Syntroleum Investor Presentation

November 5, 2009Nasdaq: SYNM
This document includes forward-looking statements as well as historical information. Thes

include statements relating to plans to use Syntroleum’s technology; commercialization oproduction of fuels plants; job creation from plants; fuel characteristics, benefits and uses; 

and Syntroleum. When used in this document, the words “anticipate,” “believe,” “estimate“project,” “should” and similar expressions are intended to be among the statements that iAlthough we believe that the expectations reflected in these forward-looking statements a

statements involve risks and uncertainties. Actual results may not be consistent with thesImportant factors that could cause actual results to differ from these forward-looking statedebt or equity financing for anticipated plants, the schedule for development, construction 

may not be met, anticipated appropriation and expenditure of federal monies does not occachieve the same results as those demonstrated on a laboratory or pilot basis or that such 

and mechanical problems, the potential that improvements to the Bio-SynfiningTM technolo

may not be successful, the impact on plant economics of operating conditions (including r

energy prices), construction risks, risks associated with investments and operations in fore

strategic relationships with manufacturing and engineering companies, volatility of energy 

corporate strategies, including the continued availability of adequate working capital, compthe ability to obtain financing and other risks described in each company’s filings with the 

Commission. For discussion of these risks and uncertainties we refer you to the risks desc

Annual Report on Form 10-K .

Forward Looking Statements
Syntroleum 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 pote

• What we do:

– 2nd generation renewable fuels technology

– 3rd generation Fischer-Tropsch technology (G

– Military grade fuels development (set military – Project development (Dynamic Fuels)
Syntroleum Technologies

• Fischer-Tropsch

– Coal to liquids– Gas to liquids– Biomass to liquids

– Commercializing via 

Sinopec

• H

– – 

• C

D

Three Core 

Technologies

Step 1 Step 2 Ste

Gasification

CO+2H2

Syngas

Fischer 

Tropsch

Reactor

(FT)

P

Up

(Sy

Natural Gas

Coal

Biomass

FT Wax

H H H H

| | | | 

H—C—C—C—C— —

| | | |

H H H H

H 

+ O 

H

H H H H

| | | | 

H—C—C—C—C— —

| | | |

H H H H

H 

+ O 

H

+ O 

H H H H

| | | | 

H—C—C—C—C— —

| | | |

H H H H

H 

+ O 

H

H H H H

| | | | 

H—C—C—C—C— —

| | | |

H H H H

H 

+ O 

H

+ O 

An

F

• Gasification

– Coal, petcoke– Natural gas– Biomass 
Extensive DOE/DOD Synfuels Testing

Denali, Alaska 

Park Vehicles

Catoosa Demonstration Facility

(400,000+ gallons of synfuels, 

2004-2006)

Fuels

FT components to be re-erected 

in China by Sinopec
Leading Ultra Clean 

Synthetic Fuels Technology 

Provider

P

Technology 

Operations 

Capital Plan to build 

multiple plants

Dynamic Fuels50/50 Venture with World Class Partner Tyson Foods 

Dynamic Fuels 

LLC

50% 
Geismar Renewable Synthetic Fuels 

Plant

• 5,000 BPD (75 mmgpy) of synthetic fue• $138 million plant capital cost, $150mm • Renewable diesel primary product,• Brownfield construction located in Geis• Commercial operations by end of 2Q 2• On schedule and On budget• As of September 30, project is 76% com• Fully financed
Geismar Construction Photos

November 3, 2009
Geismar Construction Photos

November 3, 2009
Geismar Plant Economics
Geismar Cash Margins

Through November 3, 2009
Petroleum Diesel Spread to Crude Oil

Depressed Relative to Historical Norms

Source: EIA
Product Pricing, U.S.

Biodiesel Premium to Petroleum Diesel

Source: EIA and The Jacobsen
Bio-Synfined Renewable Diesel is 

Superior to Biodiesel and Diesel

Biodiesel

Rapeseed 

B100

Biodiesel

Palm Oil 

B100

Biodiesel

Beef Tallow 

B100

Cr

#2 

Cloud Pt (F) 26 55 61

Cold Filter Plugging Point (F)

24 54 50 

Incompatibles Brass, seals Brass, seals Brass, seals 

Sulfur (ppm)

3 < 10 < 10 

Aromatics (vol%)

0

0

0 

Cetane Number 55 - 70 40 54 

Energy Content Relative to #2 ULSD

91% 91% 91% 
Olympic

Cenex

Pioneer

El Paso

ATA

SAAL

Magellan

Lima

Minneapolis

Denver

Salt Lake City

Borger/McKee

El Paso

Houston/

Beaumont

Tulsa

St. Louis

Des

Moines

Davenport

Explorer

Las Vegas

Phillips/

Valero

Grand

Junction

Barstow Colton

Bakersfield Bloomfield

Albuquerque

Green

River Sinclair

Cheyenne

Teppco

Magellan

San Franciso

Reno

Chevron

Los Angeles

Kinder Morgan

West

Phoenix

Kinder Morgan

East Longhorn

Seattle

Portland

Spokane

Billings

NuStar

Boise

Pocatello

Casper

Sacramento

Stockton

Tucson

Pasco

Magellan

Fresno

Magellan

Plantation

Centennial

West Shore

Wolverine

Chicago

NuStar

Kansas

City

Omaha

Refined Products Pipelines

Renewable Diesel Can Be Transported Via Refined Prod

Geismar
Value of Geismar to Syntroleum

• First 2nd generation stand-alone biofuels facility in 

– Low cost producer of highest quality diesel (best ba– Jet fuel capability

• Tyson: world-class, committed partner

– Feedstock, logistics, capital, procurement

• First commercial application of Syntroleum techno

– Manageable capital program ($150 million)

• High NPV / IRR project• Multiple opportunities to enhance economics

– Premium product pricing, exports, alternative feedst

• Sets stage for multiple plants

– Currently evaluating 2nd plant
Sinopec FT Technology Transfer

• Sinopec: China Petroleum and Chemical Corporation

– 2008 Fortune Global 500 rank as 16th largest company in t

– 2007 Top 500 Enterprises in China rank: First– 2008 revenues $216 billion

• Technology Transfer Agreement

– Sale – not a license: No ongoing liabilities. No China pate– Non-exclusive in China– No licensing rights for Sinopec except in China– Must own 25% of any project and be “operator”

– No right to use in North & South America, India, Australia, 

world’s coal reserves)

• Potentially commercializes Syntroleum’s FT technology 

having to finance

– Sinopec to re-erect major Catoosa components and run on – Afterwards, could decide to move forward with a commerc
Growth Strategy

• Near term: Build out Bio-SynfiningTM portfo

– Domestic and international plants

• Near/medium term: Small scale CTL and 

– 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 guarante– Biomass to liquids

• Technology sale/licensing of FT technolog
Business Development Pipeline

• Syntroleum is actively evaluating potentia

opportunities

• Engineering staff is approximately 85% bi

party clients

– Activities related exclusively to core FT and Bio

technologies

• Based on our current backlog and prospec

expect to continue at a high utilization rate
Financial Status

• Cash balance at November 1, 2009 of $21 • Revenues of $26mm through September 3• Engineering revenue expected to be $5.1m

– Nearly covers annual cash operating expenses

• Geismar capitalization to date:

– $100mm Go Zone Bonds closed on October 21– Syntroleum equity contribution of $14 million in 

million in April 2009
Summary of Syntroleum Capabilities 

and Strengths

• Technology leader with proven 2nd and 3rd 

fuels technologies

– Well positioned to benefit from drive to alternati– FT and related technologies deliver high value

• Geismar: first 2nd generation renewable fue

– Tyson: world class partner– Project has platform value and is repeatable

• Sinopec technology transfer could comme

technology

– Potential for broader relationship

• Strong execution and development team• Disciplined focus on costs
Syntroleum Investment Profile

• NASDAQ: SYNM

• Shares O/S (mm) 74.1• Float (mm) 61.9

• Market Cap ($mm) 160.0

(November 4, 2009)

• Officers/Directors 6%

• Tyson Foods, Inc. 11%• Institutional 18%• Retail 65%

• Top Institu

– Barclay– Vangua– Lee, Da– Claymo– State St– Batterym– Wells F– TIAA CR– Merrill L– Renaiss

INVESTOR RELATIONS CONTACTS:Syntroleum Corporation, TulsaRon Stinebaugh, SVP Finance, 918-764-3406www.syntroleum.com
End of Presentation