Please find attached, in PDF format, the Registries Stakeholder Group (RySG) comments on ICANN Reserve Fund – Public Comment on Rationale and Target Level. In the interest of time, the RySG did not conduct a formal vote on these comments. They were circulated and debated on our mailing list, with no member expressing opposition to their submission. Please do not hesitate to contact me or any member of the RySG Executive Committee should you have any questions. Best regards, Stéphane Van Gelder RySG Vice Chair (Policy)