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    <p>A lease policy should never exist in my opinion and registries
      should stand strong against it for the simple reason that IPs are
      not assets or something that belong to a company for it to lease.</p>
    <p>Is it always necessary to remind that IP addresses are meant to
      be used by the resource holders who  justified for that ? If
      someone is leasing it it obviously means it does not need and
      justify anymore for that IP space and any RIR should recover them
      immediately. If such a policy doesn't exist on its terms it should
      exist and should be discussed to make it sooner.<br>
      I would recommend some Jon Postel reading to those who believe "it
      is Ok to lease IPs" as if they were they very own asset as a
      router or a server that you buy with a invoice and you do whatever
      you like with it.<br>
    </p>
    <p>This type of thing goes pretty much against concepts of
      conservation and justification.<br>
      Imagine if someone asked a RIR more IP address and may justify as
      "I need them in order to lease them". That's what a lease policy
      would walk towards to.</p>
    <p>As I mentioned in the other message, the fact the people do
      anyway and the whois doesn't get updated is **less important**
      than having people monetizing IP addresses in such way while there
      are others on waiting lists that truly justify for those
      addresses.</p>
    <p>Regards<br>
      Fernando<br>
    </p>
    <div class="moz-cite-prefix">On 29/05/2019 18:02, Mike Burns wrote:<br>
    </div>
    <blockquote type="cite"
      cite="mid:030e01d51661$d6bae8f0$8430bad0$@iptrading.com">
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      <div class="WordSection1">
        <p class="MsoNormal">Hi Robert,<o:p></o:p></p>
        <p class="MsoNormal"><o:p> </o:p></p>
        <p class="MsoNormal">The problem of leasing space before the 12
          month waiting period, so as *<b>only</b>* to avoid that
          period, is small in my experience.<o:p></o:p></p>
        <p class="MsoNormal">After a year, any such lessor could sell if
          they wanted to, and they have the same sell/lease incentives
          as any other ARIN holder.<o:p></o:p></p>
        <p class="MsoNormal">Do you have evidence that people are
          monetizing waiting-list addresses prior to the 12 month period
          by leasing them? <o:p></o:p></p>
        <p class="MsoNormal"><o:p> </o:p></p>
        <p class="MsoNormal">What you say below, however, is completely
          correct.<o:p></o:p></p>
        <p class="MsoNormal">I have tried to direct the community
          towards the glaring absence of a lease policy at any registry.<o:p></o:p></p>
        <p class="MsoNormal">I believe it’s time for such a policy,
          given the market circumstances we find ourselves in.<o:p></o:p></p>
        <p class="MsoNormal">Such a policy would allow for open leasing,
          with certain recording requirements for abuse contacts of the
          lessee, etc.<o:p></o:p></p>
        <p class="MsoNormal">I think such a policy would be in-scope and
          would yield, in a negative way, to the desired results of the
          anti-BGP hacking policy.<o:p></o:p></p>
        <p class="MsoNormal"><o:p> </o:p></p>
        <p class="MsoNormal">Regards,<o:p></o:p></p>
        <p class="MsoNormal">Mike<o:p></o:p></p>
        <p class="MsoNormal"><o:p> </o:p></p>
        <p class="MsoNormal"><o:p> </o:p></p>
        <p class="MsoNormal"><o:p> </o:p></p>
        <p class="MsoNormal"><o:p> </o:p></p>
        <div>
          <div style="border:none;border-top:solid #E1E1E1
            1.0pt;padding:3.0pt 0in 0in 0in">
            <p class="MsoNormal"><b>From:</b> Robert Clarke
              <a class="moz-txt-link-rfc2396E" href="mailto:robert@rjfc.net"><robert@rjfc.net></a> <br>
              <b>Sent:</b> Wednesday, May 29, 2019 4:24 PM<br>
              <b>To:</b> Mike Burns <a class="moz-txt-link-rfc2396E" href="mailto:mike@iptrading.com"><mike@iptrading.com></a><br>
              <b>Cc:</b> Fernando Frediani <a class="moz-txt-link-rfc2396E" href="mailto:fhfrediani@gmail.com"><fhfrediani@gmail.com></a>;
              arin-ppml <a class="moz-txt-link-rfc2396E" href="mailto:arin-ppml@arin.net"><arin-ppml@arin.net></a><br>
              <b>Subject:</b> Re: [arin-ppml] Waiting List IPv4 blocks
              transferred after issuance<o:p></o:p></p>
          </div>
        </div>
        <p class="MsoNormal"><o:p> </o:p></p>
        <p class="MsoNormal">Hello Mike,<o:p></o:p></p>
        <div>
          <p class="MsoNormal"><o:p> </o:p></p>
        </div>
        <div>
          <p class="MsoNormal">Why are you using John's "waiting list
            IPv4 blocks transferred" numbers as a baseline for the /19
            numbers? This is completely arbitrary and doesn't give any
            scale as to the problem with fraud. See my earlier reply to
            John's email in the other thread:<o:p></o:p></p>
        </div>
        <div>
          <p class="MsoNormal"><o:p> </o:p></p>
        </div>
        <div>
          <p class="MsoNormal">"<span style="color:black">Thanks for
              sharing. I'd like to note that it can be dangerous to use
              the blocks transferred via 8.2/8.3/9.4 as a metric for
              abuse. A fraudster that gets past ARIN's scrutiny and
              obtains IPs with fraudulent information is probably smart
              enough to lease their IPs as opposed to selling the space
              outright. There is a huge market for leased space, and
              those deals happen behind closed doors with no oversight
              from ARIN. IP addresses go for $0.2-0.5/mo depending on
              term/IP reputation/size which could lead to $XX,XXX in
              illicit revenue with no risk of ARIN's scrutiny which
              would normally occur during the transfer process."</span><o:p></o:p></p>
        </div>
        <div>
          <p class="MsoNormal"><o:p> </o:p></p>
        </div>
        <div>
          <p class="MsoNormal">Thanks,<o:p></o:p></p>
        </div>
        <div>
          <p class="MsoNormal"><o:p> </o:p></p>
          <div>
            <div>
              <p class="MsoNormal"><span style="color:black">Robert
                  Clarke<o:p></o:p></span></p>
            </div>
          </div>
        </div>
        <div>
          <p class="MsoNormal"><br>
            <br>
            <o:p></o:p></p>
          <blockquote style="margin-top:5.0pt;margin-bottom:5.0pt">
            <div>
              <p class="MsoNormal">On May 29, 2019, at 8:13 AM, Mike
                Burns <<a href="mailto:mike@iptrading.com"
                  moz-do-not-send="true">mike@iptrading.com</a>>
                wrote:<o:p></o:p></p>
            </div>
            <p class="MsoNormal"><o:p> </o:p></p>
            <div>
              <div>
                <p class="MsoNormal" style="background:white">Hi
                  Fernando,<o:p></o:p></p>
              </div>
              <div>
                <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
              </div>
              <div>
                <p class="MsoNormal" style="background:white">Thanks for
                  the discussion.<o:p></o:p></p>
              </div>
              <div>
                <p class="MsoNormal" style="background:white">Many feel
                  as you do, that unused addresses should be returned to
                  ARIN for subsequent distribution to those in need.<o:p></o:p></p>
              </div>
              <div>
                <p class="MsoNormal" style="background:white">Unfortunately,
                  that policy was not successful in bringing unused
                  addresses into actual use by those in need.<o:p></o:p></p>
              </div>
              <div>
                <p class="MsoNormal" style="background:white">The
                  community decided to harness the profit motive to
                  incentive this process, and by all accounts it is
                  working.<o:p></o:p></p>
              </div>
              <div>
                <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
              </div>
              <div>
                <p class="MsoNormal" style="background:white">Unfortunately
                  the profit motive also incentivizes fraudulent
                  plundering of the waiting list pool.<o:p></o:p></p>
              </div>
              <div>
                <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
              </div>
              <div>
                <p class="MsoNormal" style="background:white">So I am
                  happy to discuss the correct balancing of things to
                  prevent fraud but allow the market to continue to
                  drive us towards the desirable ends of accurate
                  registration and efficient use.<o:p></o:p></p>
              </div>
              <div>
                <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
              </div>
              <div>
                <p class="MsoNormal" style="background:white">Since the
                  /19 is the threshold number of sorts for flipping, I
                  could accept a /20 as the maximum size.<o:p></o:p></p>
              </div>
              <div>
                <p class="MsoNormal" style="background:white">I think a
                  2 year wait is reasonable, but I don’t see the
                  additional benefit as worth the distinction of ARIN
                  space into more classes.<o:p></o:p></p>
              </div>
              <div>
                <p class="MsoNormal" style="background:white">And making
                  it more complicated with multiple waiting periods is
                  even less desirable, IMO.<o:p></o:p></p>
              </div>
              <div>
                <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
              </div>
              <div>
                <p class="MsoNormal" style="background:white">Regards,<br>
                  Mike<o:p></o:p></p>
              </div>
              <div>
                <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
              </div>
              <div>
                <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
              </div>
              <div>
                <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
              </div>
              <div>
                <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
              </div>
              <div>
                <div style="border:none;border-top:solid #E1E1E1
                  1.0pt;padding:3.0pt 0in 0in 0in">
                  <div>
                    <p class="MsoNormal" style="background:white"><b>From:</b><span
                        class="apple-converted-space"> </span>ARIN-PPML
                      <<a href="mailto:arin-ppml-bounces@arin.net"
                        moz-do-not-send="true">arin-ppml-bounces@arin.net</a>><span
                        class="apple-converted-space"> </span><b>On
                        Behalf Of<span class="apple-converted-space"> </span></b>Fernando
                      Frediani<br>
                      <b>Sent:</b><span class="apple-converted-space"> </span>Wednesday,
                      May 29, 2019 10:50 AM<br>
                      <b>To:</b><span class="apple-converted-space"> </span><a
                        href="mailto:arin-ppml@arin.net"
                        moz-do-not-send="true">arin-ppml@arin.net</a><br>
                      <b>Subject:</b><span class="apple-converted-space"> </span>Re:
                      [arin-ppml] Waiting List IPv4 blocks transferred
                      after issuance<o:p></o:p></p>
                  </div>
                </div>
              </div>
              <div>
                <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
              </div>
              <div>
                <div>
                  <p class="MsoNormal" style="background:white">On
                    29/05/2019 11:31, Mike Burns wrote:<o:p></o:p></p>
                </div>
              </div>
              <blockquote style="margin-top:5.0pt;margin-bottom:5.0pt">
                <div>
                  <p class="MsoNormal" style="background:white">Orgs
                    will wait out any period, sitting with unused
                    addresses until they reach the resale date. Not
                    efficient use.<o:p></o:p></p>
                </div>
              </blockquote>
              <div>
                <p class="MsoNormal" style="background:white"><span
                    style="font-size:9.0pt;font-family:"Helvetica",sans-serif">If
                    it's not a legacy resource and if ARIN gets to know
                    about it, it may just recover this addresses even if
                    the resource holder is paying it correctly. That's
                    how it should work.<o:p></o:p></span></p>
              </div>
              <blockquote style="margin-top:5.0pt;margin-bottom:5.0pt">
                <div>
                  <p class="MsoNormal" style="background:white"><br>
                    <br>
                    <br>
                    <o:p></o:p></p>
                </div>
                <div>
                  <p class="MsoNormal" style="background:white">People
                    will lease unused addresses to others and Whois
                    accuracy will suffer if they can’t resell them. Not
                    accurate registration.<o:p></o:p></p>
                </div>
              </blockquote>
              <div>
                <p class="MsoNormal" style="background:white"><span
                    style="font-size:9.0pt;font-family:"Helvetica",sans-serif">If
                    people lease they prove they have no use for the
                    addresses and again ARIN should recover them at any
                    time. If whois is inaccurate, well it is their fault
                    and not policies fault. They must bind to the
                    current rules not the other way round.<o:p></o:p></span></p>
              </div>
              <blockquote style="margin-top:5.0pt;margin-bottom:5.0pt">
                <div>
                  <p class="MsoNormal" style="background:white"><br>
                    <br>
                    <br>
                    <o:p></o:p></p>
                </div>
                <div>
                  <p class="MsoNormal" style="background:white">I think
                    we should give everybody currently on the list up to
                    a /19 and then restrict new entries to a /22.<o:p></o:p></p>
                </div>
              </blockquote>
              <div>
                <p class="MsoNormal" style="background:white">Fair to
                  discuss this scenario, although I still think /19 is
                  too much. Agree on /22 for new entries.<br>
                  <br>
                  <br>
                  <o:p></o:p></p>
              </div>
              <blockquote style="margin-top:5.0pt;margin-bottom:5.0pt">
                <div>
                  <p class="MsoNormal" style="background:white">I think
                    a 5 year resale wait is too long, based on the
                    paltry resales of prior waiting-list subnets smaller
                    than /19.<o:p></o:p></p>
                </div>
              </blockquote>
              <div>
                <p class="MsoNormal" style="background:white">It may be
                  long, but 2 years seems a little short and
                  'acceptable' for a fraudster. Perhaps something in
                  between.<br>
                  <br>
                  <br>
                  <br>
                  <o:p></o:p></p>
              </div>
              <blockquote style="margin-top:5.0pt;margin-bottom:5.0pt">
                <div>
                  <p class="MsoNormal" style="background:white">I
                    support a /22 restriction for new entrants, a /19
                    max for current list members, and maintenance of the
                    12 month wait for simplicity’s sake.<o:p></o:p></p>
                </div>
              </blockquote>
              <div>
                <p class="MsoNormal" style="background:white">What about
                  discuss /22 for new entrants, /20 for current list
                  members and 36, 42 or 48 months for transfers ? Seems
                  more reasonable in my view and cover most aspects of
                  this discussion.<br>
                  <br>
                  <br>
                  <o:p></o:p></p>
              </div>
              <blockquote style="margin-top:5.0pt;margin-bottom:5.0pt">
                <div>
                  <p class="MsoNormal" style="background:white"><br>
                    <br>
                    <br>
                    <o:p></o:p></p>
                </div>
                <div>
                  <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
                </div>
                <div>
                  <p class="MsoNormal" style="background:white">Regards,<br>
                    Mike<o:p></o:p></p>
                </div>
                <div>
                  <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
                </div>
                <div>
                  <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
                </div>
                <div>
                  <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
                </div>
                <div>
                  <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
                </div>
                <div>
                  <div style="border:none;border-top:solid #E1E1E1
                    1.0pt;padding:3.0pt 0in 0in 0in">
                    <div>
                      <p class="MsoNormal" style="background:white"><b>From:</b><span
                          class="apple-converted-space"> </span>ARIN-PPML<span
                          class="apple-converted-space"> </span><a
                          href="mailto:arin-ppml-bounces@arin.net"
                          moz-do-not-send="true"><span
                            style="color:purple"><arin-ppml-bounces@arin.net></span></a><span
                          class="apple-converted-space"> </span><b>On
                          Behalf Of<span class="apple-converted-space"> </span></b>Fernando
                        Frediani<br>
                        <b>Sent:</b><span class="apple-converted-space"> </span>Wednesday,
                        May 29, 2019 8:51 AM<br>
                        <b>To:</b><span class="apple-converted-space"> </span><a
                          href="mailto:arin-ppml@arin.net"
                          moz-do-not-send="true"><span
                            style="color:purple">arin-ppml@arin.net</span></a><br>
                        <b>Subject:</b><span
                          class="apple-converted-space"> </span>Re:
                        [arin-ppml] Waiting List IPv4 blocks transferred
                        after issuance<o:p></o:p></p>
                    </div>
                  </div>
                </div>
                <div>
                  <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
                </div>
                <div>
                  <p class="MsoNormal" style="background:white"><span
                      style="font-size:9.0pt;font-family:"Helvetica",sans-serif">+1<o:p></o:p></span></p>
                </div>
                <div>
                  <div>
                    <p class="MsoNormal" style="background:white">On
                      28/05/2019 23:52, Owen DeLong wrote:<o:p></o:p></p>
                  </div>
                </div>
                <blockquote style="margin-top:5.0pt;margin-bottom:5.0pt">
                  <div>
                    <p class="MsoNormal" style="background:white">Mike,<span
                        class="apple-converted-space"> </span><o:p></o:p></p>
                  </div>
                  <div>
                    <div>
                      <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
                    </div>
                  </div>
                  <div>
                    <div>
                      <p class="MsoNormal" style="background:white">Yes
                        and no. I believe that the lack of legacy
                        holders for any blocks issued under 4.1.8
                        reduces the need for the market.<o:p></o:p></p>
                    </div>
                  </div>
                  <div>
                    <div>
                      <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
                    </div>
                  </div>
                  <div>
                    <div>
                      <p class="MsoNormal" style="background:white">Defunct
                        organizations can easily be reclaimed in this
                        space because they stop paying their ARIN bill.<o:p></o:p></p>
                    </div>
                  </div>
                  <div>
                    <div>
                      <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
                    </div>
                  </div>
                  <div>
                    <div>
                      <p class="MsoNormal" style="background:white">Eliminating
                        the resale value of these addresses won’t really
                        encourage squatting on them and limiting the
                        size of organization and size of block that can
                        benefit from 4.1.8 further helps to reduce the
                        potential for hoarding.<o:p></o:p></p>
                    </div>
                  </div>
                  <div>
                    <div>
                      <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
                    </div>
                  </div>
                  <div>
                    <div>
                      <p class="MsoNormal" style="background:white">I
                        realize that as a broker, any address that can’t
                        be monetized is a lost opportunity for your
                        organization, but I think there’s plenty of
                        addresses out there that haven’t been processed
                        through 4.1.8, so I don’t think limiting the
                        resale potential of such blocks to reduce fraud
                        is a bad idea.<o:p></o:p></p>
                    </div>
                  </div>
                  <div>
                    <div>
                      <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
                    </div>
                  </div>
                  <div>
                    <div>
                      <p class="MsoNormal" style="background:white">Owen<o:p></o:p></p>
                    </div>
                  </div>
                  <div>
                    <div>
                      <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
                    </div>
                    <div>
                      <div>
                        <p class="MsoNormal" style="background:white"><br>
                          <br>
                          <br>
                          <br>
                          <o:p></o:p></p>
                      </div>
                      <blockquote
                        style="margin-top:5.0pt;margin-bottom:5.0pt">
                        <div>
                          <div>
                            <p class="MsoNormal"
                              style="background:white">On May 28, 2019,
                              at 12:46 , Mike Burns <<a
                                href="mailto:mike@iptrading.com"
                                moz-do-not-send="true"><span
                                  style="color:purple">mike@iptrading.com</span></a>>
                              wrote:<o:p></o:p></p>
                          </div>
                        </div>
                        <div>
                          <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
                        </div>
                        <div>
                          <div>
                            <div>
                              <p class="MsoNormal"
                                style="background:white">The percentages
                                of blocks transferred takes a
                                significant leap at the /19 size.<o:p></o:p></p>
                            </div>
                          </div>
                          <div>
                            <div>
                              <p class="MsoNormal"
                                style="background:white">Below that, the
                                percentages are all below 7%.<o:p></o:p></p>
                            </div>
                          </div>
                          <div>
                            <div>
                              <p class="MsoNormal"
                                style="background:white">At /19 and
                                above, the percentages are all above
                                21%.<o:p></o:p></p>
                            </div>
                          </div>
                          <div>
                            <div>
                              <p class="MsoNormal"
                                style="background:white">Seems like a
                                natural demarcation for maximum block
                                size, but prices do continue to rise.<o:p></o:p></p>
                            </div>
                          </div>
                          <div>
                            <div>
                              <p class="MsoNormal"
                                style="background:white">While we want
                                to fight fraud, we should still remember
                                the underlying reasons for the Ipv4
                                transfer market apply to these addresses
                                as well.<o:p></o:p></p>
                            </div>
                          </div>
                          <div>
                            <div>
                              <p class="MsoNormal"
                                style="background:white">That is, the
                                market provides incentives for efficient
                                use and accurate registration.<o:p></o:p></p>
                            </div>
                          </div>
                          <div>
                            <div>
                              <p class="MsoNormal"
                                style="background:white"> <o:p></o:p></p>
                            </div>
                          </div>
                          <div>
                            <div>
                              <p class="MsoNormal"
                                style="background:white">Regards,<br>
                                Mike<o:p></o:p></p>
                            </div>
                          </div>
                          <div>
                            <div>
                              <p class="MsoNormal"
                                style="background:white"> <o:p></o:p></p>
                            </div>
                          </div>
                          <div>
                            <div>
                              <p class="MsoNormal"
                                style="background:white"> <o:p></o:p></p>
                            </div>
                          </div>
                          <div>
                            <div>
                              <p class="MsoNormal"
                                style="background:white"> <o:p></o:p></p>
                            </div>
                          </div>
                          <div>
                            <div>
                              <p class="MsoNormal"
                                style="background:white"> <o:p></o:p></p>
                            </div>
                          </div>
                          <div>
                            <div style="border:none;border-top:solid
                              #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
                              <div>
                                <div>
                                  <p class="MsoNormal"
                                    style="background:white"><b>From:</b><span
                                      class="apple-converted-space"> </span>ARIN-PPML
                                    <<a
                                      href="mailto:arin-ppml-bounces@arin.net"
                                      moz-do-not-send="true"><span
                                        style="color:#954F72">arin-ppml-bounces@arin.net</span></a>><span
                                      class="apple-converted-space"> </span><b>On
                                      Behalf Of<span
                                        class="apple-converted-space"> </span></b>John
                                    Curran<br>
                                    <b>Sent:</b><span
                                      class="apple-converted-space"> </span>Tuesday,
                                    May 28, 2019 1:53 PM<br>
                                    <b>To:</b><span
                                      class="apple-converted-space"> </span>ARIN-PPML
                                    List <<a
                                      href="mailto:arin-ppml@arin.net"
                                      moz-do-not-send="true"><span
                                        style="color:#954F72">arin-ppml@arin.net</span></a>><br>
                                    <b>Subject:</b><span
                                      class="apple-converted-space"> </span>[arin-ppml]
                                    Waiting List IPv4 blocks transferred
                                    after issuance<br>
                                    <b>Importance:</b><span
                                      class="apple-converted-space"> </span>High<o:p></o:p></p>
                                </div>
                              </div>
                            </div>
                          </div>
                          <div>
                            <div>
                              <p class="MsoNormal"
                                style="background:white"> <o:p></o:p></p>
                            </div>
                          </div>
                          <div>
                            <div>
                              <div>
                                <p class="MsoNormal"
                                  style="background:white">Folks - <o:p></o:p></p>
                              </div>
                            </div>
                          </div>
                          <div>
                            <div>
                              <div>
                                <p class="MsoNormal"
                                  style="background:white"> <o:p></o:p></p>
                              </div>
                            </div>
                          </div>
                          <div>
                            <div>
                              <div>
                                <p class="MsoNormal"
                                  style="background:white">It occurred
                                  to me that it might be useful to have
                                  a quick summary of waiting list blocks
                                  issued and subsequently transferred. <o:p></o:p></p>
                              </div>
                            </div>
                          </div>
                          <div>
                            <div>
                              <div>
                                <p class="MsoNormal"
                                  style="background:white"> <o:p></o:p></p>
                              </div>
                            </div>
                          </div>
                          <div>
                            <div>
                              <div>
                                <p class="MsoNormal"
                                  style="background:white">Attached is
                                  the distribution (count per prefix
                                  size) of all blocks that have been
                                  issued via ARIN's waiting list policy
                                  and subsequently transferred via NRPM
                                  8.2/8.3/8.4 policy.<o:p></o:p></p>
                              </div>
                            </div>
                          </div>
                          <div>
                            <div>
                              <div>
                                <p class="MsoNormal"
                                  style="background:white"> <o:p></o:p></p>
                              </div>
                            </div>
                          </div>
                          <div>
                            <div>
                              <div>
                                <p class="MsoNormal"
                                  style="background:white">FYI,<o:p></o:p></p>
                              </div>
                            </div>
                          </div>
                          <div>
                            <div>
                              <div>
                                <p class="MsoNormal"
                                  style="background:white">/John<o:p></o:p></p>
                              </div>
                            </div>
                          </div>
                          <div>
                            <div>
                              <div>
                                <p class="MsoNormal"
                                  style="background:white"> <o:p></o:p></p>
                              </div>
                            </div>
                          </div>
                          <div>
                            <div>
                              <div>
                                <div>
                                  <p class="MsoNormal"
                                    style="background:white">John Curran<o:p></o:p></p>
                                </div>
                              </div>
                            </div>
                            <div>
                              <div>
                                <div>
                                  <p class="MsoNormal"
                                    style="background:white">President
                                    and CEO<o:p></o:p></p>
                                </div>
                              </div>
                            </div>
                            <div>
                              <div>
                                <div>
                                  <p class="MsoNormal"
                                    style="background:white">American
                                    Registry for Internet Numbers<o:p></o:p></p>
                                </div>
                              </div>
                            </div>
                          </div>
                          <div>
                            <div>
                              <div>
                                <p class="MsoNormal"
                                  style="background:white"> <o:p></o:p></p>
                              </div>
                            </div>
                          </div>
                          <div>
                            <div>
                              <div>
                                <p class="MsoNormal"
                                  style="background:white"> <o:p></o:p></p>
                              </div>
                            </div>
                          </div>
                          <div>
                            <div>
                              <div>
                                <p class="MsoNormal"
                                  style="background:white"> <o:p></o:p></p>
                              </div>
                            </div>
                          </div>
                          <div>
                            <div>
                              <div>
                                <p class="MsoNormal"
                                  style="background:white"><image001.png><o:p></o:p></p>
                              </div>
                            </div>
                          </div>
                          <div>
                            <p class="MsoNormal"
                              style="background:white"><span
                                style="font-size:9.0pt;font-family:"Helvetica",sans-serif">_______________________________________________<br>
                                ARIN-PPML<br>
                                You are receiving this message because
                                you are subscribed to<br>
                                the ARIN Public Policy Mailing List (</span><a
                                href="mailto:ARIN-PPML@arin.net"
                                moz-do-not-send="true"><span
style="font-size:9.0pt;font-family:"Helvetica",sans-serif;color:#954F72">ARIN-PPML@arin.net</span></a><span
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                                Unsubscribe or manage your mailing list
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                                Please contact<span
                                  class="apple-converted-space"> </span></span><a
                                href="mailto:info@arin.net"
                                moz-do-not-send="true"><span
style="font-size:9.0pt;font-family:"Helvetica",sans-serif;color:purple">info@arin.net</span></a><span
                                class="apple-converted-space"><span
                                  style="font-size:9.0pt;font-family:"Helvetica",sans-serif"> </span></span><span
style="font-size:9.0pt;font-family:"Helvetica",sans-serif">if
                                you experience any issues.</span><o:p></o:p></p>
                          </div>
                        </div>
                      </blockquote>
                    </div>
                    <div>
                      <p class="MsoNormal" style="background:white"> <o:p></o:p></p>
                    </div>
                  </div>
                  <div>
                    <p class="MsoNormal" style="background:white"><br>
                      <br>
                      <br>
                      <br>
                      <o:p></o:p></p>
                  </div>
                  <pre style="background:white">_______________________________________________<o:p></o:p></pre>
                  <pre style="background:white">ARIN-PPML<o:p></o:p></pre>
                  <pre style="background:white">You are receiving this message because you are subscribed to<o:p></o:p></pre>
                  <pre style="background:white">the ARIN Public Policy Mailing List (<a href="mailto:ARIN-PPML@arin.net" moz-do-not-send="true"><span style="color:purple">ARIN-PPML@arin.net</span></a>).<o:p></o:p></pre>
                  <pre style="background:white">Unsubscribe or manage your mailing list subscription at:<o:p></o:p></pre>
                  <pre style="background:white"><a href="https://lists.arin.net/mailman/listinfo/arin-ppml" moz-do-not-send="true"><span style="color:purple">https://lists.arin.net/mailman/listinfo/arin-ppml</span></a><o:p></o:p></pre>
                  <pre style="background:white">Please contact <a href="mailto:info@arin.net" moz-do-not-send="true"><span style="color:purple">info@arin.net</span></a> if you experience any issues.<o:p></o:p></pre>
                </blockquote>
              </blockquote>
              <p class="MsoNormal"><span
style="font-size:9.0pt;font-family:"Helvetica",sans-serif;background:white">_______________________________________________</span><span
style="font-size:9.0pt;font-family:"Helvetica",sans-serif"><br>
                  <span style="background:white">ARIN-PPML</span><br>
                  <span style="background:white">You are receiving this
                    message because you are subscribed to</span><br>
                  <span style="background:white">the ARIN Public Policy
                    Mailing List (<a href="mailto:ARIN-PPML@arin.net"
                      moz-do-not-send="true">ARIN-PPML@arin.net</a>).</span><br>
                  <span style="background:white">Unsubscribe or manage
                    your mailing list subscription at:</span><br>
                  <span style="background:white"><a
                      href="https://lists.arin.net/mailman/listinfo/arin-ppml"
                      moz-do-not-send="true">https://lists.arin.net/mailman/listinfo/arin-ppml</a></span><br>
                  <span style="background:white">Please contact <a
                      href="mailto:info@arin.net" moz-do-not-send="true">info@arin.net</a>
                    if you experience any issues.</span></span><o:p></o:p></p>
            </div>
          </blockquote>
        </div>
        <p class="MsoNormal"><o:p> </o:p></p>
      </div>
    </blockquote>
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