Contact:    Louise Moyer
                                                     Penske Truck Leasing
                                                     (610) 775-6408

                                                     Patrick J. Bagley
                                                     Rollins Truck Leasing Corp.
                                                     (302) 426-3409

              Penske Truck Leasing to Acquire Rollins Truck Leasing

     READING,  Pa.  (January 15, 2001) - Penske Truck  Leasing Co., LP, based in
Reading,  Pa. has agreed to acquire  Rollins Truck Leasing  Corp.  (NYSE:  RLC),
based in Wilmington, Del. The acquisition will be made in a cash tender offer of
$13 for each outstanding  share of Rollins' common stock. The purchase price for
the shares is  approximately  $754  million.  The Rollins board of directors has
unanimously approved the agreement.

     "We are excited about the tremendous  opportunity this purchase creates for
both companies," said Roger Penske, chairman, Penske Truck Leasing. "Rollins and
Penske Truck Leasing share the same values,  commitment to our people and to our
customers."

     Rollins Truck Leasing  Corp. is a national  full-service  truck leasing and
rental company, which services more than 53,000 vehicles under various lease and
maintenance agreements from approximately 270 locations in the U.S. and Canada.

     "Because of our shared values,  this represents the next step in our growth
and the growth of our finest asset - our people.  It is also an  excellent  deal
for all  shareholders,"  said John W. Rollins,  Jr.,  president and CEO, Rollins
Truck Leasing Corp.

     Penske  Truck  Leasing  is  a  global   transportation   services  provider
headquartered  in Reading,  Pa.,  with annual  revenues  of  approximately  $2.7
billion. The company operates more than 152,000 heavy-,  medium-, and light-duty
trucks and serves  customers  from  approximately  750  locations  in the United
States,  Canada,  Mexico,  South  America  and  Europe.  Product  lines  include
full-service  leasing,  contract  maintenance,  commercial and consumer  rental,
integrated logistics services and supply chain management.

     The  acquisition  is subject to regulatory  approval and customary  closing
conditions.  Penske Truck Leasing expects to begin the tender offer within seven
business  days and the offer will be held open for a minimum of twenty  business
days, as required under Securities and Exchange Commission rules.

                                     -more-





Penske Acquires Rollins/Page 2

     This  announcement  is not an offer to purchase  nor a  solicitation  of an
offer to sell  shares.  The tender offer for the  outstanding  shares of Rollins
common stock described in this  announcement has not yet commenced.  At the time
the offer is commenced,  Penske Truck Leasing will file a tender offer statement
with the SEC and Rollins will file a solicitation/recommendation  statement with
respect to the offer.  Investors  and  security  holders of Rollins are urged to
read each of the  tender  offer  statement  and the  solicitation/recommendation
statement  referenced in this press release when they become  available  because
they will contain important information about the transaction.

     Investors  and security  holders may obtain free copies of the tender offer
statement  and  the  solicitation/recommendation   statement  when  they  become
available and other documents filed by Rollins and Penske Truck Leasing with the
SEC at the SEC's web site at  www.sec.gov.  and from  Rollins  and Penske  Truck
Leasing.

     Morgan Stanley Dean Witter advised Rollins in this transaction.

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