CENDANT CORPORATION COMPLETES $1.3 BILLION ACQUISITION
                         OF NATIONAL PARKING CORPORATION


Stamford,  CT and Parsippany,  NJ, April 27, 1998 -- Cendant  Corporation (NYSE:
CD) announced  today that it has completed its $1.3 billion cash  acquisition of
National Parking  Corporation  Limited  following the receipt of NPC shareholder
approval,   all  necessary  regulatory  approvals  and  sufficient   shareholder
acceptances of its offer.

Walter A. Forbes, Chairman and Henry R. Silverman, President and Chief Executive
Officer  of  Cendant,  stated:  "We are  very  pleased  to have  completed  this
transaction.  NPC perfectly  complements  many of Cendant's  core  competencies,
while  immediately   contributing  to  earnings  per  share  and  enhancing  our
international  growth  opportunities.  We are delighted  with the  relationships
which  have  been   established   among  NPC,  Green  Flag,  PHH,  RCI  and  our
international  membership  business.  Our U.K.  units will now begin to reap the
benefits from  opportunities  to cross-market to NPC's  approximately 70 million
annual consumer  contacts,  including 3 million frequent users of NPC facilities
and the 3.5 million  members of Green Flag, as well as the  opportunity to offer
parking  and  roadside  assistance  services  to our  millions  of current  U.K.
customers."

Robert D. Mackenzie,  Chief Executive  Officer of NPC, has also become a Cendant
senior  executive  and will play larger role in  Cendant's  expansion in Europe,
together with John Cullum,  President of PHH Europe.  Mr.  Mackenzie said, "I am
very impressed with Cendant's capabilities, particularly their rigorous approach
to achieving  actual  synergies  among business  units.  Their fuel card,  fleet
management and membership services units already have strong market positions in
the  U.K.,  and the  combination  of these  units  with NPC  provides  excellent
opportunities  to  leverage  our  customer  base  for  even  greater   expansion
throughout the U.K. and internationally."

NPC is the largest private  (non-municipality owned) single car park operator in
the United Kingdom,  with a portfolio of approximately 500 owned and managed car
parks in over 100  towns and city  centers  and major  airport  locations.  NPC,
through its acquisitions of National  Breakdown Limited and UK Insurance Limited
in 1984, has also developed a broad-based assistance group, under the brand name
of Green Flag.  Green Flag offers a wide range of  emergency  support and rescue
services to approximately 3.5 million members.

Cendant is the  world's  premier  provider of consumer  and  business  services.
Cendant operates in three principal  segments:  Alliance  Marketing,  Travel and
Real Estate Services. In Alliance Marketing,  Cendant provides access to travel,
shopping,  auto,  dining  and other  services  through  more  than 66.5  million
memberships worldwide. In Travel Services,  Cendant is the leading franchisor of
hotels and rental car  agencies  worldwide,  the  premier  provider  of vacation
exchange  services and the second  largest  fleet  management  company.  In Real
Estate Services,  Cendant is the world's largest  franchisor of residential real
estate brokerage offices, a major provider of mortgage services to consumers and
a global leader in corporate employee relocation.  Headquartered in Stamford, CT
and Parsippany, NJ, the company has more than 34,000 employees, operates in over
100 countries and makes approximately 100 million customer contacts annually.