Media Contact:
Catherine M. Conroy
Donaldson, Lufkin & Jenrette
212-892-3275

Investor Contact:
Kevin Zuccala
Donaldson, Lufkin & Jenrette
212-892-4693

For Immediate Release

                           DLJ RELEASES DATA ON POSITIONS

New York, NY - October 7, 1998 - Donaldson, Lufkin & Jenrette, Inc. (NYSE:DLJ)
released the following data today in connection with AXA's regularly scheduled
press and investor conferences, to be held in Paris and London tomorrow, when
AXA announces its results for the first half of 1998.

As of September 30, 1998, DLJ was owed approximately $106 million by various
hedge funds. Of that amount, $103 million was fully collateralized by cash,
U.S. Treasury and other marketable securities, and $3 million was unsecured.

DLJ's exposure to emerging markets securities, the aggregate of its net
position for each country, was less than $100 million on September 30, 1998.
DLJ's net inventory of high-yield bonds, also as of September 30, 1998, was
less than $500 million. This inventory consisted of more than 100 different
issuers, with no single issue accounting for more than $25 million.

Donaldson, Lufkin & Jenrette will release its third-quarter earnings on or
about Tuesday, Octoer 13, 1998.


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