Keye

ra C

orp.

Dec

embe

r201

9

Corporate Profile

August 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. The full extent, effect and duration of the COVID-19 pandemic continues to be unknown and the degree to which it may affect Keyera’s business operations and financial

results will depend on future developments, which are highly uncertain and cannot be predicted with any degree of confidence.

Keyera at a Glance

3

COMPANY OVERVIEWProvides 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

$1.0 billionLTM adjusted EBITDA3

51%YTD payout ratio3

2.5xnet debt/adjusted EBITDA2,3

1. All information as at June 30, 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 Second 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” RATING1

MSCI“A” RATING

Peer Benchmarking

LARGEST 6 PEERS (OIL & GAS REFINING, MARKETING, TRANSPORTATION, STORAGE & UTILTIES INDUSTRIES) Rating Trends

Keyera Corp.4 A ▲

Enbridge Inc. 4 A ◄►

AltaGas Ltd. 4 A ◄►

TC Energy5 BBB ◄►

Pembina Pipeline Corporation6 BBB ◄►

Inter Pipeline Ltd. 6 BBB ◄►

RATING TREND KEY: Maintain ◄► Upgrade ▲

Refiners & Pipelines (Industry Group)

RBC GLOBAL ESG BEST IDEAS2

• 1 of 2 Canadian energy companies• 1 of 6 Canadian companies• 1 of 5 global energy companies

1. As of September, 2019 2. RBC Capital Markets’ “RBC Global, Environmental, Social and Governance Best Ideas” report - June 16, 2020 3. Scotiabanks’ “Quantitative Strategy & ESG” report – June 16, 2020 4. As of May, 2020 5. As of March, 2020 6. As of April, 2020

SCOTIABANK ESG PERFORMANCE3

• # 1 for Canadian energy companies • Tied 4th overall

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 $20M to $25M). Distributable cash flow per share is not a standard measure under GAAP. See “Forward-Looking Information & Non-GAAP Measures slide.

7

Financial Priorities Supporting our Strategy

81. 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 six months ended June 30, 2020 except for Credit ratings which are as of June 1, 2020.

Financial Priorities Target YTD3 2019 2018

Preserve financial flexibility

Credit ratings BBB BBB/BBB- BBB BBBNet Debt / Adjusted

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

Long-termdividend Payout Ratio1 50% - 70% 51% 67% 56%

Continue disciplined capital allocation

Fee-for-Servicecontribution of

Realized Margin> 75% 61% 64% 66%

Annual Returnon Capital Program1 10% - 15% n/a n/a n/a

Grow dividend steadily

9

Our Strong Financial Position

2.5x Net Debt1 to adjusted EBITDA2

Midstream Peer Group Average >5.3x3

Conservative payout ratio2

51% YTD; 2019 - 67% (Target of 50% - 70%)

Investment grade credit ratingsDBRS Limited: BBB, Stable

S&P Global: BBB-/Stable

$1.5B line of creditundrawn as of June 30, 2020

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

1. Calculated as of June 30, 2020 - Net Debt, which includes 50% of $600 million hybrid issuance, divided by trailing LTM adjusted EBITDA. 2. Adjusted EBITDA and payout ratio are not standard measures under GAAP. See “Non-GAAP Financial Measures” in Keyera’s 2020 Second Quarter MD&A for further details. Midstream Peer Group includes ENB, GEI, IPL, PPL, and TRP. 3. Source Peters & Co. as of July 20, 2020; reflects 2020E 4. All US dollar denominated debt is translated into Canadian dollars at its swap rate. 5.$600M Hybrid Note issuance is callable after 10 years in June 2029.

LONG-TERM DEBT MATURITIES (C$ MM)4

(excludes drawings under revolver)

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

$109$60 $30

$143 $264 $230 $400 $267$75

Hybrid NotePublic DebtPrivate 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 5

million$479

Growing Fee-for-Service Realized Margin

10

Fee-for-Service Realized Margin*

Non Fee-for-Service Realized Margin*

61%

64%

2016 2017 2018 2019 H1/20

$787

$1,141

million

million

$682million

AEFoutage

AEFoutage

* 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.

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

11

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%

78% CREDITWORTHY COUNTERPARTIES• Includes 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

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Business is Highly Integrated & Difficult to Replicate

RawGas

GatheringCompressionSweetening

NGL extraction

EX

TR

AC

TIO

N

CO

NS

UM

PT

ION

GATHERING & PROCESSING

MarketingEthane

PropaneButane

CondensateIso-octane

Margin Business

En

d M

ark

ets

OilSands

LIQUIDS INFRASTRUCTURE

FractionationStorage

Transportation

Fee-for-Service Business

MARKETING

A Unique Blend of Stability, Growth & Opportunity

13

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 heartland

Gathering & ProcessingLiquids InfrastructureUnder Construction

FORTST.JOHN

DAWSONCREEK

FORT McMURRAY

CALGARY

EDMONTON

Simonette

South CheechamTerminal

Rimbey Pipeline

Fort SaskatchewanPipelines

Edson

Ricinus

Rimbey

Strachan

Nordegg RiverBrazeau River

West Pembina

Zeta Creek

PembinaNorth

AlderFlats

Bigoray

CynthiaBrazeau North

Josephburg TerminalDow Fort Saskatchewan

Keyera Fort SaskatchewanAlberta Crude Terminal

Alberta Diluent TerminalEdmonton Terminal

Alberta EnviroFuelsBase 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 $300M - $340M* in 2020• Supported by strong first quarter fundamentals

* This exceeds Keyera’s annual base guidance of $180 - $220 million. Refer to Keyera’s 2020 Q2 MD&A for the updated assumptions related to this annual base guidance. See “Forward-Looking Information & Non-GAAP Measures” slide.14

GATHERING &Processing

Optimizing our South Portfolio

16

ObjectivesIncrease competitiveness & profitability Redirect gas to most efficient gas plants1

Increase utilization to ~70%2

Lower per unit operating costsImprove operating margin ~$20m-$30m3

Reduce CO2 emissions ~12%2

DEEP BASIN

A L B E R T A

MONTNEY

DUVERNAY

Rimbey

Edmonton

Calgary

Fort Saskatchewan

Gas plantGas plant operations to be suspendedGas plant operations suspendedGas pipelineNGL pipelineNGL pipeline under construction

1. Optimization plan includes suspending operations Nevis & Gilby gas plants – completed in 2019; Minnehik Buck Lake – May 2020; Bigoray – Fall 2020, West Pembina – 3Q20, Ricinus, Brazeau North & Nordegg River – mid-2021. 2. Expected by the end of 2021. 3. Expected annual benefit to begin in 2021. See “Forward-Looking Information & Non-GAAP Measures” slide.

Ricinus

Nordegg River

West Pembina

Minnehik Buck Lake

Bigoray

Brazeau North

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 plantGas pipelineNGL pipelineNGL pipeline under construction

LIQUIDSInfrastructure

19

KAPS – Key Strategic Asset & Platform for Growth

A L B E R T A

Edmonton

FortSaskatchewan

Grande Prairie

Pipestone

Wapiti

KFS

OIL SANDSMONTNEY

DEEP BASIN

DUVERNAY

Simonette

KeyeraSemCAMS

Projects remains highly desired by industryConstruction expected to begin in 2H21; completed in 20231

All transportation contracts amended to support the deferralProvides secure, long-term cash flow with 75% take-or-payCreates a new platform for growth for Keyera

1. The full extent, effect and duration of the COVID-19 pandemic continues to be unknown and the degree to which it may affect Keyera’s business operations and financial results will depend on future developments, which are highly uncertain and cannot be predicted with any degree of confidence.

20

KFS – Integrated Fractionation & Storage Assets

ASSETS & CONNECTIVITY DIFFICULT TO REPLICATE

KFS FRACTIONATION CAPACITY FULLY UTILIZEDOne of four fractionation service providers in Fort Saskatchewan66,200 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 demandExpansion program underway to continue adding new caverns; new cavern placed into service in April 2020

COMPETITIVE ADVANTAGES Connectivity provides customers with flexibilityStorage provides customers with reliabilityIntegration 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)

21

Our Industry-Leading Condensate System

PEMBINANEXUS

COLDLAKE

SUNCORREFINERY

SOUTH GRAND RAPIDS PIPELINE

CANADIANDILUENT HUB

CRW

ACCESSPIPELINE

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

NORTHWESTREDWATER

KEYERA3RD PARTYIMPORT

KAPS

22

Quality Cash Flow from Creditworthy Customers*

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

23 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

Sand

s C

onde

nsat

e D

eman

d bb

ls/d

Perc

enta

ge o

f Tot

al D

eman

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’ssystem

24

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 USBacked 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 streamsLeverages Keyera’s liquids handling expertise

EXPECTED TO BE IN SERVICE IN 4Q20 Net capital cost of US$202 million2

NEW INFRASTRUCTURE INCLUDES12 crude oil storage tanks with 4.5 million barrels of working storage capacity under constructionTerminal 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 facilitySubject to customer demand, site allows for additional tanks

Cushing, OKUnparalleled connectivity with 90 mmbls of storage

WildhorseTerminal

1. 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

26

Knowledge, Relationships and Infrastructure

C3 C2C4C5+iC8

$300M - $340M2020 ANNUAL GUIDANCE*

WHAT WE DOBuy and Sell NGLsLock in sales margins and supply costsProtect the value of our inventoryUpgrade low value products, incl C4 to iC8Use our infrastructure to take advantage of opportunities

WHAT WE DON’T DOSpeculative tradingFinancial trading without physical productTake 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 2020 Q2 MD&A for the updated 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

27

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

28

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.

29

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

FINALWord

Keyera’s Current Priorities to Position for Long-term

Ensure the health & safety of our people & our communities

Be a safe, reliable & environmentally conscious operator of our facilities

Maintain monthly dividend while maintaining a strong financial position

Maintain disciplined capital allocation & adhere to self funding model

Increase competitiveness & profitability of our Gathering & Processing

business by optimizing our portfolio of assets in the south

Reduce Keyera’s overall cost structure

31

32

Keyera’s Value Proposition

Strong financial position2.5x Net Debt to adjusted EBITDA1,2

Conservative payout ratio of 51% YTD, aligned with our target of 50% to 70%Investment grade credit ratings from DBRS and S&PAccess to a $1.5B line of credit (undrawn1)Minimal long-term debt maturities over the next 5 years

Resilient business modelProvide essential midstream services to customers20-year track record of delivering financial resultsHistory of growing dividend steadily & plans to maintain current monthly dividend

Growth in a disciplined mannerExpect to invest between $500 million and $550 million in 20203

Completing Pipestone gas plant (Sep 2020); phase 2 of Wapiti gas plant & Wildhorse terminal in 4Q20

1. As of June 30, 2020.2. Net Debt, which includes 50% of $600 million hybrid issuance, divided by trailing LTM adjusted EBITDA. 3. The full extent, effect and duration of the COVID-19 pandemic continues to be unknown and the degree to which it may affect Keyera’s business operations and financial results will depend on future developments, which are highly uncertain and cannot be predicted with any degree of confidence.

Contact Information

33

www.keyera.com

Lavonne Zdunich, CPA, CADirector, Investor Relations

Calvin Locke, P.Eng, MBAManager, Investor Relations

Beata Graham, CPA, CMASenior Analyst, Investor Relations

888-699-4853ir@keyera.com

Keyera Corp.Sun Life Plaza West Tower200, 144 4 Avenue SWCalgary, Alberta T2P 3N4

APPENDIX

35

GRANDEPRAIRIE

Pipestone

Simonette

Wapiti Pipeline

North Cabin Pipeline

North WapitiPipeline 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 capacity25,000 bbls/d of condensate handling capacity30,000 bbls/d water disposal systemA raw gas gathering and field compression systemAcid 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 ParamountIncludes area of dedication and take-or-pay commitments

PHASE II TO BE COMMISSIONED 4Q201

Incremental 150 mmcf/d of sour gas processing capacityCompressor and gas gathering system expansionLong-term gas handling agreements with Pipestone EnergyIncludes take-or-pay commitmentsConstruction activities substantially completed in 1Q20

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.

36

Pipestone Gas Plant – Nearing Completion

STRATEGIC PARTNERSHIP WITH OVINTIVMajor 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 upExpected to be operating September 20201; cost of ~$600 million1,2

NEW INFRASTRUCTURE INCLUDES200 mmcf/d of sour gas processing capacity24,000 bbls/d of condensate processing facilitiesLiquids 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 OvintivIn May 2019 new customer contracted available capacity with long-term take-or-pay commitment

GROWTH OPPORTUNITIESAbility to expand gas plant by 200 mmcf/dAbility 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

37

Positioned for Future Development

1,290undeveloped acres

in Alberta’s Industrial Heartland

KFS

KAPS

C5+ Termination

C3+ Termination JosephburgRail Terminal