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FALL 20122012Conference Information 10-13A Look at Regulations6Economic Forecast: Health Care4Introducing Amanda GrayPreventing InjuryCarrier Safety Analysis5916

CONTENTSVOLUME 5 - ISSUE 1ADVERTISERSCochise.7Federated Insurance.16Firestream.16Holly Frontier.18Keenan.15Pinal Energy.19Pioneer.8Polar.18PT Risk Management.20Union Distributing.18Western Refining.7Message from the President4Protect Yourself, Others9Health Care Ruling4APMA 2012 Conference10-13APMA New Executive Director 5Motor Carrier Safety16Gas in Diesel Engines5Insurance Survey20The Burden of Regulation6APMA Committees20APMA Executive CommitteePetroleum MarketersManagement Insurance CompanyNow offering coverage in Arizona!UST and AST InsuranceComplete Coverage Includes DispensersCompetitive RatesLow DeductiblesOwned by Petroleum MarketersSatisfies State and Federal Requirementswww.pmmicinsurance.comHave your agent contact us today at 515-334-3001APMA’S PURPOSEAPMA’s primary purpose is to protect and advance its members’ legislative and regulatoryinterests in Arizona and Washington, D.C. APMA’s secondary purpose is to provide memberswith business and social functions. These include an annual conference, workshops, seminars and industry speakers. APMA holds twogolf tournaments – one benefitting the APMAScholarship Foundation and the other in conjunction with the annual conference. In addition, APMA holds monthly membership meetings as well as various association committeemeetings. APMA is a member of the Pacific OilConference and the Petroleum Marketers Association of America.FALL 2012Vice PresidentBill ChamplinHolly Refining & Marketing Co.2nd Vice PresidentLenora NelsonBennett OilTreasurerDave AlexanderCaljetPMAA DirectorWarren LuethUnion DistributingExecutive DirectorAmanda GrayAPMA’S OBJECTIVE Encourage members to be actively engagedin association activities and legislative grassroots efforts Provide resources for education, training andthe exchange of ideas Encourage members to maintain high business ethics and a positive image for the industry Advise and educate membership to enablethem to run their businesses effectively andprofitablyArizona Petroleum Markets AssociationP.O. Box 44536 Phoenix, AZ 85064PH: 602.330.6762 FAX: 602.391.2817E-mail: Amanda@APMA4u.orgwww.APMA4u.orgAPMA Fuel Monitoris published by Cereus2950-2 East Broadway Rd., Phoenix, AZ 85040cereusgraphics.com2PresidentSally VoylesPioneer DistributingAPMA Board of DirectorsAlan Calvert Calvert Oil Co.Apryl Erekson Cochise CompaniesBill Aust Biltmore Bank of ArizonaCameron Trejo Trejo OilDave Armstrong Ballard SpahrSteve Kornman SC FuelsGarth Davis Supreme OilJames Marker Western Refining WholesaleJess Miller Diamond TruckingJason Davis Arizona Fuel DistributorsErik Savage Circle KSteve Hallum Hallum OilTroy Little Quik Mart StoresAndy Rodriguez Musket CorporationBill Havard Wells Fargo InsuranceArticles and other contributions to this publication are the sole opinion of the author or contributor and are not to beinterpreted as the work or opinion of the APMA. Indeed, APMA provides no warranty or representation concerningthe accuracy of articles or other contributions to this publication and hereby expressly disclaims the same.FUEL MONITOR3

Message From The PresidentSally VoylesPresidenteconomicSteven Zakely, CFA Senior Equity Research AnalystQUICK MARKET UPDATEChris Haverland, CFA Ruling andImplicationsAssetMarketAllocation StrategistJune 28, 2012Court in a 5-4 decision ruled in favor of upholding the PatientCare Act (PPACA)—the Obama administration’s health care legislation.wo key provisions of the Act—the individual mandate and Medicaidally upheld in today’s ruling, leaving the Act nearly intact. Thepresented to support their ruling demonstrate how complex the issuese was between the Act being upheld or overturned. In this Quickw the highlights of today’s ruling and discuss the market implicationslegislation.upheld, we believe much of the impact has already been priced intoerefore, we do not envision much, if any, change to the sector’sing. However, we continue to believe that certain areas of theill benefit from the law more broadly than others, although perhaps aly thought given the fact that individuals are not being forced to buysidering that states now have an option to participate in the expansionlth Care Sector Index was down modestly lower today, but hasrcent since the law was enacted on March 23, 2010.S&P Health Care Sector Performancee Sector has risenent since the PPACAo law.4FALL 2012See you in Sedona!Sally VoylesPresidentHealth Care Ruling and MarketImplicationspinions are provided courtesy of Wells Fargo Bank N.A.r Equity Research Analystet Allocation Strategistwill have an impact on our industries,our businesses and the future of ourchildren. The decisions we make onTuesday November 6th, may well decide the course of our country for decades to come.I hope that you join us in Sedona for Policy, Politics and Petroleum,our annual conference, October 21st-23rd. Join us in discussing the issuesthat affect our businesses, in exercising the freedom to assemble, to celebrate the liberties bestowed upon usby generations past and to discuss thefuture for generations to come. Join usto celebrate the great American Gift .the right to vote, to be counted, to beheard!FORECASTProvided byWells Fargo Bank N.A.ATEAfter spending short periods oftime in foreign countries over theyears, I have learned what it means tolive in the United States of America.The freedoms we enjoy today, givento us through generations of sacrificeand hard work, grace us with the abilityto have free speech, to assemble andto live the lives our parents and grandparents dreamed for us .the kind oflife we now work so hard to give ourchildren and grandchildren. It is thetraveling abroad that reminds me howlucky we are to be able to be part ofan organization like the APMA. It reminds me that when we put our voicestogether we have the liberty to makethem heard.As American’s we are in themidst of what may well be the mostimpactful election of our generation.As Arizonans, the representatives wechoose, both federally and statewideToday, the U.S. Supreme Court ina 5-4 decision ruled in favor of upholding the Patient Protection and Affordable Care Act (PPACA)—the Obamaadministration’shealthcare legislation. The constitutionality of two keyprovisions of the Act—theindividual mandate andMedicaidexpansion—were essentially upheldin today’s ruling, leavingthe Act nearly intact. Thejustifications the justicespresented to support theirruling demonstrate howcomplex the issues wereand how fine the line was between theAct being upheld or overturned. In thisQuick Market Update, we review thehighlights of today’s ruling and discussthe market implications for preservingthe PPACA legislation.With the entire law being upheld,we believe much of the impact has already been priced into the healthcaresector. Therefore, we do not envisionmuch, if any, change to the sector’searnings based on the ruling. However, we continue to believe that certain areas of the healthcare sectorlikely will benefit from the law morebroadly than others, although perhapsa little less than we originally thoughtgiven the fact that individuals are notbeing forced to buy health insuranceand considering that states now havean option to participate in the expansion of Medicaid. The S&P Health CareSector Index was down modestly lower today, but has climbed more than 10percent since the law was enacted onMarch 23, 2010.Continued on page 14 Introducing Amanda Trelstad Gray,APMA’s New Executive DirectorOne of the questions in my initialinterview for the APMA Executive Director position was along the lines of,“Why would a lawyer want this job?”In case you are wondering the samething, I would like to introduce myselfby sharing a few of the reasons.After practicing law as a civillitigator for the City of Minneapolis,I want to use my legal skills to helpshape better laws. By furthering theAPMA’s legislative agenda, I hope todo just that. I am a graduate of theUniversity of St. Thomas Law, a smallprivate school in downtown Minneapolis. Before that, I earned myundergraduate degree from ArizonaState University in English. My legalbackground will enable me to represent the APMA’s interests to the stateand federal legislatures and to keepyou informed about relevant changesto the legal landscape.Many parts of the APMA organization speak to me, but one in particularis the Scholarship Foundation. I wasthe recipient of academic scholarships in both college and law school.In my view, students who work hardand achieve academic success meritassistance, particularly given risingtuition costs. I can hardly wait for the15th Annual Scholarship Golf Tournament next spring.On a more personal note, my husband, Steve, and I both lived in Phoenix when we were growing up. Afterwe got married in Minnesota last fall,we agreed that we wanted to be nearour families when we started our family. We decided to come home in Mayof 2012, trading Minnesota wintersfor Arizona summers. As it turns out,we moved just in the nick of time because we are expecting our first childin January 2013.As APMA’s new Executive Director, I am thrilled to learn more aboutthe petroleum industry and to workwith you all in your various areas ofexpertise. Please feel free to be intouch; I am eager to meet you if wehave not yet and excited to get toknow you better if we have. In particular, I would love to know about interesting events at your company tofeature in upcoming editions of the AZMotor Fuel Monitor. Hope to see youat the Annual Conference on October21-23.Best Regards,Amanda T. GrayAmanda T. GrayExecutive DirectorWork and Education HistoryMinneapolis City Attorney’s Office –Civil DivisionAssistant City Attorney,March 2010 – May 2012Legal Clerk,September 2007 –March 2010University of St. ThomasSchool of LawJuris Doctor, magna cum laude, 2009Arizona State UniversityBachelor of Arts, English Literature,summa cum laude, 2006Bar MembershipGeorgia – 2009,Minnesota – 2010,Arizona – expected 2012Gas in Diesel EnginesWhat happens if you inadvertently fill your diesel car with gasoline?Whether you’re new to diesel ownership, or might have both diesel andgasoline powered vehicles in your ownpersonal fleet, it can be oh-so-easy toaccidentally miss-fuel your diesel tankwith gasoline. Filling your fuel tank issuch an ordinary and mundane task,that just a moment’s inattention cancause you to grab the wrong nozzleand pump away. Bad enough if yourealize the mistake right away and canget the car towed to a shop to have thetank drained (an awfully expensive nuisance), but what if you don’t even realize the mistake and end up driving awaywith a tank full of gasoline? Chancesare you won’t get very far (maybe just amile or so until the diesel in the fuel linegives way to the fresh batch of gasolineon the way from the tank) and the engine starts to run “funny.”Of course, it all depends on howmuch diesel remained in the tank before the gasoline was added, and hownew and sophisticated the diesel engine is. In a 2007 or newer clean diesel engine, any amount of gasoline willprobably damage the sensitive emissions control components (DPF, OxyCat and SCR) and system. In olderengines with much less sophisticatedand “touchy” emissions systems, alightly diluted (say 90 percent diesel/10percent gasoline) mix would probablypass through with littleor no detriment. It might simply causereduced engine power, perhaps a bitmore noise, and possibly a sharp warning from the emissions sensors that detect something other than pure dieselexhaust. It is high concentrations ofgasoline that spell real trouble. Whether a modern clean CRD diesel or an oldindirect injection unit; burning straightgasoline or highly diluted diesel fuel willalmost certainly result in catastrophicdamage to the mighty diesel engine.Michael DuCharme,Division Manager,O&P OperationsPhoenixFUEL MONITOR5

The Burden of Regulationbusiness owners now view regulationequal to concerns about the economy and taxation. In earlier studies byNFIB, concerns about the economyand taxation were significantly moreof a concern than regulation. Butnow concerns about regulation equalthe other two.Dan GilliganPMAA PresidentAs the nation begins to focus on theNovember 2012 elections there hasbeen much written and said aboutthe impact of business regulationon the economy. Many academicsand statisticians are often quick todismiss concerns about regulation.In my discussions with petroleummarketers across the country I knowfor a fact that federal, state and localregulation is an enormous burden forall businesses big and small. A fewweeks ago the National Federation ofIndependent Business (NFIB) released some statistics that surprisedeconomists but it did not surpriseme. The NFIB report revealed thatFor petroleum marketers with significant operations in conveniencestores I know pending regulationsabout health insurance are anenormous worry to those marketers. If the new healthcare law is notblocked by the Supreme Court orrepealed by Congress the consequences to many small businesseswill be devastating. Maybe by thetime this magazine reaches yourdesk the Supreme Court will havedealt the new law a fatal blow.Petroleum marketers are also veryconcerned about new EPA regulations for underground storage tankowners. PMAA estimated the newregulations would cost the averagegas station 900 per year to comply.PMAA did our own analysis and concluded the cost was closer to 6000per year. PMAA members are reallyquestioning how all this additionalnew cost can be justified. The federal underground storage tank regu-lations have been very effective inprotecting the environment so why isit necessary that such significant revision be pursued. One reason is theregulatory culture of the federal government. The government employsmany talented ambitious people atthe executive level. In many casesexecutives are evaluated not only onhow well the manage a regulatoryprogram but how aggressively theyare pursuing improvements to thoseregulations. Because of its environmental mission, EPA executives areexpected to pursue greater environmental protection. Unfortunately, thebig environmental gains achievedearly in a program cannot be replicated therefore tiny environmental gainsare pursued at an extraordinary costto the regulated businesses.PMAA sees this dynamic play out inmany of the regulations affecting thepetroleum industry. The EPA is pursuing new gasoline standards, ozonestandards, greenhouse gas rules,and climate initiatives all with verysmall environmental benefits andenormous costs. PMAA will continuedoing everything possible to opposeexcessive regulation and we urgepetroleum marketers to remind theirelected officials that excessive regulation does stifle economic growth.Bennett Oil rolling to new customer tank placement6FALL 2012FUEL MONITOR7

Protect Yourself, OthersTod L. DennisAssociation CoordinatorSales & Customer Relations DivisionLocking out, tagging are keysto preventing hazardous energyinjuriesLubricantsUnleaded FuelGreaseOn-Site Mobile FuelingRe-Refined LubricantsBio-FuelsDiesel Exhaust FluidLubrication EquipmentDiesel FuelSites in Phoenix and Tucson1300 N. 24th Avenue, Phoenix Arizona 85009602-278-2693 www.pioneerdistributing.com8FALL 2012Energy sources – includingelectrical, mechanical, hydraulic,pneumatic, chemical, thermal orother sources – in machines andequipment can be deadly. It is whylocking out and tagging the machinesand equipment is necessary to keepemployees safe.Workers servicingor maintaining machines orequipment where the energysource is enabled could beshocked, burned, crushed,cut, amputated or killed.ous energy average 24 days off workto recuperate. But by complyingto the standard – Title 29 CFR Part1910.147 – OSHA estimates 120 fewer people will be killed and more than50,000 workers will escape hazardous energy-related injuries each year.So what should employers do to reduce the risk? Foremost is to ensureproper lockout/tagout practices andprocedures are observed. Here areOSHA’s recommendations: Develop, implement and enforcean energy control program and procedures Use lockout devices for equipment that can be locked out whenthey are begin repaired or maintainedAt greatest risk from hazardous energy are the estimated 3 million electricians, machine operatorsand laborers, who service equipmentroutinely. Failure to control hazardous energy accounts for nearly 10percent of all the serious accidentsin many industries, according to theOccupational Safety and Health Administration.OSHA also reports that workers who suffer injuries from hazard-Employee training should cover: The employer’s energycontrol program Elements of the energycontrol program that arerelevant to the employee’sduties or assignment Various requirements ofthe OSHA standards relatedto lockout/tagoutFor example: A closed steam valve thatautomatically turns on whileworkers are repairing it, canburn the employees severely A jammed conveyor system that an individual working to unjam it is freed of theobstruction and results incrushing him Internal wiring on a pieceof factory equipment electrically shorts shocking theemployee who is repairingthe equipmentsure the lockout devices are durable,standardized and substantial, or thetags are clear Be sure all lockout/tagout devicesidentify the individual who has applied it Establish a policy that permitsonly the employee who applied alockout/tagout device to remove it Inspect energy control proceduresannually Provide effective training to allemployees working in around equipment or machinery that could releasehazardous energy, and be sure yourlockout/tagout procedures are coveredSCF Arizona’s Loss ControlConsultants can help yourmembers identify sources ofhazardous energy, and theycan collaborate with them toensure they comply with theOSHA standard to protecttheir workers.Or, your member can orderSCF’s “Lockout/Tagout”safety insert card by visitingthe website, scfaz.com. Develop, implement and enforcean effective tagout program if machines or equipment are not capableof being locked out If lockout devices are not available, use tags to alert employeeswhen equipment or machinery is being repaired or maintained Ensure that new or overhauledequipment is capable of being lockedout Only use the lockout/tagout devices that are authorized for the specificequipment or machinery and makeSCF Arizona is the state’s largest workers’ compensation insurer,providing coverage to nearly 25,000policyholders and their employeesstatewide. SCF has operated inArizona for more than 87 years andholds in excess of 3.4 billion inassets. Based in Phoenix SCF, hasa statewide presence. For more information about SCF Arizona, visit scfaz.com. Follow @SCFArizona on Twitterand like us on Facebook.FUEL MONITOR9

2:00 – 4:00pm4:00 – 6:00pmAPMA Board Meeting - Manzanita Board RoomRegistration - .Agave Ball Room (Terrace)Welcome Bags to the first 100 RegistrantsWelcome Cocktail Reception / Hors d’oeuvres – Village TerraceMonday, October 22nd8:00 amRegistration- Agave Ball Room (Terrace)8:30 am.Breakfast - Agave Ball Room9:00-9:30 amBrian Wiegert – Vice President, PMMIC Insurance“Compliance & Procedures – What to catch before you’re caught!”9:45-10:15am10:30-11:15amTOURNAMENT OPPORTUNITIESNameSponsorship packages are a great way to increaseyour marketability among APMA membership, supportyour state association, and provide valuable benefits toboth your company and the association.Single Golfer 170Golf for one and admission to awards luncheonCompanyDiamond Sponsor 10,500(4) Conference registrations, (2) Golf registrations, holesponsorship, listed on all signage, banner throughoutconference, mention in onsite program with logo, recognition on APMA website and verbal recognitionRuby Sponsor 5,000(3) Conference registrations, (2) Golf registrations, holesponsorship, listed on all signage, mention in onsiteprogram with logo, recognition on APMA website andverbal recognitionRuthann Laswick – Blue Water Benefits Consulting LLC “Health Care update”Rick Conlow – WCW Partners “We develop the capability in you.”Good Boss, Bad Boss – Which One Are You? How Good Can You Be? AchievingPeak Personal Performance11:30amLunch12:00 – 1:00pmKen Bennett – Arizona Secretary of State1:15 – 2:15pm.Dan Gilligan - President PMAA“Election 2012, What Is At Stake for Petroleum Marketers”5:30-7:00pmWHY SPONSOR?Foursome 680Golf for 4 and admission to awards luncheon (4)Hole Sponsor 200Corporate Name/Logo on hole. Mention inGolf program/postersCoffee/Doughnut Sponsor 400Company Name/Logo in front of welcome food/beverage table, mention in golf program/postersHole in One Sponsor 500Corporate Name/Logo on hole with Prize onHole of your choice. Mention in golf program/postersPlatinum Sponsor 2,500(2) Conference registrations, (2) Golf registrations, mention in onsite program with logo, recognition on APMAwebsite and verbal recognitionGolf Ball Sponsor 1,500Company Name/Logo on golf ball distributed inEvery golf goodie bag. (1 available)Gold Sponsor 2,000(1) Conference registration, (1) Golf registration, mention in onsite program with logo, verbal recognitionTowel Sponsor 2,000Company Name/Logo on golf towel. Mention in golfProgram/posters. (2 available)Silver Sponsor 1,500(1) Conference registration, mention in onsite programwith logo, verbal recognition**Course has availability for 96 golfers only. Please signup early to reserve your spot as it is first come firstserve**.PYROKLECTIC (fire dancers) – Village Terrace7:00-9:00pmDinnerPOLITICSPETROLEUMMailing AddressCity, State, ZipPhone EmailCONFERENCE OPTIONS DIAMOND SPONSORRUBY SPONSORPLATINUM SPONSORGOLD SPONSORSILVER SPONSORBRONZE SPONSORCOCKTAIL SPONSORGOLF 10,500 5,000 2,500 2,000 1,500 500 250 ATTENDEE 350(Includes all scheduled events/meals, except golf) SINGLE GOLFERFOURSOMEHOLE SPONSORCOFFEE/DOUGHNUT SPONSORHOLE IN ONE SPONSORGOLF BALL SPONSORTOWEL SPONSOR LUNCH ONLY ANCIENT RUINS JEEP TOUR SPOUSE 200With full attendee registration only.(Includes all scheduled events meals, except golf) NON-MEMBER FEE 100In addition to all fees above.(Can be credited toward APMA membership later)Level of Giving AmountBronze Sponsor 500Mention in onsite program and verbal recognitionLIST OF GOLFERS234PAYMENTKey Note Speakers: Jeffrey S. Beyersdorfer – Western Refining Senior Vice President, Treasurer Director of Investor RelationsCatherine Reheis-Boyd – Western States Petroleum AssociationTuesday, October 23TOTAL CHARGES CHECK ENCLOSEDVISAMASTERCARDAMERICAN EXPRESSDISCOVERAccount Number Exp CVV #8:30-9:45amGolf Registration – Seven Canyons, Exclusive Private Golf CourseCoffee, Hot Chocolate, Doughnuts, Yogurt10:00am. ee Off / Golf TournamentTShotgun start11:00amPink Jeep Tour in Sedona for non-golfersAncient Ruins Tour2:15 pm.Lunch, Golf Awards - Seven Canyons - PatioBilling AddressOCT 2123OCT 2123CityState 170 680 200 400 500 1,500 2,000 301Cocktail Reception & Silent Auction - Village Terrace6:30-7:00pmConference RegistrationSunday, October 21st3:00pmSchedule of EventsPOLICYSponsorships2012APMA ANNUAL CONFERENCEZipSignaturePlease make checks payable to APMA and mail to:Attn: Amanda GrayAPMA Conference RegistrationP.O. Box 44536, Phoenix, AZ 85016 100

for preserving the PPACA legislation.CONFERENCE ROOM RATESMARKET UPDATEContinued from page 4Casita Bedroom/Deluxe Studio Mix 190Casita Junior Suite 270Casita Suite (One Bedroom) 405With the entirelaw beingupheld, weexistingbelieve muchof theimpacthastaxalreadySecretaryfrom withdrawingmarketfacesan exciseto helpbeen priced into age. Furthermore, drug companiesmust contribute 84 billion over 10Medicaidfundsfor failure weto comfund thereformpackagebeginningthe healthcaresector.Therefore,do not envisionmuch,if any,changeto the sector’sply with the requirements set outin 2013. We believe that a premiumyears to help fund the health careearnings basedthe ruling.However,believeareas of thelegislation. Importantly, drug comin the onexpansion.In short,throughwe continuewill betoplacedon thatthosecertaindevice andDetails of the Supreme CourthealthcareRulingPPACASecretarycould fromchoosecompanieswhich demsector thelikelywill benefitthe lawtechnologymore broadlythan others,although perhaps a panies started “paying-out” taxes in While large Pharma, Labs, andMedicaid HMO’s as well as Hospitalsand possibly Medical Technology arethe most likely beneficiaries in thelong term, we believe benefits will bepartially offset by budget cuts whichmay remain intact despite today’sruling.The law could be a focus for the newCongress next year, which may meandelaying implementation beyond2014 to help reduce the deficit.Positive employment figures wouldprovide a tailwind that could createupside to current market expectations and drive equity markets higher.Nonetheless, now that the SupremeCourt has upheld PPACA, investors likely will turn their attention tothe upcoming presidential election,which presents its own set of uncertainties and could potentially limitpotential upside in the healthcaresector in the near-term.Today’s Supreme Court ruling is justthe first of many issues that we expect to gain clarity on in the comingmonths. New information on monetary policy, fiscal policy, elections,economic growth and the Eurozonedebt crisis likely will impact marketvolatility levels in the near-term, but,at the same time, could presentattractive buying opportunities forlonger-term investors. Today’s rulinghas no impact on our overall economic and market outlook, and wecontinue to recommend that investors remain fully invested in a globallydiversified portfolio including exposure to the four major asset groups(equities, fixed income, real assetsand complementary strategies). 2011, but will not receive the benefitto withhold new funds for any stateonstrate a capacity to take marketwe originallythought ingiventhatindividualsnot beingFollowing their reviewlittleof less thanthat chosenot to participatethe the factshare.Executionand areinnovationwill forced to buy from increased volume until aroundthe individual mandate, the justicesexpansion,could not withdrawbehavethe keyfactors.health insuranceandbutconsideringthat states nowanstrategicoption toparticipate in the expansion2014.ruled that Congress does not haveexisting Medicaid funds from thoseof Medicaid.The S&P Health Care Sector Index was down modestly lower today, but hasthe power to force consumers to buy In terms of Managed Care, comthat chose not to participate.health insurance. The ruling climbed more than 10 percent since the law was enacted on March 23, 2010.panies that have a strong Medicaidspecifically stated that “thebusiness should benefit from theindividual mandate was not aimpact that expanded coverage willS&P Health Care Sector Performancevalid exercise of Congress’shave on their top line (15 million of450power under the Commercethe 32 million people who will beClause and the Necessarycome covered will be new MedicaidThe Health Care Sector has risenand Proper Clause.” Howparticipants, expanding coverage tonearly 14 percent since the PPACAever, they did agree that theall Americans with income up to 133was signed into law.individual mandate could bepercent of federal poverty level). Unupheld based on Congress’fortunately, the Medicaid expansion400taxing authority granted underwill not become effective until 2014.the U.S. Constitution. Specifically, the Supreme Courtviewed the “shared responsibility payment” of the Act, forconstitutional purposes, maybe viewed as a tax. And that350“the payment is not so highthat there is really no choicebut to buy health insurance;the payment is not limited towillful violations, as penaltiesAT KAG WEST - WE OFFER AN EXTENSIVE PRIVATE FLEET CONVERSION PROGRAM – THATGIVES YOU THE ABILITY TO:for unlawful acts often are;300and the payment is 1Dec-11Mar-12Jun-12 Keep the same experienced drivers serving your customerssolely by the IRS through the Eliminate the constant headache and challenge of regulatory compliancenormal means of taxation.” Improve your operational execution through the industry’s most sophisticated inventoryEssentially the court is saying Source: FactSet, June 28, 2012management and transportation management systemsthat Congress cannot force in Have access to an array of other value-delivering supply chain management servicesdividuals to buy health insurance, butInvestment Implications The Biotech industry will not come Expand access to capacity during peak demand timesit does have the authority to tax indiout of this completely unscathed, as Significantly reduce your liability and risk Free up capital for better use in your core business activitiesviduals who chose not to purchase it.In our view, many companiesPharma won a 12-year window on Receive an additional payout for your fleet’s enterprise valueThis justification may appear tosomethat focus on reducing costs in thebiosimilars—officially approved verCAR#0612-1835 Eliminates the headaches of CARB compliance and the expenditure to re-capitalize yourmarket watchers as splitting hairs.healthcare system likely will benefit insions of biopharma

Protect Yourself, Others 9 APMA 2012 Conference 10-13 Motor Carrier Safety 16 Insurance Survey 20 . Protection and Affordable Care Act (PPACA)—the Obama administration’s health care legislation. The constitutionality of two key provisions of the Act—the individual mandate and Medicaid . ize the mistake and end up driving away

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