[LETTERHEAD OF NATIONAL PICTURE & FRAME CO.]



                                   CONTACTS:
                          M. Wesley Jordan, Jr., CFO
                         National Picture & Frame Co.
                             1500 Commerce Street
                           Greenwood, MS 38930-1910
                                 601/453-6686

                                  In Chicago:
                               Christine Harmon
                                 Gale Strenger
                                 847/564-5610



FOR IMMEDIATE RELEASE
- - ---------------------
April 26, 1996

  NATIONAL PICTURE ACQUIRES UNIVERSAL CORK; COMBINED COMPANIES OFFER ENHANCED 
  PRODUCTS, INCREASED MARKET SHARE, STRENGTHENED DISTRIBUTION

  Greenwood, MS; April 26, 1996 - National Picture & Frame Co. (NNM: NPAF)
  announced today that it has acquired 100 percent of the stock of Universal
  Cork, Inc. According to National's management, the company paid $2.25 million
  for the Universal Cork business which generates about $5-6 million in annual
  revenues -- about 8-9 percent of National's estimated FY1996 revenues of $65-
  66 million. The acquisition will be financed through National's line of credit
  with NationsBank and promissory notes to the sellers. National is a leading
  manufacturer and designer of picture frames, framed mirrors and framed art.
  Universal Cork manufactures framed board products including bulletin boards,
  dry erase boards and blackboards as well as cork tiles, rolled cork and other
  cork products including cork stoppers.

  "This acquisition is part of our strategic plan to expand National's product
  lines and customer base," said Jesse C. Luxton, CEO and president.
  "Universal's framed board products fit well with our current line of picture
  frames, framed art and framed mirrors. Like National, Universal Cork is a
  profitable, high-quality/low-cost producer in its industry. We believe that we
  can bring to Universal's products the same fashion-oriented design expertise
  that has worked so well for us in products such as framed mirrors."

  ACQUISITION CAN EXTEND MARKETING/SALES POTENTIAL

  Luxton noted that sales and marketing efforts of both companies could benefit
  from the acquisition. "National's distribution is concentrated among mass
  merchandisers such as Wal-Mart, Costco, Family Dollar and other large
  retailers. Universal Cork has a well-established customer base that focuses on
  home improvement and hardware stores. Cross-selling products among these
  channels could enhance sales and profitability for both companies," he said.

                                    -more-

 
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The market for framed board products currently is growing with double-digit-
percentage increases annually, said Luxton. This category includes framed cork
boards, blackboards and dry erase boards. The cork sheet product also shows
strong potential growth, he said. These rolled cork sheets of varying thickness
are used for a wide range of craft and household applications.

Universal Cork's sales network, consisting of 20 representatives, will be
integrated with National's sales and marketing organization to strengthen
distribution of both companies' product lines. "We see Universal's current
business as primarily what we term "continuity" or day-in, day-out business. In
contrast, National has almost a 50/50 division between continuity and
"promotional" business, in which we introduce new products or offer special
pricing to our customers so that they can build promotional events around our
merchandise. As Universal and National join forces, we'll be looking for ways to
build that type of promotional business for the cork products and board products
as well.

"Overall distribution will be enhanced by the distinctive customer bases of the 
two companies. National will gain entry into Universal's customer base of 
hardware and home improvement stores while Universal will benefit through 
introduction of their products to large retailers and other key customers served
by National," he said.

The business cycles of the two companies are highly complementary, with the 
strongest sales periods of each balancing the seasonally soft seasons of the 
other. "Universal's sales are strongest during the back-to-school season, for 
which products are shipped during May, June and July - traditionally soft sales 
months for National. This complementary seasonality will help smooth out our 
production utilization as well as increasing the consistency of revenues," said 
Luxton.

"Finally, Universal enjoys a strong reputation for customer service, 
responsiveness and flexibility in its industry. These same attributes have been 
developed extensively at National and account for much of our success. We're 
confident that the two companies' related product lines, complementary 
distribution channels and similar attitudes toward customer service, quality and
low-cost production can work together toward even greater success."

Headquartered in Greenwood, MS, National Picture & Frame Co. is a leading 
manufacturer and marketer of picture frames, framed mirrors and framed art sold 
primarily through major mass-market retailers such as Wal-Mart, Price Costco, 
Family Dollar, Dollar General and Lowe's stores. In fiscal 1995, National 
Picture & Frame Co. generated $61 million in net sales. The company's common 
stock is traded on the Nasdaq National Market under the ticker symbol NPAF.

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