EXHIBIT 99.2

                    NOTE REGARDING FORWARD-LOOKING STATEMENTS

Forward-looking statements in the Press Release dated February 7, 2001 about
Cendant are subject to known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of Cendant 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 future financial
performance, business strategy, projected plans and objectives of Cendant.

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 acts. You should
understand that the following important factors and assumptions could affect the
future results of Cendant and could cause actual results to differ materially
from those expressed in such forward-looking statements:

    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 Cendant's businesses;

    o    the effects of changes in current interest rates, particularly on our
         real estate franchise and mortgage segments and on our financing costs;

    o    the resolution or outcome of Cendant's unresolved pending litigation
         relating to the previously announced accounting irregularities and
         other related litigation;

    o    the ability of Cendant to develop and implement operational and
         financial systems to manage rapidly growing operations and to achieve
         enhanced earnings or effect cost savings;

    o    competition in Cendant's existing and potential future lines of
         business and the financial resources of, and products available to,
         competitiors;

    o    the ability of Cendant to integrate and operate successfully acquired
         and merged businesses and risks associated with such businesses,
         including the acquisition of Fairfield and Avis, the compatibility of
         the operating systems of the combining companies, and the degree to
         which existing administrative and back-office functions and costs of
         Cendant and the acquired companies are complementary or redundant;

    o    uncertainty relating to the timing and impact of the proposed
         dispositions of certain businesses within the Move.com Group and
         Welcome Wagon

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         International, Inc. and the spin-off of Cendant's Individual Membership
         segment;

    o    Cendant's ability to obtain financing on acceptable terms to finance
         its growth strategy and for Cendant 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 between
         vehicle manufacturers and Avis in the event that used vehicle values
         decrease; and

    o    changes in laws and regulations, including changes in accounting
         standards and privacy policy regulation in our membership and marketing
         businesses; and

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 the control of Cendant.

You should consider the areas of risk described above in connection with any
forward-looking statements that may be made by Cendant. Except for their ongoing
obligations to disclose material information under the federal securities laws,
Cendant undertakes no obligation to release publicly any revisions to any
forward-looking statements, to report events or to report the occurrence of
unanticipated events. For any forward-looking statements contained in any
document, Cendant claims the protection of the safe harbor for forward-looking
statement contained in the Private Securities Litigation Reform Act of 1995.

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