The PUT Index had annualized returns of 10

Janus Capital Group Institutional is the institutional business arm of JanusCapital Group; Janus Capital Management, LLC, INTECH and Perkins InvestmentManagement LLC, indirect subsidiaries of Janus Capital Group Inc, serve asinvestment advisers. Janus Capital Group Inc.Shelley Peterson, 303-316-5625 Copyright Business Wire 2009. Panhandle Oil and Gas Inc. Reports Quarterly Dividend and Sets Date for AnnualMeetingOKLAHOMA CITY, Jan. 5 /PRNewswire-FirstCall/ PANHANDLE OIL AND GAS INC.(NYSE: PHX) announced that its board of directors, at its December meeting,declared a 7 cent per share regular quarterly dividend.The dividend ispayable on March 6, 2009 to shareholders of record on February 23, 2009.The Board of Directors set the annual meeting of shareholders for Thursday,March 5, 2009 at 9:00 a.m. at the Waterford Marriott Hotel, Oklahoma City,Oklahoma.Shareholders of record at the close of business on January 23, 2009shall be entitled to notice of and to vote at the annual meeting.Proxies andAnnual Reports will be mailed on or about January 30, 2009 Panhandle Oil and Gas Inc. (NYSE-PHX) is engaged in the exploration for andproduction of natural gas and oil.Additional information on the Company canbe found at Oil and Gas Inc.Michael C Coffman, 1-405-948-1560, for Panhandle Oil and Gas Inc..

PUT Index Had Enhanced Risk-Adjusted Returns Over the Past 22 YearsCHICAGO(Business Wire)Ennis Knupp Associates (EnnisKnupp), one of the largest investment consultingfirms in the world, today released a new six-page study on the performance offive benchmark indexes, including the CBOE S&P 500 PutWrite Index (ticker symbolPUTSM), over a period of more than 22 years. The PUT Index is a benchmark indexcalculated by the Chicago Board Options Exchange (CBOE) that systematicallysells one-month, at-the-money put options on the S&P 500 Index collateralized bya portfolio of Treasury bills. A put option gives the holder the right to sellthe underlying security at a specified price for a certain fixed period of time.Over the past year, many institutional investors have expressed interest inexploring investments that have less volatility and downside risk than thewell-known stock indexes. The new study examined the performance of five indexesfor the period from July 1986 through October 2008 - the PUT Index, the S&P 500Index, the MSCI EAFE Index, the Barclays Capital Aggregate Bond Index and3-Month Treasury Bills. Among the key findings of the study were the following:1Highest Annualized Returns. The PUT Index had annualized returns of 10.32 during the period analyzed, higher than the other four indexes studied. (The annualized returns were 8.77 for the S&P 500, 7.16 for the Barclays Capital Aggregate Bond Index, 6.11 for MSCI EAFE, and 4.09 for 3-Month Treasury Bills.)2Volatility Lower Than Stocks and Higher Than Fixed Income.

The PUT Index had an annualized standard deviation of returns of 9.91, which was 36 less than the 15.39 standard deviation for the S&P 500. (Other annualized standard deviations were 17.39 for MSCI EAFE, 4.05 for the Barclays Capital Aggregate Bond Index, and 0.53 for 3-Month Treasury Bills.)3Relative Performance in Up- and Down-Months. The PUT Index has tended to outperform the S&P 500 in quiet and falling markets, and underperform the S&P 500 in months when stock prices rise sharply. In the months in which the S&P 500 experienced large positive returns, the average monthly returns were 4.14 for the S&P 500 and 2.11 for the PUT Index.

In the months in which the S&P 500 experienced large negative returns, the average monthly returns were negative 5.38 for the S&P 500 and negative 2.93 for the PUT Index.4High Gross Monthly Premiums and Sources of Excess Return. On average, selling the at-the-money put option each month earned a premium of 1.65 of the notional value of the index, which averaged 19.8 per year. The income return of 19.8 exceeds the total return of 10.3, as a portion of premiums are paid to insure losses of the put buyers. The PUT Index had a higher Sharpe Ratio, higher Sortino Ratio, and more negative skewness than the S&P 500 Index.