Dow Jones & Company Reports August 2004 Advertising Volume; Revises Third Quarter EPS Guidance.

NEW YORK -- Dow Jones & Company (NYSE: DJ) today reported August advertising volumes for its leading print publications and revised downward its guidance for the third quarter.

Advertising linage at The Wall Street Journal's U.S. edition increased 4.7% in August (down 0.1% on a per issue basis). In the general advertising category at the Journal, August linage increased 12.2% primarily due to increases in consumer luxury goods, auto, healthcare and professional services advertising, partially offset by a decline in travel advertising. In the Journal's technology category, linage decreased 26.4% in August primarily due to declines in communications and software advertising, partially offset by increases in B2B e-commerce, computer hardware and personal computer advertising. The Journal's financial advertising increased 8.9% in August as a result of gains in wholesale and tombstone advertising, partially offset by declines in retail advertising. Classified/Other linage increased 13.3% on gains in real estate and other classified advertising. Year-to-date linage at the Journal was up 3.3%.

At Barron's, national advertising pages on a per issue basis decreased 23.7% in August because of weakness in financial and technology advertising. Year-to-date pages on a per issue basis were up 11.9%.

Internationally, The Wall Street Journal Europe's linage decreased 13.5% (17.4% per issue) in August, with year-to-date linage up 6.1%. The Asian Wall Street Journal's linage increased 2.0% (down 2.7% per issue), with year-to-date linage up 2.4%. Decreases in financial and technology advertising principally drove August per issue decrease in advertising for both the European and Asian Journals.

At Ottaway Newspapers, advertising linage decreased 0.7% mainly on declines in local auto classified and retail display advertising, partially offset by continued strong real estate classified and national advertising. Year-to-date same property advertising linage at Ottaway was up 4.4% over the prior year.

Commenting on August linage results, Rich Zannino, executive vice president and chief operating officer of Dow Jones & Company said: "Through the first two months of the third quarter (July and August), advertising revenue at The Wall Street Journal was in line with our original outlook and revenue per page was well above. Earnings and margins at electronic publishing and Ottaway newspaper segments were both above our expectations, and costs, company-wide, were better than we expected, and remain under tight discipline.

"However, at this time, these favorable trends are more than offset by September advertising reservations at the Journal, which are below expectations and last September, due mainly to weak technology, travel and general B2B bookings. Thus, we're reducing our third quarter 2004 outlook. We now expect Journal linage to decline in the mid-to-upper single digit percentage range compared to third quarter 2003, which would result in third quarter 2004 Dow Jones earnings per share in line with third quarter 2003, excluding special items in both periods."

As previously announced, the Company will be presenting today at the Morgan Stanley Media and Communications conference at 5 p.m. A live Internet Webcast of the presentation will be accessible through the Investor Relations section of the Company's Web site at www.dowjones.com.

Dow Jones & Company (NYSE: DJ; dowjones.com) publishes The Wall Street Journal and its international and online editions, Barron's and the Far Eastern Economic Review, 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 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 cites certain factors and circumstances that have impacted the company's advertising results and contains certain forward-looking statements. . The absence of these factors and circumstances does not guarantee an improvement in future advertising results, and certain risks and uncertainties could cause actual results to differ materially from those anticipated, including the cyclical nature of the Company's business and the strong, negative impact of economic downturns on advertising revenues, particularly in the Company's core advertising market--B2B advertising; the risk that inconsistent trends across major advertising categories, such as technology and finance, will continue; the risk that advertising levels will not return to the pre-boom, pre-bust levels that the Company considers normal levels; the Company's ability to limit and manage expense growth, especially in light of its prior cost cutting and its planned growth initiatives; the uncertainties relating to the Company's guarantee to Cantor Fitzgerald Securities and Market Data Corporation; the intense competition the Company's existing products and services face; the risk that the Company's initiatives to attract more consumer advertising, and other diversified advertising, to The Wall Street Journal will not succeed; with respect to Newswires, the negative impact of consolidations and layoffs in the financial services industry on sales; 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).

Dow Jones & Company 2004 Advertising Linage Percentage Increases
(Decreases) from 2003


                                            August      Year to date

                                            Actual  Per  Actual  Per
                                                   Issue        Issue
                                            --------------------------

THE WALL STREET JOURNAL

General                                      12.2          3.7
Technology                                  (26.4)       (18.6)
Financial                                     8.9         18.5
Classified & Other                           13.3         10.1

Total                                         4.7   (0.1)  3.3    2.7

THE WALL STREET JOURNAL EUROPE (1)          (13.5) (17.4)  6.1    4.8

THE ASIAN WALL STREET JOURNAL (2)             2.0   (2.7)  2.4    1.8

OTTAWAY NEWSPAPERS, INC. (3)
(excludes preprints)
Daily                                        (1.9)         2.7
Non-Daily                                     4.8         12.4

Total                                        (0.7)         4.4

BARRON'S
Nat'l Advertising Pages                      (4.7) (23.7) 15.2   11.9

                                             2004   2003  2004   2003
Number of Issues:
THE WALL STREET JOURNAL                        22     21   170    169

THE WALL STREET JOURNAL EUROPE                 22     21   169    167

THE ASIAN WALL STREET JOURNAL                  22     21   170    169

BARRON'S                                        5      4    35     34

(1) Excludes barter advertising

(2) Excludes barter and regional advertising

(3) Excludes acquisitions and divestitures from the current and prior
    year periods