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Adobe Systems Reaffirms Q4 Targets and Provides Fiscal 2004 Financial Targets

Press release from the issuing company

SAN JOSE, Calif.--Oct. 27, 2003-- Adobe Systems Incorporated today is providing its regular intra-quarter business update for its fourth quarter of fiscal 2003, which ends November 28, 2003. With five weeks remaining in the quarter, Adobe announced that it believes it will achieve revenue and profit results within its previously announced target ranges. The Company expects to achieve revenue between $330 to $350 million, and GAAP and pro forma earnings of $0.30 to $0.32 per share in the quarter. As part of its intra-quarter update, the Company indicated that all of its major geographic markets are on track. Adobe also stated the English versions of its new Adobe Creative Suite, and new CS versions of its Illustrator, InDesign, GoLive, and Photoshop products, have begun shipping to customers. The Company added that it had seen strong initial channel orders for its new product releases. Company Provides Fiscal 2004 Financial Targets at Financial Analyst Meeting Adobe also announced today that it is providing financial targets for fiscal year 2004. The Company said it is targeting 2004 annual revenue at approximately $1.425 billion, with an annual operating margin target of approximately 30 percent. The Company plans to discuss this update at its Fall Financial Analyst Meeting, which will be held today in New York City. The meeting will be broadcast live from Adobe's Website (http://www.adobe.com/analystmeeting) beginning at 1:00 p.m. Eastern Time. For those unable to attend the meeting or watch the Webcast, an archive of the event will be available on Adobe.com for a limited time. The Company plans to report its fourth quarter fiscal 2003 results on December 11, 2003 after the market closes.