Corporate Presentation - November 2021

Tellurian Inc.

Corporate presentation

November 2021

Cautionary statements

Forward-looking statements

The information in this presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. The words "anticipate," "assume," "believe," "budget," "estimate," "expect," "forecast," "initial," "intend," "may," "model," "plan," "potential," "project," "should," "will," "would," and similar expressions are intended to identify forward-looking statements. The forward-

looking statements in this presentation relate to, among other things, the benefits of the proposed integrated structure for Driftwood, production and revenues, expansion of upstream position, Driftwood financing matters, future development costs, cash flow, hedging activities, drilling and other development activities, the time of a notice to proceed to Bechtel, commodity prices and demand, rates of return, margins and payback periods, funding of future phases, construction of LNG projects, Driftwood capacity, emissions and other environmental matters, future demand and supply affecting LNG and general energy markets, future transactions and other aspects of our business and our prospects and those of other industry participants.

Our forward-looking statements are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments, and other factors that we believe are appropriate under the circumstances. These statements are subject to numerous known and unknown risks and uncertainties which may cause actual results to be materially different from any future results or performance expressed or implied by the forward-looking statements. These risks and uncertainties include those described in the "Risk Factors" section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and our other filings with the Securities and Exchange Commission, which are incorporated by reference in this presentation. Many of the forward-looking statements in this presentation relate to events or developments anticipated to occur numerous years in the future, which increases the likelihood that actual results will differ materially from those indicated in such forward-looking statements.

We may not be able to complete the anticipated transactions described in this presentation. FID is subject to the completion of financing arrangements that may not be completed within the time frame expected or at all.

The financial information included on slides 5, 11, 12, 14 and 16 is meant for illustrative purposes only and does not purport to show estimates of actual future financial performance. The information on those slides assumes the completion of certain acquisition, financing and other transactions. Such transactions may not be completed on the assumed terms or at all. Actual commodity prices may vary materially from the commodity prices assumed for the purposes of the illustrative financial performance information.

Estimates of "resources" and other non-proved reserves are subject to substantially greater risk than are estimates of proved reserves.

The forward-looking statements made in or in connection with this presentation speak only as of the date hereof. Although we may from time to time voluntarily update our prior forward-looking statements, we disclaim any commitment to do so except as required by securities laws.

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LNG critical to global decarbonization

Natural gas is a complementary cleaner energy source to support global decarbonization

Source: BP Statistical Review, BP World Energy Outlook, Wood Mackenzie.

Global markets structurally short LNG; abundant low- cost U.S. natural gas supply

Global LNG demand has grown 7% annually over last five years, with limited capacity additions on the horizon

Tellurian's integrated

model is the next innovation in U.S. LNG

Tellurian will be the first integrated(1) global gas pure- play in the U.S. - based on low- cost resource and infrastructure

Note: (1) Tellurian's integrated approach creates physical hedge for Driftwood's natural gas purchases.

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The integrated Tellurian model is the next innovation in U.S. LNG

Tellurian executive summary

		Tellurian upstream: capitalizing on current gas price environment
1	▪ Tellurian continues to generate value from existing acreage with a one rig drilling program
▪ 2022E exit rate production forecast of ~220 mmcf/d, compared to ~70 mmcf/d exit rate in 2021E(1)
		▪ Discussions continue with upstream counterparties to expand our Haynesville gas footprint
		Strong liquidity position and project finance momentum to support construction activities
2	▪ 3Q21 cash balance of $211 mm, 3Q21 gas revenues of $16 mm vs $7 mm in 3Q20
▪ Driftwood site preparation is underway to prepare for Bechtel EPC activities
		▪ Establishing bank group for project finance commitments

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Tellurian has sold all the necessary offtake for Driftwood Phase I (two-plants/~11 mtpa)(2)

• Definitive, binding agreements with Gunvor, Vitol and Shell for 9.0 mtpa
• Shell brings the world's largest LNG portfolio and the largest buyer of U.S. LNG into the Driftwood project
• $12 bn in development costs has the potential to generate over $5 bn in operating cash flow/yr. at strip prices

Global gas crisis: record prices and a clear call on new LNG supply

• EU carbon prices are up 146% over the last year; JKM and TTF pricing both at record levels
• JKM 2-yr strip is up 215% with Chinese demand growing 22% YTD, due to strong demand and low global inventories
• Connecting LNG with global energy demand growth is the fastest way to materially reduce global carbon emissions

Sources:	Kpler, ICE via Marketview.
Notes:	(1)	Average estimated monthly production for December 2022 vs December 2021
	(2)	Gunvor Singapore Pte Ltd., Vitol Inc. and Shell NA LNG LLC

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