Keyera

Corp

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ly 2019

Corporate Profile

July 2019

Keyera

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2

Forward-Looking Information & Non-GAAP Measures

In the interests of providing Keyera Corp. (“Keyera” or the “Company”) shareholders and potential investors with information regarding Keyera, including

Management’s assessment of future plans and operations relating to the Company, this document contains certain statements and information that are forward-

looking statements or information within the meaning of applicable securities legislation, and which are collectively referred to herein as “forward-looking

statements". Forward-looking statements in this document include, but are not limited to statements and tables with respect to: capital projects and

expenditures; strategic initiatives; anticipated producer activity and industry trends; and anticipated performance. Readers are cautioned not to place undue

reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their

nature, forward looking statements involve numerous assumptions, as well as known and unknown risks and uncertainties, both general and specific, that

contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur and which may cause Keyera’s actual

performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by

the forward-looking statements. These assumptions, risks and uncertainties include, among other things: Keyera’s ability to successfully implement strategic

initiatives and whether such initiatives yield the expected benefits; future operating results; fluctuations in the supply and demand for natural gas, NGLs, crude

oil and iso-octane; assumptions regarding commodity prices; activities of producers, competitors and others; the weather; assumptions around construction

schedules and costs, including the availability and cost of materials and service providers; fluctuations in currency and interest rates; credit risks; marketing

margins; potential disruption or unexpected technical difficulties in developing new facilities or projects; unexpected cost increases or technical difficulties in

constructing or modifying processing facilities; Keyera’s ability to generate sufficient cash flow from operations to meet its current and future obligations; its

ability to access external sources of debt and equity capital; changes in laws or regulations or the interpretations of such laws or regulations; political and

economic conditions; and other risks and uncertainties described from time to time in the reports and filings made with securities regulatory authorities by

Keyera. Readers are cautioned that the foregoing list of important factors is not exhaustive. The forward-looking statements contained in this document are

made as of the date of this document or the dates specifically referenced herein. All forward-looking statements contained in this document are expressly

qualified by this cautionary statement. This document also includes financial measures that are not determined in accordance with Generally Accepted

Accounting Principles (“GAAP”). For additional information on non-GAAP measures and forward-looking statements, refer to Keyera’s public filings available on

SEDAR at www.sedar.com and available on the Keyera website at www.keyera.com.

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Keyera at a Glance1

Leading Canadian Integrated Midstream Company

Market capitalization: $7.0 billion2

Enterprise value: $9.5 billion2

LTM Adjusted EBITDA3: $782 million

LTM Payout Ratio3: 62%

Dividend: $1.80/share p.a. ($0.15/share per month)

Dividend yield: 5.5%2

Corporate credit ratings: BBB/Stable4

Net Debt/EBITDA3: 3.0x5

2019 Growth Capital Program: $800-$900 million

1. All information as at March 31, 2019, unless otherwise stated. 2. As at June 25, 2019. 3. Adjusted EBITDA, Payout Ratio, and

EBITDA are not standard measures under GAAP. See “non-GAAP Financial Measures” in Keyera’s 2019 First Quarter MD&A

for further details. 4. DBRS and S&P. 5. Calculated in accordance with Note Agreements and Covenants.

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Focused on Generating Long-Term Value

Integrated Business, Difficult to Replicate

Customer Focused & Reliable Operator

Focused on Dividend & Cash Flow Growth(on per share basis)

Responsible Stewards of Capital

Dedicated to Financial Strength & Flexibility

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Our CommitmentDoing the Right Thing, for the Right Reasons, Every Time

Prioritizing our people & safety

• Named top Employer in Canada & Alberta

• Zero employee lost-time incidents in 2018

• Committed to Operational Excellence

Improving our environmental performance

• Pursuing opportunities to reduce green house gas &

methane emissions

• Full compliance with environmental laws and regulations

Helping our communities

• Volunteered >8,200 hours to community causes in 2018

• Strong relationships and partnerships with local residents

& Indigenous communities

• Conducted 80 emergency training sessions in 2018

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Delivering Rewarding Returns for Investors

8%

Dividend/Share

CAGR1

12%

Distributable Cash

Flow/Share

CAGR2,3

19%

Total Annual

Shareholder Return2,4

1. Compound annual growth rate from 7/15/2003 to 3/31/2019. 2. Compound annual growth rate from 5/30/2003 to 3/31/2019. 3. Not a standard measure under GAAP. 4 Includes reinvestment of dividends.

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$-

$0.30

$0.60

$0.90

$1.20

$1.50

$1.80

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

7

Long History of Steady Dividend Growth

• 7% dividend increase declared in 2018

• Current dividend: $1.80/share per year ($0.15/share per month)

Dividend per Share

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Business is Highly Integrated & Difficult to Replicate

1. Percentage of total realized margin for the last twelve months ended March 31st 2019. Realized margin is defined as operating margin excluding unrealized gains and losses from commodity-related risk

management contracts. Realized margin is not a standard measure under GAAP.

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Fee-for-Service Business Continues to GrowFee-for-Service Business Has Doubled Over Last 5 Years

1. Realized margin is defined as operating margin excluding unrealized gains and losses from commodity-related risk management contracts. Realized margin is not a standard measure under GAAP.

Includes intersegment transactions. This graph excludes other income from production associated with Keyera’s oil and gas reserves. 2. Includes Take-or-Pay, non Take-or-Pay, and area or facility dedications.

30%

39%

31%

AEF

Turnaround AEF

Outage

Fee-for-Service2

AEF

Outage

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Marketing Services Enhance ReturnsMarketing’s 2019 Expected Realized Margin is $280 million - $320 million

Utilizes Keyera’s infrastructure to create value

• $1 billion of cash flow generated over last five years

• Enhances return from our fee-for-service businesses

• Provides additional source of funding for capital projects

Estimated to deliver base Realized Margin of between

$180 and $220 million, annually

Iso-octane business provides a strong foundation

• Typically contributes over 50% of Marketing services’ cash flow

• Earns margin by upgrading low-value butane into iso-octane,

a premium gasoline additive, at Keyera’s AEF facility

Condensate marketing & liquids blending also strong

contributors

Effective risk management program

• Program intended to lock in attractive sales margins and supply

costs, and protect the value of inventory

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Investment Opportunities Continue$800 Million to $900 Million of Growth Capital Investments in 2019

Annual Capital Expenditures($ millions)

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Growth Projects Currently Under DevelopmentPlan to Fund Current Program Without Issuing Common Equity, excluding DRIP

Approved Projects Capital Cost (Net, in $ Millions)1

2019 2020 2021

Wapiti Gas Plant Complex 1,000

Wapiti Phase I (including Water Disposal System) and NWPS

Wapiti Phase II and Compressor & Gathering System Expansion

Simonette Acid Gas Injection & Inlet Enhancements 100

Simonette Plant Expansion 85

Pipestone Plant (Phase I) 600

Wildhorse Terminal US185

Storage Cavern Development Program at Keyera Fort Saskatchewan 110

KAPS (Key Access Pipeline System)2 650

Sulphur Handling Project2 58

TOTAL ~$2.9 Billion $1.1 Billion Invested as of March 31, 2019

1. Keyera’s share of estimated capital cost. See Keyera’s 2019 First Quarter Report MD&A for capital investment risks and assumptions. 2. Projects expected to be completed in 2022 subject to timely receipt of regulatory approvals and

construction schedule variables.

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Attractive Growth Projects on Track$2.9 Billion in Capital Projects Coming on Stream

1. Return on Capital is defined as operating margin divided by estimated cost of capital projects. Keyera expects to achieve this return in 2022 for the projects shown above, except for KAPS which is expected to achieve

this return starting in 2024. See “non-GAAP Financial Measures” and “Forward-Looking Statements” in Keyera’s 2019 First Quarter MD&A for further details.

• Capital program expected to achieve 10% to 15% Return on Capital1

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Our Business Has a Solid Contractual BaseCash Flow Well Supported by Fee-for-Service Contracts, Including Take-or-Pay

Adjusted EBITDA from Keyera’s current ~$2.9 billion capital program will be supported by a combination

of fee-for-service, take-or-pay and area dedication agreements.

66%

33%

1%

Fee-for-Service

Marketing

Other

2018 Realized Margin1 2018 Fee-for-Service Revenue2

1. Realized Margin is not a standard measure under GAAP. 2. Includes inter-segment transactions. Fee-for-Service Revenue is not a standard measure under GAAP.

37%

63%

Fee-for-SerivceTake-or-Pay

Fee-for-SerivceNon Take-or-Pay

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Low Counterparty Credit RiskKeyera Provides Essential Services to Industry

Consolidated1,2,3Creditworthy counterparties

• ~82% Keyera’s 2018 revenue from investment grade/secured and split rated counterparties

Mitigating credit risk

• Letters of credit, netting agreements, pre-payments

Broad domestic & international customer base

• Over 125 different fee-for-service customers

1. Based on 2018 revenues. 2. Counterparty ratings are representative of the counterparties’ rating as of March 15th, 2019. Where parental guarantees are in place, the credit rating of the parent is used.

The secured category includes counterparties who are on prepay terms or have posted a letter of credit. 3. Split denotes counterparties with an investment grade rating by one rating agency and non-

investment grade rating by another agency.

Gathering and Processing Liquids Infrastructure Marketing

69%

13%

18% InvestmentGrade/Secured

Split

Non-IG

30%

11%59%

InvestmentGrade/Secured

Split

Non-IG93%

1%

7%InvestmentGrade/Secured

Split

Non-IG72%

14%

14% InvestmentGrade/Secured

Split

Non-IG

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Gathering and Processing Business Unit

Well maintained, long-life facilities

• ~3.1 bcf/d licensed gross capacity1

• 19 active gas plants; 17 operated by Keyera

Extensive gathering systems

• Network of gathering pipelines tied into existing gas plants

• >4,000 kilometres of pipelines operated by Keyera

• Large capture areas create franchise regions

Fee-for-service revenues, negligible direct commodity exposure

1. Licensed capacity is not equivalent to actual operating capacity. Actual operating capacity can be lower as it depends on operating conditions and capabilities of functional units at each plant.

Network of Facilities Supported by Fee-for-Service Contracts

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Diversified G&P Portfolio Enhances Stability

Historical Throughput & the Percentage Change in AECO & WTI to March 31, 20191

200

400

600

800

1000

1200

1400

1600

-100%

-50%

0%

50%

100%

150%

200%

250%

300%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Gross Plant Throughput(MMcf/d)

% Change in AECO PriceSince January 2003

Gas Plant Throughput (MMcf/day) AECO (%) WTI (%)

1. Gross throughput from Keyera Gathering & Processing plants since 2003. Plants acquired after 2003 are presented as if Keyera owned them since 2003 or since start-up of plant.

Source: Internal and Alberta regulatory data.

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Developing Significant Position in the Liquids-Rich MontneySupporting One of the Most Attractive Developments in the WCSB

Gross Sour Gas Processing Capacity (Year End) Condensate Handling Capacity (Year End)

300 300

450 450 450

150

300 300

200

0

100

200

300

400

500

600

700

800

900

1000

2017 2018 2019 2020 2021

mm

cf/

d

Simonette Wapiti Pipestone

10,000

27,000 27,000 27,000 27,000

25,000 25,000 25,000

14,000

14,000 14,000

38,000

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2017 2018 2019 2020 2021

bb

ls/d

Simonette Wapiti Pipestone

950

mmcf/d

90,000

b/d

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Montney Plants Underpinned by Long-Term AgreementsTake-or-Pay Contracts Often Combined with Area Dedications

Keyera’s Simonette, Wapiti and Pipestone gas plants will provide 950 mmcf/d of gas processing

capacity & 90,000 bbls/d of condensate handling facilities in 2021.

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KAPS – Montney Condensate and NGL Pipeline SystemStrategic Asset Enhancing Keyera’s Integrated Value Chain

Highly desired liquids pipeline

• Supports growing liquids-rich Montney and Duvernay production in

northwestern Alberta

• Initially connecting to Keyera’s Pipestone, Wapiti and Simonette

gas plants along with numerous third party plants

Long-term contracts with significant take-or-pay

• Initial capacity over 70%1 contracted

• Multiple long-term agreements, averaging 14 years

• Contracts include 75% take-or-pay commitments

Strong returns & well positioned to fund

• Expected to generate return on capital2 of 10-15% starting in 2024

• Plan to fund without additional common equity, excluding DRIP

Strategic 50/50 partnership with SemGroup & KKR

• Two midstream companies with 9 gas plants along KAPS route

Significant growth opportunities

• Could include gas & condensate processing, NGL infrastructure or

other value-added services

1. Includes volumes from Keyera Marketing. 2. Return on Capital is defined as expected operating margin divided by estimated capital cost of the project. See “non-GAAP Financial Measures” and “Forward-Looking Statements” in Keyera’s

2019 First Quarter MD&A for further details.

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KAPS Benefits Keyera and Customers

Expected benefits to Keyera

• Generates stable, long-term, take-or-pay, fee-for

service revenues

• Improves the integration of Keyera’s value chain

• Creates a platform for numerous future investment

opportunities

• Provides long-term growth for Keyera

Expected benefits to customers

• Provides a competitive transportation alternative

• Enhances customer condensate netbacks

• Increases the liquids takeaway capacity from the

region, ensuring customers can grow their volumes

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Liquids Business UnitUnmatched Infrastructure for NGL and Oil Sands Customers

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Fractionation Unlocks Value from the Gas StreamFractionation Services in High Demand in Alberta

Rimbey Fractionator

Keyera Fort Saskatchewan

• 65,200 bbls/d of C3+ fractionation capacity

• 30,000 bbls/d of C2+ fractionation capacity

Other fractionation capacity includes

• Rimbey, Gilby, Nevis, Dow Fort Saskatchewan

• Total net capacity

~90,000 bbls/d of C3+ fractionation capacity

~50,000 bbls/d of C2+ fractionation capacity

Growth opportunities

• Land at KFS to build a third fractionator

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Expanding Underground Storage at KFSGrowing Demand as Customers Value the Flexibility Storage Offers

Largest underground storage position in WCSB

• ~15 million barrels of storage capacity in high demand

• Provides customers with optionality & flexibility

Growth opportunities

• 16th and 17th caverns currently being washed; expected

in-service 1H201 and1H211

• 18th cavern currently being drilled

• Expected net cost of $110 million2 to complete three

cavern program, including brine pond expansion

• ~1,300 acres of undeveloped land nearby

1. Timing subject to receipt of remaining regulatory approvals and completion of final work to bring into service.2. Costs subject to construction and schedule variables.

Keyera Fort Saskatchewan (KFS)

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Strong Condensate Fundamentals Benefit KeyeraBitumen Production Growth Driving Demand for Keyera’s Condensate Services

Keyera’s premier condensate system is connected to all major delivery & receipt points,

with significant storage capacity

0

500

1,000

1,500

2,000

2,500

3,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

MB

bl/

d

Actual CIBC World Markets Forecast

0

100

200

300

400

500

600

700

800

900

1,000

2018A 2019E 2020E 2021E 2022E 2023E 2024E 2025E

MB

bl/

d

WCSB Supply Forecast Demand

Bitumen Production Growing Condensate Shortage

Source: CIBC World Markets Inc.

See Slide 36 for new projects expected to support future bitumen production growth.

Condensate

Shortage

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Most Connected Condensate Hub in CanadaA Well Contracted Industry-Leading Diluent Hub

Major oil sands delivery options

• Polaris, Access, Norlite, Grand Rapids

Multiple supply and receipt points

• Local fractionators and refineries

• Southern Lights and Cochin pipeline from the US

• Western Canada feeder pipelines

• Rail imports at the Alberta Diluent Terminal

Storage at Keyera Fort Saskatchewan

Long-term take-or-pay agreements

• Investment grade & creditworthy counterparties

• Virtually all major oil sands producers including

Imperial Oil, Suncor, Teck, Total, Husky, BP,

CNRL, Cenovus, North West Upgrading,

CNOOC, JACOS

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Conservative Capital StructureWell Positioned to Fund Keyera’s $2.9 Billion Capital Program

1. Calculated as of March 31, 2019 in accordance with Keyera’s debt covenants. For further information regarding covenant calculations, please see Keyera’s 2019 First Quarter Report MD&A or copies of the note purchase

agreements, all of which are filed on SEDAR. 2. All US dollar denominated debt is translated into Canadian dollars at its swap rate. 2019 maturities as of June 30, 2019. 3. Midstream Peer Group includes ENB, GEI, IPL, PPL, and

TRP. 4. Source Peters & Co. as of May 6, 2019. 5.$600MM Hybrid bond issuance is callable after 10-years in June 2029.

Long-term Debt Maturities2 (excludes drawings under revolver)

Issuer credit ratings

• DBRS Limited: BBB with a Stable trend

• S&P Global: BBB/Stable

3.0x Net Debt1 to EBITDA

• Midstream Peer Group3 Average >4.7x4

$109$60

$30

$143

$264$230

$400

$267

$75

$400

$6005

$0

$100

$200

$300

$400

$500

$600

$700

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

C$

MM

Hybrid Note

Public Debt

Private Notes

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Investment SummaryProviding Growth and Income for Shareholders1,2

1. Total return includes the reinvestment of dividends paid by Keyera and the TSX between May 30, 2003 and March 31, 2019.2. Distributable cash flow is not a standard measure under GAAP. See Keyera’s 2019 First Quarter

Report for a definition of distributable cash flow and for a reconciliation of distributable cash flow to its related GAAP measure. Payout ratio is not a standard measure under GAAP. Payout ratio is defined as dividends

declared to shareholders divided by distributable cash flow.

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Keyera’s Investment Highlights20 Year Track Record of Profitable Operations & Project Execution

Integrated Business, Difficult to Replicate

Customer Focused, Reliable Operator

Focused on Dividend & Cash Flow Growth (on a per share basis)

Responsible Stewards of Capital

Dedicated to Financial Strength & Flexibility

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AppendixBusiness & Asset Overview

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Simonette Gas Plant – Record Volumes in 2018Supporting Liquids-Rich Montney and Duvernay Developments

Gas plant expansion

• Increasing processing capacity by 150 mmcf/d

• Expanded plant will have 450 mmcf/d of gas

processing capacity with 27,000 bbls/d of

condensate handling facilities

• Project expected to be completed 4Q191 at an

estimated cost of $85 million1

Acid gas injection & other enhancements

• Moving to acid gas injection which is the most

reliable and environmentally responsible method to

dispose of acid gas, virtually eliminating emissions

• Project expected to be operational in 3Q191 at an

estimated cost of $100 million1,2

• Backed by gas handling agreements, including take-

or-pay commitments and facility dedications

Growth opportunities

• Ability to connect to Keyera’s Wapiti gas plant

1. Project costs and timing are subject to construction and commissioning schedules.2. Includes costs to improve inlet capabilities of the plant as well.

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Wapiti Gas Plant Complex – Phase I CompletePhase I 100% Contracted Under a Long-term Agreement

Phase I infrastructure includes

• 150 mmcf/d of sour gas processing capacity

• 25,000 bbls/d of condensate handling capacity,

water disposal system, a raw gas gathering and

field compression system

• Acid gas injection, the most reliable and

environmentally responsible method to dispose of

acid gas, virtually eliminating emissions

Phase I fully contracted

• Long-term gas handling agreement with Paramount

• Includes area of dedication and take-or-pay

commitments

Phase II expected to be completed mid-20201

• Incremental 150 mmcf/d of sour gas processing

capacity

• Compressor and gas gathering system expansion

Growth opportunities

• Ability to connect to Keyera’s Simonette &

Pipestone gas plants

1. Project timing subject to timely receipt of remaining regulatory approvals and construction schedule variables.

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North Wapiti Pipeline System – Increases Capture AreaAttracting Production Volumes North of the Wapiti River

Extends Wapiti Gas Plant capture area north of the Wapiti River

New Infrastructure includes

• 12-inch sour gas gathering pipeline

• 8-inch condensate and water pipeline

• Compressor station

• Expected to be completed in 2H191

Project backed by long-term agreements

• Long-term take-or-pay obligation for raw gas handling and

processing as well as pipeline transportation

• Long-term NGL fractionation and marketing services

• Anchored by Pipestone Energy Corp. (privately backed)

Growth opportunities

• Secured volume commitments to support Phase II of the Wapiti

Gas Plant, which is under construction

• Opportunity to secure additional volumes and fully contract

Phase II as producers increase production north of the Wapiti

River

• Ability to connect to Keyera’s Pipestone Gas Plant

Keyera Wapiti

Gas Plant

NWPS

Compressor

Station

Grande

Prairie

Wapiti River

Smoky River

North Wapiti

Gathering Pipeline

Producers in the

Pipestone area:

• CNRL

• Encana

• Hammerhead

• Inception

• Iron Bridge

• NuVista

• Paramount

• Pipestone Energy

• Seven Generations

• Shell

• Sinopec

• Velvet

Montney Well

1. Project timing subject to timely receipt of remaining regulatory approvals and construction schedule variables.

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Pipestone Gas Plant – Construction on SchedulePhase I 100% Contracted Under Long-Term Agreements

1. Project timing and cost subject to timely receipt of regulatory approvals, completing engineering and cost estimates, and construction schedule variables. Estimate excludes the cost of the Liquids Hub.

Strategic partnership with Encana

• Major gas producer focused on developing the liquids-rich

Montney; contracted 85% of the available capacity

• Keyera will own the facilities with the option to operate after

five years of plant start up

• Expected to be completed in 2021 at a cost of $600 million1

New infrastructure includes

• 200 mmcf/d of sour gas processing capacity

• 24,000 bbls/d of condensate processing facilities

• Liquids hub with an additional 14,000 bbls/d of condensate

processing capacity (completed in 2018)

• Acid gas injection, the most reliable and environmentally

responsible method to dispose of acid gas, virtually

eliminating emissions

Phase I 100% contracted & backed by Long-term Agreements

• Includes an area dedication and revenue guarantee

• In May new customer contracted available capacity with long-

term take-or-pay commitment

Growth Opportunities

• Ability to expand gas plant by 200 mmcf/d

Source: Peters & Co.

Pipestone Liquids

Hub and Plant

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Keylink NGL Gathering Pipeline SystemEnhancing Keyera’s Integrated Service Offering

1. Capacity is estimated based on certain assumptions.

A safe, reliable & economical transportation solution

• Eliminates the need for trucked volumes

• Connects 8 Keyera gas plants to the Rimbey gas plant

• Provides increased reliability and flexibility

Enhanced service offering

• Onsite fractionation at Rimbey gas plant

• Rimbey gas plant pipeline connected to Keyera’s

Edmonton Terminal and Ft. Saskatchewan

fractionation and storage complex

Completed on time in 2018 and under budget

Growth opportunities

• Increase volumes on the system with additional

connections and/or growing production volumes

• Connected to two third party plants plus truck terminal

• Pipeline capacity ~22,000 bbls/d1

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New Expected Oil Sands ProductionBitumen Production Growth Driving Condensate Demand

Company

Select Projects Sanctioned

and/or Under Construction Capacity (MB/d) Timing

MEG Christina eMSAGP / Brownfield 20 2018-2020

Cenovus Christina Lake Phase G 50 2019-2020

Canadian Natural Kirby North Phase 1 40 2019

Imperial / Exxon Kearl Reliability 20 2020

CNOOC / NexenLong Lake Southwest

Expansion26 2021

Imperial Aspen Phase 1 75 2022-2023

Total Capacity Additions of Certainty 231

Company Projects with a High Likelihood

Capacity

(MB/d) Timing

Canadian Natural Horizon Debottlenecks (SCO) 40 2020-2023

Suncor Fort Hills Debottleneck 30 2020-2023

Cenovus Foster Creek Phase H 30 2021-2022

Imperial Cold Lake Expansion Project 55 2022-2023

Suncor / CNOOC Meadow Creek East Phase 1 40 2022-2023

Cenovus Narrows Phase A 65 2022-2023

Canadian Natural Kirby Phase 2 (North or South) 40 2022-2023

Cenovus Christina Lake Phase H 50 2022-2023

Canadian NaturalHorizon PFT Expansion

(Bitumen)45 2024

Total Capacity Additions of High Likelihood 395

Source: Peters & Co.

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Norlite PipelineProvides Additional Stable Long-Term Cash Flows

Diluent pipeline supporting Fort Hills oil sands project

• 30% joint venture interest, operated by Enbridge

• Project in service in June 2017

Provides stable long-term cash flows

• Backed by long-term take-or-pay agreement with owners of Fort

Hills project (Suncor, Total & Teck)

• Creditworthy counterparties

Future growth opportunities

• Initial capacity of 218,000 bbls/d with potential to expand up to

465,000 bbls/d1

• Ability to generate fees in other parts of our condensate system,

such as storage, rail and marketing

• Since start up, three new shippers have contracted to both

Norlite and Keyera’s condensate system

• Ability to continue to contract additional volumes

1. Pipeline capacities are estimated based on certain assumptions.

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South Grand Rapids PipelineFurther Enhancing and Expanding Our Condensate Network

38

Diluent pipeline supporting oil sands growth

• 50/50 joint venture between Keyera and Grand Rapids

Pipeline LP (ie. TC Energy and PetroChina Canada)

• Operated by Keyera

Enhances Keyera’s condensate network

• Provides redundancy and reliability between Keyera’s

Edmonton and Fort Saskatchewan assets

• Provides Keyera with an additional 225,000 bbls/d of net

capacity1 for diluent transportation

• 45-kilometre 20-inch diluent pipeline

Future growth opportunities

• A portion of the available capacity will be used to meet

commitments under existing customer agreements

• Keyera will pursue new diluent transportation business with

the remaining capacity available

1. Pipeline capacities are estimated based on certain assumptions.

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Base Line TerminalExpanding and Diversifying Keyera’s Service Offering

Crude oil storage for WCSB

• Provides customers with optionality & flexibility

• 50/50 joint venture operated by Kinder Morgan

Fully contracted with 100% take-or-pay contracts

• Long-term contracts up to 10 years in length

• Backstopped by 8 creditworthy customers

New infrastructure includes

• 12 crude oil storage tanks with 4.8 million barrels of

capacity

• Located on Keyera’s Alberta EnviroFuels site in Edmonton

• Connected to Kinder Morgan’s Edmonton Terminal

Growth opportunities

• Potential to add additional tanks for total storage capacity

of up to 6.6 million barrels

1. Subject to finalization of outstanding costs.

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Undeveloped Land for Future GrowthStrategic Optionality in the Industrial Heartland of Alberta

Close

proximity

to pipelines

and railroads

Keyera holds

salt rights

beneath

most of these

lands

166 undeveloped acres1290 undeveloped acres132 undeveloped acres

Keyera Josephburg Terminal (KJT)Keyera Fort Saskatchewan (KFS)

350 undeveloped acres

Keyera’s Hull Terminal in Texas

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Wildhorse Crude Oil Terminal at Cushing, OKExpanding Keyera’s Presence at a Major Liquids Hub

Strategic crude oil storage and blending terminal1

• Located at the major crude oil hub in the US

• Backed by fee-for-service take-or-pay storage contracts

ranging from 2 - 6 years in length

• Provides significant commercial opportunities by blending

lower value products into higher value product streams

• Leverages Keyera’s liquids handling expertise

New infrastructure includes

• 12 crude oil storage tanks with 4.5 million barrels of working

storage capacity under construction

• Terminal will initially be pipeline connected to two existing

storage terminals in Cushing, OK

Expected to be in service in mid-2020, net capital cost of

US$185 million2

Growth opportunities

• Complemented by acquisition of Oklahoma Liquids Terminal,

a nearby logistics and diluent blending facility

• Subject to customer demand, site allows for additional tanks

1. 90/10 joint venture with an affiliate of Lama Energy Group.2. Cost and timing subject to construction and schedule variables.

Cushing, OK

Unparalleled

connectivity with

90 mmbls of storage

Wildhorse

Terminal

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Hull Terminal and Pipeline SystemEnhancing Keyera’s Access to Global Markets

South pipeline system completed in 2Q18Connections to North America’s largest NGL hub

• Pipeline connected to Mont Belvieu and Beaumont

• Provides Keyera with proprietary access to market

clearing mechanism for NGLs

• Rail, truck and pipeline terminal handles NGL mix,

propane, butane and iso-butane

Fee-for-service business with commercial

opportunities

Growth opportunities

• Agreement with major US midstream company

securing storage and other midstream services in

Mont Belvieu

• Additional third party fee-for-service opportunities

• Additional commercial opportunities for Keyera’s

marketing business

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Marketing ServicesUtilizing Keyera’s Infrastructure to Create Value

C3

Propane

• Demand and pricing vary seasonally

• Keyera uses its storage and logistics to

access markets

• Majority sold into U.S. markets

• Supply exceeds demand in North America

C2

Ethane

• Sold under long-term agreements to

petrochemical producers in Alberta

• Limited spot market in western Canada

• Produced at three Keyera facilities

C4

Butane

• Sourced and consumed in Alberta

• Feedstock for iso-octane production at

Alberta EnviroFuels

• Seasonal imports from the U.S.

iC8

Iso-octane

• High quality gasoline additive

• Produced from butane at Keyera’s

Alberta EnviroFuels facility

• Majority of sales in the U.S.

C5+

Condensate

• Keyera’s C5+ hub creates industry liquidity

• Consumed in Alberta as diluent for bitumen

• Significant imports required to meet

demand

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Alberta EnviroFuels (AEF)Iso-octane is a Premium Value Added Product

AEF upgrades low-value butane into iso-octane, a high-

value gasoline additive

• Iso-octane trades at a premium to gasoline prices & WTI

• Butane trades at a discount to WTI

• Majority of butane sourced from Keyera’s facilities

Demand is strong for iso-octane

• A premium gasoline additive compared to alkylates, with

high octane & low vapour properties

• Demand driven by premium gasoline market

• Only merchant facility in North America, with licensed

capacity of 13,600 bbls/d

Effective risk management program

• Financial forward markets enable hedging of large portion

of butane feedstock costs & gasoline margins

• Seasonality is complementary to propane & butane

Alberta EnviroFuels (AEF)

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Iso-octane Business and its Margin ComponentsIso-octane is a High-Value, Niche Business

NOTE: Components are not indicative of their relative size in the margin equation.

Cost

Components

Revenue

Components

Risk management hedges

Foreign exchange

(Iso-octane sold in USD)

Iso-octane

premium over RBOB

RBOB premium over WTI

WTI

Strong demand for iso-octane

• 13,600 bbls/d of facility capacity

• Annual peak occurs during summer

driving season

Access to low value butane feedstock

• Sourced locally and from the US

• Utilize cavern storage assets and pipeline

network to manage volumes and costs

Access to continental markets

• Leverage Keyera’s rail terminals, storage

facilities and logistical expertise to identify

best opportunities

• Sell into regions with the strongest demand

across North America, including the US

Gulf Coast and Midwest to maximize iso-

octane premiums

Risk management hedges

Periodic plant maintenance

Plant operating expenses,

storage & transportation costs

~1.4 bbl butane to 1.0 bbl of

iso-octane

Butane cost - a fraction

of WTI (priced in USD)

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Contact Information

www.keyera.com

Lavonne Zdunich, CPA, CA

Director, Investor Relations

Calvin Locke, P.Eng, MBA

Manager, Investor Relations

888-699-4853

ir@keyera.com Keyera Corp.

Sun Life Plaza West Tower

200, 144 4 Avenue SW

Calgary, Alberta

T2P 3N4