Investor Presentaiton

Specified 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

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