#1KEYERA Investor Presentation November 2023 CONNECTING ENERGY FOR LIFE 8#2Forward-Looking Information & Non-GAAP and Other Financial Measures To provide readers with information regarding Keyera, including its assessment of future plans, operations and financial performance, certain statements contained herein contain forward-looking information within the meaning of applicable Canadian securities legislation (collectively, "forward-looking information"). Forward-looking information relate to future events and/or Keyera's future performance. Forward-looking information are predictions only; actual events or results may differ materially. Use of words such as "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "plan", "intend", "believe", and similar expressions (including negatives thereof), is intended to identify forward-looking information. All statements other than statements of historical fact contained herein are forward-looking information, including, without limitation, statements regarding future dividends, future financial position of Keyera, future returns from capital projects, Keyera's vision, business strategy and plans of management, anticipated growth and proposed activities, future opportunities, expected capacities associated with capital projects, expected sources of and demand for energy, estimated utilization rates, and expected commodity prices and production levels. Forward-looking information reflect management's current beliefs and assumptions with respect to such things as outlook for general economic trends, industry forecasts and/or trends, commodity prices, capital markets, and government, regulatory and/or legal environment and potential impacts thereof. In some instances, forward-looking information may be attributed to third party sources. Management believes its assumptions and analysis are reasonable and that expectations reflected in forward-looking information contained herein are also reasonable. However, Keyera cannot assure readers these expectations will prove to be correct. All forward-looking information involve known and unknown risks, uncertainties and other factors that may cause actual results, events, levels of activity and achievements to differ materially from those anticipated in the forward- looking information. These unknown risks, uncertainties, and other factors affecting Keyera and its business are contained in Keyera's 2022 Year-End Report, Keyera's 2023 Third Quarter Report and in Keyera's Annual Information Form, dated February 15, 2023, November 8, 2023, and February 15, 2023, respectively. Each report is filed on SEDAR+ at www.sedarplus.ca and available on the Keyera website at www.keyera.com. Proposed construction and completion schedules and budgets for capital projects are subject to many variables, including the continued uncertainty of the COVID-19 pandemic; weather; availability of and/or prices of materials and/or labour; customer project schedules and expected in-service dates; contractor productivity; contractor disputes; quality of cost estimating; decision processes and approvals by joint venture partners; changes in project scope at the time of project sanctioning; regulatory approvals, conditions or delays (including possible intervention by third parties); Keyera's ability to secure adequate land rights and water supply; and macro socio-economic trends. As a result, expected timing, costs and benefits associated with these projects may differ materially from descriptions contained herein. Further, some of the projects discussed herein are subject to securing sufficient producer/customer interest and may not proceed if sufficient commitments are not obtained. Typically, the earlier in the engineering process that projects are sanctioned, the greater the likelihood that the schedule and budget may change. In addition to factors referenced above, Keyera's expectations with respect to future returns associated with: (i) growth capital projects sanctioned and in development as of the date hereof, and (ii) the KAPS project, are based on a number of assumptions, estimates and projections developed based on past experience and anticipated trends, including but not limited to: capital cost estimates assuming no material unforeseen costs; timing for completion of growth capital projects; customer performance of contractual obligations; reliability of production profiles; commodity prices, margins and volumes; tax and interest rates; availability of capital at attractive prices; and no changes in regulatory or approval requirements, including no delay in securing any outstanding regulatory approvals. All forward-looking information contained herein are expressly qualified by this cautionary statement. Readers are cautioned they should not unduly rely on these forward-looking information and that information contained in such forward-looking information may not be appropriate for other purposes. Further, readers are cautioned that the forward-looking information contained herein is made as of the date of this Investor Day Presentation. Unless required by law, Keyera does not intend and does not assume any obligation to update any forward-looking information. All forward-looking information contained in this Investor Day Presentation is expressly qualified by this cautionary statement. Further information about the factors affecting forward-looking statements and management's assumptions and analysis thereof, is available in filings made by Keyera with Canadian provincial securities commissions, which can be viewed on SEDAR+ at www.sedarplus.ca. Non-GAAP and Other Financial Measures This presentation refers to certain financial and other measures that are not determined in accordance with Generally Accepted Accounting Principles (GAAP) such as adjusted EBITDA, Distributable Cash flow (DCF), DCF per share, payout ratio, return on invested capital (ROIC), compound annual growth rate (CAGR) for dividends per share, CAGR for DCF per share, CAGR for adjusted EBITDA from the fee-for-service business, and fee-for-service realized margin. As a result, these measures may not be comparable to similar measures reported by other entities. Management believes that these non-GAAP and other financial measures facilitate the understanding of Keyera's results of operations, leverage, liquidity and financial position. These measures do not have any standardized meaning under GAAP and therefore, should not be considered in isolation, or used in substitution for measures of performance prepared in accordance with GAAP. For additional information regarding the composition of these measures, how management utilizes them, and where applicable, a reconciliation of Keyera's historical non-GAAP financial measures to the most directly comparable GAAP measure, refer to Management's Discussion and Analysis (MD&A) for the periods ended December 31, 2022, and September 30, 2023, which are available on SEDAR+ at www.sedarplus.ca and Keyera's website at www.keyera.com. Specifically, the sections of the MD&A titled "Non-GAAP and Other Financial Measures", "Segmented Results of Operations", "EBITDA and Adjusted EBITDA", "Dividends: Funds from Operations, Distributable Cash Flow and Payout Ratio", "Adjusted Cash Flow from Operating Activities", and "Return on Invested Capital", include information that has been incorporated by reference for these non-GAAP and other financial measures. Information not incorporated by reference Fee-for-service realized margin (defined as realized margin from the Gathering & Processing and Liquids Infrastructure segments) is a non-GAAP measure that is utilized in this presentation; however, is not included in the MD&A. Fee-for-service realized margin is used to assess the financial performance of Keyera's ongoing operations in its Gathering & Processing and Liquids Infrastructure segments without the effect of unrealized gains and losses on commodity-related risk management contracts related to future periods. The following is a reconciliation of fee-for- service realized margin to the most directly comparable GAAP measure, operating margin, for the period ended December 31, 2022: Fee-for-Service Realized Margin (Thousands of Canadian Dollars) Operating Margin Unrealized (gain) loss on risk management contracts Realized Margin Twelve months ended December 31, 2022 761,779 (9,095) 752,684 2#3Why Invest In Keyera? Compelling Risk-Adjusted Returns ESG Focused Emissions on intensity and absolute basis lowered by 12% and 4% from 2019 to 2021 Emissions Reduction Target: 25% and 50% by 2025 and 2035 from 2019 levels Compensation tied to ESG Performance Disclosures aligned with internationally recognized standards Financial Strength Low leverage of 2.5x1 net debt/adjusted EBITDA 2,3 at the end of Q3/23 Investment Grade Credit Ratings Available liquidity of $1.051 billion at the end of Q3/23 All term debt at fixed interest rate Dividend Sustainability Dividend sustainability underpinned by financial strength Payout ratio² target of 50-70% of DCF2 Dividend growth supported by growth in stable long-term fee- for-service cash flow High-Quality Assets Value Creation Track Record High barrier-to-entry assets with access to highest value markets Integrated value chain maximizes margins Accelerating the use of technology and innovation Clearly defined financial framework and capital allocation priorities4 Avg. 5-year ROIC²: 15% FY22 ROIC: 16% 2,5 CAGR of 7% for DCF2 and 6% for dividends 2,6 on a per share basis since 2008 STRONG FOCUS ON TOTAL SHAREHOLDER RETURN See slide 22 for notes regarding this slide 3#4Our ESG Journey Pre 2018 ESG Performance Disclosure CDP Since 2010 CDP DISCLOSURE INSIGHT ACTION 2019 ESG Performance Disclosure, SASB-Aligned STAINABILI ACCOUNTING SASB STANDARDS BOARD 2020 Materiality Assessment; ESG Priorities ESG-Aligned Incentive Compensation 2019 ESG Report Connecting energy for life 2019 ESG Report 2021 GHG Targets Parallel Path for Energy Transition Enterprise Risk Management and Capital Investment Integration Climate Report 2022-2023 New Board Governance & Sustainability Committee ESG-Aligned Community Investment Program Stakeholder Engagement Capacity Building 2021 ESG Report KEYERS 2021 Climate Report KEYERA CONNECTS TCFD#5Demonstrating ESG Leadership Long-Term Value Creation is Consistent with Strong ESG Performance MSCI BBB (2018) A (2022) * *Rating: Lower is better SUSTAINALYTICS CDP DISCLOSURE INSIGHT ACTION 41st (2018) 8th * (2022) (2018) *Percentile: Lower is better vigeqiris * (2022) 31st (2018) *Rating: Lower is better Rating 48th * (2022) *Score: Higher is better Keyera can play a leading role in the transition to a low carbon economy Meaningful emissions reduction to date Emission intensity lowered by 12% from 2019 to 2021 Absolute emissions down by 4% from 2019 to 2021 S Diversity & Inclusion program update 50% female SVP 36% female board By 2025, reduce our emissions intensity by 25% from 2019 levels 0.052 By 2035, reduce our emissions intensity by 50% from 2019 levels E G Strong Corporate Governance • • 100% independent board . • 98% average say on pay voting result Compensation linked to ESG performance See slide 22 for notes regarding this slide Disclosure Transparent ESG Disclosures • Second ESG report published November 2022 Inaugural Climate Report published November 2021 Carbon intensity (t CO₂e/m³) 0.039 0.026 Completed 2025 target +25% 2035 target +50% 0.013 0 Carbon p KAPS, Wildhorse intensity in Gathering & 2019 Processing optimization (Reduced emissions by ~200,000 tonnes of CO2 from 2019 to 2020) Operational efficiency Renewables & low-carbon power New Carbon intensity by ventures, 2035 including CCUS & hydrogen 5#6Sustained Dividend Growth Through Capital Discipline Target Payout Range 50%-70% of Distributable Cash Flow³ 7% DCF/sh CAGR1,3 (since '08) Financial Crisis 6% Dividend/sh CAGR³ (since '08) DCF/sh³ Portion of DCF/sh³ paid as Dividends Net debt to adjusted EBITDA2,3 Commodity Price Collapse COVID-19 Pandemic DCF/sh³ $2.95 $1.92 Dividend/sh MAINTAINED 2.9x STRONG 2.2x 1.9x 2.0x 2.0x 2.0x 2.2x 2.3x 2.5x 2.3x 2.6x 2.2x 2.4x 2.5x BALANCE 1.2x SHEET 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 See slide 22 for notes regarding this slide Net debt to adjusted | EBITDA 2,3 ΟΙ 6#7Our Financial Framework Guiding Our Efforts to Generate Superior Risk-Adjusted Returns Preserve Financial Strength and Flexibility Invest for Margin Growth and Cash Flow Stability Cash Returns to Shareholders See slide 22 for notes regarding this slide Target 2022A Credit ratings BBB BBB/BBB- Net debt/Adjusted EBITDA 1,2 2.5x - 3.0x 2.5x Corporate ROIC1 >12% 16% Fee-for-Service contribution of Realized Margin¹ >75% Dividend Payout Ratio¹ 66% 50% - 70% 65% Activate share buybacks as appropriate 7#8Capital Allocation Priorities Strong Focus on Long-Term Total Shareholder Returns Non-Discretionary ☐ Fund maintenance capital 2 Maintain balance sheet strength 3 Pay current dividend Year Priorities 2022 Fund major strategic growth project (KAPS) Discretionary 4 Allocate remaining capital Further debt reduction • Dividend growth • Growth capital Share buybacks See slide 22 for notes regarding this slide Balance priorities between: 2023 Bringing net debt to adjusted EBITDA within target range by year end 2023 2024 - • 2025 Increasing cash returns to shareholders Modest growth capital Balance priorities between: Increasing cash returns to shareholders • Growth capital investment 8#9Clear Pathway to Near-Term EBITDA¹ Growth Our '22-125 Plan 2022 2023E 2024E 2025E Continued ramp up at Wapiti Filling of Existing Capacity South Cheecham Sulphur Terminal Storage Cavern 18 Pipestone Capacity Expansion (~40 MMcf/d) KAPS Zones 1-3 completion and initial capacity ramp-up Sanctioned or Operating Unsanctioned Project Ramp-up See slide 22 for notes regarding this slide Adj. EBITDA¹ ($M) 6-7% CAGR¹ 2022 2023E 2024E 2025E 9 Assumes Marketing realized margin of $250MM#10• • • Strong Financial Position 2.5x net debt to adjusted EBITDA12 at the end of Q3/23 Conservative payout ratio¹ 65% for 2022 (target of 50 - 70%) Investment grade credit ratings S&P Global: Upgraded to BBB/Stable in September 2023 Long-term debt maturities (C$ MM)³ (excludes drawings under revolver) I Private Notes $400 $264 . DBRS Limited: Affirmed, BBB/Stable $230 $143 • Total liquidity of $1.05B at the end of Q3/23 with: $30 2023 2024 2025 2026 2027 $490 MM drawn on $1.5B credit facility $43 MM cash on hand • All term debt at fixed rates See slide 22 for notes regarding this slide 10#11Managing Cash Flow Stability Realized Margin¹ from Investment Grade Customers and Take-or-Pay Contracts. MANAGED THROUGH ~29% Non ~34% Non Investment Grade RISK MANAGEMENT Fee-for-Service ~66% Fee-for-Service Investment Grade ~71% (78% including secured counterparties) ~35% Take-or-Pay (Avg. Duration: 6-years) PROGRAM PROTECTING DOWNSIDE PRESERVING UPSIDE DELIVERING RISK ADJUSTED RETURNS 2022 Realized Margin¹ 2022 Take-or-Pay lower year-over-year due to record 2022 Marketing margin year See slide 22 for notes regarding this slide 11#12Our Integrated Value Chain High Barrier-to-Entry Asset Base with Access to High Value Markets Customers Raw Gas Timm NGL S Spec Products External Markets Gathering & Processing Strategically located gas plants in the liquids-rich Western Alberta 4,400 kilometers of gas gathering network Liquids Infrastructure Highly utilized fractionation, storage, transportation and upgrading assets with high barriers to entry Industry-leading condensate system Largest underground storage position in Alberta 100000 Marketing Utilizes Keyera's infrastructure to access highest value markets Demonstrated effective risk management program • End Users Difficult and Cost Prohibitive to Replicate Our Asset Base 12#1300 LNG Canada MONTNEY Gordondale Zone 4 Pipestone Delivering Energy Infrastructure Solutions Focused on Maximizing Customer Netbacks Energy Infrastructure + Marketing ● Grand Prairie North G&P Wapiti BRITISH COLUMBIA ALBERTA Legend Keyera gas processing Keyera liquids infrastructure Keyera liquids pipeline KAPS zone 4 (proposed) 3rd party liquids pipeline KAPS Simonette OIL SANDS DUVERNAY Grand Rapids Polaris Norlite Access 12 Gas Plants Cold Lake Keyera Fort Saskatchewan DEEP BASIN South G&P Keylink Rimbey Natural Gas (C1) Ethane (C2) + Propane (C3) Demand Drivers LOW-EMISSIONS ENERGY SOURCE ENERGY SECURITY MEDICAL GRADE PLASTIC, STERILE PACKAGING LIGHT WEIGHTING AUTOMOTIVE, FOOD PACKAGING, HEATING Condensate System Butane (C4) LOWER INTENSITY SOLVENTS, OIL SANDS ESG TARGETS Cochin Alberta EnviroFuels Southern Lights Iso-Octane (iC8) ENVIRONMENTAL STANDARDS, CLEAN BURNING ENGINES Condensate (C5+) OIL SANDS DILUENT US and International Markets Crude Oil GROWTH IN WORLD ENERGY DEMAND, ENERGY SECURITY 13#14MONTNEY Gordondale Zone 4 Pipestone • Grand Prairie North G&P Wapiti BRITISH COLUMBIA ALBERTA --- Legend Keyera gas processing Keyera liquids infrastructure Keyera liquids pipeline KAPS zone 4 (proposed) 3rd party liquids pipeline A Game Changer for Keyera KAPS Ending Decades Long Monopoly OIL SANDS DUVERNAY KAPS Simonette 12 Gas Plants Keyera Fort Saskatchewan DEEP BASIN South G&P Keylink Rimbey Grand Rapids Polaris Norlite Access Cold Lake Condensate System Cochin Alberta EnviroFuels Southern Lights Significantly Improves Our Competitiveness Fully Integrates our value chain Allows to better compete for volumes and earn full-value chain returns Offer customers a much-needed competitive alternative on a newer pipe Positions Keyera for additional future growth opportunities such as Zone-4, frac debottlenecks and expansion Gas Plants N KAPS & Keylink Keyera Fort Saskatchewan Alberta EnviroFuels DO DE Condensate System 14#15Timely Acquisition in the Core Fort Saskatchewan Facilities Adding Meaningful Capacity at the Heart of the Value Chain Keyera Fort Saskatchewan (KFS) Access KAPS Keyera Fort Saskatchewan +14,000 bbls/day Fractionation +6,000 bbls/day De-Ethanization +3.7 million bbls of NGL Storage +79.2k bbls/day Pipeline Capacity KFS Overview Before Acquisition Current Working Interest 77% 98% De-ethanization (bbls/d) 23,000 29,000 Alberta Crude / Diluent Terminal Fractionation (bbls/d) 51,000 65,000 Keyera Edmonton Terminal Alberta EnviroFuels Storage (bbls) 12.7 million 16.4 million Pipelines (bbls/d) 285,300 364,500 Edmonton *Includes 3 pipelines (8", 12" & 16") that are part of the Fort Saskatchewan Pipeline System (FSPL) which connects Keyera Fort Saskatchewan to Keyera Edmonton Terminal Fort Saskatchewan Polaris Grand Rapids Norlite Cold Lake Keyera Josephburg Terminal Liquids Infrastructure Cochin Keyera liquids infrastructure Keyera liquids pipeline KAPS Zone 1-3 (under construction) Rimbey & KeyLink Pipelines 3rd party liquids pipeline Southern Lights 15#16Adding High Demand Capacity at Attractive Valuation Transaction Highlights. Expands Core of Value Chain: Meaningful Synergies: Immediately Accretive: Attractive Multiple: Increased Fractionation Capacity: Capital Efficient Growth Options: Strong Go- Forward Balance Sheet Flexibility: More than 25% incremental capacity added to fractionation, de-ethanization, underground NGL storage and the Fort Saskatchewan Pipeline System (FSPL). Added meaningful fee-for-service cash flows. Added operational flexibility, increased volumes available for margin capture in Keyera's Marketing segment and tax savings. Distributable cash flow per share is expected to average approximately 3% accretion per year, including tax synergies. Acquisition price of $365 million represents approximately 11x expected 2023 Operating Margin, and approximately 9.5x on the same measure thereafter. Increased fractionation capacity bolster's Keyera's ability to secure long-term contracts in a tight market and accommodate incremental KAPS volumes. It also eliminates project execution risk. Future fractionation capacity expansions, including potential de-bottlenecks, are expected to be more capital efficient given the acquisition includes additional storage and pipeline capacity. Funded through a combination of cash-on-hand, existing credit facilities and a $200 million bought deal equity offering, maintaining corporate debt leverage within the Corporation's target range of 2.5x to 3.0x net debt to adjusted EBITDA2. See slide 22 for notes regarding this slide 16#17Gas Plants Growth Across Our Integrated Value Chain Projects Paced to be Internally Funded KAPS and Keylink NO Keyera Fort Saskatchewan Alberta EnviroFuels CD CO H2 Spec NGL Transportation Additional Frac CCUS Services Expand Pipestone KAPS Zone 1-3 Ramp Wapiti KAPS Zone 4 Storage Expansion Continued Optimization Co-Gen KFS De-Carbonization 000 00 Spec NGL Transportation Condensate System C2 Ethane C3) Propane C4) Butane C5+) Condensate iC8) Iso-Octane Oil Sands Diluent Supply Future Low Carbon Services AEF De-Bottleneck Higher Value Market Access AEF De-Carbonization More Logistics Offerings More Diluent to Oil Sands More Solvents to Oil Sands Increased Marketing Sale Volumes Drivers Of Additional Margin Growth and Returns 17#18Playing A Role In The Energy Transition Transitioning to A Low-Carbon Economy Carbon Capture & Storage Acid gas injection at six of our existing locations¹ Potential to provide CCS services for customer Emissions Reduction Emissions on intensity and absolute basis lowered by 19% and 4% from 2019 to 2021 • Actively exploring co-generation opportunities to further lower our overall emissions BRITISH COLUMBIA MONTNEY Gordondale Zone 4 Pipestone Grand Prairie North G&P Wapiti ALBERTA Legend Keyera gas processing Keyera liquids infrastructure Keyera liquids pipeline KAPS zone 4 (proposed) 3rd party liquids pipeline Decarbonization Decarbonizing A 15-year solar PPA covering 10% of our total energy consumption came online during Q1/23 Hydrogen CCS/AGI Operations See slide 22 for notes regarding this slide KAPS Simonette 12 Gas Plants OIL SANDS DUVERNAY Keyera Fort Saskatchewan DEEP BASIN South G&P Keylink Rimbey Grand Rapids Access Norlite Clean Fuels Exploring opportunities to help refiners meet CFS requirements using iso-octane Further enhance the value of iso- octane through decarbonization Hydrogen • • 1,290 acres of undeveloped land available for H2 development Existing H2 production Cold Lake Condensate • System Existing H2 pipeline . Cochin Alberta EnviroFuels Southern Lights Options for H2 cavern storage Solvents • Help decarbonize oilsands production through solvents supply. Solvents include Propane and butane 18#19Building A Strong Energy Transition Business Unique Ability to Evolve Existing Asset Base through Energy Transition Potential Keyera Fort Saskatchewan (KFS) H2 Cogen and H₂ Demand Keyera Alberta Crude Terminal (ACT)/ Alberta Diluent Terminal (ADT) Keyera Edmonton Terminal (KET) Imperial Edmonton Shell IPL Dow Suncor Shell Fort Sask. Potential Keyera H₂ Caverns Potential H₂ and/or CO2 Market Opportunities Potential Keyera Alberta EnviroFuels (AEF) H2 Cogen KFS Dow CP IPL Keyera Josephburg Land Shell CNI 19#20Growth Capital Expenditures: Marketing Realized Margin: Maintenance Capital Expenditures: Cash Taxes: 2023 Guidance 2023 Guidance $200-$220 MM $420-$450 MM $95-$105 MM $Nil 2023 Planned Turnarounds and Outages Rimbey Gas Plant turnaround 3 weeks Completed in Q2 Keyera Fort Saskatchewan Fractionation Unit 2 outage 1 week Completed in Q2 Keyera Fort Saskatchewan Fractionation Unit 1 turnaround 2 weeks Completed in Q3 Pipestone Gas Plant turnaround Wapiti Gas Plant outage 3 weeks Completed in Q3 10 days Completed in Q4 See slide 22 for notes regarding this slide 20 20#21Why Invest In Keyera? Compelling Risk-Adjusted Returns ESG Focused Emissions on intensity and absolute basis lowered by 12% and 4% from 2019 to 2021 Emissions Reduction Target: 25% and 50% by 2025 and 2035 from 2019 levels Compensation tied to ESG Performance Disclosures aligned with internationally recognized standards Financial Strength Low leverage of 2.5x1 net debt/adjusted EBITDA 2,3 at the end of Q3/23 Investment Grade Credit Ratings Available liquidity of $1.051 billion at the end of Q3/23 All term debt at fixed interest rate Dividend Sustainability Dividend sustainability underpinned by financial strength Payout ratio² target of 50-70% of DCF2 Dividend growth supported by growth in stable long-term fee- for-service cash flow High-Quality Assets Value Creation Track Record High barrier-to-entry assets with access to highest value markets Integrated value chain maximizes margins Accelerating the use of technology and innovation Clearly defined financial framework and capital allocation priorities4 Avg. 5-year ROIC²: 15% FY22 ROIC: 16% 2,5 CAGR of 7% for DCF2 and 6% for dividends 2,6 on a per share basis since 2008 STRONG FOCUS ON TOTAL SHAREHOLDER RETURN See slide 22 for notes regarding this slide 21#22Notes Slide 3 All information as of December 31, 2022, unless otherwise stated. 1. As of September 30, 2023. 2. Distributable cash flow ("DCF"), payout ratio, compound annual growth rate ("CAGR") for DCF per share, compound annual growth rate ("CAGR") for dividends per share, adjusted EBITDA and return on invested capital are not standard measures under GAAP. See "Forward-Looking Information & Non-GAAP and Other Financial Measures" slide. 3.Net debt to adjusted EBITDA calculation for covenant test purposes excludes 100% of the company's subordinated hybrid notes. 4. Refer to slides 7 and 8 for further detail. 5. Refer to slide 7 for further detail. 6. Refer to slide 6 for further detail. Slide 5 1. Excludes President & CEO Dean Setoguchi. Slide 6 1.7% CAGR for distributable cash flow per share is from 2008 to 2022. 2. Net debt to adjusted EBITDA calculation for covenant test purposes excludes 100% of the company's subordinated hybrid notes. 3. Distributable cash flow ("DCF") per share, compound annual growth rate ("CAGR") for DCF per share, compound annual growth rate ("CAGR") for dividends per share, payout ratio and adjusted EBITDA are not standard measures under GAAP. See "Forward-Looking Information & Non-GAAP and Other Financial Measures" slide. Slide 7 All information as of December 31, 2022, unless otherwise stated. Adjusted EBITDA, return on invested capital, realized margin and payout ratio are not standard measures under GAAP. See "Forward-Looking Information & Non-GAAP and Other Financial Measures" slide. 2. Net debt to adjusted EBITDA calculation for covenant test purposes excludes 100% of the company's subordinated hybrid notes. Slide 8 1. Adjusted EBITDA is not a standard measure under GAAP. See "Forward-Looking Information & Non-GAAP and Other Financial Measures" slide. Slide 9 1. EBITDA, adjusted EBITDA, compound annual growth rate ("CAGR") for adjusted EBITDA and realized margin are not standard measures under GAAP. The 6%-7% CAGR on this slide represents CAGR for adjusted EBITDA from the fee- for-service business from 2022 to 2025. See "Forward-Looking Information & Non-GAAP and Other Financial Measures" slide. Slide 10 All information calculated as of December 31, 2022, unless otherwise stated. 1. Adjusted EBITDA and payout ratio are not standard measures under GAAP. See "Forward-Looking Information & Non-GAAP and Other Financial Measures" slide. 2. Net debt to adjusted EBITDA calculation for covenant test purposes excludes 100% of the company's subordinated hybrid notes. 3. All US dollar denominated debt is translated into Canadian dollars at its swap rate. Slide 11 Based on 2022 revenues. Counterparty credit ratings on January 26, 2023. Investment Grade includes counterparties who have Split-rating which denoted counterparty that has with an investment grade rating by one rating agency and a non-investment grade rating by the other rating agency. Counterparties with less than 50% investment grade ratings are considered non-investment grade. Parent's credit rating used when parental guarantees exist. Investment Grade excludes secured counterparties who have prepay terms or a posted letter of credit. 1. Realized margin is not a standard measure under GAAP. See "Forward-Looking Information & Non-GAAP and Other Financial Measures" slide. Slide 16 1. Distributable cash flow per share and adjusted EBITDA are not standard measures under GAAP. See the section of this presentation titled "Non-GAAP and Other Financial Measures" for additional information. 2. Net debt to adjusted EBITDA is calculated in accordance with the covenant test calculations related to the company's credit facility and senior note agreements and excludes 100% of the company's subordinated hybrid notes. Slide 18 1. Carbon captured through Acid gas injection ("AGI") which is a process of capturing and sequestering green house gases ("GHG") including CO2 and H2S, it also uses less energy and has less emissions than Sulphur recovery. Slide 20 1. Realized margin is not a standard measure under GAAP. See "Forward-Looking Information & Non-GAAP and Other Financial Measures" slide. Slide 21 All information as of December 31, 2022, unless otherwise stated. 1. As of September 30, 2023. 2 Distributable cash flow ("DCF"), payout ratio, compound annual growth rate ("CAGR") for DCF per share, compound annual growth rate ("CAGR") for dividends per share, adjusted EBITDA and return on invested capital are not standard measures under GAAP. See "Forward-Looking Information & Non-GAAP Measures and Other Financial Measures" slide. 3.Net debt to adjusted EBITDA calculation for covenant test purposes excludes 100% of the company's subordinated hybrid notes. 4. Refer to slides 8 and 9 for further detail. 5. Refer to slide 7 for further detail. 6. Refer to slide 6 for further detail. 22#23Contact Information Dan Cuthbertson Director, Investor Relations Senior Advisor, Investor Relations Rahul Pandey, CFA, P.Eng Manager, Investor Relations Calvin Locke, P.Eng, MBA 1-888-699-4853 [email protected] SED CAT. N° WPX-810 GATE OS&Y BODY A105N STEM $41000 DISC F6a+HF SEAT $41000+HF T Min 20.2 F PS at T min 1985,8 psi SIZE 3/4" RB CLASS #800 2014 YEAR OMB Ref ODP1/111233 TEST N T Max 797 F PS at T may 1116,8 ps API 602-B16.34 Keyera Corp. 20 PE The Ampersand, West Tower 200 144 Calgary, Alberta 4th Avenue SW T2P 3N4 www.keyera.com 23 23