board Resolutions or
      an Add On Note Supplemental Indenture for such Add On Notes, if any,
      making appropriate adjustment to this Article III and Exhibit A (and
      related definitions) applicable to such Add On Notes in order to conform
      to and ensure compliance with the Securities Act (or other applicable
      securities laws) and any registration rights or similar agreement
      applicable to such Add On Notes, which are not adverse in any material
      respect to the Holder of any Outstanding Notes (other than such Add On
      Notes); and

            (4)   may be entitled to additional interest as provided in Section
      308 not applicable to other Outstanding Notes and may not be entitled to
      such additional interest applicable to other Outstanding Notes.

                                       22
<PAGE>

            (b)   The Company may not create or issue any Add On Notes (i) on or
      prior to the Redemption Date; (ii) after the Redemption Date but on or
      prior to the Optional Repurchase Date unless the Company has redeemed,
      pursuant to Section 1101, a principal amount of Notes equal to the
      Redemption Limit; or (iii) after the Optional Repurchase Date unless the
      Company, if required, has repurchased, pursuant to Article XIII, the
      principal amount of Notes with respect to which Holders of Notes have
      validly exercised the Optional Repurchase Right.

            SECTION 313. CUSIP NUMBERS. The Company in issuing the Notes may use
"CUSIP" numbers (if then generally in use), and, if so, the Trustee shall
indicate the "CUSIP" numbers of the Notes in notices of redemption as a
convenience to Holders; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed
on the Notes or as contained in any notice of redemption and that reliance may
be placed only on the other identification numbers printed on the Notes, and any
such redemption shall not be affected by any defect in or omission of such
numbers. The Company shall promptly notify the Trustee in writing of any change
in "CUSIP" numbers.

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

            SECTION 401. SATISFACTION AND DISCHARGE OF INDENTURE. This Indenture
shall, upon Company Request, cease to be of further effect (except as to any
surviving rights of registration of transfer or exchange of Notes expressly
provided for herein or pursuant hereto), and the Trustee, upon receipt of a
Company Order, and at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture when:

            (1)   either:

            (A)   all Notes theretofore authenticated and delivered have been
      delivered to the Trustee for cancellation (other than Notes which have
      been destroyed, lost or stolen and which have been replaced or paid as
      provided in Section 306); or

            (B)   all Notes not theretofore delivered to the Trustee for
      cancellation:

                        (i)   have become due and payable, or

                        (ii)  will become due and payable at their Stated
                  Maturity within one year,

            and the Company, in the case of (i) or (ii) above, has irrevocably
            deposited or caused to be deposited with the Trustee as trust funds
            in trust for such purpose an amount sufficient to pay and discharge
            the entire indebtedness on such Notes not theretofore delivered to
            the Trustee for cancellation, for principal (and premium, if any)
            and interest, if any, to the date of such deposit (in the case of
            Notes which have become due and payable) or to the Stated Maturity,
            as the case may be;

                                       23
<PAGE>

            (2)   the Company has paid or caused to be paid all other sums
      payable hereunder by the Company; and

            (3)   the Company has delivered to the Trustee an Officers'
      Certificate and an Opinion of Counsel, each stating that all conditions
      precedent herein provided for relating to the satisfaction and discharge
      of this Indenture have been complied with.

Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee and any predecessor Trustee under
Section 606, the obligations of the Company to any Authenticating Agent under
Section 611 and, if money shall have been deposited with the Trustee pursuant to
subclause (B) of clause (1) of this Section 401, the obligations of the Trustee
under Section 402 and the last paragraph of Section 1003 shall survive.

            SECTION 402. APPLICATION OF TRUST FUNDS. Subject to the provisions
of the last paragraph of Section 1003, all money deposited with the Trustee
pursuant to Section 401 shall be held in trust and applied by it in accordance
with the provisions of the Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own
Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of
the principal (and premium, if any) and interest, if any, for whom payment such
money has been deposited with or received by the Trustee, but such money need
not be segregated from other funds except to the extent required by law.

                                   ARTICLE V

                                    REMEDIES

            SECTION 501. EVENTS OF DEFAULT. "Event of Default" wherever used
herein with respect to the Notes means any one of the following events (whatever
the reason for such Event of Default and whether or not it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

            (1)   default in the payment of any interest (including additional
      interest pursuant to Section 308) upon any Note when such interest becomes
      due and payable, and continuance of such default for a period of 30 days;
      or

            (2)   default in the payment of the principal of (or premium, if
      any, on) any Note when it becomes due and payable at Maturity; or

            (3)   default in the performance, or breach, of any covenant or
      agreement of the Company in this Indenture with respect to any Note (other
      than a covenant or agreement a default in whose performance or whose
      breach is elsewhere in this Section 501 specifically dealt with), and
      continuance of such default or breach for a period of 60 days after there
      has been given, by registered or certified mail, to the Company by the
      Trustee or to the Company and the Trustee by the Holders of at least 25%
      in principal amount of the Outstanding Notes a written notice specifying
      such default or breach and requiring it to be remedied and stating that
      such notice is a "Notice of Default" hereunder; or

                                       24
<PAGE>

            (4)   the Company pursuant to or within the meaning of any
      Bankruptcy Law:

                  (A)   commences a voluntary case;

                  (B)   consents to the entry of an order for relief against it
            in an involuntary case;

                  (C)   consents to the appointment of a Custodian of it or for
            all or substantially all of its property; or

                  (D)   makes a general assignment for the benefit of its
            creditors; or

            (5)   a court of competent jurisdiction enters an order or decree
      under any Bankruptcy Law that:

                  (A)   is for relief against the Company in an involuntary
            case;

                  (B)   appoints a Custodian of the Company or for all or
            substantially all of its property; or

                  (C)   orders the liquidation of the Company;

            and the order or decree remains unstayed and in effect for 90 days.

The term "Bankruptcy Law" means title 11 U.S. Code or any similar Federal or
State law for the relief of debtors. The term "Custodian" means any receiver,
trustee, assignee, liquidator or other similar official under any Bankruptcy
Law.

            SECTION 502. ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT. (a)
If an Event of Default with respect to Notes at the time Outstanding occurs and
is continuing, then and in every such case the Trustee or the Holders of not
less than 25% in principal amount of the Outstanding Notes may declare the
principal of all the Notes to be due and payable immediately, by a notice in
writing to the Company and to the Trustee if given by the Holders of Notes, and
upon any such declaration such principal or specified portion thereof shall
become immediately due and payable.

            (b)   At any time after such a declaration of acceleration with
respect to Notes has been made and before a judgment or decree for payment of
the money due has been obtained by the Trustee as hereinafter provided in this
Article Five, the Holders of a majority in principal amount of the Outstanding
Notes, by written notice to the Company and the Trustee, may rescind and annul
such declaration and its consequences if:

            (1)   the Company has paid or deposited with the Trustee a sum
      sufficient to pay:

                  (A)   all overdue installments of interest, if any, on all
            Outstanding Notes;

                                       25
<PAGE>

                  (B)   the principal of (and premium, if any, on) all
            Outstanding Notes that have become due otherwise than by such
            declaration of acceleration and interest thereon at the rate or
            rates borne by or provided for in such Notes;

                  (C)   to the extent that payment of such interest is lawful,
            interest upon overdue installments of interest at the rate or rates
            borne by or provided for in the Notes; and

                  (D)   all sums paid or advanced by the Trustee hereunder and
            the reasonable compensation, expenses, disbursements and advances of
            the Trustee, its agents and counsel, and any other amounts due to
            the Trustee under Section 606; and

            (2)   all Events of Default with respect to Notes, other than the
      nonpayment of the principal of (or premium, if any) or interest on Notes
      which have become due solely by such declaration of acceleration, have
      been cured or waived as provided in Section 513.

No such rescission shall affect any subsequent default or impair any right
consequent thereon.

            SECTION 503. COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
TRUSTEE. (a) The Company covenants that if:

            (1)   default is made in the payment of any installment of interest
      on any Note and when such interest becomes due and payable and such
      default continues for a period of 30 days; or

            (2)   default is made in the payment of the principal of (or
      premium, if any, on) any Note when it becomes due and payable at Maturity,

then the Company will, upon demand of the Trustee, pay to the Trustee, for the
benefit of the Holders of Notes, the whole amount then due and payable on such
Notes for principal (and premium, if any) and interest, if any, with interest
upon any overdue principal (and premium, if any) and, to the extent that payment
of such interest shall be legally enforceable, upon any overdue installments of
interest, if any, at the rate or rates borne by or provided for in such Notes,
and, in addition thereto, such further amount as shall be sufficient to cover
the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and
any other amounts due to the Trustee under Section 606.

            (b)   If the Company fails to pay such amounts forthwith upon such
      demand, the Trustee, in its own name and as trustee of an express trust,
      may institute a judicial proceeding for the collection of the sums so due
      and unpaid, and may prosecute such proceeding to judgment or final decree,
      and may enforce the same against the Company or any other obligor upon the
      Notes and collect the moneys adjudged or decreed to be payable in the
      manner provided by law out of the property of the Company or any other
      obligor upon the Notes, wherever situated.

                                       26
<PAGE>

            (c)   If an Event of Default with respect to the Notes occurs and is
      continuing, the Trustee may in its discretion proceed to protect and
      enforce its rights and the rights of the Holders of Notes by such
      appropriate judicial proceedings as the Trustee shall deem most effectual
      to protect and enforce any such rights, whether for the specific
      enforcement of any covenant or agreement in this Indenture or in aid of
      the exercise of any power granted herein, or to enforce any other proper
      remedy.

            (d)   The Trustee, as an express third-party beneficiary of the
      Assignment and Assumption Agreement and the obligations of each of the
      parties thereto on behalf of the Holders of Notes, shall be entitled to
      enforce the Assignment and Assumption Agreement against any party thereto
      on behalf of the Holders of Notes. The Trustee may in its discretion
      proceed to protect and enforce its rights and the rights of the Holders of
      Notes under the Assignment and Assumption Agreement by such appropriate
      judicial proceedings as the Trustee shall deem most effectual to enforce
      any such rights, whether for the specific enforcement of any covenant or
      agreement in the Assignment and Assumption Agreement, or to enforce any
      other proper remedy.

            SECTION 504. TRUSTEE MAY FILE PROOFS OF CLAIM. (a) In case of the
pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Company or any other obligor upon the Notes or the
property of the Company or of such other obligor or their creditors, the Trustee
(irrespective of whether the principal of the Notes shall then be due and
payable as therein expressed or by declaration or otherwise and irrespective of
whether the Trustee shall have made any demand on the Company for the payment of
any overdue principal, premium or interest) shall be entitled and empowered, by
intervention in such proceeding or otherwise:

            (i)   to file and prove a claim for the whole amount of principal
      (and premium, if any) and interest, if any, owing and unpaid in respect of
      the Notes and to file such other papers or documents as may be necessary
      or advisable in order to have the claims of the Trustee (including any
      claim for the reasonable compensation, expenses, disbursements and
      advances of the Trustee, its agents and counsel, and any other amounts due
      to the Trustee under Section 606) and of the Holders of Notes allowed in
      such judicial proceeding; and

            (ii)  to collect and receive any moneys or other property payable or
      deliverable on any such claims and to distribute the same,

and any custodian, receiver, assignee, trustee, liquidator, sequestrator (or
other similar official) in any such judicial proceeding is hereby authorized by
each Holder of Notes to make such payments to the Trustee, and in the event that
the Trustee shall consent to the making of such payments directly to the Holders
of Notes, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee and any
predecessor Trustee, their agents and counsel, and any other amounts due the
Trustee or any predecessor Trustee under Section 606.

            (b)   Nothing herein contained shall be deemed to authorize the
      Trustee to authorize or consent to or accept or adopt on behalf of any
      Holder of a Note any plan of

                                       27
<PAGE>

      reorganization, arrangement, adjustment or composition affecting the Notes
      or the rights of any Holder thereof, or to authorize the Trustee to vote
      in respect of the claim of any Holder of a Note in any such proceeding.

            SECTION 505. TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF NOTES.
All rights of action and claims under this Indenture or any of the Notes may be
prosecuted and enforced by the Trustee without the possession of any of the
Notes or the production thereof in any proceeding relating thereto, and any such
proceeding instituted by the Trustee shall be brought in its own name as trustee
of an express trust, and any recovery of judgment shall, after provision for the
payment of the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, be for the ratable benefit of the Holders
of the Notes and in respect of which such judgment has been recovered.

            SECTION 506. APPLICATION OF MONEY COLLECTED. Any money collected by
the Trustee pursuant to this Article V shall be applied in the following order,
at the date or dates fixed by the Trustee and, in case of the distribution of
such money on account of principal (or premium, if any) or interest, if any,
upon presentation of the Notes and the notation thereon of the payment if only
partially paid and upon surrender thereof if fully paid:

            FIRST: To the payment of all amounts due the Trustee and any
      predecessor Trustee under Section 606;

            SECOND: To the payment of the amounts then due and unpaid upon the
      Notes for principal (and premium, if any) and interest, if any, in respect
      of which or for the benefit of which such money has been collected,
      ratably, without preference or priority of any kind, according to the
      aggregate amounts due and payable on the Notes for principal (and premium,
      if any) and interest, if any, respectively; and

            THIRD: To the payment of the remainder, if any, to the Company or
      any other Person or Persons entitled thereto.

            SECTION 507. LIMITATION ON SUITS. No Holder of any Note shall have
any right to institute any proceeding, judicial or otherwise, with respect to
this Indenture, or for the appointment of a receiver or trustee, or for any
other remedy hereunder, unless:

            (1)   such Holder has previously given written notice to the Trustee
      of a continuing Event of Default with respect to the Notes;

            (2)   the Holders of not less than 25% in principal amount of the
      Outstanding Notes shall have made written request to the Trustee to
      institute proceedings in respect of such Event of Default in its own name
      as Trustee hereunder;

            (3)   such Holder or Holders have offered to the Trustee reasonable
      indemnity against the costs, expenses and liabilities to be incurred in
      compliance with such request;

            (4)   the Trustee for 60 days after its receipt of such notice,
      request and offer of indemnity has failed to institute any such
      proceeding; and

                                       28
<PAGE>

            (5)   no direction inconsistent with such written request has been
      given to the Trustee during such 60-day period by the Holders of a
      majority in principal amount of the Outstanding Notes;

it being understood and intended that no one or more of such Holders shall have
any right in a manner whatever by virtue of, or by availing of, any provision of
this Indenture to affect, disturb or prejudice the rights of any other of such
Holders, or to obtain or to seek to obtain priority or preference over any other
of such Holders or to enforce any right under this Indenture, except in the
manner herein provided and for the equal and ratable benefit of all such
Holders.

            SECTION 508. UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL;
PREMIUM AND INTEREST. Notwithstanding any other provision in this Indenture, the
Holder of any Note shall have the right, which is absolute and unconditional, to
receive payment of the principal of (and premium, if any) and (subject to
Section 305) interest, if any, on such Note on the respective due dates
expressed in such Note (or, in the case of redemption, on the Redemption Date)
and to institute suit for the enforcement of any such payment and such rights
shall not be impaired without the consent of such Holder.

            SECTION 509. RESTORATION OF RIGHTS AND REMEDIES. If the Trustee or
any Holder of a Note has instituted any proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or
abandoned for any reason, or has been determined adversely to the Trustee or to
such Holder, then and in every such case the Company, the Trustee and the
Holders of Notes shall, subject to any determination in such proceeding, be
restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Trustee and such Holders shall
continue as though no such proceeding had been instituted.

            SECTION 510. RIGHTS AND REMEDIES CUMULATIVE. Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Notes in the last paragraph of Section 306, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders of Notes is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

            SECTION 511. DELAY OR OMISSION NOT WAIVER. No delay or omission of
the Trustee or of any Holder of any Note to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or
constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article V or by law to the Trustee or to
the Holders of Notes may be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by the Holders of Notes, as the case may be.

            SECTION 512. CONTROL BY HOLDERS OF NOTES. The Holders of a majority
in principal amount of the Outstanding Notes shall have the right to direct the
time, method and place of conducting any proceeding for any remedy available to
the Trustee or exercising any trust or power conferred on the Trustee with
respect to the Notes; provided that:

                                       29
<PAGE>

            (1)   such direction shall not be in conflict with any rule of law
      or with this Indenture;

            (2)   the Trustee may take any other action deemed proper by the
      Trustee which is not inconsistent with such direction; and

            (3)   the Trustee need not take any action that might involve it in
      personal liability or be unjustly prejudicial to the Holders of Notes not
      consenting.

            SECTION 513. WAIVER OF PAST DEFAULTS. (a) Subject to Section 502,
the Holders of not less than a majority in principal amount of the Outstanding
Notes may, on behalf of the Holders of all the Notes, waive any past default
hereunder and its consequences, except a default:

            (1)   in the payment of the principal of (or premium, if any) or
      interest if any, on any Note; or

            (2)   in respect of a covenant or provision hereof which under
      Article IX cannot be modified or amended without the consent of the Holder
      of each Outstanding Note affected.

            (b)   Upon any such waiver, such default shall cease to exist, and
      any Event of Default arising therefrom shall be deemed to have been cured,
      for every purpose of this Indenture; but no such waiver shall extend to
      any subsequent or other default or Event of Default or impair any right
      consequent thereon.

            SECTION 514. WAIVER OF STAY OR EXTENSION LAWS. The Company covenants
(to the extent that it may lawfully do so) that it will not at any time insist
upon, or plead, or in any manner whatsoever claim or take the benefit or
advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Company (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it
will not hinder, delay or impede the execution of any power herein granted to
the Trustee, but will suffer and permit the execution of every such power as
though no such law had been enacted.

                                   ARTICLE VI

                                   THE TRUSTEE

            SECTION 601. NOTICE OF DEFAULTS. Within 90 days after the occurrence
of any Default hereunder with respect to the Notes, the Trustee shall transmit
in the manner and to the extent provided in Section 313(c) of the Trust
Indenture Act, notice of such Default hereunder known to the Trustee, unless
such Default shall have been cured or waived; provided, however, that, except in
the case of a Default in the payment of the principal of (or premium, if any) or
interest, if any, on any Note, the Trustee shall be protected in withholding
such notice if and so long as the board of directors, the executive committee or
a trust committee of directors and/or Responsible Officers of the Trustee in
good faith determines that the withholding of such notice is in the interests of
the Holders of the Notes; and provided further that in the case of any Default

                                       30
<PAGE>

or breach of the character specified in Section 501(3) with respect to the
Notes, no such notice to Holders shall be given until at least 60 days after the
occurrence thereof.

            SECTION 602. CERTAIN RIGHTS OF TRUSTEE. (a) Subject to the
provisions of Sections 315(a) through 315(d) of the Trust Indenture Act:

            (1)   The Trustee may rely and shall be protected in acting or
      refraining from acting upon any resolution, certificate, statement,
      instrument, opinion, report, notice, request, direction, consent, order,
      bond, debenture, note, coupon or other paper or document believed by it to
      be genuine and to have been signed or presented by the proper party or
      parties.

            (2)   Any request or direction of the Company mentioned herein shall
      be sufficiently evidenced by a Company Request or Company Order (other
      than delivery of any Note to the Trustee for authentication and delivery
      pursuant to Section 303 which shall be sufficiently evidenced as provided
      therein) and any resolution of the Board of Directors may be sufficiently
      evidenced by a Board Resolution.

            (3)   Whenever in the administration of this Indenture the Trustee
      shall deem it desirable that a matter be proved or established prior to
      taking, suffering or omitting any action hereunder, the Trustee (unless
      other evidence be herein specifically prescribed) may, in the absence of
      bad faith on its part, rely upon a Board Resolution, an Opinion of Counsel
      or an Officers' Certificate.

            (4)   The Trustee may consult with counsel and the advice of such
      counsel or any Opinion of Counsel shall be full and complete authorization
      and protection in respect of any action taken, suffered or omitted by it
      hereunder in good faith and in reliance thereon.

            (5)   The Trustee shall be under no obligation to exercise any of
      the rights or powers vested in it by this Indenture at the request or
      direction of any of the Holders of Notes pursuant to this Indenture,
      unless such Holders shall have offered to the Trustee reasonable security
      or indemnity against the costs, expenses and liabilities which might be
      incurred by it in compliance with such request or direction.

            (6)   The Trustee shall not be bound to make any investigation into
      the facts or matters stated in any resolution, certificate, statement,
      instrument, opinion, report, notice, request, direction, consent, order,
      bond, debenture, note, coupon or other paper or document but the Trustee,
      in its discretion, may make such further inquiry or investigation into
      such facts or matters as it may see fit, and, if the Trustee shall
      determine to make such further inquiry or investigation, it shall be
      entitled to examine the books, records and premises of the Company,
      personally or by agent or attorney.

            (7)   The Trustee may execute any of the trusts or powers hereunder
      or perform any duties hereunder either directly or by or through agents or
      attorneys, and the Trustee shall not be responsible for any misconduct or
      negligence on the part of any agent or attorney appointed with due care by
      it hereunder.

                                       31
<PAGE>

            (8)   The Trustee shall not be liable for any action taken, suffered
      or omitted by it in good faith and believed by it to be authorized or
      within the discretion or rights or powers conferred upon it by this
      Indenture.

            (9)   The Trustee shall not be charged with knowledge of any Default
      or Event of Default with respect to the Notes unless either (A) such
      Default or Event of Default is known, or ought reasonably to have been
      known, by a Responsible Officer of the Trustee or (B) written notice of
      such Default of Event of Default shall have been given to the Trustee by
      the Company or any other obligor on the Notes or by any Holder of the
      Notes.

            (b)   The Trustee shall not be required to expend or risk its own
      funds or otherwise incur any financial liability in the performance of any
      of its duties hereunder, or in the exercise of any of its rights or
      powers, if it shall have reasonable grounds for believing that repayment
      of such funds or adequate indemnity against such risk or liability is not
      reasonably assured to it.

            (c)   The permissive rights of the Trustee enumerated herein shall
      not be construed as duties.

            SECTION 603. NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF NOTES. The
recitals contained herein and in the Notes, except the Trustee's certificate of
authentication, shall be taken as the statements of the Company, and neither the
Trustee nor any Authenticating Agent assumes any responsibility for their
correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Notes, except that the Trustee
represents that it is duly authorized to execute and deliver this Indenture,
authenticate the Notes and perform its obligations hereunder and that the
statements made by it in a Statement of Eligibility on Form T-1 supplied to the
Company are true and accurate, subject to the qualifications set forth therein.
Neither the Trustee nor any Authenticating Agent shall be accountable for the
use or application by the Company of Notes or the proceeds thereof.

            SECTION 604. MAY HOLD NOTES. The Trustee, any Paying Agent, the
Registrar, any Authenticating Agent or any other agent of the Company, in its
individual or any other capacity, may become the owner or pledgee of Notes and,
subject to Sections 310(b) and 311 of the Trust Indenture Act, may otherwise
deal with the Company with the same rights it would have if it were not Trustee,
Paying Agent, Registrar, Authenticating Agent or such other agent.

            SECTION 605. MONEY HELD IN TRUST. Money held by the Trustee in trust
hereunder need not be segregated from other funds except to the extent required
by law. The Trustee shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed in writing with the Company.

            SECTION 606. COMPENSATION AND REIMBURSEMENT. (a) The Company agrees:

            (i)      To pay to the Trustee from time to time such compensation
         for all services rendered by it hereunder as the Company and the
         Trustee shall from time to time agree in

                                       32
<PAGE>

      writing (which compensation shall not be limited by any provision of law
      in regard to the compensation of a trustee of an express trust).

            (ii)  Except as otherwise expressly provided herein, to reimburse
      the Trustee upon its request for all reasonable expenses, disbursements
      and advances incurred or made by the Trustee in accordance with any
      provision of this Indenture (including reasonable compensation and the
      expenses, advances and disbursements of its agents and counsel), except
      any such expense, disbursement or advance as may be attributable to its
      negligence or bad faith.

            (iii) To indemnify each of the Trustee and any predecessor Trustee
      for, and to hold it harmless against, any loss, liability or expense
      incurred without negligence or bad faith on its own part, arising out of
      or in connection with the acceptance or administration of the trust or
      trusts hereunder, including the costs and expenses of defending itself
      against any claim or liability in connection with the exercise or
      performance of any of its powers or duties hereunder.

            (b)   As security for the performance of the obligations of the
      Company under this Section 606, the Trustee shall have a claim prior to
      the Notes upon all property and funds held or collected by the Trustee as
      such, except funds held in trust for the payment of principal of (or
      premium, if any) or interest, if any, on the Notes.

            (c)   The provisions of this Section 606 shall survive the
      resignation or removal of the Trustee and the termination of this
      Indenture.

            (d)   When the Trustee incurs expenses or renders services in
      connection with an Event of Default specified in Section 501(4) or 501(5),
      the expenses (including the reasonable charges and expenses of its
      counsel) and the compensation for the services are intended to constitute
      expenses of administration under any applicable Bankruptcy Law.

            SECTION 607. CORPORATE TRUSTEE REQUIRED; ELIGIBILITY. There shall at
all times be a Trustee hereunder that shall be eligible to act as Trustee under
Section 310(a)(l) of the Trust Indenture Act and shall have a combined capital
and surplus of at least $50,000,000. If such corporation publishes reports of
condition at least annually, pursuant to law or the requirements of Federal,
State, Territorial or District of Columbia supervising or examining authority,
then for the purposes of this Section 607, the combined capital and surplus of
such corporation shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. If at any time the
Trustee shall cease to be eligible in accordance with the provisions of this
Section 607, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article VI.

            SECTION 608. RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR. (a)
No resignation or removal of the Trustee and no appointment of a successor
Trustee pursuant to this Article Six shall become effective until the acceptance
of appointment by the successor Trustee in accordance with the applicable
requirements of Section 609.

            (b)   The Trustee may resign at any time by giving 30 days' prior
      written notice thereof to the Company.

                                       33
<PAGE>

            (c)   The Trustee may be removed at any time by Act of the Holders
      of a majority in principal amount of the Outstanding Notes delivered to
      the Trustee and to the Company.

            (d)   If at any time:

            (1)   the Trustee shall fail to comply with the provisions of
      Section 310(b) of the Trust Indenture Act after written request therefor
      by the Company or by any Holder of a Note who has been a bona fide Holder
      of a Note for at least six months; or

            (2)   the Trustee shall cease to be eligible under Section 607 and
      shall fail to resign after written request therefor by the Company or by
      any Holder of a Note who has been a bona fide Holder of a Note for at
      least six months; or

            (3)   the Trustee shall become incapable of acting or shall be
      adjudged a bankrupt or insolvent or a receiver of the Trustee or of its
      property shall be appointed or any public officer shall take charge or
      control of the Trustee or of its property or affairs for the purpose of
      rehabilitation, conservation or liquidation;

then, in any such case, (i) the Company by or pursuant to a Board Resolution may
remove the Trustee and appoint a successor Trustee, or (ii) subject to Section
315(t) of the Trust Indenture Act, any Holder of a Note who has been a bona fide
Holder of a Note for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee with respect to all Notes and the appointment of a
successor Trustee.

            (e)   If an instrument of acceptance by a successor Trustee shall
      not have been delivered to the Trustee within 30 days after the giving of
      a notice of resignation or the delivery of an Act of removal, the Trustee
      resigning or being removed may petition any court of competent
      jurisdiction for the appointment of a successor Trustee.

            (f)   If the Trustee shall resign, be removed or become incapable of
      acting, or if a vacancy shall occur in the office of Trustee for any
      cause, the Company, by or pursuant to a Board Resolution, shall promptly
      appoint a successor Trustee. If, within one year after such resignation,
      removal or incapability, or the occurrence of such vacancy, a successor
      Trustee shall be appointed by Act of the Holders of a majority in
      principal amount of the Notes delivered to the Company and the retiring
      Trustee, the successor Trustee so appointed shall, forthwith upon its
      acceptance of such appointment become the successor Trustee and supersede
      the successor Trustee appointed by the Company. If no successor Trustee
      shall have been so appointed by the Company or the Holders of Notes and
      accepted appointment in the manner hereinafter provided, any Holder of a
      Note who has been a bona fide Holder of a Note for at least six months
      may, on behalf of himself and all others similarly situated, ---------
      petition any court of competent jurisdiction for the appointment of a
      successor Trustee.

            (g)   The Company shall give notice of each resignation and each
      removal of the Trustee and each appointment of a successor Trustee in the
      manner provided for

                                       34
<PAGE>

      notices to the Holders of Notes in Section 106. Each notice shall include
      the name of the successor Trustee and the address of its Corporate Trust
      Office.

            SECTION 609. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR. (a) In case of
the appointment hereunder of a successor Trustee, such successor Trustee shall
execute, acknowledge and deliver to the Company and to the retiring Trustee an
instrument accepting such appointment, and thereupon the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee; but, on request of
the Company or the successor Trustee, such retiring Trustee shall, upon payment
of its charges, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee, and shall
duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder, subject nevertheless to its
claim, if any, provided for in Section 606.

            (b)   Upon request of any such successor Trustee, the Company shall
      execute any and all instruments for more fully and certainly vesting in
      and confirming to such successor Trustee all such rights, powers and
      trusts referred to in paragraph (a) or (b) of this Section 609, as the
      case may be.

            (c)   No successor Trustee shall accept its appointment unless at
      the time of such acceptance such successor Trustee shall be qualified and
      eligible under this Article VI.

            SECTION 610. MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO
BUSINESS. Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder;
provided that such corporation shall be otherwise qualified and eligible under
this Article VI, without the execution or filing of any paper or any further act
on the part of any of the parties hereto, in case any Notes shall have been
authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt
such authentication and deliver the Notes so authenticated with the same effect
as if such successor Trustee had itself authenticated such Notes. In case any
Notes shall not have been authenticated by such predecessor Trustee, any such
successor Trustee may authenticate and deliver such Notes, in either its own
name or that of its predecessor Trustee, with the full force and effect which
this Indenture provides for the certificate of authentication of the Trustee.

            SECTION 611. APPOINTMENT OF AUTHENTICATING AGENT. (a) At any time
when any Notes remain Outstanding, the Trustee may appoint an Authenticating
Agent or Authenticating Agents with respect to the Notes which shall be
authorized to act on behalf of the Trustee to authenticate Notes issued upon
exchange, registration of transfer or partial redemption thereof, and Notes so
authenticated shall be entitled to the benefits of this Indenture and shall be
valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Any such appointment shall be evidenced by an instrument in writing
signed by a Responsible Officer of the Trustee, a copy of which instrument shall
be promptly furnished to the Company. Wherever

                                       35
<PAGE>

reference is made in this Indenture to the authentication and delivery of Notes
by the Trustee or the Trustee's certificate of authentication, such reference
shall be deemed to include authentication and delivery on behalf of the Trustee
by an Authenticating Agent and a certificate of authentication executed on
behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent
shall be acceptable to the Company and shall at all times be a bank or trust
company or corporation organized and doing business and in good standing under
the laws of the United States, authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of not less than
$1,500,000 and subject to supervision or examination by Federal or State
authorities. If such Authenticating Agent publishes reports of condition at
least annually, pursuant to law or the requirements of the aforesaid supervising
or examining authority, then for the purposes of this Section 611, the combined
capital and surplus of such Authenticating Agent shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. In case at any time an Authenticating Agent shall cease to be
eligible in accordance with the provisions of this Section 611, such
Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section 611.

            (b)   Any corporation into which an Authenticating Agent may be
      merged or converted or with which it may be consolidated, or any
      corporation resulting from any merger, conversion or consolidation to
      which such Authenticating Agent shall be a party, or any corporation
      succeeding to the corporate agency or corporate trust business of an
      Authenticating Agent, shall continue to be an Authenticating Agent,
      provided such corporation shall be otherwise eligible under this Section
      611, without the execution or filing of any paper or further act on the
      part of the Trustee or the Authenticating Agent.

            (c)   An Authenticating Agent for the Notes may at any time resign
      by giving written notice of resignation to the Trustee and to the Company.
      The Trustee for the Notes may at any time terminate the agency of an
      Authenticating Agent by giving written notice of termination to such
      Authenticating Agent and to the Company. Upon receiving such a notice of
      resignation or upon such a termination, or in case at any time such
      Authenticating Agent shall cease to be eligible in accordance with the
      provisions of this Section 611. The Trustee may appoint a successor
      Authenticating Agent, which shall be acceptable to the Company and shall
      give notice of such appointment to all Holders of Notes in the manner set
      forth in Section 106. Any successor Authenticating Agent upon acceptance
      of its appointment hereunder shall become vested with all the rights,
      powers and duties of its predecessor hereunder, with like effect as if
      originally named as an Authenticating Agent herein. No successor
      Authenticating Agent shall be appointed unless eligible under the
      provisions of this Section 611.

            (d)   The Company agrees to pay to each Authenticating Agent from
      time to time reasonable compensation including reimbursement of its
      reasonable expenses for its services under this Section 611.

            (e)   If an appointment of any Authenticating Agent is made pursuant
      to this Section 611, the Notes may have endorsed thereon, in addition to
      or in lieu of the Trustee's certificate of authentication, an alternate
      certificate of authentication substantially in the following form:

                                       36
<PAGE>

            This is one of the Notes referred to in the within-mentioned
Indenture.

                                                 JPMORGAN CHASE BANK
                                                     as Trustee

                                                 By:___________________________
                                                     as Authenticating Agent

                                                 By:___________________________
                                                     Authorized Officer

                                   ARTICLE VII

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

            SECTION 701. DISCLOSURE OF NAMES AND ADDRESSES OF HOLDERS. Every
Holder of Notes, by receiving and holding the same, agrees with the Company and
the Trustee that neither the Company nor the Trustee nor any Authenticating
Agent nor any Paying Agent nor any Registrar shall be held accountable by reason
of the disclosure of any information as to the names and addresses of the
Holders of Notes in accordance with Section 312 of the Trust Indenture Act,
regardless of the source from which such information is derived, and that the
Trustee shall not be held accountable by reason of mailing any material pursuant
to a request made under Section 312(b) of the Trust Indenture Act.

            SECTION 702. REPORTS BY TRUSTEE. (a)Within 60 days after May 15 of
each year commencing with the first May 15 after the Issue Date, the Trustee
shall transmit by mail to all Holders of Notes as provided in Section 313(c) of
the Trust Indenture Act a brief report dated as of such May 15 if required by
Section 313(a) of the Trust Indenture Act.

            (b)   A copy of each such report shall, at the time of such
      transmission to Holders of Notes, be filed by the Trustee with each stock
      exchange, if any, upon which the Notes are listed, with the Commission and
      with the Company. The Company will promptly notify the Trustee of the
      listing of the Notes on any stock exchange.

            SECTION 703. REPORTS BY COMPANY. The Company will:

            (1)   file with the Trustee, within 15 days after the Company is
      required to file the same with the Commission, copies of the annual
      reports and of the information, documents, and other reports (or copies of
      such portions, if any, of the foregoing as the Commission may from time to
      time by rules and regulations prescribe) which the Company may be required
      to file with the Commission pursuant to Section 13 or Section 15(d) of the
      Exchange Act; or, if the Company is not required to file information,
      documents or reports pursuant to either of such Sections, then it will
      file with the Trustee and the Commission, in accordance with rules and
      regulations prescribed from time to time by the Commission, such of the
      supplementary and periodic information, documents

                                       37
<PAGE>

      and reports that may be required pursuant to Section 13 of the Exchange
      Act in respect of a security listed and registered on a national
      securities exchange as may be prescribed from time to time in such rules
      and regulations;

            (2)   file with the Trustee and the Commission, in accordance with
      rules and regulations prescribed from time to time by the Commission, such
      additional information, documents and reports with respect to compliance
      by the Company with the conditions and covenants of this Indenture as may
      be required from time to time by such rules and regulations; and

            (3)   comply with all other provisions of Section 314(a) of the
      Trust Indenture Act.

      Delivery of such reports to the Trustee is for informational purposes only
and the Trustee's receipt of such reports shall not constitute constructive
notice of any information contained therein or determinable from information
contained therein, including the Issuer's compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officers'
Certificates).

                                  ARTICLE VIII

                  CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

            SECTION 801. COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.
The Company shall not consolidate with or merge with or into any other Person or
convey or transfer its properties and assets substantially as an entirety to any
Person, unless:

            (1)   either the Company shall be the continuing corporation, or the
      Person (if other than the Company) formed by such consolidation or into
      which the Company is merged or the Person that acquires by conveyance or
      transfer the properties and assets of the Company substantially as an
      entirety shall expressly assume, by an indenture supplemental hereto,
      executed and delivered to the Trustee, in form satisfactory to the
      Trustee, the due and punctual payment of the principal of (and premium, if
      any) and interest, if any, on the Notes and the performance of every
      covenant of this Indenture on the part of the Company to be performed or
      observed;

            (2)   immediately after giving effect to such transactions no
      Default or Event of Default shall have happened and be continuing; and

            (3)   the Company and the successor Person have delivered to the
      Trustee an Officers Certificate and an Opinion of Counsel each stating
      that such consolidation, merger, conveyance or transfer and such
      supplemental indenture comply with this Article VIII and that all
      conditions precedent herein provided for relating to such transaction have
      been complied with.

            SECTION 802. SUCCESSOR PERSON SUBSTITUTED. Upon any consolidation or
merger, or any conveyance or transfer of the properties and assets of the
Company substantially as an entirety in accordance with Section 801, the
successor Person formed by such

                                       38
<PAGE>

consolidation or into which the Company is merged or the successor Person to
which such conveyance or transfer is made shall succeed to, and be substituted
for, and may exercise every right and power of, the Company under this Indenture
with the same effect as if such successor had been named as the Company herein;
and in the event of any such conveyance or transfer, the Company shall be
discharged from all obligations and covenants under this Indenture and the Notes
and may be dissolved and liquidated.

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

            SECTION 901. SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.
Without the consent of any Holders of Notes, the Company, when authorized by or
pursuant to a Board Resolution, and the Trustee, at any time and from time to
time, may enter into one or more indentures supplemental hereto, in form
satisfactory to the Trustee, for any of the following purposes:

            (1)   to evidence the succession of another Person to the Company
      and the assumption by any such successor of the covenants of the Company
      herein and in the Notes contained; or

            (2)   to add to the covenants of the Company for the benefit of the
      Holders of the Notes or to surrender any right or power herein conferred
      upon the Company; or

            (3)   to add any additional Events of Default for the benefit of the
      Holders of the Notes; provided, however, in respect of any such additional
      Events of Default such supplemental indenture may provide for a particular
      period of grace after default (which period may be shorter or longer than
      that allowed in the case of other defaults) or may provide for an
      immediate enforcement upon such default or may limit the remedies
      available to the Trustee upon such default or may limit the right of the
      Holders of a majority in aggregate principal amount of the Notes to waive
      such default; or

            (4)   to change or eliminate any of the provisions of this
      Indenture; provided that any such change or elimination shall become
      effective only when there is no Note Outstanding created prior to the
      execution of such supplemental indenture that is entitled to the benefit
      of such provision; or

            (5)   to evidence and provide for the acceptance of appointment
      hereunder by a successor Trustee; or

            (6)   to cure any ambiguity, to correct or supplement any provision
      herein that may be inconsistent with any other provision herein, or to
      make any other provisions with respect to matters or questions arising
      under this Indenture; provided that any such action shall not, as
      evidenced by an Opinion of Counsel delivered to the Trustee, adversely
      affect the interests of the Holders of Notes in any material respect; or

            (7)   to supplement any of the provisions of this Indenture to such
      extent as shall be necessary to permit or facilitate the defeasance and
      discharge of Notes pursuant

                                       39
<PAGE>

      to Sections 401, 1402 and 1403; provided that any such action shall not,
      as evidenced by an Opinion of Counsel delivered to the Trustee, adversely
      affect the interests of the Holders of Notes in any material respect;

            (8)   to provide for the issuance of the Exchange Notes, which will
      have terms substantially identical to the other Outstanding Notes, except
      for the requirement of a Private Placement Legend and related transfer
      restrictions under the Securities Act and this Indenture, as to the
      applicability of additional interest payable as provided in Section 308,
      as to redemption as provided in Article XI and as to repurchase at the
      option of the Holder as provided in Article XIII and which will be
      treated, together with any other Outstanding Notes, as a single issue of
      securities; or

            (9)   to provide for the issuance of Add On Notes as permitted by
      Sections 303 and 312, which will have terms substantially identical to the
      other Outstanding Notes except as specified in Section 308 or 312, and
      which will be treated, together with any other Outstanding Notes, as a
      single issue of securities.

            SECTION 902. SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS. (a)
With the consent of the Holders of not less than a majority in principal amount
of the Outstanding Notes, by Act of said Holders delivered to the Company and
the Trustee, the Company, when authorized by or pursuant to a Board Resolution,
and the Trustee may enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Indenture or of modifying in any
manner the rights of the Holders of Notes under this Indenture; provided,
however, that no such supplemental indenture shall, without the consent of the
Holder of each Outstanding Note affected thereby:

            (1)   change the Stated Maturity of the principal of (or premium, if
      any, on) or any installment of principal of or interest on, any Note, or
      reduce the principal amount thereof or the rate of interest thereon, or
      any premium payable in the redemption thereof, or adversely affect any
      right of repurchase at the option of the Holder of any Note, or change any
      Place of Payment where any Note or any premium or interest thereon is
      payable, or impair the right to institute suit for the enforcement of any
      such payment on or after the Stated Maturity thereof (or, in the case
      exercise of the Redemption Right or the Optional Repurchase Right, on or
      after the Redemption Date or the Optional Repurchase Date, as the case may
      be); or

            (2)   reduce the percentage in principal amount of the Outstanding
      Notes, the consent of whose Holders is required for any such supplemental
      indenture, or the consent of whose Holders is required for any waiver of
      compliance with certain provisions of this Indenture or certain defaults
      hereunder and their consequences provided for in this Indenture, or reduce
      the requirements of Section 1504 for quorum or voting; or

            (3)   modify any of the provisions of this Section 902 or Section
      513, except to increase any such percentage or to provide that certain
      other provisions of this Indenture cannot be modified or waived without
      the consent of the Holder of each Outstanding Note affected thereby.

                                       40
<PAGE>

            (b)   It shall not be necessary for any Act of Holders under this
      Section 902 to approve the particular form of any proposed supplemental
      indenture, but it shall be sufficient if such Act shall approve the
      substance thereof.

            (c)   The Company may, but shall not be obligated to, fix a record
      date for the purpose of determining the Persons entitled to consent to any
      indenture supplemental hereto. If a record date is fixed, the Holders of
      Notes on such record date, or their duly designated proxies, and only such
      Persons, shall be entitled to consent to such supplemental indenture,
      whether or not such Holders remain Holders after such record date;
      provided that unless such consent shall have become effective by virtue of
      the requisite percentage having been obtained prior to the date that is 90
      days after such record date, any such consent previously given shall
      automatically and without further action by any Holder of Notes be
      cancelled and of no further effect.

            SECTION 903. EXECUTION OF SUPPLEMENTAL INDENTURES. In executing, or
accepting the additional trusts created by, any supplemental indenture permitted
by this Article IX or the modification thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, in addition to any
documents required by Section 102, and shall be fully protected in relying upon,
an Opinion of Counsel stating that the execution of such supplemental indenture
is authorized or permitted by this Indenture. The Trustee may, but shall not be
obligated to, enter into any such supplemental indenture that affects the
Trustee's own rights, duties or immunities under this Indenture or otherwise.

            SECTION 904. EFFECT OF SUPPLEMENTAL INDENTURES. Upon the execution
of any supplemental indenture under this Article IX, this Indenture shall be
modified in accordance therewith, and such supplemental indenture shall form a
part of this Indenture for all purposes; and every Holder of Notes theretofore
or thereafter authenticated and delivered hereunder shall be bound thereby.

            SECTION 905. CONFORMITY WITH TRUST INDENTURE ACT. Every supplemental
indenture executed pursuant to this Article IX shall conform to the requirements
of the Trust Indenture Act as then in effect.

            SECTION 906. REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article Nine may, and shall, if required by the Trustee, bear a
notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new Notes so modified
as to conform, in the opinion of the Trustee and the Company, to any such
supplemental indenture may be prepared and executed by the Company and
authenticated and delivered by the Trustee in exchange for Outstanding Notes.

                                    ARTICLE X

                                    COVENANTS

            SECTION 1001. PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST. The
Company covenants and agrees for the benefit of the Holders of the Notes that it
will duly and punctually

                                       41
<PAGE>

pay the principal of (and premium, if any) and interest, if any, on the Notes in
accordance with the terms of the Notes and this Indenture. At the option of the
Company, all payments of principal may be paid by check to the registered Holder
of the Note or other person entitled thereto against surrender of such Note.

            SECTION 1002. MAINTENANCE OF OFFICE OR AGENCY. (a) The Company shall
maintain in each Place of Payment for the Notes an office or agency where Notes
may be presented or surrendered for payment, where Notes may be surrendered for
registration of transfer or exchange, and where notices and demands to or upon
the Company in respect of the Notes and this Indenture may be served. The
Company will give prompt written notice to the Trustee of the location, and any
change in the location, of each such office or agency. If at any time the
Company shall fail to maintain any such required office or agency or shall fail
to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the
Trustee, and the Company hereby appoints the same as its agent to receive such
respective presentations, surrenders, notices and demands, and the Company
hereby appoints the Trustee as its agent to receive all such presentations,
surrenders, notices and demands.

            (b)   The Company may from time to time designate one or more other
      offices or agencies where the Notes may be presented or surrendered for
      any or all of such purposes, and may from time to time rescind such
      designations; provided, however, that no such designation or rescission
      shall in any manner relieve the Company of its obligation to maintain an
      office or agency in accordance with the requirements set forth above for
      Notes for such purposes. The Company will give prompt written notice to
      the Trustee of any such designation or rescission and of any change in the
      location of any such other office or agency. The Company hereby designates
      as the Place of Payment for the Notes the office or agency of the Company
      in the Borough of Manhattan, The City of New York, and initially appoints
      the Trustee at its Corporate Trust Office as Paying Agent in such city and
      as its agent to receive all such presentations, surrenders, notices and
      demands.

            SECTION 1003. MONEY FOR NOTES PAYMENTS TO BE HELD IN TRUST. (a) If
the Company shall at any time act as its own Paying Agent for the Notes, it
will, on or before each due date of the principal of (or premium, if any) or
interest, if any, on any of the Notes, segregate and hold in trust for the
benefit of the Persons entitled thereto a sum sufficient to pay the principal of
(and premium, if any) and interest, if any, on the Notes so becoming due until
such sums shall be paid to such Persons or otherwise disposed of as herein
provided, and will promptly notify the Trustee of its action or failure so to
act.

            (b)   Whenever the Company shall have one or more Paying Agents for
      the Notes, it will, on or before each due date of the principal of (or
      premium, if any) or interest, if any, on any Notes, deposit with a Paying
      Agent a sum sufficient to pay the principal (or premium, if any) or
      interest, if any, so becoming due, such sum to be held in trust for the
      benefit of the Persons entitled to such principal, premium or interest and
      (unless such Paying Agent is the Trustee) the Company will promptly notify
      the Trustee of its action or failure so to act.

                                       42
<PAGE>

            (c)   The Company may at any time, for the purpose of obtaining the
      satisfaction and discharge of this Indenture or for any other purpose,
      pay, or by Company Order direct any Paying Agent to pay, to the Trustee
      all sums held in trust by the Company or such Paying Agent, such sums to
      be held by the Trustee upon the same trusts as those upon which such sums
      were held by the Company or such Paying Agent; and, upon such payment by
      any Paying Agent to the Trustee, such Paying Agent shall be released from
      all further liability with respect to such sums.

            (d)   Except as otherwise provided in the Notes, any money deposited
      with the Trustee or any Paying Agent, or then held by the Company, in
      trust for the payment of the principal of (or premium, if any) or
      interest, if any, on any Note and remaining unclaimed for two years after
      such principal, premium or interest has become due and payable shall be
      paid to the Company upon Company Request or (if then held by the Company)
      shall be discharged from such trust; and the Holder of such Note shall
      thereafter, as an unsecured general creditor, look only to the Company for
      payment of such principal, premium or interest on any Note, without
      interest thereon, and all liability of the Trustee or such Paying Agent
      with respect to such trust money, and all liability of the Company as
      trustee thereof, shall thereupon cease; provided, however, that the
      Trustee or such Paying Agent, before being required to make any such
      repayment, may at the expense of the Company cause to be published once,
      in an Authorized Newspaper, notice that such money remains unclaimed and
      that, after a date specified therein, which shall not be less than 30 days
      from the date of such publication, any unclaimed balance of such money
      then remaining will be repaid to the Company.

            SECTION 1004. STATEMENT AS TO COMPLIANCE. The Company will deliver
to the Trustee, within 120 days after the end of each fiscal year (beginning
with the fiscal year ending on December 31, 2004), an Officers' Certificate,
stating whether or not to the best knowledge of the signers thereof the Company
is in default in the performance and observance of any of the terms, provisions
and conditions of this Indenture (without regard to any period of grace or
requirement of notice provided hereunder) and, if the Company shall be in
default, specifying all such defaults and the nature and status thereof of which
they may have knowledge.

            SECTION 1005. LIMITATION ON LIENS. The Company will not, and will
not cause or permit any of its subsidiaries to, create, assume, incur or
guarantee any indebtedness for money borrowed that is secured by a pledge,
mortgage, deed of trust or other lien on any voting stock or profit
participating equity interests of Janus Capital Management LLC ("JCM") or any
entity that succeeds (whether by merger, consolidation, sale of assets or
otherwise) to all or any substantial part of the business of JCM, without
providing that the Notes (together with, if the Company shall so determine, any
other indebtedness of, or guarantee by, the Company ranking equally with the
Notes and existing as of the date hereof or hereafter created) will be secured
equally and ratably with or prior to all other indebtedness secured by such
pledge, mortgage, deed of trust or other lien on the voting stock or profit
participating equity interests of JCM; provided that this Section 1005 shall not
limit the Company's ability or the ability of the Company's subsidiaries to
incur indebtedness or other obligations secured by liens on assets other than
the shares of common stock of JCM.

                                       43
<PAGE>

                                   ARTICLE XI

                               REDEMPTION OF NOTES

            SECTION 1101. COMPANY'S RIGHT TO REDEEM; NOTICE TO TRUSTEE. On May
19, 2004 (the "Redemption Date"), the Company, at its option, may redeem (the
"Redemption Right") up to $445,000,000 principal amount of Notes (the
"Redemption Limit"), for cash, at a Redemption Price equal to 100% of the
principal amount of the Notes to be redeemed (the "Redemption Price"), plus
accrued and unpaid interest, if any, thereon to, but excluding, the Redemption
Date. If the Company elects to redeem Notes pursuant to this Section 1101, it
shall notify the Trustee in writing of the principal amount of Notes to be
redeemed by a Company Order on or prior to April 28, 2004, unless the Trustee
agrees to a later date.

            SECTION 1102. SELECTION BY TRUSTEE OF NOTES TO BE REDEEMED. (a) If
less than all of the Notes are to be redeemed pursuant to the Redemption Right
the Trustee shall select the particular Notes to be redeemed from the
Outstanding Notes on a pro rata basis. The Trustee shall make the selection
within five Business Days after it receives the notice provided for in Section
1101.

            (b)   Notes to be redeemed shall be in principal amounts of $1,000
      or any integral multiple of $1,000. The Trustee shall promptly notify the
      Company and the Registrar in writing of the Notes selected for redemption
      and, in the case of any Notes selected for partial redemption, the
      principal amount thereof to be redeemed.

            (c)   For all purposes of this Indenture, unless the context
      otherwise requires, all provisions relating to the redemption of Notes
      shall relate, in the case of any Note redeemed or to be redeemed only in
      part, to the portion of the principal amount of such Note which has been
      or is to be redeemed.

            SECTION 1103. NOTICE OF REDEMPTION. (a) A notice of redemption (a
"Redemption Notice") shall be given in the manner provided in Section 106, on or
prior to May 12, 2004, but failure to give such notice in the manner herein
provided to the Holder of any Note designated for redemption as a whole or in
part, or any defect in the notice to any such Holder, shall not affect the
validity of the proceedings for the redemption of any other such Note or portion
thereof.

            (b)   Any Redemption Notice that is mailed to the Holders of
      Registered Notes in the manner herein provided shall be conclusively
      presumed to have been duly given, whether or not the Holder receives the
      Redemption Notice.

            (c)   Each Redemption Notice shall state:

            (1)   the Redemption Date;

            (2)   the Redemption Price and accrued and unpaid interest, if any,
      thereon to, but excluding, the Redemption Date;

                                       44
<PAGE>

            (3)   if less than all Outstanding Notes are to be redeemed, the
      identification (and, in the case of partial redemption, the principal
      amount) of the particular Note or Notes to be redeemed;

            (4)   in case any Note is to be redeemed in part only, the notice
      that relates to such Note shall state that on and after the Redemption
      Date, upon surrender of such Note, the Holder will receive, without a
      charge, a new Note or Notes of authorized denominations for the principal
      amount thereof remaining unredeemed;

            (5)   that on the Redemption Date, the Redemption Price and accrued
      and unpaid interest, if any, thereon to, but excluding, the Redemption
      Date will become due and payable upon each such Note, or the portion
      thereof, to be redeemed and, that interest thereon shall cease to accrue
      on and after the Redemption Date;

            (6)   the Place or Places of Payment where such Notes are to be
      surrendered for payment of the Redemption Price and accrued and unpaid
      interest; and

            (7)   the CUSIP number of such Note.

            (d)   A Redemption Notice shall be given by the Company, or, at the
      Company's request, by the Trustee in the name and at the expense of the
      Company.

            SECTION 1104. DEPOSIT OF REDEMPTION PRICE. On or prior to 10:00
a.m., New York City time, on the Redemption Date, the Company shall deposit with
the Trustee or with a Paying Agent (or, if the Company is acting as its own
Paying Agent, segregate and hold in trust as provided in Section 1003) an amount
of money sufficient to pay on the Redemption Date the Redemption Price of, and
accrued and unpaid interest on, all the Notes or portions thereof that are to be
redeemed on the Redemption Date.

            SECTION 1105. NOTES PAYABLE ON REDEMPTION DATE. (a) Once a
Redemption Notice is given as aforesaid, the Notes so to be redeemed shall, on
the Redemption Date, become due and payable at the Redemption Price together
with accrued and unpaid interest, if any, thereon to, but excluding, the
Redemption Date. Upon surrender in accordance with the Redemption Notice, such
Notes shall be paid at the Redemption Price together with accrued and unpaid
interest, if any, thereon to, but excluding, the Redemption Date.

            (b)   If any Note called for redemption shall not be so paid upon
      surrender thereof for redemption, the Redemption Price shall, until paid,
      bear interest from, and including, the Redemption Date at the rate of
      interest set forth in such Note.

            SECTION 1106. NOTES REDEEMED IN PART. Any Registered Note that is to
be redeemed only in part shall be surrendered at a Place of Payment therefor
(with, if the Company or the Trustee so requires, due endorsement by, or a
written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by, the Holder thereof or his attorney duly authorized in
writing) and the Company shall execute and the Trustee shall authenticate and
deliver to the Holder of such Note without service charge a new Note or Notes of
the same series, of any authorized denomination as requested by such Holder in
an aggregate principal

                                       45
<PAGE>

amount equal to and in exchange for the unredeemed portion of the principal of
the Note so surrendered.

                                  ARTICLE XII

                           [INTENTIONALLY LEFT BLANK]

                                  ARTICLE XIII

                       REPURCHASE AT THE OPTION OF HOLDERS

            SECTION 1301. HOLDERS' REPURCHASE RIGHT. (a) If the Company declines
to purchase any Notes, or the Company purchases an aggregate principal amount of
Notes less than the Redemption Limit, pursuant to Section 1101, on June 18, 2004
(the "Optional Repurchase Date"), each Holder shall have the right (the
"Optional Repurchase Right"), at the Holder's option, to require the Company to
repurchase, and upon the exercise of the Optional Repurchase Right the Company
shall repurchase on the Optional Repurchase Date, all of such Holder's Notes
(subject to Section 1301(b)), or any portion of the principal amount thereof
that is equal to $1,000 or any integral multiple of $1,000, at a repurchase
price equal to 100% of the principal amount of the Notes to be repurchased (the
"Optional Repurchase Price"), plus accrued and unpaid interest, if any, thereon
to, but excluding, the Optional Repurchase Date. If the Company is required to
repurchase Notes pursuant to this Section 1301(a), it shall notify the Trustee
in writing of the maximum principal amount of Notes it may be required to
repurchase by a Company Order on or prior to May 24, 2004, unless the Trustee
agrees to a later date.

            (b)   The Company shall not be required to repurchase from all
      Holders of Notes exercising the Optional Repurchase Right an aggregate
      principal amount of Notes in excess of the Redemption Limit less the
      aggregate principal amount of Notes redeemed by the Company pursuant to
      Section 1101 (the "Optional Repurchase Limit"). If the Holders exercise
      the Optional Repurchase Right with respect to an aggregate principal
      amount of Notes in excess of the Optional Repurchase Limit, the Trustee
      will select the particular Notes to be repurchased pursuant to the methods
      set forth in Section 1102. The Trustee shall make such selection on the
      second Business Day prior to the Optional Repurchase Date.

            (c)   If the Company is required to repurchase Notes under Section
      1301(a), a notice (the "Optional Repurchase Company Notice") shall be
      given in the manner provided in Section 106, on or prior to May 27, 2004,
      but failure to give such notice in the manner herein provided to the
      Holder of any Note, or any defect in the notice to any such Holder, shall
      not affect the right of any Holder to exercise the Optional Repurchase
      Right or affect the validity of the proceedings for the repurchase of any
      Notes.

            (d)   Any Optional Repurchase Company Notice that is mailed to the
      Holders of Registered Notes in the manner herein provided shall be
      conclusively presumed to have been duly given, whether or not the Holder
      receives the Optional Repurchase Company Notice.

                                       46
<PAGE>

            (e)   Each Optional Repurchase Company Notice shall state:

            (1)   the Optional Repurchase Date;

            (2)   the date by which the Optional Repurchase Notice must be
      delivered in order for a Holder of Notes to exercise the Optional
      Repurchase Right;

            (3)   the Optional Repurchase Price and accrued and unpaid interest,
      if any, thereon to, but excluding the Optional Repurchase Date;

            (4)   the Optional Repurchase Limit;

            (5)   a description of the procedures that a Holder must follow to
      exercise the Optional Repurchase Right, and the Place or Places of Payment
      where Notes are to be surrendered for payment of the Optional Repurchase
      Price and accrued and unpaid interest, if any;

            (6)   that on the Optional Repurchase Date, the Optional Repurchase
      Price and accrued and unpaid interest, if any, thereon to, but excluding
      the Optional Repurchase Date will become due any payable upon each Note,
      or the portion thereof, to be repurchased and that interest thereon shall
      cease to accrue on and after the Optional Repurchase Date;

            (7)   the procedures for withdrawing an Optional Repurchase Notice;
      and

            (8)   the CUSIP numbers of such Notes.

            (f)   At the Company's request, the Trustee shall give the Optional
      Repurchase Company Notice in the Company's name and at the Company's
      expense, provided that the Company makes such request on or prior to May
      24, 2004, unless the Trustee agrees to a later date.

            SECTION 1302. REPURCHASE OF NOTES. On or prior to 10:00 a.m., New
York City time, on the Optional Repurchase Date, the Company shall deposit with
the Trustee or with the Paying Agent (or, if the Company is acting as its own
Paying Agent, segregate and hold in trust as provided in Section 106) an amount
sufficient to pay on the Optional Repurchase Date the Optional Repurchase Price
of, and accrued and unpaid interest on, all the Notes or portions thereof that
are to be repurchased on the Optional Repurchase Date.

            SECTION 1303. EXERCISE OF OPTION. (a) A Holder may exercise its
Optional Repurchase Right upon delivery of a written notice of repurchase (an
"Optional Repurchase Notice") to be received by the Paying Agent at any time
from the opening of business on May 27, 2004 until the close of business on June
11, 2004 (unless the Company shall specify a later date), specifying:

            (1)   if Certificated Notes have been issued, the certificate
      numbers of the Notes which the Holder will deliver to be repurchased or,
      if Certificated Notes have not been issued, the applicable DTC procedures;

                                       47
<PAGE>

            (2)   the portion of the principal amount of the Note which the
      Holder will deliver to be repurchased, which portion must be equal to
      $1,000 or any integral multiple of $1,000; and

            (3)   that such Note shall be repurchased pursuant to the terms and
      conditions specified in the Notes and in this Indenture.

            (b)   The receipt of such Note (together with all necessary
      endorsements) by the Paying Agent with the Optional Repurchase Notice at
      the offices of the Paying Agent shall be a condition to the receipt by the
      Holder of the Optional Repurchase Price therefor; provided, however, that
      such Optional Repurchase Price shall be so paid pursuant to this Section
      1303 and Section 1304 only if the Note so delivered to the Paying Agent
      shall conform in all respects to the description thereof set forth in the
      related Optional Repurchase Notice.

            (c)   The Company shall repurchase from the Holder thereof, pursuant
      to this Section 1303 and Section 1304, a portion of a Note if the
      principal amount of such portion is equal to $1,000 or any integral
      multiple of $1,000. Provisions of this Indenture that apply to the
      repurchase of all of a Note also apply to the repurchase of such portion
      of such Note.

            (d)   Any repurchase by the Company contemplated pursuant to the
      provisions of this Section 1303 and Section 1304 shall be consummated by
      the delivery of the consideration to be received by the Holder.

            (e)   The Paying Agent shall promptly notify the Company of the
      receipt by it of any Optional Repurchase Notice or written withdrawal
      thereof.

            SECTION 1304. EFFECT OF REPURCHASE NOTICE; WITHDRAWAL. (a) Upon
receipt by the Paying Agent of an Optional Repurchase Notice specified in
Section 1303(a), the Holder of the Note in respect of which such Optional
Repurchase Notice was given shall (unless such Optional Repurchase Notice is
withdrawn as specified in the following two paragraphs) thereafter be entitled
to receive solely the Optional Repurchase Price, and accrued and unpaid
interest, if any, to the Optional Repurchase Date, with respect to such Note.

            (b)   An Optional Repurchase Notice may be withdrawn by means of a
      written notice of withdrawal delivered to the office of the Paying Agent
      in accordance with the Optional Repurchase Notice at any time prior to the
      close of business on the fifth Business Day prior to the Optional
      Repurchase Date, specifying:

            (1)   if Certificated Notes have been issued, the certificate
      number, if any, of the Note in respect of which such notice of withdrawal
      is being submitted or, if Certificated Notes have not been issued, such
      information as may be required by the appropriate DTC procedures;

            (2)   the principal amount of the Note with respect to which such
      notice of withdrawal is being submitted; and

                                       48
<PAGE>

            (3)   the principal amount, if any, of such Note which remains
      subject to the original Optional Repurchase Notice, and which has been or
      will be delivered for repurchase by the Company.

            (c)   The Paying Agent will promptly return to the respective
      Holders thereof any Notes with respect to which an Optional Repurchase
      Notice has been withdrawn in compliance with this Indenture, upon such
      return, the Optional Repurchase Notice with respect thereto shall be
      deemed to have been withdrawn.

            SECTION 1305. WHEN NOTES PRESENTED FOR REPURCHASE BECOME DUE AND
PAYABLE. (a) If Notes shall have been surrendered as provided in this Article
XIII, such Notes or the portions thereof, as the case may be, to be repurchased
shall, on the Optional Repurchase Date, become due and payable at the Optional
Repurchase Price together with accrued and unpaid interest, if any, thereon to,
but excluding, the Optional Repurchase Date. Upon surrender in accordance with
the Optional Repurchase Company Notice, such Notes shall be repurchased at the
Optional Repurchase Price, together with accrued and unpaid interest, if any,
thereon to, but excluding, the Optional Repurchase Date.

            (b)   If any Note surrendered for repurchase shall not be so
      repurchased upon surrender thereof, the Optional Repurchase Price shall,
      until paid, bear interest from, and including, the Optional Repurchase
      Date at the rate of interest set forth in such Note.

            SECTION 1306. NOTES REPURCHASED IN PART. Upon surrender of any
Registered Note that is to be repurchased in part only, the Company shall
execute and the Trustee shall authenticate and deliver to the Holder of such
Note, without service charge and at the expense of the Company, a new Registered
Note or Notes, of any authorized denomination specified by the Holder, in an
aggregate principal amount equal to and in exchange for the portion of the
principal of such Note so surrendered which is not to be repaid.

                                   ARTICLE XIV

                       DEFEASANCE AND COVENANT DEFEASANCE

            SECTION 1401. COMPANY'S OPTION TO EFFECT DEFEASANCE OR COVENANT
DEFEASANCE. The Company may, at its option, by Board Resolution at any time,
with respect to the Notes, elect to have Section 1402 or Section 1403 be applied
to such Outstanding Notes upon compliance with the conditions set forth below in
this Article XIV.

            SECTION 1402. DEFEASANCE AND DISCHARGE. Upon the Company's exercise
of the above option applicable to this Section 1402 with respect to any Notes,
the Company shall be deemed to have been discharged from its obligations with
respect to such Outstanding Notes on the date the conditions set forth in
Section 1404 are satisfied (hereinafter, "defeasance"). For this purpose, such
defeasance means that the Company shall be deemed to have paid and discharged
the entire indebtedness represented by such Outstanding Notes, which shall
thereafter be deemed to be "Outstanding" only for the purposes of Section 1405
and the other Sections of this Indenture referred to in clauses (A) and (B) of
this Section 1402, and to have satisfied all its other obligations under such
Notes and this Indenture insofar as such Notes are concerned (and

                                       49
<PAGE>

the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following which shall survive until
otherwise terminated or discharged hereunder: (A) the rights of Holders of such
Outstanding Notes to receive, solely from the trust fund described in Section
1404 and as more fully set forth in such Section, payments in respect of the
principal of (and premium, if any) and interest, if any, on such Notes when such
payments are due, (B) the Company's obligations with respect to such Notes under
Sections 305, 306, 1002 and 1003, (C) the rights, powers, trusts, duties and
immunities of the Trustee hereunder, and (D) this Article XIV. Subject to
compliance with this Article XIV, the Company may exercise its option under this
Section 1402 notwithstanding the prior exercise of its option under Section 1403
with respect to such Notes.

            SECTION 1403. COVENANT DEFEASANCE. Upon the Company's exercise of
the above option applicable to this Section 1403, the Company shall be released
from its obligations under any covenant specified with respect to any
Outstanding Notes on and after the date the conditions set forth in Section 1404
are satisfied (hereinafter, "covenant defeasance"), and such Notes shall
thereafter be deemed to be not "Outstanding" for the purposes of any direction,
waiver, consent or declaration or Act of Holders (and the consequences of any
thereof) in connection with any such covenant, but shall continue to be deemed
"Outstanding" for all other purposes hereunder. For this purpose, such covenant
defeasance means that, with respect to such Outstanding Notes, the Company may
omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such Section or such other covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to
any such Section or such other covenant or by reason of reference in any such
Section or such other covenant to any other provision herein or in any other
document and such omission to comply shall not constitute a Default or an Event
of Default under Section 501(3) or otherwise, but, except as specified above,
the remainder of this Indenture and such Notes shall be unaffected thereby.

            SECTION 1404. CONDITIONS TO DEFEASANCE OR COVENANT DEFEASANCE. The
following shall be the conditions to application of Section 1402 or Section 1403
to any Outstanding Notes:

            (a)   The Company shall irrevocably have deposited or caused to be
deposited with the Trustee (or another trustee satisfying the requirements of
Section 607 who shall agree to comply with the provisions of this Article XIV
applicable to it) as trust funds in trust for the purpose of making the
following payments, specifically pledged as security for, and dedicated solely
to, the benefit of the Holders of such Notes, (i) an amount in United States
dollars, or (ii) Government Obligations, which through the scheduled payment of
principal and interest in respect thereof in accordance with their terms will
provide, not later than one day before the due date of any payment of principal
of (and premium, if any) and interest, if any, on such Notes, money in an
amount, or (iii) a combination thereof in an amount, sufficient, in the opinion
of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, to pay and discharge,
and which shall be applied by the Trustee (or other qualifying trustee) to pay
and discharge, the principal of (and premium, if any) and interest, if any, on
such Outstanding Notes on the Stated Maturity of such principal or installment
of principal or interest.

                                       50
<PAGE>

            (b)   Such defeasance or covenant defeasance shall not result in a
      breach or violation of, or constitute a default under, this Indenture or
      any other material agreement or instrument to which the Company is a party
      or by which it is bound.

            (c)   No Default or Event of Default with respect to such Notes
      shall have occurred and be continuing on the date of such deposit or,
      insofar as Sections 501(4) and 501(5) are concerned, at any time during
      the period ending on the 91st day after the date of such deposit (it being
      understood that this condition shall not be deemed satisfied until the
      expiration of such period).

            (d)   In the case of an election under Section 1402, the Company
      shall have delivered to the Trustee an Opinion of Counsel stating that (i)
      the Company has received from, or there has been published by, the
      Internal Revenue Service a ruling, or (ii) since the date of execution of
      this Indenture, there has been a change in the applicable Federal income
      tax law, in either case to the effect that, and based thereon such opinion
      shall confirm that, the Holders of such Outstanding Notes will not
      recognize income, gain or loss for Federal income tax purposes as a result
      of such defeasance and will be subject to Federal income tax on the same
      amounts, in the same manner and at the same times as would have been the
      case if such defeasance had not occurred.

            (e)   In the case of an election under Section 1403, the Company
      shall have delivered to the Trustee an Opinion of Counsel to the effect
      that the Holders of such Outstanding Notes will not recognize income, gain
      or loss for Federal income tax purposes as a result of such covenant
      defeasance and will be subject to Federal income tax on the same amounts,
      in the same manner and at the same times as would have been the case if
      such covenant defeasance had not occurred.

            (f)   The Company shall have delivered to the Trustee an Officers'
      Certificate and an Opinion of Counsel, each stating that all conditions
      precedent to the defeasance under Section 1402 or the covenant defeasance
      under Section 1403, as the case may be, have been complied with and an
      Opinion of Counsel to the effect that either (i) as a result of a deposit
      pursuant to subsection (a) above and the related exercise of the Company's
      option under Section 1402 or Section 1403, as the case may be,
      registration is not required under the Investment Company Act of 1940, as
      amended, by the Company, with respect to the trust funds representing such
      deposit or by the trustee for such trust funds or (ii) all necessary
      registrations under such Act have been effected.

            SECTION 1405. DEPOSITED MONEY AND GOVERNMENT OBLIGATIONS TO BE HELD
IN TRUST; OTHER MISCELLANEOUS PROVISIONS. (a) Subject to the provisions of the
last paragraph of Section 1003, all money and Government Obligations (including
the proceeds thereof deposited with the Trustee or other qualifying trustee
(collectively, for purposes of this Section 1405, the "Trustee") pursuant to
Section 1404 in respect of any Outstanding Notes shall be held in trust and
applied by the Trustee, in accordance with the provisions of such Notes and this
Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Holders of such Notes of all sums due and to become due
thereon in respect of principal (and premium, if any) and

                                       51
<PAGE>

interest, if any, but such money need not be segregated from other funds except
to the extent required by law.

            (b)   The Company shall pay and indemnify the Trustee against any
tax, fee or other charge imposed on or assessed against the Government
Obligations deposited pursuant to Section 1404 or the principal and interest
received in respect thereof other than any such tax, fee or other charge which
by law is for the account of the Holders of such Outstanding Notes.

            (c)   Anything in this Article XIV to the contrary notwithstanding,
the Trustee shall deliver or pay to the Company from time to time upon Company
Request any money or Government Obligations (or other property and any proceeds
therefrom) held by it as provided in Section 1404 which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, are in excess of the
amount thereof which would then be required to be deposited to effect a
defeasance or covenant defeasance, as applicable, in accordance with this
Article XIV.

            SECTION 1406. REINSTATEMENT. (a) If the Trustee or Paying Agent is
unable to apply any money or Government Obligations in accordance with Section
1405 by reason of any legal proceeding or by reason of any order or judgment of
any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, the Company's obligations under this Indenture and
the Notes shall be revived and reinstated as though no deposit has occurred
pursuant to this Article XIV until such time as the Trustee or Paying Agent is
permitted to apply all such money or Government Obligations in accordance with
Section 1405.

            (b)   If the Company's obligations under this Indenture and the
Notes issued hereunder shall be revived and reinstated in accordance with this
Section 1406, the Company shall be permitted, at its discretion to withdraw all
or a portion of the deposits made by the Company pursuant to this Article XIV.

            (c)   If the Company elects not to withdraw any of the deposits made
by the Company pursuant to this Article XIV, if and when the Trustee or Paying
Agent is later permitted to apply all such money or Government Obligations in
accordance with Section 1405, the rights of the Company shall be subrogated to
the rights of the Holders of the Notes to receive payments from the money or
Government Obligations deposited by the Company pursuant to Article XIV and held
by the Trustee or Paying Agent; provided that if the Company shall have made any
payment of principal or interest on the Notes because of the revival and
reinstatement of its obligations, which payment is not sourced from any amounts
deposited by the Company pursuant to this Article XIV (such amount, in the
aggregate, being referred to as the "Company Paid Amount"), the Company shall be
permitted, at its discretion, to withdraw all or a portion of the deposits made
by the Company pursuant to this Article XIV up to the Company Paid Amount.

                                       52
<PAGE>

                                   ARTICLE XV

                          MEETINGS OF HOLDERS OF NOTES

            SECTION 1501. [INTENTIONALLY LEFT BLANK]

            SECTION 1502. CALL, NOTICE AND PLACE OF MEETINGS. (a) The Trustee
may at any time call a meeting of Holders of the Notes, to make, give or take
any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be made, given or taken by Holders of the
Notes, to be held at such time and at such place in the Borough of Manhattan,
The City of New York, as the Trustee shall determine. Notice of every meeting of
Holders of the Notes, setting forth the time and the place of such meeting and
in general terms the action proposed to be taken at such meeting, shall be
given, in the manner provided in Section 106, not less than 21 nor more than 180
days prior to the date fixed for the meeting.

            (b)   In case at any time the Company, pursuant to a Board
      Resolution, or the Holders of at least 10% in principal amount of the
      Outstanding Notes shall have requested the Trustee to call a meeting of
      the Holders of the Notes for any purpose specified in Section 1502(a), by
      written request setting forth in reasonable detail the action proposed to
      be taken at the meeting, and the Trustee shall not have made the first
      publication of the notice of such meeting within 21 days after receipt of
      such request or shall not thereafter proceed to cause the meeting to be
      held as provided herein, then the Company or the Holders of the Notes in
      the amount above specified, as the case may be, may determine the time and
      the place in the Borough of Manhattan, The City of New York, for such
      meeting and may call such meeting for such purposes by giving notice
      thereof as provided in Section 1502(a).

            SECTION 1503. PERSONS ENTITLED TO VOTE AT MEETINGS. To be entitled
to vote at any meeting of Holders of the Notes, a Person shall be (i) a Holder
of one or more Outstanding Notes, or (ii) a Person appointed by an instrument in
writing as proxy for a Holder or Holders of one or more Outstanding Notes by
such Holder or Holders. The only Persons who shall be entitled to be present or
to speak at any meeting of Holders of the Notes shall be the Persons entitled to
vote at such meeting and their counsel, any representatives of the Trustee and
its counsel and any representatives of the Company and its counsel.

            SECTION 1504. QUORUM; ACTION. (a) The Persons entitled to vote a
majority in principal amount of the Outstanding Notes shall constitute a quorum
for a meeting of Holders of Notes; provided, however, that if any action is to
be taken at such meeting with respect to a consent or waiver that this Indenture
expressly provides may be given by the Holders of not less than a specified
percentage in principal amount of the Outstanding Notes, the Persons entitled to
vote such specified percentage in principal amount of the Outstanding Notes
shall constitute a quorum. In the absence of a quorum within 30 minutes of the
time appointed for any such meeting, the meeting shall, if convened at the
request of Holders of the Notes, be dissolved. In any other case the meeting may
be adjourned for a period of not less than 10 days as determined by the chairman
of the meeting prior to the adjournment of such meeting. In the absence of a
quorum at any such adjourned meeting, such adjourned meeting may be further
adjourned for a

                                       53
<PAGE>

period of not less than 10 days as determined by the chairman of the meeting
prior to the adjournment of such adjourned meeting. Notice of the reconvening of
any adjourned meeting shall be given as provided in Section 1502(a), except that
such notice need be given only once not less than five days prior to the date on
which the meeting is scheduled to be reconvened. Notice of the reconvening of
any adjourned meeting shall state expressly the percentage, as provided above,
of the principal amount of the Outstanding Notes which shall constitute a
quorum.

            (b)   Except as limited by the proviso to Section 902, any
      resolution presented to a meeting or adjourned meeting duly reconvened at
      which a quorum is present as aforesaid may be adopted by the affirmative
      vote of the Holders of a majority in principal amount of the Outstanding
      Notes; provided, however, that, except as limited by the proviso to
      Section 902, any resolution with respect to any request, demand,
      authorization, direction, notice, consent, waiver or other action that
      this Indenture expressly provides may be made, given or taken by the
      Holders of a specified percentage, which is less than a majority, in
      principal amount of the Outstanding Notes may be adopted at a meeting or
      an adjourned meeting duly reconvened and at which a quorum is present as
      aforesaid by the affirmative vote of the Holders of such specified
      percentage in principal amount of the Outstanding Notes.

            (c)   Any resolution passed or decision taken at any meeting of
      Holders of Notes duly held in accordance with this Section 1504 shall be
      binding on all the Holders of Notes, whether or not present or represented
      at the meeting.

            (d)   Notwithstanding the foregoing provisions of this Section 1504,
      if any action is to be taken at a meeting of Holders of the Notes with
      respect to any request, demand authorization, direction, notice, consent,
      waiver or other action that this Indenture expressly provides may be made,
      given or taken by the Holders of a specified percentage in principal
      amount of all Outstanding Notes affected thereby:

            (i)   there shall be no minimum quorum requirement for such meeting;
      and

            (ii)  the principal amount of the Outstanding Notes that vote in
      favor of such request, demand, authorization, direction, notice, consent,
      waiver or other action shall be taken into account in determining whether
      such request, demand, authorization, direction, notice, consent, waiver or
      other action has been made, given or taken under this Indenture.

            SECTION 1505. DETERMINATION OF VOTING RIGHTS; CONDUCT AND
ADJOURNMENT OF MEETINGS. (a) Notwithstanding any provisions of this Indenture,
the Trustee may make such reasonable regulations as it may deem advisable for
any meeting of Holders of the Notes in regard to proof of the holding of Notes
and of the appointment of proxies and in regard to the appointment and duties of
inspectors of votes, the submission and examination of proxies, certificates and
other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it shall deem appropriate. Except as otherwise
permitted or required by any such regulations, the holding of Notes shall be
proved in the manner specified in Section 104 and the appointment of any proxy
shall be proved in the manner specified in Section

                                       54
<PAGE>

104. Such regulations may provide that written instruments appointing proxies,
regular on their face, may be presumed valid and genuine without the proof
specified in Section 104 or other proof.

            (b)   The Trustee shall, by an instrument in writing, appoint a
      temporary chairman of the meeting, unless the meeting shall have been
      called by the Company or by Holders of the Notes as provided in Section
      1502(b), in which case the Company or the Holders of the Notes calling the
      meeting, as the case may be, shall in like manner appoint a temporary
      chairman. A permanent chairman and a permanent secretary of the meeting
      shall be elected by vote of the Persons entitled to vote a majority in
      principal amount of the Outstanding Notes represented at the meeting.

            (c)   At any meeting, each Holder of a Note or proxy shall be
      entitled to one vote for each $1,000 principal amount of Outstanding Notes
      held or represented by him; provided, however, that no vote shall be cast
      or counted at any meeting in respect of any Note challenged as not
      Outstanding and ruled by the chairman of the meeting to be not
      Outstanding. The chairman of the meeting shall have no right to vote,
      except as a Holder of a Note or proxy.

            (d)   Any meeting of Holders of Notes duly called pursuant to
      Section 1502(b) at which a quorum is present may be adjourned from time to
      time by Persons entitled to vote a majority in principal amount of the
      Outstanding Notes represented at the meeting, and the meeting may be held
      as so adjourned without further notice.

            SECTION 1506. COUNTING VOTES AND RECORDING ACTION OF MEETINGS. The
vote upon any resolution submitted to any meeting of Holders of the Notes shall
be by written ballots on which shall be subscribed the signatures of the Holders
of the Notes or of their representatives by proxy and the principal amounts and
serial numbers of the Outstanding Notes held or represented by them. The
permanent chairman of the meeting shall appoint two inspectors of votes who
shall count all votes cast at the meeting for or against any resolution and who
shall make and file with the secretary of the meeting their verified written
reports in duplicate of all votes cast at the meeting. A record, at least in
duplicate, of the proceedings of each meeting of Holders of the Notes shall be
prepared by the secretary of the meeting, and there shall be attached to said
record the original reports of the inspectors of votes on any vote by ballot
taken thereat and affidavits by one or more persons having knowledge of the
fact, setting forth a copy of the notice of the meeting and showing that said
notice was given as provided in Section 1502 and, if applicable, Section 1504.
Each copy shall be signed and verified by the affidavits of the permanent
chairman and secretary of the meeting and one such copy shall be delivered to
the Company and another to the Trustee to be preserved by the Trustee, the
latter to have attached thereto the ballots voted at the meeting. Any record so
signed and verified shall be conclusive evidence of the matters therein stated.

                                    * * * * *

            This Indenture may be executed in any number of counterparts, each
of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same Indenture.

                                       55
<PAGE>

            IN WITNESS WHEREOF, the undersigned being duly authorized, have
executed this Indenture on behalf of the respective parties hereto as of the
date first above written.

                                            JANUS CAPITAL GROUP INC.

                                            By:  /s/ Loren Starr
                                                ------------------------------
                                                Name: Loren Starr
                                                Title: Chief Financial Officer

                                            JPMORGAN CHASE BANK, as Trustee

                                            By: /s/ Craig Baumberger
                                                --------------------------
                                                Name: Craig Baumberger
                                                Title Assistant Vice President

                                       56
<PAGE>

                                                                       EXHIBIT A

                                  FORM OF NOTE

      [Include the following legend for Global Notes only:

      "THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE REFERRED TO
      HEREINAFTER.

      UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
      THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), NEW YORK,
      NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
      EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
      OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
      OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
      PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

      TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE,
      BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
      SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY
      SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
      FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF."]

      [Include the following legend on all Notes that are Restricted Notes:

      THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
      SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND THESE
      SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
      EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
      SECURITIES ACT OR OUTSIDE THE UNITED STATES IN COMPLIANCE WITH REGULATION
      S UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH ANY
      APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
      JURISDICTION.]

      [Include the following legend on all Certificated Notes that are
      Restricted Notes:

      "IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR
      SUCH OPINIONS OF COUNSEL, CERTIFICATES AND/OR OTHER INFORMATION AS IT MAY
      REASONABLY REQUIRE IN FORM REASONABLY SATISFACTORY TO IT AS PROVIDED FOR
      IN THE INDENTURE

                                      A-1
<PAGE>

      TO CONFIRM THAT THE TRANSFER COMPLIED WITH THE FOREGOING RESTRICTIONS AS
      PROVIDED FOR IN THE INDENTURE."]

[CUSIP NO. GLOBAL NOTE: 47102X AA 3]
[CUSIP NO. DEFINITIVE NOTE: 47102X AB 1]
No.

                          6.119% Senior Notes due 2014
                                        $

                            JANUS CAPITAL GROUP INC.

      Janus Capital Group Inc., a Delaware corporation (herein referred to as
the "Company," which term includes any successor corporation under the Indenture
hereinafter defined), for value received, hereby promises to pay to , or
registered assigns, the principal sum of $ [If this Note is a Global Note, add
the following, as revised by the Schedule of Increases or Decreases in Global
Note attached hereto], on April 15, 2014 (the "Maturity Date") and to pay
interest thereon from April 26, 2004, or from the most recent Interest Payment
Date (hereinafter defined) to which interest has been paid or duly provided for,
semiannually on April 15 and October 15 of each year (each, an "Interest Payment
Date"), commencing October 15, 2004, at 6.119% per annum until the principal
hereof is paid or duly provided for.

      Any payment of principal or interest required to be made on a day that is
not a Business Day need not be made on such day, but may be made on the next
succeeding Business Day with the same force and effect as if made on such day,
and no interest shall accrue as a result of such delayed payment. Interest
payable on each Interest Payment Date will include interest accrued from and
including April 26, 2004 or from and including the most recent Interest Payment
Date to which interest has been paid or duly provided for, as the case may be,
to but excluding such Interest Payment Date.

      The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in the Indenture, be paid to the person
(the "Holder") in whose name this Note (or one or more Predecessor Notes) is
registered at the close of business on the April 1 and October 1 (whether or not
a Business Day) immediately preceding such Interest Payment Date (each, a
"Record Date"). Any such interest not so punctually paid or duly provided for
("Defaulted Interest") will forthwith cease to be payable to the registered
Holder on such Regular Record Date and may either (1) be paid to the Person in
whose name this Note is registered at the close of business on a special record
date (the "Special Record Date") for the payment of such Defaulted Interest to
be fixed by the Trustee (referred to herein), notice of the proposed payment of
such Defaulted Interest and the Special Record Date therefor having been given
to the Holder of this Note not less than ten days prior to such Special Record
Date, or (2) be paid at any time in any other lawful manner, all as more fully
provided in the Indenture.

      For purposes of this Note, "Business Day" means each Monday, Tuesday,
Wednesday, Thursday and Friday that is not a day on which banking institutions
in New York, New York are authorized or obligated by law or executive order to
close.

                                      A-2
<PAGE>

      Payment of the principal of this Note on the Maturity Date will be made
against presentation of this Note at the office or agency of the Company
maintained for that purpose in the Borough of Manhattan, the City of New York,
in such coin or currency of the United States as at the time of payment is legal
tender for the payment of public and private debts. So long as this Note remains
in book-entry form, all payments of principal and interest will be made by the
Company in immediately available funds.

      [The holder of this Note is entitled to the benefits of the Registration
Rights Agreement, dated as of , between the Company and (the "Registration
Rights Agreement"). If (1) neither the Exchange Offer Registration Statement nor
the Shelf Registration Statement (as such terms are defined in the Registration
Rights Agreement), as the case may be, is filed with the Commission on or prior
to the date which is, in the case of the Exchange Offer Registration Statement,
90 days following the Issue Date or, in the case of the Shelf Registration
Statement, 60 days after so requested, (2) the Exchange Offer Registration
Statement or the Shelf Registration Statement, as the case may be, is not
declared effective within, in the case of the Exchange Offer Registration
Statement, 150 days after the Issue Date or, in the case of the Shelf
Registration Statement, 120 days after so requested, (3) if the Exchange Offer
Registration Statement is declared effective, the Registered Exchange Offer (as
such term is defined in the Registration Rights Agreement) is not consummated
within 180 days after the Issue Date or (4) the applicable Registration
Statement (as such term is defined in the Registration Rights Agreement) is
filed and declared effective but shall thereafter cease to be effective or
useable at any time that the Company is obligated to maintain the effectiveness
or usability thereof (each such event referred to in clauses (1) through (4), a
"Registration Default"), the Company shall be obligated to pay additional
interest ("Additional Interest") to each Holder of the Notes, during the period
of one or more such Registration Defaults, at a rate of 0.25% per annum for the
first 90 days, increased by an additional 0.25% per annum thereafter, on the
applicable principal amount of Notes held by such holder until all Registration
Defaults have been cured. Such obligation to pay Additional Interest shall
survive until (a) the applicable Registration Statement is filed, (b) the
Exchange Offer Registration Statement is declared effective or the Registered
Exchange Offer is consummated with respect to all properly tendered Notes, (c)
the Shelf Registration Statement is declared effective or (d) the applicable
Registration Statement again becomes effective (or is superseded by another
effective Registration Statement), as the case may be. At any time that all
Registration Defaults have been cured, the accrual of Additional Interest will
cease.

      The Company shall notify the Trustee and the Paying Agent under the
Indenture immediately upon the happening of each and every Registration Default.
The Company shall pay the Additional Interest due on the Notes by depositing
with the Paying Agent (which may not be the Company for these purposes), in
trust, for the benefit of the holders thereof, on the next applicable Interest
Payment Date specified by the Indenture and the Notes, sums sufficient to pay
the Additional Interest then due. The Additional Interest due shall be payable
on each applicable Interest Payment Date specified by the Indenture and the
Notes to the record holder entitled to receive the interest payment to be made
on such date. Each obligation to pay

                                      A-3
<PAGE>

Additional Interest shall be deemed to accrue from and including the date of the
applicable Registration Default.]*

      General. This Note is one of a duly authorized issue of securities of the
Company designated as "6.119% Senior Notes due 2014" (collectively, the
"Notes"), issued under an indenture (the "Indenture"), dated as of April 26,
2004, between the Company and JPMorgan Chase Bank, a New York banking
corporation, as trustee (herein called the "Trustee," which term includes any
successor trustee under the Indenture). Reference is made to the Indenture and
all indentures supplemental thereto for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Notes, and of the terms upon which the Notes are,
and are to be, authenticated and delivered. To the extent that any provisions of
this note conflict with the express provisions of the Indenture, the provisions
of the Indenture shall govern and be controlling.

      Events of Default. If an Event of Default with respect to the Notes shall
have occurred and be continuing, the principal of the Notes may be declared due
and payable in the manner and with the effect provided in the Indenture.

      Modification and Waivers; Obligations of the Company Absolute. The
Indenture permits the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Notes, subject
to certain exceptions set forth in the Indenture. Such amendments may be
effected under the Indenture at any time with the consent of the Holders of not
less than a majority in principal amount of the Outstanding Notes, subject to
certain exceptions set forth in the Indenture. The Indenture also contains
provisions permitting the Holders of not less than a majority in principal
amount of the Notes at the time Outstanding, on behalf of the Holders of all
Notes at such time Outstanding, to waive compliance by the Company with certain
provisions of the Indenture. Furthermore, provisions in the Indenture permit the
Holders of not less than a majority in principal amount of the Outstanding Notes
to waive, on behalf of all of the Holders of such Notes, certain past defaults
under the Indenture and their consequences. Any such consent or waiver shall be
conclusive and binding upon the Holder of this Note and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Note.

      No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency herein prescribed.

      Redemption at the Option of the Company. On May 19, 2004 (the "Redemption
Date"), the Company, at its option, may redeem up to $445,000,000 principal
amount of Notes (the "Redemption Limit"), for cash, at a redemption price equal
to 100% of the principal amount of the Notes to be redeemed (the "Redemption
Price"), plus accrued and unpaid interest, if any, thereon to, but excluding,
the Redemption Date.

------------

* Insert for Notes issued subject to a Registration Rights Agreement.

                                      A-4
<PAGE>

      Except as set forth in the Indenture, from and after the Redemption Date,
if monies for the redemption of the Notes called for redemption shall have been
deposited with the Trustee or with the Paying Agent for redemption of such
Notes, then such Notes will cease to bear interest and the only right of the
Holders of such Notes will be to receive payment of the Redemption Price
together with accrued and unpaid interest, if any, thereon to, but excluding,
the Redemption Date.

      Notice of Redemption. Notice of redemption will be mailed on or prior to
May 12, 2004 to each Holder of Notes to be redeemed. Notice shall be given to
Holders in accordance with Section 106 of the Indenture; provided, however, that
for so long as the Notes are represented in their entirety by Global Notes, then
Notice shall be given by mailing such notice to the Holder's address as it
appears on the Register with a copy mailed to the Trustee.

      Repurchase at the Option of Holders. If the Company declines to purchase
any Notes, or purchases an aggregate principal amount of Notes less than the
Redemption Limit, pursuant to the Section 1101 of the Indenture, on June 18,
2004 (the "Optional Repurchase Date"), each Holder shall have the right (the
"Optional Repurchase Right"), at the Holder's option, to require the Company to
repurchase, and upon the exercise of the Optional Repurchase Right the Company
shall repurchase on the Optional Repurchase Date, all of such Holder's Notes
(subject to the immediately succeeding sentence), at a redemption price equal to
100% of the principal amount thereof, plus accrued and unpaid interest, if any,
thereon to, but excluding, the Optional Repurchase Date. The Company shall not
be required to repurchase from all Holders of Notes exercising the Optional
Repurchase Right an aggregate principal amount of Notes in excess of the
Redemption Limit less the aggregate principal amount of Notes purchased by the
Company pursuant to Section 1101 of the Indenture. No single Note may be
repurchased in part unless the portion of the principal amount of such Note to
be outstanding after such repurchase is equal to an integral multiple of $1,000
and the principal amount repurchased is equal to $1,000 or any integral multiple
of $1,000.

      Notice of Repurchase, Withdrawal. Notice of repurchase must be received by
the Paying Agent at any time from the opening of business on May 27, 2004 until
the close of business on June 11, 2004, unless the Company specifies a later
date. A holder may withdraw its notice of repurchase by means of a notice of
withdrawal delivered to the office of the Paying Agent at any time prior to the
close of business on the fifth Business Day prior to the Optional Repurchase
Date.

      Defeasance and Covenant Defeasance. The Indenture contains provisions for
defeasance at any time of (1) the entire indebtedness of the Company on this
Note and (2) certain restrictive covenants and the related defaults and Events
of Default, upon compliance by the Company with certain conditions set forth
therein, which provisions apply to this Note.

      Authorized Denominations. The Notes are issuable only in registered form
without coupons in denominations of [If this Note is a Global Note, add $1,000]
[if this Note is an AI Note, add $250,000, except as specified in Sections 1106
and 1306 of the Indenture] and any integral multiple of $1,000.

                                      A-5
<PAGE>

      Registration of Transfer or Exchange. As provided in the Indenture and
subject to certain limitations herein and therein set forth, the transfer of
this Note is registrable in the Register upon presentation of this Note for
registration of transfer at the office or agency of the Company in any place
where the principal of and interest on this Note are payable, duly endorsed by
or accompanied by a written instrument of transfer in form satisfactory to the
Company and the Registrar duly executed by the Holder hereof or his attorney
duly authorized in writing, and thereupon one or more new Notes, of authorized
denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees.

      As provided in the Indenture and subject to certain limitations herein and
therein set forth, the Notes are exchangeable for a like aggregate principal
amount of Notes of different authorized denominations, as requested by the
Holders surrendering the same.

      [This Note is a Global Note. Certificated Notes shall be issued to all
owners of beneficial interests in a Global Note in exchange for such interests
if: (1) the depositary with respect to the Notes (which shall initially be DTC)
notifies the Company that it is unwilling or unable to continue as depositary
for such Global Note or the depositary ceases to be a clearing agency registered
under the Exchange Act, at a time when the depositary is required to be so
registered in order to act as depositary, and in each case a successor
depositary is not appointed by the Company within 60 days of such notice; (2)
the Company executes and delivers to the Trustee and Registrar an Officers'
Certificate stating that such Global Note shall be so exchangeable; or (3) an
Event of Default has occurred and is continuing and the Registrar has received a
request from the depositary. In connection with the exchange of an entire Global
Note for Certificated Notes pursuant to this paragraph, such Global Note shall
be deemed to be surrendered to the Trustee for cancellation, and the Company
shall execute and the Trustee shall authenticate and deliver, to each beneficial
owner identified by the depositary in exchange for its beneficial interest in
such Global Note, an equal aggregate principal amount of Certificated Notes of
authorized denominations.

      Except as set forth in the Indenture, no service charge shall be made for
any such registration of transfer or exchange, but the Company or the Trustee
may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.]**

      Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee, the Paying Agent, the Registrar or any co-Registrar may
treat the Holder as the owner hereof for all purposes, whether or not this Note
be overdue, and none of the Company, the Trustee, the Paying Agent or the
Registrar shall be affected by notice to the contrary.

      Defined Terms. Unless otherwise defined in this Note, all capitalized
terms used in this Note shall have the meanings assigned to them in the
Indenture.

      Governing Law. This Note shall be governed by and construed in accordance
with the law of the State of New York, without regard to principles of conflicts
of laws that would apply the laws of any other state.

------------

** Insert for Notes that are Global Notes.

                                      A-6
<PAGE>

      Unless the certificate of authentication hereon has been executed by the
Trustee by manual signature, this Note shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

                                     ******

                                      A-7
<PAGE>

      IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed as of the date hereof.

Dated:                                          JANUS CAPITAL GROUP INC.

                                                By:_____________________________
                                                Name:
                                                Title:

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Notes referred to in the
within-mentioned Indenture

JPMORGAN CHASE BANK,
         as Trustee

By:_____________________________
      Authorized Officer

                                      A-8
<PAGE>

                                 ASSIGNMENT FORM

      To assign this Note, fill in the form below: (I) or (we) assign and
transfer this Note to
________________________________________________________________________________
                 (Insert assignee's soc. sec. or tax I.D. no.)
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
              (Print or type assignee's name, address and zip code)

and irrevocably appoint ________________________________________________________
to transfer this Note on the books of Janus Capital Group Inc. The agent may
substitute another to act for him.

Date:__________________

                                       Your Signature

                                       _________________________________________
                                       (Sign exactly as your name appears on the
                                       face of this Note)

                                       Signature guarantee:

[If this Note includes a Private Placement Legend, add In connection with any
transfer of any of Notes evidenced by this certificate which are "restricted
securities" (as defined in Rule 144 (or any successor thereto) under the
Securities Act of 1933), the undersigned confirms that such Securities are being
transferred:

CHECK ONE BOX BELOW

            (1)   [ ] to the Company; or

                                      A-9
<PAGE>

            (2)   [ ] pursuant to and in compliance with Rule 144A under the
                      Securities Act of 1933; or

            (3)   [ ] pursuant to and in compliance with Regulation S under the
                      Securities Act of 1933; or

            (4)   [ ] pursuant to an exemption from registration under the
                      Securities Act of 1933 provided by Rule 144 thereunder; or

            (5)   [ ] pursuant to an effective registration statement under the
                      Securities Act of 1933.

            Unless one of the boxes is checked, the Registrar will refuse to
            register any of the Notes evidenced by this certificate in the name
            of any person other than the registered holder thereof; provided,
            however, that if box (3) or (4) is checked, the Trustee may require,
            prior to registering any such transfer of the Notes, such
            certifications and other information, and if box (4) is checked such
            legal opinions, as the Company has reasonably requested in writing,
            by delivery to the Trustee of a standing letter of instruction, to
            confirm that such transfer is being made pursuant to an exemption
            from, or in a transaction not subject to, the registration
            requirements of the Securities Act of 1933; provided that this
            paragraph shall not be applicable to any Notes which are not
            "restricted securities" (as defined in Rule 144 (or any successor
            thereto) under the Securities Act of 1933).

                         Your Signature:________________________________________
                                        (Sign exactly as your name appears on
                                        the other side of this Note)

                         Date:____________________________

Medallion Signature Guarantee: ________________________

                                      A-10
<PAGE>

                      [To be attached to Global Notes only:

                SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

    The following increases or decreases in this Global Note have been made:

<TABLE>
<CAPTION>
                                                             Principal Amount of          Signature of
            Amount of decrease in   Amount of increase in      this Global Note       authorized signatory
             Principal Amount of     Principal Amount of        following such         of Trustee or Note
 Date         this Global Note        this Global Note       decrease or increase          Custodian
------      ---------------------   ---------------------    --------------------     --------------------
<S>         <C>                     <C>                      <C>                      <C>
]
</TABLE>

                                      A-11
<PAGE>

                                                                       EXHIBIT B

                FORM OF TRANSFER CERTIFICATE FOR TRANSFER TO QIB

                                                     [Date]

JPMorgan Chase Bank
4 New York Plaza, 15th Floor
New York, New York, 10004

Attn: Institutional Trust Services

                  Re:      6.119% Senior Notes due 2014 (the "Notes")
                           of Janus Capital Group Inc. (the "Company")

Ladies and Gentlemen:

            Reference is hereby made to the Indenture, dated as of April 26,
2004 (as amended and supplemented from time to time, the "Indenture"), between
the Company and JPMorgan Chase Bank, as Trustee. Capitalized terms used but not
defined herein shall have the meanings given them in the Indenture.

            This letter relates to $___________ aggregate principal amount of
Notes [in the case of a transfer of an interest in a Rule 144A Global Note: ,
which represents an interest in a Rule 144A Global Note beneficially owned by]
[in the case of a transfer of an AI Note: which are held in the name of] the
undersigned (the "Transferor") to effect the transfer of such Notes in exchange
for an equivalent beneficial interest in the Rule 144A Global Note.

            In connection with such request, and with respect to such Notes, the
Transferor does hereby certify that such Notes are being transferred in
accordance with Rule 144A under the Securities Act of 1933, as amended ("Rule
144A"), to a transferee that the Transferor reasonably believes is purchasing
the Notes for its own account or an account with respect to which the transferee
exercises sole investment discretion, and the transferee, as well as any such
account, is a "qualified institutional buyer" within the meaning of Rule 144A,
in a transaction meeting the requirements of Rule 144A and in accordance with
applicable securities laws of any state of the United States or any other
jurisdiction.

                                      B-1
<PAGE>

            You and the Company are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with
respect to the matters covered hereby.

                  Very truly yours,

                  [Name of Transferor]

                  By:____________________________

                  _______________________________
                  Authorized Signature

                                      B-2
<PAGE>

                                                                       EXHIBIT C

                         FORM OF RULE 144 CERTIFICATION

                                                 [Date]

JPMorgan Chase Bank
4 New York Plaza, 15th Floor
New York, New York, 10004

Attn: Institutional Trust Services

                  Re:      6.119% Senior Notes due 2014 (the "Notes")
                           of Janus Capital Group Inc. (the "Company")

Ladies and Gentlemen:

            Reference is hereby made to the Indenture, dated as of April 26,
2004 (as amended and supplemented from time to time, the "Indenture"), between
the Company and JPMorgan Chase Bank, as Trustee. Capitalized terms used but not
defined herein shall have the meanings given them in the Indenture.

            In connection with our proposed sale of $________ aggregate
principal amount of Notes [in the case of a transfer of an interest in a Rule
144A Global Note: , which represent an interest in a Rule 144A Global Note
beneficially owned by] [in the case of a transfer of an AI Note: held in the
name of] the undersigned ("Transferor"), we confirm that such sale has been
effected pursuant to and in accordance with Rule 144 under the Securities Act.

            You and the Company are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with
respect to the matters covered hereby.

                  Very truly yours,

                  [Name of Transferor]

                  By:____________________________

                  _______________________________
                  Authorized Signature

                                       C-1<PAGE>

                                                                    EXHIBIT 10.1

                       CONSULTING AND SEPARATION AGREEMENT

      This agreement ("AGREEMENT") is entered into as of April 20, 2004 (the
"EFFECTIVE DATE"), by and between Janus Capital Group, Inc. (the "COMPANY") and
Mark B. Whiston ("EXECUTIVE") (each a "PARTY," and together, the "PARTIES").

                                    RECITALS

      1.    Executive currently serves in the capacity of Vice Chairman and
Chief Executive Officer of the Company pursuant to an Employment Agreement
between the Company and Executive entered into as January 1, 2003 and amended as
of December 18, 2003, (the "EMPLOYMENT AGREEMENT").

      2.    The Parties are parties to a Change of Control Agreement dated as of
February 10, 2003 and amended as of December 18, 2003, (the "CHANGE OF CONTROL
AGREEMENT").

      3.    Executive has decided to resign his employment, effective as of the
Effective Date.

      4.    The Parties wish to provide for, among other things, Executive's
continued service as a consultant to the Company following the Effective Date,
the Parties' cooperation in certain matters, and the payment to Executive of
certain benefits as set forth below.

                                    AGREEMENT

      In consideration of the mutual representations, warranties, covenants and
agreements set forth herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties agree as
follows:

      1. Resignation. Effective as of the Effective Date, Executive shall be
deemed to have resigned from his employment with the Company and from all
offices and directorships held with the Company or any of its affiliates and/or
subsidiaries and with companies advised by the Company or its affiliates and/or
subsidiaries. Executive shall promptly execute such documents as the Company may
reasonably deem necessary or desirable to effectuate the foregoing.

      2. Transition Benefits.

            (a) No later than two (2) business days following the Effective
Date, the Company shall pay Executive, in cash, the gross amount of $4,600,000,
less required withholdings.

            (b) As of the Effective Date, the Company shall credit $7,950,000 to
an account under a Deferred Compensation Agreement for Executive's benefit (the
"DEFERRED COMPENSATION CONTRIBUTION"). Contemporaneously with the execution of
this Agreement, the Parties shall execute a Deferred Compensation Agreement in
the form attached hereto as Exhibit A. As soon as practicable after the
Effective Date, and no later than 30 days after the Effective Date, the Company
shall enter into, with a Trustee selected by the Company with Executive's
approval (such approval not to be unreasonably withheld), a trust agreement in
the form attached hereto as Exhibit B.

<PAGE>

      3. Welfare Benefits.

            (a) For the period commencing on the Effective Date and continuing
through the earlier of the five-year anniversary of the Effective Date or the
date on which Executive and his spouse and dependents becomes eligible, under
another employer's employee benefit plans, to receive welfare benefits
substantially similar to those enjoyed by Executive and his spouse and
dependents, before the Effective Date, under Section 3(b)(v) of the Employment
Agreement: (i) the Company shall continue to provide such welfare benefits to
Executive and his spouse and dependents on the same basis such benefits were
provided to Executive immediately before the Effective Date, provided that the
cost of such coverage shall be treated as taxable income to Executive; or (ii)
if the Company ceases to maintain any program of welfare benefits under which
any of such benefits can be provided, then the Company shall provide Executive
with the lump sum cash equivalent thereof, grossed up for taxes.

            (b) The Parties acknowledge and agree that the benefits provided
herein are not in lieu of any rights under the Consolidated Omnibus Budget
Reconciliation Act ("COBRA") that Executive, his spouse, and/or dependents might
otherwise have as the result of any loss of the coverage provided for herein.

      4. Stock and Stock Options

            (a) No later than five (5) business days following the Effective
Date, the Company shall cause the remaining 130,452 shares of restricted Company
common stock granted to Executive that had not yet vested as of the Effective
Date (the "TRANSITION SHARES") to be fully vested. Thereafter, the Transition
Shares shall not be subject to any transfer restrictions (except applicable
securities laws, including those governing insider trading).

            (b) For purposes of this Agreement, the "LTI PLAN" shall refer to
the Company's Long-Term Incentive Compensation Plan effective as of the
Effective Date, and the "OPTION AGREEMENTS" shall refer collectively to the
agreements reflecting and establishing certain terms of all stock options
granted by the Company to Executive in connection with his employment with the
Company, which stock options are summarized in Exhibit C hereto. Notwithstanding
any provision of the LTI Plan and/or Option Agreements to the contrary, all
stock options granted by the Company to Executive that remained unexercised as
of the Effective Date shall continue to vest during the period beginning on the
Effective Date and ending on the last day of the Consulting Period specified in
Section 5(a), below. At the end of the Consulting Period, all such stock options
shall cease vesting, all such stock options that had not yet vested as of the
conclusion of the Consulting Period shall terminate, and all such stock options
that had vested as of the end of the Consulting Period shall thereafter, in
accordance with the terms of the LTI Plan and Option Agreements, remain
exercisable for 90 days after the end of the Consulting Period, at which time
all of the Options then unexercised shall expire and be of no further force or
effect. For purposes of this Agreement, all of Executive's stock options that
vest during the Consulting Period shall be collectively referred to as the
"PRESERVED OPTIONS."

            (c) Except as otherwise expressly provided in this Agreement, all
stock, stock options and other incentives of any kind granted or issued to
Executive by the Company in

                                       2

<PAGE>

connection with his employment with the Company but that had not yet vested as
of the Effective Date shall be terminated or forfeited, as the case may be.

            (d) Except as specifically amended or terminated by this Agreement,
the terms and conditions of the LTI Plan and all agreements pursuant to which
the Company granted Executive any Company stock or stock options, or otherwise
relating to or arising from any such stock or stock option grants, shall remain
in full force and effect according to their terms.

            (e) With respect to the Transition Shares, the Company agrees that
Executive shall participate in, and has provided or will provide to the Company
all documentation necessary to participate in, the Company's Share Withholding
Program, under which the Company shall purchase from Executive shares sufficient
to pay any withholding on income and employment taxes payable by Executive as a
result of the vesting of Transition Shares.

            (f) Executive shall timely provide to the Company all information
necessary to make Form 4 and other filings, if any, associated with the vesting
of Transition Shares and/or the Preserved Options, and the Company shall
complete all such filings.

      5. Consulting.

            (a) During the period commencing on the Effective Date and
concluding on December 31, 2004 (the "CONSULTING PERIOD"), Executive shall
consult with the Company concerning business matters on an as-needed and
as-requested basis. The Company shall exercise reasonable efforts to avoid
conflicts between such consulting services and Executive's personal and other
business commitments, and Executive shall exercise reasonable efforts to fulfill
the Company's consulting requests in a timely manner, notwithstanding his
personal and other business commitments. In consideration of Executive's
consulting services, on the Effective Date the Company shall pay Executive the
gross sum of $1,200,000, less legally required withholdings.

            (b) The Parties understand and agree that it is in their mutual best
interest to minimize the effect of Executive's resignation upon the Company's
business. Accordingly, Executive agrees to take all actions reasonably requested
of him by the Company reasonably necessary to accomplish that objective, and
that he will not knowingly take any action that is intended to, or that he knows
is reasonably likely to, result in the redemption of any investment assets
managed by the Company as of the Effective Date, or to otherwise materially
damage the Company's business. Without limiting the generality of the foregoing
or of Section 5(a), above, Executive further agrees to consult with the Company,
during the Consulting Period, on an as needed, as-requested basis, and to
participate in communications with the Company's investors and/or investment
clients, such as are deemed by the Company to be necessary or advisable to
minimize the effect of Executive's resignation upon the Company's business.

      6. No Admission of Liability. This Agreement, the Company's offer to
Executive of this Agreement and the payments set forth herein are not intended
as, and shall not be construed as, an admission of liability by or to, or of
improper conduct on the part of, either the Company or Executive.

                                       3

<PAGE>

      7. Restrictive Covenants,

            (a) Executive acknowledges that his employment as a senior officer
of the Company creates a relationship of confidence and trust between the
Executive and the Company with respect to confidential and proprietary
information applicable to the business of the Company and its clients. Executive
further acknowledges the highly competitive nature of the business of the
Company. Accordingly, it is agreed that the restrictions contained in this
Section 7 are reasonable and necessary for the protection of the interests of
the Company and that any violation of these restrictions would cause substantial
and irreparable injury to the Company.

            (b) Protection of Confidential Information.

                  i.    Definition of Confidential Information. For purposes of
this Agreement, "CONFIDENTIAL INFORMATION" shall mean all nonpublic information
(whether in paper or electronic form, or contained in Executive's memory, or
otherwise stored or recorded) relating to or arising from Company's business,
including, without limitation, trade secrets used, developed or acquired by
Company in connection with its business. Without limiting the generality of the
foregoing, "Confidential Information" shall specifically include all information
concerning the manner and details of Company's operation, organization and
management; financial information and/or documents and nonpublic policies,
procedures and other printed, written or electronic material generated or used
in connection with Company's business; Company's business plans and strategies;
the identities of Company's customers and the specific individual customer
representatives with whom Company works; the details of Company's relationship
with such customers and customer representatives; the identities of
distributors, contractors and vendors utilized in Company's business; the
details of Company's relationships with such distributors, contractors and
vendors; the nature of fees and charges made to Company's customers; nonpublic
forms, contracts and other documents used in Company's business; all information
concerning Company's employees, agents and contractors, including without
limitation such persons' compensation, benefits, skills, abilities, experience,
knowledge and shortcomings, if any; the nature and content of computer software
used in Company's business, whether proprietary to Company or used by Company
under license from a third party; and all other information concerning Company's
concepts, prospects, customers, employees, agents, contractors, earnings,
products, services, equipment, systems, and/or prospective and executed
contracts and other business arrangements. "Confidential Information" does not
include information that is in the public domain through no wrongful act on the
part of Executive.

                  ii.   Executive's Use of Confidential Information. During the
period commencing on the Effective Date and continuing through the second
anniversary of the Effective Date, except in connection with his performance of
the consulting services contemplated by Section 5 of this Agreement, Executive
shall not, without Company's prior written consent, at any time, directly or
indirectly: (i) use any Confidential Information for any purpose; or (ii)
disclose or otherwise communicate any Confidential Information to any person or
entity.

                  iii.  Records Containing Confidential Information.
"CONFIDENTIAL RECORDS" means all documents and other records, whether in paper,
electronic or other form, that contain or reflect any Confidential Information.
All Confidential Records prepared by or provided to Executive are and shall
remain Company's property. Except in connection with and in

                                       4

<PAGE>

furtherance of Executive's work on Company's behalf or with Company's prior
written consent, Executive shall not, at any time, directly or indirectly: (i)
copy or use any Confidential Record for any purpose; or (ii) show, give, sell,
disclose or otherwise communicate any Confidential Record or the contents of any
Confidential Record to any person or entity. On the Effective Date, Executive
shall immediately deliver to Company or its designee (and shall not keep in
Executive's possession or deliver to any other person or entity) all
Confidential Records and all other Company property in Executive's possession or
control. If any Confidential Information and/or Confidential Records are shared
with or disclosed to Executive during the Consulting Period, then such
Confidential Information and/or Confidential Records shall be governed by the
terms of this Section 7, and at the conclusion of the Consulting Period or upon
the Company's earlier request Executive shall immediately deliver to Company or
its designee (and shall not keep in Executive's possession or deliver to any
other person or entity) all Confidential Records then in Executive's possession
or control.

            (c) Noninterference Covenants. For purposes of this Agreement,
"COMPETITIVE BUSINESS" shall mean any business that provides investment advisory
or investment management services, and "AFFILIATE" shall mean any corporation,
partnership, limited liability company, trust, or other entity which controls,
is controlled by or is under common control with the Company. During the period
commencing on the Effective Date and continuing through March 31, 2005,
Executive shall not (nor shall Executive cause, encourage or provide assistance
to, anyone else to):

                  i.    Interfere with any relationship which may exist from
time to time between the Company, or any Affiliate, and any of its employees,
consultants, agents or representatives; or

                  ii.   Employ or otherwise engage, or attempt to employ or
otherwise engage, in or on behalf of any Competitive Business, any person who is
employed or engaged as an employee, consultant, agent or representative of the
Company or any Affiliate, or any person who was employed or engaged as an
employee, consultant, agent or representative of the Company or any Affiliate
within the two-year period immediately preceding the Effective Date; or

                  iii.  Solicit directly or indirectly on behalf of Executive or
a Competitive Business, the customer business or account of any investment
advisory or investment management client to which the Company or any affiliate
of the Company shall have rendered service during the one-year period
immediately preceding the Effective Date; or

                  iv.   Directly or indirectly divert or attempt to divert from
the Company or any Affiliate any business in which the Company or any Affiliate
has been actively engaged during the term hereof or interfere with any
relationship between the Company, or any Affiliate, and any of its clients.

            (d) If any court shall determine that the duration, geographic
limitations, subject or scope of any restriction contained in this Section 7 is
unenforceable, it is the intention of the Parties that this Section 7 shall not
thereby be terminated but shall be deemed amended to the extent required to make
it valid and enforceable, such amendment to apply only with respect to the
operation of this Section 7 in the jurisdiction of the court that has made the
adjudication.

                                       5

<PAGE>

            (e) Executive acknowledges that the restrictive covenants of this
Section 7 are reasonable and that irreparable injury will result to the Company
and to its business and properties in the event of any breach by Executive of
any of those covenants. In the event any of the covenants of this Section 7 are
breached, the Company shall be entitled, in addition to any other remedies and
damages available, to injunctive relief to restrain the violation of such
covenants by Executive or by any person or persons acting for or with Executive
in any capacity whatsoever.

            8. Acknowledgement Concerning Other Compensation. Executive
acknowledges that the payments and benefits referred to in this Agreement are in
lieu of, and in full satisfaction of, any other benefits or compensation of any
kind to which Executive was or could have been entitled in connection with his
relationship with and work for the Company and any Affiliate, whether under the
Employment Agreement (as amended), the Change of Control Agreement (as amended),
or otherwise, except with respect to benefits fully vested as of the Effective
Date that Executive is entitled to receive under the Company's 401(k) Profit
Sharing and Employee Stock Ownership Plan, any other qualified and non-qualified
pension and deferred compensation plans, and any other plans in which Executive
participates, and any unpaid salary, 2003 bonus or accrued vacation,
reimbursement for any previously incurred expenses in accordance with the
Company's policies in effect on the date hereof.

      9. Legal Release.

            (a) Executive, on his own behalf and on behalf of his heirs,
personal representatives, executors, administrators and assigns, knowingly and
voluntarily releases and forever discharges the Company and its affiliates and
any of their respective parents, subsidiaries and affiliates, together with all
of their respective past and present directors, members, managers, officers,
shareholders, Trustees, partners, employees, agents, attorneys and servants, and
each of their affiliates, predecessors, successors and assigns (collectively,
the "COMPANY RELEASEES") from any and all claims, charges, complaints, promises,
agreements, controversies, liens, demands, causes of action, obligations,
damages and liabilities of any nature whatsoever, known or unknown, suspected or
unsuspected, that Executive or his heirs, executors, administrators, or assigns
ever had, now have, or may hereafter claim to have against any of the Company
Releasees by reason of any matter, cause or thing whatsoever from the beginning
of time through the date hereof, whether or not previously asserted before any
state or federal court, agency or governmental entity or any arbitral body. This
release includes, without limitation, any rights or claims relating in any way
to Executive's employment relationship with the Company or any of the Company
Releasees, or his resignation therefrom, or arising under any statute or
regulation, including Title VII of the Civil Rights Act of 1964, the Civil
Rights Act of 1991, Age Discrimination in Employment Act of 1967 ("ADEA"), the
Americans with Disabilities Act of 1990, the Employee Retirement Income Security
Act of 1974, and the Family Medical Leave Act of 1993, each as amended, or any
other federal, state or local law, regulation, ordinance, or common law, or
under any policy, agreement, understanding or promise, written or oral, formal
or informal, between Executive and the Company or any of the Company Releasees;
provided, however, that notwithstanding the foregoing or anything else contained
in this Agreement, the release set forth in this Section 9(a) shall not extend
to: (i) any rights arising under this Agreement or Section 10 of the Employment
Agreement; (ii) any rights arising under the LTI Plan and all agreements
pursuant to which Executive was awarded the stock and stock options referred to
in Section 4, above, the provisions of which are incorporated by this reference
to the extent not

                                       6

<PAGE>

inconsistent with this Agreement; (iii) any unpaid salary, 2003 bonus or accrued
vacation, reimbursement for any previously incurred expenses in accordance with
the Company's policies in effect on the date hereof, or any benefits or claims
for benefits under any Welfare Benefit Plans accrued as of the date hereof; and
(iv) any rights arising under COBRA. Executive represents that he has not
commenced or joined in any claim, charge, action or proceeding whatsoever
against the Company or any of the Company Releasees arising out of or relating
to any of the matters released in this Section 9(a). Executive further agrees
that he will not seek or be entitled to any personal recovery in any claim,
charge, action or proceeding whatsoever against the Company or any of the
Company Releasees for any of the matters released in this Section 9(a).

            (b) The Company, on its own behalf and on behalf of its current and
past parents, subsidiaries and affiliates and each of their predecessors,
successors and assigns, knowingly and voluntarily releases and forever
discharges Executive and his heirs, personal representatives, executors,
administrators and assigns, (collectively, the "EXECUTIVE RELEASEES") from any
and all claims, charges, complaints, promises, agreements, controversies, liens,
demands, causes of action, obligations, damages and liabilities of any nature
whatsoever, known or unknown, suspected or unsuspected, that the Company, its
current and past parents, subsidiaries and affiliates and each of their
predecessors, successors and assigns ever had, now have, or may hereafter claim
to have against any of the Executive Releasees by reason of any matter, cause or
thing whatsoever from the beginning of time through the date hereof, whether or
not previously asserted before any state or federal court, agency or
governmental entity or any arbitral body. This release includes, without
limitation, any rights or claims relating in any way to Executive's employment
relationship with the Company, or his separation therefrom, or arising under any
statute or regulation, or any other federal, state or local law, regulation,
ordinance, or common law, or under any policy, agreement, understanding or
promise, written or oral, formal or informal, between Executive and the Company;
provided, however, that notwithstanding the foregoing or anything else contained
in this Agreement, the release set forth in this paragraph 9(b) shall not extend
to: (i) any rights arising under this Agreement; (ii) any claim or claims
against Executive relating to or arising from any issue or matter that is the
subject matter of the regulatory investigations commenced in July 2003 and/or
ongoing related civil litigation; or (iii) any claim or claims that the Company
may have against Executive as of the Effective Date of which it is not aware as
of the Effective Date because of willful concealment by Executive. The Company,
on its own behalf and on behalf of its current and past parents and
subsidiaries, and each of their predecessors, successors and assigns, represents
that it has not commenced or joined in any claim, charge, action or proceeding
whatsoever against Executive arising out of or relating to any of the matters
released in this Section 9(b). The Company, on its own behalf and on behalf of
its current and past parents and subsidiaries, and each of their predecessors,
successors and assigns, further agrees that it will not seek or be entitled to
any personal recovery in any claim, charge, action or proceeding whatsoever
against Executive for any of the matters released in this Section 9(b).

            (c) In order to provide a full and complete release, each of the
Parties understands and agrees that this Agreement is intended to include all
claims, if any, covered under this Section 9 that such Party may have and not
now know or suspect to exist in his or its favor against any other Party and
that this Agreement extinguishes such claims. Thus, each of the Parties
expressly waives all rights under any statute or common law principle in any
jurisdiction that provides, in effect, that a general release does not extend to
claims which the releasing party does

                                       7

<PAGE>

not know or suspect to exist in his favor at the time of executing the release,
which if known by him must have materially affected his settlement with the
party being released.

      10. No Transfer of Rights or Claims. Each of the Parties represents and
warrants that it has not heretofore assigned or transferred, or purported to
assign or transfer, to any person or entity, any of the claims released herein
and agrees to indemnify and hold harmless the other Party against any claim,
demand, debt, obligation, liability, cost, expense, right of action or cause of
action based on, arising out of, or with regard to any such assignment or
transfer.

      11. Nondisparagement Covenants.

            (a) Executive covenants never to disparage the Company or any
Affiliate, or of any product or service of the Company or any Affiliate, or of
any past or present employee, officer or director of the Company or any
Affiliate, or of any member of any Board of Trustees of any entity affiliated
with the Company at any time during Executive's employment with the Company.

            (b) The Company covenants that no officer or director of the
Company, and no member of the Company's Management Committee ("MC"), shall,
while employed by or while serving on the Board or MC, as the case may be,
disparage Executive. Without limiting the foregoing, the Company covenants that
no member of the Company's Board or MC shall, while employed by or while serving
on the Board or MC, as the case may be, will suggest in any way that Executive's
separation from the Company was the result of disciplinary action against or
wrongdoing by Executive.

      12. Limitations on Public Comment.

            (a) Any statement by the Company to any prospective employer of
Executive, Company employees, or any third party shall not be inconsistent with
Exhibit D hereto.

            (b) The Company shall file a Form 8K, and distribute a written
announcement of Executive's separation to the media, each of which shall be
consistent with Exhibit D. The Company and Executive each may make a statement
to the Company's employees with respect to Executive's separation provided that
such statement shall be consistent with Exhibit D.

            (c) This Agreement shall not be construed or applied so as to limit
any person from giving truthful testimony in any lawsuit or action or from
providing candid, truthful information to any governmental or regulatory body or
any self-regulatory organization.

      13. Additional Documents. Executive agrees that he shall do such acts, and
execute and deliver to the Company such additional documents or instruments not
inconsistent herewith, as may be reasonably required to effect the purposes of
this Agreement and shall cooperate fully with the Company to implement this
Agreement and any business transactions of the Company or any litigation that
may have arisen or arise in connection therewith.

      14. Cooperation in Proceedings. The Company and Executive agree that they
shall fully cooperate with respect to any claim, litigation or judicial,
arbitral or investigative proceeding initiated by any private party or by any
regulator, governmental entity, or self-regulatory organization, that relates to
or arises from any matter with which Executive was involved during

                                       8

<PAGE>

his employment with the Company, or that concerns any matter of which Executive
has information or knowledge (collectively, a "PROCEEDING"). Executive's duty of
cooperation includes, but is not limited to: (i) meeting with the Company's
attorneys by telephone or in person at mutually convenient times and places in
order to state truthfully Executive's recollection of events; (ii) appearing at
the Company's request as a witness at depositions or trials, without the
necessity of a subpoena, in order to state truthfully Executive's knowledge of
matters at issue; and (iii) signing at the Company's request declarations or
affidavits that truthfully state matters of which Executive has knowledge. The
Company's duty of cooperation includes, but is not limited to providing
Executive and his counsel access to documents, information, witnesses and the
Company's legal counsel as is reasonably necessary to litigate on behalf of
Executive in any Proceeding. In addition, Executive agrees to notify the
Company's Chief Legal Officer promptly of any requests for information or
testimony that he receives in connection with any litigation or investigation
relating to the Company's business, and the Company agrees to notify Executive
of any requests for information or testimony that it receives relating to
Executive. Notwithstanding any other provision of this Agreement, this Agreement
shall not be construed or applied so as to require any Party to violate any
confidentiality agreement or understanding with any third party, nor shall it be
construed or applied so as to compel any Party to take any action, or omit to
take any action, requested or directed by any regulatory or law enforcement
authority.

      15. Confidentiality.

            (a) Executive and the Company recognize that the Company will file
this Agreement and the exhibits thereto as exhibits to public securities
filings, and may also disclose this Agreement and the exhibits thereto as may be
required by law or legal proceedings. The Parties mutually agree that they, and
each of them, will keep the circumstances underlying the negotiation and/or
drafting of this Agreement (collectively, the "CONFIDENTIAL SETTLEMENT
INFORMATION") strictly confidential, will not disclose any Confidential
Settlement Information in any way other than as provided herein, and will not
make any representation or other communication (orally or in writing) regarding
any Confidential Settlement Information to anyone, for any reason whatsoever,
without the express written consent of the other, unless the disclosure,
representation or communication: (i) is compelled by law; (ii) is to an attorney
and the attorneys' employees or agents and/or a financial advisor of Executive
and/or the Company and is necessary for the rendition of professional advice to
Executive or the Company (the restrictions stated in this Section 15 shall
automatically apply to the attorney and/or financial advisor of Executive or the
Company, which shall so advise the attorney and/or financial advisor); (iii) if
by Executive, is to Executive's immediate family (the restrictions stated in
this Section 15 shall automatically apply to the immediate family member and
Executive shall so advise the immediate family member); or (iv) if by the
Company, is to its employees, to any state or federal tribunal or regulatory
agency, to any insurer and/or, consistent with business necessity, to any other
person or entity. Executive and the Company shall not be entitled to make any
disclosure pursuant to subpart (i), above, unless he or it has first given the
other Party, through its counsel, written notice of, and a copy of, any subpoena
or other legal process purporting to require the disclosure of information
rendered confidential by this Section 15, as soon as practicable after Executive
or the Company receives such subpoena or other legal process.

            (b) Notwithstanding any other provision of this Agreement, any Party
to this Agreement (and each employee, representative, or other agent of such
party) may disclose to any

                                       9

<PAGE>

and all persons, without limitation of any kind, the tax treatment and tax
structure of the transaction and all materials of any kind (including opinions
and other tax analyses) that are provided to the Party relating to such tax
treatment and tax structure, provided that, in connection with any such
disclosure, all references to the amounts paid pursuant to this Agreement, and
other figures from which such amounts may be estimated or calculated, shall be
redacted.

            (c) The Company and Executive may disclose any terms or conditions
of this Agreement as required or reasonably determined by each of them to be
necessary or appropriate in any civil, criminal and/or administrative
proceeding, or in discovery related to any such proceeding, in which case the
notice provisions of Section 15(a) above shall be applicable.

      16. Disputes.

            (a) Any dispute arising under or relating in any way to this
Agreement shall be submitted to arbitration in Denver, Colorado, or such other
venue as the Parties may mutually determine, in front of a single arbitrator who
is a member of the panel of former judges affiliated with the Judicial Arbiter
Group (the "JAG"), in accordance with the Employment Arbitration Rules of the
American Arbitration Association then in effect, as the exclusive remedy for
such dispute. Each Party shall submit a list of three names of proposed
arbitrators from the JAG panel. If the Parties cannot mutually agree on an
arbitrator from such lists, each Party shall strike two names from the other
Party's list, and the arbitrator shall then be chosen at random by the JAG from
the two remaining names. The Parties agree that such arbitration will be
confidential and that no details, descriptions, settlements, or other facts
concerning such arbitration shall be disclosed or released to any third party
without the specific written consent of the other Party, unless required by law
or in connection with enforcement of any decision in such arbitration. Any
damages awarded in such arbitration shall be limited to the contract measure of
damages, and shall not include punitive damages. The award of the arbitrator may
be entered as a judgment in any court of competent jurisdiction.

            (b) The Company agrees to pay as incurred (within 10 days following
the Company's receipt of an invoice from Executive), to the full extent
permitted by law, all legal fees and expenses that Executive may reasonably
incur as a result of any contest (regardless of the outcome thereof unless
Executive's claim is determined by a court to have been frivolous or made in bad
faith, in which case Executive shall make prompt reimbursement of such fees and
expenses to the extent already paid by the Company and received by Executive) by
the Company, Executive, or others of the validity or enforceability of, or
liability under, any provision of this Agreement or any guarantee of performance
thereof (including as a result of any contest by Executive about the amount of
any payment pursuant to this Agreement), plus, in each case, interest on any
delayed payment at the applicable federal rate provided for in Section
7872(f)(2)(A) of the Internal Revenue Code of 1986, as amended.

            (c) The Company agrees to reimburse Executive for the costs and
expenses incurred by Executive in negotiating this Agreement, the further
agreements attached hereto, and the press statement attached as Exhibit D
hereto, including but not limited to the fees of Executive's legal and public
relations advisors.

                                       10

<PAGE>

      17. Severability. It is the desire and intent of the Parties that the
provisions of this Agreement shall be enforced to the fullest extent permissible
under the laws and public policies applied in each jurisdiction in which
enforcement is sought. In the event that any one or more of the provisions or
parts thereof of this Agreement shall be held to be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remainder of
this Agreement shall not in any way be affected or impaired thereby. Moreover,
if any one or more of the provisions or parts thereof contained in this
Agreement is held to be excessively broad as to duration, scope, activity or
subject, such provisions shall be construed by limiting and reducing them so as
to be enforceable to the maximum extent allowed by applicable law.

      18. Entire Agreement. This Agreement sets forth the entire agreement and
understanding of the Parties regarding the subject matter hereof and may not be
modified without the express written consent of the Parties. Except as provided
by Section 29, this Agreement supersedes all prior discussions, agreements,
arrangements, understandings and negotiations, written or oral, between the
Parties regarding the subject matter hereof.

      19. Notices. Any notice required or permitted under this Agreement shall
be given in writing and shall be deemed effectively given upon the earliest of
personal delivery, actual receipt or the third (3rd) full business day following
deposit in the United States mail with postage and fees prepaid, addressed to
the other Party hereto at such Party's address shown below or at such other
address as such Party may designate by ten (10) calendar days' advance written
notice to the other Party hereto. The addresses for notices are as follows:

      For the Company:          Janus Capital Group, Inc.
                                100 Fillmore Street
                                Denver, Colorado  80206
                                Attn: Chief Operating Office

      With a copy to:           Hogan & Hartson LLP
                                1200 17th Street, Suite 1500
                                Denver, Colorado, 80202
                                Attn: Edwin P. Aro

      For Executive:            Mark B. Whiston
                                At the most current residential address then on
                                file with the Company

      With a copy to:           Latham & Watkins LLP
                                633 West Fifth Street, Suite 4000
                                Los Angeles, CA 90071-2007
                                Attn: Peter W. Devereaux and James D. C. Barrall

      20. Waiver. The failure of either Party to this Agreement to enforce any
of its terms, provisions or covenants shall not be construed as a waiver of the
same or of the right of such Party to enforce the same. Waiver by either Party
hereto of any breach or default by the other Party of

                                       11

<PAGE>

any term or provision of this Agreement shall not operate as a waiver of any
other breach or default.

      21. Governing Law. This Agreement and all rights, duties and remedies
hereunder shall be governed by and construed and enforced in accordance with the
laws of the State of Delaware, without reference to its conflict of law rules.

      22. Successors and Assigns. This Agreement shall be binding upon, and
shall inure to the benefit of, the Parties and their respective heirs,
administrators, representatives, executors, successors and assigns.
Notwithstanding the foregoing, Executive shall not assign any of his rights or
delegate any of his obligations under this Agreement without obtaining the prior
express written consent of the Company. The Company shall require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to
all or substantially all of the business and/or assets of the Company to assume
expressly and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place.

      23. Authority. Each of the Parties has full authority to enter into and to
bind itself or himself to this Agreement.

      24. Tax Withholdings. The Company may withhold from any amount payable to
Executive under this Agreement such Federal, state, local or foreign taxes as
shall be required to be withheld pursuant to any applicable law or regulation.

      25. Nonreliance. Each Party understands and agrees that he or it assumes
all risk that the facts or law may be, or become, different than the facts or
law as believed by the Party at the time he or it executes this Agreement. The
Parties acknowledge that the character of their relationship as of the Effective
Date precludes any affirmative obligation of disclosure, and expressly disclaim
all reliance upon information supplied or concealed by the adverse Party or its
counsel in connection with the negotiation and/or execution of this Agreement.

      26. Construction. The parties acknowledge that they and their respective
counsel have reviewed this Agreement in its entirety and have had a full and
fair opportunity to negotiate its terms. Each Party therefore waives all
applicable rules of construction that any provision of this Agreement should be
construed against its drafter, and agrees that all provisions of the Agreement
shall be construed as a whole, according to the fair meaning of the language
used.

      27. Burden of Proof. Any Party contesting the validity or enforceability
of any term of this Agreement shall be required to prove by clear and convincing
evidence fraud, concealment, failure to disclose material information,
unconscionability, misrepresentation or mistake of fact or law.

      28. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

      29. Prior Agreements. This Agreement supercedes the Change of Control
Agreement (as amended) and the Employment Agreement (as amended), which
therefore shall be of no further force or effect except to the extent expressly
incorporated by reference herein. Notwithstanding

                                       12

<PAGE>

any other provision of this Agreement, the Company's obligations under Section
10 of the Employment Agreement (as amended) shall survive the execution of this
Agreement and shall thereafter remain enforceable according to their terms.

      30. Acknowledgement The Parties acknowledge that they have each read this
Agreement and understand its terms. By signing this Agreement, the Parties
acknowledge and agree that they enter into this Agreement knowingly, voluntarily
and without coercion, that they have had sufficient opportunity to consult with
legal counsel of their choice, and that they do not rely, and have not relied,
on any fact, representation, statement or assumption other than as specifically
set forth in this Agreement.

      IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the
date first written above.

                               [SIGNATURES FOLLOW]

                                       13

<PAGE>

JANUS CAPITAL GROUP, INC.                          EXECUTIVE

By: /s/ Girard C. Miller                            /s/ Mark B. Whiston
   -----------------------------                   -----------------------------

                                                   Mark B. Whiston

Date: 4/19/04                                      Date: 4/19/04

                                       14

<PAGE>

                 Exhibits to Consulting and Separation Agreement

A.    Deferred Compensation Agreement

B.    Deferred Compensation Agreement Rabbi Trust

C.    Stock Option Summary

D.    Form of Public Statement

                                       15

<PAGE>

                                    EXHIBIT A

                            JANUS CAPITAL GROUP INC.

                         DEFERRED COMPENSATION AGREEMENT

                                       FOR

                                 MARK B. WHISTON

      This Janus Capital Group Inc. Deferred Compensation Agreement for Mark B.
Whiston (this "AGREEMENT"), by and between Janus Capital Group Inc., a Delaware
corporation (the "COMPANY"), and Mark B. Whiston ("EXECUTIVE"), is hereby
approved and entered into effective as of the effective date of the Consulting
and Separation Agreement (the "CONSULTING AND SEPARATION AGREEMENT") by and
between the Company and Executive to which this Agreement is an exhibit (the
"EFFECTIVE DATE").

      A.    WHEREAS, the Company and Executive have negotiated the terms of
Executive's resignation from employment in the Consulting and Separation
Agreement; and

      B.    WHEREAS, a portion of the consideration for resignation takes the
form of a credit to a deferred compensation arrangement, the payment of which is
subject to certain conditions precedent.

      NOW, THEREFORE, in consideration of the mutual promises and covenants
contained herein, and in the Consulting and Separation Agreement, and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and Executive hereby agree as follows:

      1.    Executive's Deferred Compensation Account.

            As of the Effective Date, the Company shall establish in its books
and records a deferred compensation account with respect to Executive (the
"ACCOUNT"). The initial balance in said Account as of the Effective Date shall
be $7,950,000. Following such date, amounts shall be credited to the Account
only in accordance with the provisions of this Agreement. Such Account shall be
maintained and administered in accordance with the provisions of this Agreement,
and if the Account becomes payable under the terms of this Agreement, the
Company shall make a payment to Executive based on the balance reflected in the
Account at such time and in the manner provided under the terms of this
Agreement.

      2.    Forfeiture of Account.

            (a)   If, at any time before the Payment Commencement Date (defined
in Section 4, below), Executive is found by a final, unappealable judgment or
court or administrative order to have violated any law based upon his acts or
omissions in connection with his employment by the Company, or if Executive
pleads guilty or no contest to, or admits any such misconduct, or if Executive
consents or confesses to entry of a cease and desist,

<PAGE>

injunctive or similar court or administrative order arising from or relating to
an alleged violation of law based upon his acts or omissions in connection with
his employment by the Company and that results in Executive being barred or
suspended from association with an investment advisor, and/or paying any fine,
restitution and/or disgorgement, then Executive immediately shall forfeit the
Account in its entirety, and the bookkeeping entry representing the Account
shall be reversed to zero.

            (b)   If, at any time on or after the Payment Commencement Date
(defined in Section 4, below), Executive is found by a final, unappealable
judgment or court or administrative order to have violated any law based upon
his acts or omissions in connection with his employment by the Company, or if
Executive pleads guilty or no contest to, or admits any such misconduct, or if
Executive consents or confesses to entry of a cease and desist, injunctive or
similar court or administrative order arising from or relating to an alleged
violation of law based upon his acts or omissions in connection with his
employment by the Company and that results in Executive being barred or
suspended from association with an investment advisor and/or paying any fine,
restitution and/or disgorgement, then Executive shall promptly refund to the
Company 100% of the amount of the Account previously paid to Executive and
Executive immediately shall forfeit the remaining balance in the Account and the
bookkeeping entry representing the remaining balance in the Account shall be
reversed to zero.

            (c)   Notwithstanding any other provision of this Agreement or the
Consulting and Separation Agreement, in any action or arbitration in which the
Company seeks to collect sums from Executive that are payable or claimed to be
payable under Section 2(a) of this Agreement, the party substantially prevailing
therein shall recover its costs and expenses in connection with that action or
arbitration, including reasonable attorneys' fees.

      3.    Investment Performance.

            (a)   Except as otherwise provided herein, the amounts credited to
the Account shall be deemed to be invested in one or more of the investment
alternatives specified in Exhibit A attached hereto or any other investment
alternatives that are offered by the Company as investment alternatives under
its deferred compensation plans for its officers or members of its Board of
Directors (each an "INVESTMENT FUND"). The proportions in which the total
balance credited to the Account are to be allocated from time to time among the
Investment Funds shall be as specified pursuant to a written deferred
compensation investment election ("INVESTMENT ELECTION") made by Executive.
Executive may change his then current Investment Election from time to time by
delivering to the Company a new Investment Election to supercede Executive's
most recent Investment Election, provided, however, in no event shall Executive
make changes to his Investment Election more than twice (2) per calendar year.
Once a valid Investment Election is delivered to the Company by Executive, such
Investment Election shall remain in effect until it is changed by Executive by
the delivery to the Company of a valid Investment Election which supercedes
Executive's prior Investment Election. Each Investment Election shall be in a
form as approved by the Company from time to time and shall be delivered by
Executive to the Company's Assistant General Counsel or Controller ("COMPANY
REPRESENTATIVE") not less than three business days prior to the effective date
as of which the deemed investments in the Investment Funds are to be deemed made
or changed, as applicable. If Executive fails to file an effective Investment
Election prior to the crediting of any amounts to

                                       2

<PAGE>

the Account, then the balance in the Account shall be deemed to be invested in
an Investment Fund that is the Janus Money Market Fund until such time (if at
all) that Executive delivers to the Company a valid Investment Election. The
Company shall periodically, but not less frequently than annually, provide
Executive with a statement showing the value of and adjustment to the Account
and the allocation of such value and adjustments among the Investment Funds. The
Company shall also seasonably respond to reasonable requests by Executive for
updated information concerning the value of and adjustments to the Account, and
the allocation of such value and adjustments among the Investment Funds.

            (b)   Following the initial crediting of a cash amount to the
Account as provided in Section 1, and provided Executive has delivered a valid
Investment Election to Company, the balance in Executive's Account shall be
adjusted at such periodic intervals as deemed appropriate by Company, but not
less frequently than as of the end of each month, to reflect a net appreciation
or a net depreciation (as applicable) of the balance credited to the Account
identical to the net appreciation or net depreciation (as applicable), that
would have accrued if such balance had been invested in Investment Funds as
specified by Executive in his Investment Election(s) as in effect from time to
time. Executive hereby acknowledges and agrees that (i) his Account balance
shall be reduced to reflect any net depreciation accruing from time to time
based on the investment allocation of the Account balance in accordance with
Executive's Investment Election(s) in effect from time to time, (ii) Executive
is solely responsible for any net appreciation or net depreciation in the
balance of his Account resulting from Executive's Investment Elections, and
(iii) Company does not guarantee or represent in any manner whatsoever that
Executive will realize any appreciation in the balance of the Account as a
result of allocating the Account balance for deemed investment in the Investment
Funds. Executive further agrees and acknowledges that he is under no obligation
to make an Investment Election and, if no such Investment Election is made, that
the balance in the Account shall be carried forward unaffected by the investment
performance of the Investment Funds

            (c)   The Company shall not be obligated to actually invest any
amounts credited to the Account in any Investment Funds as specified by
Executive in any Investment Election or to set aside, escrow or otherwise
segregate or invest any amounts credited to Executive's Account, except to the
extent provided in the trust agreement (the "TRUST AGREEMENT") in the form
attached to the Consulting and Separation Agreement as Exhibit B. The parties
agree and understand that the Company's only obligation shall be to pay to
Executive, at such time as the balance in the Account becomes payable as
provided hereunder, the cash value of the Account calculated as if the Company
had at all times invested amounts credited to the Account as specified by
Executive in the valid Investment Election(s) he delivers to Company, or, if no
such valid Investment Election is made, the cash amounts credited to the Account
as provided under Section 3(a) hereof.

      4.    Payment of Account Balance.

            (a)   Executive's "PAYMENT COMMENCEMENT DATE" is the earliest of:
(i) the date on which Executive attains age 50; (ii) the date of Executive's
death; (iii) if, following the Effective Date, Executive is rendered Totally and
Permanently Disabled (as defined in Section 9(a), below), then the earlier of
the date on which Executive attains age 50 or the third anniversary of the date
on which Executive became Totally and Permanently Disabled; or (iv) if,

                                       3

<PAGE>

following the Effective Date, the Company experiences a Change of Control (as
defined in Section 9(a), below), then the earlier of the date on which Executive
attains age 50 or the third anniversary of the Change of Control.

            (b)   Unless Executive has forfeited the Account as of the Payment
Commencement Date in accordance with Section 2(a), on the Payment Commencement
Date the Company shall pay the Account to Executive (or his beneficiaries in the
event of his death) in a lump sum, unless Executive shall have elected at least
one year prior to the Payment Commencement Date to have the Account paid on a
different date or in installments, in which case payment of the Account shall be
made on the date or dates specified in any such election.

      5.    Executive as Unsecured Creditor. This Agreement shall create a
contractual obligation on the part of Company to make payment of the balance in
the Account at the time provided for hereinabove. Neither Executive nor any
other party claiming an interest in deferred compensation hereunder shall have
any interest whatsoever in any specific assets of Company except to the extent
provided otherwise in the Trust Agreement. To the extent Executive or any other
party acquires a right to receive payments hereunder, such right shall be that
of an unsecured general creditor of Company. Nothing in this Agreement shall be
deemed to create a trust of any kind or a fiduciary relationship between Company
and Executive.

      6.    Designation of Beneficiary. Executive shall designate a beneficiary
or beneficiaries who, upon Executive's death, will receive payment of the
Account balance that otherwise would have been paid to Executive under this
Agreement. All beneficiary designations shall be signed by Executive and shall
be in such form as prescribed by the Company. Each designation shall be
effective as of the date delivered to the Company Representative prior to
Executive's death. In the event that all the beneficiaries named by Executive
pursuant to this Section 6 predecease Executive, the Account balance that would
have been paid to Executive or Executive's beneficiaries shall be paid to
Executive's estate. In the event Executive does not designate a beneficiary, or
for any reason such designation is ineffective, in whole or in part, the Account
balance that otherwise would have been paid to Executive or Executive's
beneficiaries under this Agreement shall be paid to Executive's estate. Any such
payment to Executive's designated beneficiaries or to Executive's estate shall
be made as of the applicable payment date as specified in accordance with
Section 3.

      7.    Payment Rights Not Transferable. The rights and interests of
Executive and any beneficiary of Executive under this Agreement may not be sold,
pledged, hypothecated, assigned or transferred in any manner, either voluntarily
or involuntarily by operation of law, other than by Executive pursuant to a
beneficiary designation in accordance with the provisions of Section 6.

      8.    Miscellaneous.

            (a)   Definitions:

                  i.    For Purposes of this Agreement, "CHANGE OF CONTROL"
shall have the same meaning as set forth in the Change of Control Agreement
between Executive and the Company dated as of February 10, 2003, as amended as
of December 18, 2003.

                                       4

<PAGE>

                  ii.   For purposes of this Agreement, "TOTALLY AND PERMANENTLY
DISABLED" shall mean that a qualified physician selected by Executive with the
Company's consent (such consent not to be unreasonably withheld) has determined
and certified in writing that Executive suffers from an impairment of mind or
body as a result of which it will be impossible for Executive to perform the
essential functions of an executive position in the sales, distribution, and/or
operations function of a mutual fund company , and which impairment is
reasonably certain to continue for the remainder of Executive's life.

            (b)   This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware without reference to
principles of conflict of laws.

            (b)   Unless otherwise expressly specified, references herein to a
"Section" is to a Section of this Agreement. The captions of this Agreement are
not part of the provisions hereof and shall have no force or effect.

            (c)   This Agreement may not be amended or modified otherwise than
by a written agreement executed by the parties hereto or their respective
successors and legal representatives.

            (d)   All notices and other communications hereunder shall be in
writing and shall be given by hand delivery to the other party or by registered
or certified mail, return receipt requested, postage prepaid, addressed as
follows:

            If to Executive:   At the most recent address on file at the Company

            With a copy to:    James D.C. Barrall
                               Latham & Watkins LLP
                               633 W. Fifth Street
                               Los Angeles, CA  90071

            If to Company:     Janus Capital Group Inc.
                               150 Detroit Street
                               Denver, Colorado  80206
                               Attn.:  General Counsel

            With a copy to:    Edwin P. Aro
                               Hogan & Hartson LLP
                               1200 17th Street, Suite 1500
                               Denver, CO 80202

or to such other address as either party shall have furnished to the other in
writing in accordance herewith. Notices and communications shall be effective
when actually received by the addressee.

            (e)   Company may withhold from any amounts payable under this
Agreement such Federal, state, local or foreign taxes as the Company shall
determine are required to be withheld pursuant to any applicable law or
regulation.

                                       5

<PAGE>

            (f)   The terms of this Agreement shall be binding upon the Company
and its successors and assignees, and upon Executive and his executors,
administrators, heirs, successors, transferees, legatees, personal
representatives and assignees, provided, however, nothing herein shall be deemed
to permit any transfer, assignment or other disposition of rights and interests
under this Agreement that is prohibited under Section 7.

            (g)   For convenience, this Agreement may be executed in any number
of identical counterparts, each of which shall be deemed a complete original in
itself and may be introduced in evidence or used for any other purpose without
the production of any other counterparts.

            (h)   In the event that any provision of this Agreement is found to
be invalid or otherwise unenforceable under any applicable law, such invalidity
or unenforceability shall not be construed as rendering any other provisions
contained herein invalid or unenforceable, and all such other provisions shall
be given full force and effect to the same extent as though the invalid and
unenforceable provision was not contained herein.

                                       6

<PAGE>

      IN WITNESS WHEREOF, the undersigned have hereunto set their hands as of
the date first set forth above.

                                                 JANUS CAPITAL GROUP INC.

                                                 By:  /s/ Girard C. Miller
                                                      --------------------------

                                                 Its: Chief Operating Officer

                                                 MARK B. WHISTON

                                                 /s/ Mark B. Whiston
                                                     ---------------------------

                                       7

<PAGE>

                                    EXHIBIT A

                                INVESTMENT FUNDS

Janus Money Market Fund;

Janus Flexible Income Fund;

Janus Balanced Fund;

Janus Global Opportunities Fund;

Janus Mid Cap Value Fund;

Janus Fund; and/or

Janus Overseas Fund.

<PAGE>

                                    EXHIBIT B

                            JANUS CAPITAL GROUP INC.

                      DEFERRED COMPENSATION TRUST AGREEMENT

      THIS AGREEMENT is made this ___ day of ______________, 2004 by and between
Janus Capital Group Inc. as a Corporation organized under the laws of Delaware
(the "Company") and _____________Trust Company, a trust organization under the
laws of the United States of America and having its principal office and place
of business in _________________, as trustee (the "Trustee").

                                    RECITALS

      WHEREAS, the Company entered into the Janus Capital Group Inc. Deferred
Compensation Agreement for Mark B. Whiston ("Participant") which is an unfunded
executive benefit arrangement providing deferred compensation benefits to
Participant (the "Agreement"); and

      WHEREAS, the Company has incurred or expects to incur liability under the
terms of the Agreement with respect to the Participant; and

      WHEREAS, the Company wishes to establish a trust (the "Trust") and to
contribute to the Trust assets that shall be held therein, subject to the claims
of the Company's creditors in the event of the Company's insolvency, as herein
defined, until paid to the Participant and his beneficiaries in such manner and
at such times as specified in the Agreement or paid to the Company in accordance
herewith; and

      WHEREAS, it is the intention of the parties that the Trust shall
constitute an unfunded arrangement and shall not affect the status of the
Agreement as an unfunded plan maintained for the purpose of providing deferred
compensation for an individual who is a member of a select group of management
or highly compensated employees according to Title I of the Employee Retirement
Income Security Act of 1974 as amended; and

      WHEREAS, it is the intention of the Company to make contributions to the
Trust to provide a source of funds to assist it in the meeting of its
liabilities under the Agreement.

      NOW, THEREFORE, the parties do hereby establish the Trust and agree that
the Trust shall be comprised, held and disposed of as follows:

<PAGE>

      SECTION 1. ESTABLISHMENT OF TRUST

      (a)   The Company hereby deposits with the Trustee in trust $7,950,000,
which shall become the principal of the Trust to be held, administered and
disposed of by the Trustee as provided in this Trust Agreement. The Company
shall have the right to make additional deposits from time to time in its sole
discretion.

      (b)   The Trust hereby established shall be irrevocable.

      (c)   The Trust is intended to be a grantor trust, of which the Company is
the grantor, within the meaning of Subpart E, part I, subchapter J, chapter I,
subtitle A of the Internal Revenue Code of 1986, as amended (the "Internal
Revenue Code"), and shall be construed accordingly.

      (d)   The Participant and his beneficiaries shall have no preferred claim
on, or any beneficial ownership interest in, any assets of the Trust. Any rights
created under the Agreement and this Trust Agreement shall be mere unsecured
contractual rights of the Participant and his beneficiaries against the Company.
Any assets held by the Trust will be subject to the claims of the Company's
general creditors under federal and state law in the event of Insolvency, as
defined in Section 3(a) herein.

      (e)   The Trustee agrees to accept additional deposits made by the Company
pursuant to Section 1(a) hereof, and contributions that are paid to it by the
Company in accordance with the terms of this Trust Agreement. Such additional
deposits and contributions shall be in cash or in such other form that may be
acceptable to the Trustee, including but not limited to policies of life
insurance. The Trustee shall have no duty to determine or collect contributions
under the Agreement and shall have no responsibility for any property until it
is received and accepted by the Trustee. The Company shall have the sole duty
and responsibility for the determination of the accuracy and sufficiency of the
deposits and contributions to be made under the Agreement, the transmittal of
the same to the Trustee and compliance with any statute, regulation or rule
applicable to contributions.

      SECTION 2. PAYMENTS TO PARTICIPANT AND HIS BENEFICIARIES

      (a)   From time to time, the Company may deliver to the Trustee a schedule
(the "Payment Schedule") that indicates the amounts payable in respect of the
Participant (and his beneficiaries), that provides a formula or other
instructions for determining the amounts payable, the form in which such amounts
are to be paid (as provided for or available under the Agreement), and the time
of commencement for payment of such amounts. Except as otherwise provided
herein, the Trustee shall make payments to the Participant and his beneficiaries
in accordance with such Payment Schedule. The Trustee shall make provision for
the reporting and withholding of any federal, state or local taxes that may be
required to be withheld with respect to the payment of benefits pursuant to the
terms of the Payment Schedule and shall pay amounts withheld to the appropriate
taxing authorities or determine that such amount have been reported, withheld
and paid by the Company. If the principal of the Trust, and any earnings
thereon, are not sufficient to make payments of benefits in accordance with the
terms of the Payment

                                       2

<PAGE>

Schedule, the Company shall make the balance of each such payment as it falls
due. The Trustee shall notify the Company where principal and earnings are not
sufficient.

      (b)   Upon the receipt by the Trustee of (i) a written notice from the
Company, indicating that the Agreement has been completely terminated and (ii) a
Payment Schedule, indicating how payments shall be made as a result of the
termination of the Agreement, the Trustee shall pay to the Participant his
account balance under the Agreement in accordance with the terms of such Payment
Schedule. Notwithstanding the foregoing, upon the termination of the Agreement
the Company shall be entitled to make payment of benefits directly to the
Participant or his beneficiaries in accordance with subsection (f) below.

      (c)   The Company hereby agrees that the Authorized Party (as defined
below) shall have the exclusive responsibility, and the Trustee shall not have
any responsibility or duty under this Trust Agreement for determining that the
Payment Schedule is in accordance with the terms of the Agreement and applicable
law, including without limitation, the amount, timing or method of payment and
the identity of each person to whom such payments shall be made. The Trustee
shall have no responsibility or duty to determine the tax effect of any payment
or to see to the application of any payment.

      (d)   The entitlement of the Participant or his beneficiaries to the
benefits under the Agreement shall be determined by the Company or such party as
it shall designate under the Agreement, and any claim for such benefits shall be
considered and reviewed under the procedures set out in the Agreement.

      (e)   The Company may make payment of benefits directly to the Participant
or his beneficiaries as they become due under the terms of the Agreement. The
Company shall notify the Trustee of its decision to make payment of benefits
directly to Participant or his beneficiaries. If the Company makes payments
according to this subsection the Company shall make provision for the reporting
and withholding of any federal, state or local taxes that may be required to be
withheld with respect to the payment of benefits pursuant to the terms of the
Agreement and shall pay amounts withheld to the appropriate taxing authorities.

      (f)   The Company shall furnish the Trustee with a written list of the
names, signatures and extent of authority of all persons authorized to direct
Trustee and otherwise act on behalf of the Company and the Participant under the
terms of this Trust Agreement ("Authorized Party"). The Trustee shall be
entitled to rely on and shall be fully protected in acting upon direction from
an Authorized Party until notified in writing by the Company, as appropriate, of
a change of the identity of an Authorized Party.

      (g)   In accordance with the procedures mutually acceptable to the Company
and Trustee, all directions and instructions to the Trustee from an Authorized
Party, including but not limited to the Payment Schedule, shall be in writing,
transmitted by mail or by facsimile or shall be an electronic transmission,
provided the Trustee may, in its discretion, accept oral directions and
instructions and may require confirmation in writing ("Authorized
Instructions").

                                       3

<PAGE>

      SECTION 3. TRUSTEE RESPONSIBILITY REGARDING PAYMENT TO TRUST BENEFICIARY
WHEN COMPANY IS INSOLVENT

      (a)   The Trustee shall cease payment of benefits to the Participant and
his beneficiaries if it receives notice that the Company is Insolvent. The
Company shall be considered "Insolvent" for purposes of this Trust Agreement if
(i) the Company is unable to pay its debts as they become due, or (ii) the
Company is subject to a pending proceeding as a debtor under the United States
Bankruptcy Code.

      (b)   At all times during the continuance of this Trust, as provided in
Section 1(d) hereof, the principal and income of the Trust shall be subject to
claims of general creditors of the Company under federal and state law as set
forth below.

                  (1)   The Board of Directors and the Chief Executive Officer
of the Company shall have the duty to inform the Trustee in writing of the
Company's Insolvency. If a person claiming to be a creditor of the Company
alleges in writing to the Trustee that the Company has become Insolvent, the
Trustee shall determine whether the Company is Insolvent and, pending such
determination, the Trustee may discontinue payment of benefits to the
Participant or his beneficiaries.

                  (2)   Unless the Trustee has actual knowledge of the Company's
Insolvency, or has received notice from the Company or a person claiming to be a
creditor alleging that the Company is Insolvent, the Trustee shall have no duty
to inquire whether the Company is Insolvent. The Trustee may in all events rely
on such evidence concerning the Company's solvency as may be furnished to the
Trustee and that provides the Trustee with a reasonable basis for making a
determination concerning the Company's solvency.

                  (3)   If at any time the Trustee has determined that the
Company is Insolvent, the Trustee shall discontinue payments of benefits to the
Participant and his beneficiaries and shall hold the assets of the Trust for the
benefit of the Company's general creditors. Nothing in this Trust Agreement
shall in any way diminish any rights of the Participant or his beneficiaries to
pursue their rights as general creditors of the Company with respect to benefits
due under the Agreement or otherwise.

                  (4)   The Trustee shall resume the payment of benefits to the
Participant or his beneficiaries in accordance with Section 2 of this Trust
Agreement only after the Trustee has determined that the Company is not
Insolvent (or is no longer Insolvent). The Trustee may rely on evidence
concerning Insolvency as may be furnished to the Trustee and that provides the
Trustee with a reasonable basis for making a determination concerning
Insolvency. If there is a dispute about Insolvency, the Trustee shall have the
right to require the Company to employ and pay for the services of an
independent expert to render a written opinion to the Trustee addressing the
question of Insolvency.

      (c)   Provided that there are sufficient assets, if the Trustee
discontinues the payment of benefits from the Trust pursuant to Section 3(a) and
(b) hereof and subsequently resumes such payments, the first payment following
such discontinuance shall include the aggregate amount of all payments due to
the Participant or his beneficiaries according to the terms of the Agreement

                                       4

<PAGE>

for the period of such discontinuance, less the aggregate amount of any payments
made to Participant or his beneficiaries by the Company in lieu of the payments
provided for hereunder during any such period of discontinuance. The Trustee may
require a new Payment Schedule from the Company in such event.

      SECTION 4. PAYMENTS TO COMPANY

      (a)   Except as provided in Sections 3 and in this Section 4 (b) or this
Section 4(c), because the Trust is irrevocable, in accordance with Section 1(b)
hereof, the Company shall not have the right or the power to direct the Trustee
to return to the Company or to divert to others any of the Trust assets before
all payment of benefits have been made to Participant or his beneficiaries
pursuant to the terms of the Agreement.

      (b)   In the event the Company makes payment of benefits directly pursuant
to Section 2 (e) hereof, the Company may file proof of such payment with the
Trustee and request to be reimbursed for said payment. The Trustee shall
reimburse the Company for amounts not exceeding the Company's costs of making
Agreement payments. The Trustee shall not be obligated to verify the amount of
payment beyond receipt of reasonable proof (e.g. cancelled check).

      (c)   In the event the Board of Directors of the Company certifies to the
Trustee that Executive has forfeited all right to payment under the Agreement,
the Company may file proof of forfeiture with the Trustee and request full
repayment of all Trust assets, thereby terminating the Trust. The Trustee shall
make such payment to the Company. The Trustee shall not be obligated to verify
the forfeiture beyond receipt of reasonable proof provided by the Company.

      SECTION 5. INVESTMENT AUTHORITY

      (a)   The Trustee shall invest and reinvest the principal and income of
the Trust as directed by Company or its properly designated agent which
directions may be changed from time to time. To the maximum extent permitted by
law, the Trustee shall have no duty or responsibility (i) to advise with respect
to, or inquire as to the propriety of, any such investment direction or (ii) for
any investment decisions made with respect to the Trust by the Company. In the
absence of investment direction, the Trustee shall have no obligation to invest
Trust assets, but may invest Trust assets in any manner permitted under Section
5(c).

      (b)   In no event may the Trustee invest in securities (including stock or
rights to acquire stock) or obligations issued by the Company, other than a de
minimis amount held in common investment vehicles in which Trustee invests. All
rights associated with assets of the Trust shall be exercised by the Trustee and
shall in no event be exercised by or rest with the Participant, except that
voting rights with respect to Trust assets will be exercised by the Company,
unless an investment adviser has been appointed pursuant to Section 5(a) and
voting authority has been delegated to such investment adviser.

                                       5

<PAGE>

      (c)   In administering the Trust and carrying out the instructions of the
Company in accordance with Section 5(a) above, the Trustee shall be specifically
authorized to:

                  (1)   To invest and reinvest the Trust assets, together with
the income therefrom, in common stock, preferred stock, convertible preferred
stock, bonds, debentures, convertible debentures and bonds, mortgages, notes,
commercial paper and other evidences of indebtedness (including those issued by
the Trustee), shares of mutual funds, guaranteed investment contracts, bank
investment contracts, other securities, policies of life insurance, other
insurance contracts, annuity contracts, options, options to buy or sell
securities or other assets, and all other property of any type (personal, real
or mixed, and tangible or intangible);

                  (2)   To deposit or invest all or any part of the assets of
the Trust in savings accounts or certificates of deposit or other deposits in a
bank or savings and loan association or other depository institution, provided
such deposits bear a reasonable interest rate;

                  (3)   To submit or cause to be submitted to the Company, all
information received by the Trustee regarding ownership rights pertaining to
property held in the Trust;

                  (4)   To hold, manage, improve, repair and control all
property, real or personal, forming part of the Trust; to sell, convey,
transfer, exchange, partition, lease for any term, even extending beyond the
duration of this Trust, and otherwise dispose of the same from time to time;

                  (5)   To make, execute and deliver any and all documents,
agreements or other instruments in writing as are necessary or desirable for the
accomplishment of any of the powers and duties set forth in this Trust
Agreement;

                  (6)   To hold in cash, without liability for interest, such
portion of the Trust as is pending investment, or payment of expenses, or the
distribution of benefits;

                  (7)   To take such actions as may be necessary or desirable to
protect the Trust from loss due to the default on mortgages held in the Trust
including with the consent of an Authorized Party the appointment of agents or
trustees in such other jurisdictions as may seem desirable, the transfer of
property to such agents or trustees as is necessary, or the grant to such agents
such powers as are necessary or desirable to protect the Trust.

                  (8)   To vote in person or by general or limited proxy, as
directed by an Authorized Party, any securities in which the Trust is invested
and similarly to exercise, personally or by general or limited power of
attorney, as directed by an Authorized Party, any right appurtenant to any
authorized investment held in the Trust.

                  (9)   To maintain accounts at, execute transactions through,
and lend on an adequately secured basis stocks, bonds or other securities to,
any brokerage or other firm, including any firm which is an affiliate of
Trustee;

                  (10)  To exercise all of the further rights, powers, options
and privileges granted, provided for, or vested in trustees generally under the
laws of the state in which the

                                       6

<PAGE>

Trustee has its principal place of business so that the powers conferred upon
the Trustee herein shall not be in limitation of any authority conferred by law,
but shall be in addition thereto.

      The Trustee may exercise the powers described in this Section 5(c) with or
without Authorized Instructions, but where the Trustee acts on Authorized
Instructions, the Trustee shall be fully protected as described in Section 9.

      SECTION 6. ADDITIONAL POWERS OF TRUSTEE.

      (a)   To the extent necessary or which it deems appropriate to implement
its powers under Section 5 or otherwise to fulfill any of its duties and
responsibilities as Trustee of the Trust, the Trustee shall have the following
additional powers and authority:

                  (1)   To register securities, or any other property, in its
name or in the name of any nominee, including the name of any affiliate or the
nominee name designated by any affiliate, with or without indication of the
capacity in which property shall be held, or to hold securities in bearer form
and to deposit any securities or other property in a depository or clearing
corporation;

                  (2)   Upon receiving the consent of an Authorized Party, to
designate and engage the services of, and to delegate powers and
responsibilities to, such agents, representatives, advisers, counsel and
accountants as the Trustee considers necessary or appropriate and, as part of
its expenses under this Trust Agreement, to pay their reasonable expenses and
compensation;

                  (3)   To make, execute and deliver, as Trustee, any and all
deeds, leases, mortgages, conveyances, waivers, releases or other instruments in
writing necessary or appropriate for the accomplishment of any of the powers
listed in this Trust Agreement; and

                  (4)   Generally to do all other acts which the Trustee deems
necessary or appropriate for the protection of the Trust.

                  (5)   The Trustee at the direction of the Company may appoint
a Custodian to safeguard the assets of the Trust. The Company hereby authorizes
and directs the Trustee to enter into such agreements with the Custodian as may
be necessary to establish an account with the Custodian. For administrative
purposes, contributions deposited to the appointed Custodian shall be deemed as
contributions deposited with the Trustee on behalf of the Trust.

      SECTION 7. DISPOSITION OF INCOME.

      During the term of this Trust, all income received by the Trust, net of
expenses and taxes, shall be accumulated and reinvested.

                                       7

<PAGE>

      SECTION 8. ACCOUNTING BY TRUSTEE.

      (a)   The Trustee shall keep accurate and detailed records of all
investments, receipts, disbursements, and all other transactions required to be
made, including such specific records as shall be agreed upon in writing between
the Company and the Trustee. Within 90 days following the close of each calendar
quarter and within 90 days after removal or resignation of the Trustee, the
Trustee shall deliver to the Company a written account of its administration of
the Trust during such year or during the period from the close of the last
preceding year to the date of such removal or resignation, setting forth all
investments, receipts, disbursements and other transactions effected by it,
including a description of all securities and investments purchased and sold
with the cost or net proceeds of such purchases or sales (accrued interest paid
or receivable being shown separately), and showing all cash, securities and
other property held in the Trust at the end of such year or as of the date of
such removal or resignation, as the case may be.

      (b)   The Trustee shall be entitled to rely on the Recordkeeper (the
provider of recordkeeping services for the Agreement Administrator) or the
Custodial Agent (the custodian of investments), if any other than Trustee, for
the maintenance and provision of all records specified in this Section 8.

      SECTION 9. RESPONSIBILITY AND INDEMNITY OF THE TRUSTEE.

      (a)   The Trustee shall act with the care, skill, prudence and diligence
under the circumstances then prevailing that a prudent person acting in like
capacity and familiar with such matters would use in the conduct of an
enterprise of a like character and with like aims, provided, however, that the
Trustee shall incur no liability to any person for any action taken pursuant to
a direction, request or approval given by the Company which is contemplated by,
and in conformity with, the terms of the Agreement and this Trust and is given
in writing by the Company or in such other manner prescribed by the Trustee. In
the absence of direction, request or approval from the Company, the Trustee
shall also incur no liability to any person for any failure to perform an act
not contemplated by or in conformity with, the terms of this Trust. In the event
of a dispute between the Company and a party, the Trustee may apply to a court
of competent jurisdiction to resolve the dispute.

      (b)   The Company hereby indemnifies the Trustee and each of its
affiliates (collectively, the "Indemnified Parties") against, and shall hold
them harmless from, any and all loss, claims, liability, and expense, including
reasonable attorneys' fees, imposed upon or incurred by any Indemnified Party as
a result of any acts taken, or any failure to act, in accordance with the
directions from the Company or any designee of the Company, or by reason of the
Indemnified Party's good faith execution of its duties with respect to the
Trust, including, but not limited to, its holding of assets of the Trust. The
Company's obligations in the foregoing regard to be satisfied promptly by the
Company, provided that in the event the loss, claim, liability or expense
involved is determined by a no longer appealable final judgment entered in a

                                       8

<PAGE>

lawsuit or proceeding to have resulted from the gross negligence or willful
misconduct of the Trustee, the Trustee shall promptly on request thereafter
return to the Company any amount previously received by the Trustee under this
Section 9(b) with respect to such loss, claim, liability or expense. If the
Company does not pay such costs, expenses and liabilities in a reasonably timely
manner, the Trustee may obtain payment from the Trust without direction from the
Company.

      (c)   The Trustee shall incur no liability to anyone for any action that
it or the Custodian as its delegate takes pursuant to a direction, request or
approval given by the Company, Participant, the Investment Committee, the
Administrator or by any other party (including, without limitation, the
Recordkeeper and any of its agents) to whom authority to give such directions,
requests or approvals is delegated under the powers conferred upon the Company,
Participant, the Investment Committee, the Administrator or such other party
under this Agreement.

      (d)   The Trustee, upon receipt of the consent of an Authorized Party, at
the expense of the Trust or the Company, may consult with legal counsel (who may
also be counsel for Company generally) with respect to any of its duties or
obligations hereunder.

      (e)   The Trustee, upon receipt of the consent of an Authorized Party, may
hire agents, accountants, actuaries, investment advisers, financial consultants
or other professionals to assist it in performing any of its duties or
obligations hereunder.

      (f)   The Trustee shall have, without exclusion, all powers conferred on
the Trustee by applicable law, unless expressly provided herein, provided,
however, that if an insurance policy is held as an asset of the Trust, the
Trustee shall not have the power to name a beneficiary of the policy other than
the Trust, to assign the policy (as distinct from conversion of the policy to a
different form) other than to a successor trustee, or to loan to any person the
proceeds of any borrowing against such policy.

      (g)   Notwithstanding any powers granted to the Trustee pursuant to this
Trust Agreement or applicable law, the Trustee shall not have any power that
could give this Trust the objective of carrying on a business and dividing the
gains therefrom, within the meaning of section 301.7701-2 of the Procedure and
Administrative Regulations promulgated pursuant to the Internal Revenue Code.

      (h)   The Trustee shall not be liable for any expense, loss, claim or
damage (including counsel fees) suffered by the Participant arising out of or
caused by any delay in, or failure of, performance by the Trustee, in whole or
in part, arising out of, or caused by, circumstances beyond the Trustee's
control, including without limitation: acts of God, interruption, delay in, or
loss (partial or complete) of electrical power or external computer (hardware or
software) or communication services (including access to book-entry securities
systems maintained by Federal Reserve Bank of New York and/or any clearing
corporation); act of civil or military authority; sabotage; natural emergency;
epidemic; war or other government actions; civil disturbance; flood, earthquake,
fire, other catastrophe; strike or other labor disturbance by employees of
nonaffiliates; governmental, judicial, or self regulatory organization order,
rule or regulation; riot; energy or natural resource difficulty or shortage; and
inability to obtain materials, equipment or transportation.

                                       9

<PAGE>

      (i)   If (1) there is any disagreement or dispute in connection with the
Trust or the subject matter hereof, including any dispute between the Trustee,
the Company or the Participant, or between the Company, the Participant or any
person not a party to the Trust or (2) there are adverse or inconsistent claims
or demands upon, or inconsistent with instructions to the Trustee, or (3) the
Trustee in good faith is in doubt as to what action to take pursuant to the
Trust, the Trustee may at its election refuse to comply with any such claims,
demands or instructions, or refuse to take any other action pursuant to this
Trust until (i) the rights of all persons involved in the dispute have been
fully and finally adjudicated by a court of competent jurisdiction or the
Trustee has resolved any such doubts to its good faith satisfaction; or (ii) all
disputes have been resolved between the persons involved and the Trustee has
received written notice thereof satisfactory to it from all such persons.
Without limiting the generality of the foregoing, the Trustee may at its
election interplead the subject matter of this Trust Agreement with a court of
competent jurisdiction, or commence judicial proceedings for a declaratory
judgment, and the Trustee shall be entitled to recover from the Company or the
Trust, both collectively and individually, the Trustee's attorneys' fees,
expenses and costs in connection with any such interpleader or declaratory
judgment action

      (j)   The Trustee is not a party to, and has no duties or responsibilities
under, the Agreement other than those that may be expressly contained in this
Trust Agreement. In any case, in which a provision of this Trust Agreement
conflicts with any provision of the Agreement, the Agreement shall control. The
Trustee shall have no duties, responsibilities or liability with respect to the
acts or omissions of any prior or successor trustee.

      SECTION 10. COMPENSATION AND EXPENSES OF TRUSTEE

      (a)   The Company shall pay all administrative and the Trustee's fees and
expenses under this Trust Agreement as mutually agreed and, if not so paid, such
fees and expenses may be withdrawn from the Trust by the Trustee. If the Trustee
advances cash or securities for any purpose, including the purchase or sale of
foreign exchange or of contracts for foreign exchange, or in the event that the
Trustee shall incur or be assessed taxes, interest, charges, expenses,
assessments, or other liabilities in connection with the performance of this
Trust Agreement, except such as may arise from its own negligent action,
negligent failure to act or willful misconduct, any property at any time held
for the Trust shall be security therefor and the Trustee shall be entitled to
collect from the Company or, if not paid, from the Trust sufficient cash for
reimbursement of such taxes, interest, charges, expenses, assessments or other
liabilities. If cash is insufficient, the trustee may dispose of the assets of
the Trust to the extent necessary to obtain the aforesaid reimbursement. To the
extent the Trustee advances funds to the Trust for disbursements or to effect
the settlement of purchase transactions, the Trustee shall be entitled to
collect from the Company or, if not so paid, from the Trust either (i) with
respect to domestic assets, an amount equal to what would have been earned on
the sums advanced (an amount approximating the "federal funds" interest rate) or
(ii) with respect to non-domestic assets, the rate applicable to the appropriate
foreign market.

                                       10

<PAGE>

      SECTION 11. RESIGNATION AND REMOVAL OF TRUSTEE

      (a)   The Trustee may resign at any time by written notice to the Company,
which shall be effective sixty (60) days after receipt of such notice unless the
Company and the Trustee agree otherwise.

      (b)   The Trustee may be removed by the Company on sixty (60) days notice
or upon shorter notice accepted by the Trustee.

      (c)   Upon resignation or removal of the Trustee and appointment of a
successor trustee, all assets shall subsequently be transferred to the successor
trustee. The transfer shall be completed within one hundred twenty (120) days
after receipt of notice of resignation, removal or transfer, unless the Company
extends the time limit.

      (d)   If the Trustee resigns or is removed, a successor shall be
appointed, in accordance with Section 12 hereof, by the effective date of
resignation or removal under paragraphs (a) or (b) of this Section. If no such
appointment has been made, the Trustee may apply to a court of competent
jurisdiction for appointment of a successor or for instructions. All expenses of
the Trustee in connection with the proceeding shall be allowed as administrative
expenses of the Trust.

      SECTION 12. APPOINTMENT OF SUCCESSOR.

      (a)   If the Trustee resigns or is removed in accordance with Section
11(a) or (b) hereof, subject to the requirements of Section 11, the Company may
appoint any third party, such as a bank trust department or other entity that
may be granted corporate trustee powers under state law, as a successor to
replace the Trustee upon resignation or removal. The appointment shall be
effective when accepted in writing by the new trustee, who shall have all of the
rights and powers of the former trustee, including ownership rights in the Trust
assets. The former trustee shall execute any instrument necessary or reasonably
requested by the Company or the successor trustee to evidence the transfer.

      (b)   The successor trustee need not examine the records and acts of any
prior trustee and may retain or dispose of existing Trust assets, subject to
Sections 8 and 9 hereof. The successor trustee shall not be responsible for and
the Company shall indemnify and defend the successor trustee from any claim or
liability resulting from any action or inaction of any prior trustee or from any
other past event, or any condition existing at the time it becomes successor
trustee.

      SECTION 13. AMENDMENT OR TERMINATION

      (a)   This Trust Agreement may be amended by a written instrument executed
by the Trustee and the Company. Notwithstanding the foregoing, no such amendment
shall conflict with the terms of the Agreement or shall make the Trust
revocable.

                                       11

<PAGE>

      (b)   The Trust shall not terminate until the date on which the
Participant and his beneficiaries are no longer entitled to benefits pursuant to
the terms of the Agreement. Upon termination of the Trust, any assets remaining
in the Trust shall be returned to the Company.

      (c)   Upon written approval of the Participant or beneficiaries entitled
to payment of benefits pursuant to the terms of the Agreement, the Company may
terminate this Trust prior to the time all benefit payments under the Agreement
have been made. All assets in the Trust at termination shall be returned to the
Company.

      SECTION 14. MISCELLANEOUS.

      (a)   Any provision of this Trust Agreement prohibited by law shall be
ineffective to the extent of any such prohibition, without invalidating the
remaining provisions hereof.

      (b)   Benefits payable to the Participant and his beneficiaries under this
Trust Agreement may not be anticipated, assigned (either at law or in equity),
alienated, pledged, encumbered or subjected to attachment, garnishment, levy,
execution or other legal equitable process.

      (c)   This Trust Agreement shall be governed by and construed in
accordance with the laws of the State of [Colorado].

      (d)   Neither the Company nor the Trustee may assign this Trust Agreement
without the prior written consent of the other. This Trust Agreement shall be
binding upon, and inure to the benefit of, the Company, the Trustee and their
respective successors and permitted assigns. Any entity, which shall by merger,
consolidation, purchase, or otherwise, succeed to substantially all the trust
business of the Trustee shall, upon each succession and without any appointment
or other action by the Company, be and become successor trustee hereunder, upon
notification to Company.

      (e)   The provisions of this Trust Agreement are intended to benefit only
the parties hereto, their respective successors and assigns, and the Participant
and his beneficiaries under the Agreement. There are no other third party
beneficiaries.

      (f)   The Company and the Trustee hereby each represents and warrants to
the other that it has full authority to enter into this Trust Agreement upon the
terms and conditions hereof and that the individual executing this Trust
Agreement on its behalf has the requisite authority to bind the Company or the
Trustee to this Trust Agreement.

      (g)   This Trust Agreement may be executed in any number of counterparts,
each of which shall be deemed an original, and such counterparts shall
constitute but one and the same instrument and may be sufficiently evidenced by
one counterpart.

                                       12

<PAGE>

      SECTION 15. EFFECTIVE DATE

      (a)   The effective date of this Trust Agreement shall be _________, 2004.

      IN WITNESS WHEREOF, the Company and the Trustee have executed this Trust
Agreement each by action of a duly authorized person.

      Janus Capital Group Inc. (Company)

      By: _______________________________________ (Signature)

      Name/Title: _______________________________

      Date: _____________________________________

      ___________________________________________(Trustee)

      By: _______________________________________(Signature)

      Name/Title: _______________________________

      Date:______________________________________

                                       13

<PAGE>

                                    EXHIBIT C

                              STOCK OPTION SUMMARY

<TABLE>
<CAPTION>
                                                                                   SHARES
                                          SHARES         SHARES       FUTURE     VESTING ON
              EXERCISE     NUMBER      VESTED AS OF    UNVESTED AS    VESTING      THOSE
GRANT DATE      PRICE     OF SHARES      4/16/04        OF 4/16/04     DATES       DATES
------------------------------------------------------------------------------------------
<S>           <C>         <C>          <C>             <C>            <C>        <C>
 1/26/99       $21.30         200           200               0           N/A        N/A
 1/28/02       $25.71      21,940         8,766          13,174
                                                                      1/28/05      4,391
                                                                      1/28/06      4,391
                                                                      1/28/07      4,392
  5/8/03       $14.37      32,255             0          32,255
                                                                      5/08/04      6,451
                                                                      5/08/05      6,451
                                                                      5/08/06      6,451
                                                                      5/08/07      6,451
                                                                      5/08/08      6,451
</TABLE>

<PAGE>

                                    EXHIBIT D

                          Text of 8K and Press Release

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