EXHIBIT 99.3

                   NOTE REGARDING FORWARD-LOOKING STATEMENTS

Forward-looking statements in our public filings or other public statements are
subject to known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. These forward-looking statements were based on
various factors and were derived utilizing numerous important assumptions and
other important factors that could cause actual results to differ materially
from those in the forward-looking statements. Forward-looking statements include
the information concerning our future financial performance, business strategy,
projected plans and objectives.

Statements preceded by, followed by or that otherwise include the words
"believes", "expects", "anticipates", "intends", "project", "estimates",
"plans", "may increase", "may fluctuate" and similar expressions or future or
conditional verbs such as "will", "should", "would", "may" and "could" are
generally forward-looking in nature and not historical facts. You should
understand that the following important factors and assumptions could affect our
future results and could cause actual results to differ materially from those
expressed in such forward-looking statements:

o     the impacts of the September 11, 2001 terrorist attacks on New York City
      and Washington, D.C. on the travel industry in general, and our travel
      businesses in particular, are not known at this time, but are expected to
      include negative impacts on financial results due to reduced demand for
      travel in the near term; other attacks, acts of war; or measures taken by
      governments in response thereto may negatively affect the travel industry,
      our financial results and could also result in a disruption in our
      business;
o     the impact of the anthrax attacks through the United States mail system on
      the marketing programs of our FISI Madison/BCI subsidiaries and on
      Trilegiant are not known at this time, but may have negative impacts on
      the financial results of such businesses if consumers become reluctant to
      open and respond to such programs;
o     the effect of economic conditions and interest rate changes on the economy
      on a national, regional or international basis and the impact thereof on
      our businesses;
o     the effects of a decline in travel, due to political instability, adverse
      economic conditions or otherwise, on our travel related businesses;
o     the effects of changes in current interest rates, particularly on our real
      estate franchise and mortgage businesses;
o     the resolution or outcome of our unresolved pending litigation relating to
      the previously announced accounting irregularities and other related
      litigation;
o     our ability to develop and implement operational, technological and
      financial systems to manage growing operations and to achieve enhanced
      earnings or effect cost savings;
o     competition in our existing and potential future lines of business and the
      financial resources of, and products available to, competitors;
o     failure to reduce quickly our substantial technology costs in response to
      a reduction in revenue, particularly in our computer reservations and
      global distribution systems businesses;
o     our failure to provide fully integrated disaster recovery technology
      solutions in the event of a disaster;
o     our ability to integrate and operate successfully acquired and merged
      businesses and risks associated with such businesses, including the
      acquisitions of Avis Group Holdings, Inc., Fairfield Resorts, Inc.,
      Galileo International, Inc. and Cheap Tickets, Inc., the compatibility of
      the operating systems of the combining companies, and the degree to which
      our existing administrative and back-office functions and costs and those
      of the acquired companies are complementary or redundant;
o     our ability to obtain financing on acceptable terms to finance our growth
      strategy and to operate within the limitations imposed by financing
      arrangements and rating agencies;
o     competitive and pricing pressures in the vacation ownership and travel
      industries, including the car rental industry;
o     changes in the vehicle manufacturer repurchase arrangements in our Avis
      car rental business in the event that used vehicle values decrease;
o     and changes in laws and regulations, including changes in accounting
      standards and privacy policy regulation.

Other factors and assumptions not identified above were also involved in the
derivation of these forward-looking statements, and the failure of such other
assumptions to be realized as well as other factors may also cause actual
results to differ materially from those projected. Most of these factors are
difficult to predict accurately and are generally beyond our control.

You should consider the areas of risk described above in connection with any
forward-looking statements that may be made by us and our businesses generally.
Except for our ongoing obligations to disclose material information under the
federal securities laws, we undertake no obligation to release publicly any
revisions to any forward-looking statements, to report events or to report the
occurrence of unanticipated events unless required by law. For any
forward-looking statements contained in any document, we claim the protection of
the safe harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995.

Such forward-looking statements include projections. Such projections were not
prepared in accordance with published guidelines of the American Institute of
Certified Public Accountants or the SEC regarding projections and forecasts, nor
have such projections been audited, examined or otherwise reviewed by
independent auditors of Cendant or its affiliates. In addition, such projections
are based upon many estimates and are inherently subject to significant economic
and competitive uncertainties and contingencies, many of which are beyond the
control of management of Cendant and its affiliates. Accordingly, actual results
may be materially higher or lower than those projected. The inclusion of such
projections herein should not be regarded as a representation by Cendant or its
affiliates that the projections will prove to be correct.


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