GTT Gaztransport : Notice of meeting for the combined general meeting

Notice

of meeting 2024

COMBINED GENERAL MEETING

JUNE 12, 2024 AT 3:00 P.M.

Domaine de Saint-Paul - 102, route de Limours 78430 Saint-Rémy-Lès-Chevreuse

CONTENTS

• Practical details: how to participate in the Shareholders' Meeting?

• Overview of the situation and activity in fiscal year 2023

• Governance of GTT

• General Meeting

• Request for additional documents

3

7

14

18

31

€428m

IN CONSOLIDATED

REVENUES IN 2023

311

ORDERS AT

DECEMBER 31, 2023

750+

EMPLOYEES AT

END-DECEMBER2023

• Practical details: how to participate in
  the Shareholders' Meeting?

WARNING

Shareholders are invited to regularly consult the section dedicated to the Shareholders' Meeting on the Company's website (https://www.gtt.fr).

PREREQUISITES FOR PARTICIPATING IN THE MEETING

The Shareholders' Meeting is composed of all shareholders, regardless of the number of shares they own.

Shareholders wishing to take part in the Shareholders' Meeting must prove ownership of their shares by midnight Paris time on

the second working day prior to the meeting (i.e. June 10, 2024 at midnight Paris time) by having them registered in their name in accordance with the conditions set out in Article R. 22-10-28 of the French Commercial Code.

METHODS OF PARTICIPATION IN THE MEETING

Shareholders may choose one of the following methods to exercise their voting rights at the Shareholders' Meeting:

• attend the Shareholders' Meeting;
• give power of attorney to the Chairman of the Shareholders' Meeting;
• be represented by any person of their choice under the conditions provided for in Articles L. 225-106 and L. 22-10-39 of the French Commercial Code;
• vote by mail or by internet, on the secure Votaccess platform.

Each shareholder has the possibility, prior to the Shareholders' Meeting, to request an admission card, to transmit his or her voting instructions, or to appoint or revoke a proxy under the conditions set out below. It is specified that these formalities may be carried out by internet on the secure voting platform Votaccess, under the conditions described below.

In the event of a power of attorney given to the Chairman of the meeting or without indication of a proxy, the Chairman of the meeting shall vote in favour of the adoption of the draft resolutions presented or approved by the Board of Directors and against the adoption of all other draft resolutions.

In accordance with Article R. 22-10-28 III of the French Commercial Code, shareholders who have already voted by mail, sent a proxy or requested an admission card to the Shareholders' Meeting may not choose another method of participation.

1 Attend the Shareholders' Meeting in person

Shareholders may request an admission card by mail or by internet, under the following conditions. The secure Votaccess platform will be open from May 24, 2024 until June 11, 2024 at 3:00 p.m., Paris time.

• If you are a registered shareholder (pure or administered):
• • requesting an admission card by post:you must request an
    admission card from the centralizing institution: Uptevia by sending the single postal voting form attached to the notice of meeting, using the T envelope enclosed with the notice of meeting, or by ordinary mail, to Uptevia (Service Assemblées Générales - 90 - 110 esplanade du Général de Gaulle - 92931 Paris La Défense Cedex);
  • requesting an admission card by internet:you must make your request online on the secure Votaccess platform accessible via the Planetshare website whose address is https://planetshares.uptevia.pro.fr. Holders of pure registered shares must connect to the Planetshares site with their usual access codes. Administered registered shareholders must connect to the Planetshares website using the login number located on the top right-hand corner of their paper voting form. If the shareholder is no longer in possession of their login and/or password, they may contact the freephone number [phone]. After logging in, the registered shareholder must follow the instructions on the screen to access Votaccess and request an admission card.

NOTICE OF MEETING/COMBINED GENERAL MEETING - GTT 2024

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• PRACTICAL DETAILS: HOW TO PARTICIPATE IN THE SHAREHOLDERS' MEETING?

• If you are a bearer shareholder:
• • requesting an admission card by post:you must ask your authorised intermediary for a certificate of participation. Your authorised intermediary will then send it to the centralising institution: Uptevia (Service Assemblées Générales - 90 - 110 esplanade du Général de Gaulle - 92931 Paris La Défense Cedex), which will send you an admission card;
  • request for admission card by internet:if you are a bearer shareholder, you must identify yourself on the Internet portal of your account holder with your usual access codes. You must then click on the icon that appears on the line corresponding to your GTT shares to access the Votaccess site and follow the procedure indicated on the screen. Only bearer shareholders whose account holder has joined the Votaccess site will be able to request an admission card via the internet. The admission card will be available according to the procedure indicated on the screen. If you have not chosen to receive it by mail, you must print it out and present it at the reception desk.

You will present yourself on June 12, 2024 at the venue of the Shareholders' Meeting with your admission card. However:

• If you are a registered shareholder, in the event that your admission card does not reach you in time, you may nevertheless participate in the Shareholders' Meeting upon proof of your identity.
• If you are a bearer shareholder and have not received your admission card by the second business day preceding the Shareholders' Meeting, you may participate in the Shareholders' Meeting by first asking your authorised intermediary to issue you with a certificate of participation and by attending the Shareholders' Meeting with proof of identity. Please note that the certificate of participation is an exceptional means of participation by a shareholder and should not be confused with one of the possibilities of participating in a Meeting. This document is limited to cases of loss or non-receipt of the admission card. The shareholder is not exempt from the obligation to return the duly completed certificate of participation.

2 Vote or give proxy by mail

Shareholders who do not attend the Shareholders' Meeting in person and who wish to vote by mail or be represented by proxy by giving a power of attorney to the Chairman of the Shareholders' Meeting may proceed with the formalities as described below.

• If you are a registered shareholder (pure or administered): a single form for voting by mail or by proxy will be sent to you directly. This form should be returned to the following address: Uptevia, Service Assemblées Générales - 90 - 110 esplanade du Général de Gaulle - 92931 Paris La Défense Cedex.
• If you are a bearer shareholder: you may request the single postal voting form or proxy form from the intermediary who manages your securities as from the date of the notice of meeting and no later than six days before the date of the Shareholders' Meeting, i.e. June 6, 2024. The said single form must be returned together with a certificate of participation issued by the financial intermediary and sent to: Uptevia, Service Assemblées Générales - 90 - 110 esplanade du Général de Gaulle - 92931 Paris La Défense Cedex.

In order to be taken into account, postal voting forms and proxy forms for the Chairman of the Meeting sent by post must be received by the issuer or the Shareholders' Meetings Department of Uptevia no later than three days before the Shareholders' Meeting, i.e. June 8, 2024. Revocations of proxies given to the Chairman of the Meeting, sent by paper, must be received within the same timeframe.

Likewise, the designations or revocations of mandates given to a third party and expressed by mail must be received no later than three days before the date of the Shareholders' Meeting.

3 Voting or giving proxy by electronic means

Shareholders also have the possibility to send their voting instructions and appoint or revoke a proxy by internet before the Shareholders' Meeting, on Votaccess, under the conditions described below.

The Votaccess site will be open as of May 24, 2024.

The possibility of voting by internet before the Shareholders' Meeting will end the day before the meeting, i.e. on June 11, 2024 at 3.00 p.m., Paris time. Equally, in order to be validly taken into account, the designations or revocations of proxies expressed by electronic means must be received no later than 3.00 p.m. (Paris time) the day before the meeting.

However, in order to avoid any possible congestion on the Votaccess site, shareholders are advised not to wait until the day before the meeting to vote or appoint a proxy.

• If you are a registered shareholder (pure or administered): Holders of pure or administered registered shares who wish to vote by internet will access the Votaccess site via the Planetshares site at the following address: https:// planetshares.uptevia.pro.fr. Holders of pure registered shares must connect to the Planetshares site with their usual access codes. Holders of administered registered shares must connect to the Planetshares website using their ID number, which can be found at the top right-hand corner of their paper voting form. If the shareholder is no longer in possession of their login and/or password, they will reset it directly online by following the instructions on the screen. After logging in, the registered shareholder must follow the instructions on the screen to access the Votaccess site and vote, or appoint or revoke a proxy.
  In order to be validly taken into account, the designations or revocations of proxies expressed by electronic means must be received no later than 3:00 p.m. (Paris time) the day before the meeting.
• If you are a bearer shareholder:
• • if the authorised intermediary who manages the shareholder's account is connected to the Votaccess site, shareholders must identify themselves on the internet portal of their account-keeping institution with their usual access codes. They must then click on the icon that appears on the line corresponding to their shares and follow the instructions given on the screen in order to access the Votaccess site and vote or designate or revoke a proxy;
  • if the shareholder's account-holding institution is not connected to the Votaccess site, in accordance with the provisions of Articles R. 225-79 and R. 22-10-24 of the French Commercial Code, notification of the appointment and revocation of a proxy may also be made electronically, in the following manner:
  • • the shareholder should send an email to: [e-mail],

4 GTT 2024 - NOTICE OF MEETING/COMBINED GENERAL MEETING

PRACTICAL DETAILS: HOW TO PARTICIPATE IN THE SHAREHOLDERS' MEETING?

1

• this email must contain the following information: name of the issuer concerned, date of the Shareholders' Meeting, surname, first name, address, bank references of the principal as well as the surname, first name and if possible the address of the proxy,
• the shareholders must ask their financial intermediary who manages their share account to send a written confirmation to the following address: Uptevia, Service Assemblées Générales - 90 - 110 esplanade du Général de Gaulle - 92931 Paris La Défense Cedex.

A shareholder who has already cast a postal vote or sent a proxy in accordance with the conditions described above may sell all or part of its shares at any time:

• if the transfer of ownership occurs before June 10, 2024 at midnight, Paris time, the vote cast by mail or the proxy, if any, accompanied by a certificate of participation, will be invalidated

or amended accordingly, as the case may be. To this end, the authorised intermediary referred to in Article L. 211-3 of the French Monetary and Financial Code shall notify Uptevia of the transfer of ownership and shall provide it with the necessary information;

• if the transfer of ownership takes place after June 10, 2024 at midnight, Paris time, regardless of the means used, it will not be notified by the authorised intermediary referred to in Article L. 211-3 of the French Monetary and Financial Code or taken into consideration by the Company, notwithstanding any agreement to the contrary.

If a shareholder has already voted by post, sent a proxy or requested an admission card or a certificate of participation to physically take part in the meeting, by any means, they may not change their decision.

• WRITTEN QUESTIONS

Shareholders may ask the Company written questions from the date on which the documents submitted to the meeting are made available to shareholders. Such questions must be sent to the Chairman of the Board of Directors at the Company's registered office (1, route de Versailles, 78470 Saint-Rémy-lès-Chevreuse, France), by registered letter with acknowledgement of receipt, or to [e-mail] no later than the fourth working day preceding the Shareholders' Meeting (i.e. June 6, 2024 at midnight Paris time).

To be taken into account, they must be accompanied by a certificate of account registration.

A single response may be provided for questions of the same nature. All these questions and their responses will be published on the Company's website.

• REQUESTS FOR INCLUSION OF AGENDA ITEMS OR DRAFT RESOLUTIONS

Requests to include draft resolutions or items on the agenda of the Shareholders' Meeting by shareholders who meet the requirements of Articles L. 225-105 and R. 225-71 to R. 225-73 of the French Commercial Code must be sent to the Company's registered office (1, route Versailles, 78470 Saint-Rémy-lès-Chevreuse) by registered letter with acknowledgement of receipt or to the following e-mail address: [e-mail], within 20 calendar days of the publication of the notice of meeting in the BALO and must be received by the Company no later than 25 calendar days before the date of the Shareholders' Meeting, i.e. by May 18, 2024. Such requests must be accompanied by a certificate of account registration. It should also be noted that consideration by the Shareholders' Meeting of the items or draft resolutions to be presented is subject to the transmission by the interested parties, on the second business day preceding the Shareholders' Meeting (i.e. June 10, 2024 at midnight, Paris time, at the latest), of a new certificate proving the registration of their securities under the same conditions as those indicated above.

The items and text of the draft resolutions requested by shareholders will be published on the Company's website at www.gtt.fr without delay.

The notice of meeting will be followed by a convening notice containing any changes to the agenda following requests for the inclusion of draft resolutions submitted by shareholders and/or the Social and economic committee.

• DOCUMENTS MADE AVAILABLE TO SHAREHOLDERS

In accordance with applicable legal and regulatory provisions, all documents that must be made available to shareholders in connection with this Shareholders' Meeting will be available at the Company's registered office (1, route de Versailles - 78470 Saint-Rémy-lès-Chevreuse). The documents referred to in Articles R. 225-81 and R. 225-83 of the French Commercial Code may also be sent to shareholders on request to Uptevia, Service Assemblées Générales - 90 - 110 esplanade du Général de Gaulle - 92931 Paris La Défense Cedex, as from the publication of the meeting notice or 15 days before the Shareholders' Meeting, depending on the document in question, and up to and including the fifth day before the Shareholders' Meeting.

All documents and information provided for in Article R. 22-10-23 of the French Commercial Code may be consulted on the Company's website at the following address: www.gtt.fr as from the 21st day preceding the Shareholders' Meeting.

The Board of Directors

NOTICE OF MEETING/COMBINED GENERAL MEETING - GTT 2024

5

• PRACTICAL DETAILS: HOW TO PARTICIPATE IN THE SHAREHOLDERS' MEETING?

HOW TO FILL IN YOUR FORM

IF YOU WISH TO ATTEND THE

SHAREHOLDERS' MEETING:

please tick this box.

IF YOU ARE A BEARER SHAREHOLDER:

you will need a certificate

of participation through your account holder to be attached to this form.

IF YOU DO NOT WISH TO ATTEND THE SHAREHOLDERS' MEETING:

tick box 1, 2, or 3.

1 IF YOU WISH

TO VOTE BY MAIL

please tick this box

and follow the instructions.

2 IF YOU WISH GIVE PROXY TO THE CHAIRMAN OF THE SHAREHOLDERS' MEETING:

please tick this box.

3 IF YOU WISH TO GIVE PROXY TO A NAMED PERSON:

please tick this box and fill out the contact details of this person.

Important : Avant d'exercer votre choix, veuillez prendre connaissance des instructions situées au verso - Important : Before selecting please refer to instructions on reverse side

Quelle que soit l'option choisie, noircir comme ceci la ou les cases correspondantes, dater et signer au bas du formulaire - Whichever option is used, shade box(es) like this, date and sign at the bottom of the form

JE DÉSIRE ASSISTER À CETTE ASSEMBLÉE et demande une carte d'admission : dater et signer au bas du formulaire / I WISH TO ATTEND THE SHAREHOLDER'S MEETING andrequestanadmissioncard:dateandsignatthebottomoftheform

GAZTRANSPORT & TECHNIGAZ (GTT)	ASSEMBLÉE GÉNÉRALE MIXTE	CADRE RÉSERVÉ À LA SOCIÉTÉ - FOR COMPANY'S USE ONLY
Identifiant - Account
S.A. au capital de 370 783,57 €	Convoquée le mercredi 12 Juin 2024 à 15h			[	Vote simple
Siège Social :	Au Domaine de St Paul bat. A3, 102, route de Limours			Single vote
Nombre d'actions	Registered	Vote double
1, route de Versailles
			Number of shares [	Nominatif
78470 Saint-Rémy-lès-Chevreuse	78430 Saint-Rémy-les-Chevreuse	Porteur		Double vote
662 001 403 R.C.S. VERSAILLES				Bearer
			Nombre de voix - Number of voting rights

1
JE VOTE PAR CORRESPONDANCE / I VOTE BY POST			Sur les projets de
Cf. au verso (2) - See reverse (2)								résolutions non agréés, je
							vote en noircissant la case
Je vote OUI à tous les projets de résolutions présentés ou agréés par le Conseil d'Administration	correspondant à mon choix.
On the draft resolutions not
ou le Directoire ou la Gérance, à l'EXCEPTION de ceux que je signale en noircissant comme ceci
approved, I cast my vote by
l'une des cases "Non" ou "Abstention". / I vote YES all the draft resolutions approved by the Board	shading the box of my
of Directors, EXCEPT those indicated by a shaded box, like this	, for which I vote No or I abstain.	choice.
1	2	3	4	5	6	7	8	9	10	A	B
Non / No										Oui / Yes
Abs.										Non / No
11	12	13	14	15	16	17	18	19	20	Abs.
C	D
Non / No										Oui / Yes
Abs.										Non / No
										Abs.
21	22	23	24	25	26	27	28	29	30	E	F
Non / No										Oui / Yes
Abs.										Non / No
31	32	33	34	35	36	37	38	39	40	Abs.
G	H
Non / No										Oui / Yes
Abs.										Non / No
41	42	43	44	45	46	47	48	49	50	Abs.
J	K
Non / No										Oui / Yes
Abs.										Non / No
										Abs.

Si des amendements ou des résolutions nouvelles étaient présentés en assemblée , je vote NON sauf si je signale un autre choix en noircissant la case correspondante :

In case amendments or new resolutions are proposed during the meeting, I vote NO unless I indicate another choice by shading the corresponding box:

• Je donne pouvoir au Président de l'assemblée Générale. / I appoint the Chairman of the general meeting ………………………………………….………......

- Je m'abstiens. / I abstain from voting .....................................................................................................................................................................................

- Je donne procuration [cf. au verso renvoi (4)] à M., Mme ou Mlle, Raison Sociale pour voter en mon nom .......................................................................................

I appoint [see reverse (4)] Mr, Mrs or Miss, Corporate Name to vote on my behalf................................................................................. ............................................

2	3
JE DONNE POUVOIR AU PRÉSIDENT	JE DONNE POUVOIR À : Cf. au verso (4)
DE L'ASSEMBLÉE GÉNÉRALE	pour me représenter à l'Assemblée
Cf. au verso (3)	I HEREBY APPOINT: See reverse (4)
I HEREBY GIVE MY PROXY TO THE	to represent me at the above mentioned Meeting
M. Mme ou Mlle, Raison Sociale / Mr, Mrs or Miss, Corporate Name
CHAIRMAN OF THE GENERAL
MEETING	Adresse / Address
See reverse (3)

ATTENTION: Pour les titres au porteur, les présentes instructions doivent être transmises à votre banque.

CAUTION: As for bearer shares, the present instructions will be valid only if they are directly returned to your bank.

Nom, prénom, adresse de l'actionnaire (les modifications de ces informations doivent être adressées à l'établissement concerné

et ne peuvent être effectuées à l'aide de ce formulaire). Cf au verso (1)

Surname, first name, address of the shareholder (Changes regarding this information have to be notified to relevant institution,

no changes can be made using this proxy form). See reverse (1)

PLEASE CHECK YOUR

FULL NAME AND ADDRESS

Pour être pris en considération, tout formulaire doit parvenir au plus tard :		Date & Signature
To be considered, this completed form must be returned no later than:
sur 1ère convocation/ on1stnotification	sur 2ème convocation / on 2nd notification

à/ to : UPTEVIA Service Assemblées

90-110 Esplanade du Général de Gaulle

92931 Paris La Défense Cedex

08 Juin 2024

• Si le formulaire est renvoyé daté et signé mais qu'aucun choix n'est coché (carte d'admission / vote par correspondance / pouvoir au président / pouvoir à mandataire), cela vaut automatiquement pouvoir au Président de l'assemblée Générale » 'If the form is returned dated and signed but no choice is checked (admission card / postal vote / power of attorney to the President / power of attorney to a representative), this automatically applies as a proxy to the Chairman of the General Meeting'

Regardless of your selection,

PLEASE DATE AND SIGN HERE

6 GTT 2024 - NOTICE OF MEETING/COMBINED GENERAL MEETING

• Overview of the situation and activity in fiscal year 2023

2.1 GROUP BUSINESS ACTIVITY IN 2023

LNG CARRIERS: ORDER MOMENTUM CONTINUES

After a record year in 2022 in terms of order intake, GTT booked 73 LNG carrier orders in the financial year 2023, 21 of which were booked in the fourth quarter. Their delivery is scheduled between the first quarter of 2026 and the third quarter of 2029.

An order for two very large ethane carriers was booked in the fourth quarter of 2023, with delivery scheduled between the fourth quarter of 2026 and the second quarter of 2027.

Additionally, in early 2023, an order was booked for an LNG liquefaction unit (FLNG), which is scheduled for delivery in the first quarter of 2027.

Also, in the first two months of 2024, GTT booked two orders for a total of 23 LNG carriers - including eight very-large capacity carriers - as well as an order for three very large ethane carriers.

LNG AS FUEL

In July 2023, GTT received an order from the Chinese shipyard Yangzijiang to design the cryogenic tanks for ten LNG-powered very large container ships.

TWO NEW AGREEMENTS WITH SHIPYARDS

In November 2023, GTT signed a Technical Assistance and Licensing Agreement with COSCO Shipping (Qidong) Offshore, a subsidiary of COSCO Shipping Corporation, and, in December 2023,

In September 2023, a new order for five large container ships was received from HD Hyundai Heavy Industries on behalf of Yang Ming, a Chinese ship-owner.

Delivery of these container ships is scheduled between the second quarter of 2026 and the first quarter of 2028.

a strategic cooperation agreement with the Chinese shipbuilding group, CSSC.

SERVICES TO VESSELS IN OPERATION

In May 2023, GTT signed a Technical Service Agreement with the maritime transportation company Eastern Pacific Shipping and its subsidiary Coolco to support them with the maintenance and operation of a fleet of 33 vessels (24 LNG carriers, six ethane carriers and three container ships).

In October 2023, GTT announced that it had signed a service contract with the ship-owner CMA CGM for the maintenance and

operation of 49 LNG-powered container ships. The contract includes on-site technical support from GTT teams during inspections, maintenance, repairs, operations and engineering services, as well as training and access to the HEARS® emergency hotline. The contract also includes solutions provided by Ascenz Marorka (see below).

ASCENZ MARORKA: NEW CONTRACTS AND LAUNCH OF NEW INNOVATIVE SOLUTIONS

During 2023, GTT pursued its strategy of developing new digital solutions for ship-owners and signed a number of important contracts, highlighting the increasing needs of ship-owners in this area.

The innovative solutions and new services developed by Ascenz Marorka include:

• A maintenance-optimisation solution for LNG membrane tanks, known as the "Sloshing Virtual Sensor", which has received an approval in principle from Lloyd's Register. This solution is designed to extend the period between tank inspections by two years, while maintaining strict safety standards.

• The vessel-propeller Shaft Power Limitation (ShaPoLi) solution(1), which has obtained conformity certification from DNV and Bureau Veritas. This solution aims to help ship-owners and operators comply with International Maritime Organization (IMO) regulations.
• The setting up of the Real-Time Fleet Performance Monitoring Centre, which brings together a team of maritime experts with in-depth knowledge of navigation, meteorology, performance management, LNG operations and offshore operations, to provide a holistic approach to optimise vessel operations.

1. ShaPoLi: Shaft Power Limitation.

NOTICE OF MEETING/COMBINED GENERAL MEETING - GTT 2024

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• OVERVIEW OF THE SITUATION AND ACTIVITY IN FISCAL YEAR 2023

Notable contracts signed by Ascenz Marorka in 2023 include:

• A contract with two major European LNG ship-owners to equip three vessels with its "Sloshing Virtual Sensor" predictive maintenance solution, which is designed to optimise tank maintenance, while ensuring compliance with strict safety standards, thereby improving operational flexibility and achieving substantial savings.
• Four contracts for its Smart Shipping solution: the first with a European ship-owner, to equip 30 container ships; the second with GasLog, to equip its entire fleet of more than 35 LNG carriers; the third, with Global Ship Lease, to equip its entire fleet of container ships; and the fourth, with Brunei Gas

Carriers, to equip the first vessel in its fleet. The Smart Shipping solution developed by Ascenz Marorka comprises automatic data collection systems and smart software designed to manage and optimise vessels' energy and environmental performance.

• A contract to equip the entire Clean Products Tankers Alliance (CPTA) fleet - i.e. approximately 20 vessels - with its advanced weather routing solution.
• A contract to equip 49 CMA CGM LNG-powered vessels with high-frequency data collection systems, with access to Ascenz Marorka online platform.

ELOGEN

In terms of sales, Elogen continues to implement its selective approach to projects, while posting strong growth in revenues (up 117% to 10.1 million euros at December 31, 2023). In the past financial year, EBITDA showed a controlled level of loss, given the increase in headcounts (+50 employees over the period), to stand at -19.7 million euros, compared to -14.7 million euros in 2022. The Group notes that Elogen's EBITDA is expected to break even from mid-decade.

In early 2023, Elogen won a flagship contract with CrossWind - a joint venture between Shell and Eneco - to build a 2.5 MW electrolyser for an offshore wind farm off the coast of the Netherlands.

In July 2023, Elogen signed its first contract with its Korean partner Valmax for the construction of a 2.5 MW electrolyser. In September 2023, Elogen signed a new contract with Valmax for the construction of a second 2.5 MW electrolyser. With a production capacity of up to one tonne of hydrogen per day each, these two electrolysers will be integrated into mobility projects in Korea.

In December 2023, Elogen, the CNRS and the University of Paris- Saclay announced the creation of a joint laboratory to facilitate the large-scale production of green hydrogen by improving existing electrolysis processes and conducting research on the use of different materials.

Elogen continues to implement its strategy around three imperatives: "Be efficient, be reliable, be ready". Within this framework, Elogen is developing its R&D activities to improve the competitiveness and energy efficiency of its solutions, diversifying its technologies to produce large-scale electrolysers and continuing the development of its network of local partners for Balance-Of-Plant assembly and maintenance. The company is also strengthening its teams, particularly those involved in technical fields and project management. Finally, Elogen is gearing up for industrial scale-up with its Vendôme gigafactory project (part of the Hydrogen IPCEI). Construction began in January 2024.

DEVELOPMENT OF NEW TECHNOLOGIES

Innovations in the field of LNG carriers

At the start of 2023, GTT obtained several approvals in principle for the adoption of new technologies in the LNG carrier field. A notable example was from Lloyd's Register for a new LNG carrier

design in collaboration with Samsung Heavy Industries, incorporating the three-tank concept developed by GTT and equipped with the Mark III Flex membrane containment system.

Innovations in the field of LNG-fuelled vessels/alternative fuels

In 2023, GTT obtained numerous approvals in principle from classification societies, especially in the area of alternative fuels. The approvals cover the following concepts:

• a dual-fuel,LNG-powered supertanker (ABS, ClassNK, Bureau Veritas, DNV and Lloyd's' Register);
• a dual-fuelLNG-powered Suezmax supertanker (ABS, DNV);
• an LNG tank with an "NH3 ready" rating (ClassNK, DNV);

• an LNG tank allowing a pressure of up to one barg for LNG-as- fuel applications (ABS);
• and the RecycoolTM system, applied to LNG-powered vessels, which reliquefies excess boil-off gas to reduce greenhouse gas emissions and improve economic performance (ClassNK).

The Group also obtained a 4.66 million euros subsidy from Bpifrance for the design of an on-board CO2 capture system for vessels, and the development of smart digital ship-management solutions by OSE Engineering(1) (a subsidiary of the GTT Group), as part of the MerVent project(2).

1. More information on the website: https://www.ose-engineering.fr/en/
2. See the press release published by GTT: https://gtt.fr/fr/actualites/gtt-obtient-une-subvention-de-la-part-de-bpifrance-dans-le-cadre-du-projet-mervent-2025

8 GTT 2024 - NOTICE OF MEETING/COMBINED GENERAL MEETING

OVERVIEW OF THE SITUATION AND ACTIVITY IN FISCAL YEAR 2023 2

Developments in the field of liquid hydrogen transportation

In July 2023, GTT received an approval in principle from ClassNK for a new membrane containment system concept for the transport of liquefied hydrogen.

As previously announced in April 2023, GTT, TotalEnergies, LMG Marin and Bureau Veritas signed an agreement for a joint development project aimed at developing a concept for a liquid hydrogen carrier with a capacity of 150,000 m3, equipped with

GTT's membrane containment system. In January 2024, this project received two approvals in principle from Bureau Veritas: one for the design of a cryogenic membrane containment system for liquefied hydrogen, and the other for the preliminary design of the hydrogen carrier. These approvals mark the first major achievement in the development of a liquid hydrogen transport sector.

PATENTS

In 2023, the GTT Group filed 64 patents.

GTT STRATEGIC VENTURES

In September 2023, the GTT Group's investment fund, GTT Strategic Ventures, announced an investment in the technology company 'bound4blue' to support the development of wind- assisted propulsion technology for ships. After Tunable and Sarus,

bound4blue is the third minority stake of GTT Strategic Ventures, whose ambition is to contribute to the growth of Climate Tech champions.

CSR STRATEGY

In February 2024, the Group published its 2024-2026 CSR roadmap(1), and submitted its CO2 emission reduction targets to the SBTi. The roadmap translates today's priorities into future concrete actions to achieve a better future that is aligned with the interests of GTT's customers and employees, as well as those of the wider community and the planet. This roadmap was designed as a performance and progress monitoring tool and will evolve over time.

The GTT Group's CSR strategy is structured around three fundamental axes:

1. fighting against global warming;
2. responsible employer;
3. corporate citizen.

In March 13, 2023, GTT also announced that it had joined the United Nations Global Compact, thereby committing itself to promoting the "Ten Principles" on human rights, labour standards, the environment and anti-corruption, and to implementing the 17 Sustainable Development Goals (SDGs)(2) in its environmental, social and governance policy.

• ORDER BOOK AT DECEMBER 31, 2023	As of December 31, 2023, the order book, excluding LNG as
As of January 1, 2023, GTT's order book, excluding LNG as fuel,	fuel, stood at 311 units, breaking down as follows:
•	296 LNG carriers;
comprised 274 units. The following changes have occurred
since January 1:	•	4 ethane carriers;
•	deliveries: 33 LNG carriers, 2 ethane carriers, 2 FSUs and	•	1 FSRU;
	2 onshore storage tanks;	•	1 FLNG;
•	orders received: 73 LNG carriers, 2 ethane carriers, 1 FLNG.
•	9 onshore storage tanks.

Regarding LNG as fuel, with the delivery of nine vessels and orders for 15 container ship tanks, the number of vessels on order stood at 76 units on December 31, 2023.

1. See the press release published by GTT: https://gtt.fr/fr/actualites/gtt-publie-sa-feuille-de-route-rse-2024-2026
2. More information on the 17 SDGs: https://unglobalcompact.org/sdgs/17-global-goals

NOTICE OF MEETING/COMBINED GENERAL MEETING - GTT 2024

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• OVERVIEW OF THE SITUATION AND ACTIVITY IN FISCAL YEAR 2023

CONSOLIDATED REVENUE

(in thousands of euros)	2022	2023	Change
Revenues	307,294	427,704	+39.2%
New builds	279,526	389,464	+39.3%
LNG carriers/ethane carriers	242,294	353,378	+45.7%
FSU	16,195	2,422	-85.0%
FSRU	-	-	ns
FLNGs	1,218	-	-100.0%
Onshore storage tanks and GBSs	13,014	4,126	-68.3%
LNG-powered vessels	6,805	29,539	+334.1%
Electrolysers	4,653	10,080	+116.6%
Services	23,116	28,159	+21.8%

Consolidated revenues for the financial year 2023 stood at

427.7 million euros, up 39.2% compared to 2022, benefitting from the progressive increase in the number of LNG carriers under construction, the growth of Elogen and the services business.

• Revenues from new builds amounted to 389.5 million euros, up 39.3% compared to revenues in 2022.
• • Royalties from LNG and ethane carriers amounted to
    353.4 million euros, 2.4 million euros for FSUs and 4.1 million euros for onshore storage tanks.

• Royalties generated by the LNG-as-fuel business (29.5 million euros, up 334.1%) are now reflecting the large number of orders received in 2021 and 2022.

• Revenues from Elogen's electrolyser business line amounted to
• 1. million euros in the financial year 2023, up 116.6%.
• Revenues from services were up by 21.8% to stand at
• 1. million euros in the financial year 2023, with income from assistance services for vessels in operation and the growth in Ascenz Marorka's activity more than offsetting the decrease in pre-project studies, for which demand is fluctuating by nature.

ANALYSIS OF THE 2023 CONSOLIDATED INCOME STATEMENT

(in thousands of euros; earnings per share in euros)	2022	2023	Change
Revenues	307,294	427,704	+39.2%
Operating income before depreciation of non-current assets (EBITDA(1))	161,124	234,545	+45.6%
EBITDA margin (on revenues, %)	52.4%	54.8%
Operating income (EBIT)	152,218	223,527	+46.8%
EBIT margin (on revenues, %)	49.5%	52.3%
Net income	128,291	201,372	+57.0%
Net margin (on revenues, %)	41.7%	47.1%
Net earnings per share(2) (in euros)	3.48	5.45

1. As of 2023 fiscal year, EBITDA no longer includes provisions for losses on completion (reversal of 0.458 million euros in 2023). The impact on EBITDA 2022 was +3.592 million euros, increasing 2022 EBITDA to 164.7 million euros (vs published 2022 EBITDA figure of 161.1 million euros). Excluding provisions for losses on completion, the 2022 EBITDA margin stood at 53.6%.
2. Net earnings per share was calculated on the basis of the weighted average number of shares outstanding, i.e. 36,890,466 shares at December 31, 2022 and 36,940,976 shares at December 31, 2023.

In 2023, Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) amounted to 234.5 million euros, up 45.6% compared with 2022. This is mainly due to the absence of significant delays in shipbuilding schedules, the increase in revenues from GTT's core business, and sound cost management. The EBITDA margin on revenues was 54.8% in 2023, up compared to 2022. External expenses were up +42.4% compared to 2022, due in particular to the rise in subcontracting and travel costs linked to the increase in activity. Personnel expenses were up by +41.3%, reflecting the increase in headcount at GTT SA and

in the subsidiaries (Elogen, OSE Engineering, GTT China) to support the growth in activity, as well as the overhaul of the compensation scheme (rebalancing between collective and individual components, adjustment of certain remuneration packages to the benchmark) which takes into account the impact of inflation.

Operating income amounted to 223.5 million euros in 2023, i.e. a margin on revenues of 52.3%.

Net income for the 2023 financial year amounted to 201.4 million euros, up 57.0% over the previous year.

10 GTT 2024 - NOTICE OF MEETING/COMBINED GENERAL MEETING