Dow Jones Announces February 2003 Advertising Volume; Affirms First Quarter 2003 Guidance.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 10, 2003

Dow Jones & Company (NYSE: DJ) today announced February 2003 advertising volumes for its leading print publications.

Advertising linage, or volume, at The Wall Street Journal declined 9.4% compared to a decline of 21.5% in February of last year. Year-to-date total linage declined 5.6% compared to a decrease of 27.4% last year.

General ad linage at the Journal increased 23.3% mainly due to increases in professional services, automotive, insurance and travel advertising. Technology linage was down 43.3% in February, due to declines in personal computers, communications, B2B e-commerce and computer hardware advertising. Financial advertising declined 42.7% in February primarily due to continued weakness in investment advisory and tombstone advertising. Classified/Other linage increased 15.9% in February, primarily due to strong real estate advertising.

At Barron's, national advertising pages per issue decreased 17.3% in February compared to a decline of 16.9% last year on weaker financial advertising. Year-to-date linage at Barron's declined 19.9% on a per issue basis compared to a decrease of 17.4% last year.

The Wall Street Journal Europe's per issue linage increased 23.0% in February compared to a decrease of 34.5% last year. Year-to-date total linage at The Wall Street Journal Europe increased 27.0% compared to a decrease of 40.4% last year. The Asian Wall Street Journal's per issue linage increased 13.9% in February compared to a decrease of 38.4% last year. Year-to-date total linage at The Asian Wall Street Journal increased 4.0% compared to a decrease of 43.0% last year. The Company's new global advertising program was the primary factor for both the European and Asian Journals' linage increases.

Ottaway Newspapers' advertising linage, excluding properties acquired and divested in the last 12 months, was up 3.1%, compared to a decrease of 3.8% last year, due to increases in classified advertising and at non-daily publications. Year-to-date total linage at Ottaway Newspapers' increased 3.3% compared to a decrease of 3.3% last year.

Commenting on February results, Rich Zannino, executive vice president and chief operating officer of Dow Jones said; "We're pleased that total Journal linage so far this quarter is ahead of expectations, driven by strong general and classified advertising. However, persistent softness in ad budgets and spending at many of our larger financial and technology clients, compounded by geo-political and economic uncertainty, complicate our outlook for March. Consequently, we're not changing our previous guidance for the first quarter of 2003: i.e., a Wall Street Journal linage decline of 10% to 12%, with EPS before special items in the mid to upper single digits."

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 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 contains forward-looking statements that involve risks and uncertainties that 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; the severe weaknesses in the current technology and financial advertising markets; uncertainties about the extent and timing of any recovery in the economy; risks about the extent to which the company's advertising revenues will benefit from improvements in the economy; 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.

Dow Jones & Company 2003 Advertising Linage Percentage Increases
 (Decreases) from 2002

                                         February       Year-To-Date

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

THE WALL STREET JOURNAL

General                                 23.3            13.5
Technology                             (43.3)          (29.8)
Financial                              (42.7)          (30.9)
Classified & Other                      15.9            21.0

Total                                   (9.4)  (9.4)    (5.6)   (5.6)


THE WALL STREET JOURNAL EUROPE (1)      23.0   23.0     27.0    27.0

THE ASIAN WALL STREET JOURNAL (2)       20.3   13.9      4.0     4.0

OTTAWAY NEWSPAPERS, INC. (3)
(excludes preprints)
Daily                                    2.3             2.0
Non-Daily                                7.8            10.7

Total                                    3.1             3.3

BARRON'S
Nat'l Advertising Pages                (17.3) (17.3)   (19.9)  (19.9)

                                        2003   2002     2003    2002
Number of Issues:
THE WALL STREET JOURNAL                   19     19       41      41

THE WALL STREET JOURNAL EUROPE            20     20       42      42

THE ASIAN WALL STREET JOURNAL             19     18       40      40

BARRON'S                                   4      4        8       8

(1) Excludes barter advertising
(2) Excludes barter and regional advertising
(3) Excludes acquisitions and divestitures in the last 12 months