GTL: Exploiting Remote Gas Discoveries

Investor Conference

July 12, 2005

1

Forward Looking Statements

This presentation includes forward-looking statements as well as historical information. These forward-looking statements may include statements relating to the Syntroleum Process and related technologies, liquefied natural gas development, the GTL Barge and other gas-to-liquids plants based on the Syntroleum Process, anticipated costs to design, construct and operate these plants, anticipated costs to make products from these plants, the timing of commencement and completion of the design and construction of these plants, obtaining required financing for these plants, the economic construction and operation of gas-to-liquids plants, the value and markets for plant products, testing, certification, characteristics and use of plant products, the continued development of the Syntroleum Process (alone or with partners), anticipated capital expenditures, anticipated revenues and any other statements regarding future growth, cash needs, operations, business plans and financial results. When used in this presentation, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “should” and similar expressions are intended to be among the statements that identify forward-looking statements. Although we believe that expectations reflected in these forward-looking statements are reasonable, these kinds of statements involve risks and uncertainties. Actual results may not be consistent with these forward-looking statements. For discussion of these risks and uncertainties we refer you to the risks described under “Risk Factors” in our Annual Report on Form 10-K.

2

Conference Agenda

• Greg Jenkins, EVP Business Development and Chief Financial Officer– Syntroleum Overview– Upstream Opportunities

• Carla Covey, Senior Vice President of Finance and Chief Accounting Officer– Financial Review

• Kenneth Agee, Chairman and Chief Technology Officer– Syntroleum Technology Review

• Q&A Session • Lunch • Catoosa Demonstration Facility Tour

Syntroleum Overview and Upstream Opportunities

Greg Jenkins

EVP Business Development and Chief Financial Officer

4

Syntroleum Investment Profile

• NASDAQ: SYNM (Common)SYNMW (Warrants)SYNMZ (Warrants)

• Shares O/S (Mil): 55.2• Warrants O/S (Mil): 3.5

• Market Cap (Mil $): 559.7– Date: 6/21/2005

• Float (Mil): 41.7

• Equity Research: – Foresight Research (Bernie Picchi)– Jefferies (Frank Bracken)– Merrill Lynch (Andrew Fairbanks)

• Management & Insiders: 25% • Institutional (1) : 40%• Retail: 35%• Top Institutional Holders:

– PEAK Investments LLC(2)

– Legg Mason Opportunity Trust– Wellington Management – Merrill Lynch Investment Managers– Southern Fiduciary Group– Dimensional Fund Advisors– Security Management Company– Barclays Bank Plc

(1) Excludes PEAK Investments(2) Sits on the Board of Directors, owns 13.2%

Investor Relations Contact:

Mel Scott, Director of Communications

(918) 592-7900

5

Syntroleum HistoryMeeting the Requirements for GTL Commercialization

• 20 years of comprehensive technology development

• 127 US and foreign patents pending and issued

• Over $200 million invested in development

• Ready for commercial deployment

6

Abundant Stranded Gas Presents Significant Business Opportunity

TOTAL Gas Reserves = 6,200 Trillion cubic feet (Tcf)1 Stranded Gas = 3,000 Tcf2

North America 258 TcfEurope & CIS 2199 Tcf

S. & Cent. America 253 Tcf

Middle East 2531 Tcf

Africa 486 Tcf Asia Pacific 475 Tcf

1 Trillion Cubic Feet of Gas = 100 Million Barrels of GTL Fuels1 BP Statistical Review of World Energy June 20042 EIA (DOE) International Energy Outlook 2004

7

Plenty of Gas for Both GTL & LNG

8

Market for GTL Liquids is Much BiggerThan the LNG Market

• Middle distillate demand growing at 2.5% per year worldwide – 4 years growth equals the entire size of the LNG market

• In 3 years, announced GTL capacity in Qatar is 1/3rd of current LNG market –which took 3 decades to develop

Sources: 2001- American Methanol Association, Fertecon Ltd., 2004 BP Statistical Review of World Energy

Methanol Ammonia LNG Middle Distillates

27 Million Bpd

2.9 Million BOE/d

1.5 Million BOE/d

0.5 Million BOE/d

‘01 2001 20032003

9

Clean Fuels, Easily Sold

Syntroleum GTL Diesel –– Can be sold in existing markets – Compatible with existing infrastructure

(pipelines, storage terminals, retail pumps)– No sulfur or aromatics – Biodegradable and non-toxic– Performs better than conventional diesel– Valuable blending stock to meet new

guidelines

2006EPA

Diesel

Sulfur (PPM) 350 10 50 0

Aromatics (%) 30 30 N/A 0

Cetane Number 45 45 49 74+

Property

Current EPA

DieselSyntroleum GTL Diesel

Current E.U.

Diesel

Syntroleum Diesel Burns Cleaner Than

Regular Diesel

10

Syntroleum Strategy Targets 1-3 TCF Gas Fields

200+ non producing fields world wide with reserves of 1 to 3 TCF

Syntroleum GTL targets many smaller fields.

LNG and World scale GTL projects target a few larger fields

1) Gas fields outside of North America

11

Syntroleum’s Niche is Potentially Huge

Total Proved Reserves

0

5

10

15

20

25

ExxonMobil Shell BP ChevronTexaco

Bill

ion

BO

E

Potential from 40 fields ≈ 8 Billion Barrels

High-graded 40 locations in 15 countries

• Uncontracted gas• Proximity to shore• Low delivery cost

Billion Barrels ≈ 6.3 1.4

CountryNo. of

Attractive Fields

GasReserves

(Tcf)*

Oil & Condensate

(Mmbbls)Africa 13 12 457Australasia 13 31 221Latin America 5 7 390Middle East 9 13 317Total 40 63 1,385

Region

12

Air Based Technology Enables Access to Target Fields

Barge for swamp and coastal locations

Modular plants for onshore

Ship-based plants for offshore

13

Syntroleum’s First Project:Aje Field Offshore Nigeria

• Previously discovered oil and gas field offshore Nigeria– Two wells successfully tested oil and

gas• GTL Technology was enabling factor

in acquiring the block • Nine months from initial review to

partner commitment of $95 million to earn their interest

• Re-processed and mapped geophysical data

• Current status:– Drilling permit granted– Assignment of interest approved by

the Nigerian Government – Transocean SEDCO 709 to arrive late

July 2005

14

Aje Field: Potential ReservesOil – 201 MMBO and Gas – 1.6 TCF

ProposedAJE 3 AJE 2

X: 489962Y: 680716W.D.: 310’ Surf. Loc.

AJE 1

Depth (ft.)

SW NE

☼

X: 488848Y: 674325W.D.: 3,110’PTD -8250

Arb. Line ‘D’ 1997 3D, 2004 PSDM Processing

Turonian: 154 ft. net gas cond pay37 ft. net oil pay

DST #4: 3,866 bopd + 6.7 MMcfg/d

Cenomanian: 29 ft. net oil payDST #3: 3,473 bopd + 1.4 MMcfg/d

TD 16189 ft MD (11601 TVD)

T/Cenomanian 450 ft. high to Aje-2Max Hydrocarbon column height 450 ft.

Hydr

ocar

bon

Pay

Flag

Perm

eabi

lity F

lag

T/Turonian

T/Cenomanian

T/Albian

Aje-2 Turonian + Cenomanian hasadditional 480 ft. net wet reservoir sands that could be productive at Aje-3 location

T/Turonian 400 ft. high to Aje-2Max Hydrocarbon column height 662 ft.

☼

15

Aje Field – Participant Group

• Syntroleum acquired 100% working interest and developed the integrated field development concept

• Participant group farmed in and pays 90% of first two wells to earn 67.5% cost bearing interest

• Syntroleum pays 10% of the cost of the first two wells to earn a32.5% cost bearing interest in the project

• Participant group paid Syntroleum $5.7 million signature bonus and will pay $2.8 million production bonus

16

Expected Aje Field Upstream Development Plan

17

Early Oil Supports GTL Development

2005 2006 2007 2008 2009 2010 2011

EARLY OIL“A”

GAS FIELD DEVELOPMENT“B”

GTL Barge / FPSO

Drill Aje-3

Develop Oil Field

Production

Develop Gas Field

PDP / FEED

New Build GTL Bargeor OIL / GTL FPSO

Production

Leased OIL FPSO

18

Accelerate Stranded Gas Acquisition Strategy:Securing Multiple Gas Fields

• Expand upstream partner’s commitment to Syntroleum– Increase from 1 team to 6 teams seeking stranded gas

• Areas of interest:– West Africa– Middle East– South East Asia

• Funding the expanded opportunities– $50 million Stranded Gas Venture – Seed money for project acquisition – 80% Syntroleum, 20% investors

19

Multiple Opportunities in Nigeria

• Existing independent Nigerian field owners– Currently pursuing nine (9) opportunities

• Nigerian National Petroleum Company (NNPC)Equity Gas GTL Venture– Negotiations underway– 41 potential GTL Barge sites – Excess barge energy provides needed electric power source

• Open blocks with proven gas discoveries – Participating in bid round – 11 blocks of interest – Have formed three bidding consortiums for specific areas

20

Niger Delta Joint NNPC GTL Barge Study

Flare

S3A8

3.9 tcf

GTLBarge69,70

Distance to Coastal Waters

12 mi(19 km)

Approx.500 yd

NembeCreek3.0 tcf

Elpa.9 tcf

GTLBarge

71

21

GTL Barge Study Group Results

20 Location(s) with 1 GTL Barge(s) 400,000 bpd12 “ “ 2 “ 480,000 bpd5 “ “ 3 “ 300,000 bpd2 “ “ 4 “ 160,000 bpd1 “ “ 5 “ 100,000 bpd1 “ “ 6 “ 120,000 bpd

Potential Total 1,400,000 bpd

Potential GTL Production from All Fields Recognized in Study to DateTOTAL GTL PROJECT LOCATIONS: 41 TOTAL BARGES: 78

TOTAL TCF: 99.1

1,400,000 bpd potential GTL production outside OPECIf all Fields in study were converted to GTL.

22

Syntroleum Upstream Business Model

• Formed Joint Venture with proven oil and gas finders –Sovereign Oil and Gas

• Sovereign is a privately owned international oil and gas project developer

• In February 2004 Sovereign signed an exclusive upstream alliance with Syntroleum targeting stranded reserves world wide

23

Sovereign Oil and Gas Track Record

• Sovereign Geoscience personnel have discovered proven reserves of 4 + billion barrels of crude oil and 2 + TCF of gas

• Sovereign Engineering personnel have developed major oil and gas fields world wide based upon integrated technical and commercial evaluations.

24

Sovereign Oil and Gas Track Record 1992-2005

LOCATION PARTNER COMPANYPARTNER COMPANY

Angola Block 19 PetrofinaPetrofinaAngola Block 24 ExxonExxonBangladesh Block 22 ExpronetExpronetCote d’Ivoire Blks CI-11, CI-12 SK Corp. (Korea), IntSK Corp. (Korea), Int’’l Finance Corp.l Finance Corp.Cote d’Ivoire Blks CI-01, CI-02 SK Corporation (Korea)SK Corporation (Korea)Cote d’Ivoire Block CI-105 Royal DutchRoyal Dutch ShellShellEquatorial Guinea Block A & B Conoco, BP / Conoco, BP / StatoilStatoilEquatorial Guinea Block B & C ExxonMobilExxonMobilEquatorial Guinea Block C & D SK Corporation (Korea)SK Corporation (Korea)Pakistan Blocks 2462-1 et al ExpronetExpronet

Equatorial Guinea Block K Vanco, Nexen, Vanco, Nexen, RepsolRepsolNigeria Block OPL 205 TransworldTransworld Exploration, Summit OilExploration, Summit OilNigeria Block OML 115 NexenNexen, Oriental Energy, Oriental EnergyNigeria Block OML 113 Syntroleum, Yinka Folawiyo PetroleumSyntroleum, Yinka Folawiyo Petroleum

70 WELLS, $3 BN

7 WELLS, $185 MM

UM

C P

ETR

OLE

UM

(199

0-98

)SO

VER

EIG

N 2

000-

05

LOCATION PARTNER COMPANYPARTNER COMPANY

Angola Block 19 PetrofinaPetrofinaAngola Block 24 ExxonExxonBangladesh Block 22 ExpronetExpronetCote d’Ivoire Blks CI-11, CI-12 SK Corp. (Korea), IntSK Corp. (Korea), Int’’l Finance Corp.l Finance Corp.Cote d’Ivoire Blks CI-01, CI-02 SK Corporation (Korea)SK Corporation (Korea)Cote d’Ivoire Block CI-105 Royal DutchRoyal Dutch ShellShellEquatorial Guinea Block A & B Conoco, BP / Conoco, BP / StatoilStatoilEquatorial Guinea Block B & C ExxonMobilExxonMobilEquatorial Guinea Block C & D SK Corporation (Korea)SK Corporation (Korea)Pakistan Blocks 2462-1 et al ExpronetExpronet

Equatorial Guinea Block K Vanco, Nexen, Vanco, Nexen, RepsolRepsolNigeria Block OPL 205 TransworldTransworld Exploration, Summit OilExploration, Summit OilNigeria Block OML 115 NexenNexen, Oriental Energy, Oriental EnergyNigeria Block OML 113 Syntroleum, Yinka Folawiyo PetroleumSyntroleum, Yinka Folawiyo Petroleum

70 WELLS, $3 BN

7 WELLS, $185 MM

UM

C P

ETR

OLE

UM

(199

0-98

)

LOCATION PARTNER COMPANYPARTNER COMPANY

Angola Block 19 PetrofinaPetrofinaAngola Block 24 ExxonExxonBangladesh Block 22 ExpronetExpronetCote d’Ivoire Blks CI-11, CI-12 SK Corp. (Korea), IntSK Corp. (Korea), Int’’l Finance Corp.l Finance Corp.Cote d’Ivoire Blks CI-01, CI-02 SK Corporation (Korea)SK Corporation (Korea)Cote d’Ivoire Block CI-105 Royal DutchRoyal Dutch ShellShellEquatorial Guinea Block A & B Conoco, BP / Conoco, BP / StatoilStatoilEquatorial Guinea Block B & C ExxonMobilExxonMobilEquatorial Guinea Block C & D SK Corporation (Korea)SK Corporation (Korea)Pakistan Blocks 2462-1 et al ExpronetExpronet

Equatorial Guinea Block K Vanco, Nexen, Vanco, Nexen, RepsolRepsolNigeria Block OPL 205 TransworldTransworld Exploration, Summit OilExploration, Summit OilNigeria Block OML 115 NexenNexen, Oriental Energy, Oriental EnergyNigeria Block OML 113 Syntroleum, Yinka Folawiyo PetroleumSyntroleum, Yinka Folawiyo Petroleum

70 WELLS, $3 BN

7 WELLS, $185 MM

UM

C P

ETR

OLE

UM

(199

0-98

)SO

VER

EIG

N 2

000-

05

25

Emerging Coal to Liquids Opportunity

• United States Government priority– Energy security– $4.5 million technology Research and Development grant from

Department of Defense • Abundant U.S. coal reserves

– 270 billion tons recoverable reserves– World’s largest coal reserves

• Technology components exist – integration of proven gasification technologies and Syntroleum Fischer-Tropsch required

• Numerous unsolicited project opportunities from credible sponsors

• New focus on Coal to Liquids• Comprehensive evaluation of opportunities underway

26

Summary

• Major opportunity associated with 3,000 TCF stranded gas

• Rapidly growing middle distillates market

• Specific opportunities targeted

• Aje project remains on schedule

• Emerging Coal to Liquids strategy

Financial Review

Carla Covey

Senior Vice President of Finance and Chief Accounting Officer

28

Strategy of Recent Financings

• Move into lower cost capital sources

• Private placements with long-term investors –Legg Mason and Dorset Group

• Funding expanded business development activity with non-dilutive project equity – Stranded Gas Venture

29

Recent Financings

• Raised $80 million via private offerings to Legg Mason Opportunity Trust and Dorset Group Corporation– Limited equity raise in anticipation of future key events– New investors aligned with long term strategy

• $89 million cash position at March 31st

• Anticipate less dilutive future capital raises

30

Key Drivers of Near Term Syntroleum Financial Results

• Research and Development expenditures at operating plants– Duration of runs – Variation of unit configurations– Both driven by potential efficiency gains

• Expanding business opportunities– Greater deal flow– Evaluation of new opportunities

• General and Administrative costs– Need for new hires– Market pressures on compensation

31

Key Driver of Mid-Term Fiancial Results – Aje Current AssumptionsPricing• NYMEX strip through 2010, $35/Bbl thereafter

Production Volumes• GTL FPSO producing

– 17,000 Bpd of syncrude– 10,000 Bpd of condensate– 50,000 Bpd of peak oil crude

Infrastructure • Oil reservoir: 13 producers, 3 injectors and subsea infrastructure• Gas reservoir: 4 new producers plus completing Aje-1 and Aje-2 and subsea infrastructure• Leased oil FPSO (2007-2010) replaced by a leased GTL/Oil FPSO (2010-2030)

Operating and Capital Costs• $28 MM for Aje-3 dry hole turnkey cost plus $8 MM for testing• Total field development cost (oil and gas) of $852 Million• Upstream operating costs of $2.00/Bbl crude oil and $1.50/bbl condensate• Leased crude oil FPSO at a rate $100,000 per day (2007-2010)• Leased GTL/Oil FPSO at a day rate of $100,000 per day for crude oil processing and an additional

toll rate of $20/Bbl of GTL products produced (2010 – 2030)

32

AJE Production Profile

-

20

40

60

80

2005

2007

2009

2011

2013

2015

2017

2019

2021

2023

2025

2027

2029

2031

2033

2035

KBPD

GTLCondensatesOil

Production Profile

33

AJE: Syntroleum Cash Flows

$(100)

$(50)

$-

$50

$100

$150

$200

2005

2007

2009

2011

2013

2015

2017

2019

2021

2023

2025

2027

2029

2031

2033

2035

Proj

ect N

et C

ash

Flow

, Mil

$

$(1.0)

$(0.5)

$-

$0.5

$1.0

$1.5

$2.0

Cum

ulat

ive,

Bil

$

Syntroleum Net Cash Flow

34

($ in thousands)NYMEX Strip Mar 29, 2005Year 1 2 3 4 5 6 Total

2005 2006 2007 2008 2009 2010 ProjectNet Revenue* 5,700$ -$ 212,076$ 250,163$ 247,928$ 357,352$ 3,898,711

Operating Expenses 1,625$ 3,250$ 21,353$ 17,794$ 17,498$ 47,130$ 922,100

Nigerian Taxes -$ -$ 84,149$ 110,718$ 104,434$ 137,577$ 1,334,038

Operating Cash Flow 4,075$ (3,250)$ 106,575$ 121,651$ 125,996$ 172,645$ 1,642,574

Capital Expenditures 5,400$ 43,614$ 19,374$ 10,400$ 49,400$ 10,400$ 274,533

Free Cash Flow (1,325)$ (46,864)$ 87,201$ 111,251$ 76,596$ 162,245$ 1,368,041

NPV-10 594,393$ IRR 187%

Syntroleum’s Aje Economics

* Gross Revenues less royalties plus bonuses and overriding royalty

100+%

NYMEX Strip June 28, 2005

35

AJE: Sensitivity to Crude PricesNet to Syntroleum’s Interest

$181$280

$377$474

$571$667

$448

$717

$982

$1,243

$1,504

$1,765

$-

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

25 30 35 40 45 50

WTI Price $/Bbl

$ M

il NPVNet Cash

36

F&D$5.72 F&D

$3.31

F&D $5.82

Prod.$4.98

Prod.$4.50

Prod.$5.70

$-

$2

$4

$6

$8

$10

$12

$14

Conventional E&P Aje Oil Only Aje Gas Dev.

$/B

OE

Aje Compared to ConventionalE&P Projects

1Source: 2003 John S. Herold, Inc. , Herold Global Upstream Performance Review

2 Aje Oil Only - Costs assume $666 Million oil field development cost to produce 200 million bbl of oil reserves, $2.00/Bbl oil field operations cost and $100,000/day oil FPSO lease rate for an oil production rate of 40,000 Bpd.

3 Aje Gas Dev.- Costs assume $186 Million gas field development cost, $900 million capital cost for a GTL/Oil FPSO, $15,000/day gas field operations cost and FPSO operations cost of $120,000/Day. It is assumed that Aje contains 74 million bbls of condensate and can produce 116 million bbls of GTL fuels. Assumes production of 10,000 Bpd of condensate and 17,000 Bpd of syncrude from GTL.

$11.52

$7.81

$10.70

1 2 3

37

Summary

• Put in place financing, that is aligned well with our business model

• Anticipate less dilutive sources of future capital

• Financial results driven by:– Attractive Research and Development expenditures – Business Development requirements – Schedule of Aje field development

• Applying Aje Business model to multiple high impact projects.

Syntroleum Technology Review

Kenneth Agee

Chairman and Chief Technology Officer

39

The Syntroleum Process

• Real, tested and ready for deployment• Three step chemical conversion of natural gas into

ultra-clean liquid fuels

LPG NaphthaDiesel

Methane

Reformer FischerTropsch

Steam

RefiningAir

40

The Syntroleum Process uses Air

• Unique air-based design eliminates costly oxygen plant to make syngas

• Air offers several key competitive advantages:– Safe to operate in marine environment – Ability to compress footprint – “mobility”– Scales down to capture smaller accumulations

C HH

HH

CH C C CH H H H

H H H HCH C C CH H H HH H H H

H H H HH H H H H

H+ O

H

H+ O

41

Technology Development Facilities:Twenty Year Evolution

1985 1986 19881987 2000199919981997 2004200320022001 2005

Refining Pilot Unit (RPU )Tulsa Pilot Plant (TPP ) Advanced Reactor Unit (ARU )

Catoosa DemonstrationFacility (CDF)The Shed Cherry Point

42

Reformer System

Syngas2.1:1

H2:CO

AirNatural Gas

Heat

Steam

• Compressed air

• No burner

• Very low steam

• Exact H2:CO

• No recycle required

• Commercially available catalyst

Boiler

43

Fischer-Tropsch Reactor System

Syngas

Wax

Light Hydrocarbons & Tail Gas

Catalyst Slurry

• Syngas is converted into FT products

• Slurry bubble column reactor

• Proprietary Syntroleum catalyst

• Wax filtered from slurry

44

Raw Fischer-Tropsch Products

45

Refining

• Fixed bed hydroprocessing system• Hydrocracker with bottoms recycle• Mild operating conditions since feed is paraffin• Fractionation into products

– Diesel, Jet, Naphtha, LPG

• Lube oil production systems • Commercially available catalyst optimized for our

process

46

Refining

47

Reduced Particulate Emissions with FT fuel Relative to JP-8

Even moderate fractions of FT fuel blended in JP-8 significantly reduce exhaust emission particulates

in T63 turbine engine testing.

96% reduction* in particulate emissions

at idle conditions.

-12% -13%

-33%

-41%

-57%

-68%

-78%

-25%-30%

-50%

-61%

-75%

-86%-92%

-51%

-96%-100%

-75%

-50%

-25%

0%12.5 25 37.5 50 62.5 75 87.5 100

% Volume of FT Fuel in JP-8

% C

hang

e in

Par

ticle

Num

ber D

ensi

ty

CruiseIdle

12.5 25 37.5 50 62.5 75 87.5 100

y

-12% -13%

-33%

-41%

-57%

-68%

-78%

-25%-30%

-50%

-61%

-75%

-86%-92%

-51%

-96%-100%

-75%

-50%

-25%

0%12.5 25 37.5 50 62.5 75 87.5 100

% Volume of FT Fuel in JP-8

% C

hang

e in

Par

ticle

Num

ber D

ensi

ty

CruiseIdle

12.5 25 37.5 50 62.5 75 87.5 100

y

* Note: Results are highly dependent on engine model/year and composition of baseline fuel.

48

Significant Technology Barriers To Entry

• Requires significant time and capital– Invested greater than $200 million over 20 years

• Requires three process technologies• New entrants must navigate patents of others• Limited club of companies have GTL technology

– Syntroleum– Sasol– Shell– ExxonMobil– ConocoPhillips– BP

49

Catoosa Plant Demonstratesall Three Process Technologies

• 70 bpd demonstration plant• Fully integrated operation with all 3 steps commercially scalable:

Syngas, F-T, and Product Upgrading• Commercial catalyst with regeneration, wax separation, full heat

transfer internals in FT reactors• Plant will train operators for commercial plants

Syntroleum Catoosa Demonstration Facility -A Fully Integrated GTL Plant

50

CDF Plant Aerial Overview

51

CDF Reforming and FT

• Reformer– Start-up November 2003– Design capacity December

2003

• FT-1– Start-up December 2003– 150% operation June 2004

• FT-2– Start-up March 2004– 100% operation April 2004

52

CDF – Refining

• Start-up February 2004

• On-spec products produced March 4, 2004

• First product shipped March 12, 2004

• First large product shipment March 17, 2004

53

CDF Plant Overview

ATR

Cat RegenCat Regen FTRs

Reformer

Ground Flare

Scrubber

Syngas CompressorAir Compressor

StripperFired Heaters

54

Technology Advancements

• There have been several advancements demonstrated over the past year– Increased FT reactor gas velocities by 20%– Increased wax filtration performance by 100+%– Demonstrated attrition resistant FT catalyst– Demonstrated new reformer design

• Results in lower commercial plant capital and operating expenses

• Continue to see opportunity for significant capacity and efficiency gains

GTL: Exploiting Remote Gas Discoveries

Investor Conference

July 12, 2005