<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=utf-8">
<meta name="Generator" content="Microsoft Word 15 (filtered medium)">
<style><!--
/* Font Definitions */
@font-face
{font-family:"Cambria Math";
panose-1:2 4 5 3 5 4 6 3 2 4;}
@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;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
margin-bottom:.0001pt;
font-size:12.0pt;
font-family:"Times New Roman",serif;}
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;}
span.EmailStyle18
{mso-style-type:personal-reply;
font-family:"Calibri",sans-serif;
color:#1F497D;}
.MsoChpDefault
{mso-style-type:export-only;
font-family:"Calibri",sans-serif;}
@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 lang="EN-US" link="blue" vlink="purple">
<div class="WordSection1">
<p class="MsoNormal"><font size="2" color="#1f497d" face="Calibri"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">I agree with Greg. This is not a subjective guess, it is based on experience, and on common sense.
<o:p></o:p></span></font></p>
<p class="MsoNormal"><font size="2" color="#1f497d" face="Calibri"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></font></p>
<p class="MsoNormal"><font size="2" color="#1f497d" face="Calibri"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">(As an aside, I find it amusing that people are claiming that a one-off cost associated with legal separation are
terrifying while the ongoing costs imposed on the community by creating interminable community working groups for internal oversight and their ‘intensive work weeks’ are all taken in stride. ;-)<o:p></o:p></span></font></p>
<p class="MsoNormal"><font size="2" color="#1f497d" face="Calibri"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></font></p>
<p class="MsoNormal"><font size="2" color="#1f497d" face="Calibri"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">--MM<o:p></o:p></span></font></p>
<p class="MsoNormal"><font size="2" color="#1f497d" face="Calibri"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></font></p>
<div style="border:none;border-left:solid blue 1.5pt;padding:0in 0in 0in 4.0pt">
<div>
<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b><font size="2" face="Calibri"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;font-weight:bold">From:</span></font></b><font size="2" face="Calibri"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> cwg-stewardship-bounces@icann.org
[mailto:cwg-stewardship-bounces@icann.org] <b><span style="font-weight:bold">On Behalf Of
</span></b>Greg Shatan<br>
<b><span style="font-weight:bold">Sent:</span></b> Monday, April 20, 2015 12:06 AM<br>
<b><span style="font-weight:bold">To:</span></b> Gomes, Chuck<br>
<b><span style="font-weight:bold">Cc:</span></b> cwg-stewardship@icann.org<br>
<b><span style="font-weight:bold">Subject:</span></b> Re: [CWG-Stewardship] [client com] Draft: Summary of Legal Structure for CWG Proposal<o:p></o:p></span></font></p>
</div>
</div>
<p class="MsoNormal"><font size="3" face="Times New Roman"><span style="font-size:12.0pt"><o:p> </o:p></span></font></p>
<div>
<div>
<p class="MsoNormal"><font size="3" face="Verdana"><span style="font-size:12.0pt;font-family:"Verdana",sans-serif">Respectfully, I disagree with Eduardo and Chuck on the following issue:<o:p></o:p></span></font></p>
</div>
<div>
<p class="MsoNormal"><font size="3" face="Verdana"><span style="font-size:12.0pt;font-family:"Verdana",sans-serif"><o:p> </o:p></span></font></p>
</div>
<blockquote style="margin-left:30.0pt;margin-right:0in">
<div>
<div>
<p class="MsoNormal"><font size="2" color="blue" face="Arial"><span style="font-size:9.5pt;font-family:"Arial",sans-serif;color:blue">2] Items (a) & (c) in section "The weaknesses of the proposed structure are as follows." (page 3): </span></font><font size="2" face="Arial"><span style="font-size:9.5pt;font-family:"Arial",sans-serif"><o:p></o:p></span></font></p>
</div>
</div>
<div>
<div>
<p class="MsoNormal"><font size="2" face="Arial"><span style="font-size:9.5pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></font></p>
</div>
</div>
<div>
<div>
<p class="MsoNormal"><b><font size="2" color="blue" face="Arial"><span style="font-size:9.5pt;font-family:"Arial",sans-serif;color:blue;font-weight:bold">"(a) Requires forming a new entity and on an ongoing basis attending to a set of associated corporate
formalities, <i><u><span style="font-style:italic">although those can be fairly minimal</span></u></i>;"</span></font></b><font size="2" face="Arial"><span style="font-size:9.5pt;font-family:"Arial",sans-serif"><o:p></o:p></span></font></p>
</div>
</div>
<div>
<div>
<p class="MsoNormal"><font size="2" face="Arial"><span style="font-size:9.5pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></font></p>
</div>
</div>
<div>
<div>
<div>
<p class="MsoNormal"><b><font size="2" color="blue" face="Arial"><span style="font-size:9.5pt;font-family:"Arial",sans-serif;color:blue;font-weight:bold">" (c) May have some negative impact on operational efficiency due to the functional separation, and the
separate legal status will introduce some additional costs, <i><u><span style="font-style:italic">although those should not be significant</span></u></i>." </span></font></b><b><font size="2" face="Arial"><span style="font-size:9.5pt;font-family:"Arial",sans-serif;font-weight:bold"><o:p></o:p></span></font></b></p>
</div>
</div>
</div>
<div>
<div>
<div>
<p class="MsoNormal"><b><font size="2" face="Arial"><span style="font-size:9.5pt;font-family:"Arial",sans-serif;font-weight:bold"><o:p> </o:p></span></font></b></p>
</div>
</div>
</div>
<div>
<div>
<div>
<div>
<p class="MsoNormal"><font size="2" color="blue" face="Arial"><span style="font-size:9.5pt;font-family:"Arial",sans-serif;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></font></p>
</div>
<p class="MsoNormal"><font size="2" color="blue" face="Arial"><span style="font-size:9.5pt;font-family:"Arial",sans-serif;color:blue"> 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></font><font size="2" face="Arial"><span style="font-size:9.5pt;font-family:"Arial",sans-serif"><o:p></o:p></span></font></p>
</div>
</div>
</div>
</blockquote>
<div>
<div>
<div>
<p class="MsoNormal"><font size="2" face="Arial"><span style="font-size:9.5pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></font></p>
</div>
<div>
<p class="MsoNormal"><font size="2" face="Verdana"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif">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.
Here they are telling us two things based on their experience:</span></font><font size="2"><span style="font-size:9.5pt"><o:p></o:p></span></font></p>
</div>
<div>
<p class="MsoNormal"><font size="2" face="Times New Roman"><span style="font-size:9.5pt"><o:p> </o:p></span></font></p>
</div>
<div>
<p class="MsoNormal"><font size="2" face="Verdana"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif">-- corporate formalities "can be fairly minimal."</span></font><font size="2"><span style="font-size:9.5pt"><o:p></o:p></span></font></p>
</div>
<div>
<p class="MsoNormal"><font size="2" face="Verdana"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif">-- additional costs introduced by operating PTI with a separate legal status "should not be significant."</span></font><font size="2"><span style="font-size:9.5pt"><o:p></o:p></span></font></p>
</div>
<div>
<p class="MsoNormal"><font size="2" face="Times New Roman"><span style="font-size:9.5pt"><o:p> </o:p></span></font></p>
</div>
<div>
<p class="MsoNormal"><font size="2" face="Verdana"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif">Our counsels' practical experience certainly includes forming corporate entities and attending to corporate formalities (sometimes called "corporate
housekeeping") -- I'd daresay among our counsel they have done and continue to do this for hundreds (if not thousands) of corporations. 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). It's really a fairly objective and entirely reasonable statement for someone with the requisite knowledge to say that these "can
be fairly minimal." Indeed, I can't think of a scenario where attending to corporate formalities would not be fairly minimal.</span></font><font size="2"><span style="font-size:9.5pt"><o:p></o:p></span></font></p>
</div>
<div>
<p class="MsoNormal"><font size="2" face="Times New Roman"><span style="font-size:9.5pt"><o:p> </o:p></span></font></p>
</div>
<div>
<p class="MsoNormal"><font size="2" face="Verdana"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif">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. Again this seems like a reasonable statement and one that I'm sure is made objectively. 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></font><font size="2"><span style="font-size:9.5pt"><o:p></o:p></span></font></p>
</div>
<div>
<p class="MsoNormal"><font size="2" face="Times New Roman"><span style="font-size:9.5pt"><o:p> </o:p></span></font></p>
</div>
<div>
<p class="MsoNormal"><font size="2" face="Verdana"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif">In sum, I believe these are both reasonable and very unsurprising statements. 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. Therefore, I think it would be appropriate
to accept this advice.</span></font><font size="2"><span style="font-size:9.5pt"><o:p></o:p></span></font></p>
</div>
<div>
<p class="MsoNormal"><font size="2" face="Arial"><span style="font-size:9.5pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></font></p>
</div>
<div>
<p class="MsoNormal"><font size="2" face="Arial"><span style="font-size:9.5pt;font-family:"Arial",sans-serif">If we don't want to accept counsel's advice, I don't think the appropriate response is to delete it. Rather, I think the appropriate action would
be to ask counsel to explain the basis of the statements. Alternatively, we could insert "counsel advises" after "although" in each statement. Let me say that I don't believe we need to do either of these things. 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></font></p>
</div>
<div>
<p class="MsoNormal"><font size="2" face="Arial"><span style="font-size:9.5pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></font></p>
</div>
<div>
<p class="MsoNormal"><font size="2" face="Arial"><span style="font-size:9.5pt;font-family:"Arial",sans-serif">Greg<o:p></o:p></span></font></p>
</div>
<div>
<p class="MsoNormal"><font size="2" face="Arial"><span style="font-size:9.5pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></font></p>
</div>
</div>
</div>
</div>
<div>
<p class="MsoNormal"><font size="3" face="Times New Roman"><span style="font-size:12.0pt"><o:p> </o:p></span></font></p>
<div>
<p class="MsoNormal"><font size="3" face="Times New Roman"><span style="font-size:12.0pt">On Sun, Apr 19, 2015 at 11:51 AM, Gomes, Chuck <<a href="mailto:cgomes@verisign.com" target="_blank">cgomes@verisign.com</a>> wrote:<o:p></o:p></span></font></p>
<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>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="2" color="#1f497d" face="Calibri"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">I think that Eduardo is probably right that we really
don’t know whether the increased cost for the legal separation will be significant or not without a detailed analysis by the Finance Team. Now that we are specifically leaning toward the legal separation approach, I suggest that we request an analysis by
the Finance Team right away. 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. 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. As far as the language in © below, I suggest we say something along these lines instead saying ‘</span></font><b><i><u><span style="font-weight:bold;font-style:italic">although those should not be significant</span></u></i></b><font size="2" color="#1f497d" face="Calibri"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">’:
“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.”</span></font><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="2" color="#1f497d" face="Calibri"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"> </span></font><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="2" color="#1f497d" face="Calibri"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Chuck</span></font><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="2" color="#1f497d" face="Calibri"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"> </span></font><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><font size="2" face="Tahoma"><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif;font-weight:bold">From:</span></font></b><font size="2" face="Tahoma"><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">
<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><span style="font-weight:bold">On Behalf Of </span></b>Eduardo Diaz<br>
<b><span style="font-weight:bold">Sent:</span></b> Saturday, April 18, 2015 4:43 PM<br>
<b><span style="font-weight:bold">To:</span></b> <a href="mailto:cwg-stewardship@icann.org" target="_blank">
cwg-stewardship@icann.org</a><br>
<b><span style="font-weight:bold">Subject:</span></b> Re: [CWG-Stewardship] [client com] Draft: Summary of Legal Structure for CWG Proposal</span></font><o:p></o:p></p>
<div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" face="Times New Roman"><span style="font-size:12.0pt"> <o:p></o:p></span></font></p>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" face="Times New Roman"><span style="font-size:12.0pt">My comments about the S-A document 20179247_3 on legal structure:<o:p></o:p></span></font></p>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" face="Times New Roman"><span style="font-size:12.0pt"> <o:p></o:p></span></font></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" face="Times New Roman"><span style="font-size:12.0pt">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></span></font></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" face="Times New Roman"><span style="font-size:12.0pt"> <o:p></o:p></span></font></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" face="Times New Roman"><span style="font-size:12.0pt">2] Items (a) & (c) in section "The weaknesses of the proposed structure are as follows." (page 3): <o:p></o:p></span></font></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" face="Times New Roman"><span style="font-size:12.0pt"> <o:p></o:p></span></font></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><font size="3" face="Times New Roman"><span style="font-size:12.0pt;font-weight:bold">"(a) Requires forming a new entity and on an ongoing basis attending to a set of associated
corporate formalities, <i><u><span style="font-style:italic">although those can be fairly minimal</span></u></i>;"</span></font></b><o:p></o:p></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" face="Times New Roman"><span style="font-size:12.0pt"> <o:p></o:p></span></font></p>
</div>
<div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><font size="3" face="Times New Roman"><span style="font-size:12.0pt;font-weight:bold">" (c) May have some negative impact on operational efficiency due to the </span></font></b><o:p></o:p></p>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><font size="3" face="Times New Roman"><span style="font-size:12.0pt;font-weight:bold">functional separation, and the separate legal status will introduce some </span></font></b><o:p></o:p></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><font size="3" face="Times New Roman"><span style="font-size:12.0pt;font-weight:bold">additional costs,
<i><u><span style="font-style:italic">although those should not be significant</span></u></i>." </span></font></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><font size="3" face="Times New Roman"><span style="font-size:12.0pt;font-weight:bold"> </span></font></b><o:p></o:p></p>
</div>
</div>
<div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" face="Times New Roman"><span style="font-size:12.0pt">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></font></p>
</div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" face="Times New Roman"><span style="font-size:12.0pt"> 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. <o:p></o:p></span></font></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" face="Times New Roman"><span style="font-size:12.0pt"> <o:p></o:p></span></font></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" face="Times New Roman"><span style="font-size:12.0pt">-ed<o:p></o:p></span></font></p>
</div>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" face="Times New Roman"><span style="font-size:12.0pt"> <o:p></o:p></span></font></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" face="Times New Roman"><span style="font-size:12.0pt"> <o:p></o:p></span></font></p>
</div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" face="Times New Roman"><span style="font-size:12.0pt"> <o:p></o:p></span></font></p>
</div>
<div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" face="Times New Roman"><span style="font-size:12.0pt">On Sat, Apr 18, 2015 at 1:49 PM, Client Committee List for CWG <<a href="mailto:cwg-client@icann.org" target="_blank">cwg-client@icann.org</a>>
wrote:<o:p></o:p></span></font></p>
<div>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" color="#1f497d" face="Arial"><span style="font-size:12.0pt;font-family:"Arial",sans-serif;color:#1F497D">Dear All,</span></font><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" color="#1f497d" face="Arial"><span style="font-size:12.0pt;font-family:"Arial",sans-serif;color:#1F497D"> </span></font><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" color="#1f497d" face="Arial"><span style="font-size:12.0pt;font-family:"Arial",sans-serif;color:#1F497D">Attached is a summary of the current legal structure under
consideration by the CWG. This also includes the CCWG dependencies.</span></font><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" color="#1f497d" face="Arial"><span style="font-size:12.0pt;font-family:"Arial",sans-serif;color:#1F497D"> </span></font><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" color="#1f497d" face="Arial"><span style="font-size:12.0pt;font-family:"Arial",sans-serif;color:#1F497D">Please let us know if you have any comments or would like
to discuss.</span></font><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" color="#1f497d" face="Arial"><span style="font-size:12.0pt;font-family:"Arial",sans-serif;color:#1F497D"> </span></font><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" color="#1f497d" face="Arial"><span style="font-size:12.0pt;font-family:"Arial",sans-serif;color:#1F497D">Best regards,</span></font><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" color="#1f497d" face="Arial"><span style="font-size:12.0pt;font-family:"Arial",sans-serif;color:#1F497D">Sharon</span></font><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" color="#1f497d" face="Arial"><span style="font-size:12.0pt;font-family:"Arial",sans-serif;color:#1F497D"> </span></font><o:p></o:p></p>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><font size="2" color="#1f497d" face="Arial"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D;font-weight:bold">SHARON</span></font></b><font size="1" color="#1f497d" face="Arial"><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#1F497D"> </span></font><b><font size="2" color="#1f497d" face="Arial"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D;font-weight:bold">FLANAGAN</span></font></b><font size="1" color="#1f497d" face="Arial"><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#1F497D"><br>
Partner<br>
<br>
</span></font><b><font size="2" color="#1f497d" face="Arial"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D;font-weight:bold">Sidley Austin LLP</span></font></b><b><font size="1" color="#1f497d" face="Arial"><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#1F497D;font-weight:bold"><br>
</span></font></b><font size="1" color="#1f497d" face="Arial"><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#1F497D"><a href="tel:%2B1.415.772.1271" target="_blank">+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></font><o:p></o:p></p>
</div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" face="Times New Roman"><span style="font-size:12.0pt"> <o:p></o:p></span></font></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" face="Arial"><span style="font-size:12.0pt;font-family:"Arial",sans-serif"> </span></font><o:p></o:p></p>
</div>
<p><font size="3" face="Times New Roman"><span style="font-size:12.0pt"> <o:p></o:p></span></font></p>
<p><font size="3" face="Times New Roman"><span style="font-size:12.0pt">****************************************************************************************************<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></span></font></p>
</div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:12.0pt"><font size="3" face="Times New Roman"><span style="font-size: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></span></font></p>
</div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" face="Times New Roman"><span style="font-size:12.0pt"><br>
<br clear="all">
<o:p></o:p></span></font></p>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" face="Times New Roman"><span style="font-size:12.0pt"> <o:p></o:p></span></font></p>
</div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><font size="3" face="Times New Roman"><span style="font-size:12.0pt">--
<o:p></o:p></span></font></p>
<div>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><font size="3" face="Verdana"><span style="font-size:12.0pt;font-family:"Verdana",sans-serif;font-weight:bold">NOTICE:</span></font></b> 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" style="margin-bottom:12.0pt"><font size="3" face="Times New Roman"><span style="font-size: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></span></font></p>
</blockquote>
</div>
<p class="MsoNormal"><font size="3" face="Times New Roman"><span style="font-size:12.0pt"><o:p> </o:p></span></font></p>
</div>
</div>
</div>
</body>
</html>