Keyera

Corp

. D

ecem

ber

2019

Corporate Profile

July 2020

Forward-Looking Information & Non-GAAP Measures

2

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. In addition, the effects, risks and impacts related to widespread epidemic or pandemic outbreaks, including the coronavirus disease (COVID-19), adverse general

economic and/or market conditions in Canada, North America or worldwide, including changes or prolonged weaknesses, as applicable in commodity prices, interest rates, foreign

currency exchange rates, supply/demand trends and overall industry activity levels, changes in credit ratings or counterparty credit risk on Keyera’s activities, business plans,

financial position or results and/or strategic objectives are unknown at this time and could cause Keyera’s actual results to differ materially from the forward-looking statements

contained in this presentation.

Keyera at a Glance

3

COMPANY OVERVIEW

Provides essential energy infrastructure services to customers• Broad customer base with over 100 different fee-for-service customers

• Majority of revenue from investment grade counterparties

Responsible & reliable midstream energy service provider• Decades of operating complex facilities safely

Resilient business model• 20-year track record of financial performance and dividend growth

Disciplined financial strategy • Low leverage provides flexibility & supports investment grade credit

ratings

Predominantly fee-for-service cash flows • Gathering & Processing and Liquids Infrastructure businesses are largely

sheltered from direct commodity price exposure

Capital investments provide growth in a disciplined manner• History of strong returns on capital

• KAPS liquids pipeline system will provide a platform for future growth

STABLE FINANCIAL PROFILE1

Investment Gradecredit ratings from DBRS and S&P

$1.1 billionLTM adjusted EBITDA3

55%LTM payout ratio3

2.2xnet debt/adjusted EBITDA2,3

1. All information as at March 31, 2020, unless otherwise stated. 2. Net Debt, which includes 50% of $600 million hybrid issuance, divided by trailing LTM adjusted EBITDA. 3. Adjusted EBITDA and payout

ratio are not standard measures under GAAP. See “Non-GAAP Financial Measures” in Keyera’s 2020 First Quarter MD&A for further details.

~ 15%long-term debt matures over

next 5 years

Keyera’s Vision

4

To be the

NORTHAMERICAN LEADER

in delivering energy infrastructure solutions

#1 in safety performance

#1 in customer recognition

#1 in total shareholder return

Values to Guide Us During This Challenging Time

5

HEALTH, SAFETY & ENVIRONMENTCaring for people & our planet

INTEGRITY & TRUSTDoing the right thing for the right reasons

RESPONSIBILITY & ACCOUNTABILITYDelivering on our commitments to customers,

stakeholders & ourselves

TEAMWORKEmbracing diversity & working together

BUSINESS SPIRITEncouraging drive & passion to add value for our

customers

ESG Ratings Reflect our Commitment

6

SUSTAINALYTICS

“OUTPERFORMER” RATING

MSCI

“A” RATING

Peer Benchmarking

LARGEST 5 INDUSTRY PEERS

(OIL & GAS REFINING, MARKETING,

TRANSPORTATION & STORAGE) Rating Trends

Keyera Corp. A ▲

Enbridge Inc. A ◄►

PHILLIPS 66 BBB ◄►

TC Energy BBB ◄►

Reliance Industries Limited BB ▲

Kinder Morgan, INC. BB ◄►

RATING TREND KEY: Maintain ◄► Upgrade ▲

Refiners & Pipelines (Industry Group)

7

Business is Highly Integrated & Difficult to Replicate

Raw

Gas

Gathering

Compression

Sweetening

NGL extraction

EX

TR

AC

TIO

N

CO

NS

UM

PT

IO

N

GATHERING & PROCESSING

Marketing

Ethane

Propane

Butane

Condensate

Iso-octane

Margin Business

En

d M

ark

ets

Oil

Sands

LIQUIDS INFRASTRUCTURE

Fractionation

Storage

Transportation

Fee-for-Service Business

MARKETING

A Unique Blend of Stability, Growth & Opportunity

8

Gathering & processing• Strategically located infrastructure in liquids-rich Montney

• KAPS will be 1 of 2 pipelines providing liquids egress

• Optimizing portfolio in west central Alberta to increase

competitiveness & profitability

Liquids infrastructure • Keyera’s assets and connectivity are difficult to replicate

• Fractionation & storage capacity highly utilized

• Industry-leading condensate handling system

Positioned for future growth• Current capital program provides secured growth to 2023

• KAPS to provide platform for next phase of growth

• 1,290 undeveloped acres in Alberta’s industrial heartlandGathering & Processing

Liquids Infrastructure

Under Construction

FORT

ST.JOHN

DAWSON

CREEK

FORT McMURRAY

CALGARY

EDMONTON

Simonette

South CheechamTerminal

Rimbey Pipeline

Fort SaskatchewanPipelines

Edson

Ricinus

Rimbey

Strachan

Nordegg River

Brazeau River

West Pembina

Zeta Creek

PembinaNorth

AlderFlats

Bigoray

Cynthia

Brazeau North

Josephburg Terminal

Dow Fort Saskatchewan

Keyera Fort Saskatchewan

Alberta Crude Terminal

Alberta Diluent Terminal

Edmonton Terminal

Alberta EnviroFuels

Base Line Terminal

A L B E R T AB.C.

GRANDE PRAIRIE

Pipestone

Wapiti

Marketing Services Complement Fee-for-Service Business

Utilizes Keyera’s infrastructure to create value• Provides additional source of funding for capital projects

• Enhances return from our fee-for-service businesses

Iso-octane business provides a strong foundation• Typically contributes over 50% of Marketing’s cash flow

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

a premium gasoline additive, at Keyera’s AEF facility

Effective risk management program• Program designed to lock in attractive sales margins and supply

costs, and protect the value of inventory

Expected to deliver realized margin of between $270M - $310M* in 2020• Supported by strong first quarter fundamentals

* Refer to Keyera’s news release issued March 16, 2020 for assumptions. This exceeds Keyera’s annual base guidance of $180 - $220 million. Refer to Keyera’s 2019 Q1 MD&A for the assumptions

related to this annual base guidance. See “Forward-Looking Information & Non-GAAP Measures” slide.9

4%

4% 11%

22%59%

5%

23%

32%

29%

11%

13%

13%

18%34%

22% Secured

AA- to AA+

A- to A+

BBB- to BBB+

Non-IG

Creditworthy Customer Base

10

Gathering & Processing~100 counterparties

Liquids Infrastructure~40-50 counterparties

Marketing>100 counterparties

Consolidated*

* Based on 2019 revenues. Counterparty credit ratings at March 12, 2020. Secured category includes counterparties who have prepay terms or a posted letter of credit. Parent's credit rating used when

parental guarantees exist.

15%

14%

18%37%

16%

CREDITWORTHY COUNTERPARTIES

• 78% of revenue from investment grade/secured and split

rated counterparties

MITIGATING CREDIT RISK• Letters of credit, netting agreements, pre-payments

BROAD CUSTOMER BASE• Over 100 different fee-for-service customers

History of Generating Value in All Market Conditions

*

*

* Keyera calculates distributable cash flow per share after cash taxes and maintenance capital expenditures (2019 – $98M & $105M, respectively; 2020 Guidance – cash tax recovery $20M to $30M;

maintenance capital expenditures $30M to $35M). Distributable cash flow per share is not a standard measure under GAAP. See “Forward-Looking Information & Non-GAAP Measures slide. 11

Financial Priorities Supporting our Strategy

12

1. Not standard measures under GAAP. See “Forward-Looking Information & Non-GAAP Measures” slide. 2. Net Debt, which includes 50% of $600 million hybrid issuance, divided by trailing

LTM adjusted EBITDA. 3. For the 12 months ended March 31, 2020 except for Credit ratings which are as of June 1, 2020.

Financial Priorities Target LTM3 2019 2018

Preserve

financial flexibility

Credit ratings BBB BBB/BBB- BBB BBB

Net Debt / Adjusted

EBITDA1,2 2.5x - 3.0x 2.2x 2.7x 2.7x

Long-term

dividend Payout Ratio1 50% - 70% 55% 67% 56%

Continue disciplined

capital allocation

Fee-for-Service

contribution of

Realized Margin> 75% 56% 64% 66%

Annual Return

on Capital Program1 10% - 15% n/a n/a n/a

Grow dividend steadily

13

Our Strong Financial Position

2.2x Net Debt1 to adjusted EBITDA5

Midstream Peer Group3 Average >5.5x4

Conservative payout ratio5

Target of 50% - 70% (LTM – 55%; 2019 – 67%)

Investment grade credit ratings

DBRS Limited: BBB, Stable

S&P Global: BBB-/Stable

$1.5B line of credit$70M drawn as of March 31, 2020

Minimal long-term debt maturities

~15% of total long-term debt over next 5 years

1. Calculated as of March 31, 2020 - Net Debt, which includes 50% of $600 million hybrid issuance, divided by trailing LTM adjusted EBITDA. 2. All US dollar denominated debt is translated into Canadian

dollars at its swap rate. 3. Midstream Peer Group includes ENB, GEI, IPL, PPL, and TRP. 4. Source Peters & Co. as of April 27, 2020; reflects 2020E 5. Adjusted EBITDA and payout ratio are not standard

measures under GAAP. See “Non-GAAP Financial Measures” in Keyera’s 2020 First Quarter MD&A for further details. 6.$600M Hybrid Note issuance is callable after 10 years in June 2029.

LONG-TERM DEBT MATURITIES (C$ MM)2

(excludes drawings under revolver)

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

$109$60 $30

$143 $264 $230 $400 $267

$75

Hybrid Note

Public Debt

Private Notes

$400 $6005

Minimal long-term debt

maturities

in the next 5 years

2030

$109$60

$30 $143

$264 $230

$400$267

$75

$400

$400

$400

$600 6

million

$479

Growing Fee-for-Service Realized Margin

14

Fee-for-Service Realized Margin*

Non Fee-for-Service Realized Margin*

61%

64%

2016 2017 2018 2019 Q1/20

$787

$1,199

million

million

$678million

AEF

outage

AEF

outage

* Non Fee-for-Service & Fee-for-Service Realized Margin are rolling LTM. With the adoption of IFRS 16, Lease Expenses are excluded from Realized Margin as of 01/01/2019. Historical

Realized Margin has not been adjusted. Non-Fee-for Service & Fee-for-Service Realized Margin are not standard measures under GAAP. See “Forward-Looking Information & Non-

GAAP Measures” slide.

GATHERING &

Processing

Optimizing our Portfolio in West Central Alberta

16

ObjectiveIncrease competitiveness & profitability

Reduce costs & increase utilization• reduce redundant costs

• attract volumes to most efficient facilities

• increase utilization to >60% for the portfolio

• increase liquids recoveries

• preserve capacity for recovery

Progress on optimization plan to date• suspending operations at 5 gas plants*

• reducing capacity by one third to ~1.4 bcf/d

• expect to divert majority of volumes to Keyera

gas plants in the areaDEEP BASIN

A L B E R T A

MONTNEY

DUVERNAY

Rimbey

14 gas plants*

2.1 bcf/d capacity

49% utilization

Edmonton

Calgary

Fort Saskatchewan

Gas plant

Gas plant operations to be suspended

Gas plant operations suspended

Gas pipeline

NGL pipeline

NGL pipeline under construction

* Operations suspended at Gilby in 4Q19; Minnehik Buck Lake in 2Q20; additional gas plants expected to be suspended: West Pembina – 2H20, Ricinus & Nordegg River - 2021. 2.1 bcf/d capacity and

49% utilization is based on licensed capacity for all 14 gas plants.

Ricinus

Nordegg River

West Pembina

Minnehik Buck Lake

Gilby

Providing a Full Suite of Services in the Montney

17

Handle all products produced• condensate stabilization

• sour gas processing

• liquids extraction

• acid gas disposal

• water handling capacity

Integrate NGL egress via KAPS

Interconnect our plants to

enhance reliability & flexibility

Grande Prairie

Pipestone

Wapiti

Simonette

A L B E R T A

Wapiti Pipeline

North Cabin Pipeline

North Wapiti Pipeline

System

MONTNEY

DUVERNAY

Gas plant

Gas pipeline

NGL pipeline

NGL pipeline under construction

LIQUIDS

Infrastructure

KAPS – Key Strategic Asset & Platform for Growth

Project remains highly desired by industry

Construction recently deferred by ~ 1 year; expected to begin in 2H21*

All transportation contracts amended to support the deferral

Provides secure, long-term cash flow with 75% take-or-pay

Creates a new platform for growth

19 * The effects and impacts of the recent coronavirus disease (COVID-19) outbreak on Keyera’s business, the global economy and markets are unknown at this time and could cause Keyera’s actual

results to differ.

20

KAPS to Provide NGL & Condensate Connectivity From

Montney to Fort SaskatchewanA L B E R T A

Edmonton

Fort

Saskatchewan

Grande Prairie

Pipestone

Wapiti

KFS

OIL SANDS

MONTNEY

DEEP BASIN

DUVERNAY

SimonetteKAPS

Keyera

SemCAMS

21

KFS – Integrated Fractionation & Storage Assets

ASSETS & CONNECTIVITY DIFFICULT TO REPLICATE

KFS FRACTIONATION CAPACITY FULLY UTILIZED

One of four fractionation service providers in Fort Saskatchewan

65,200 bbls/d C3+ capacity & 30,000 bbls/d C2+ capacity

LARGEST UNDERGROUND STORAGE POSITION IN WCSB

~15.5 million barrels of storage capacity in high demand

Expansion program underway to continue adding new caverns; new cavern

placed into service in April 2020

COMPETITIVE ADVANTAGES

Connectivity provides customers with flexibility

Storage provides customers with reliability

Integration provides customers competitive services which are difficult to replicate

FUTURE GROWTH OPPORTUNITIES

Fractionation and Storage

~1,300 acres of undeveloped land nearby for future development

Keyera Fort Saskatchewan (KFS)

22

Our Industry-Leading Condensate System

PEMBINA

NEXUS

COLD

LAKE

SUNCOR

REFINERY

SOUTH GRAND RAPIDS PIPELINE

CANADIAN

DILUENT HUB

CRW

ACCESS

PIPELINE

COCHIN

ADT

KFS

KET

PEMBINA

PLAINS

CRW, GIBSON,

TRANSMOUNTAIN

FORT

SASKATCHEWAN

PIPELINE

DOW

RIMBEY

JOSEPHBURG

SOUTHERN LIGHTS

IPL POLARIS

PIPELINE

FORT SASKATCHEWAN

CONDENSATE SYSTEM MANIFOLD

NORLITE

NORTHWEST

REDWATER

KEYERA

3RD PARTY

IMPORT

KAPS

23

Quality Cash Flow from Creditworthy Customers*

*As of March 31, 2020 and not a complete list of all of Keyera’s condensate customers.

24 Source: Keyera internal estimates & company reports as of December 2019. Wood Mackenzie 2019 report for oil sands demand.

Keyera has significant

condensate storage capacity

65-70%Keyera

Peers

Leading Condensate Service Provider

Keyera transports > 50%

of condensate

Oil S

an

ds C

on

den

sate

Dem

an

d

bb

ls/d

Perc

en

tag

e o

f T

ota

l D

em

an

d

0%

60%

40%

2017 2018 20190

200,000

400,000

600,000

700,000

80%

100%

20%

100,000

500,000

300,000

Oil sands condensate demand % of condensate volume

transported on Keyera’s

system

25

Wildhorse – New Crude Oil Storage & Blending Terminal

STRATEGIC CRUDE OIL STORAGE AND BLENDING TERMINAL1

Located at Cushing, OK, 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

EXPECTED TO BE IN SERVICE IN 4Q20 Net capital cost of US$197 million2

NEW INFRASTRUCTURE INCLUDES12 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

GROWTH OPPORTUNITIESComplemented by acquisition of Oklahoma Liquids Terminal, a

nearby logistics and diluent blending facility

Subject to customer demand, site allows for additional tanks

Cushing, OKUnparalleled connectivity

with 90 mmbls of storage

Wildhorse

Terminal1. 90/10 joint venture with an affiliate of Lama Energy Group.2. Cost and timing subject to construction and schedule variables.

MARKETING

MARKETING CREATES VALUE

27

Knowledge, Relationships and Infrastructure

C3 C2C4C5+iC8

$270M - $310M2020 ANNUAL GUIDANCE*

WHAT WE DOBuy and Sell NGLs

Lock in sales margins and supply costs

Protect the value of our inventory

Upgrade low value products, incl C4 to iC8

Use our infrastructure to take advantage of

opportunities

WHAT WE DON’T DOSpeculative trading

Financial trading without physical product

Take frac spread exposure

* Refer to Keyera’s news release issued March 16, 2020 for assumptions. This exceeds Keyera’s annual base guidance of $180 - $220 million. Refer to Keyera’s 2019 Q1 MD&A for the assumptions

related to this annual base guidance. See “Forward-Looking Information & Non-GAAP Measures” slide.

HOW WE MANAGE RISK

GOALS

BASIS RISKCommodity purchases and sales can

be priced on different price indexes

Use basis spreads to convert exposure from one index to another; match the purchases and sales indexes

Use physical and financial contracts to protect a high proportion of stored inventory

Reduce basis risk by aligning purchases and sales transactions on the same index

STRATEGIES

28

Marketing Focused on Prudent Risk Management

INVENTORY RISKStored inventory is exposed to market

price fluctuations from when it is

purchased to when it is ultimately

sold, consumed, or blended

Protect the value of our inventory from market price fluctuations

29

Marketing Utilizes our Infrastructure to Create Value

C5+ CONDENSATE• Keyera’s C5+ hub creates industry liquidity

• Consumed in Alberta as diluent for bitumen

• Significant imports required to meet demand

C2 ETHANE• Sold under long-term agreements to

petrochemical producers in Alberta

• Limited spot market in western Canada

• Produced at three Keyera facilities

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

C4 BUTANE• Sourced and consumed in Alberta

• Feedstock for iso-octane production at

Alberta EnviroFuels

iC8 Iso-octane• High quality gasoline additive

• Produced from butane at Keyera’s Alberta

EnviroFuels facility

• Majority of sales in the U.S.

30

Upgrading Butane into High Value Iso-octane

WTI

RBOB premium

Iso-octane premium

upgraded

value

STRONG CONTRIBUTORTO MARKETING*

ISO-OCTANE BENEFITS

Superior gasoline blend stock pricing

• Lower RVP & higher octane than alternatives

• Clean burning additive with virtually no sulfur,

aromatics or benzene

Strong demand for iso-octane

• Iso-octane <1% of gasoline blend stock market

• AEF only merchant facility in North America

• Refineries producing lower octane gasolines

• Qualities to meet changing gasoline specs

* Bar chart for illustrative purposes only; components of upgraded value do not represent actual size; cost of Butane assumed to range between 25% - 50% of WTI.

Butane

Feedstock Cost

(% of WTI)

WTI

RBOB premium

Iso-octane premium

Feedstock

Foreign exchange

FINAL

Word

Keyera’s Current Priorities to Position for Long-term

Maintain the health & safety of our people & our communities

Maintain a strong financial position & financial flexibility

Successfully deliver our capital projects currently underway

Continue to progress our G&P optimization strategy

Reduce Keyera’s overall cost structure

32

33

Keyera’s Value Proposition

Strong financial position2.2x Net Debt to adjusted EBITDA1,2

Conservative payout ratio of 55% LTM, aligned with our target of 50% to 70%

Investment grade credit ratings from DBRS and S&P

Access to liquidity with $1.5B line of credit with only $70M drawn1

Minimal long-term debt maturities over the next 5 years

Resilient business modelProvide essential midstream services to customers

20-year track record of delivering financial results

History of growing dividend steadily

Growth in a disciplined mannerExpect to invest between $475 million and $525 million in 20203

Completing phase 2 of Wapiti gas plant, Pipestone gas plant & Wildhorse Terminal in 2H20

1. As of March 31, 2020.2. Net Debt, which includes 50% of $600 million hybrid issuance, divided by trailing LTM adjusted EBITDA. 3. The effects and impacts of the recent coronavirus disease (COVID-19)

outbreak on Keyera’s business, the global economy and markets are unknown at this time and could cause Keyera’s actual results to differ.

Contact Information

34

www.keyera.com

Lavonne Zdunich, CPA, CA

Director, Investor Relations

Calvin Locke, P.Eng, MBA

Manager, Investor Relations

Beata Graham, CPA, CMA

Senior Analyst, Investor Relations

888-699-4853

ir@keyera.com

Keyera Corp.

Sun Life Plaza West Tower

200, 144 4 Avenue SW

Calgary, Alberta

T2P 3N4

APPENDIX

36

GRANDE

PRAIRIE

Pipestone

Simonette

Wapiti Pipeline

North Cabin

Pipeline

North

Wapiti

Pipeline

System

Wapiti

Capture Area

Producers active in

Wapiti Area:

• CNRL

• NuVista

• Paramount

• Pipestone Energy

• Seven Generations

• Shell

• Sinopec

Wapiti Gas Plant Complex – Phase I Operating

INFRASTRUCTURE INCLUDES300 mmcf/d of sour gas processing capacity

25,000 bbls/d of condensate handling capacity

30,000 bbls/d 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 150 mmcf/d - FULLY CONTRACTEDLong-term gas handling agreement with Paramount

Includes area of dedication and take-or-pay commitments

PHASE II TO BE COMMISSIONED 4Q201

Incremental 150 mmcf/d of sour gas processing capacity

Compressor and gas gathering system expansion

Long-term gas handling agreements with Pipestone Energy

Includes take-or-pay commitments

GROWTH OPPORTUNITIESAbility to connect to Keyera’s Simonette & Pipestone gas plants

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

37

Pipestone Gas Plant – Expect a Fall 2020 Start up1

STRATEGIC PARTNERSHIP WITH OVINTIV

Major gas producer focused on developing the liquids-rich Montney;

contracted 85% of the available capacity

Keyera will own the facilities, option to operate after 5 years of plant start up

Expected to be operating fall of 20201; cost of ~$600 million1,2

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 from Ovintiv

In May 2019 new customer contracted available capacity with long-term

take-or-pay commitment

GROWTH OPPORTUNITIES

Ability to expand gas plant by 200 mmcf/d

Ability to connect to Keyera’s Wapiti gas plant

1. Project timing and cost subject to timely receipt of regulatory approvals, completing engineering & cost estimates, and construction schedule variables. 2. Estimate excludes the cost of the Liquids

Hub.

Source: Peters & Co.

Pipestone Liquids Hub & Plant

38

Positioned for Future Development

1,290undeveloped acres

in Alberta’s Industrial

Heartland

KFS

KAPS

C5+ Termination

C3+ Termination Josephburg

Rail Terminal