diff --git a/java/google/registry/config/RegistryConfig.java b/java/google/registry/config/RegistryConfig.java
index 5d0fae842..528041770 100644
--- a/java/google/registry/config/RegistryConfig.java
+++ b/java/google/registry/config/RegistryConfig.java
@@ -19,6 +19,7 @@ import static google.registry.config.ConfigUtils.makeUrl;
 import static java.lang.annotation.RetentionPolicy.RUNTIME;
 
 import com.google.common.annotations.VisibleForTesting;
+import com.google.common.base.Splitter;
 import com.google.common.base.Supplier;
 import com.google.common.collect.ImmutableList;
 import com.google.common.collect.ImmutableMap;
@@ -33,6 +34,7 @@ import java.lang.annotation.Retention;
 import java.net.URI;
 import java.net.URL;
 import java.util.Optional;
+import java.util.stream.Collectors;
 import javax.annotation.Nullable;
 import javax.inject.Named;
 import javax.inject.Qualifier;
@@ -1063,7 +1065,13 @@ public final class RegistryConfig {
     @Provides
     @Config("reservedTermsExportDisclaimer")
     public static String provideReservedTermsExportDisclaimer(RegistryConfigSettings config) {
-      return config.registryPolicy.reservedTermsExportDisclaimer;
+      return Splitter.on('\n')
+          .omitEmptyStrings()
+          .trimResults()
+          .splitToList(config.registryPolicy.reservedTermsExportDisclaimer)
+          .stream()
+          .map(s -> "# " + s)
+          .collect(Collectors.joining("\n"));
     }
 
     /** Returns the clientId of the registrar used by the {@code CheckApiServlet}. */
@@ -1390,7 +1398,8 @@ public final class RegistryConfig {
    * <p>Memoizing without cache expiration is used because the app must be re-deployed in order to
    * change the contents of the YAML config files.
    */
-  private static final Supplier<RegistryConfigSettings> CONFIG_SETTINGS =
+  @VisibleForTesting
+  static final Supplier<RegistryConfigSettings> CONFIG_SETTINGS =
       memoize(YamlUtils::getConfigSettings);
 
   private RegistryConfig() {}
diff --git a/java/google/registry/config/files/nomulus-config-unittest.yaml b/java/google/registry/config/files/nomulus-config-unittest.yaml
index cd3078a5e..a41fd9cf6 100644
--- a/java/google/registry/config/files/nomulus-config-unittest.yaml
+++ b/java/google/registry/config/files/nomulus-config-unittest.yaml
@@ -6,6 +6,9 @@ registryPolicy:
     - notification@test.example
     - notification2@test.example
   defaultRegistrarWhoisServer: whois.nic.fakewhois.example
+  reservedTermsExportDisclaimer: |
+    Disclaimer line 1.
+    Line 2 is this 1.
 
 datastore:
   commitLogBucketsNum: 3
diff --git a/java/google/registry/export/ExportUtils.java b/java/google/registry/export/ExportUtils.java
index 96b06f8e6..668b49cfe 100644
--- a/java/google/registry/export/ExportUtils.java
+++ b/java/google/registry/export/ExportUtils.java
@@ -37,7 +37,7 @@ public final class ExportUtils {
 
   /** Returns the file contents of the auto-export reserved terms document for the given TLD. */
   public String exportReservedTerms(Registry registry) {
-    StringBuilder termsBuilder = new StringBuilder(reservedTermsExportDisclaimer);
+    StringBuilder termsBuilder = new StringBuilder(reservedTermsExportDisclaimer).append("\n");
     Set<String> reservedTerms = new TreeSet<>();
     for (Key<ReservedList> key : registry.getReservedLists()) {
       ReservedList reservedList = ReservedList.load(key).get();
diff --git a/javatests/google/registry/config/RegistryConfigTest.java b/javatests/google/registry/config/RegistryConfigTest.java
index 6faaddf29..5762e4ea2 100644
--- a/javatests/google/registry/config/RegistryConfigTest.java
+++ b/javatests/google/registry/config/RegistryConfigTest.java
@@ -15,6 +15,8 @@
 package google.registry.config;
 
 import static com.google.common.truth.Truth.assertThat;
+import static google.registry.config.RegistryConfig.CONFIG_SETTINGS;
+import static google.registry.config.RegistryConfig.ConfigModule.provideReservedTermsExportDisclaimer;
 
 import org.junit.Test;
 import org.junit.runner.RunWith;
@@ -23,13 +25,16 @@ import org.junit.runners.JUnit4;
 @RunWith(JUnit4.class)
 public class RegistryConfigTest {
 
-  public RegistryConfigTest() {}
-
   @Test
   public void test_clientSecretFilename() {
     // Verify that we're pulling this from the default.
     assertThat(RegistryConfig.getClientSecretFilename()).isEqualTo(
         "/google/registry/tools/resources/client_secret.json");
   }
-}
 
+  @Test
+  public void test_reservedTermsExportDisclaimer_isPrependedWithOctothorpes() {
+    assertThat(provideReservedTermsExportDisclaimer(CONFIG_SETTINGS.get()))
+        .isEqualTo("# Disclaimer line 1.\n" + "# Line 2 is this 1.");
+  }
+}
diff --git a/javatests/google/registry/export/ExportReservedTermsActionTest.java b/javatests/google/registry/export/ExportReservedTermsActionTest.java
index 81175cf24..ce8722a24 100644
--- a/javatests/google/registry/export/ExportReservedTermsActionTest.java
+++ b/javatests/google/registry/export/ExportReservedTermsActionTest.java
@@ -60,7 +60,7 @@ public class ExportReservedTermsActionTest {
     ExportReservedTermsAction action = new ExportReservedTermsAction();
     action.response = response;
     action.driveConnection = driveConnection;
-    action.exportUtils = new ExportUtils("This is a disclaimer.\n");
+    action.exportUtils = new ExportUtils("# This is a disclaimer.");
     action.tld = tld;
     action.run();
   }
@@ -85,9 +85,7 @@ public class ExportReservedTermsActionTest {
   @Test
   public void test_uploadFileToDrive_succeeds() throws Exception {
     runAction("tld");
-    byte[] expected =
-        ("This is a disclaimer.\ncat\nlol\n")
-        .getBytes(UTF_8);
+    byte[] expected = "# This is a disclaimer.\ncat\nlol\n".getBytes(UTF_8);
     verify(driveConnection)
         .createOrUpdateFile(RESERVED_TERMS_FILENAME, EXPORT_MIME_TYPE, "brouhaha", expected);
     verify(response).setStatus(SC_OK);
diff --git a/javatests/google/registry/export/ExportUtilsTest.java b/javatests/google/registry/export/ExportUtilsTest.java
index c5fc5a65c..5c29856ab 100644
--- a/javatests/google/registry/export/ExportUtilsTest.java
+++ b/javatests/google/registry/export/ExportUtilsTest.java
@@ -53,7 +53,7 @@ public class ExportUtilsTest {
     createTld("tld");
     persistResource(Registry.get("tld").asBuilder().setReservedLists(rl1, rl2, rl3).build());
     // Should not contain jimmy, tine, or oval.
-    assertThat(new ExportUtils("This is a disclaimer.\n").exportReservedTerms(Registry.get("tld")))
-        .isEqualTo("This is a disclaimer.\ncat\nlol\nsnow\n");
+    assertThat(new ExportUtils("# This is a disclaimer.").exportReservedTerms(Registry.get("tld")))
+        .isEqualTo("# This is a disclaimer.\ncat\nlol\nsnow\n");
   }
 }