Wall Street Journal Continues to Expand Global Leadership in Publishing; Two Major Product Launches in Space of 30 Days Are Unique in Publishing Industry.

NEW YORK -- The Wall Street Journal continues to invest in expanding its global leadership in print and online publishing, most recently demonstrated by the successful Sept. 17 launch in the U.S. of the Weekend Edition as the largest national newspaper published on Saturday; today's launch of redesigned, compact versions of its international editions with closer ties between the print and online content; and the Oct. 11 announcement of innovative, new design and content changes for the Journal in the U.S., including reformatting the paper to a narrower, more industry-standard broadsheet in January 2007.

All three initiatives are focused on further enhancing content and further improving convenience for the Journal's affluent and influential global readership.

Dow Jones & Company Chairman and Chief Executive Officer Peter R. Kann today described all of the initiatives, particularly two major launches within the space of just one month, as unique in the publishing industry.

"These are all bold initiatives that will extend and evolve the entire Wall Street Journal brand both domestically and internationally, and in each case it has been our audience that has given us permission to grow the brand in these innovative ways. In the case of Weekend Edition, our readers encouraged us for years to move into the weekend. In the case of the international editions, the highly mobile lifestyle of an audience dominated by international business leaders led to the logic of more convenient compact formats and closer online integration. And, the exciting changes announced Oct. 11 to improve Journal navigation and content, the stronger links to the Online Journal, and the more convenient page size all will make accessing the Journal faster and even more convenient for our readers," Mr. Kann said.

The Weekend Edition Is a Hit with Readers and Advertisers

The Weekend Edition of the Journal launched in mid-September to roughly 1.75 million circulation in the U.S. as a direct response to reader demands for a sixth day of the Journal's authoritative business news and commentary, combined with the equally respected "Business of Life" franchise that provides news and information relevant to readers' personal lives.

The first national reader survey of the month-old product shows that Weekend Edition is an unqualified hit with readers. The study finds that 96% of subscribers who received it read the premiere issue of Weekend Edition, with nearly nine out of 10 subscribers saying they read all three sections of the paper--and 61% having read it before noon on Saturday. These findings validate the Journal's long-held belief that Weekend Edition, which is the only national newspaper delivered early on Saturday morning, enables advertisers to reach the Journal's highly affluent audience regardless of the section in which their ad appears and before subscribers make decisions on how to spend their time and money on the weekend.

"The study's results validate what focus groups of our readers have consistently told us--that they wanted a sixth day of the Journal with its strong combination of business news and 'Business of Life' content," said Karen Elliott House, senior vice president, Dow Jones & Company, and publisher, The Wall Street Journal. "Our readers have for years asked us to expand into weekends and we have done so, delivering the same high-quality news and features that we provide Monday through Friday, and providing a prime opportunity for Journal advertisers to access our coveted subscribers at home and in a very different, relaxed mindset."

Additional highlights of the first Wall Street Journal Weekend Edition Instant Feedback survey include:

--On average, subscribers spent 58 minutes reading Weekend Edition--an extremely long period of reader engagement by industry standards.

--Four out of five subscribers feel that Weekend Edition will help them make more informed purchasing decisions.

--Ninety-five percent (95%) of subscribers rated the layout/design as Excellent/Good.

--Ninety-four percent (94%) rated the quality of the content as Excellent/Good, with half rating it as excellent.

--Sixty-one percent (61%) shared their copy with someone else, most frequently a spouse.

International Editions Move to Compact to Better Serve Highly Mobile International Business Audience and Advertisers Who Want to Reach Them

Today, the international editions of the Journal--The Wall Street Journal Europe and The Wall Street Journal Asia--relaunched in a compact format, with a new focus on integrating the newspaper with electronic news delivery at The Wall Street Journal Online. The move to compact will capitalize on a format that is rapidly becoming popular with many readers and advertisers throughout the world, and will feature many more visual cues and pointers, helping readers find additional or related news and features at the Online Journal--providing additional value to both readers and advertisers. Research has shown that by year's end, nearly 40% of the world's daily newspapers will be printed in compact format, up from less than one-third two years ago.

"We're maintaining our leadership position among global publishers by innovating to provide our readers with our unique business news and insight any time, anywhere they want it--in either in print or online," said Penelope Muse Abernathy, senior vice president, international and development, The Wall Street Journal. "Initial response from both readers and advertisers indicates that both editions will enjoy great success among both these target groups."

Internationally distinguished newspaper designer Mario Garcia, who led the redesign of the international editions, said, "With today's conversion of The Wall Street Journal's international editions to 'compact' format, both readers and advertisers will get the best of the print and online worlds. Of the 500 papers I have designed over the past four decades, these international editions are the most groundbreaking: They are truly integrated print/online publications designed to provide unsurpassed news and insight, 24 hours a day, seven days a week."

"The new, integrated print and online format will bring more flexibility and greater options to advertisers," said John McMenamin, managing director, Dow Jones International Marketing Services. "We're offering front-page positions in the international editions for the first time, as well as seamless advertising opportunities across the print and online editions; increased color positions; destination pages; and greater page dominance through the upsizing of existing ad positions. We're at the head of the pack from the start as we already have the highest profile, most affluent audience of our peer group, but we expect to offer advertisers an even more efficient reach of the C-suite through the launch of these new initiatives."

U.S. Journal Plans Enhanced Content, Design with Narrower Pages

On Oct. 11, Dow Jones announced that the U.S. Journal will make a number of innovative design and content changes to better serve readers and attract new ones. These improvements will include narrowing the size of the current broadsheet to a more convenient and more industry-standard width. It also will involve changes to the Journal's organization, navigation and content, including closer ties to The Wall Street Journal Online at WSJ.com that will make accessing Journal content faster and more convenient for readers.

Paul E. Steiger, managing editor of The Wall Street Journal, said of the changes, "Our goal is to serve readers even better with a more convenient format and page size, better signposts to guide readers to articles they care about most, more useful grouping of stories with far fewer jumps to additional pages, less space devoted to basic market statistics and more to value-added statistical analysis, more linkages to online content, and, most important of all, an even greater proportion of unique coverage than today, with even more exclusive news and analysis of trends and developments that matter most to our readers."

About The Wall Street Journal

The Wall Street Journal, the flagship publication of Dow Jones & Company (NYSE: DJ; www.dowjones.com), is the world's leading business publication. Founded in 1889, The Wall Street Journal has a print and online circulation of nearly 2.1 million, reaching the nation's top business and political leaders, as well as investors across the country. Holding 31 Pulitzer Prizes for outstanding journalism, the Journal seeks to help its readers succeed by providing essential and relevant information, presented fairly and accurately, from a dependable and trusted source. The Wall Street Journal print franchise has nearly 600 journalists world-wide, part of the Dow Jones network of nearly 1,800 business and financial news staff. Other publications that are part of The Wall Street Journal franchise, with total circulation of 2.7 million, include The Wall Street Journal Asia, The Wall Street Journal Europe and The Wall Street Journal Online at WSJ.com, the largest paid subscription news site on the Web. In 2005, the Journal was ranked No. 1 in BtoB's Media Power 50 for the sixth consecutive year.

About The Wall Street Journal Europe

Founded in 1983 and based in Brussels, The Wall Street Journal Europe forms part of the world's leading business news franchise, which also includes The Wall Street Journal, The Wall Street Journal Asia and The Wall Street Journal Online at WSJ.com, the largest paid subscription news site on the Web. Together, these publications have a paid circulation of 2.7 million, providing business leaders around the world with unsurpassed coverage of global business news, edited from a local perspective - and hold 31 Pulitzer Prizes for outstanding journalism.

Published by Dow Jones & Company, The Wall Street Journal Europe draws on nearly 1,800 news staff, the largest network of business and financial news staff in the world, including more than 350 in Europe, the Middle East and Africa, working from 43 bureaus and serving 34 cities across the region.

According to the European Business Readership Survey (EBRS) 2004, The Wall Street Journal Europe has a higher concentration of senior management and high income earners than any international daily or weekly in its field. It is the only pan-European publication to have recorded double digit growth on both EMS 2005 and Europe 2005 over the past year.

The newspaper won seven awards in the World Leadership Forum's 2005 Business Journalist of the Year Awards, more than any other publication, and was named Best Global Business Media by international research institute Media Tenor last year.

On Oct. 17, 2005, The Wall Street Journal Europe changed to a compact format as part of a new, integrated print and online business-information solution. In addition to online, its content is available through a variety of formats, including mobile telephones, BlackBerry devices, MP3 players and in WiFi areas.

About The Wall Street Journal Asia

The Wall Street Journal Asia is the leader in global business news for Asia. Since 1976, it has provided indispensable news and analysis of regional and global business developments for an influential pan-Asian audience of corporate and government decision-makers. The Wall Street Journal Asia has been voted Asia's most "important business reading" in every ABRS study since the survey's inception in 1985.

It won a Pulitzer Prize in 2001 and was awarded the Society of Publishers in Asia (SOPA) award for "Excellence in Newspapers--English Language" in 2001, 2002 and 2003. In 2004, it won the top SOPA awards in the "Excellence in Reporting," "Excellence in Feature Writing," "Excellence in Business Reporting" and "Excellence in Opinion Writing" categories.

Edited and published in Hong Kong, The Wall Street Journal Asia is printed in nine Asian cities-Bangkok, Hong Kong, Jakarta, Kuala Lumpur, Manila, Seoul, Singapore, Taipei and Tokyo-and distributed throughout the Asia Pacific region. More than 75% of its subscribers are Asian.

The Wall Street Journal Asia replaced its existing broadsheet with a compact format from Oct. 17, 2005.

About The Wall Street Journal Online

The Wall Street Journal Online at WSJ.com, published by Dow Jones & Company (NYSE: DJ; www.dowjones.com), is the largest paid subscription news site on the Web. Launched in 1996, the Online Journal continues to attract quality subscribers that are at the top of their industries, with 744,000 subscribers world-wide as of Q2, 2005.

The Online Journal provides in-depth business news and financial information 24 hours a day, seven days a week, with insight and analysis, including breaking business and technology news and analysis from around the world. It draws on the Dow Jones network of nearly 1,800 business and financial news staff--the largest network of business and financial journalists in the world. The Online Journal also features exclusive content, including interactive graphics on business and world news, and online-only columns about the automotive industry, technology, personal finance and more.

The Online Journal offers two industry-specific editions: the award-winning Health Industry Edition and the Media & Marketing Edition. The Health Industry Edition offers authoritative analysis, breaking news and commentary from top industry journalists. The Media & Marketing Edition is designed for professionals in the advertising, marketing, entertainment and media industries. Subscribers to both online editions also get access to the full content of the Online Journal.

In 2005, the Online Journal was awarded a Codie Award for Best Online News Service for the second consecutive year, and its Health Industry Edition was awarded Best Online Science or Technology Service for the third consecutive year. In 2004, the Online Journal received an EPpy Award for Best Internet Business Service over 1 million monthly visitors.

The Wall Street Journal Online network includes CareerJournal.com, OpinionJournal.com, StartupJournal.com, RealEstateJournal.com and CollegeJournal.com.