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IP lookup is a key task in packet processing to guarantee the high performance of the IP routers. It has been proposed to use TCAMs to implement IP-lookup accelerators for IP forwarding. In the paper, a new TCAM-based IP-lookup scheme MSMB-LPT is proposed and studied. It is shown that MSMB-LPT scheme significantly improve the performance of the state-of-art MSMB-PT scheme in terms of speedup and power consumption by simulations. These performance improvements are achieved with reduced cost.