In MacOS X 10.6, is Internet sharing over AirPort implemented as NAT or full-blown routing? The backing wired network is a corporate one, Ethernet with DHCP.
MacOS – Internet sharing over AirPort
airportinternet-sharingmacos
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Best Answer
Can't find anything definitive from Apple, but the detailed testing done here by Princeton University indicates that it's NAT (and that it's inappropriate for use on their campus, so might well be for your scenario too).