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New York, NY - The Equitable Companies Incorporated (NYSE: EQ) and The AXA Group (NYSE: AXA) said
today they will purchase $300 million of newly issued common stock of Donaldson, Lufkin & Jenrette,
Inc. (NYSE: DLJ). The shares will be sold in a private transaction at a price equal to the average
of the closing price of DLJ's common shares on the New York Stock Exchange for the three-day period beginning
July 17 and ending July 21. The agreement among the companies, however, provides that the purchase price
of the shares will not be greater than $63.66 per share or less than $57.59 per share.
Equitable will purchase $200 million of DLJ common stock, and AXA will purchase $100 million of these
newly issued common shares.
Currently, on an undiluted basis, Equitable and its affiliates are the beneficial owners of
approximately 72 percent of the outstanding shares of DLJ common stock. After the transaction,
its aggregate undiluted ownership will increase to approximately 73 percent.
Edward D. Miller, President and Chief Executive Officer of Equitable, said: "We are pleased to
support DLJ with this equity investment to help the firm continue to grow, expand its market share and diversify
into new markets. We view DLJ as a core business, and see this transaction as an excellent investment
opportunity."
DLJ's President and Chief Executive Officer Joe L. Roby said: "Additional equity capital will
facilitate the expansion of our businesses in the United States and also in Europe, where we have
launched a major initiative. We appreciate this vote of confidence by AXA and Equitable in the
future of DLJ."
AXA Senior Executive Vice President and Equitable Companies Incorporated Chairman Henri de
Castries said: "DLJ has consistently produced outstanding results and its European expansion has been
a major initiative. We are confident that DLJ's management team will continue to develop opportunities for
growth while progressively managing their major businesses."
The Equitable Companies Incorporated is one of the nation's premier financial services organizations
through its primary businesses: The Equitable Life Assurance Society of the U.S., Alliance Capital
Management and Donaldson, Lufkin & Jenrette. The Equitable Companies is a member of the
global AXA Group.
About AXA
The AXA Group is an international group of insurance and related financial services companies.
AXA's insurance operations are diverse geographically, with activities in 50 countries, principally
Western Europe, North America and the Asia/Pacific area.
About Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette is a leading integrated investment and merchant bank that serves
institutional, corporate, government and individual clients. DLJ's businesses include securities
underwriting, sales and trading, investment and merchant banking; financial advisory services;
investment research; correspondent brokerage services; on-line interactive brokerage services and asset
management. Founded in 1959 and headquartered in New York City, DLJ employs approximately 7,700 people
worldwide and maintains offices in 14 cities in the United States and 11 cities in Europe,
Latin America and Asia.
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