#1KEYERA Investor Presentation January 2024 CONNECTING ENERGY FOR LIFE 8#2Forward-Looking Information 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, operating and financial results and capital and other expenditures of Keyera (including those forming part of expected 2023 year end results and the 2024 and future years' guidance), future returns from capital projects or corporate return on investment, financial and capital targets and priorities, 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, attaining emissions reduction targets, 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 and differences could be material. 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. The principal risks, uncertainties, and other factors affecting Keyera and its business are contained in Keyera's 2022 Year-End Report and in Keyera's Annual Information Form, each dated February 15, 2023, each 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; legislation and regulations and regulatory and other 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, or proceed as expected, 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 and exchange rates; availability of capital at attractive prices; and no changes in legislative, regulatory or approval requirements, including no delay in securing any outstanding regulatory approvals. This Presentation includes historical, current and forecast market and industry data that has been obtained from third party or public sources. Although management of Keyera believes such information to be reliable, none of such information has been independently verified by Keyera. All forward-looking information contained herein are expressly qualified by this cautionary statement. Readers are cautioned they should not unduly rely on this 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 February 15, 2023. Unless required by law, Keyera does not intend and does not assume any obligation to update any forward-looking information. 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. 2#3Non-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) and as a result, may not be comparable to similar measures reported by other entities. Management believes that these supplemental 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 on these non-GAAP and Other Financial Measures, including reconciliations to the most directly comparable GAAP measures for Keyera's historical non-GAAP financial measures, refer to Management's Discussion and Analysis (MD&A) for the three and nine months ended September 30, 2023 and for the year ended December 31, 2022 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", and "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. Realized margin from the Marketing segment, realized margin from the Gathering and Processing (G&P) segment, realized margin from the Liquids Infrastructure segment, realized margin from the fee-for- service business segments, adjusted EBITDA, compound annual growth rate (CAGR) for adjusted EBITDA holding Marketing constant, distributable cash flow (DCF), DCF per share, payout ratio, and return on invested capital (ROIC) are all non-GAAP or Other Financial Measures referenced in this presentation. The most directly comparable GAAP measure to realized margin from the Marketing, G&P and Liquids Infrastructure segments is operating margin from these same segments, respectively. The most directly comparable GAAP measure to adjusted EBITDA is net earnings. The most directly comparable GAAP measure to DCF is cash flow from operating activities. DCF per share and payout ratio are non-GAAP ratios that use DCF as a component of the ratio. ROIC is only prepared on an annual basis; therefore, refer to the MD&A for the year ended December 31, 2022 for additional details related to this financial measure. This presentation includes certain non-GAAP and Other Financial Measures that include forward-looking information or cannot be incorporated by reference to the MD&A. Refer below for additional information related to these measures. Realized Margin from the Marketing Segment The guidance for base realized margin from the Marketing segment (or Marketing realized margin) has been increased to a range of $310 million to $350 million (previously was $250 million to $280 million). The following includes the equivalent historical measures for this financial measure. Marketing Realized Margin (Thousands of Canadian dollars) Nine months ended September 30, Twelve months ended December 31, Operating margin - Marketing 2023 69,387 Three months ended September 30, 2022 124,235 2023 351,400 2022 386,680 2022 414,973 Unrealized loss (gain) on risk management contracts 30,327 Realized margin - Marketing 99,714 (40,555) 83,680 (1,030) 350,370 (37,990) 348,690 (17,552) 397,421 Realized Margin from the Fee-for-Service Business Segments Realized margin from the fee-for-service business segments, or fee-for-service realized margin (defined as realized margin from the Gathering and Processing and Liquids Infrastructure segments), is a non-GAAP financial 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 G&P 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 G&P and Liquids Infrastructure segments. Fee-for-Service Realized Margin (Thousands of Canadian dollars) Operating margin - Fee-for-service Unrealized loss (gain) on risk management contracts Realized margin – Fee-for-service 2023 214,573 Three months ended September 30, 2022 192,621 2023 635,913 Nine months ended September 30, 2022 562,220 7,289 221,862 (2,141) 8,578 (4,126) 190,480 644,491 558,094 Twelve months ended December 31, 2022 761,779 (9,095) 752,684 Compound Annual Growth Rate (CAGR) for Adjusted EBITDA holding Marketing constant (previously disclosed as CAGR for Adjusted EBITDA from the Fee-for-Service Business) CAGR is calculated as follows: CAGR = End of the period* Beginning of the period* 1 Number of Years -1 CAGR for adjusted EBITDA holding Marketing constant is intended to provide information on a forward- looking basis. This calculation utilizes beginning and end of period adjusted EBITDA, which includes the following components and assumptions: (i) forecasted realized margin for the G&P and Liquids infrastructure segments, (ii) realized margin for the Marketing segment, which is held at a value within the expected base realized margin between $310 million and $350 million (previously between $250 million and $280 million), and (iii) adjustments for total forecasted general and administrative, and long- term incentive plan expenses. During the fourth quarter of 2024, Keyera revised the label of this metric to "CAGR for Adjusted EBITDA holding Marking constant" (previously disclosed as CAGR for Adjusted EBITDA from the Fee-for-Service Business). The reason for this change is to more accurately reflect the meaning of the metric and the inclusion of Marketing cash flows which are not fee-for-service cash flows. This revision did not impact the composition of the metric. M#4Why Invest In Keyera? Compelling Risk-Adjusted Returns Strong ESG Performance Emissions¹ on intensity and absolute basis lowered by 13.5% and 6% from 2019 to 2022 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 2.5x net debt/adjusted EBITDA2,3 at the end of Q3/23 Investment Grade Credit Ratings Available liquidity of $1.05 billion at the end of Q3/23 All term debt at fixed interest rate Sustainable Dividend Growth Dividend sustainability underpinned by financial strength Payout ratio² target of 50-70% of distributable cash flow (DCF)² Dividend growth supported by growth in stable long-term fee- for-service cash flow High-Quality Assets Value Creation High barrier-to-entry assets with access to highest value markets Integrated value chain maximizes margins Accelerating the use of technology and innovation Track Record 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 21 for notes regarding this slide 4#5E Demonstrating ESG Leadership Long-Term Value Creation is Consistent with Strong ESG Performance MSCI SUSTAINALYTICS CDP vigeqiris BBB (2018) A * (2022) 41st (2018) 7th* (2022) DISCLOSURE INSIGHT ACTION (2018) Rating B* (2022) 31st (2018) 51st* (2022) *Rating: A is better *Percentile: Lower is better *Rating: B is better *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 13.5% from 2019 to 2022 Absolute emissions down by 6% from 2019 to 2022 S Diversity & Inclusion program update 50% female SVP 36% female board directors By 2025, reduce our emissions intensity by 25% from 2019 levels 0.052 By 2035, reduce our emissions intensity by 50% from 2019 levels G Strong Corporate Governance • • 100% independent board 98% average say on pay voting result Compensation linked to ESG performance Disclosure Transparent ESG Disclosures • Disclosures aligned with global frameworks Climate Report and ESG Reports See slide 21 for notes regarding this slide Carbon intensity (t CO₂e/m³) 0.039 0.026 Completed 2025 target +25% 2035 target +50% 0.013 0 Carbon intensity in pl KAPS, Wildhorse 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 DCF/sh³ Portion of DCF/sh³ paid as Dividends Net debt to adjusted EBITDA2,3 6% Dividend/sh CAGR³ (since '08) Commodity Price Collapse COVID-19 Pandemic MAINTAINED STRONG 2.2x 1.9x 2.0x 2.0x 2.0x 2.2x 2.3x 2.5x 2.3x 2.6x 2.9x 2.2x 2.4x BALANCE 1.2x SHEET $2.95 DCF/sh³ $1.92 Dividend/sh Net debt to 2.5x adjusted 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 See slide 21 for notes regarding this slide EBITDA 2,3 6#7Our Financial Framework Guiding Our Efforts to Generate Superior Risk-Adjusted Returns Target 2022A Credit Ratings BBB BBB/BBB- Preserve Financial Strength and Flexibility Invest for Margin Growth and Cash Flow Stability Net Debt/Adjusted EBITDA 1,2 2.5x-3.0x 2.5x Corporate ROIC >12% 16% Dividend Payout Ratio¹ 50% - 70% 65% Increasing Cash Returns to Shareholders Share Buyback Use opportunistically See slide 21 for notes regarding this slide 7#8Strong Free Cash Flow Generation in 2024 Sources and uses Adjusted EBITDA¹ Vs. Cash Uses Free Cash Flow Growth Capex Current level of Dividends Maintenance, Interest and Cash Taxes 2024 Free Cash Flow Uses Pay down short-term debt, building balance sheet optionality Sustainable dividend growth Potential for share buybacks, preference for capital efficient growth investments Capital Allocation Priorities Non-Discretionary ☐ Fund maintenance capital 2 Maintain balance sheet strength 3 Pay current dividend Discretionary 4 Allocate remaining capital • Further debt reduction • Dividend growth • Growth capital • Share buybacks Adjusted EBITDA1 2024E See slide 21 for notes regarding this slide 00 8#9Adjusted EBITDA¹ ($MM) Expected to Reach High End of Growth Target 6-7% CAGR for adjusted EBITDA holding Marketing constant 6-7% CAGR for Adjusted EBITDA holding Marketing constant 2022 2023E 2024E 2025E Assumes flat Marketing Realized Margin¹ of $310MM • Fee-For-Service Growth Drivers '22-'25 >20% realized margin¹ growth since beginning of '22; Near-term growth requires little incremental capital Gathering & Processing Filling available capacity at Wapiti Pipestone Gas Plant expansion (complete Dec 2023) Liquid Infrastructure Continued ramp-up of KAPS Acquisition of additional 21% stake in KFS Re-contracting of fractionation and other services at KFS under stronger terms Growth Drivers 2025+ Projects subject to strong contractual underpinning and Board sanction KAPS Zone 4 expansion KFS Frac II debottleneck KFS Frac III expansion Low Carbon Hub Strategy See slide 21 for notes regarding this slide 6#10Strong Financial Position • 2.5x net debt to adjusted EBITDA12 at the end of Q3/23 • • • Conservative payout ratio¹ 65% for 2022 (target of 50-70%) Investment grade credit ratings. S&P Global: Upgraded to BBB/Stable in September 2023 DBRS Limited: Affirmed, BBB/Stable Long-term debt maturities (C$ MM)³ (excludes drawings under revolver) I Private Notes $400 $264 $230 Total liquidity of $1.05B at the end of Q3/23 with: $143 $30 $490 MM drawn on $1.5B credit facility $43 MM cash on hand 2023 2024 2025 2026 2027 • All term debt at fixed rates See slide 21 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 RISK MANAGEMENT Investment Grade 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 21 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 • Tim NGL 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 000 OO Marketing Utilizes Keyera's infrastructure to access highest value markets Demonstrated effective risk management program Difficult and Cost Prohibitive to Replicate Our Asset Base End Users 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 Access Polaris Norlite 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#14Marketing: A Unique Competitive Advantage Physical business and natural extension of integrated value chain that enhances returns Marketing is a Physical Business Products Natural Gas Liquids (NGLs) Products Pipeline Ethane (C2) Propane (C3) Butane (C4) Condensate (C5+) Truck Crude Iso-octane (iC8) Destinations Eastern Canada West Coast Canada Oilsands Bakken Conway US Gulf Coast US Midwest US West Coast Stronger cash flow from Marketing segment Rail Consistently Delivering Above Peer Average ROIC¹ Peer average ROIC 20% 15% 10% 5% 0% 2018 Keyera ROIC 2019 2020 2021 Source: Scotiabank See slide 21 for notes regarding this slide 2022 More volumes available to market Reinvest in fee-for- service business growth 14#15MONTNEY Gordondale Zone 4 North G&P Pipestone • Grand Prairie BRITISH COLUMBIA ALBERTA Wapiti KAPS: A Game Changer for Keyera 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 Legend Keyera gas processing Keyera liquids infrastructure Keyera liquids pipeline KAPS zone 4 (proposed) 3rd party liquids pipeline Gas Plants Keyera Fort Saskatchewan KAPS & Keylink Alberta EnviroFuels 77 77 Condensate System 15#16Growth Across Our Integrated Value Chain Projects Paced to be Internally Funded Gas Plants KAPS and Keylink Keyera Fort Saskatchewan Alberta EnviroFuels C 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 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 16#17Playing A Role In The Energy Transition Transitioning to A Low-Carbon Economy Carbon Capture & Storage Acid gas injection at six of our existing locations Potential to provide CCS services for customer MONTNEY Gordondale Zone 4 BRITISH COLUMBIA Pipestone ⚫ Grand Prairie North G&P Wapiti ALBERTA Legend Keyera gas processing Keyera liquids infrastructure Keyera liquids pipeline KAPS zone 4 (proposed) Emissions Reduction Emissions on intensity and absolute basis lowered by 13.5% and 6% from 2019 to 2022 • Actively exploring co-generation opportunities to further lower our overall emissions Decarbonizing 10% of current commercial power supplied by solar via power purchase agreement (PPA) Signed new carbon-free solution PPA to start in 2025. Combined, these PPAs will account for 40% of Keyera's commercial power needs See slide 21 for notes regarding this slide 3rd party liquids pipeline Decarbonization H Hydrogen CCS/AGI Operations KAPS Simonette 12 Gas Plants OIL SANDS DUVERNAY Keyera Fort Saskatchewan DEEP BASIN South G&P Keylink Rimbey Grand Rapids Polaris Access Narlite Cold Lake Condensate System Cochin Alberta EnviroFuels Southern Lights 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 • Existing H₂ pipeline • Options for H2 cavern storage Solvents . Help decarbonize oilsands production through solvents supply. Solvents include propane and butane 17#18Building 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 Dow Suncor Shell IPL Fort Sask. Potential Keyera H₂ Caverns Potential H₂ and/or CO2 Market Opportunities Potential Keyera Alberta EnviroFuels (AEF) H₂ Cogen KFS Dow CP IPL Shell Keyera Josephburg CNI Land 18#192023 & 2024 Guidance 2023 Guidance 2024 Guidance Growth Capital Expenditures: $200-$220 MM Growth Capital Expenditures: $80-$100 MM Maintenance Capital Expenditures: $95-$105 MM Maintenance Capital Expenditures: $90-$110 MM Marketing Realized Margin¹: $420-$450 MM Cash Taxes: $Nil Base Marketing Realized Margin¹ (2024 Marketing guidance to be updated with Q1/24) Cash Taxes: $310-$350 MM $45-$55 MM 2023 Planned Turnarounds and Outages 2024 Planned Turnarounds and Outages Rimbey Gas Plant turnaround 3 weeks Completed in Q2 Keyera Fort Saskatchewan Fractionation Unit 1 outage 5 days Q2 2024 Keyera Fort Saskatchewan Fractionation Unit 2 outage 1 week Keyera Fort Saskatchewan Fractionation Unit 1 turnaround 2 weeks Pipestone Gas Plant turnaround 3 weeks Wapiti Gas Plant outage 10 days Completed in Q2 Completed in Q3 Completed in Q3 Completed in Q4 Wapiti Gas Plant turnaround 3 weeks Q2 2024 Keyera Fort Saskatchewan Fractionation Unit 2 turnaround 5 days Q2 2024 Strachan Gas Plant turnaround 2 weeks Q3 2024 Keyera Fort Saskatchewan Fractionation Unit 1 outage 5 days Q3 2024 See slide 21 for notes regarding this slide 19#20Why Invest In Keyera? Compelling Risk-Adjusted Returns Strong ESG Performance Emissions¹ on intensity and absolute basis lowered by 13.5% and 6% from 2019 to 2022 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 2.5x net debt/adjusted EBITDA2,3 at the end of Q3/23 Investment Grade Credit Ratings Available liquidity of $1.05 billion at the end of Q3/23 All term debt at fixed interest rate Sustainable Dividend Growth Dividend sustainability underpinned by financial strength Payout ratio² target of 50-70% of distributable cash flow (DCF)2 Dividend growth supported by growth in stable long-term fee- for-service cash flow High-Quality Assets Value Creation High barrier-to-entry assets with access to highest value markets Integrated value chain maximizes margins Accelerating the use of technology and innovation Track Record 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 21 for notes regarding this slide 20#21Slide 4 Notes All information as of December 31, 2022, unless otherwise stated. 1. Emissions data is equity-based 2. Is not a standard measure under GAAP or is an Other Financial Measure as specified under National Instrument 52-112. See slides titled "Non-GAAP and Other Financial Measures" and "Forward-Looking Information" for additional information. 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. Keyera calculates distributable cash flow per share after cash taxes and maintenance capital expenditures. 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. Is not a standard measure under GAAP or is an Other Financial Measure as specified under National Instrument 52-112. See slides titled "Non-GAAP and Other Financial Measures" and "Forward-Looking Information" for additional information. Slide 7 All information as of December 31, 2022, unless otherwise stated. 1. Is not a standard measure under GAAP or is an Other Financial Measure as specified under National Instrument 52-112. See slides titled "Non-GAAP and Other Financial Measures" and "Forward-Looking Information" for additional information. 2. Net debt to adjusted EBITDA calculation for covenant test purposes excludes 100% of the company's subordinated hybrid notes. Slide 8 1. Is not a standard measure under GAAP or is an Other Financial Measure as specified under National Instrument 52-112. See slides titled "Non-GAAP and Other Financial Measures" and "Forward-Looking Information" for additional information. Slide 9 1. Is not a standard measure under GAAP or is an Other Financial Measure as specified under National Instrument 52-112. See slides titled "Non-GAAP and Other Financial Measures" and "Forward-Looking Information" for additional information. Slide 10 All information calculated as of December 31, 2022, unless otherwise stated. 1. Is not a standard measure under GAAP or is an Other Financial Measure as specified under National Instrument 52-112. See slides titled "Non-GAAP and Other Financial Measures" and "Forward-Looking Information" for additional information. 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. Is not a standard measure under GAAP or is an Other Financial Measure as specified under National Instrument 52-112. See slides titled "Non- GAAP and Other Financial Measures" and "Forward-Looking Information" for additional information. Slide 14 1. Is not a standard measure under GAAP or is an Other Financial Measure as specified under National Instrument 52-112. See slides titled "Non-GAAP and Other Financial Measures" and "Forward-Looking Information" for additional information. ROIC has been prepared by Scotiabank and therefore, has not been calculated in the same manner as the ROIC calculation prepared and disclosed by Keyera in the MD&A for the year ended December 31, 2022. Slide 17 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 19 1. Is not a standard measure under GAAP or is an Other Financial Measure as specified under National Instrument 52-112. See slides titled "Non-GAAP and Other Financial Measures" and "Forward-Looking Information" for additional information. Slide 20 All information as of December 31, 2022, unless otherwise stated. 1. Emissions data is equity-based 2. Is not a standard measure under GAAP or is an Other Financial Measure as specified under National Instrument 52-112. See slides titled "Non-GAAP and Other Financial Measures" and "Forward-Looking Information" for additional information. 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. 21#22Contact 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] CLOSED 1985,8 psi PS at T min CAT. N° WPX-810 GATE OS&Y BODY A105N STEM S41000 DISC F6a+HF SEAT $41000+HF T Min 20,2 F SIZE 3/4" RB CLASS #800 YEAR 2014 OMB Ref ODP1/111233 TEST N S T Max 797 F PS at T may 1116,8 ps API 602-816.34 Keyera Corp. 940 The Ampersand, West Tower 200 144 - T2P 3N4 Calgary, Alberta 4th Avenue SW www.keyera.com 22