Suncor Energy Inc. is Canada’s largest integrated oil and gas company with operations strategically situated all over the globe. Although Suncor is focused in Canada’s Athabasca oil sands, we also have refineries in Ontario, Quebec, and Colorado, with a total capacity of 433,000 barrels per day. Suncor has 1,500 wholesale and retail service stations across Canada, and produces and distributes lubricant products to more than 60 countries. We also have natural gas production facilities in western Canada and the U.S. Rockies. In addition, we operate in the North Sea offshore of the United Kingdom and Netherlands, and have assets in Libya, Syria, and Trinidad and Tobago. The asset recovery function within Suncor is managed by three independent departments. One team currently supports North American onshore operations, primarily related to existing and new oil and gas developments, and existing gas plants and wells. Another supports oil sands operations in northern Alberta. And a third group handles any excess/surplus material and/ or equipment derived from any of Suncor’s sustaining or major growth projects. Between the three groups, approximately $25 million (CDN) will be recovered from surplus equipment/materials and scrap metal efforts in 2012. As one can imagine, with Suncor’s corporate offices in Alberta and other operations scattered all over the globe, this creates unique challenges. At present, the existing IR departments are not focused on activities to support any of our U.S.-based operations, or anything related to international activities. There is an initiative in the making to centralize the three departments and expand the resources to support those business units not covered today. What do we surplus? From the 31-foot diameter vessel shown in the photo… to 1,500 camp-bedroom-furniture packages… to heavy equipment…to paper products, and everything in between, you name it, we typically can have it for disposition. We are a large generator of surplus vales, carbon steel pipe/fitting products, and electrical cable, etc., and will in 2012 generate in excess of 15,000 tons of scrap steel. As of today’s date, Suncor has approximately $500 million (CDN) in surplus material and equipment. How do we do our business? Again, due to our unique business mix and geographical operations, we strive to reposition any and all excess material/equipment within our operations. Since early 2010, the Asset Recovery teams have internally repositioned in excess of $100 million (CDN) worth of Suncor excess to other operations or growth projects. This has been a huge win-win for the company. Like any other investment recovery department regardless of its business, we utilize third-party brokers, auction companies, the external tender process, and sole negotiation to support the disposition of equipment/material. One would think the above mix of mechanisms to dispose of equipment/material would be sufficient, but it is not. Unfortunately we sometimes are left with no choice but to look at the last asset recovery option, that being scrapping material. A good example of this is two surplus Model 351M Marion Shovels located in northern Alberta. We anticipated being able to sell these. However the cost to relocate the shovels out of Fort McMurray will cost a buyer in excess of $5M, so we will be forced to cut up and obtain scrap steel recovery values. In Summary: Although we may have very unique challenges due to our business diversification, geographical locations, size of equipment, logistic nightmares, volumes, etc., we are not unique in how we fulfill the obligations as asset recovery professionals. Members of each team are engaged and dedicated to their professions, and although we are not under one department, the synergies and cohesiveness are evident on a daily basis. Ultimately, we are here to maximize the recovery value of Suncor’s surplus assets…and are very successful at it. Dick Nelson, SCM, Asset Recovery Manager, Major Projects Suncor Energy, Inc., 403.296.4543,