The Wall Street Journal Announces New Integrated Print and Online Sales and Marketing...

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 3, 2003

ABC Statement Now Includes Both Print Wall Street Journal Circulation

and Applicable Wall Street Journal Online Subscribers

Dow Jones & Company (NYSE: DJ), publisher of the world's most vital business

and financial news, announced today new integrated sales and marketing initiatives for The Wall Street Journal and The Wall Street Journal Online at WSJ.com. In addition, to reflect the strength of the Journal's print and online circulation, Dow Jones will begin reporting its U.S. print and applicable online subscribers together in its latest Audit Bureau of Circulations (ABC) statement. This brings total paid U.S. circulation under ABC rules for The Wall Street Journal to 2,091,062, the highest paid circulation in the Journal's 114-year history.

Over the past several years, while many publishers have seen circulation declines, the U.S. print Journal has held steady at 1,800,650. During the same period, the Online Journal has grown to its current record paid circulation of 686,000. The International print editions add 175,000. The global Wall Street Journal franchise, therefore, currently has a print and online circulation of more than 2,661,650 worldwide, of which 2,091,062 are reported under U.S. ABC rules.*

"We believe this reporting of our circulation to ABC more accurately reflects the total paid circulation of the U.S. Journal franchise and will be more useful to our advertisers," said Karen Elliott House, senior vice president, Dow Jones & Company and publisher, The Wall Street Journal. "We will offer advertisers new, more flexible ways to reach the largest-ever paid audience of the Journal franchise, in print and online."

Dow Jones will more aggressively market print and online subscriptions, as well as greater cross-promotion of Journal products to existing customers of each edition.

"The Wall Street Journal Online has long served as a complement to the print Journal," said L. Gordon Crovitz, senior vice president, Dow Jones & Company and president, Electronic Publishing. "This latest effort will showcase the advantages to advertisers of reaching the full range of subscribers to the Journal franchise, while also further encouraging people to subscribe to both print and online."

Advertisers will continue to be able to place advertisements either in the print or online editions separately, or in both. For 2004, Journal advertisers who maintain or increase their levels of print advertising while adding minimal levels of new incremental online spending will benefit from a 30% bonus on the value of the incremental online advertising that can be applied either in print or online. In addition, all advertisers can benefit from the ability to target particular groups of online subscribers, in order to extend the reach and/or the frequency of their marketing messages. Large advertisers also benefit from a recently instituted sales program that combines print and online Journal opportunities as well as advertising in Barron's, on CNBC and across the Dow Jones Radio Network, for advertisers that increase their total Journal spending.

Editors Notes:

* The number of subscribers worldwide to The Wall Street Journal Online is 686,000, of which 290,412 are included in the U.S. ABC Statement, along with 1,800,650 paid print circulation. On the ABC statement, online subscribers are reflected in the section for copies sold at "more than 25% but less than 50% of basic price" on the line "Home delivery and mail--electronic editions." This reflects the number of subscriptions to the Online Journal sold at between 25% and 50% of the cost for the annual $189 price for the U.S. print Journal.

The following types of subscribers are included on the new U.S. ABC statement:

-- Print subscribers to the U.S. Wall Street Journal.

-- Only those individually paying Online Journal subscribers who

pay $79.00 which is more than 25% ($47.25) of the print

Journal's basic subscription price, as per ABC rules.

The following types of subscribers are not included on the new ABC statement:

-- Online Journal subscribers who pay less than 25% ($47.25) per

year for their subscriptions.

-- Subscribers who receive both editions are counted only once.

They are included in the ABC statement as print subscribers

only and are part of the 1,800,650. This is because their

online charge is $39.00 which is less than 25% ($47.25) of the

full print price.

-- Online Journal subscribers who pay a group, corporate or

educational rate.

Other Publishers Who Report Electronic Subscriptions
Source: March 2003 ABC Statement

Publication                    Number of Electronic Subs
-----------                    -------------------------

New York Times                                     2,889
Investor's Business Daily     650 (all individually paid)

About Dow Jones & Company

In addition to The Wall Street Journal and its international and online editions, Dow Jones & Company (NYSE: DJ; www.dowjones.com) publishes 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 the CNBC television operations in Asia and Europe. Dow Jones also provides news content to CNBC and radio stations in the U.S.