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

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 10, 2003

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

Advertising linage, or volume, at The Wall Street Journal declined 1.2% compared to a decline of 33.2% in January of last year. General ad linage at the Journal increased 3.0% mainly due to increases in professional services, travel and automotive advertising, partially offset by declines in healthcare, consumer credit card and aviation advertising. Technology linage was down 12.6% in January, primarily due to declines in B2B e-commerce and computer hardware advertising, partially offset by increases in personal computers and communications advertising. Financial advertising declined 17.7% in January due to continued weakness in tombstone and retail advertising. Classified/Other linage increased 27.6% in January, primarily due to strong real estate advertising and an extra Friday in January 2003. Friday is the heaviest classified advertising day.

At Barron's, national advertising pages per issue decreased 23.1% in January compared to a decline of 19.6% last year on weaker financial advertising.

The Wall Street Journal Europe's per issue linage increased 31.3% in January compared to a decrease of 45.9% last year primarily due to the company's new global advertising program and The Wall Street Journal Europe's 20th anniversary. The Asian Wall Street Journal's per issue linage decreased 6.5% in January compared to a decrease of 46.8% last year.

Ottaway Newspapers' advertising linage, excluding properties acquired and divested in the last 12 months, was up 3.4%, compared to a decrease of 2.8% last year, due to increases in classified advertising and at non-daily publications.

Commenting on January results, Rich Zannino, executive vice president and chief operating officer of Dow Jones & Company, said; "January advertising volume at the Journal was much better than expected due to exceptional levels of classified advertising and a nice build in display advertising in the back half of the month. While encouraged by January results, our outlook for the quarter is tempered by persistent softness in our core financial and technology categories compounded by geo-political and economic uncertainty. As such, we're maintaining 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; the extent of any recovery in the economy; the risk that the company will not be able to capitalize on 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

                                             January

                                        Actual    Per Issue
                                        ------    ---------
THE WALL STREET JOURNAL

General                                   3.0
Technology                              (12.6)
Financial                               (17.7)
Classified & Other                       27.6

Total                                    (1.2)       (1.2)

THE WALL STREET JOURNAL EUROPE (1)       31.3        31.3

THE ASIAN WALL STREET JOURNAL (2)       (10.8)       (6.5)

OTTAWAY NEWSPAPERS, INC. (3)
 (excludes preprints)
Daily                                     1.6
Non-Daily                                13.7

Total                                     3.4

BARRON'S
Nat'l Advertising Pages                 (23.1)      (23.1)

                                         2003        2002
Number of Issues:
THE WALL STREET JOURNAL                    22          22

THE WALL STREET JOURNAL EUROPE             22          22

THE ASIAN WALL STREET JOURNAL              21          22

BARRON'S                                    4           4

(1) Excludes barter advertising
(2) Excludes barter and regional advertising
(3) Excludes acquisitions and divestitures from the current and prior
    year periods