UNITED STATES OF AMERICA 

BEFORE THE FEDERAL TRADE COMMISSION 

COMMISSIONERS: 

In the Matter of 

Joseph J. Simons, Chairman 

Noah Joshua Phillips 

Rohit Chopra 

Rebecca Kelly Slaughter 

Christine S. Wilson 

The Procter & Gamble Company, 

a corporation 

Docket No. 9400 

and 

PUBLIC VERSION 

Billie, Inc., 

a c01poration. 

COMPLAINT 

Pursuant to the provisions of the Federal Trade Commission Act ("FTC Act"), and by 

vi1iue of the authority vested in it by the FTC Act, the Federal Trade Commission 

("Commission"), having reason to believe that Respondents The Procter & Gamble Company 

("P&G") and Billie, Inc. ("Billie") have executed a merger agreement in violation of Section 5 of 

the FTC Act, 15 U.S.C. § 45, which if consummated would violate Section 7 of the Clayton Act, 

as amended, 15 U.S.C. § 18, and Section 5 of the FTC Act, and it appearing to the Commission 

that a proceeding by it in respect thereof would be in the public interest, hereby issues its 

complaint pursuant to Section 5(b) of the FTC Act, 15 U.S.C. § 45(b), and Section 1 l(b) of the 

Clayton Act, 15 U.S.C. § 21(b), stating its charges as follows: 

I. NATURE OF THE CASE 

1. In late 2017, Billie, Inc. launched an online only, direct-to-consumer challenge to 

P&G's women's razor dominance. Among other things, Billie charged a low price, employed 

savvy marketing designed to draw attention to the "pink tax"-that is, the practice of charging a 

premium for razors marketed to women that are substantially similar to razors marketed to 

men-and positioned the Billie product as "anti-Venus." 

2. Two years later, Billie had grown substantially and at P&G's expense. P&G now 

seeks to acquire Billie on the eve of Billie's expansion into brick-and-mo1tar retail. As P&G's 

CEO for Grooming observed, the "big" value from this acquisition to P&G is the "removal of the 

competitive threat." The removal of Billie as an independent competitor eliminates impo1tant 

and growing head-to-head competition between P&G and Billie, and is likely to ha1m consumers 

through higher prices, among other haims. 
3. P&G is the market leader in the sale of women’s and men’s wet shave razors. 

Wet shave razors require the use of water and, typically, a shave prep product such as shaving 

cream, shave gel, or shave soap. Nearly all wet shave razors are system or disposable razors. 

System razors consist of a reusable handle and a detachable razor cartridge that a consumer can 

replace with refill cartridges. Disposable razors comprise a handle with permanently affixed 

blades that consumers throw away after use. 

4. Launched in 2017, and backed by venture capital firms including Goldman 

Sachs and celebrity investors Venus and Serena Williams, Billie is a fast-growing online 

company that sells a mid-tier women’s system razor. Billie built its brand by finding an 

underserved customer base of Generation Z and Millennial women. Billie won their business by, 

among other things, offering a low price and attacking the incumbents’ perceived practice of 

charging a pink tax for women’s razors. Billie also emphasized a “female-first” message. Billie 

challenged traditional portrayals of women’s razors. Billie became the first brand to use 

advertisements that normalized female body hair, which many saw as a critique of P&G Venus’s 

advertising. Billie targeted P&G from the start, with a vision to “[d]ethrone Gillette Venus to 

become the number one women’s razor brand in the U.S.” Billie’s objective was to shake up the 

women’s shaving category, and even P&G recognized Billie as “anti-Venus.” 

5. The Proposed Acquisition is likely to result in significant harm by eliminating 

competition between the market leader and an important and growing head-to-head competitor. 

The Proposed Acquisition arrests Billie’s progress as it was on the cusp of expanding into brickand-mortar retail stores, which would have greatly heightened the already fierce competition 

between P&G and Billie. 

6. P&G’s CEO of Grooming viewed the “big” value from this acquisition as the 

“removal of the competitive threat.” P&G’s Senior Vice President of Grooming in North 

America encouraged others to “think of” the value created by acquiring Billie in terms of the 

“reduction of the competitive threat.” 

7. The Proposed Acquisition would significantly increase concentration in relevant 

antitrust markets that are already highly concentrated today. As a result, the Proposed 

Acquisition is presumptively anticompetitive. Current market share statistics and concentration 

measures understate Billie’s future competitive significance, however, because Billie is a fastgrowing brand that would grow even faster after its expansion into brick-and-mortar retail. 

8. Respondents cannot show that the Proposed Acquisition will induce new entry or 

repositioning by existing razor suppliers that would be timely, likely, or sufficient to counteract 

the anticompetitive effects of the Proposed Acquisition. Billie’s first-mover advantage targeting 

Millennial and Gen Z women online, the high costs of and challenges inherent in establishing a 

razor brand, the rising costs of online advertising, and the now crowded space at brick-andmortar retailers (due to P&G’s launch of Joy, Harry’s launch of Flamingo, and Billie’s likely 

addition to among other things, combine to make entry or repositioning in 

9. Respondents cannot show cognizable, merger-specific efficiencies that would 

offset the likely and substantial competitive harm resulting from the Proposed Acquisition. 

response to the merger unlikely. 

2 
II. JURISDICTION 

10. Respondents are, and at all relevant times have been, engaged in activities in or 

affecting "commerce" as defined in Section 4 of the FTC Act, 15 U.S.C. § 44, and Section 1 of 

the Clayton Act, 15 U.S.C. § 12. 

11. The Acquisition constitutes a merger subject to Section 7 of the Clayton Act, 15 

U.S.C. § 18. 

III. RESPONDENTS 

12. P&G is a publicly held company, headquaiiered in Cincinnati, Ohio, that 

specializes in the manufacture and sale of consumer goods. P&G generated net sales across all 

business units of approximately $71 billion for the fiscal year ending June 30, 2020. P&G 

manufactures, produces, and sells a variety of razors and shave products online and in brick-andm01iai· retail, under brands that include Gillette, Venus, Joy, Braun, Bevel, and The Ali of 

Shaving. P&G generated approximately $6 billion in FY 2020 net sales from its Global 

Grooming business unit, which encompasses most of its razors and ancillaiy products. From 

Januaiy 2020 to Mai·ch 2020 P&G generated approximately in revenue in wet 

shave products, of which was attributable to women's wet shave razors. 

13. Billie, Inc. ("Billie") is a privately held company based in New York, New York, 

that sells a five-blade wet shave s stems razor throu its DTC latfo1m under the Billie brand. 

Billie 

IV. THE ACQUISITION 

14. On December 31 , 2019, P&G and Billie signed an Agreement and Plan of 

Merger, pursuant to which P&G will acquire 100 percent of the voting secmities of Billie for 

approximately 

V. RELEVANT MARKETS 

15. A relevant mai·ket in which to evaluate the effects of the Proposed Acquisition is 

no broader than production and sale of wet shave system razors and disposable razors ("wet 

shave razors") sold in the United States. 

16. It is also appropriate to analyze the effects of the Proposed Acquisition in at least 

two nanower relevant markets within the wet shave razor market: (1) the market for the 

production and sale of women's wet shave razors in the United States and (2) the market for the 

production and sale of wet shave system razors in the United States. 

3 
A. Relevant Product Markets 

1 7. The relevant roduct market is no broad 

18. System razors consist of a reusable handle and a detachable razor cru.tridge. 

Consumers typically replace the razor ca1tridge with refill cru.tridges sold by the same 

manufacturer without the need to replace the handle. 

19. Disposable razors comprise a single assembly of handle with pennanently affixed 

blade(s). Consumers discard disposable razors after they finish using them. 

20. Other fo1ms of hair removal, such as electric (or "diy") shaving razors and 

alternative hair removal products (e.g., hair removal creams or waxes) ru.·e not close substitutes 

for wet shave razors. Industiy pa1ticipants and Respondents recognize that wet shave razors ru.·e 

distinct from diy shave razors and alternative hair removal products and sell these products at 

distinct price points to distinct consumers. 

21. Customers would not switch from wet shave razors to diy shave razors or 

alternative hair removal products in sufficient numbers to defeat a small but significant nontransito1y increase in price ("SSNIP") by a hypothetical monopolist of wet shave razors. 

22. The Proposed Acquisition would produce anticompetitive effects within at least 

two naITower relevant markets, in addition to producing anticompetitive effects in the broader 

wet shave razor mru.·ket. The Proposed Acquisition would ha1m competition in naITower relevant 

markets for the production and sale of: (i) women's wet shave razors and (ii) system razors 

(including both women's and men's). 

23. Indust1y participants recognize naITower product markets divided along gender 

lines (women's or men's) and by product type (system or disposable). Indust1y pru.ticipants 

recognize each segment as distinct from others and conduct their business accordingly. 

24. In each of these nru.Tower relevant markets, a hypothetical monopolist could 

profitably impose a SSNIP on purchasers of the relevant product. 

B. Relevant Geographic Market 

25. The relevant geographic market in which to analyze the Proposed Acquisition is 

no broader than the United States. Razor suppliers negotiate distinct te1ms of sale with 

customers for different counu-ies and, in some cases, offer distinct product asso1tments in 

different counu-ies. Respondents and other industiy pa1ticipants generally do not make granulru.· 

or distinctive purchasing or sale decisions for smaller regions within the United States. 

26. A hypothetical monopolist of wet shave razors in the United States profitably 

could impose a SSNIP on U.S. customers. Customers based in the United States cannot defeat a 

price increase in the United States via ru.-biu-age or substitution. 

4 
VI. MARKET PARTICIPANTS 

27. P&G is the leading manufacturer of branded systems razors globally and in the 

United States. P&G is also a major producer of disposable razors. P&G's razor brands include 

the Gillette family (including the Joy and Venus women 's razor brands), Braun, Bevel, and The 

Art of Shaving. P &G holds a dominant market position in the sale of wet shave razors, 

accounting for more than- of sales by revenue in some relevant markets. P&G manufactures 

its own blades and caitri~or its wet shave razor brands. 

28. Billie is a fast-growing, digitall 

stem razor in November 2017. 

29. Edgewell is a consumer products company that sells a full line of system and 

disposable razors mai·keted sepai·ately to men and women. Edgewell owns over 25 established 

brand names, including razor brands Schick and Personna/ American Safety Razor. Edgewell 

also sells private label wet shave products and components in No1th America through its Private 

Brands Group to retailers and non-integrated razor companie 

30. Societe BiC ("BiC") manufactures and sells consumer products including 

disposable lighters, pens, and razors. - ofBiC's wet shave razor sales in the United 

States ai·e men 's and women's dis osable razors althou BiC also sells as stem razor. ■ 

31. Hai1y 's Inc. ("Hany's") manufactures and sells five-blade men's and women's 

system razors. Hany's sells its men's system razor under the HaiTy's brand and its women's 

system razor under the Flamingo brand. The vast ma·ori of Han 's branded razor sales are 

made under the Hany's brand. 

Hany's does not manu acture or se 

32. Dollar Shave Club, Inc. ("Dollai· Shave Club"), now owned by Unilever 

pk/Unilever N.V. ("Unilever"), sells system razors purchased predominantly by men. Dollar 

Shave Club does not manufacture or sell disposable razors. 

VII. THE PROPOSED ACQUISITION IS PRESUMPTIVELY ILLEGAL 

33. Under the 2010 U.S. Depaitment of Justice and Federal Trade Commission 

Horizontal Merger Guidelines ("Merger Guidelines"), a post-acquisition market concentration 

level above 2500 points, as measured by the Herfindahl-Hirschman Index ("HHI"), and an 

increase in HHI of more than 200 points renders an acquisition presumptively unlawful. 

Transactions resulting in highly concentrated markets-markets with an HHI above 2500 

points-with an HHI increase of more than 100 points potentially raise significant competitive 

concerns and wairnnt scrutiny. The HHI is calculated by totaling the squai·es of the mai·ket 

shai·es of eve1y film in the relevant market. 

34. The mai·ket for the production and sale of wet shave razors in the United States is 

aheady highly concentrated, with an HHI of over 3000. The Proposed Acquisition increases the 

5 
concentration by more than 125 points and therefore potentially raises significant competitive 

concerns and warrants scrutiny. 

35. The market for the production and sale of women’s wet shave razors in the United 

States is already highly concentrated, with an HHI of more than 2500. The Proposed Acquisition 

increases the concentration in this market by more than 300 points and is therefore presumptively 

illegal. 

36. The market for the production and sale of women’s and men’s wet shave system 

razors in the United States is already highly concentrated, with an HHI of over 4000. The 

Proposed Acquisition increases the concentration in this market by more than 200 points and is 

therefore presumptively illegal. 

37. Changes in HHI based on current market shares understate the competitive 

significance of the Proposed Acquisition because Billie is rapidly growing. Billie was about to 

expand its sales into additional channels, particularly brick-and-mortar retail, before the 

Proposed Acquisition arrested its progress. 

ANTICOMPETITIVE EFFECTS 

38. In each of the relevant markets, the Proposed Acquisition would eliminate 

substantial and growing head-to-head competition between P&G and Billie, likely leading to 

higher prices and other harm for consumers. 

39. P&G has long been the market leader in sales of women’s and men’s wet shave 

system razors. Billie saw an opportunity to attack P&G’s position and shake up the category by 

entering the market positioned as an “anti-Venus” razor fighting the practice of charging women 

a “pink tax.” 

A. Billie Competes Aggressively Against P&G Today 

40. In November 2017, Billie began selling a $9 woman’s system razor through an 

online direct-to-consumer (“DTC”) platform. Billie targeted Generation Z and Millennial 

women as customers, with “female first” messaging that challenged traditional marketing 

approaches to women’s razors. 

41. Billie successfully built its brand through marketing campaigns focused on 

fighting the pink tax and normalizing body hair on women. As Billie’s website explains, “[w]e 

noticed that women were overpaying for razors and shamed for having body hair. Kind of a 

double whammy, when you think about it. So, we did away with the Pink Tax and put body hair 

on the big screen.” 

42. Billie grew from in net sales in 2017 to in net sales in 2018. 

Billie’s growth caught P&G’s attention, especially after Harry’s and Dollar Shave Club’s recent 

6 

vm. 

- -
disrnption of P&G's stable market leadershi in men's wet shave razors.

1 A mid-2018 draft 

memorandum discussin 

43. By August 2018, P&G set up a women's system razor DTC business, called 

Venus Direct, as a competitive response to Billie. Venus Direct offered customers a subscription 

service featuring the same line-up of Venus razors available in brick-and-mo1tar stores. 

45. From the stait, Billie positioned its product to attack P&G's Gillette Venus 

product. Billie told its initial investors that its goal was to "Dethrone Gillette Venus." P&G 

noted the attack: "Billie has positioned itself as notably 'anti-Venus,' with negative references to 

po1traying women as 'a goddess just for shaving."' 

46. P&G, for its part, was "being proactively pai·anoid," according to its CEO of 

Grooming. In addition to its DTC offering, in March 2019, P&G launched its Joy razor 

exclusively with Walma1t. Joy became ait of P&G's Ian to offer a outhful-oriented mid-tier 

female razor, much like Billie. P&G launched 

Joy quickly as an online DTC brand 

47. Joy and Billie target a similai· age group. P&G hoped that they could get 

Generation Zand Millennial women to join the Joy fainily before Billie ( or Flainingo) could sign 

them up. 

48. Joy's branding has a number ofresemblances to the Billie product. Upon seeing 

the Joy razor, Billie's cofounder wrote that Joy "just ripped off a bunch of our stuff," even "the 

tile choice of the bathroom." Industry observers likewise recognize that Joy and Billie are close 

competitors. 

49. P&G considered Billie's vocal stance on the "pink tax" and Billie's pricing before 

setting Joy's suggested retail rice amon other factors. In res onse to Joy's launch, Billie's 

cofounder guessed that Joy 

50. Joy was priced at $8.97 at Walmait (Joy prices at other locations vaiy). Billie 

prices its razor at $9. 

1 See In the Matter of Edgeivell Personal Care Company and Hany 's, Inc. , FTC Docket No. 9390, Complaint (Filed 

Feb. 3, 2020) (describing disruption by Hany's and Dollar Shave Club in men's razors). 

7 
B. The Proposed Acquisition Halted Billie's Expansion Into Brick-And-Mortar 

Retail, Which Would Have Increased Competition Between P&G And Billie 

51. Billie was poised to expand into brick-and-mo1iar 

prior to the P&G deal. 

52. Billie and understood that Billie needed to 

transition from a DTC-only brand to one that is available at brick-and-mortar retailers as well. 

believed that expanding into brick-and-m01iar stores would help Billie achieve 

~ &G wonied about Billie's expansion into retail and took steps with retailers with 

the hope of delaying or blocking Billie's expansion 

55. Nevertheless, Billie was close to completing negotiations to expand into retail 

before the Proposed Acquisition abmptly halted its talks. 

IS 

Regardless of the 

Proposed Acquisition, Billie will successfully expand into brick and m01iar retail. 

58. If Billie expands into brick-and-mo1iar retail, it will do so at P&G's (and others') 

expense. Regardless of which retailer or retailers agree to can y Billie, Billie is likely to take 

significant sales and shelf space from P&G. 

8 
59. P&G's senior grooming executives recognize the heightened competition that 

would follow Billie's expansion into brick-and-mo1iar retail. They viewed preventing Billie's 

retail expansion-in a posture where Billie was a competitor to P&G-as a primary motivation 

for pursuing the Proposed Acquisition. 

60. fu mid-2019, P&G Senior Vice President of Grooming provided a list of ways in 

which P&G would "create value from this [the purchase of Billie]." He included on his list the 

"reduction of the competitive threat." P&G's CEO of Grooming responded to the list: "The big 

one is removal of the competitive threat." A P&G analyst obse1ved that the proposed transaction 

would remove a significant disrnptor from the market: "This is big news! " 

IX. LACK OF COUNTERVAILING FACTORS 

62. Respondents cannot demonstrate that new entry or expansion by existing fnms 

would be timely, likely, or sufficient to offset the anticompetitive effects of the Acquisition. 

63. Operating a successful DTC business requires a product or se1vice that is 

delivering an unmet need in a catego1y. Among other things, Billie enjoyed a first-mover 

advantage that led to success in the DTC channel, which, in tum, led to interest from brick-andm01iar retailers that a new entrant could not easily replicate. Billie identified and exploited a 

previously unsatisfied consumer need for a mid-tier women's system razor appealing to 

Generation Z and Millennial women. Billie earned its loyal customer base and reputation 

through its marketing campaigns against P&G and other incumbents' practice of charging a pink 

tax, among other things. 

64. fu the words of one of Billie's co-founders: "it's harder to enter into the market as 

a second mover." Any new entrant will find it difficult to secure a sufficient return on 

investment because Billie ah-eady secured the most readily available DTC online customers. 

Attracting new online customers will now require higher adve1iising spend. A new entrant is 

unlikely to be able to enter through retailers because retailers are typically not interested in 

canying a razor supplier that has not previously shown an ability to secure sales online. A new 

entrant is also unlikely to be able to enter as an online DTC brand to pave a path to retailers as 

did Hany's and Billie because of the high cost of online adve1iising and Billie's first-mover 

advantage. 

65. fu addition, the costs of online adve1iising are increasing significantly year over 

year. Any new DTC entrant would face higher costs than Billie did. These growing costs are a 

stronger ent1y banier than Billie faced. 

66. The failure of current "second movers" to replicate Billie's significance in the 

woman's razor space confnms that successful new entry or repositioning is unlikely. No DTC 

company has been able to replicate Billie's online success to date. Established razor 

manufacturers Hany's and P&G followed Billie's successful online launch with launches of 

women's system razors at similar price points (Flamingo and Joy, respectively). Despite backing 

from established razor companies and access to mass retailers, these products have lagged behind 

9 
Billie in market share and sales. The space is now crowded, further impeding entry or 

repositioning in response to the anticompetitive effect of the acquisition. 

67. Respondents cannot demonstrate cognizable and merger-specific efficiencies that 

would be sufficient to rebut the presumption and evidence of the Proposed Acquisition’s likely 

anticompetitive effects. 

68. Respondents also cannot demonstrate that Billie’s business will fail and that its 

assets will exit the market absent the proposed acquisition. 

VIOLATION 

Count I – Illegal Agreement 

69. The allegations of Paragraphs 1 through 68 above are incorporated by reference as 

though fully set forth. 

70. The Merger Agreement constitutes an unfair method of competition in violation 

of Section 5 of the FTC Act, as amended, 15 U.S.C. § 45. 

Count II – Illegal Acquisition 

71. The allegations of Paragraphs 1 through 70 above are incorporated by reference 

as though fully set forth. 

72. The Merger, if consummated, may substantially lessen competition in the relevant 

markets in violation of Section 7 of the Clayton Act, as amended, 15 U.S.C. § 18, and is an 

unfair method of competition in violation of Section 5 of the FTC Act, as amended, 15 

U.S.C. § 45. 

10 

X. 
NOTICE 

Notice is hereby given to the Respondents that the twenty-second day of June, 2021, at 

10:00 a.m., is hereby fixed as the time, and the Federal Trade Commission offices at 600 

Pennsylvania Avenue, N.W., Room 532, Washington, D.C. 20580, as the place, when and where 

an evidentiary hearing will be had before an Administrative Law Judge of the Federal Trade 

Commission, on the charges set forth in this complaint, at which time and place you will have 

the right under the Federal Trade Commission Act and the Clayton Act to appear and show cause 

why an order should not be entered requiring you to cease and desist from the violations of law 

charged in the complaint. 

You are notified that the opportunity is afforded you to file with the Commission an 

answer to this complaint on or before the fourteenth (14th) day after service of it upon you. An 

answer in which the allegations of the complaint are contested shall contain a concise statement 

of the facts constituting each ground of defense; and specific admission, denial, or explanation of 

each fact alleged in the complaint or, if you are without knowledge thereof, a statement to that 

effect. Allegations of the complaint not thus answered shall be deemed to have been admitted. 

If you elect not to contest the allegations of fact set forth in the complaint, the answer shall 

consist of a statement that you admit all of the material facts to be true. Such an answer shall 

constitute a waiver of hearings as to the facts alleged in the complaint and, together with the 

complaint, will provide a record basis on which the Commission shall issue a final decision 

containing appropriate findings and conclusions and a final order disposing of the proceeding. In 

such answer, you may, however, reserve the right to submit proposed findings and conclusions 

under Rule 3.46 of the Commission’s Rules of Practice for Adjudicative Proceedings. 

Failure to file an answer within the time above provided shall be deemed to constitute a 

waiver of your right to appear and to contest the allegations of the complaint and shall authorize 

the Commission, without further notice to you, to find the facts to be as alleged in the complaint 

and to enter a final decision containing appropriate findings and conclusions, and a final order 

disposing of the proceeding. 

The Administrative Law Judge shall hold a prehearing scheduling conference not later 

than ten (10) days after the Respondents file their answers. Unless otherwise directed by the 

Administrative Law Judge, the scheduling conference and further proceedings will take place at 

the Federal Trade Commission, 600 Pennsylvania Avenue, N.W., Room 532, Washington, D.C. 

20580. Rule 3.2l(a) requires a meeting of the parties’ counsel as early as practicable before the 

pre-hearing scheduling conference (but in any event no later than five (5) days after the 

Respondents file their answers). Rule 3.3l(b) obligates counsel for each party, within five 

(5) days of receiving the Respondents’ answers, to make certain initial disclosures without 

awaiting a discovery request. 

NOTICE OF CONTEMPLATED RELIEF 

Should the Commission conclude from the record developed in any adjudicative 

proceedings in this matter that the Merger challenged in this proceeding violates Section 5 of the 

Federal Trade Commission Act, as amended, and/or Section 7 of the Clayton Act, as amended, 

11 
the Commission may order such relief against Respondents as is supported by the record and is 

necessary and appropriate, including, but not limited to: 

If the Merger is consummated, divestiture or reconstitution of all associated and 

necessary assets, in a manner that restores two or more distinct and separate, 

viable and independent businesses in the relevant markets, with the ability to 

offer such products and services as P&G and Billie were offering and planning to 

offer prior to the Merger. 

A prohibition against any transaction between P&G and Billie that combines 

their businesses in the relevant markets, except as may be approved by the 

Commission. 

A requirement that, for a period of time, P&G and Billie provide prior notice to 

the Commission of acquisitions, mergers, consolidations, or any other 

combinations of their businesses in the relevant markets with any other company 

operating in the relevant markets 

A requirement to file periodic compliance reports with the Commission. 

Any other relief appropriate to correct or remedy the anticompetitive effects of 

the transaction or to restore Billie as a viable, independent competitor in the 

relevant markets. 

IN WITNESS WHEREOF, the Federal Trade Commission has caused this complaint to 

be signed by its Secretary and its official seal to be hereto affixed, at Washington, D.C., this 

eighth day of December, 2020. 

By the Commission, Commissioner Wilson dissenting. 

April J. Tabor 

Acting Secretary 

SEAL: 

12 

1. 

2. 

3. 

4. 

5.