Investor Presentaiton

Distributable 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 $1.96 $2.05 $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

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