Investor Presentaiton

GIBSON 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

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