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                                                                   News Release

                                                            AXA FINANCIAL, INC.
                                                                August 30, 2000

Media Contact:    Sheryl Thompson, AXA Financial
                  212-314-3730
                  Barbara Wilkoc, AXA Financial
                  212-314-3740
                  Christophe Dufraux, AXA
                  011.331.40.75.46.74

Investor Contact: Greg Wilcox, AXA Financial
                  212-314-4040
                  Bob Sullivan, AXA Financial
                  212-314-5462
                  Jad Ariss, AXA
                  011.331.40.75.47.45


           AXA Financial Announces Sale of DLJ to Credit Suisse Group


New York, NY -- AXA Financial (NYSE: AXF) today announced it had reached
agreement to sell majority owned Donaldson, Lufkin & Jenrette, Inc. (NYSE: DLJ),
its investment banking subsidiary, to Credit Suisse First Boston (CSFB), a
subsidiary of Credit Suisse Group.

On a fully diluted basis, the transaction is valued at $13.4 billion or $90.00
per share and at 18.2x full year 2000 consensus earnings estimates. AXA
Financial owns 70% or about 88.6 million shares of the primary outstanding
shares of DLJ and will realize pre-tax proceeds of about $8 billion for a
pre-tax gain approximating $6.2 billion. Under the terms of the transaction,
public shareholders will receive $90 in cash for their shares. AXA Financial
will receive approximately $2.4 billion in cash and $5.6 billion in Credit
Suisse Group stock equivalent to $90 per share, based on an exchange rate and
stock price as of the close of business on August 28.

The stock consideration equates to approximately an 8% ownership position in
Credit Suisse Group on a fully diluted basis. Credit Suisse will repurchase $1.2
billion of stock


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from AXF at closing. Additionally, AXA Financial believes that its investment in
one of the world's leading financial companies will have multiple sources of
liquidity. For example, Credit Suisse annually repurchases substantial amounts
of stock for its employment programs.

The transaction has been approved by the Boards of Directors of Credit Suisse
Group, DLJ and AXA Financial and is expected to close in the fourth quarter
subject to normal regulatory approvals.

"We have enjoyed a long and successful relationship with DLJ over the last 15
years," said Mr. Miller, President and CEO of AXA Financial, but we realize that
DLJ needs a broader platform to continue to optimize its potential. This
transaction creates a global powerhouse, capable of competing and winning
against the top global investment banks. This transaction monetizes the
significant return we have built up in DLJ while allowing DLJ to evolve to the
next level.

"Finally, we believe this transaction provides us with additional capability to
invest in our core businesses of distribution, asset gathering and asset
management, a strategy which has produced significant success in recent years."

About AXA Financial (after the DLJ sale)

AXA Financial, Inc., with $496 billion in assets under management (giving effect
to the pending acquisition of S.C. Bernstein), is one of the world 's premier
financial services organizations through its strong brands: The Equitable Life
Assurance Society, AXA Advisors, Equitable Distributors, Alliance Capital
Management and the pending acquisition of Sanford C. Bernstein. AXA Financial is
a member of the global AXA Group, which has operations in approximately 60
countries and has more than $900 billion in assets under management. For more
information on AXA Financial, visit our Website at http://www.axa-financial.com.