DLJdirect Becomes the Official Brokerage Firm of Vail Resorts, Inc.

JERSEY CITY, N.J.–Dec. 6, 1999–In a joint announcement, DLJdirect (NYSE: DIR), the online brokerage service of Donaldson, Lufkin & Jenrette, Inc. (NYSE: DLJ), and Vail Resorts (NYSE: MTN) announced today that DLJdirect has become the Official Brokerage Firm of Vail Resorts, Inc.

As part of a three-year deal, DLJdirect will place a series of Internet-enabled, computer terminals at Vail Resort’s Colorado ski areas, including Vail, Beaver Creek, Breckenridge, and Keystone, offering guests access to a complete range of DLJdirect brokerage services and real-time stock quotes. DLJdirect will also conduct promotions at the resorts during peak holiday weeks.

“The exclusive agreement with Vail Resorts gives us access to a captive and very select segment of consumers,” said Blake Darcy, Chief Executive Officer of DLJdirect. “Given the increasing popularity of direct investing and monitoring the performance of the markets, we expect the terminals will be quite a draw.”

In addition, the agreement grants DLJdirect the rights to use Vail Resorts’ various logos, including those of Beaver Creek, Breckenridge, Keystone, and Vail, in advertisements and promotions. Vail Resorts will place the DLJdirect logo on an estimated 5 million trail maps printed annually, provide for additional signage throughout the four ski areas, and make allocations for advertising on mountain television monitors and KVBA-TV 8, the Vail resorts- DLJdirect/Vail Resorts, Inc., owned television station. DLJdirect clients will also receive year-round promotional offers on discounted vacation packages at the Vail Resorts.

“This is an exciting opportunity for us and for our guests,” commented Bruce Mainzer, Senior Vice President of Marketing and Sales for Vail Resorts. “Many of the people who ski and snowboard at our four resorts also are very active in the stock markets, and having DLJdirect terminals on the slopes will be a big plus for them.”

Vail Resorts, Inc. (NYSE: MTN) owns and operates the Colorado mountain resorts of Vail, Beaver Creek, Breckenridge and Keystone, as well as the Grand Teton Lodge Company, located in Jackson, Wyoming. The company’s Web site at www.snow.com provides the latest information on the company as well as snow conditions, vacation bookings and more.

DLJdirect is one of America’s premier online brokerage firms. Established in 1988, DLJdirect offers a broad range of investment products and services to sophisticated, self-directed investors. DLJdirect has more than 700,000 customer accounts representing over $14.2 billion in assets. DLJdirect common stock trades on the New York Stock Exchange under the ticker symbol “DIR.” For more information on DLJdirect, refer to the company’s Web site at www.DLJdirect.com.

Donaldson, Lufkin & Jenrette is a leading integrated investment and merchant bank serving institutional, corporate, government and individual clients. DLJ’s businesses include securities underwriting; sales and trading; investment and merchant banking; financial advisory services; investment research; venture capital; correspondent brokerage services; online, interactive brokerage services; and asset management. Founded in 1959 and headquartered in New York City, DLJ employs approximately 9,700 people worldwide and maintains offices in 13 cities in the United States and 14 cities in Europe, Latin America and Asia. The company has two classes of common stock trading on the New York Stock Exchange. Shares trading under the ticker symbol “DLJ” represent Donaldson, Lufkin & Jenrette, Inc. Shares trading under the ticker symbol “DIR” track the performance of DLJdirect, its online brokerage business. For more information on Donaldson, Lufkin & Jenrette, refer to the company’s Web site at DLJdirect/Vail Resorts, Inc., www.DLJ.com. The firm’s world headquarters are located at 277 Park Avenue, New York, NY 10172; telephone number 212.892..3000.