Investor Presentation January 2024

Slide 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

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