Tellurian : Letter to the Shareholders

4th March 2024

Dear shareholders of Tellurian,

On February 23rd we issued our 2023 financial results, capping off a year of change for our company. Today we are releasing our new Corporate Presenta�on which describes the path forward, including the near- term priori�es and strategies for longer term value crea�on for our company.

We remain steadfast in our commitment to developing Dri�wood LNG, which will supply low-cost US- sourced LNG to global markets. In that pursuit, we have taken several necessary steps to advance our efforts while improving our financial strength.

• We received our extension authoriza�on from FERC, which will allow us �me to complete all five plants of Dri�wood.
• The recent announcements from the DOE, along with addi�onal focus and simplifica�on, have helped our commercial efforts.
• We are exploring op�ons to mone�ze our upstream gas produc�on business as announced on
  February 6th.
• We've widened the commercial aperture, whilst maintaining our business model.
• We have materially reduced corporate overhead and strengthened our balance sheet.
• We restructured certain debt obliga�ons, giving us further liquidity and runway.
• We have agreed to amend delivery dates for long-lead equipment and to extend Dri�wood LNG construc�on work.
• Last Tuesday, February 27th, the Board appointed me as Execu�ve Chairman. This is part of a leadership succession and renewal process which will be implemented in the coming months.

All these ac�ons demonstrate the renewed focus on delivering value for our shareholders and customers.

Permits - we have all of them and we are un-constrained.

Externally, the Biden Administra�on is now taking an expanded interest in the LNG export approval process. These changes have "paused" addi�onal approvals for other LNG facili�es for some unknown period. Tellurian and a few other companies with exis�ng permits are not impacted.

These changes benefit Tellurian as we are now one of a few facili�es with uncontracted capacity for LNG deliveries in 2028. We have a tremendous opportunity to capitalize on this market shi� as we con�nue to seek equity partners and sales and purchase agreements with customers for Dri�wood.

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Upstream - no longer a core strategic need.

This is a pure capital alloca�on decision as we focus on developing Dri�wood and assess the best way to fund our opera�ons. Our upstream business is less of a strategic fit in a world where the US gas market has shown us there is abundant resource availability.

With this in mind, we are comfortable building a supply model centered on third party producers, as is the case for most US LNG export projects. For poten�al gas producers, our upstream assets offer the opportunity to acquire exis�ng produc�on with sizeable undrilled inventory that they may be able to develop faster than we would, pulling forward value.

Accordingly, with the help of Lazard, we aim to sell the upstream business, which is a high-quality enterprise. Our Haynesville and Bossier assets are Tier 1, and we know first-hand that there is keen interest from quality buyers.

Balance sheet - strengthened to provide commercial runway.

We're tackling the balance sheet in four ways. Firstly, we have reduced our costs. Secondly, we reduced our debt with the early debt-for-equity swap. Next, we expect to use proceeds from our upstream sale to reduce our indebtedness. Finally, we have amended the terms of the indentures governing our senior secured notes and senior secured conver�ble notes to reduce our cash obliga�ons in the short term and provide incremental financial flexibility through a reduced minimum liquidity requirement. The goal is to put the company on more stable financial foo�ng and to limit equity dilu�on.

Commercial - opening the aperture to a wider customer base.

We expanded our outreach to customers and are mee�ng the market at current terms. Our approach does not radically change our model; however, it recognizes the clearing price for LNG SPAs and ensures we are posi�oned to match it. We are posi�oned well compared to other LNG sellers both in the US and interna�onally.

We also can offer commercial op�ons to both domes�c sellers of natural gas as well as global LNG buyers alongside op�ons to partner with us directly in Dri�wood. Furthermore, we are fully u�lizing our compe��vely advantaged status since the DOE's announcement. We are already seeing increased intensity of discussions with a wider range of poten�al customers and partners. This work is moving at pace. The range of poten�al LNG counterpar�es is as wide and deep as it's ever been in my long career in this industry.

On the JV and equity investment side, strategic gas assets, especially in the US, are seen as compelling investments in a world that is endeavoring to lower carbon intensity while earning a steady, predictable return. For pure LNG o�ake, pricing stability con�nues to bring in new LNG markets and the expansions of tradi�onal ones. And lastly, consolida�on in the US shale sector allows remaining companies to think and act more globally in scope.

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I am confident about both our strategy and our direc�on. We are shareholders too, and we are completely aligned with your interests and invested in ensuring Tellurian's ul�mate success. I can assure you that we are working as fast as possible for your benefit.

Thank you for your con�nued support, feedback, and investment. We appreciate you immensely.

Mar�n Houston

Execu�ve Chairman

Tellurian Inc.

CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS

This communica�on contains forward-looking statements within the meaning of U.S. federal securi�es laws. The words "an�cipate," "assume," "believe," "budget," "es�mate," "expect," "forecast," "ini�al," "intend," "may," "plan," "poten�al," "project," "proposed," "should," "will," "would," and similar expressions are intended to iden�fy forward-looking statements. Forward-looking statements herein relate to, among other things, strategic, commercial, compe��ve and regulatory maters and the poten�al sale of our upstream assets. These statements involve a number of known and unknown risks, which may cause actual results to differ materially from expecta�ons expressed or implied in the forward-looking statements. These risks include the maters discussed in Item 1A of Part I of the Annual Report on Form 10-K of Tellurian for the fiscal year ended December 31, 2023, filed by Tellurian with the Securi�es and Exchange Commission (the SEC) on February 23, 2024, and other Tellurian filings with the SEC, all of which are incorporated by reference herein. The forward-looking statements in this communica�on speak as of the date of this communica�on. Although Tellurian may from �me to �me voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securi�es laws.

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