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Investor Presentaiton

GIBSON 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 (%) 120% 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 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% Hybrid 6.20% Notes 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.
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