Ahead of the Curve Investing for long-term value

April, 2008

David Smith, Executive Vice President & CFO

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Forward Looking Information

This presentation contains forward-looking information that involve known and unknown risks and uncertainties, many of which are beyond Keyera’s control. The forward-looking information is based on management’s current expectations and assumptions relating to Keyera’s business and the environment in which it operates. As the results or events predicted or implied in the forward-looking information depend upon future events, actual results or events may differ materially from those predicted. Some of the factors which could cause actual results or events to differ materially include the ability of Keyera to successfully implement strategic initiatives, whether such initiatives yield the expected benefits, operating and other costs, future operating results and the components of those results, fluctuations in the demand for natural gas, NGLs and crude oil, the activities of producers, competitors and others, the weather, overall economic conditions and other known or unknown factors. There can be no assurance that the results or developments anticipated by Keyera will be realized or that they will have the expected consequences for or effects on Keyera. For additional information on these and other factors, see Keyera’s Annual Information Form and other public filings on www.sedar.com. Unless otherwise required by applicable laws, Keyera does not intend to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

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Keyera’s Vision – Deliver Steady Value Growth by:

• Increasing throughput at our plants

• Pursuing expansion & optimization opportunities

• Selectively pursuing acquisitions

• Maintaining an appropriate capital structure

Consistent Execution of Business Strategy Key to SuccessConsistent Execution of Business Strategy Key to Success

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A Five Year History of Growth

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Cen

ts/u

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Financial Performance Monthly Distribution History

Keyera Historical Financial Performance

$-

$0.50

$1.00

$1.50

$2.00

$2.50

2003* 2004 2005 2006 2007

$ pe

r uni

t

Distributable Cash Flow Distributions

Payout Ratio

106% 63%76% 87%80%

Compound Annual Growth Rate of Distributions = 8%Compound Annual Growth Rate of Distributable Cash Flow1 = 23%* Annualized

•Increased distribution to $0.135 per/unit ($1.62 per unit annually) in Feb/08

•8% compound annual growth rate in distributions per unit since IPO in 2003

•23% CAGR in distributable cash flow1 per unit since 2003

Our Investors Enjoy Stable Monthly Income and GrowthOur Investors Enjoy Stable Monthly Income and Growth1 Non GAAP measure. See Keyera year end MD&A for comparable GAAP measures.

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2007 – A Year of Record Results

Record Results in a a Challenging EnvironmentRecord Results in a a Challenging Environment

•Cash Flow from Operating Activities -$119.8 million

•Distributable cash flow1 - $143.5 million ($2.35/unit)

•Distributions - $90.2 million ($1.48/unit)

•Payout ratio - 63%

1 Non GAAP measure. See Keyera year end report MD&A for comparable GAAP measures.

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Pursuing a Growth Strategy2008 & Beyond

A Focused Approach to Growing our BusinessA Focused Approach to Growing our Business

• Increase Keyera’s exposure to oil sands development

• Enhance position as dominant sour gas processor in west central Alberta

• Pursue opportunities to leverage cash flow from existing facilities

• Utilize Keyera infrastructure to further expand marketing business

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Expected Capital Program Demonstrates Depth of Opportunities

Significant Projects Available to Support Continued GrowthSignificant Projects Available to Support Continued Growth

• Projects/acquisitions announced– Alberta Diluent Terminal purchase

– ATCO West Pembina plant ownership purchase

– Rimbey ethane extraction project

– Caribou pipeline extension

– Fort Saskatchewan storage expansion

– Fort Saskatchewan truck rack expansion

– Fort Saskatchewan 4th pipeline project

• Over next 3 - 5 years, capital spending expected to average $80 - $100 million

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Alberta Diluent Terminal (“ADT”)

Strategic Acquisition Enhances Presence in Ft. Sask.Strategic Acquisition Enhances Presence in Ft. Sask.

• Key asset in development of oil sands strategy

• $50 million investment ($32 million for facility;

$18 million for connecting pipelines and associated equipment)

• Primary use is to offload condensate for use as a diluent for the oil sands sector

• Enhances Keyera’s role as a diluent supplier

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Alberta Diluent Terminal (“ADT”)

Well Positioned to be a Key Diluent Supplier to the Oil SandsWell Positioned to be a Key Diluent Supplier to the Oil Sands

• Ability to import 50,000 barrels of condensate per day on 20 spot rail rack

• Rail spurs with 200 car capacity

• Access to both CN and CP railways

• Truck loading rack

• 435,000 bbls of above ground storage

• Plan to fully integrate site with Keyera facilities in the area

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Storage Expansion- Fort Saskatchewan

• 4 new caverns planned over 5-6 years

• Expected cost - $70-80 million

• Storage will increase by 3 million barrels to 11.9 million barrels

• First cavern cost estimated at $18 million

• First cavern expected to be operational by Q4/2009

Location and Access to Land Create Future OpportunitiesLocation and Access to Land Create Future Opportunities

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Rail and Truck Terminal Expansions

Edmonton Rail and Truck Terminal Fort Saskatchewan Truck Terminal Expansion

Expansion completed Q1/08 and includes:- 3 new truck rack islands- pumps/piping/tanks

Expansion increases options at Fort Saskatchewan:- condensate truck loading/offloading - propane truck loading- butane truck loading

Condensate expansion (10,000 bbls/d) in2006 - expanding C5+ import business

Expand propane/butane rail offload in 2008

Key propane loading (rail and truck) drivescommercial business

Enhancing Our Pipeline, Storage and Commercial BusinessEnhancing Our Pipeline, Storage and Commercial Business

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West Pembina Plant Acquisition

Acquisition Supports G&P Expansion StrategyAcquisition Supports G&P Expansion Strategy

• $26 million for 35.6% plant interest

• Increases sour gas capacity in active, geologically prospective region

• “Deep cut” liquids extraction facility

• 70 km of gathering systems

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Pembina Nisku Development

Area Continues to Develop Post Royalty ChangesArea Continues to Develop Post Royalty Changes

•Production increasing

•New Nisku wells licensed more quickly

•Keyera’s three sour plants approaching sulphur handling capacity

•ATCO West Pembina acquisition provides additional sour gas capacity

•Evaluating alternatives to handle more sour gas

•Rock Creek/Nordegg zones also being drilled

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Rimbey Ethane Extraction Project

Leveraging Existing Facilities to Create Cash Flow Leveraging Existing Facilities to Create Cash Flow

•Utilizes deep cut capability to extract 5,000 bbl/d of ethane

•Creates incremental ethane supply for petrochemical sector in Alberta

• Involves plant modifications and construction of a 32-kilometre pipeline

•Regulatory approvals received

•Expected completion in mid 2009

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Caribou Pipeline Extension

Continued Producer Activity Around Caribou Gas PlantContinued Producer Activity Around Caribou Gas Plant

• 24 km pipeline extension completed in Q1/08

• Significant producer activity north of the plant

• Standing volumes ready to be processed

• Currently evaluating plant expansion options

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Potential for Future Growth

NGL MARKETING & CRUDE OIL MIDSTREAM

OPPORTUNITIES

GATHERING & PROCESSINGOPPORTUNITIES

NGL INFRASTRUCTUREOPPORTUNITIES

Wide Variety of Organic Growth OpportunitiesWide Variety of Organic Growth Opportunities

Gathering pipelinesCompressionPlant modifications/expansionsEnvironmental projectsLiquids extraction upgradesAGI projectsSulphur midstreamCO2 sequestrationGas storage

Storage cavernsStorage - above groundFractionation expansionsTerminal additions/expansions:- rail- truckSolvent manufacturingPipeline interconnectsNGL aggregation pipelines

Grow NGL mix bblsIncrease oil midstream opportunitiesDownstream propane terminalsCondensate aggregation/distributionUSA condensate/butane importsExpanded proprietary use of existing assets

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Summary

Investing for the Long-Term ValueInvesting for the Long-Term Value

• Track record of steady value growth

• Record results in a challenging environment

• New initiatives position Keyera to sustain growth

• Numerous future growth opportunities

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Appendix

Keyera Profile

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Investment Profile

• Units/Debentures (TSX)

• Market value 1

• Enterprise value 1

• Distributions

• Trading volume (2007)

• Unit price 1

• Current yield 1

1 Closing unit and debenture price of $20.75 and $175.00 respectively on April 10, 2008

KEY.UN & KEY.DB

$1.3 billion

$1.6 billion

$0.135 per unit per month

127,000 units per day

$20.75

7.8%

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Rich History of Legacy Assets and Growth

• December 1998: Business created from Gulf legacyassets (Gulf/KeySpan 50/50 partnership)

• October 2000: KeySpan Corp acquired remaining 50% interest

• May 2003: KeySpan Facilities Income Fund IPO

• May 2004: Acquired EnerPro assets from Chevron

• December 2004: Purchased remaining KeySpan Corp. interest

• February 2005: Name changed to Keyera Facilities Income Fund

History has Created Significant Competitive AdvantageHistory has Created Significant Competitive Advantage

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Integrated Business Lines Create Value

• 15 gas processing plants• 1.7 bcf per day gross capacity• 2,600 km of gathering pipelines

• 4 NGL processing plants• 65,000b/d net processing capacity• 8.9 million bbls gross storage capacity• 12 rail and truck terminals

• NGL sales ~50,000 barrels per day• Fleet of 600 railcars• Marketing & logistics expertise• 5 crude oil midstream facilities

NGL Infrastructure

Sales Gas

NGL Mix

Gathering & Processing

Gathering & Compression

NGL Marketing& Crude Oil Midstream

Raw GasProcessing

NGL Processing

NGL Storage

TerminallingEnd-use

Customers

Propane

Butane

Condensate

Creating Value All Along the Value ChainCreating Value All Along the Value Chain

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Dominant Gas Processor

Producers need Keyera more than everProducers need Keyera more than ever

• Big franchise type plants, extensive gathering systems

• Well positioned west of the 5th meridian

• Competitive fee structures

• Flexible processing capabilities

– Both sweet and sour gas

– Extraction of NGL liquidsGathering & Processing Plants

NGL Infrastructure Facilities

Chinchaga

Worsley

Keyera/DowFt. Sask.

Alberta

Brazeau NorthWest Pembina

Paddle RiverTomahawk

Bigoray

Brazeau RiverNordegg River

Strachan

Medicine RiverGilbyRimbey

Calgary

Edmonton

Caribou(BC)

Greenstreet(Sask.)

Rimbey PipelineRimbey Terminal

Pembina West

5th Meridian (W5M)

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Strategically Located Gas Plants

W5M Characteristics

ALBERTA

Keyera Core Area

BC

5th Meridian

SK

Alberta’s Gas Production and Producing Wells by Depth

Less developed area around many Keyera plantsDeeper, multi-zone geologyGas with more NGLs increases the netbackHigher reserve sizes/lower declinesLonger term F & D cycles (4 - 5 years)

Majority of deeper wells found W5MOver 70% of gas production comes from deepwells (2,000 metres or deeper) west of 5th MeridianDeep gas royalty incentive for wells over 2,500metres may allow economics to be retained

Producers Drilling Best Prospects in Difficult TimesProducers Drilling Best Prospects in Difficult Times

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Foothills – Strategic Area

Throughput Growing in Foothills AreaThroughput Growing in Foothills Area

•Producer activity and Keyera development have resulted in increased throughput in Foothills region

•Multiple zones of interest

•Liquids rich, longer life reserves

•Strachan - New gas delivered in Q3/07

•Nordegg River - New volumes from south west

•Brazeau River - New volumes expected in Q2/08

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NGL Infrastructure – Strategically Located in Edmonton/Ft. Saskatchewan Energy Hub

65,000 barrels per day of fractionation capacity at 4 locations

12 Terminal Locations (Rail/Truck)

Storage – 8.9 million barrels

5 NGL Pipelines

Oil Midstream Facilities

Uniquely Positioned in a Rapidly Expanding HubUniquely Positioned in a Rapidly Expanding Hub

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Oil Sands Development Creates Incremental Opportunities at Fort Saskatchewan

Storage, Terminals and Logistics Services RequiredStorage, Terminals and Logistics Services Required

• Over $120 billion worth of oil sands projects announced

• Production growth of up to 4.0 million barrels per day expected over next 10 – 15 years from oil sands development

• Significant infrastructure and diluent required to support bitumen forecasts

• Storage services enhance producers operational reliability

• 8 upgraders proposed for Edmonton/Fort Sask area

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NGL Marketing and Crude Oil Midstream

Integration of Strategy and Asset Key to SuccessIntegration of Strategy and Asset Key to Success

• Competitive advantage created through use of infrastructure facilities (terminals/storage/pipelines)

• Four distribution terminals in USA

• Marketing and logistics expertise helps us manage volatility

• Four products help diversify risk (propane, butane, condensate, oil midstream)

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Proprietary Access to Key Infrastructure Strengthens Marketing Results

Fractionation Storage Rail & TruckTerminals

Pipelines Rail CarsSales

Terminals

- 65,000 bbls/d - 8.9 million bbls- 10 caverns

- 12 truck terminals- 3 rail terminals

- 5 NGL pipelines- 1 oil pipeline

- 600 rail cars - 4 U.S. salesterminals

• Utilize our own capacity for proprietary volumes based on market dynamics and appropriate risk tolerance; balance of capacity to third parties

• The model is dynamic and changes on an asset-by-asset basis

• Allows Keyera to manage overall risk/reward profile for benefit of investors

ProprietaryUse

Third Party Fee-for-serviceCapacity Utilization

“Ownership Has Its Privileges”“Ownership Has Its Privileges”

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Marketing Delivers Substantial Cash Flow

• Quarterly average contribution1 of $9 million over the last 3 years

• Growing contribution1 from condensate and crude oil

• Continued NGL infrastructure investments will allow Keyera to better manage variability

Results Vary by Quarter, but Reflect a Solid BusinessResults Vary by Quarter, but Reflect a Solid Business1 Contribution is defined as operating revenue less operating expenses including inter-segment transactions recorded at market rates.

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Conservative Capital Structure

315

20

<92>

Long-term debt

Current Portion LT Debt

Less cash & inventory

Net debt

Convertible debentures

Net debt & conv. deb.

EBITDA 2,3

Cash flow from operations 2,3

Enterprise value1

243

21

264

156.9

145.3

1,551

Net debt / EBITDA 2

Net debt & conv. deb./ EBITDA 2

Net debt / EV (%)

Net debt, conv. deb./ EV (%)

Net debt / cash flow 2

Net debt & conv. deb./cash flow 2

1.5X

1.7X

16%

17%

1.7X

1.8X

@ December 31, 2007 ($Millions)

1 Closing unit and debenture price of $20.75 & $175.00 respectively on April 10, 20082 Calculation uses 2007 EBITDA (excluding Accretion and Impairment expense) & Cash Flow from operating activities before changes in non-cash working capital

3 Non GAAP measure. See Keyera year end MD&A for comparable GAAP measures.

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Ahead of the CurveInvesting for long-term value

Keyera Facilities Income Fund600, 144 – 4th Avenue S.W.Calgary, Alberta T2P 3N4www.keyera.com

For further information contact:John Cobb, Director, Investor RelationsBradley White, Investor Relations Advisor (888) 699-4853(403) 205-7670ir@keyera.com

www.keyera.com