HGAPHaynesville Global Access

Pipeline

Tellurian Midstream Group | April 2018

Cautionary 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,” “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, future contracts, contract terms and

margins, our business and prospects, future costs, prices, financial results, liquidity and financing,

regulatory and permitting developments, future demand and supply affecting LNG and general

energy markets and the closing of, and the achievement of anticipated benefits from, our natural

gas property acquisition.

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 Exhibit 99.1 to our Current Report on Form 8-K/A filed with the Securities and

Exchange Commission (the “SEC”) on March 15, 2017 and other filings with the SEC, 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. In addition, the acquisition, exploration and development of natural

gas properties involve numerous risks and uncertainties, including the risks that we will assume

unanticipated liabilities associated with the assets to be acquired and that the performance of the

assets will not meet our expectations due to operational, geologic, regulatory, midstream or other

issues. It is possible that the acquisition will not be completed on the terms or at the time expected,

or at all.

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.

This presentation contains information about projected EBITDA of Tellurian. EBITDA is not a financial

measure determined in accordance with U.S. generally accepted accounting principles (“GAAP”),

should not be viewed as a substitute for any financial measure determined in accordance with

GAAP and is not necessarily comparable to similarly titled measures reported by other companies. It

would not be possible without unreasonable efforts to reconcile the projected non-GAAP

information presented herein to net income, the most directly comparable GAAP financial

measure. Similarly, projected future cash flows as set forth herein may differ from cash flows

determined in accordance with GAAP.

Reserves and resourcesEstimates of non-proved reserves or resources are based on more limited information, and are

subject to significantly greater risk of not being produced, than proved reserves.

Non-GAAP financial measuresForward looking statements

2

Who we are

Building a low-cost global gas business

4

Pipeline

Liquefaction

Marketing

Upstream 11,620 acres in the Haynesville with 1.4 Tcf resource

~$7 billion(1) of pipeline infrastructure projects in development

~$15 billion of liquefaction infrastructure in development

International delivery of LNG cargoes started in 2017

Driftwood Holdings partnership – integrated, low-cost

Note: (1) HGAP and PGAP projects are in early stages and remain under review.

▪ Tellurian will offer equity interest in Driftwood

Holdings

▪ Driftwood Holdings will consist of a Production

Company, a Pipeline Network and an LNG

Terminal (~27.6 mtpa)

▪ Equity will cost ~$1,500 per tonne

▪ Customer/Partner will receive equity LNG at

tailgate of Driftwood LNG terminal at cost

▪ Variable and operating costs expected to be

~$3.00/mmBtu FOB (including maintenance)

▪ Tellurian will manage and operate the project

Business model

5

Tellurian

Marketing

Pipeline

Network

Production

Company

Equity ownership ~40%

~16 mtpa

~12 mtpa

Customer/Partner

~60%

Customers

100%

Nasdaq: TELL

LNG

Terminal

Tellurian will retain ~12 mtpa

and ~40% of the assets

Driftwood Holdings

Driftwood Holdings’ operating costsTotal cost of ~$3/mmBtu locks in low cost of supply

$0.88

$0.36

$0.79

$0.22

$2.25

$0.75

$3.00

Drilling and

completion(1)

Operating Gathering,

processing and

transportation(2)

Contingency Delivered

cost

Liquefaction

cost

Total

Sources: Wood Mackenzie, Tellurian Research.

Notes: (1) Drilling and completion based on well cost of $10.2 million, 15.5 Bcf EUR, and 75.00% net revenue interest (“NRI”) (8/8ths).

(2) Gathering, processing and transportation includes transportation cost to Driftwood pipeline to market.

6

Upstream cost

$/mmBtu

Liquefaction cost

(1)

(2)

Tellurian Pipeline Network

7

Driftwood Pipeline

Capacity, Bcf/d 4.0Cost, $ billions $2.2 Length, miles 96

Diameter, inches 48Compression, HP 274,000Status FERC approval pending

Haynesville Global Access Pipeline

Capacity, Bcf/d 2.0Cost, $ billions $1.4Length, miles 200Diameter, inches 42Compression, HP 23,000Status Preliminary routing

Permian Global Access Pipeline

Capacity, Bcf/d 2.0Cost, $ billions $3.7Length, miles 625

Diameter, inches 42Compression, HP 258,000Status Preliminary routing

Bringing low-cost gas to Southwest Louisiana

1

2

3

1

2

3

Southwest Louisiana The Big Short

SW Louisiana: core of US gas demand2025

Notes: LNG demand includes ambient capacity; Source: company data, drilling info, Entergy, Tellurian estimates

9

-

5.0

10.0

15.0

20.0

2018 2019 2020 2021 2022 2023 2024 2025

Bcf/d

SWLA supply & demand

Prospective demandOutbound to TXDemandSupply - new projectsSupply - existing capacity

+8.0 Bcf/d

L o u i s i a n a

T e x a s

G u l f o f M e x i c o

Driftwood LNG

Lake Charles, LA

Southwest LA: 20

Bcf/d of potential

demand

Perryville

Eunice/Station 85

Haynesville

West Inbound to SWLA

10.8 Bcf/d

Infrastructure not built for new demandYou can get to Carthage or Perryville, but where’s the demand?

Source: EIA 2018 Annual Energy Outlook, RBN Energy; note Haynesville includes Texas production

10

Carthage

Perryville

Transco St85

FGT Z3

HSC

HHAD

411

Marcellus-Utica

24.6

33.0

2017 202574

Permian

7.3

13.0

2017 2025

Anadarko

5.6 6.1

2017 2025

23

52

Eagle Ford

5.810.2

2017 2025

112

7.3 7.9

2017 2025Haynesville

50.6

70.219.6

2017 2025 Incremental

production

Total selected basin shale

production,

Bcf/d

Resource

size, Tcf

Marcellus pipelines:

7.7 Bcf/d

Midship:

1.3 Bcf/d

KMI/DCP:

2.0 Bcf/d

Market opportunity emerging for HGAP

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

mmBtu/d Pipeline capacity between Perryville & Eunice/Gillis

Pipeline capacity

Contracted capacity

Pipeline throughput

Capacity increases resulting from ANR, Texas Gas, Transco, Columbia Gulf, and Tennessee Gas system reversals

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

16,000,000

mmBtu/d Pipeline capacity between Carthage & Perryville

Pipeline capacity

Contracted capacity

Pipeline throughput

Current Haynseville production

(EIA)

Rolloffs from existing pipes, combined with limited capacity from Perryville to SWLA, make HGAP attractive

11

Capacity decrease results from contract roll offs on Gulf Crossing, MEP, Tiger, Regency, Enable (Line CP) and Gulf South

expansion

Source: Gas Supply Consulting

Perryville to suffer as Haynesville growsProduction surge compounding problem of Northeast gas; outlet to market only way to relieve pressure

Source: NYMEX via Marketview, EIA Drilling Productivity Report, RBN Energy LLC for projections; Columbia Gulf Mainline, as proxy for Perryville

12

-0.35

-0.30

-0.25

-0.20

-0.15

-0.10

-0.05

0.00

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

10,000,000

11,000,000

1/1/2017 7/1/2017 1/1/2018 7/1/2018 1/1/2019 7/1/2019 1/1/2020 7/1/2020 1/1/2021 7/1/2021 1/1/2022 7/1/2022 1/1/2023 7/1/2023

Ba

sis

Pro

du

ctio

n (

scf/

d)

Perryville basis vs. Haynesville production

Haynesville production (historical) Haynesville production (projected) Perryville Basis (historical) Perryville Basis (projected)

Louisiana gas flows and basis 2023

Haynesville* S&D (bcf/d):Production: 8.0Demand: 0.2 Net Outflows: 7.8

South Louisiana S&D (bcf/d):Production: 2.6Demand: 4.1 Net Inflows: 1.5Imbalance -0.6

1.0

3.59.0

1.5

*Haynesville, Bossier, Cotton Valley (Terryville) – Louisiana only

Perryville S&D (bcf/d):Production: 0.0Demand: 0.2 Net Inflows: 0.2

6.8

3.6

5.5

-$0.28

TCO

-$0.41

Haynesville*

East TexasTransco St 85

Perryville

South LA

Katy/Ship

-$0.25

2.2

4.1

1.7

3.8

-$0.05

13

5.5Pipeline at

capacity

(1.0)

1.0

3.0

5.0

7.0

9.0

11.0

13.0

15.0

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Bcf/d

North Mexico East West Production - GS Production - RBN Production - SocGen Production - TPH

Hurricane Permian is just gearing up...Permian producers running into takeaway constraints faster than anticipated...

Source: Goldman Sachs (GS), Wells Fargo Equity Research, RBN Energy LLC (RBN), Societe Generale (SocGen), TudorPickeringHolt (TPH); Note: Mexico

active takeaway capacity assumes less than 50% utilization

Growing Mid-

Continent volumes

encroached, pushed

out of Midwest by NE

production, but

takeaway options

remained

Mexico seasonal

demand increases,

but infrastructure

constraints on the

other side limit

demand pull

KMI/DCP Gulf Coast

Express comes online

and Mexico

consumption grows,

but Permian

production outpaces

takeaway growth

New pipeline needed

in 2021…but to

where?

1 2 3 4

1 2

3 4

14

Active takeaway capacity Production estimates

Waha

Hub

South LAKaty/Ship

Agua Dulce

Haynesville

Perryville

Transco St 85

Corpus

Sabine PassCameronDriftwood

?

-$0.26

-$0.25

-$0.28

$-.05

Freeport

...and will impact Texas Gulf Coast hardest2023

15

HSC basis moving in anticipation of PermianBackwardated market shows impact of Permian gas coming via intrastates, Agua Dulce

Source: Bloomberg as of 3/15/2018

16

-0.31

-0.28

-0.24

-0.20

-0.16

-0.12

-0.08

-0.04

-0.01

0.03

0.07

0.11

0.15

1/1

0/2

016

7/5

/201

6

12/2

8/2

016

6/2

3/2

017

12/1

6/2

017

6/1

0/2

018

12/4

/20

18

5/2

9/2

019

11/2

2/2

019

5/1

6/2

020

11/8

/20

20

$/m

mB

tu

Rolling forward curve of HOUS SHIP CHANNEL APR18

Actuals Curve as of: 28-Feb-2018 Curve as of: 29-Dec-2017

Curve as of: 30-Jun-2017 Curve as of: 30-Dec-2016 6M Moving Average as of 28-Feb-2018

SummaryBloomberg, EIA, RBN see a wall of gas that needs to find a market

▪ US dry gas production to hit 100 Bcf/d in next ten years

― Marcellus/Utica, Permian and Eagle Ford to provide growth of 18 Bcf/d

― Highly sensitive to increases in oil price

▪ Market needs at least 14-18 Bcf/d of LNG exports to balance; currently only 10 Bcf/d operating or under construction

▪ SW Louisiana is the center of US natural gas demand growth for the next decade

― Driven by LNG, favorable permitting/sites, and petrochemical growth

▪ $170 bn of infrastructure needed to bring new production to demand

▪ Even with recently built infrastructure, you still have a last mile problem: you can get close, but cannot get to market

▪ Rock and a hard place:

― Northeast, Permian production growth crowding out other production

― Basis eroding almost everywhere until infrastructure can get in place

― Getting to demand first will be key to maximizing revenue

Source: EIA AEO 2018, Reference Case; RBN Energy, LLC; Bloomberg New Energy Finance

17

HGAPMaps & Rates

HGAP route

19

Haynesville Global Access Pipeline

Capacity, Bcf/d 2.0Cost, $ billions $1.4Length, miles 200Diameter, inches 42Compression, HP 23,000Status Preliminary routing

HGAP receipts

20

HGAP deliveries

21

▪ Negotiated rates for higher firm transportation service

▪ Shipper classes

― Standard: 100,000 – 249,999 Dth/d

― Anchor: 250,000 – 499,999 Dth/d

― Foundation: 500,000+ Dth/d

▪ Term:

― 10 years for Anchor, Standard shippers

― 20 years for Foundation shippers

Rates

22

Thank you