Dow Jones & Company Announces That Far Eastern Economic Review Will Change to Monthly Format; New Monthly Review Will Launch in December and Feature Regional Ideas and Analysis.

HONG KONG -- Dow Jones & Company (NYSE: DJ), which publishes the world's most vital business and financial news and information, today announced that the Far Eastern Economic Review will change its format from a newsweekly to a monthly magazine of issues and ideas-largely written by Asian opinion leaders from the fields of politics, business and academics. The first issue of the Review in its new format will be published this December.

Dow Jones Chairman and Chief Executive Officer Peter R. Kann said, "The format change will mark the start of a new chapter in the Review's 58-year history, even as we devote more of our collective focus, efforts and resources to further growing the market-leading Asian Wall Street Journal as the Dow Jones flagship in Asia, and as an integral component of the global Wall Street Journal franchise."

In announcing the format change, Mr. Kann explained that nearly all other advertising-dependent newsweeklies based in Asia already have succumbed to competition from more immediate media alternatives, and that as a weekly, the Review had lost money for the past six years. He expressed confidence in the business model for the new monthly Review, which will continue to accept select advertising, but rely primarily on circulation to a loyal and highly influential readership across Asia.

Mr. Kann added that he regrets the loss of 80 jobs that will come as a result of the changeover to a monthly format. The job losses represent about 10% of the Company's total Asia-based employees. As a result of the work force reductions, the Company will record a restructuring charge, recorded as a special item, of approximately $3 million, or two cents per share, in the fourth quarter of 2004. The Company also said that the change to a monthly magazine from a newsweekly will be modestly accretive to full-year 2005 earnings per share.

The new version of the Review will be edited by Hugo Restall, who until recently served as the editorial page editor of The Asian Wall Street Journal. In his first "Editor's Letter"-to be published in the December issue-Mr. Restall briefly traces the Review's history since its 1946 launch in Hong Kong by Austrian immigrant Eric Halpern. Mr. Halpern's editorial mission, as reported in the first issue, was "to analyze and interpret financial, commercial and industrial developments; collect economic news; and to present views and opinions with the intent to improve existing conditions." In the December issue, Mr. Restall rededicates the Review to these goals.

"The new Review will seek the most incisive and provocative commentary from Asia's thought-leaders of every ideological stripe, and will emphasize politics as Asian nations take their rightful place on the world stage," Mr. Restall said. "In important ways, this newest incarnation of the Review closely resembles the original publication launched in 1946."

Current Review subscribers will be sent the new magazine to the equivalent value of the remainder of their present subscriptions. Review subscribers who also subscribe to the Asian Wall Street Journal may have their Asian Journal subscriptions extended by an amount equal to the value of their remaining Review subscriptions.

About Dow Jones & Company

In addition to the Far Eastern Economic Review, Dow Jones & Company (NYSE: DJ; www.dowjones.com) publishes The Wall Street Journal and its international and online editions, Barron's, Dow Jones Newswires, Dow Jones Indexes and the Ottaway group of community newspapers. Dow Jones is co-owner with Reuters Group of Factiva, with Hearst of SmartMoney and with NBC Universal of the CNBC television operations in Asia and Europe. Dow Jones also provides news content to CNBC and radio stations in the U.S.

Information Relating To Forward-Looking Statements:

This press release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those anticipated, including the risk that readers do not respond favorably to the monthly format of, and/or the new kind of content in, the Far Eastern Economic Review; the competition the monthly edition of the Far Eastern Economic Review will face in keeping existing, or attracting new, subscribers; and such other risk factors as may be included from time to time in the Company's reports filed with the Securities and Exchange Commission and posted in the Investor Relations section of the Company's Web site: www.dowjones.com