<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40">
<head>
<meta http-equiv="Content-Type" content="text/html; charset=us-ascii">
<meta name="Generator" content="Microsoft Word 14 (filtered medium)">
<style><!--
/* Font Definitions */
@font-face
        {font-family:Calibri;
        panose-1:2 15 5 2 2 2 4 3 2 4;}
@font-face
        {font-family:Tahoma;
        panose-1:2 11 6 4 3 5 4 4 2 4;}
@font-face
        {font-family:Verdana;
        panose-1:2 11 6 4 3 5 4 4 2 4;}
@font-face
        {font-family:Consolas;
        panose-1:2 11 6 9 2 2 4 3 2 4;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
        {margin:0in;
        margin-bottom:.0001pt;
        font-size:12.0pt;
        font-family:"Times New Roman","serif";
        color:black;}
a:link, span.MsoHyperlink
        {mso-style-priority:99;
        color:blue;
        text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
        {mso-style-priority:99;
        color:purple;
        text-decoration:underline;}
p
        {mso-style-priority:99;
        mso-margin-top-alt:auto;
        margin-right:0in;
        mso-margin-bottom-alt:auto;
        margin-left:0in;
        font-size:12.0pt;
        font-family:"Times New Roman","serif";
        color:black;}
pre
        {mso-style-priority:99;
        mso-style-link:"HTML Preformatted Char";
        margin:0in;
        margin-bottom:.0001pt;
        font-size:10.0pt;
        font-family:"Courier New";
        color:black;}
p.MsoAcetate, li.MsoAcetate, div.MsoAcetate
        {mso-style-priority:99;
        mso-style-link:"Balloon Text Char";
        margin:0in;
        margin-bottom:.0001pt;
        font-size:8.0pt;
        font-family:"Tahoma","sans-serif";
        color:black;}
span.hoenzb
        {mso-style-name:hoenzb;}
span.HTMLPreformattedChar
        {mso-style-name:"HTML Preformatted Char";
        mso-style-priority:99;
        mso-style-link:"HTML Preformatted";
        font-family:Consolas;
        color:black;}
span.EmailStyle21
        {mso-style-type:personal-reply;
        font-family:"Calibri","sans-serif";
        color:#1F497D;}
span.BalloonTextChar
        {mso-style-name:"Balloon Text Char";
        mso-style-priority:99;
        mso-style-link:"Balloon Text";
        font-family:"Tahoma","sans-serif";
        color:black;}
.MsoChpDefault
        {mso-style-type:export-only;
        font-size:10.0pt;}
@page WordSection1
        {size:8.5in 11.0in;
        margin:1.0in 1.0in 1.0in 1.0in;}
div.WordSection1
        {page:WordSection1;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]-->
</head>
<body bgcolor="white" lang="EN-US" link="blue" vlink="purple">
<div class="WordSection1">
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;;color:#1F497D">I do not have any problem with retaining the statements as long we add &#8216;counsel advises&#8217;.&nbsp; But I still believe that that we should say that we cannot truly
 know the significance of the cost impacts until we have further financial analysis of the legal separation model and I definitely think that we should request the ICANN Finance Team to start that analysis now.&nbsp; It will probably take them several weeks to do
 it and the process will involve interaction with the CWG so that they understand the model sufficiently to do the analysis.&nbsp;
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;;color:#1F497D"><o:p>&nbsp;</o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;;color:#1F497D">Please understand that I am not suggesting that the publication of the proposal for public comment be delayed.&nbsp; The first analysis can be done in parallel with
 the public comment period.&nbsp; But if we wait to initiate the analysis until after the public comment period, it will likely not be completed when we submit a proposal to the SOs/ACs for approval.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;;color:#1F497D"><o:p>&nbsp;</o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;;color:#1F497D">Finally, let me also point out that the first such analysis will not be the last.&nbsp; As the proposal continues to be refined, the analysis will also need to be
 refined.&nbsp; But I think we will need more objective information about estimated cost impacts than just counsel advice and that the Finance Team will be able to help us in that regard.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;;color:#1F497D"><o:p>&nbsp;</o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;;color:#1F497D">Chuck<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;;color:#1F497D"><o:p>&nbsp;</o:p></span></p>
<div>
<div style="border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:&quot;Tahoma&quot;,&quot;sans-serif&quot;;color:windowtext">From:</span></b><span style="font-size:10.0pt;font-family:&quot;Tahoma&quot;,&quot;sans-serif&quot;;color:windowtext"> cwg-stewardship-bounces@icann.org [mailto:cwg-stewardship-bounces@icann.org]
<b>On Behalf Of </b>Matthew Shears<br>
<b>Sent:</b> Monday, April 20, 2015 3:29 AM<br>
<b>To:</b> Jordan Carter; Greg Shatan<br>
<b>Cc:</b> cwg-stewardship@icann.org<br>
<b>Subject:</b> Re: [CWG-Stewardship] [client com] Draft: Summary of Legal Structure for CWG Proposal<o:p></o:p></span></p>
</div>
</div>
<p class="MsoNormal"><o:p>&nbsp;</o:p></p>
<p class="MsoNormal" style="margin-bottom:12.0pt">I agree with Jordan and Greg - these statements should be retained (or if necessary modified with the addition &quot;counsel advises&quot;).<o:p></o:p></p>
<div>
<p class="MsoNormal">On 4/20/2015 6:21 AM, Jordan Carter wrote:<o:p></o:p></p>
</div>
<blockquote style="margin-top:5.0pt;margin-bottom:5.0pt">
<div>
<p class="MsoNormal">&#43;1 to Greg.&nbsp; <o:p></o:p></p>
<div>
<p class="MsoNormal"><o:p>&nbsp;</o:p></p>
</div>
<div>
<p class="MsoNormal">Jordan<o:p></o:p></p>
</div>
</div>
<div>
<p class="MsoNormal"><o:p>&nbsp;</o:p></p>
<div>
<p class="MsoNormal">On 20 April 2015 at 16:05, Greg Shatan &lt;<a href="mailto:gregshatanipc@gmail.com" target="_blank">gregshatanipc@gmail.com</a>&gt; wrote:<o:p></o:p></p>
<div>
<div>
<p class="MsoNormal"><span style="font-family:&quot;Verdana&quot;,&quot;sans-serif&quot;">Respectfully, I disagree with Eduardo and Chuck on the following issue:<o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-family:&quot;Verdana&quot;,&quot;sans-serif&quot;"><o:p>&nbsp;</o:p></span></p>
</div>
<blockquote style="margin-left:30.0pt;margin-right:0in">
<div>
<div>
<p class="MsoNormal"><span style="font-size:9.5pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:blue">2] Items (a) &amp; (c) in section &nbsp;&quot;The weaknesses of the proposed structure&nbsp;are as follows.&quot; (page 3):&nbsp;</span><span style="font-size:9.5pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;"><o:p></o:p></span></p>
</div>
</div>
<div>
<div>
<p class="MsoNormal"><span style="font-size:9.5pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;"><o:p>&nbsp;</o:p></span></p>
</div>
</div>
<div>
<div>
<p class="MsoNormal"><b><span style="font-size:9.5pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:blue">&quot;(a) Requires forming a new entity and on an ongoing basis attending to a set of &nbsp;associated corporate formalities,&nbsp;<i><u>although those can be fairly minimal</u></i>;&quot;</span></b><span style="font-size:9.5pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;"><o:p></o:p></span></p>
</div>
</div>
<div>
<div>
<p class="MsoNormal"><span style="font-size:9.5pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;"><o:p>&nbsp;</o:p></span></p>
</div>
</div>
<div>
<div>
<div>
<p class="MsoNormal"><b><span style="font-size:9.5pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:blue">&quot; (c) May have some negative impact on operational efficiency due to the&nbsp;functional separation, and the separate legal status will introduce some&nbsp;additional costs,&nbsp;<i><u>although
 those should not be significant</u></i>.&quot;&nbsp;</span></b><b><span style="font-size:9.5pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;"><o:p></o:p></span></b></p>
</div>
</div>
</div>
<div>
<div>
<div>
<p class="MsoNormal"><b><span style="font-size:9.5pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;"><o:p>&nbsp;</o:p></span></b></p>
</div>
</div>
</div>
<div>
<div>
<div>
<div>
<p class="MsoNormal"><span style="font-size:9.5pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:blue">I suggest to delete the two statements pointed here by an underline/italics. Both statements are seemly subjectives and tend to steer the reader<o:p></o:p></span></p>
</div>
<p class="MsoNormal"><span style="font-size:9.5pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:blue">&nbsp;to think that this will be easy to implement and that it will not be costly. There has not been any deep analysis done on these to support either statement.</span><span style="font-size:9.5pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;"><o:p></o:p></span></p>
</div>
</div>
</div>
</blockquote>
<div>
<div>
<div>
<p class="MsoNormal"><span style="font-size:9.5pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;"><o:p>&nbsp;</o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:9.5pt;font-family:&quot;Verdana&quot;,&quot;sans-serif&quot;">As a general point, we have asked counsel to provide us not only with their technical expertise, but also with the benefit of their practical experience.&nbsp; Here they are telling
 us two things based on their experience:</span><span style="font-size:9.5pt"><o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:9.5pt"><o:p>&nbsp;</o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:9.5pt;font-family:&quot;Verdana&quot;,&quot;sans-serif&quot;">-- corporate formalities &quot;can be fairly minimal.&quot;</span><span style="font-size:9.5pt"><o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:9.5pt;font-family:&quot;Verdana&quot;,&quot;sans-serif&quot;">-- additional costs introduced by operating PTI with a separate legal status &quot;should not be significant.&quot;</span><span style="font-size:9.5pt"><o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:9.5pt"><o:p>&nbsp;</o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:9.5pt;font-family:&quot;Verdana&quot;,&quot;sans-serif&quot;">Our counsels' practical experience certainly includes forming corporate entities and attending to corporate formalities (sometimes called &quot;corporate housekeeping&quot;) -- I'd
 daresay among our counsel they have done and continue to do this for hundreds (if not thousands) of corporations.&nbsp; From my own experience and knowledge, corporate formation and corporate housekeeping are essentially ministerial tasks, and are neither particularly
 complex or time-consuming (though it requires some familiarity and experience to do these tasks).&nbsp; It's really a fairly objective and entirely reasonable statement for someone with the requisite knowledge to say that these &quot;can be fairly minimal.&quot; &nbsp;Indeed,
 I can't think of a scenario where attending to corporate formalities would not be fairly minimal.</span><span style="font-size:9.5pt"><o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:9.5pt"><o:p>&nbsp;</o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:9.5pt;font-family:&quot;Verdana&quot;,&quot;sans-serif&quot;">Similarly, I'm fairly sure counsel have dealt many times with the costs associated with having business units in wholly-owned or controlled subsidiaries rather than divisions,
 and they are aware of what those costs are.&nbsp; Again this seems like a reasonable statement and one that I'm sure is made objectively.&nbsp; From my experience, the costs that are a direct result of running a business as a subsidiary, as opposed to as a business
 unit within the same entity, are not significant.</span><span style="font-size:9.5pt"><o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:9.5pt"><o:p>&nbsp;</o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:9.5pt;font-family:&quot;Verdana&quot;,&quot;sans-serif&quot;">In sum, I believe these are both reasonable and very unsurprising statements.&nbsp; I know that it is not the intent, but I think that giving the impression that the opposite (corporate
 formalities are not fairly minimal; costs resulting from operating a business as a subsidiary (vs. as a business unit) are significant) could be true creates FUD where there should be none.&nbsp; Therefore, I think it would be appropriate to accept this advice.</span><span style="font-size:9.5pt"><o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:9.5pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;"><o:p>&nbsp;</o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:9.5pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">If we don't want to accept counsel's advice, I don't think the appropriate response is to delete it.&nbsp; Rather, I think the appropriate action would be to ask counsel to explain
 the basis of the statements.&nbsp; Alternatively, we could insert &quot;counsel advises&quot; after &quot;although&quot; in each statement.&nbsp; Let me say that I don't believe we need to do either of these things.&nbsp; But, if the group is not willing to accept these and move on, these are
 the courses of action that should be considered.<o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:9.5pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:#888888"><o:p>&nbsp;</o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:9.5pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:#888888">Greg<o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-size:9.5pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:#888888"><o:p>&nbsp;</o:p></span></p>
</div>
</div>
</div>
</div>
<div>
<p class="MsoNormal"><o:p>&nbsp;</o:p></p>
<div>
<div>
<div>
<p class="MsoNormal">On Sun, Apr 19, 2015 at 11:51 AM, Gomes, Chuck &lt;<a href="mailto:cgomes@verisign.com" target="_blank">cgomes@verisign.com</a>&gt; wrote:<o:p></o:p></p>
</div>
</div>
<blockquote style="border:none;border-left:solid #CCCCCC 1.0pt;padding:0in 0in 0in 6.0pt;margin-left:4.8pt;margin-right:0in">
<div>
<div>
<div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:11.0pt;font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;;color:#1F497D">I think that Eduardo is probably right that we really don&#8217;t know whether the increased cost for the
 legal separation will be significant or not without a detailed analysis by the Finance Team.&nbsp; Now that we are specifically leaning toward the legal separation approach, I suggest that we request an analysis by the Finance Team right away.&nbsp; It will take them
 awhile to do it and they will probably have some questions for us but the sooner we get that started the better.&nbsp; Xavier understands that a lot of the shared IANA costs can still be shared so that will minimize the increase but there will still be increases.&nbsp;
 As far as the language in &copy; below, I suggest we say something along these lines instead saying &#8216;</span><b><i><u>although those should not be significant</u></i></b><span style="font-size:11.0pt;font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;;color:#1F497D">&#8217;:&nbsp; &#8220;The significance
 of the increased costs cannot be determined until a detailed analysis is done by the ICANN Finance Team, but the CWG has requested that analysis and expects to have at least preliminary results before the public comment period ends.&#8221;</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:11.0pt;font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;;color:#1F497D">&nbsp;</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:11.0pt;font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;;color:#1F497D">Chuck</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:11.0pt;font-family:&quot;Calibri&quot;,&quot;sans-serif&quot;;color:#1F497D">&nbsp;</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><span style="font-size:10.0pt;font-family:&quot;Tahoma&quot;,&quot;sans-serif&quot;">From:</span></b><span style="font-size:10.0pt;font-family:&quot;Tahoma&quot;,&quot;sans-serif&quot;">
<a href="mailto:cwg-stewardship-bounces@icann.org" target="_blank">cwg-stewardship-bounces@icann.org</a> [mailto:<a href="mailto:cwg-stewardship-bounces@icann.org" target="_blank">cwg-stewardship-bounces@icann.org</a>]
<b>On Behalf Of </b>Eduardo Diaz<br>
<b>Sent:</b> Saturday, April 18, 2015 4:43 PM<br>
<b>To:</b> <a href="mailto:cwg-stewardship@icann.org" target="_blank">cwg-stewardship@icann.org</a><br>
<b>Subject:</b> Re: [CWG-Stewardship] [client com] Draft: Summary of Legal Structure for CWG Proposal</span><o:p></o:p></p>
<div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">&nbsp;<o:p></o:p></p>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">My comments about the S-A document 20179247_3 on legal structure:<o:p></o:p></p>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">&nbsp;<o:p></o:p></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">1] It is not clear who is going to decide about the concepts of designator vs. members (2nd para, page3). Is this an item for the CCWG to resolve?<o:p></o:p></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">&nbsp;<o:p></o:p></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">2] Items (a) &amp; (c) in section &nbsp;&quot;The weaknesses of the proposed structure&nbsp;are as follows.&quot; (page 3):&nbsp;<o:p></o:p></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">&nbsp;<o:p></o:p></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b>&quot;(a) Requires forming a new entity and on an ongoing basis attending to a set of &nbsp;associated corporate formalities,
<i><u>although those can be fairly minimal</u></i>;&quot;</b><o:p></o:p></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">&nbsp;<o:p></o:p></p>
</div>
<div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b>&quot; (c) May have some negative impact on operational efficiency due to the&nbsp;</b><o:p></o:p></p>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b>functional separation, and the separate legal status will introduce some&nbsp;</b><o:p></o:p></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b>additional costs,
<i><u>although those should not be significant</u></i>.&quot;&nbsp;</b><o:p></o:p></p>
</div>
</div>
<div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b>&nbsp;</b><o:p></o:p></p>
</div>
</div>
<div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">I suggest to delete the two statements pointed here by an underline/italics. Both statements are seemly subjectives and tend to steer the reader<o:p></o:p></p>
</div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">&nbsp;to think that this will be easy to implement and that it will not be costly. There has not been any deep analysis done on these to support either statement.&nbsp;<o:p></o:p></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">&nbsp;<o:p></o:p></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">-ed<o:p></o:p></p>
</div>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">&nbsp;<o:p></o:p></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">&nbsp;<o:p></o:p></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">&nbsp;<o:p></o:p></p>
</div>
<div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">On Sat, Apr 18, 2015 at 1:49 PM, Client Committee List for CWG &lt;<a href="mailto:cwg-client@icann.org" target="_blank">cwg-client@icann.org</a>&gt; wrote:<o:p></o:p></p>
<div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:#1F497D">Dear All,</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:#1F497D">&nbsp;</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:#1F497D">Attached is a summary of the current legal structure under consideration by the CWG.&nbsp; &nbsp;This also includes the CCWG dependencies.</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:#1F497D">&nbsp;</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:#1F497D">Please let us know if you have any comments or would like to discuss.</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:#1F497D">&nbsp;</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:#1F497D">Best regards,</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:#1F497D">Sharon</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:#1F497D">&nbsp;</span><o:p></o:p></p>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><span style="font-size:10.0pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:#1F497D">SHARON</span></b><span style="font-size:9.0pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:#1F497D">&nbsp;</span><b><span style="font-size:10.0pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:#1F497D">FLANAGAN</span></b><span style="font-size:9.0pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:#1F497D"><br>
Partner<br>
<br>
</span><b><span style="font-size:10.0pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:#1F497D">Sidley Austin LLP</span></b><b><span style="font-size:9.0pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:#1F497D"><br>
</span></b><span style="font-size:9.0pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;color:#1F497D"><a href="tel:%2B1.415.772.1271" target="_blank">&#43;1.415.772.1271</a><br>
<a href="mailto:sflanagan@sidley.com" target="_blank" title="Click to send email to
                                                Flanagan, Sharon">sflanagan@sidley.com</a></span><o:p></o:p></p>
</div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">&nbsp;<o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-family:&quot;Arial&quot;,&quot;sans-serif&quot;">&nbsp;</span><o:p></o:p></p>
</div>
<p>&nbsp;<o:p></o:p></p>
<p>****************************************************************************************************<br>
This e-mail is sent by a law firm and may contain information that is privileged or confidential.<br>
If you are not the intended recipient, please delete the e-mail and any attachments and notify us<br>
immediately.<br>
<br>
****************************************************************************************************<o:p></o:p></p>
</div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:12.0pt"><br>
_______________________________________________<br>
Cwg-client mailing list<br>
<a href="mailto:Cwg-client@icann.org" target="_blank">Cwg-client@icann.org</a><br>
<a href="https://mm.icann.org/mailman/listinfo/cwg-client" target="_blank">https://mm.icann.org/mailman/listinfo/cwg-client</a><o:p></o:p></p>
</div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><br>
<br clear="all">
<o:p></o:p></p>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">&nbsp;<o:p></o:p></p>
</div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">--
<o:p></o:p></p>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><span style="font-family:&quot;Verdana&quot;,&quot;sans-serif&quot;">NOTICE:</span></b>&nbsp;This email may contain information which is confidential and/or subject to legal privilege, and is intended
 for the use of the named addressee only. If you are not the intended recipient, you must not use, disclose or copy any part of this email. If you have received this email by mistake, please notify the sender and delete this message immediately.<o:p></o:p></p>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
<p class="MsoNormal"><o:p>&nbsp;</o:p></p>
</div>
</div>
<p class="MsoNormal" style="margin-bottom:12.0pt">_______________________________________________<br>
CWG-Stewardship mailing list<br>
<a href="mailto:CWG-Stewardship@icann.org" target="_blank">CWG-Stewardship@icann.org</a><br>
<a href="https://mm.icann.org/mailman/listinfo/cwg-stewardship" target="_blank">https://mm.icann.org/mailman/listinfo/cwg-stewardship</a><o:p></o:p></p>
</blockquote>
</div>
<p class="MsoNormal"><o:p>&nbsp;</o:p></p>
</div>
<p class="MsoNormal" style="margin-bottom:12.0pt"><br>
_______________________________________________<br>
CWG-Stewardship mailing list<br>
<a href="mailto:CWG-Stewardship@icann.org">CWG-Stewardship@icann.org</a><br>
<a href="https://mm.icann.org/mailman/listinfo/cwg-stewardship" target="_blank">https://mm.icann.org/mailman/listinfo/cwg-stewardship</a><o:p></o:p></p>
</div>
<p class="MsoNormal"><br>
<br clear="all">
<o:p></o:p></p>
<div>
<p class="MsoNormal"><o:p>&nbsp;</o:p></p>
</div>
<p class="MsoNormal">-- <o:p></o:p></p>
<div>
<div>
<div>
<div>
<p class="MsoNormal" style="margin-bottom:12.0pt">Jordan Carter<br>
<br>
Chief Executive <br>
<b>InternetNZ</b><br>
<br>
04 495 2118 (office) | &#43;64 21 442 649 (mob)<br>
<a href="mailto:jordan@internetnz.net.nz" target="_blank">jordan@internetnz.net.nz</a>
<br>
Skype: jordancarter<br>
<br>
<i>A better world through a better Internet&nbsp;</i><o:p></o:p></p>
</div>
</div>
</div>
</div>
</div>
<p class="MsoNormal"><br>
<br>
<br>
<o:p></o:p></p>
<pre>_______________________________________________<o:p></o:p></pre>
<pre>CWG-Stewardship mailing list<o:p></o:p></pre>
<pre><a href="mailto:CWG-Stewardship@icann.org">CWG-Stewardship@icann.org</a><o:p></o:p></pre>
<pre><a href="https://mm.icann.org/mailman/listinfo/cwg-stewardship">https://mm.icann.org/mailman/listinfo/cwg-stewardship</a><o:p></o:p></pre>
</blockquote>
<p class="MsoNormal"><br>
<br>
<o:p></o:p></p>
<pre>-- <o:p></o:p></pre>
<pre>Matthew Shears<o:p></o:p></pre>
<pre>Global Internet Policy and Human Rights<o:p></o:p></pre>
<pre>Center for Democracy &amp; Technology (CDT)<o:p></o:p></pre>
<pre>&#43; 44 (0)771 247 2987<o:p></o:p></pre>
</div>
</body>
</html>