#1GIBSON ENERGY INVESTOR PRESENTATION OCTOBER 2023 TSX: GEI#2Gibson Energy Snapshot (TSX: GEI) Gibson is a diversified North American energy infrastructure platform underpinned by high quality terminal assets GIBSON ENERGY INVESTOR PRESENTATION میرا Corporate Information C$3.4B C$5.6B ~7.5% Market Cap (1) Enterprise Value (1) Dividend Yield (1) 1 in 4 WCSB Barrels Through GEI Terminals Leading North American Terminals Platform 2nd Largest Crude Export Terminal in the United States >25 MMBBL Tankage Capacity in North America (2) >85% Terminals Revenue from IG Counterparties(3) $ Stable Highly Contracted Infrastructure Business ~85% Pro Forma ("PF") Segment Profit from Infrastructure (3) ~80% Committed to Financial Governing Principles BBB(low) / BBB- Maintain Investment Grade Ratings 3.1x 61% from Take-or-Pay Contracts (3) Q3 PF LTM Net Debt / Adjusted EBITDA (1) Q3 2023 Payout Ratio (1) PF Infrastructure Revenues Continued ESG Leadership Net Zero AAA Scope 1 & 2 GHG Emissions Target by 2050 MSCI Rating 2 All data as of October 27, 2023, unless otherwise noted. (1) Metrics do not have standardized meanings under GAAP - refer to "Specified Financial Measures" slide; this and subsequent slides contain references to "Q3 2023 PF", which reflect pro forma financial information that gives effect to the Transaction (as defined below) as if it had closed on October 1, 2022, assumes Gateway (as defined below) is included in the Company's Infrastructure segment and reflects an adjustment of $16.8mm for an environmental remediation provision in Q2 2023; please refer to "Presentation of Pro Forma Financial Information" on the "Specified Financial Measures" slide; see "Financial Position and Maturity Profile" on slide 27 for Q3 2023A Net Debt to Adjusted EBITDA and Q3 2023A Payout Ratio metrics. (2) Inclusive of three 435 kbbl tanks currently under construction. (3) Based on pro forma 2022A financials. Note: This and subsequent slides contain pro forma financial information giving effect to the acquisition of South Texas Gateway Terminal LLC ("Gateway"), which closed on August 1, 2023 and the related subscription receipt and note offerings, which closed on June 22, 2023 and July 12, 2023, respectively (collectively, the "Transaction"); references to "2022 PF" or "Pro Forma" reflect pro forma financial information that gives effect to the Transaction as if it had closed on January 1, 2022 and assumes Gateway is included in the Company's Infrastructure segment; please refer to "Presentation of Pro Forma Financial Information" on the "Specified Financial Measures" slide.#3GIBSON ENERGY INVESTOR PRESENTATION Liquids Infrastructure Focused ~70% of Segment Profit from core Terminals and ~85% Infrastructure(1) Edmonton Hardisty ~25% U.S. ~75% Canada 2022 PF Segment Profit (1) Pyote/Wink Moose Jaw South Texas Gateway Terminal ("Gateway") 2022 PF Segment Profit Breakout(1) Hardisty Terminal ~40% Gateway Terminal ~20% Edmonton Terminal ~10% ~70% Terminals Canadian & U.S. Pipelines ~10% Moose Jaw ~5% ~85% Infrastructure ~15% Marketing Source: EIA, Port of Corpus Christi, RBN, vendor estimates. (1) Based on 2022 PF Segment Profit. 3 (2) Connectivity to the Permian and Eagle Ford basin; assumes completion of connection to Plains Cactus pipeline system currently in progress. Hardisty 13.5 mmbbl Existing Tankage DRU With 50 kbbl/d Inlet Capacity Best-in-Class Connectivity 8.6 mmbbl Existing Tankage Gateway 2.7 mmbbl/d of Pipeline Connectivity(2) Two VLCC-capable docks 2.1 mmbbl Existing Tankage Edmonton Pipelines Moose Jaw 2x 435 kbbl Tanks Under Construction Room for Additional ~1mmbbl Tankage 500 km Network of Pipelines in Canada and the U.S Drive volumes to core Terminals ~24 kbbl/d Throughput Capacity Supplements Marketing Opportunities#4Strategically Located Terminal Assets Over 25 mmbbl of total terminal capacity at strategically situated North American hubs GIBSON ENERGY INVESTOR PRESENTATION Hardisty + Edmonton + Ingleside 13.5 mmbbl Leading market position in the heart of the strategic Hardisty footprint ■ Touches 1 in 4 barrels in the WCSB Exclusive access to the only unit train rail terminal at Hardisty through USD joint venture ■Diluent Recovery Unit ("DRU") with 50 kbbl/d inlet capacity ■ Potential for additional DRU phases (1) Inclusive of two 435 kbbl tanks currently under construction. (2) Per RBN; second largest facility based on 2022A volumes. 3.0 mmbbl (1) Strategically situated with respect to major egress pipelines (Enbridge and Trans Mountain Pipeline) and major refineries (Imperial and Suncor) Two tanks under construction (870 kbbl) sanctioned in May 2023 with Cenovus Energy (3) Assumes completion of the connector between STGT and the Cactus II Pipeline which is currently in progress. 8.6 mmbbl Second-largest U.S. crude oil export terminal by capacity(2) ■ One of only two Texas Gulf Coast crude export terminals with VLCC capabilities Up to 2.7 mmbbl/d of pipeline connectivity to the Permian basin (3) Opportunity to increase storage capacity and/or throughput#5Focused Strategy Premier liquids infrastructure assets to underpin compelling per share growth over time Leverage Terminals Position Terminals represent ~70% of PF Segment Profit (1) Dominant market position in strategic locations including Hardisty (Alberta), Edmonton (Alberta) and Corpus Christi / Ingleside (Texas) Continue to target sanctioning tankage Liquids Infrastructure Focus Target Compelling Complementary Growth Target deploying $150 - $200mm in Infrastructure capital per year over the long-term 2023 target up to $150mm Exploring opportunities around energy transition GIBSON ENERGY INVESTOR PRESENTATION 5 Seek to expand Gateway dock capacity, storage capacity and long-term committed volumes Per Share Growth Quality Cash Flows ~85% of PF Segment Profit from the Infrastructure segment(1) Infrastructure-only payout ratio of 79% at Q3 2023 (2) Nearly all infrastructure revenue from stable, long-term take-or-pay or fee-for-service contracts (3) PF Terminals revenue >85% from Investment Grade counterparties(4) Secure, Growing Dividend Commitment to Net Zero and Leading ESG Profile Strong Balance Sheet Q3 2023 PF LTM Net Debt to Adjusted EBITDA of 3.1x is below the target range of 3.0 to 3.5x (2) On an infrastructure-only basis at 3.7x at PF LTM Q3 2023, well below a target of no greater than 4x(2) Fully-funded for all targeted capital Investment grade credit ratings from S&P: BBB- and DBRS: BBB (low) (1) Based on 2022 PF Segment Profit. (2) Net Debt, Adjusted EBITDA and Infrastructure-only Payout ratio do not have standardized meaning under GAAP; see "Forward-Looking Statements Notice" slide and "Presentation of Pro Forma Information" on the "Specified Financial Measures" slide. (3) Take-or-pay intercompany contracts currently represent approximately 20% of Infrastructure revenues, with the proportion expected to decline over time. (3) Based on 2022 PF Revenues; credit ratings as at September 30, 2023.#6Complete Transformation of Business Repositioned from diverse mix of business lines to focused energy infrastructure 2014(1) Segment Profit from Terminals & Pipelines and Infrastructure GIBSON ENERGY INVESTOR PRESENTATION Infrastructure Revenue Contractedness 2017(1) 2022(2) 2022 PF(3) ~25% Terminals & Pipelines ~55% Terminals & Pipelines ~75% Terminals & Pipelines ~80% Terminals & Pipelines ~30% Infrastructure Infrastructure Revenues ~50% Take-or-Pay ~65% Infrastructure Infrastructure Revenues ~70% Take-or-Pay (1) Based on Segment Profit; 2014 and 2017 adjusted for estimated finance lease payments to improve comparability with current presentation. 6 (2) Take-or-pay intercompany contracts currently represent approximately 20% of Infrastructure revenues, with the proportion expected to decline over time. (3) Based on 2022 PF Segment Profit. ~80% Infrastructure C ~85% Infrastructure Infrastructure Revenues ~75% Take-or-Pay Infrastructure Revenues ~80% Take-or-Pay#7Segment Profit Growth Growth in Segment Profit (1,2,3,4) (C$mm) ~158% (~21% CAGR) in Core Infrastructure $800 Segment Profit from 2017 to 2022 PF $700 $600 $520 $517 $469 $475 $500 $400 $377 $300 $200 Transaction immediately grows Core Infrastructure Segment Profit by an additional ~35% $562 Gateway % Infrastructure Marketing Above Run Rate (2) Marketing Divested Business Pro Forma Gibson Infrastructure expected to account for 85% of Segment Profit ~80% of Infrastructure revenues take-or-pay (>95% when including fee-based) ✓ Third terminal platform provides future growth optionality Enhanced scale and diversity strengthens Gibson's competitive positioning GIBSON ENERGY INVESTOR PRESENTATION $100 ~60% ~55% ~55% ~55% ~60% ~80% ~85% Core Infrastructure $0 2017A 2018A 2019A 2020A 2021A 2022A 2022PF Immediately accretive to DCF per share (1) Segment Profit illustratively adjusted for estimated finance leases under IFRS 16 for 2017 to improve comparability with current presentation. (2) Long-term run rate for Marketing Segment Profit assumes C$80 - C$120mm per year for 2019 forward, where previously the range assumed was C$60 - C$80mm; Marketing Outperformance reflective of earnings above the upper-bound of the Marketing Long-Term Run Rate where Marketing Long-Term Run Rate and Marketing Outperformance sum to equal Marketing Segment Profit as disclosed in Q4 2022 MD&A. (3) 2022 average CAD/USD FX rate of 1.3011. (4) Based on 2022 PF Segment Profit.#8Infrastructure Revenue by Contract Structure Delivered ~20% Infrastructure Revenue CAGR since 2011 driven by Take-or-Pay revenues Growth in proportion of Take-or-Pay revenues within Infrastructure reflective of capital discipline and adherence to financial governing principles over the past decade Stable fee-based component from Infrastructure has been ratable over time, as it is driven by volumes from the oil sands which show limited variability with commodity prices Nearly all Infrastructure Revenue underpinned by long-term contracts with investment grade counterparties given operational nature and scale of business required to operate an oil sands project Growth in Infrastructure Revenue by Contract Structure (1,2) (Infrastructure Revenue in C$mm, % of Infrastructure Revenue) GIBSON ENERGY INVESTOR PRESENTATION Total % of Infrastructure Revenue from Take-or-Pay and Stable-Fee-for-Service Contracts 98% 95% 96% 97% 95% 84% Total Infrastructure Revenue $800 $700 $600 70% 70% $500 $400 Other Stable-Fee-for-Service $300 Take-or-Pay $200 $100 $0 2011A 2012A 2013A 8 2014A 2015A 2016A 95% >97% >97% >97% >97% Gateway 2017A 2018A 2019A 2020A 2021A 2022A 2022PF (1) Approximately 20% of current take-or-pay Infrastructure revenues and 35% of current total Infrastructure revenues from intercompany payments. (2) Based on 2022 PF Revenue.#9Distributable Cash Flow Growth Sustained growth in core Infrastructure driving meaningful DCF per share growth $450 $400 $350 $300 $250 $200 Growth in DCF and DCF/Share (1,2) (C$mm) Delivered DCF/share CAGR of ~16% between 2017 - 2022 PF Existing projects and future sanctions expected to drive attractive long-term growth per share $2.63 $2.44 $2.09 $2.05 $1.96 $1.99 $100 $1.26 $150 $50 DCF/Share Distributable Cash Flow per share has grown at a 16% CAGR since the transformation of the business began in 2017(1,2) ■ 2022 Pro Forma included the impact of ~20mm new shares issued in August 2023 pursuant to Gibson's subscription receipt offering in conjunction with Gateway At the Segment Profit level, largely driven by an increase in Infrastructure Deployed over $1B in Infrastructure Growth Capital 2018 through 2022 at an aggregate EBITDA build multiple within the targeted 5x - 7x range ■ Have been cost focused and disciplined throughout the business, driving meaningful improvements between 2017 and 2022: G&A has decreased Interest decreased ~30%, a result of securing Investment Grade credit ratings and re-financing all debt Lease Costs have decreased by about one-third, mostly due to focus on reducing rail car fleet GIBSON ENERGY INVESTOR PRESENTATION 6 2021A 2022A 2022PF (1) Distributable Cash Flow, Distributable Cash Flow per share and compounded annual growth rate of Distributable Cash Flow do not have standardized meanings under GAAP; see "Specified Financial Measures" slide. (2) Based on 2022 PF Distributable Cash Flow and 2022 PF includes ~20 million new shares issued in August 2023 pursuant to Gibson's offering of subscription receipts in connection with the Transaction. $0 2017A 2018A 2019A 2020A#10Financial Governing Principles Gibson maintains a strong pro forma financial position by adhering to existing targets Quality of Cash Flows Funding Financial Model Flexibility Highly Secured Contract Structure Creditworthy Counterparties Strong Balance Sheet Committed Target >80% of Infrastructure revenues from take-or-pay and high-quality fee-for-service contracts >85% of Infrastructure exposures under long-term contracts with investment grade counterparties Net Debt to Adjusted EBITDA of 3.0x - 3.5x (2) and no greater than 4x on an Infrastructure-only (1) basis Maintain & Improve Maintain Two Investment Grade ratings Credit Ratings Capital Funding Fund growth capital expenditures with maximum 50% - 60% debt Strategy Sustainable Payout Ratio Sustainable long-term payout of 70% - 80% of DCF and Infrastructure payout less than 100% (1) Pro Forma Metrics >95% PF Infrastructure revenue from TOP and fee-based contracts (1) >85% PF Infrastructure exposure under contracts with IG counterparties(1) 3.1x total and 3.7x Infrastructure-only Net Debt to Adjusted EBITDA at Q3 2023 PF LTM(2,3) S&P: BBB- rating DBRS: BBB (low) rating No change to capital funding strategy 61% total payout and 79% Infrastructure-only at Q3 2023 (2,3) GIBSON ENERGY INVESTOR PRESENTATION 10 10 (2) Net Debt to Adjusted EBITDA, Infrastructure-only Net Debt to Adjusted EBITDA, payout ratio, and Infrastructure-only Payout ratio do not have standardized meanings under GAAP; see "Specified Financial Measures" slide. (3) See "Forward-Looking Statements Notice" slide and "Presentation of Pro Forma Information" on the "Specified Financial Measures" slide; see "Financial Position and Maturity Profile" on slide 27 for Q3 2023A Net Debt to Adjusted EBITDA and Q3 2023A Payout Ratio metrics. (1) Based on 2022 PF Revenue.#11GIBSON ENERGY INVESTOR PRESENTATION 11 Long-Term Capital Allocation Priorities Priority remains to fund the business and then return capital when business is fully-funded Fund the Business Fund Dividend Target payout ratio of 70% - 80% over the long-term Dividend to be fully covered by stable, long-term Infrastructure cash flows Fund Infrastructure Growth Significant value creation through investment in long-term Infrastructure with high-quality contracts and counterparties Target deploying capital at 5x - 7x EBITDA build multiples, with a focus on ensuring appropriate risk adjusted returns Return Capital to Shareholders Dividend Growth Intention to provide steady, long-term dividend growth to shareholders Dividend increases to be fully underpinned by growth in stable, long-term cash flows from Infrastructure Share Buybacks Surplus cash flows from Marketing upside returned to shareholders via share buyback rather than dividend Buybacks also appropriate if funding capacity exceeds capital investment opportunities#12Hardisty Terminal - Overview Future opportunities to grow at Hardisty at an attractive EBITDA build multiple Dominant Land Position Located at the heart of the Hardisty footprint ■ 240 acres of land holdings adjacent to existing tankage plus additional land surrounding ensures decades of running room GIBSON ENERGY INVESTOR PRESENTATION Exclusive Rail Access Exclusive access to the only unit train rail terminal at Hardisty through joint venture with U.S. Development Group ("USD") ■ Current capacity of ~210,000 bbl/d (~3.5 unit trains per day), with ability to expand Development of the DRU increases demand for 123 12 rail access N HARDISTY WEST HARDISTY TERMINAL ENBRIDGE MAINLINE COLD LAKE HARDISTY EAST TOP OF THE HILL ENBRIDGE EXPRESS Gibson connection to 210 mbbl/d rail facility Placed 10 tanks, or 4.6 mmbbl, into service in between 2017 and 2020 at Top of the Hill PROVOST TRANSCANADA KEYSTONE/XL#13Hardisty Terminal - Best-in-Class Connectivity Replicating Gibson's competitive position not possible and is cost prohibitive Superior Connectivity Flexibility offered by Gibson's existing best-in-class connectivity provides a wide moat at Hardisty Key consideration for customers as it helps production volumes reach market at the best price ■ Gibson's connectivity advantage built over decades and would be impossible to replicate today ■ Due to both cost and difficulties in securing connection agreements with competitors Independent Operator ■ Focused on terminal operation with primary objective of improving customers' market access ■ No preference of where customers bring in or send their crude Cost Focused GIBSON ENERGY 11 Inbound Pipeline Connections (1) (total number) 8 7 7 6 4 GEI Peer A Peer B Peer C Peer D Peer E GIBSON ENERGY Outbound Pipeline Connections(1) (total number) GIBSON ENERGY INVESTOR PRESENTATION 8 7 Leveraging existing interconnectivity results in cost advantage on new opportunities for Gibson relative to competitors 5 4 ■Track record of placing new tankage into service on-time and on-budget Long useful life with limited maintenance capital required 13 (1) Peers include Enbridge, Flint Hills, Husky, Inter Pipeline, and TC Energy (peers are not linked between charts). 1 1 GEI Peer A Peer B Peer C Peer D Peer E#14DRU at Hardisty - Overview High-quality infrastructure project leveraging and extending Hardisty position First DRU in WCSB 50%/50% joint venture between Gibson and USD Underpinned by 10-year contract with ConocoPhillips Canada for 50,000 bbl/d of inlet capacity ■ Placed in-service in late 2021 Extension of Hardisty ■ Further improves the Gibson's best-in- class connectivity at Hardisty; sole access point for DRU egress out of WCSB ■ DRU customers require contracted tankage at Gibson's Hardisty Terminal and capacity at HURC Hardisty Terminal and HURC Overview Attractive Future Expansions ■ See first-mover advantage, demonstrating ability to compete directly with pipelines ■ 50,000 bbl/d increments good fit with brownfield oil sands projects Target 5x-7x EBITDA build multiple GIBSON ENERGY INVESTOR PRESENTATION 14 ENBRIDGE MAINLINE ATHABASCA/ ATHABASCA TWIN COLD LAKE / COLD LAKE EXPANSION DILBIT SENT ~4KM FROM HARDISTY TERMINAL TO THE HARDISTY UNIT TRAIN RAIL FACILITY HARDISTY TERMINAL ~5KM DRU & HURC FACILITY CONDENSATE SEPARATED FROM DILBIT AT THE DRU AND RETURNED TO THE HARDISTY TERMINAL ENBRIDGE EXPRESS TC ENERGY KEYSTONE#15Gateway Terminal - Overview Premier Asset with Unique Commercial, Operational and Locational Advantages Second largest U.S. crude export terminal by throughput (1) Gateway is currently one of two terminals in North America capable of loading two VLCCs simultaneously Ingleside uniquely positioned to directly load VLCCs with lower transit times and fees than other terminals Ingleside Strategically Advantaged vs. Inner Harbor Inner Harbor Suffers from Congestion Ingleside Nueces Bay Less Congestion Port Aransas Corpus Christi Gateway Corpus Christi Bay Gulf of Mexico GIBSON ENERGY INVESTOR PRESENTATION Gateway is a Premier Facility Strategically connected to three newly built Permian pipeline systems and one Eagle Ford pipeline system(2) Unique WTI and WTL fungible storage model enables customer efficiency, scale and value Greenfield, purpose-built and technologically advanced facility that provides reliable service to customers Source: EIA, Port of Corpus Christi. (1) Per RBN; second largest facility based on 2022A volumes. (2) Connection to Plains Cactus pipeline system currently in progress. Best-in-Class Facility Gateway Terminal Placed into Service in July 2020 Significantly Lower Transit Time vs. Inner Harbour (6-8 hours Roundtrip Transit) Closest Proximity to Anchorage and Reverse Lightering Zone (2-3 hours Roundtrip Transit) Islands and Marine Basin Provide Shelter from Elements Chimelng Island 15#16Gateway Terminal - Best-In-Class Export Capabilities Storage and Export Operations with VLCC Capabilities- Highly Complementary to Gibson's Existing Business Key Asset Details Location In-service Date Basin Connectivity Pipeline Capacity Pipeline Connections Export Capacity Current Throughput Storage Capacity Contract Life Ingleside, Texas (Port of Corpus Christi) Closest terminal to Corpus Christi anchorage and offshore lightering zone July 2020 Permian and Eagle Ford Up to 2.7 mmbbl/d (1) Permian: Gray Oak, Cactus (1), EPIC Eagle Ford: Harvest Two VLCC-capable docks Achieved record volumes of over 670 kbbl/d in March 2023, averaging ~600 kbbl/d in Q2 2023 8.6 mmbbl across 20 tanks Footprint to develop multiple new tanks Weighted average contract life of 3+ years Current macro export fundamentals are favourable for the re-contracting strategy GIBSON ENERGY INVESTOR PRESENTATION 16 Source: EIA. (1) Assumes completion of connection to Plains Cactus pipeline system currently in progress.#17GIBSON ENERGY INVESTOR PRESENTATION Permian Production to Drive Future Export Growth U.S. Export Macro Favourable for the Re-contracting Strategy Historical Permian Production (1) U.S. Export Demand by Geography(1) 8.0 6.0 4.0 2.0 (mmbbl/d) CAGR: ~7% 8.0 09 6.0 4.0 2.0 (mmbbl/d) U.S. Crude Export Volumes (2) (mmbbl/d) Asia Europe Other 8.0 Ingleside and Corpus Christi represented ~40% and ~60% of 2022 U.S. Gulf Coast (USGC) crude exports, respectively 6.0 4.0 2.0 Ingleside Other Corpus Christi Other U.S. Exports 0.0 0.0 0.0 '18A '19A '20A '21A '22A '23E '24E '25E '26E '27E 28E '18A '19A '20A '21A '22A '23E '24E '25E '26E '27E 28E ■Low-cost Permian crude oil production expected to drive long-term U.S. supply Corpus Christi well-connected through three key long-haul pipeline systems ■ Incremental production ideal for exports as regional refining capacity has already maximized Permian crude utilization Source: EIA, Port of Corpus Christi, RBN Energy. Strong demand from Asia and Europe represented ~85% of crude exports in 2022A Security of supply, WTI-Brent differential and crude quality compatibility are key factors underpinning demand growth ■ VLCCs have become preferred vessel class for both Asia and Europe '18A '19A '20A '21A '22A '23E '24E '25E '26E 27E 28E Ingleside has become the leading USGC export hub given its unique advantages Ability to directly load VLCCS reduces customer freight cost, time and risk Significantly lower Port transit times and fees vs. other Corpus Christi Inner Harbor and USGC export terminals ■ Direct-to-water Permian connectivity ensures integrity of crude export quality 17 (1) Historical data per EIA; forecasted data based on RBN estimates. (2) Historical Port of Corpus Christi data per Port of Corpus Christi and historical total U.S. crude export volumes per EIA; forecasted data based on RBN estimates.#18Edmonton Terminal - Overview Attractive terminal position with three tanks under construction ■Long-term MSA in place with principal customer at the terminal that also contemplates the potential future sanction of additional infrastructure on a fixed-fee basis and 25-year term Biofuels blending project sanctioned under the MSA and placed into service in Q2 2022 ■ Constructed 1 x 435kbbl tank for new investment grade energy customer and placed into service in Q3 2023 Constructing 2 x 435kbbl tanks for investment grade, senior oil sands customer for late 2024 in-service RAIL LINE 2 x 435kbbl Tank Under Construction 2024 in-service EDMONTON TERMINAL RAIL LINE AOSPL SUNCOR REFINERY Essential Location ■Located at the heart of the Edmonton Industrial Area ■ Next to two major refineries ■ Have land position to add up to ~1.0mmbbl of tankage beyond tanks currently under construction GIBSON ENERGY INVESTOR PRESENTATION 18 COLD LAKE IMPERIAL REFINERY KML/ENB Connection Waupisoo and Access Inbound COLD LAKE PEACE PEACE COLD LAKE ACCESS CORRIDOR WAUPISOO Trans Mountain Connection (1) TRANS MOUNTAIN TRANS MOUNTAIN EXPANSION (1) Trans Mountain Connection easily modified to connect to Trans Mountain Expansion once operational. ENBRIDGE MAINLINE Flexible Egress Access ■ Near both major egress pipelines (Enbridge and Trans Mountain/TMX) (1) Access to both CN/CP rail lines Flexibility to offer both crude oil or refined products storage as well as inbound/outbound terminalling to customers#19Marketing Capabilities Creates value for customers and drives volumes to Gibson's Infrastructure assets GIBSON ENERGY INVESTOR PRESENTATION Refined Products ■ Refined Products leases the Moose Jaw Facility from the Infrastructure segment, sourcing feedstocks and marketing the refined products that are produced by the facility 19 Producer Services Capabilities ■ Physically source hydrocarbons, providing increased liquidity and creating market access solutions for the Company's customers ■Drives volumes to both the Hardisty and Edmonton Terminals, as well as Gibson's other infrastructure assets Asset Optimization ■Location, quality or time-based opportunities with focus on not being long or short on the underlying commodity or taking open positions#2020 GIBSON ENERGY INVESTOR PRESENTATION Q4 Sustainability Journey Strong foundation enables impactful and meaningful strides in the future ■ Gibson acknowledges its role and responsibility in shaping a better tomorrow ■ The company is committed to operating sustainably and to integrating ESG considerations deeper across the organization ■ Gibson recognizes the work that remains and are moving into the next step of its sustainability journey with energy and renewed ambition Q1 Q2 2020 Appointed ESG expert, Judy Cotte, to Gibson's Board of Directors Launched Women Development Program to develop future leaders in the areas of finance, marketing, operations and engineering Published Gibson's inaugural Sustainability Report Expanded the number and weighting of ESG related targets and metrics into Gibson's compensation program 2021 Announced Sustainability and ESG targets to further embed Gibson's ESG efforts and aspirations Expanded D&I Policy and implemented new Labor and Human Rights Policy Became the first public energy company in North America to fully transition its floating rate revolving credit facility to a sustainability-linked revolving credit facility 2022 2023 Appointed Heidi Dutton to Gibson's Board Recognized as one of Alberta's Top 75 Employers and Canada's Best Diversity Employers for the second year in a row Recognized as one of Alberta's Top 75 Employers and Canada's Best Diversity Employers Completed fuel switching project at Moose Jaw Facility, reducing emissions Placed the Biofuels Blending Project into service with customer Suncor Published Gibson's Indigenous Peoples Policy Completed company-wide biodiversity assessment Q3 Published response to the CDP Climate Change Questionnaire Appointed Peggy Montana to Gibson's Board of Directors Announced signature $1mm multi-year partnership with Trellis to support youth mental health Received a CDP Climate Change leadership score of A- for the submission made in Q3 2020 Maintained A- leadership level for Gibson's second annual response to the CDP Climate Change Questionnaire Published inaugural TCFD Report & Sustainability Performance Data Update Announced commitment to achieve Net Zero emissions by 2050 Appointed Diane Kazarian to Gibson's Board, achieving >40% Board gender diversity Published Gibson's Indigenous Relations Guiding Principles Published 2021 Sustainability Report, including a report on progress towards the 2025 and 2030 ESG targets Achieved CDP leadership score of A- for the third year in a row Completed acquisition of the South Texas Gateway Terminal, maintaining Gibson's sustainability profile and further reducing our industry-leading carbon intensity Announced Power Purchase Agreement with Capstone Infrastructure Corporate and Sawridge First Nation Published Sustainability Update Report, including 2022 Sustainability Performance Data#21Pathway to Net Zero by 2050(1) Committed to continue embedding sustainability and ESG in all areas of the business ■ Gibson works hard to minimize emissions and energy use while promoting resource conservation and environmental stewardship Remaining committed to reducing environmental impact by measuring performance and setting targets for continuous improvement GIBSON ENERGY INVESTOR PRESENTATION 21 21 2025 Goal 2030 Goal 2050 Goal 2025 Goal 2030 Goal 2050 Goal INDIRECT OVERALL GHG REDUCE BY REDUCE BY REDUCE BY INTENSITY 15% 20% 100% EMISSIONS SCOPE 2 REDUCE BY REDUCE BY 50% 100% PROCESSING REDUCE BY REDUCE BY REDUCE BY GHG 30% 40% 100% INTENSITY DIRECT EMISSIONS SCOPE 1 & 2 REDUCE BY REDUCE BY 15% 100% STORAGE & HANDLING GHG INTENSITY REDUCE BY REDUCE BY 60% 95% REDUCE BY 100% (1): All targets are established on a 2020 baseline and intensity targets include Scope 1 and 2 emissions. Refer to Forward-Looking Statement Notice slide. NET ZERO SCOPE 1 & 2 EMISSIONS Reach net zero by 2050#22Priority on Health and Safety Focus on health and safety is yielding results ■ Gibson is committed to continually improving its safety performance, enhancing its safety culture and promoting health and wellness ■ Gibson has a dedicated Board Health and Safety Committee that is responsible for overseeing and supporting the Company's Environment, Health and Safety (EHS) policies, programs, goals, initiatives and management systems Achievements In 2022, Gibson met its target of achieving top quartile safety performance among peers for the second year in a row Maintained Lost Time Injury Frequency, Recordable Vehicle Incident Frequency and Fatality rates of zero for both employees and contractors for the third year in a row Contributing to industry-leading, top-quartile employee Total Recordable Injury Frequency, only two employee recordable injuries occurred that were each very low in severity Total Recordable / Lost Time Injury Frequency (TRIF: Total Recordable Injuries per 200,000 employee-hours) (LTIF: Lost Time Injuries per 200,000 employee-hours) GIBSON ENERGY INVESTOR PRESENTATION 222 22 1.03 TRIF 2020 0 LTIF 2022 PERFORMANCE TRIF 0.46 0.43 2021 2022 LTIF 0 MISSIONZERO Zero harm to people, environment and assets. Launched the Mission Zero Program in 2020 to drive continued improvement in Gibson's EHS performance and reflect its commitment to the health and safety of its people and the environment#23Sustainability Performance Top ESG rankings from third-party providers with continued progress towards targets MSCI Grade; AAA is best Sustainalytics 0-100; Lower is better S&P CSA 0-100; Higher better CDP Score Grade; A is best 31 30 ESG Ratings Dashboard (1,2) B B 58 A 17.0 GIBSON ENERGY AA A- AAA GIBSON ENERGY GIBSON ENERGY GIBSON ENERGY AAA MSCI Rating ACHIEVED Target of Racial, Ethnic Minority and Indigenous Representation in Senior Leadership 44% Female Representation on Board of Directors A- 2022 CDP Score 89% Employee Participation In Community Giving 22% Racial, Ethnic Minority and Indigenous Representation on Board of Directors 34% Female Representation in the Workforce 35% Short-term Incentive Plan tied to ESG Metrics 20.8 22.4 (1) Calculated as average CDP, S&P CSA, MSCI and Sustainalytics ESG Ratings rank vs. direct peers (PPL and KEY); peers not linked between charts. (2) ESG Ratings as at September 30, 2023. (3) Scope 1 & 2 emissions. LOWEST Scope 1 & 2 GHG per Revenue in Peer Group NET ZERO 2050 Target(3) GIBSON ENERGY INVESTOR PRESENTATION 23#24GIBSON ENERGY APPENDIX#25GIBSON ENERGY INVESTOR PRESENTATION Superior Long-Term Shareholder Returns Consistent outperformance of the TSX Composite and TSX Energy indices Total Shareholder Return: Since IPO & 2018 Investor Day (1) 25 Since IPO (June 15, 2011) 250% 200% 150% 100% 50% 0% (50%) (100%) 2011 2012 2013 New Strategy Announced (Investor Day 2018) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Since 2018 Investor Day (January 30, 2018) 100% 75% 50% 25% 0% (25%) (50%) (75%) (100%) 2018 2019 2020 2021 2022 2023 (1) Total Shareholder Return as at October 27, 2023. GEI +178% TSX Composite +110% TSX Energy +30% TSX Energy +79% GEI +68% TSX Composite +41%#26GIBSON ENERGY INVESTOR PRESENTATION Financial Position and Maturity Profile Leverage & Payout below target, significant available liquidity and no near-term maturities Leverage & Payout Ratios(1) Net Debt to Adj. EBITDA (x) 5.0x Leverage Infrastructure-only Leverage $1,000 Targeting long-term Infrastructure-only Leverage of <4.0x Maturity Profile(3) (C$mm) Senior $1B Sustainability Linked Credit Facility ($250mm Drawn) 4.0x 3.0x Targeting long-term leverage of 3.0x - 3.5x 3.1x at Q3 2023 $800 PF LTM [as reported 4.0x] 2.0x $600 2018A 2019A 2020A 2021A 2022A 2022 PF 2023E PF (2) Payout (%) Payout Infrastructure-only Payout Senior Unsecured $400 Targeting long-term Infrastructure-only Payout of <100% Senior Unsecured 2.45% Notes Senior 5.80% Unsecured Notes 2.85% Notes 120% 110% 100% 90% Targeting long-term payout of 70% - 80% 80% 70% 60% 50% 40% 2018A 2019A 2020A 2021A 2022A $200 Senior Unsecured 3.60% Notes Senior Unsecured 5.75% Notes 5.25% Hybrid Senior Unsecured Notes 8.7% 6.20% Notes Hybrid Notes 61% at Q3 2023 $0 (2) 2022 PF 2023E PF 2025E 2026E 2027E 2028E 2029E 2033E 2053E 2080E 2083E - (1) Net Debt, Adj. EBITDA, infrastructure-only Leverage ratio and infrastructure-only Payout ratio do not have standardized meaning under GAAP; see "Specified Financial Measures" slide. (2) See "Forward-Looking Statement Notice" slide and "Presentation of Pro Forma Information" on the "Specified Financial Measures" slide. 26 (3) Floating rate revolving credit facility; drawn balance as at September 30, 2023. Bilateral facilities not included in revolving credit facility amounts.#27Sustainability Targets ENVIRONMENT OVERALL GHG INTENSITY Reduce overall greenhouse gas intensity PROCESSING GHG INTENSITY TARGET Reduce aggregate greenhouse gas intensity STORAGE & HANDLING GHG INTENSITY TARGET Reduce aggregate greenhouse gas intensity INDIRECT EMISSIONS (SCOPE 2) Reduce absolute Scope 2 emissions across the business DIRECT EMISSIONS (SCOPE 1 & 2) Reduce absolute Scope 1 & 2 emissions (Moose Jaw Facility) NET ZERO SCOPE 1 & 2 EMISSIONS by 2050 SOCIAL WOMEN IN THE WORKFORCE At least 1 woman holds an SVP or above role RACIAL & ETHNIC MINORITY REPRESENTATION At least 1 racial & ethnic minority and/or Indigenous Persons holds an SVP or above role INDIGENOUS REPRESENTATION At least 1 racial & ethnic minority and/or Indigenous Persons holds an SVP or above role COMMUNITY Community Contributions COMMUNITY Maintain leadership in workforce participation in Gibson's community giving program TOTAL RECORDABLE INJURY FREQUENCY (TRIF) GOVERNANCE WOMEN REPRESENTATION Board of Directors RACIAL & ETHNIC MINORITY AND/OR INDIGENOUS REPRESENTATION Board of Directors SUSTAINABILITY LEADERSHIP PROTECTION OF ASSETS Note: All targets are established on a 2020 baseline and intensity targets include Scope 1 and 2 emissions; see "Forward-Looking Statement Notice" slide. 2025 TARGET 2030 TARGET 15% 20% 30% 40% 60% 95% 100% 50% 15% 2025 TARGET 2030 TARGET > 43% of workforce > 40% of workforce > 33% of VP & above roles > 40% of VP & above roles > 21% of workforce > 2.5% of workforce > 23% of workforce > 3.5% of workforce At least $5 MILLION (minimum of $1 million annually) At least 80% participation Top quartile safety performance TARGET 2025 > 40% 2025 At least One Board Member ONGOING Maintain top quartile performance from third party ESG rating agencies ONGOING Ensure robust cybersecurity measures are in place GIBSON ENERGY INVESTOR PRESENTATION 27 27#28Forward-Looking Statement Notice Definitions Scope 1 emissions are direct emissions from facilities owned and operated by Gibson. Scope 2 emissions are indirect emissions from the generation of purchased energy for Gibson's owned and operated facilities. Scope 3 emissions are indirect emissions not included in Scope 1 or Scope 2 that Gibson indirectly impacts in its value chain. All references in this presentation to Net Zero include Scope 1 and Scope 2 emissions. All references in this presentation to Gibson's business and asset base are only inclusive of the equity portion of facilities Gibson owns and operates. Leverage ratio is calculated as Net Debt over Adjusted EBITDA. Forward-Looking Statements Certain statements contained in this document constitute forward-looking information and statements (collectively, forward-looking statements). These statements relate to future events or Gibson's future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "anticipate", "plan", "aim", "target", "contemplate", "continue", "estimate", "expect", "intend", "propose", "might", "may", "will", "shall", "project", "should", "could", "would", "believe", "predict", "forecast", "pursue", "potential", "possible", and similar expressions are intended to identify forward-looking statements. Forward-looking statements, included or referred to in this presentation include, but are not limited to statements with respect to: Gibson's plans and targets, and the achievement thereof, including with respect to the acquisition of South Texas Gateway Terminal LLC ("STLLC" or "Gateway"); the business and financial prospects and opportunities of Gibson; potential additional DRU phases; targeting sanctioning tankage; the anticipated benefits of the acquisition of STLLC and the timing thereof; forecast operating and financial results of Gibson, including target segment profit, revenue, distributable cash flow, distributable cash flow per share, leverage and payout ratios and maturity profile and the drivers thereof; the pro forma financial information as a result of the acquisition of STLLC; Gibson's Sustainability and ESG targets and expected ESG and sustainability disclosures; business strategy and funding position and plans of management (including targeted timing); anticipated growth, per share growth and growth opportunities and optionality, including at Gibson's terminals, and the sources of financing thereof; capital deployment and investment and the amount, funding, sources and timing thereof; objectives of or involving Gibson, including building a leading liquids-focused infrastructure business and remaining disciplined; expectations regarding the nature of existing and future counterparties and contracts; intercompany contracts and the compositions thereof over time; Gibson's priorities with respect to capital allocation and timing and funding sources thereof; funding capacity; Gibson's competitive position and anticipated competitive advantages; others' inability to replicate Gibson's competitive position; directed Infrastructure investment and growth; capital targets; the anticipated in-service dates of various projects; Gibson's ability to pursue potential future opportunities and the nature thereof, including related to the energy transition; projections for future years and Gibson's plans and strategies to realize such projections; expectations and targets for EBITDA, cash flows, distributable cash flow growth, debt and Net Debt to Adjusted EBITDA ratios, payout ratio, anticipated leverage and credit ratings; Gibson's continued adherence and commitment to existing financial governing principles and targets and pro forma metrics related thereto including, exposure to take or pay and fee based contracts and investment grade counterparties, Net Debt to Adjusted EBIDTA, investment grade ratings and outlook, growth capital expenditures, payout ratio of distributable cash flow and infrastructure; management's expectations with respect to share buybacks and dividends, and the amount, growth, timing and funding sources thereof; market access; Gibson's ability to operate sustainably and continue to integrate ESG and Sustainability initiatives into its business including the ESG benefits of growth capital to Gibson or its customers; Gibson's goal of achieving Net Zero GHG emissions by 2050; the role of sustainable development in future outcomes related to the economy and climate goals; the credibility and success of the Gibson's intended path to achieve its Net Zero by 2050 target; Gibson's ability to achieve its interim goals in 2025 and 2030 including overall GHG intensity, processing GHG intensity, storage and handling GHG intensity, direct and indirect Scope 1 and 2 emissions reductions and quantifications the reduction of GHG intensity at Gibson's Moose Jaw Facility and further opportunities related to GHG reductions at such facility; Gibson's go forward deliverables; Gibson's expectations and plans related to its Net Zero by 2050 target pathway; ability to provide further disclosures related to Gibson's climate goals; continually improving Gibson's health and safety performance and culture; Gibson's future climate and ESG targets and metrics and future ambitions, including with respect to diversity. The forward-looking statements reflect Gibson's beliefs and assumptions with respect to, among other things, future operating and financial results, including annual segment profit; the purchase price of the acquisition of STLLC, subject to post-closing adjustments; the purchase price of the acquisition of STLLC, subject to post-closing adjustments; Gibson's ability to obtain the anticipated benefits of the acquisition of STLLC; the accuracy of historical and forward-looking operational and financial information and estimates provided by STLLC and the sellers thereof; STLLC's historical and future financial results; Gibson's ability to integrate the assets acquired pursuant to the acquisition of STLLC into Gibson's operations; the accuracy of financial and operational projections of Gibson following completion of the acquisition of STLLC; the completion of STLLC's connection to the Cactus II Pipeline and other construction projects; Buckeye Development & Logistics II LLC's ("Buckeye") ability to provide the necessary services pursuant to the operating and maintenance agreement between Gibson and Buckeye; general economic and industry conditions, including, without limitation, macroeconomic, societal, political and industry trends; the impacts, in the short and medium term, of geopolitical instability in certain regions of the world and concern regarding energy security; future growth in world-wide demand for crude oil and petroleum products; commodity prices; no material defaults by the counterparties to agreements with Gibson; Gibson's ability to obtain qualified and diverse personnel and equipment in a timely and cost-efficient manner or at all; the regulatory framework governing taxes and environmental matters in the jurisdictions in which Gibson conducts and will conduct its business; the energy transition that is underway as the world shifts towards a lower carbon economy and a maintained industry focus on ESG and the impact thereof on Gibson; the development and performance of technology and new energy efficient products, services and programs including but not limited to the use of zero-emission and renewable fuels, carbon capture and storage, electrification of equipment powered by zero-emission energy sources and utilization and availability of carbon offsets and carbon price outlook; Gibson's relationships with the communities in which we operate; climate-related estimates and scenarios and the accuracy thereof, including the cost of compliance with climate change legislation and the impact thereof on Gibson; the impact of emerging regulations on the nature of oil and gas operations, expenditures in the oil and gas industry, and demand for our products and services; changes in credit ratings applicable to Gibson; Gibson's ability to achieve its Sustainability and ESG targets, the timing thereof and the impact thereof on Gibson; Gibson's future investments in new technologies and innovation and the return thereon; operating and borrowing costs, including those related to Gibson's Sustainability and ESG programs; future capital expenditures to be made by Gibson, including its ability to place assets into service as currently planned and scheduled; the effectiveness of Gibson's hedging and risk management activities; Gibson's ability to obtain financing for its capital programs on acceptable terms; Gibson's ability to maintain a strong balance sheet and financial position; Gibson's future debt levels; inflation and changes to interest rates and their impact on Gibson; the impact of increasing competition on Gibson; the impact of changes in government policies on Gibson; the ability of Gibson and, as applicable, its partner(s), to construct and place assets into service and the associated costs of such projects; Gibson's ability to generate sufficient cash flow to meet Gibson's current and future obligations; Gibson's dividend policy; product supply and demand; demand for the services offered by Gibson; Gibson's ability to re-negotiate contracts for its services on terms favorable to Gibson; the impact of future changes in accounting policies on Gibson's consolidated financial statements; Gibson's ability to successfully implement the plans and programs disclosed in Gibson's strategy and other assumptions inherent in management's expectations in respect of the forward-looking statements identified herein. Certain forward-looking statements herein are intended to provide readers with information regarding Gibson after giving effect to the Transaction, including its assessment of future plans, operations and financial performance related to the Transaction and may not be appropriate for other purposes. Gibson and its management believe that financial information relating to STLLC and the Transaction has been prepared on a reasonable basis, reflecting the best estimates and judgments, and that prospective pro forma financial information represents, to the best of management's knowledge and opinion, Gibson's expected course of action and results. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Gibson believes these statements to be reasonable, no assurance can be given that the results or events anticipated in these forward-looking statements will prove to be correct and such forward-looking statements included in this presentation should not be unduly relied upon. Actual results or events could differ materially from those anticipated in these forward-looking statements as a result of, among other things, risks inherent in the businesses conducted by Gibson; risks relating to the acquisition of STLLC, including risks relating to exchange rates, unexpected liabilities, the accuracy of assumptions underlying financial and operational forecasts, failure to realize the benefits of the acquisition, the integration of STLLC into Gibson's business, reliance on Buckeye, litigation, costs, and increased indebtedness; STLLC's historical and future financial results; risks relating to STLLC's business, including risks relating to commodity transportation and storage activities, coastal natural disasters, subsidence and coastal erosion, compliance with legislation, terminal competition, and attacks, terrorism or cyber sabotage; the accuracy of pro forma financial information as it relates to Gibson's financial condition or results following the acquisition of STLLC or if the acquisition had been completed as of the beginning of the presented period; the effect of COVID-19 or other international or global events, including any governmental responses thereto on Gibson's business; the uncertainty of the pace and magnitude of the energy transition and the variation between jurisdictions; risks related to activism, terrorism or other disruptions to operations; competitive factors and economic conditions in the industries in which Gibson operates; prevailing global and domestic financial market and economic conditions; changes in credit ratings applicable to Gibson; world-wide demand for crude oil and petroleum products; volatility of commodity prices, currency and interest rates fluctuations; product supply and demand; operating and borrowing costs and the accuracy of cost estimates, including those associated with Gibson's ESG and Sustainability programs; the effect of reductions or increases in Gibson's borrowing costs; exposure to counterparties and partners, including ability and willingness of such parties to satisfy contractual obligations in a timely manner; future capital expenditures; capital expenditures by oil and gas companies; production of crude oil; decommissioning, abandonment and reclamation costs; changes to Gibson's business plans or strategy; Gibson's ability to access various sources of debt and equity capital, generally, and on terms acceptable to Gibson; changes in government policies, laws and regulations, including environmental and tax laws and regulations; competition for employees and other personnel, equipment, material and services related thereto; dependence on certain third parties, key suppliers and key personnel; reputational risks; acquisition and integration risks; risks associated with Indigenous relations; risks associated with the Hardisty DRU project; capital project delivery and success; risks associated with Gibson's use of technology, including attacks by hackers and/or cyberterrorists or breaches due to employee error, malfeasance or other disruptions, and any increased risk associated with increased remote access to Gibson's systems; ability to obtain regulatory approvals necessary for the conduct of Gibson's business; the availability and cost of employees and other personnel, equipment, materials and services; labour relations; seasonality and adverse weather conditions, including as a result of climate change and its impact on product demand, exploration, production and transportation; inherent risks associated with the exploration, development, production and transportation of crude oil and petroleum products; litigation risk; political developments around the world, including the areas in which Gibson operates; commodity prices, inflation, interest and foreign exchange rates; supply chain risks; the performance of assets; capital efficiencies and cost savings; applicable laws and government policies; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour, materials, services and infrastructure; the development and execution of projects; prices of crude oil, natural gas, natural gas liquids and renewable energy; impact of the dividend policy on our future cash flows and estimated future dividends; credit ratings and capital project funding; the development and performance of technology and new energy efficient products, services and programs including but not limited to the use of zero-emission and renewable fuels, carbon capture and storage, electrification of equipment powered by zero-emission energy sources and utilization and availability of carbon offsets; the accuracy of assumptions relating to long-term energy future scenarios; carbon price outlook; the cooperation of joint venture partners in reaching the Net Zero by 2050 target; the power system transformation and grid modernization; levels of demand for our services and the rate of return for such services and other risks and uncertainties described in Gibson's Annual Information Form dated February 22, 2023, Management's Discussion and Analysis dated October 30, 2023 and other documents Gibson files from time to time with securities regulatory authorities, as filed on SEDAR+ and available on the Gibson website at www.gibsonenergy.com. In addition, this document may contain forward-looking information attributed to third party industry sources. The forward-looking statements contained in this document represent Gibson's expectations as of the date hereof and are subject to change after such date. Gibson disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable laws. Readers are cautioned that the foregoing lists are not exhaustive. For a full discussion of our material risk factors, see "Risk Factors" in Gibson's Annual Information Form dated February 22, 2023 and Management's Discussion and Analysis dated October 30, 2023 and the risk factors described in other documents Gibson files from time to time with securities regulatory authorities, as filed on SEDAR+ and available on the Gibson website at www.gibsonenergy.com. GIBSON ENERGY INVESTOR PRESENTATION 28#29Specified Financial Measures Specified Financial Measures This presentation contains references to certain non-IFRS and non-U.S. GAAP financial measures and ratios and industry measures that are used by the Company, as indicators of financial performance. These measure include; Adjusted EBITDA, Net Debt, Distributable Cash Flow, Enterprise value and various ratios derived from such measures. Such measures and ratios are not recognized under IFRS or U.S. GAAP, and do not have a standardized meaning under IFRS or U.S. GAAP, as applicable, and therefore may not be comparable to similar measures used by other companies. The Company believes presenting non-IFRS and non-U.S. GAAP financial measures helps readers to better understand how management analyses results, shows the impacts of specified items on the results of the reported periods and allows readers to assess results without the specified items if they consider such items not to be reflective of the underlying performance of the company's operations. Management considers these to be important supplemental measures of the Company's performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluations of companies in industries with similar capital structures. Readers are encouraged to evaluate each adjustment and the reasons the Company considers it appropriate for supplemental analysis. Readers are cautioned, however, that these measures should not be construed as an alternative to net income, cash flow from operating activities, segment profit, gross profit or other measures of financial results determined in accordance with IFRS or U.S. GAAP, as applicable, as an indication of the performance of the Company. For further details on these measures, see the "Specified Financial Measures" section of the Company's MD&A which is incorporated by reference herein and is available on SEDAR+ at www.sedarplus.ca and on our website at www.gibsonenergy.com. The Corporation's historical financial information is prepared in accordance with IFRS and STLLC historical financial information is prepared in accordance with US GAAP. Historical financial results for STLLC have been converted from U.S dollars into Canadian dollars, using rates in effect for the respective periods. Adjusted EBITDA, Distributable Cash Flow, Net Debt, Net debt to Adjusted EBTIDA, and Distributable Cash flow Per Share and various supplementary financial measures are defined in the Company's MD&A and are reconciled to their most directly comparable financial measures under GAAP. For all prior periods, these measures are reconciled to their most directly comparable financial measures under GAAP for the respective period. All such reconciliations in respect of the Company are in the non-GAAP advisory section of the applicable MD&A, each of which are available on Gibson's SEDAR+ profile at www.sedarplus.ca and each such reconciliation is incorporated by reference herein. PF Net Debt to Adjusted EBITDA ratio, PF Infrastructure-only Net Debt to Adjusted EBITDA ratio, Distributable cash flow per share, Payout ratio and Infrastructure-only Payout ratio are non-GAAP financial ratios, in each case as presented on a standalone or consolidated basis. Several of these Non-GAAP measures or Non-GAAP financial ratios are adjusted to reflect the impact of the Transaction. Enterprise value is a non-GAAP measure intended to measure a Company's total value, calculated as market capitalization plus net debt. The Company believes that investors and analysts use Enterprise value as an indication of the Company's total value. Based on Market Capitalization of $3.4 billion on October 27, 2023, Net Debt of $2.2 billion and Gibson's current dividend. Infrastructure-only Payout ratio is a non-GAAP ratio, which is useful to investors as it demonstrates the ability of the Company's Infrastructure segment to generate cash flows to pay dividends, and the proportion of cash generated that is used to pay dividends. Infrastructure-only Payout is calculated as Dividends over Infrastructure Adjusted EBITDA less G&A, Interest and Maintenance Capital. PF Infrastructure-only Leverage ratio is a non-GAAP ratio calculated as net debt divided by Infrastructure adjusted EBITDA. The Company, lenders, investors and analysts use this ratio to monitor the Infrastructure segments impact on the Company's capital structure and financing requirements, while measuring its ability to cover debt obligations over time. Pro forma adjustments for effects of the transaction have been incorporated, reflecting the expected result if the Transaction closed on October 1, 2022. No additional pro forma adjustments were made in the calculation of this pro forma metric, other than are shown on the pro forma Adjusted EBITDA calculation on the following page. STLLC Non-GAAP reconciliations Adjusted EBITDA reconciliation to the nearest GAAP measure, Operating income: GIBSON ENERGY INVESTOR PRESENTATION Year ended December 31, 2022 94,476 12,822 52 107,350 (US dollars in thousands) Net cash provided by operating activities Changes in working capital Current income tax Distributable cash flow - USD $ Year ended December 31, 2022 110,201 (3,503) (652) 106,046 DCF is used to assess the level of cash flow generated by STLLC and to evaluate the adequacy of generated cash flow to fund dividends and is frequently used by securities analysts, investors, and other interested parties. Changes in non-cash working capital are excluded from the determination of DCF because they are primarily the result of fluctuations in product inventories or other temporary changes. Replacement capital expenditures and lease payments are deducted from DCF as there is an ongoing requirement to incur these types of expenditures. (US dollars in thousands) Operating income Depreciation Other income Adjusted EBITDA Distributable cash flow reconciliation to the nearest GAAP measure, net cash provided by operating activities: 29 29#30Specified Financial Measures Reconciliation of non-GAAP financial measures Pro forma adjusted EBITDA reconciliation to the nearest GAAP measure, Net Income, for the Corporation and STLLC: (CAD$ in thousands) Net income Income tax expense Depreciation, amortization and impairment Net finance costs For the twelve months ended September 30, 2023 Gibson STLLC(1) Other(2) 222,153 114,869 70,108 907 Pro forma 337,022 71,015 125,622 14,379 98,184. Unrealized (gain)/loss on derivative financial instruments (9,132) 140,001 98,184 (9,132) Unrealized loss on derivative financial instrument - Corporate 430 430 Stock based compensation 20,460 429 Adjustments to share of profit from equity accounted investees Acquisition and integration costs 5,693 19,959 5,693 19,959 Corporate foreign exchange (gain)/loss and other Adjusted EBITDA 1,355 557,482 130,156 16,744 16,744 1,355 704,381 GIBSON ENERGY INVESTOR PRESENTATION Presentation of Pro Forma Financial Information The pro forma financial information referred to in this presentation was prepared utilizing accounting policies that are consistent with those disclosed in the unaudited consolidated financial statements of Gibson as at and for the three and nine months ended September 30, 2023, and the audited consolidated financial statements for the year ended December 31, 2022 and was prepared in accordance with recognition and measurement principles of IFRS. The pro forma financial information has been derived from, and should be read in conjunction with: (i) the unaudited condensed consolidated financial statements of Gibson as at and for the three and nine months ended September 30, 2023, (ii) the audited consolidated financial statements of Gibson for the year ended December 31, 2022, (iii) the audited financial statements of STLLC as at and for the year ended December 31, 2022, (iv) the unaudited financial statements of STLLC as at and for the three months ended March 31, 2023, and (v) financial information and operational results of STLLC for the period following March 31, 2023 and prior to the closing of the acquisition, as applicable. See "Forward- Looking Statement Notice". Gibson has not independently verified the financial statements of STLLC that were used to prepare certain of the pro forma financial information included in this presentation and the pro forma financial information included in this presentation is not intended to be indicative of the results that would actually have occurred, or the results expected in future periods, had the events reflected in this presentation occurred on the dates indicated. The pro forma financial information contained in this presentation is included for informational purposes only and undue reliance should not be placed on such pro forma financial information. The unaudited pro forma condensed consolidated financial information contained in this presentation is presented for illustrative purposes only as of its respective dates and may not be indicative of the financial condition, results of operations or cash flows of Gibson following completion of the acquisition or had the acquisition been completed as of beginning of the respective periods presented. The unaudited pro forma condensed consolidated financial information was derived from the respective historical financial statements of Gibson and STLLC, the financial information and operational results of STLLC for the period following March 31, 2023 and prior to the closing of the acquisition, and certain adjustments and assumptions were made to give effect to the acquisition, as applicable. The information upon which such adjustments and assumptions were made was preliminary and adjustments and assumptions of this nature are difficult to make with complete accuracy. Moreover, the unaudited pro forma condensed consolidated financial information does not include, among other things, estimated synergies or adjustments related to restructuring or integration activities in connection with the acquisition, or future acquisitions or disposals not yet known or probable. Additionally, the unaudited pro forma condensed consolidated financial information may not reflect all of the costs that are expected to be incurred by STLLC and Gibson in connection with the acquisition. Accordingly, Gibson's assets, results of operations and financial condition following the acquisition may differ significantly from those indicated in the unaudited pro forma financial information and financial information and operational results of STLLC for periods following March 31, 2023 and prior to the closing of the acquisition may not be consistent with past financial and operational results for similar periods in respect of STLLC. The audited financial statements of STLLC as of and for the years ended December 31, 2022 and 2021 and the unaudited financial statements of STLLC for the three months ended March 31, 2023 are each included in Gibson's Business Acquisition Report dated October 6, 2023, available on SEDAR+ at sedarplus.ca Pro forma distributable cash flow reconciliation to the nearest GAAP measure, cash flow from operating activities, for the Corporation and STLLC: (CAD$ in thousands) 598,312 STLLC(1) 143,383 For the twelve months ended December 31, 2022 Gibson Adjustments Pro forma 741,695 Cash flow from operating activities Adjustments: Changes in non-cash working capital and taxes paid Replacement capital (81,576) (4,558) (86,134) (22,241) (22,241) Cash interest expense, including capitalized interest (59,816) (74,642) (134,458) Lease payments (35,397) (35,397) Current income tax Distributable cash flow (43,074) 356,208 (9,290) (53,212) 137,977 (83,932) 410,253 30 (1) Column was derived from the historical results of STLLC prior to the close of the Transaction, which was prepared in U.S. dollars; the exchange rate used to translate the U.S. dollar amounts is the average exchange rate for each month of historical results. (2) Reflects impact of add back $16.8mm for the Q2 2023 environmental remediation accrual. (3) Pro forma adjustments to reflect additional interest expense for the assumed financing structure (i.e. the Transaction is funded from the net proceeds of the Equity Offering and the bridge financing facilities) as well as additional income tax expense relating to STLLC.