executive summary

2. Wohlers Report 2013 Executive Summary
COPYRIGHT © 2013 2 WOHLERS ASSOCIATES, INC.
Trademarked company and product names are the property of their respective
owners. The images on the front cover (from left to right) are courtesy of 1)
FutureFactories, 2) 3T RPD and Within Technologies, 3) Stratasys, 4) Oak
Ridge National Laboratory’s Manufacturing Demonstration Facility, and 5)
Stratasys. Craig Van Wechel of VW Design designed the cover.
The information in this report was obtained from sources that Wohlers
Associates, Inc. does not control, but believes to be honest and reliable. The
company in no way assumes any part of the risk of the buyer or reader of this
report; does not guarantee its completeness, timeliness, or accuracy; and shall
not be held liable for anything resulting from use of or reliance on the
information, or from omission or negligence.
Unless otherwise noted, Terry Wohlers or Tim Caffrey, both of Wohlers
Associates, Inc., authored the sections of this report.
COPYRIGHT © 2013 BY TERRY T. WOHLERS. ALL RIGHTS RESERVED.
Except as permitted under the United States Copyright Act, no part of this
publication may be reproduced or distributed in any form or by any means
without prior written permission from Wohlers Associates, Inc.
ISBN 0-9754429-9-6 (297-page report)
1 2 3 4 5 6 7 8 9 10 15 14 13

3. Wohlers Report 2013 Executive Summary
COPYRIGHT © 2013 3 WOHLERS ASSOCIATES, INC.
Introduction This executive summary provides a sampling of the information
published in Wohlers Report 2013, a 297-page market study. The
publication provides a global review and analysis of the technologies
and applications of additive manufacturing (AM) and 3D printing—
terms that are used interchangeably throughout the report.
Additive-manufacturing technology is most commonly used for
modeling, prototyping, tooling, and short-run production applications.
Wohlers Report 2013 covers these and many other applications. It also
details the many AM processes, materials, manufacturers, and systems
available today.
A key part of Wohlers Report 2013 is its thorough accounting of the
AM industry’s growth, including revenues and machine unit sales. It
also includes forecasts for coming years. The report addresses many
elements of AM, including its history and the industries embracing the
technology.
The report provides current information on developments and trends in
the production of parts for final products. It provides updates on recent
developments in Africa, the Asia/Pacific region, Europe, the U.S., and
other parts of the world. The report covers emerging technologies,
government-sponsored research and development, collaborations and
consortia, and the activities of 103 academic and research institutes
around the world.
Wohlers Report 2013 concludes with a discussion of the current trends
and future directions of additive manufacturing—what is driving the
industry today and what to expect tomorrow—to assist in strategic
planning and investing. To supplement the review and analysis, the
report includes 35 charts and graphs, 55 tables, and more than 200
photographs and illustrations. A complete table of contents is found on
the final page of this executive summary.
This edition marks the 18th consecutive year of the report’s publication.
The report was developed with the generosity and support of 70 co-
authors in 21 countries, 74 service providers, 31 system manufacturers,
and many others worldwide.
Industry growth The global market for additive manufacturing products and services in
2012 grew 28.6% (CAGR) to $2.204 billion. This is up from $1.714
billion in 2011, when it grew 29.4%. Growth was 24.1% in 2010.
Unit sales of professional-grade, industrial systems were solid in 2012.
Growth was an estimated 19.3% to 7,771 units, excluding sales of
“personal” systems (3D printers that sell of under $5,000). This
compares to an estimated 6,513 units in 2011 when growth was a cool
5.6%. In 2010, growth was hot at 37.4%. The following graph shows the
growth trend of industrial AM system sales worldwide.

4. Wohlers Report 2013 Executive Summary
COPYRIGHT © 2013 4 WOHLERS ASSOCIATES, INC.
0
1000
2000
3000
4000
5000
6000
7000
8000
88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12
Source: Wohlers Associates, Inc.
Professional-grade, industrial additive-manufacturing systems are those
that sell for more than $5,000. These are the machines that have been
tracked and discussed in the Wohlers Report for nearly two decades.
Excluded are the low-cost personal systems, the majority of which
originated from the RepRap open-source 3D printer development
project at the University of Bath in the UK.
Growth of personal 3D printers averaged 346% each year from 2008
through 2011. In 2012, the increase cooled significantly to an estimated
46.3%. Most of the machines are being sold to hobbyists, do-it-
yourselfers, engineering students, and educational institutions.
Typically, the machines in this category are not being used for
professional/industrial applications.
Metal AM systems AM systems for metal parts are increasing in popularity, as shown in
the following chart. Wohlers Associates has been tracking this market
segment for more than 13 years, but this is the first time it has
published metal-based AM machine unit sales by year in this report.
As you can see, nearly 200 of these machines were sold in 2012.
0
20
40
60
80
100
120
140
160
180
200
00 01 02 03 04 05 06 07 08 09 10 11 12
Source: Wohlers Associates, Inc.

5. Wohlers Report 2013 Executive Summary
COPYRIGHT © 2013 5 WOHLERS ASSOCIATES, INC.
Sales of laser- and electron beam-based metals equipment are growing
rapidly, especially in the U.S. GE Aviation acquired Morris
Technologies and its sister company, Rapid Quality Manufacturing, an
event that suggests how the metal-based technologies are gaining
acceptance. Demand for metal AM systems rose as other companies
attempted to fill the void created when Morris Technologies exited the
service provider market place.
Direct part production The use of AM for the production of parts for final products continues
to grow, as shown in the following graph. In ten years, it has gone from
almost nothing to 28.3% of the total product and service revenues from
additive manufacturing worldwide.
28.3
3.9
19.6
17.2
14
11.7
9.6
8.3
6.6
24
0
5
10
15
20
25
30
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Source: Wohlers Associates, Inc.
A global industry The following chart shows the percentage of cumulative industrial AM
systems installed by country from 1988 through the end of 2012. The
U.S. continues to lead by a large margin. Japan, Germany, and China
have the second, third, and fourth largest installed bases, respectively.
The “Other” segment includes countries into which a relatively small
number of AM systems have been sold.
U.S.
38.0%
Other
12.0%
Turkey
1.4%Canada
1.9%Germany
9.4%
France
3.2%
Sweden
1.2%
UK
4.2%
Italy
3.8%
Spain
1.3%
Japan
9.7%
Korea
2.3%
China
8.7%
Taiwan
1.5%
Russia
1.4%
Source: Wohlers Associates, Inc.

6. Wohlers Report 2013 Executive Summary
COPYRIGHT © 2013 6 WOHLERS ASSOCIATES, INC.
As of May 2013, 16 companies in Europe, seven in China, five in the
U.S., and two in Japan were manufacturing and selling AM systems.
This is a dramatic change from a decade ago when the mix consisted of
10 in the U.S., seven in Europe, seven in Japan, and three in China.
What’s more, all of the metal powder bed fusion systems are
manufactured outside the U.S. Seven manufacturers of these systems are
in Europe and two are in China.
Unprecedented
attention
The industry has experienced dramatic change over the past 12–18
months—change that has not been seen in the entire history of AM.
Interest and excitement on the subject of AM have skyrocketed to
almost unbelievable heights. For example, about 16,000 articles on AM
and 3D printing were published in 2012, compared with about 1,600
articles in 2011.
The market trends for the publicly traded AM companies have been
very good since the beginning of 2012, reflecting a significant increase
in the growth of the industry. AM has enjoyed consistent attention in the
international media, financial magazines, the general public, and even in
a State of the Union address by the President of the United States. The
constant exposure continues to drive interest among investors and many
others. The attention has also been evident at crowd-funding sites such
as Kickstarter, with the 3D printer development by Formlabs receiving
nearly $3 million in support.
Stratasys and Objet completed their merger in December 2013, and 3D
Systems continued its acquisitions of service providers, online content
providers, and 3D-scanning and design software companies. It is
interesting to note that despite all the consolidation that has taken place,
new startups continue to emerge and significant investments in new AM
technologies, applications, and businesses are common.
The National Additive Manufacturing Innovation Institute (NAMII) was
awarded to a team led by the National Center for Defense
Manufacturing and Machining. NAMII is the first of the National
Network for Manufacturing Innovation (NNMI) institutes. This
development is an important step for the U.S., and it has played a role in
motivating the governments of China, countries in Europe, and
Singapore to invest heavily in AM.
Where to learn more The wohlersassociates.com website offers access to hundreds of pages
of content related to additive manufacturing and rapid product
development. The site hosts and includes links to an estimated 400
articles, technical papers, reports, and other documents. All of them
are available to read online, free of charge.
The core business of Wohlers Associates is to provide technical and
strategic consulting on the new developments and trends in rapid
product development and additive manufacturing. Much of this
guidance has dealt with what works and what does not, cutting through
the hype, hidden costs, industry trends, and future growth opportunities.
The company's past work has involved more than 200 client
organizations in 24 countries around the world.
Whatever the future holds, Wohlers Associates intends to be there,
collecting and processing ideas and data from around the world. We will

7. Wohlers Report 2013 Executive Summary
COPYRIGHT © 2013 7 WOHLERS ASSOCIATES, INC.
continue to leverage more than 40 years of combined experience to
collaborate with the global community, share unique insights, present
our findings, and ultimately, help propel additive manufacturing and 3D
printing to the next level.
Terry Wohlers
Principal Consultant and President
Tim Caffrey
Associate Consultant
Acknowledgments Wohlers Associates appreciates the many individuals and
organizations that contributed to this report. A sincere thank you goes
to the 31 system manufacturers and 74 service providers that
generously provided input. Also, Wohlers Associates thanks the
following 70 authors and contributors for their work and helpful
support.
Nadra Angerman Angerman Communications Group U.S.
Mukesh Agarwala 3D Product Development India
Paulo Jorge Bártolo Institute Polytechnic of Leiria Portugal
Joseph Beaman, Jr. University of Texas at Austin U.S.
Josh Berman William Blair & Company U.S.
Alain Bernard Ecole Centrale de Nantes France
Craig Blue Oak Ridge National Laboratory U.S.
Milan Brandt RMIT University Australia
Craig Brice NASA Langley Research Center U.S.
David Bourell University of Texas at Austin U.S.
Ian Campbell Loughborough University England
William Cass Cantor Colburn U.S.
Andy Christensen Medical Modeling U.S.
Shane Collins Oxford Performance Materials U.S.
Mel Cossette Edmonds Community College U.S.
Frank Cox Edmonds Community College U.S.
Deon de Beer Vaal University of Technology South Africa
Carl Dekker Met-L-Flo U.S.
Olaf Diegel Massey University New Zealand
Brian Drab William Blair & Company U.S.
Igor Drstvenšek University of Maribor Slovenia
Sara Ebright Direct Dimensions U.S.
Pablo Elenter Robtec Brazil
Claus Emmelmann Laser Zentrum Nord Germany
Ismail Fidan Tennessee Tech University U.S.
Tim Gornet University of Louisville U.S.
Joan Guasch Ascamm Spain
Ola Harrysson North Carolina State University U.S.
Seiji Hayano Aspect Japan
Ed Herderick EWI U.S.
Dirk Herzog LZN Laser Zentrum Nord Germany
Forrest Higgs Brosis Innovations U.S.
Neil Hopkinson University of Sheffield England
Luca Iuliano Politecnico di Torino Italy
Jason Jones De Montfort University England
Volker Junior Junior & Tacke Germany
Karolien Kempen Katholieke Universiteit Leuven Belgium
Eric Klemp Direct Manufacturing Research Center Germany
Jannis Kranz LZN Laser Zentrum Nord Germany
Janet Krech Wohlers Associates U.S.
Jean-Pierre Kruth Katholieke Universiteit Leuven Belgium
Tom Kurfess Georgia Institute of Technology U.S.
Feng Lin Tsinghua University China
Ulf Lindhe netfabb Germany
Blake Marshall U.S. Department of Energy U.S.
Wilhelm Meiners Fraunhofer Institute for Laser Technology Germany
Jorge Mireles University of Texas at El Paso U.S.
Ed Morris National Additive Manufacturing Innovation Institute U.S.
Greg Morris GE Aviation U.S.
Tim Mulrooney William Blair & Company U.S.
Erkut Neğiş TurkCADCAM Turkey
Randall Newton Jon Peddie Research U.S.

8. Wohlers Report 2013 Executive Summary
COPYRIGHT © 2013 8 WOHLERS ASSOCIATES, INC.
John Obielodan University of Wisconsin–Platteville U.S.
Joris Peels Voxelfab Netherlands
Stephen Rouse Medical Applications of Additive Manufacturing U.S.
Jeff Rowe Cairowest Group U.S.
Kevin Scanlan Anubis Manufacturing Consultants Corp. Canada
Joel Segal University of Nottingham England
Michael Siemer Innovative Medical Device Solutions U.S.
Chris Spadaccini Lawrence Livermore National Laboratory U.S.
Jürgen Stampfl Vienna University of Technology Austria
Ian Stewart Wilson Elser Moskowitz Edelman & Dicker U.S.
Brent Stucker University of Louisville U.S.
Jukka Tuomi Aalto University Finland
Bart van de Vorst TNO Netherlands
Juan Vargas University of Texas at El Paso U.S.
Marius Vermeulen Aerosud South Africa
Andreas Wegner University of Duisburg–Essen Germany
Ryan Wicker University of Texas at El Paso U.S.
David Wimpenny Manufacturing Technology Centre England
Gerd Witt University of Duisburg–Essen Germany
The authors thank the Society of Manufacturing Engineers (SME) for its
support and sponsorship of this publication. The Rapid Technologies
and Additive Manufacturing Community (RTAM) of SME is the
world’s largest individual technical membership organization on the
subject. RTAM technical groups focus on niche technology interests
that include materials and process standards, medical applications, 3D
imaging and reverse engineering, nanomanufacturing, and part
production applications of additive manufacturing. RTAM and its
technical groups provide members with opportunities to learn about the
latest advances and share best practices with others who have similar
interests. For more information on RTAM, visit sme.org/rtam or call
SME at 800-733-4763.
About the
principal authors
Industry consultant and analyst Terry Wohlers is president of Wohlers
Associates, Inc., an independent consulting firm he founded nearly 27
years ago. Through this company, he has provided consulting
assistance to more than 200 organizations in 24 countries.
Wohlers has been cited in countless domestic and foreign publications
including Businessweek, CNBC Business, CNNMoney, Computerworld,
Discovery News from the Discovery Channel, The Economist, Financial
Times, Forbes, Fortune, Inc., Scientific American, USA Today, and The
Wall Street Journal, and WIRED. He has been featured in broadcasts by
CBS Radio News, CNNMoney, MSNBC, National Public Radio (NPR),
Sky News (Sydney, Australia), the Business News Network (BNN) in
Canada, and Bloomberg.
In 2007, more than 1,000 industry professionals from
around the world selected Wohlers as the #1 most
influential person in rapid product development and
additive manufacturing by the UK’s TCT magazine as
part of its Top 25 Influential People survey.
Wohlers has authored nearly 400 books, articles, and
technical papers on rapid product development and
manufacturing. He has given 100 keynote presentations on five
continents in cities ranging from London and Cape Town to Sydney and
Beijing.
His appetite for adventure has motivated him to climb the Great Wall of
China, hike the rain forests of New Zealand, dive among sharks in
Belize, and bathe in the Dead Sea. He has ridden elephants in Thailand,

9. Wohlers Report 2013 Executive Summary
COPYRIGHT © 2013 9 WOHLERS ASSOCIATES, INC.
encountered lions in Africa, explored the ancient pyramids of Egypt,
and traveled the crocodile-infested rivers of Malaysian Borneo.
Wohlers received an Honorary Doctoral Degree of Mechanical
Engineering from Central University of Technology in Bloemfontein,
South Africa in 2004. In 2005, he became a Fellow of the Society of
Manufacturing Engineers, a distinction granted to less than 1% of the
membership, making it one of the most prestigious honors presented by
the Society.
Associate consultant Tim Caffrey earned a bachelor’s
degree in mechanical engineering at the University of
New Mexico. Caffrey was employed by The Boeing
Company for 10 years, including four years directing
the operation of the company’s in-house additive-
manufacturing (AM) services. Caffrey served as plant
manager of Plynetics Express—which was, at the time,
the world’s largest AM service provider. His 18 years
of writing experience includes aircraft engine maintenance and pre-fight
test procedures for Boeing, engine case repair procedures for Pratt &
Whitney, technical content for the web, and advertising copywriting at
Walmart’s corporate headquarters.
Caffrey has worked closely with Wohlers Associates since 2000 on this
annual industry study and many other projects. Caffrey’s role at the
company expanded in 2011 and has since been working on a wide range
of consulting projects. He also speaks and represents Wohlers
Associates at national and international events.
How to order
the report
Go to wohlersassociates.com to order the report online. The report,
available as a color PDF, is US$495 worldwide. Credit card payment
is preferred.

10. ACKNOWLEDGMENTS
ABOUT THE PRINCIPAL AUTHORS
PART 1: BACKGROUND
FOCUS OF THIS REPORT
INTRODUCTION TO ADDITIVE
MANUFACTURING AND 3D PRINTING
HISTORY OF ADDITIVE MANUFACTURING
May 2012 through October 2012
November 2012 to May 2013
INDUSTRIES AND REGIONS BENEFITING
FROM AM
How companies are applying AM
processes
Installations by country
PART 2: APPLICATIONS
PROTOTYPING
Visual aids and presentation models
Fit, function, and assembly
TOOLING
METAL CASTING
ARCHITECTURAL
MEDICAL
Anatomical and surgical models
Custom prosthetic design
Virtual surgical planning and personal-
ized surgical instruments
Custom and off-the-shelf AM-
fabricated implants
Biocompatibility of AM materials
Regulatory clearances of AM products
DENTAL
DIRECT PART PRODUCTION
Aerospace
Automotive and motorsports
Medical
Avatars and figurines
Furniture, home, and office accessories
Applications in music
Consumer-created products
Art and jewelry
Gifts, trophies, and memorials
Marketing and advertising
Museum displays
Fashion and high-performance products
PART 3: PROCESSES AND
MATERIALS
PROCESSES
Material extrusion
Material jetting
Binder jetting
Sheet lamination
Vat photopolymerization
Powder bed fusion
Directed energy deposition
MATERIALS
Plastics
New plastics
Metals
New metals
Composites and hybrid materials
Materials for metal casting processes
Ceramics and other materials
Materials testing and international
standards
PROCESS/MATERIAL MATRIX
PART 4: SYSTEM MANUFAC-
TURERS
ARCAM
ASIGA
BEIJING TIERTIME
BLUEPRINTER
CARIMA
CONCEPT LASER
DWS
ENVISIONTEC
EOS
Precious M 080
Other business
EXONE
INNOVATION MEDITECH
LITHOZ
MCOR
OPTOMEC
PHENIX SYSTEMS
RAPID SHAPE
REALIZER
RENISHAW
SLM SOLUTIONS
SOLIDSCAPE
STRATASYS LTD.
Stratasys and Objet merger
New systems
Other developments
TRUMPF
3D SYSTEMS
Acquisitions
New products
Personal, professional, and production
3D printers
Other business
VOXELJET
OTHER COMPANIES IN ASIA
Aspect
Beijing Long Yuan
CMET
D-MEC
Fochif Mechatronics
Hunan Farsoon
InssTek
Keyence
Matsuura
Microjet Technology
Shaanxi Hengtong
Shanghai Union-tech
Trump Precision Machinery
Wuhan Binhu
OTHER COMPANIES IN EUROPE AND
THE U.S.
BeAM
Essential Dynamics
DM3D Technology
Fabrisonic
Sciaky
EMERGING TECHNOLOGIES
Aeroswift
High speed sintering
Digital Metal
Ion fusion formation
Laser consolidation
Printoptical technology
Selective laser printing
Selective mask sintering
PERSONAL 3D PRINTERS
RepRap project
AliBaba
Kickstarter and Indiegogo
Material recycling
Software
Aleph Objects
Fabbster
Formlabs
MakerBot Industries
RoBo 3D
Printrbot
Solidoodle
Ultimaking
Other 3D printers
Comparing personal 3D printers
PART 5: INDUSTRY GROWTH
REVENUE FROM AM WORLDWIDE
Products and services
Growth percentages
Average selling price
MATERIAL SALES
Photopolymers
Laser-sintered polymers
Metals
SERVICE PROVIDERS
Secondary market
MARKET OPPORTUNITY AND FORECAST
INDUSTRIAL SYSTEM UNIT SALES
Unit sales growth percentages
Market shares
Systems sold by region
Market shares by manufacturer
Metal AM systems
Unit sales by manufacturer and year
Forecast
PERSONAL 3D PRINTERS
INVESTOR UPDATE
New public companies
Revenues and earnings
Outlook
SERVICE PROVIDERS
Industry survey
Steady growth
3D content and on-demand services
Shapeways
PART 6: GLOBAL REPORTS
AFRICA
South Africa
Other countries
ASIA
China
India
Japan
Singapore
AUSTRALASIA
Australia
New Zealand
EUROPE
Austria
Belgium
Finland
France
Germany
Italy
Netherlands
Portugal
Russia
Slovenia
Spain
Sweden
United Kingdom
OTHER REGIONS
Brazil
Canada
Turkey
PART 7: DIRECT PART
PRODUCTION
CHANGING THE WAY YOU
MANUFACTURE
WHY USE AM FOR PRODUCTION?
Customer satisfaction
Reduction of tooling
Part consolidation
Industry standards
DESIGN FOR ADDITIVE
MANUFACTURING
A new way of thinking
Consumer design
COST ANALYSIS AND ECONOMICS
ENVIRONMENTAL CONSIDERATIONS
Use of raw material
Sustainability implications
Distribution and logistics
Production by consumers
Environmental assessment tools
ENERGY USE IN AM
INTELLECTUAL PROPERTY
IMPLICATIONS
PRODUCT LIABILITY IMPLICATIONS
REQUIRED RESEARCH AND
DEVELOPMENT
Processes
Materials and related considerations
Organization, management, and supply
chain issues
PART 8: FRONT AND BACK-
END CONSIDERATIONS
CAD SOLID MODELING
MCAD on the cloud
PLM on the cloud
Autodesk moves simulation to the
cloud
CAD/PLM leaders show anemic
revenue growth
Seat count estimates
TOOLS FOR ARCHITECTURAL
MODELING
3D SCANNING AND SCAN PROCESSING
Primary uses
Current state of 3D measurement
Post-processing 3D data
Consumer 3D scanning
What’s next?
MEDICAL IMAGING AND PROCESSING
SOFTWARE
CO-DESIGN/CO-CREATION
AM SOFTWARE TOOLS
STL/AMF file review and repair
Lattice structures
Topology optimization
KARMA
POST-PROCESSING
Removing material
Adding material
Options that work for AM
POST-PROCESSING OF METAL AM
PARTS
Pre-build planning
Post-build cleanup and preparation
Thermal processing
Support removal and post-machining
Surface finishing
Inspection and non-destructive testing
PART 9: RESEARCH AND
DEVELOPMENT
TRENDS IN R&D
PATENTS
CONSORTIA AND COLLABORATIONS
National Network for Manufacturing
Innovation
National Additive Manufacturing
Innovation Institute
U.S. government interagency group
Additive Manufacturing Consortium
Direct Manufacturing Research Center
ASTM International Committee F42
Project TEAM
U.S. GOVERNMENT-SPONSORED R&D
National Science Foundation
Meso, micro, and nano scale
technology
Basic research on existing AM
technology
National Institutes of Health
Department of Defense
U.S. NATIONAL LABORATORIES
Oak Ridge National Laboratory
Lawrence Livermore National
Laboratory
ACADEMIC ACTIVITIES AND
CAPABILITIES
AM educational activities
Research innovations
Academic institutions with AM
capabilities
Research institutes with AM
capabilities
Future trends and contributions
PART 10: THE NEXT
FRONTIER
FIRST 25 YEARS
WHAT’S AHEAD?
New businesses
The depths of possibilities
HOLY GRAIL
NEXT STEPS
APPENDICES
APPENDIX A: GLOSSARY OF TERMS
APPENDIX B: SYSTEM AND MATERIALS
SUPPLIERS
Austria
Canada
China
Denmark
France
Germany
Ireland
Israel
Italy
Japan
Korea
Saudi Arabia
Sweden
Taiwan
United Kingdom
United States
APPENDIX C: SYSTEM SPECIFICATIONS
APPENDIX D: PERSONAL 3D PRINTERS
APPENDIX E: MATERIAL PROPERTIES
APPENDIX F: DIRECT METAL AM
COMPARISON MATRIX
APPENDIX G: 3D-SCANNING SYSTEMS
APPENDIX H: 3D SCAN-PROCESSING
SOFTWARE
Wohlers Report 2013 Table of Contents
WohlersExSum TOC 2013_Layout 1 5/23/13 3:48 PM Page 1

11. Wohlers Associates, Inc. • OakRidge Business Park • 1511 River Oak Drive
Fort Collins, Colorado 80525 USA • 970-225-0086 • Fax: 970-225-2027 • wohlersassociates.com