Heartland Update

John Hunszinger, VP Operations

1

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.

About Keyera, an Alberta Based Company

3

A leading Canadian midstream company

Operating since 1998

~1,100 permanent employees in Alberta

~240 in Edmonton/Fort Saskatchewan area

TSX common share trading price ~$34.00

Market capitalization: $7.3 billion1

~$5.5 billion invested since 2013

2020 Growth Capital Program: $700-$800 million

1. As at December 31, 2019.

Committed to Responsible Growth

4

Prioritizing our people & safety

• Recognized as a 2019 Top Employer in Canada & Alberta

• Targeting zero safety incidents

Improving our environmental performance

• Initiatives to reduce green house gas & methane

emissions

Engaging with our communities• Strong relationships and partnerships with local residents

& Indigenous communities

Fully Integrated Business, Difficult to Replicate

5

Western Canada

Sedimentary Basin

Production

iC8

Ethane

C2

Propane

C3

Butane

C4

Condensate

C5+

Iso-octane

iC8

Gathering &

Processing

Liquids

Infrastructure

Marketing

6

Keyera Fort Saskatchewan Complex

Keyera Fort Saskatchewan (KFS)

Fractionators• Frac 1 – 30,000 bbls/d of C3+ fractionation capacity

• Frac 2 – 35,000 bbls/d of C3+ fractionation capacity

2016 Investment of ~$156m

• De-ethanizer – 30,000 bbls/d of C2+ fractionation capacity

2015 Investment of ~$165m

Underground Storage Caverns• Largest underground storage position in WCSB

• ~15 million barrels of storage capacity in high demand

• 4 additional caverns being developed, expected to come in

service over next three years

More Capacity Needed• Fractionators & storage highly utilized

7

Edmonton Terminal

Base Line Crude Oil Storage

Terminal

South Cheecham

Rail & Truck TerminalAlberta Crude and Diluent Terminals

Josephburg Rail Terminal

Rail, Truck & Storage Terminals

8

Significant Land in Heartland for Future Development

1,290undeveloped acres

in Alberta’s Industrial

Heartland

KFS KJT

166undeveloped

acres

132undeveloped acres

9Source: Keyera internal estimates & company reports.

Wood Mackenzie for oil sands demand and forecast.

Keyera has significant

condensate storage capacity

65-70%Keyera

Peers

Keyera transports >50%

of oil sands demand

2017

bb

ls/d

Pe

rce

nta

ge

of

To

tal D

em

an

d

0%

Oil sands demand

Oil sands forecast

60%

40%

2018 2019 2020 2021 2022

Volume % transported

on Keyera’s system

Leading Condensate Service Provider

0

200,000

400,000

600,000

800,000

80%

100%

20%

Strong Fundamentals Support Continued Growth

Source: CAPP 2019 Bitumen Forecast10

BITUMEN

PRODUCTION GROWING

CONDENSATE

SUPPLY vs DEMAND

2010

0

mb

bl/

d

1,000

2,000

3,000

4,000

2015 2020 2025 2030

Oil Sands Mining

Oil Sands In-Situ

2020

0

mb

bl/

d

200

400

600

800

1,200

WCSB Supply Forecast

Demand Forecast1,000

2025 2030 2035 2040

Condensate

Imports

WCSB

Condensate

Production

Source: Condensate forecast Wood Mackenzie

11

Our Industry-Leading Condensate System

KAPS

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

12

Investment Opportunities Continue - $700m to $800m in 2020

13

KAPS will Provide Future Opportunities in the Heartland

A L B E R T A

Edmonton

Fort

Saskatchewan

Grande Prairie

Pipestone

Wapiti

KFS

OIL SANDS

MONTNEY

DEEP BASIN

DUVERNAY

SimonetteKAPS

Keyera

SemCAMS

KAPS – Project Overview

• Highly desired pipeline by industry

• Transports condensate & NGLs from

Montney/Duvernay to Fort Saskatchewan

• Two continuous flow pipelines

• 16” condensate & 12” NGL mix

• $1.3B project expected to be in service early 2022

• 50/50 partnership with SemGroup & KKR

14

15

KAPS – Upstream & Downstream Opportunities

MORE VOLUMES PROVIDE FOUNDATION FOR MORE OPPORTUNITIES

UPSTREAM DOWNSTREAM

Simonette, Wapiti,

Pipestone

Fractionation &

Storage

Rail & Truck

Terminals

Condensate

System & AEF

16

Our Significant Land Position in the Heartland

1,290undeveloped acres

in Alberta’s Industrial

Heartland

KFS

KAPS

land to build more

frac &

storage

land to develop

1-2 cavernsper year for

next 30yrs

KJT

Keyera holds salt rights

beneath most of this land

Ethane Opportunities

17

Supplier to Pet Chems

• Extract C2+ from Montney plants

• Transport C2+ on KAPS

• Provide incremental frac at KFS

C2+

A L B E R T A

Edmonton

Fort Saskatchewan

Fort McMurray

Gas plant

NGL facility

Gas pipeline

NGL pipeline

NGL pipeline under construction

ethaneextraction

Grande

Prairie

solventdemand

18

Propane Opportunities

Access Additional Markets

• Connect to new PDH facility

• Meet solvent demand

PDH

Other

Edmonton

Fort Saskatchewan

Grande

Prairie

Fort McMurrayA L B E R T A

Gas plant

NGL facility

Gas pipeline

NGL pipeline

NGL pipeline under construction

Condensate Opportunities

19

Upgrade Condensate

• Leverage KAPS C5+ volumes

• Upgrade condensate to benefit

both Keyera & our customers KAPS

C5+quality

Edmonton

Fort Saskatchewan

Grande

Prairie

Fort McMurray

A L B E R T A

Gas plant

NGL facility

Gas pipeline

NGL pipeline

NGL pipeline under construction

C5+lightC5+

heavy

Our Investments Create Jobs & Generate Opportunities

Our capital investments provide

• Significant employment opportunities for Albertans

• Employment and training opportunities focusing on diversity and inclusion

• Significant incremental tax and royalty revenues for Alberta

KAPS represents total additional investment of ~$1.3 billion in Alberta

• Labour ~ $970mm, Materials ~ $310mm, Engineering ~ $20mm

• Benefitting multiple regions in the province

• Offering both short and long-term employment opportunities for Albertans

• Positioned to generate significant incremental revenues for Alberta

Contributing to the Alberta Economy

20

Our Community Investment program aims to develop safe, thriving, and vibrant

communities. Our support helps to fund charitable organizations that focus on:

Preference is given to organizations that have been granted a charitable registration number by the CRA

Investing in our Communities

21

Proud Supporter of STARS

• Keyera has donated over $750,000 since 2005

Keyera Kares Ride to Conquer Cancer Team

• Team Keyera raised over $100,000 2017 to 2019

Prostate Cancer Canada Step Up Challenge

• Team Keyera raised over $40,000 in 2019

The Stollery Children’s Hospital Foundation

• Keyera committed to an annual donation of $40,000 (four year term)

United Way

• To date, Keyera has raised over $5 million for the United Way.

Peter Lougheed Leadership College at U of A

• Keyera donates $50,000 per year (2019-2021)

Employees Donating their Time

• Over 7,000 volunteer hours in 2019

Keyera Community Giving

22

• Keyera’s Indigenous Business Involvement (IBI)

approach builds capacity in Indigenous communities

through:

Indigenous Relations

1 2

43 Recruitment

& Training

Business

OpportunityConsultation

Community

Investment

23

• More than 20 Indigenous Communities are engaged

in Keyera’s IBI plan because of the KAPS project.

24

• Keyera’s strategy supports a strong, competitive & prosperous Alberta

• We have a strong track record with over 20 years of delivering financial & operational results

• We work with our customers, communities and others in industry to develop safe, reliable, economic

midstream solutions

• Our investment decisions are driven by a strategy of long-term, value driven, sustainable growth

Concluding Comments