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<p class="MsoNormal"><span style="color:#1F497D">Dear all,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Attached please find a draft of the proposed term sheet for the PTI-ICANN IANA Functions Contract designed to replace the NTIA-ICANN agreement. For your convenience, we attach the following:<o:p></o:p></span></p>
<p class="MsoListParagraph" style="margin-left:.75in;text-indent:-.5in;mso-list:l0 level1 lfo2">
<![if !supportLists]><span style="color:#1F497D"><span style="mso-list:Ignore">•<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="color:#1F497D">Term Sheet, in memo format (clean).
<o:p></o:p></span></p>
<p class="MsoListParagraph" style="margin-left:.75in;text-indent:-.5in;mso-list:l0 level1 lfo2">
<![if !supportLists]><span style="color:#1F497D"><span style="mso-list:Ignore">•<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="color:#1F497D">Cumulative redline against the initial term sheet included in the December CWG Draft Proposal<o:p></o:p></span></p>
<p class="MsoListParagraph" style="margin-left:.75in;text-indent:-.5in;mso-list:l0 level1 lfo2">
<![if !supportLists]><span style="color:#1F497D"><span style="mso-list:Ignore">•<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="color:#1F497D">NTIA-ICANN Contract<o:p></o:p></span></p>
<p class="MsoListParagraph" style="margin-left:.75in;text-indent:-.5in;mso-list:l0 level1 lfo2">
<![if !supportLists]><span style="color:#1F497D"><span style="mso-list:Ignore">•<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="color:#1F497D">Second CWG Draft Proposal (April 2015)<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">We look forward to discussing this with you.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Cheers,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Josh<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#1F497D">JOSHUA</span></b><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#1F497D"> <b>HOFHEIMER<o:p></o:p></b></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:#1F497D">Sidley Austin LLP<br>
+1.213.896.6061 (LA direct)<br>
+1.650.565.7561 (PA direct)<br>
+1.323.708.2405 (cell)<br>
<a href="mailto:jhofheimer@sidley.com" title="Click to send email to Hofheimer, Joshua T.">jhofheimer@sidley.com</a><br>
<a href="http://www.sidley.com/" title="www.sidley.com">www.sidley.com</a><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><a href="http://www.sidley.com/"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";text-decoration:none"><img border="0" width="35" height="35" id="_x0000_i1025" src="http://www.sidley.com/files/upload/signatures/SA-autosig.png" alt="http://www.sidley.com/files/upload/signatures/SA-autosig.png"></span></a><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#1F497D"> <b>SIDLEY
AUSTIN LLP</b></span><span style="font-size:10.0pt;font-family:"Times New Roman","serif";color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;color:#1F497D"> </span><span style="color:#1F497D"><o:p></o:p></span></p>
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