Logistics Services for the Heavy Oil SectorPeters & Co. 2013 Energy Conference

David G. Smith, President and COO

Forward-Looking Information

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 andinformation that are forward-looking statements or information within the meaning of applicable securities legislation, and which are collectivelyreferred to herein as “forward-looking statements". Forward-looking statements in this document include, but are not limited to statements and tables(collectively “statements”) with respect to: capital projects and expenditures; strategic initiatives; anticipated growth and performance; anticipatedproducer activity and industry trends; geological predictions such as the future importance of the WCSB as a source of gas supply and future demandfor condensate;; anticipated timing associated with capital projects and future revenue streams; and objectives of or involving Keyera. Readers arecautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations uponwhich they are based will occur. By their nature, forward-looking statements involve numerous assumptions, as well as known and unknown risks anduncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-lookingstatements will not occur and which may cause Keyera’s actual performance and financial results in future periods to differ materially from anyestimates or projections of future performance or results expressed or implied by the forward-looking statements. These assumptions, risks anduncertainties include, among other things: Keyera’s ability to successfully implement strategic initiatives and whether such initiatives yield the expectedbenefits; future operating results; fluctuations in the supply and demand for natural gas, NGLs, crude oil and iso-octane; assumptions regardingcommodity prices; activities of producers, competitors and others; the weather; assumptions around construction schedules and costs, including theavailability and cost of materials and service providers; fluctuations in currency and interest rates; credit risks; marketing margins; potential disruptionor unexpected technical difficulties in developing new facilities or projects; unexpected cost increases or technical difficulties in constructing ormodifying processing facilities; Keyera’s ability to generate sufficient cash flow from operations to meet its current and future obligations; its ability toaccess external sources of debt and equity capital; changes in laws or regulations or the interpretations of such laws or regulations; political andeconomic conditions; and other risks and uncertainties described from time to time in the reports and filings made with securities regulatory authoritiesby Keyera. Readers are cautioned that the foregoing list of important factors is not exhaustive. The forward-looking statements contained in thisdocument are made as of the date of this document or the dates specifically referenced herein. For additional information please refer to Keyera’spublic filings available on SEDAR at www.sedar.com. All forward-looking statements contained in this document are expressly qualified by thiscautionary statement.

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One of Canada’s Largest Midstream Operators

About Keyera (TSX:KEY)

• Strong track record of income and growth

• Disciplined approach to value creation

• Stable cash flows from largely fee-for-service activities

• Proven operational expertise• Strategically positioned assets • Exciting growth opportunities tied to

our integrated business lines:– Focus on liquids-rich drilling

– Increasing demand for oilsands services

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22%compound annualtotal return1

to shareholders

8.1% CAGR3 in dividends per share

11 dividendincreasessince IPO in 2003

$2.40 per share per

year2

1 From May 30, 2003 to May 31, 20132 Effective with August dividend payable September 16, 20133 From June 24, 2003 to August 31, 2013

Delivering Midstream Energy Solutions Along the Value Chain

Integrated Business Lines – Superior Service Offering

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* Includes intersegment transactions. See Keyera’s Second Quarter 2013 MD&A for a definition of Operating Margin.

Fee-For-Service Business Underpins Cash Flow for Dividends

Growing the Business

74%Fee-for-service 4

(66% YTD 2013)

1 Operating margin excludes other income from production.2 Non-GAAP measure. 3 See Keyera’s Q2 2013 MD&A for a definition of operating margin and EBITDA.4 Fee-for-service operating margin includes fees paid by Marketing to NGL Infrastructure. 5 2009 normalized to exclude $29.2 million paid out as a special dividend.

$0

$50

$100

$150

$200

$250

$300

$350

$400

2008 2009 2010 2011 2012

NGL Marketing - margin based

NGL Infrastructure - fee-for-service

Gathering & Processing - fee-for-service

Operating Margin 1,3

$ Millions

5

$0

$50

$100

$150

$200

$250

$300

$350

$400

2008 2009 2010 2011 2012

EBITDA Dividends⁴

EBITDA2,3,5

$ Millions

Franchise Facilities in the Right Locations

Gathering and ProcessingBusiness Unit

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• Well maintained, long-life facilities– 2.4 Bcf/d licensed gross capacity

– Keyera operates 14 of 15 plants

– NGL extraction capability at 95% of plants

• Extensive gathering systems– ~4,000 km of 4”-12” diameter pipelines

– Capture areas create franchise regions

• Fee-for-service revenues with negligible direct commodity exposure– Largely flow-through operating costs

MONTNEY

CARDIUM

DUVERNAY

GLAUCONITE

Liquids Business Unit

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• NGL Infrastructure is a fee-for-service business providing:

– 80,000 bbls/d of fractionation capacity at 5 locations

– Rail & truck handling facilities at 17 Locations, including a 1,300+ rail car fleet

– 11.4 million barrels of underground storage at 12 caverns plus >300,000 barrels of above ground storage

– Iso-octane production at Alberta EnviroFuels

• Marketing provides various support services including:

– Purchasing propane, butane and condensate from producers in western Canada and the U.S.

– Fractionating NGL mix into spec products

– Storing NGLs as required to meet demand and operational fluctuations

– Utilizing Keyera’s integrated facilities and logistics expertise to move spec products to markets across North America

Growth Projects Increasing Cash Flow

Strong Suite of Growth Opportunities

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Operational• New gas gathering pipelines• Turbo expander at Strachan• Turbo expander at MBL• ADT moved to 24/7 operations• Kearl contract – diluent and

solvent handling• AEF (acquired in 2012)• Iso-octane deliveries by rail to

market • 12th storage cavern

Under Development• Rimbey turbo-expander• Wapiti pipelines (2 x 90 km)• Simonette modifications• Strachan sulphur expansion• Alberta Crude Terminal• Hull Terminal refurbishment• South Cheecham Rail and Truck

Terminal• 4th brine pond at KFS• 13th storage cavern at KFS• KFS de-ethanizer

Under Evaluation• Gas gathering pipelines• Enhancing NGL recoveries at gas

plants• Future Simonette expansion• Rail loading terminals• South Cheecham expansion• Norlite diluent pipeline to oilsands• Alberta Liquids Pipeline System• Hull Terminal expansion• NGL frac expansions

Significant Organic Growth Projects Underway

ProjectsCapital Cost$ Millions 1 2013 2014 2015

Rimbey turbo expander 210

Wapiti raw gas and condensate pipelines 155

Simonette plant modifications 90

Strachan sulphur projects 65

South Cheecham Rail & Truck Terminal 68

Fort Saskatchewan de-ethanizer 111

Alberta Crude Terminal 65

Hull Terminal refurbishment 35

Fort Saskatchewan storage projects 29

Total 828

2013 Growth Capital Budget1 - $400 million to $450 million 9

1 Keyera’s share of estimated capital cost. See Keyera’s Q2 2013 MD&A for capital investment risks and assumptions.

Keyera Ideally Suited to Provide Diluent Handling Services

Diluent Business Opportunity

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• Bitumen must be thinned with a lighter hydrocarbon, called diluent, for movement via pipeline

• Majority of future bitumen production will be transported by pipeline to upgraders

– Condensate is diluent of choice– Approximately 1 barrel condensate is

blended with 3 barrels of bitumen

Source: Imperial Oil0

1

10

100

1,000

10,000

100,000

1,000,000

Viscosity at Room Temperature (cP)

Water

OliveOil

PancakeSyrup

Honey

Ketchup

PeanutButter

AthabascaBitumen

Light Crude

Oil

Cold Lake Bitumen

Diluent Imports Required to Meet Oilsands Growth

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Providing Customers with Significant Receipt and Delivery Flexibility

• Diluent transportation, storage and terminalling services in Edmonton/Fort Saskatchewan

• Connections to access all diluent streams in Alberta

• Strong service offering attracting new business: • Kearl (Imperial Oil)

– 25-year diluent transportation services began July 2012

– 15-year storage services agreement

• Sunrise (Husky Oil/ BP)− Services to begin in 2014− Storage and transportation

agreement • Other deals being negotiated

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Keyera’s Fort Saskatchewan Condensate System

Integrated Approach to Condensate Logistics

Projects to Enhance Keyera’s Condensate Network

• Simonette modifications :

– Adding new condensate stabilizer

– Building a 90km condensate pipeline from the Wapiti region to Simonette

• Rimbey modifications:

– Evaluating debottlenecking options to increase fractionation capacity

– Evaluating expansion of pipeline system (natural gas + condensate)

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• Cochin Pipeline

– Condensate delivery to KFS, once reversal is complete in 2014.

• Other projects under evaluation:

– Norlite pipeline

– Edmonton storage tanks

– Future Hull Terminal expansion

• Nevis modifications:

– Adding NGL mix truck offload to access fractionator

• Alberta Liquids Pipeline System

– Soliciting producer interest to underpin construction of a new pipeline system

– System would enable producers to transport NGL mix and condensate from the Deep Basin to Fort Saskatchewan

Future Oil Takeaway Capacity –Rail Part of the Solution

• Rail delivery necessary while pipeline projects are approved and completed

• Flexibility to handle all crude qualities and deliver to any markets is expected to support rail delivery longer-term

14Source: CAPP “Crude Oil Forecast, Markets and Transportation”

Providing Market Access by Expanding Rail Loading Facilities

• Rail and truck loading at 17 locations

• >1,300 rail cars on lease

• Have been moving propane, butane and condensate by rail since Keyera’s inception in 1998

• Began moving iso-octane by rail in 2012

• Adding crude oil rail loading in 2013

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Strategic Rail Terminal Development

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Existing Terminal Business

ADT • Up to 50,000 bbls/d diluent rail offload• >300,000 bbls above ground storage

Edmonton • Iso-octane, propane, butane rail and truck loading/offloading

• Pipeline connected to other Keyera NGL infrastructure

Rimbey Plant • ~ 10,000 bbls/d propane rail loading • NGL mix truck offload

Terminals Under Construction / Evaluation

South Cheecham • 20,000 bbls/d diluent offloading & 32,000 bbls/d dilbitloading

Alberta Crude Terminal (ACT)

• 40,000 bbls/d crude loading• Possible expansion of up to 125,000 bbls/d crude loading

Hull, USAPhase 1

• Terminal located near Mt. Belvieu hub• Propane & butane loading/unloading

Josephburg • Land acquired near Fort Saskatchewan with access to rail • Terminal options being evaluated

Alberta Diluent Terminal

South Cheecham Rail and Truck Terminal

Meeting the Needs of Canadian Oil Sands Producers

South Cheecham Terminal –Extending our Logistics Footprint

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• Construction of South Cheecham Rail and Truck Terminal underway with completion expected in Q3

• Ownership Keyera 50%, Enbridge 50%; Keyera constructing and will operate facility

• Terminal will be capable of receiving diluent or solvents and loading dilbit onto railcars for delivery to upgraders

• Agreements in place with Statoil and JACOS

• Gross costs of ~$135 million

• Evaluating facility expansion

Alberta Crude Terminal –Developing Crude By Rail Loading in Edmonton Area

• 50/50 partnership with Kinder Morgan

• Access to all crude qualities from Kinder Morgan

• Underpinned by large refiner

• Served by CN and CP railways

• 40,000 Bbls/d crude oil loading facilities

• Net capital cost to Keyera of ~$65 million

• Possible future expansion of up to 125,000 Bbls/d

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Strong Balance Sheet for Growth and Flexibility

Conservative Capital Structure

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Laddering of Maturities Reduces Financing Risk

Key Debt Metrics (as at June 30, 2013)

1.8 x Net debt and convertible debentures / LTM EBITDA1

12% Net debt and convertible debentures / Enterprise value2

1 Net debt and conv. debs. $631.0 million. LTM EBITDA $353.1 million (adjusted for IFRS and non-GAAP measure. See Keyera’s Q2 2013 MD&A for comparable GAAP measure).2 Enterprise value based on Sept 4, 2013, closing prices: $56.87 (KEY) and $288.11 (KEY.DB.A).

$45

$85$60

$125$104

$60

$144

$100 $100

$8$0

$20

$40

$60

$80

$100

$120

$140

$160

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

$CA

D M

M

SeniorNotes

ConvertibleDebentures

NOTE: Notes maturing in 2025 and 2028 are part of a private placement that is expected to close on October 10, 2013

In Summary - Our Platform for Success

• Track record of steady value creation

• Stable cash flows with demonstrated growth

• Focused strategy, disciplined approach

• Positioned to benefit from liquids-rich gas production

• Positioned to capitalize on growth in oil sands activities

• 2013 growth plans to be largest in Keyera’shistory

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For Further Information Contact:John CobbVice-President, Investor RelationsorJulie PuddellManager, Investor Relations888-699-4853ir@keyera.com

Keyera Corp.600, 144 – 4 Avenue SWCalgary, Alberta T2P 3N4

WWW.KEYERA.COM