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Management’s Report on Internal Control Over Financial Reporting
2012 Financial Report
49
Management’s Report
We prepared and are responsible for the financial statements that appear in our 2012 Financial Report. These financial statements are in
conformity with accounting principles generally accepted in the United States of America and, therefore, include amounts based on informed
judgments and estimates. We also accept responsibility for the preparation of other financial information that is included in this document.
Report on Internal Control Over Financial Reporting
The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting as defined
in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934. The Company’s internal control over financial reporting is
designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles in the United States of America. The Company’s internal control over
financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that
receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the
Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the
Company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or
that the degree of compliance with the policies or procedures may deteriorate. Management assessed the effectiveness of the Company’s
internal control over financial reporting as of December 31, 2012. In making this assessment, management used the criteria set forth by the
Committee of Sponsoring Organizations of the Treadway Commission in Internal Control—Integrated Framework. Based on our assessment
and those criteria, management believes that the Company maintained effective internal control over financial reporting as of December 31,
2012.
The Company’s independent auditors have issued their auditors’ report on the Company’s internal control over financial reporting. That report
appears in our 2012 Financial Report under the heading, Report of Independent Registered Public Accounting Firm on Internal Control Over
Financial Reporting.
Ian Read
Chairman and Chief Executive Officer
Frank D’Amelio Loretta Cangialosi
Principal Financial Officer Principal Accounting Officer
February 28, 2013