Syntroleum Investor PresentationNovember 5, 2009Nasdaq: SYNM2This document includes forward-looking statements as well as historical information.These forward-looking statements mayinclude statements relating to plans to useSyntroleum’s technology; commercializationof that technology; costs, timing andproduction of fuels plants; jobcreation from plants; fuel characteristics, benefits and uses; and the financial position of Tysonand Syntroleum. When used in this document,the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,”“project,” “should” and similar expressions are intended to be among the statements that identifyforward-looking statements.Although we believe that the expectationsreflected in these forward-looking statements are reasonable, these kinds ofstatements involve risks and uncertainties. Actual results may not be consistent with theseforward-looking statements.Important factors that could cause actual results to differ from these forward-looking statements include the potential thatdebt or equity financing for anticipated plants, the schedule for development, construction and operation of proposed plantsmay not be met, anticipated appropriation andexpenditure of federal monies does notoccur, commercial-scale plants do notachieve the same results as those demonstrated on a laboratory or pilot basis or that such plants experience technologicaland mechanical problems, the potential that improvements to theBio-SynfiningTM technology currently under developmentmay not be successful, the impact on plant economics of operating conditions (includingraw material prices, tax credits andenergy prices), construction risks, risksassociated with investmentsand operations in foreign countries, dependence onstrategic relationships with manufacturing and engineering companies, volatility of energy prices, the ability to implementcorporate strategies, includingthe continued availability ofadequate working capital, competition, intellectual property risks,the ability to obtain financing and otherrisks described in each company’s filings with the Securities and ExchangeCommission. For discussion of these risks anduncertainties we refer you to the risks described under “Risk Factors” in ourAnnual Report on Form 10-K .Forward Looking StatementsSyntroleum Overview•Company formed 1984, public in 1998•Headquarters in Tulsa, Oklahoma–Low cost access to oil and gas professionals•19 employees (13 engineers)•Nasdaq: SYNM–Market cap $160 million–No debt, $320 million NOLs ($112 million potential tax savings)•What we do:– 2ndgeneration renewable fuels technology– 3rdgeneration Fischer-Tropsch technology (GTL, CTL, BTL)–Military grade fuels development (set military synthetic fuel std)–Project development (Dynamic Fuels)3Syntroleum Technologies•Fischer-Tropsch–Coal to liquids–Gas to liquids–Biomass to liquids–Commercializing viaSinopec•Hydro-Processing–Synfining®–Bio-SynfiningTM•Commercializing viaDynamic Fuels LLCThree CoreTechnologiesStep 2Step 3Step 1GasificationCO+2H2SyngasFischerTropschReactor(FT)ProductUpgrading(Synfining®)Diesel& JetNatural GasCoalBiomassFT WaxH H H H| | | |H—C—C—C—C— —| | | |H H H HH+ OHH H H H| | | |H—C—C—C—C— —| | | |H H H HH+ OH+ OH H H H| | | |H—C—C—C—C— —| | | |H H H HH+ OHH H H H| | | |H—C—C—C—C— —| | | |H H H HH+ OH+ OAnimalFats•Gasification–Coal, petcoke–Natural gas–Biomass4Extensive DOE/DOD Synfuels TestingWash DCmetrobusesDenali, AlaskaPark VehiclesB52 SynfuelCertification5Catoosa Demonstration Facility(400,000+ gallons of synfuels,2004-2006)FuelsFT components to be re-erectedin China by SinopecLeading Ultra CleanSynthetic Fuels TechnologyProviderWorld’s LargestProcessor & Marketer ofChicken, Beef, & PorkFeedstockLogisticsCapitalTechnologyOperationsCapitalPlan to buildmultiple plantsDynamic Fuels50/50 Venture with World Class Partner Tyson FoodsDynamic FuelsLLC50%50%6Geismar Renewable Synthetic FuelsPlant•5,000 BPD (75 mmgpy) of synthetic fuel capacity•$138 million plant capital cost, $150mm project cost•Renewable diesel primary product,•Brownfield construction located in Geismar, LA•Commercial operations by end of 2Q 2010•On scheduleand On budget•As of September 30, project is 76% complete•Fully financed7Geismar Construction PhotosNovember 3, 20098Geismar Construction PhotosNovember 3, 20099Geismar Plant Economics10Geismar Cash Margins11Through November 3, 2009Petroleum Diesel Spread to Crude OilDepressed Relative to Historical Norms12Source: EIAHistorical PetroleumDiesel Spread toWTI Crude OilProduct Pricing, U.S.Biodiesel Premium to Petroleum Diesel13Source: EIA and The JacobsenBio-Synfined Renewable Diesel isSuperior to Biodiesel and DieselBiodieselRapeseedB100BiodieselPalm OilB100BiodieselBeef TallowB100Crude Oil#2 ULSDDynamic FuelsAll FeedstocksR-2 DieselCloud Pt (F)26556155Cold Filter PluggingPoint (F)245450-4-13IncompatiblesBrass, sealsBrass, sealsBrass, sealsNo spec.NoneSulfur (ppm)3< 10< 1015 max< 1Aromatics (vol%)00035 max0Cetane Number55 - 70405440 min74+Energy ContentRelative to #2 ULSD91%91%91%100%98%14OlympicCenexPioneerEl PasoATASAALMagellanNew York CityLimaMinneapolisDenverSalt Lake CityBorger/McKeeEl PasoHouston/BeaumontTulsaSt. LouisDesMoinesDavenportExplorerColonialLas VegasPhillips/ValeroGrandJunctionBarstowColtonBakersfieldBloomfieldAlbuquerqueGreenRiverSinclairCheyenneTeppcoMagellanSan FrancisoRenoChevronLos AngelesKinder MorganWestPhoenixKinder MorganEastLonghornSeattlePortlandSpokaneBillingsNuStarBoisePocatelloCasperSacramentoStocktonTucsonPascoMagellanFresnoMagellanPlantationCentennialWest ShoreWolverineChicagoBuckeyeNuStarKansasCityOmahaRefined Products Pipelines15Renewable Diesel Can Be Transported Via Refined Products PipelinesGeismarValue of Geismar to Syntroleum• First 2ndgeneration stand-alone biofuels facility in the United States–Low cost producer of highest quality diesel (best barrel in pool)–Jet fuel capability•Tyson: world-class, committed partner–Feedstock, logistics, capital, procurement•First commercial application of Syntroleum technology–Manageable capital program ($150 million)•High NPV / IRR project•Multiple opportunities to enhance economics–Premium product pricing, exports, alternative feedstocks•Sets stage for multiple plants–Currently evaluating 2ndplant16Sinopec FT Technology Transfer•Sinopec: China Petroleum and Chemical Corporation–2008 Fortune Global 500 rank as 16thlargest company in the world–2007 Top 500 Enterprises in China rank: First–2008 revenues $216 billion•Technology Transfer Agreement–Sale – not a license: No ongoing liabilities. No China patent indemnities–Non-exclusive in China–No licensing rights for Sinopec except in China–Must own 25% of anyproject and be “operator”–No right to use in North & South America, India, Australia, New Zealand (50% ofworld’s coal reserves)•Potentially commercializes Syntroleum’s FT technology without Syntroleumhaving to finance–Sinopec to re-erect major Catoosa components and run on coal syngas–Afterwards, could decide to move forward with a commercial scale facility17Growth Strategy•Near term: Build out Bio-SynfiningTM portfolio (3-4 plants)–Domestic and international plants•Near/medium term: Small scale CTL and BTL–3,500 to 5,000 barrels per day–Purchase of coal, petroleum coke syngas–Biomass to Liquids•Long term: Large scale CTL and GTL–20,000 to 100,000+ barrels per day–Financial strength to support process guarantees for large plants–Biomass to liquids•Technology sale/licensing of FT technology18Business Development Pipeline•Syntroleum is actively evaluating potential projectopportunities•Engineering staff is approximately 85% billable to 3rdparty clients–Activities related exclusively to core FT and Bio-SynfiningTMtechnologies•Based on our current backlog and prospects for 2010, weexpect to continue at a high utilization rate19Financial Status•Cash balance at November 1, 2009 of $21 million•Revenues of $26mm through September 30•Engineering revenue expected to be $5.1mm for 2009–Nearly covers annual cash operating expenses•Geismar capitalization to date:–$100mm Go Zone Bonds closed on October 21, 2008–Syntroleum equity contribution of $14 million in July 2008 and $6million in April 200920Summary of Syntroleum Capabilitiesand Strengths•Technology leader with proven 2ndand 3rdgenerationfuels technologies–Well positioned to benefit from drive to alternatives–FT and related technologies deliver high value•Geismar: first 2ndgeneration renewable fuels project–Tyson: world class partner–Project has platform value and is repeatable•Sinopec technology transfer could commercialize FTtechnology–Potential for broader relationship•Strong execution and development team•Disciplined focus on costs2122Syntroleum Investment Profile•NASDAQ:SYNM•Shares O/S (mm) 74.1•Float (mm)61.9•Market Cap ($mm) 160.0(November 4, 2009)•Officers/Directors6%•Tyson Foods, Inc. 11%•Institutional 18%•Retail65%•Top Institutional Holders:–Barclays Global Investors–Vanguard Group–Lee, Danner & Bass–Claymore Advisors–State Street Corp–Batterymarch Financial–Wells Fargo–TIAA CREF–Merrill Lynch & Co.–Renaissance Technologies LLCINVESTOR RELATIONS CONTACTS:Syntroleum Corporation, TulsaRon Stinebaugh, SVP Finance, 918-764-3406www.syntroleum.comEnd of Presentation