NationsBanc Montgomery Analyst Casts Predictions About Cruise Line,

Gaming and Auto Rental Companies

NEW YORK, Jan. 28 -- The following is being issued by
NationsBanc Montgomery Securities, a member of the National Association of
Securities Dealers, CRD number 26091:

Many travel and leisure companies are poised to fare well in 1999 and 2000
due to a positive macroeconomic outlook, high consumer confidence and
favorable demographic trends, according to NationsBanc Montgomery Securities
analyst, J. Cogan.

Cogan made his remarks during a luncheon presentation at NationsBanc
Montgomery's 16th Annual Hospitality Conference that has attracted 59
companies from across the nation. The conference, featuring presentations and
panel discussions geared around the premier growth companies in the lodging,
lodging REIT, timeshare, cruise line, ski resort, gaming, auto rental and
restaurant industries, started Monday, January 25th and will run through
Friday, January 29th at the Pierre Hotel.

According to Cogan, the cruise line industry is especially positioned to
prosper in the next few years. He noted that cruise demand has been extremely
strong (including 5-6 percent net yield increases in 1998) due largely to new
capacity with improving cruise product offerings, the industry's continued
strong value proposition and increasing brand awareness. Although the stocks
have appreciated significantly over the past few months, Cogan believes that
current conditions continue to provide significant opportunities for
investors.

Specifically, he highlighted the following characteristics of the cruise
line industry that will translate into long-term opportunity for investors:

-- Industry has low base/penetration -- there were 5 million passengers

in North America in 1998, compared to 30 million Las Vegas visitors.

-- Industry is highly consolidated -- the "Big 4" in the industry have

more than 70% of the total industry capacity.

-- There are huge barriers to entry -- ship yards are essentially full

through 2001.

-- Companies have significant operating leverage and strong cash flow.

-- Industry will realize 10-12% annual growth in revenue (totaling

$12.5 billion in the North American market by 2002) and 17-20% annual

earnings-per-share growth over the next five years.

Cogan noted that investing in the cruise line industry is not without risk.
He pointed out that potential overcapacity is the number one risk to the
stocks, and bad public relations about events such as oil dumping and cruise
line fires could negatively impact demand on the margin.

Cogan has named the cruise line industry the #1 group in his travel and
leisure research coverage and specifically recommends Carnival Corp. (CCL) and
Royal Caribbean (RCL).

In general, Cogan is neutral on the gaming sector. He pointed to several
factors causing continued uncertainty in the gaming space including
overcapacity in Las Vegas, the Asian financial crisis, a potential U.S.
economic slowdown and the political implications of the industry.

Despite this relatively negative environment for the gaming industry, Cogan
notes that there are some decent "value plays" when investors consider
valuations on "worst case scenario" estimates. He recommends Harrah's
Entertainment* and Park Place* as his top value stocks and also rates MGM
Grand and Sun International "Buy."

Cogan devoted the final portion of his presentation to the rental car
industry, noting that the industry's profitability has improved greatly over
the past few years. Cogan expects to see price increases of 2% in 1999
combined with volume increases of 3-5%. Cogan noted that the industry has
significant operating leverage from both the revenue and cost-side of the
equation, including benefiting from flat vehicle costs, airport concession fee
pass-throughs, and improved fleet utilization. Cogan believes that Hertz is
the #1 choice in the segment as it has the most recognized brand, top revenue
base of $4.6 billion and the highest industry pre-tax margins.

Hertz has exceeded estimates for seven consecutive quarters and Cogan
continues to believe that 1999 estimates remain conservative. He believes the
stock's valuation of 15x estimated 1999 earnings-per-share is highly
attractive.

NationsBanc Montgomery Securities LLC, a subsidiary of BankAmerica Corp., is
a full-service investment bank and brokerage firm with approximately $2.7
billion of regulatory capital. The company provides research, trading and
issuance in the equity and fixed-income markets (high yield, emerging markets,
high grade and mortgage-backed markets). Other services include M&A advisory,
financial buyer coverage, loan syndications, global investment banking, real
estate finance, mortgage finance, money markets and a primary dealer.

NationsBanc Montgomery Securities is a registered broker-dealer with the
Securities and Exchange Commission and is a member of the National Association
of Securities Dealers and the New York Stock Exchange.

* NationsBanc Montgomery Securities LLC was manager or co-manager of a
public offering and/or has performed investment banking or other services for
this company in the last three years.