CUC INTERNATIONAL SIGNS AGREEMENT TO ACQUIRE NORTH AMERICAN OUTDOOR GROUP, INC.

STAMFORD, CT, August 24, 1995--(BUSINESS WIRE)--CUC International Inc. (NYSE: CU) announced it has signed an agreement to acquire North American Outdoor Group, Inc. (NAOG), a leading privately-held hunting, fishing and handyman membership organization, based in Minneapolis, Minnesota. NAOG owns and operates the North American Hunting Club, the North American Fishing Club and the Handyman Club of America. Together, these clubs have approximately one million members.

In this transaction, CUC International will issue shares of its Common Stock, valued at approximately $52 million, for all of the outstanding stock of NAOG. CUC International intends to account for the acquisition as a "pooling-of-interests."

Walter A. Forbes, Chairman and Chief Executive Officer of CUC International, stated, "This confirms our commitment to membership-based businesses."

He continued, "The purchase of North American Outdoor Group broadens our consumer service offerings to include lifestyle-based membership clubs. We are excited by the opportunity to further expand NAOG's hunting, fishing and handyman memberships and believe there is a significant potential for us to leverage our direct marketing expertise."

The acquisition is subject to customary closing conditions, including the expiration of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. It is anticipated that the acquisition will be completed in September 1995.

CUC International Inc. is a leading membership services company, currently providing more than 37 million consumers with access to a variety of services including home shopping, travel, insurance, auto, dining, home improvement, checking account enhancements and discount coupon programs.

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