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KEYERA CORP. ANNUAL INFORMATION FORM February .KEYERA CORP. ANNUAL INFORMATION FORM February 15,

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  • CAN_DMS: \109977801\1

    KEYERA CORP.

    ANNUAL INFORMATION FORM

    February 15, 2018

  • Contents

    Section Page

    GLOSSARY .................................................................................................................................................. 1

    ABBREVIATIONS AND CONVERSIONS ..................................................................................................... 5

    FORWARD LOOKING STATEMENTS ......................................................................................................... 5

    PRESENTATION OF FINANCIAL INFORMATION ...................................................................................... 7

    DESCRIPTION OF THE STRUCTURE OF KEYERA CORP. ...................................................................... 7

    GENERAL DEVELOPMENT OF THE BUSINESS ....................................................................................... 8 Overview ............................................................................................................................................... 8 Business Strategy ................................................................................................................................. 9

    BUSINESS OF KEYERA ............................................................................................................................ 15 Gathering and Processing Business Unit ........................................................................................... 15 Liquids Business Unit Liquids Infrastructure ................................................................................... 23 Liquids Business Unit Marketing ..................................................................................................... 30

    HEALTH, SAFETY AND ENVIRONMENT .................................................................................................. 32 Operational Excellence ....................................................................................................................... 32 Integrity Management ......................................................................................................................... 33 Health and Safety Programs .............................................................................................................. 34 Keyeras Environmental Programs and Management System........................................................... 34 Greenhouse Gas and Emissions Regulatory Framework and Keyera Programs .............................. 37 Community Engagement .................................................................................................................... 40 Indigenous Communities .................................................................................................................... 41

    REGULATORY FRAMEWORK .................................................................................................................. 42 General Regulatory Context ............................................................................................................... 42 Environmental Regulation (Non-Emissions) ....................................................................................... 42 Noise Control Regulation.................................................................................................................... 43 Transportation of Dangerous Goods .................................................................................................. 43

    OTHER INFORMATION ABOUT KEYERA ................................................................................................ 44 Employees and Labour Relations ...................................................................................................... 44 Training and Development Programs ................................................................................................. 45 Foreign Markets and Operations ........................................................................................................ 45 Competition ........................................................................................................................................ 45

    CODE OF BUSINESS CONDUCT ............................................................................................................. 46

    CAPITAL STRUCTURE OF KEYERA CORP. ............................................................................................ 47 Common Shares ................................................................................................................................. 47 Preferred Shares ................................................................................................................................ 48 Credit Ratings ..................................................................................................................................... 48 Convertible Debentures ...................................................................................................................... 49 Shareholder Rights Plan ..................................................................................................................... 49

    DIVIDENDS ................................................................................................................................................. 52 Dividend History ................................................................................................................................. 53 Premium Dividend and Dividend Reinvestment Plan ..................................................................... 53

    BORROWING ARRANGEMENTS .............................................................................................................. 54

    MARKET FOR SECURITIES ...................................................................................................................... 56 Trading Price and Volume .................................................................................................................. 56 Prior Sales .......................................................................................................................................... 56

    DIRECTORS AND OFFICERS OF KEYERA CORP. ................................................................................. 56 Directors of Keyera Corp. ................................................................................................................... 56 Committees of the Board of Directors ................................................................................................ 59 Conflicts of Interest ............................................................................................................................. 59

  • Contents

    Section Page

    Share Ownership by Directors and Executive Officers ...................................................................... 60 Cease Trade Orders, Bankruptcies, Fines or Sanctions .................................................................... 60 Officers of Keyera Corp. ..................................................................................................................... 60

    AUDIT COMMITTEE INFORMATION ........................................................................................................ 62 Audit Committee Members and Terms of Reference ......................................................................... 62 Principal Accountant Fees and Services ............................................................................................ 63 Pre-Approval Policies ......................................................................................................................... 63

    RISK FACTORS .......................................................................................................................................... 64 Operational Risks ............................................................................................................................... 64 Financial Risks ................................................................................................................................... 77

    LEGAL PROCEEDINGS AND REGULATORY ACTIONS ......................................................................... 85

    INTERESTS OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS ................................. 85

    INTERESTS OF EXPERTS ........................................................................................................................ 85

    TRANSFER AGENT AND REGISTRAR ..................................................................................................... 85

    MATERIAL CONTRACTS ........................................................................................................................... 85

    ADDITIONAL INFORMATION .................................................................................................................... 86

    SCHEDULE A AUDIT COMMITTEE TERMS OF REFERENCE ................................................................ 87

  • 1

    The information in this AIF is given as of December 31, 2017 unless otherwise indicated. All dollar amounts set forth in this AIF are in Canadian dollars unless otherwise indicated. Capitalized terms and industry terms used herein without definition have the respective meanings set forth in the Glossary.

    GLOSSARY

    In this AIF, unless the context otherwise requires, the following terms have the indicated meanings. A reference to an agreement means the agreement as amended, supplemented or restated from time to time.

    ABCA means the Business Corporations Act (Alberta), as amended from time

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