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S/man N.P.E/Ns The Heitr Corporetfan '�. �� '!�,�,
� StafJ Y,'a�e President 725 Brae pBo(�u0/ev/arAQ,Padr Ridqe,NJ 07G56-0713 ��'
�- : PropertiesandCancessions Te/ettatCp�ll,1�9�277� ���,���•��'',
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VIA CERTIFIED MAIL �`�' ''
RETURN RECEiPT REQUESTED
..�.�•..
Mr.Scott Smith '
Y;."::r>?Y..,,
Director of Aviation
Aspen/Pitkin County Airport
0233 E.Airport Road '
- Aspen,Colvrado 81611 '
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[tE: The Hertz Corporation
�. -} Proposed Initial Puhlic Offerin�
Dear Mr.Smith:
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The Hertz Corpontion("Hertz"),which is a who(ly owned subsidiary of Ford Motor Company '
("Ford"),filed a registration staYement with the Securities and Exchange Commission on Februazy 28,(497 ��'7�
for a proposed initial public offering of less dian twenty(20%)percent of Hertz's common stock.Following ��
the proposed offering,Ford will continuc to own at least eighty(80%}percent of Hertz's Common Stock. -
Our review ofthe terms and conditions of Hertz's concession agreement widi your Airport indicates ��
that the agreement may teclmically require your AirpoK's approval in connection witli such a sale in order
to avoid a breach under d�e concession agreement. Accordingly,p{ease have the enclosed copy of this letter ,
executed by an authorized party in the space provided and returned to me for our files not later tl�an Friday,
� , March 28,1997.
. Kindly contact me should you have any questions or require any additional information or
documentation with respect to this matter. ti'
' �.�•a.� �j �!J(�'C 3'�w�17 Very tru(y yours,
I �
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SE:cr i�
We hereby approve of the offering and sale
by HeRz of up to twenty(20%)percent of its
common stock and the subsequent trading of �
, such common stock, as described in the foregoing letter. �
Signed this��r� day of eu-� ,1997. '"'
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ASPEN/P(TKIN COUNTY AIRPORT ,\
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