Growing to Meet Customer DemandTD Securities 2015 London Energy ConferenceJim V. Bertram, Executive Chair

Disclaimer

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The information contained in this presentation (“Presenta tion”) has been prepared by Keyera Corp. (“Keyera”) and is be ing delivered for informationalpurposes and only in relation to shares of Keyera. The Presen tation has not been independently verified and the informat ion contained within is subjectto updating, completion, revision, verification and furth er amendment. The Presentation does not purport to contain a ll information that a prospectiveinvestor may require. While the information contained here in has been prepared in good faith, neither Keyera nor its sha reholders, directors, managers,agents, employees or advisors give, have given or have autho rity to give, any representations or warranties (express or implied) as to, or in relation to,the accuracy, reliability or completeness of the informati on in this Presentation, or any revision thereof, or of any ot her written or oral information madeor to be made available to any person (all such information be ing referred to as “Information”) and liability therefor is expressly disclaimed.Accordingly, neither Keyera nor any of its shareholders, di rectors, managers, agents, employees or advisers take any r esponsibility for, or will acceptany liability whether direct or indirect, express or implie d, contractual, tortuous, statutory or otherwise, in respe ct of the accuracy or completeness ofthe Information or for any of the opinions contained herein o r for any errors, omissions or misstatements or for any loss, howsoever arising, from theuse of this Presentation. In furnishing this Presentation, Keyera does not undertake or agree to any obligation to provi de the recipient with access toany additional information or to update this Presentation o r to correct any inaccuracies in, or omissions from, this Pre sentation which may becomeapparent. This Presentation should not be considered as the giving of investment advice by Keyera or any of its sharehold ers, directors, managers,agents, employees or advisors. In particular, any estimate s or projections or opinions contained herein necessarily i nvolve significant elements ofsubjective judgment, analysis and assumption and each reci pient should satisfy itself in relation to such matters. Thi s Presentation does not constitute,or form part of, any offer or invitation to sell or issue, or an y solicitation of any offer to subscribe for or purchase any s ecurities of Keyera, nor shall it,or the fact of its distribution, form the basis of, or be relie d upon in connection with, or act as any inducement to enter in to, any contract or commitmentwhatsoever with respect to any such securities. The deliver y or distribution of this Presentation in or to persons in cer tain jurisdictions may berestricted by law and persons into whose possession this Pre sentation comes should inform themselves about, and observ e, any such restrictions. Anyfailure to comply with these restrictions may constitute a v iolation of the laws of the relevant jurisdiction. In partic ular, this Presentation has not beenapproved by an authorized person pursuant to Section 21 of th e Financial Services and Markets Act 2000 (“FSMA”) of the Uni ted Kingdom andaccordingly in the United Kingdom it is only being delivered to and directed at persons who fall within paragraphs 19 (inv estment professionals) and 49(high net worth companies, unincorporated associations, e tc.) of the Financial Services and Markets Act 2000 (Financi al Promotion) Order 2005. Anyinvestment or investment activity to which the Presentatio n relates is available only to such persons or will be engaged in only with such persons, andpersons who do not have professional experience in matters r elating to investments, and persons of any other descriptio n, should not rely or act uponit. This Presentation has not been approved as a prospectus b y the UK Financial Services Authority ("FSA") under Section 87A of FSMA and has notbeen filed with the FSA pursuant to the United Kingdom Prospe ctus Rules. In addition, neither this Presentation nor any c opy of it may be taken ortransmitted into the United States of America or Canada or di stributed, directly or indirectly, in the United States of A merica or Canada, or to anyresident thereof. Any failure to comply with these restrict ions may constitute a violation of applicable U.S. or Canadi an securities laws. By acceptingthis Presentation, the recipient represents and warrants t hat it is a person to whom this Presentation may be delivered o r distributed without a violationof the laws of any relevant jurisdiction. This Presentation must not be copied, published, reproduced or distributed in whole or in part at any timewithout the prior written consent of Keyera, or used for any o ther purpose, and any other person who receives this Present ation should not rely or actupon it. Nothing in this disclaimer shall be effective to lim it or exclude any liability which by law cannot be limited or e xcluded.

Who Is Keyera?

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One of the Largest Midstream Operators in Canada

• Key service provider to oil and gas producers in western Canada

• Facilities well situated to capture decades-long energy resources in western Canada

• History of stable and growing cash flows

• Track record of efficient capital allocation

• Large portion of cash flows are fee-for-service with no direct exposure to commodity prices

• Excellent and varied growth opportunities

Excellent Track Record of Financial Performance

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Providing Investors with Income and Growth

13%CAGR3 in distributable cash flow

per share4

8%CAGR3 in dividends per share5

1 2009 dividend excludes the $0.45 per share special dividend.2 Nine months ending September 30, 2014

3 Compound annual growth rate.4 CAGR in distributable cash flow per share from 5/30/2003 to 12/31/2014.

5 CAGR in dividends per share from 7/15/2003 to 12/31/2014.

0%

10%

20%

30%

40%

50%

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70%

80%

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100%

$-

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

2006 2007 2008 2009 2010 2011 2012 2013 2014YTD

Payout RatioPer Share

Distributable Cashflow per Share (Diluted) Dividends per Share Payout Ratio

2

Historical Financial Results

Only 9 months of results in 2014

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Industry Fundamentals Driving Keyera’s Growth

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Infrastructure Required to Meet Growing Oil and Gas Production

3 Assuming timely receipt of approvals and no construction delays

Keyera’s Integrated Business Lines

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Consistent Focus and Strategy for Over 16 Years

* Fee-for-Service revenues were 68% of Keyera’s 2013 Operating Margin, including intersegment transactions. Operating margin refers to total operating revenues less total operating expenses and G&A expenses associated with the Marketing segment.

Technology Has Changed the Basin’s Dynamics And Economics

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Sustainable Long-Term Liquids-Rich Gas Potential

Montney

Duvernay

Cardium

Glauconite

• Significant multi-zone gas potential on the deeper (west) side of the WCSB (Western Canada Sedimentary Basin)

• Majority of geological zones have porosity and permeability (unlike shale gas production)

• High NGL content supports favourable producer economics

• Supportive political, fiscal, regulatory regimes

WCSB Deep Basin - One of North America’s Emerging Resource Areas

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• Montney and Duvernay Driving Expansions at Simonette Gas Plant

• Initial drilling indicates that the Duvernay and Montney zones contain high levels of condensate and other NGLs

• Significant infrastructure required to develop these resource plays

• In 2014, Keyera has developed:

– 93 km Wapiti pipeline system

– 100 MMcf/d Simonette plant expansion

– 10,000 Bbl/d condensate stabilizer

Kaybob / Northern Duvernay

Producers active in the area:• Exxon Mobil• Athabasca Oil Corp.• Encana• Trilogy• Chevron• Shell• ConocoPhillips• Yoho

Southern Duvernay –Significant Infrastructure Available

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Keyera’s Infrastructure Provides Attractive Value for Producers

• Keyera is well positioned to capture southern Duvernay volumes:

– 12 plants in the area with 2.2 Bcf/d gross licensed capacity1

– 2 new plants being developed, adding up to 274 MMcf/d of gross licensed capacity upon completion2

– Liquids recovery capabilities

– Extensive gathering systems already in place

• Existing deep-cut capacity at Ricinus, Cynthia, Rimbey, Gilby, Strachan and Minnehik Buck Lake gas plants

• Full fractionation at Rimbey for plant and trucked-in NGL mix

• Access to Edmonton/Fort Saskatchewan NGL and condensate markets via pipeline from Rimbey gas plant

• Ethane from Rimbey to Alberta Ethane Gathering System (AEGS) for delivery to Alberta’s petrochemical facilities at Joffre and Fort Saskatchewan

1 Licensed capacity is not equivalent to actual operating capacity. Actual operational capacity can be lower as it depends on operating conditions and capabilities of functional units at each plant.

2 Capacity at the new plants is expected to become available between 2015 and 2016, assuming construction schedules are met.

Producers active in the area:

• Encana.• Shell• Talisman• Sinopec Daylight• ConocoPhillips• Vermilion• Enerplus• Bonavista

New Pipelines Capturing Growing Gas Production from Other Geological Zones

• Producers targeting numerous other geological zones in west central Alberta

• Keyera continues to expand plant capture areas through addition of gathering pipelines – Several pipelines built in 2013

– Carlos pipeline offload completed in 2014 at a cost of ~$23 million

– Wilson Creek gathering system completed in 2014 at a cost ~$26 million

• Twin Rivers pipeline under construction– Expected to be on stream by Q2 20151

– Capital cost ~$80 million

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Developing an Efficient, Flexible Gathering Network

1 Assuming timely receipt of regulatory approvals and construction schedule is met.

Enhancing Service Offering at Rimbey

• Adding 400 MMcf/d turbo expander to enhance liquids extraction:

– Ethane capacity growing by 20,000 bbls/d

– Project underpinned by long-term ethane purchase agreement

– Gross capital ~$210 million

– Expected start-up in first half 20151

• De-bottlenecking fractionator to expand capacity by ~6,900 bbls/d

• Potential to expand plant capacity significantly by running turbo expander and lean oil system (additional capital investment and regulatory approval would be required)

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Providing Full Service Solution to Liquids-Rich Gas Producers

1 Assuming construction schedule is met.

Growing Through Selective Acquisitions• Disciplined evaluation criteria used to identify acquisition

opportunities

• Acquisitions completed in 2014:– Existing Plants:

– 85% operating owner of Cynthia gas plant

– 71% operating owner of Ricinus gas plant

– New Plants:

– 35% non-operating owner of Alder Flats gas plant

– 60% operating owner of Zeta Creek gas plant

• Transactions add net licensed processing throughput of 332 MMcf/d1,2 (573 MMcf/d gross) in an area seeking additional processing capacity

• Integration with other Keyera facilities enhances customer service offering

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Potential to Acquire Additional Facilities When Commodity Prices are Low

1 Capacity at the new plants is expected to become available between 2015 and 2016, assuming construction schedules are met.

2 Licensed capacity is not equivalent to actual operating capacity. Actual operational capacity can be lower as it depends on operating conditions and capabilities of functional units at each plant.

NGL Infrastructure Expansion Critical to WCSB Natural Gas Growth

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Expanding Fractionation and Storage Capacity to Meet Producer Needs

Keyera Fort Saskatchewan (KFS) –Expanding Fractionation Capacity

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Continuing to Grow Fort Saskatchewan Energy Complex

• Adding 30,000 bbls/d de-ethanizer–To fractionate an ethane-rich stream of NGLs (C2+

mix)

–Net cost to Keyera ~$155 million, including pipeline connections and cavern for C2+ raw feed storage

–Expected on-stream in Q1 20151

• Adding 35,000 bbls/d of C3+ fractionation –Net cost to Keyera ~$175 million

–Anticipate online Q1 20162

1 Assuming current construction schedule is maintained. 2 Assuming timely receipt of regulatory approvals and construction schedule is met.

KFS – Adding Underground Storage Capacity

• 13th storage cavern – being washed; expected in-service H2 20151

• 14th storage cavern – washing began in Q4 2014; expected in-service H2 20161

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Growing to Meet Demand for NGL and Condensate Storage

• 15th storage cavern – drilling underway; washing to commence in Q2 2015

• Developing plans for the next phase of development, which is expected to add another ~4 million barrels of storage capacity

• Recently acquired additional land in area for future expansion1 Assuming current construction schedule is maintained.

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Majors and Multi-Nationals Driving Oil Sands Growth

Oil Sands Production –Growth Expected to Continue

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

MiningIn Situ (CSS)In Situ (SAGD)

Sources: Peters & Co. Limited estimates, AER, and geoSCOUT.

MB

/d

.FORECAST

Oil Sands (Bitumen) Production Forecast(Historical + Risked)

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0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

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Q1/09

Q3/09

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Q3/11

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Q3/13

Q1/14

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Q1/17

Q3/17

Q1/18

Q3/18

Q1/19

Q3/19

Q1/20

Q3/20

Cenovus (Conoco)Imperial (Exxon)Devon (BP)CNRLHusky (BP)MEGSuncor (Total, Teck)PetroChina (Brion)

Diluent (Condensate) Usage Forecast

Source: Peters & Co. Limited estimates.

.FORECAST

Diluent Demand Drives Logistics Services

Top 8 Consumers by Ranking of Operated Production

MB

/d

Extensive, Flexible Condensate Infrastructure

• Multiple receipt points:

– Kinder Morgan Cochin pipeline (sole receipt point)

– Enbridge Southern Lights pipeline

– Western Canada feeder pipelines

– Rail imports at the Alberta Diluent Terminal

• Strong service offering attracting oil sands producers; long-term take-or-pay and fee-for-service agreements with:

• Connections to Cold Lake and Fort McMurray bitumen production

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Providing Service to Numerous Oil Sands Producers

Keyera’s Condensate Network

– Imperial Oil (Kearl)

– Husky/BP (Sunrise)

– Suncor (Fort Hills)

– Cenovus

– CNRL

– JACOS/Nexen

Enbridge Norlite Pipeline –Expanding our Condensate Service Offering

• Diluent pipeline from Fort Saskatchewan to Athabasca oil sands region

• Keyera will be participating as 30% non-operating owner

• Long-term take-or-pay agreement with owners of Fort Hills project –Suncor, Total and Teck

• Norlite shippers will have access to Keyera’s condensate infrastructure in Edmonton/Fort Saskatchewan region, including storage and rail

• Initial capacity of approximately 224,000 bbls/d with potential to be expanded to 400,000 bbls/d

• Enbridge estimates completion in 2017 at a gross cost of ~$1.4 billion1

1 Cost and timing subject to finalization of scope, timely receipt of regulatory approvals and construction schedule variables.

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Project Enhances Keyera’s Cash Flow Stability

Expanding our Rail Service Offering

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Leveraging Logistics Expertise to Support Product Movement by Rail

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Providing Market Access for Western Canadian Producers

Keyera has recently added four additional rail and truck terminals1 to enable customers to receive/deliver oil and NGLs from/to markets across North America

South Cheecham – 50/50 partnership with Enbridge– Receiving diluent; loading dilbit and bitumen onto railcars for delivery to upgraders– Agreements in place with Statoil and JACOS – Agreement to provide solvent handling services starting in 20172

Alberta Crude Terminal – 50/50 partnership with Kinder Morgan– Tie to Kinder Morgan’s storage facility provides customers access to several crude qualities– Project underpinned by Irving Oil

Hull Terminal (Texas) – Rail and truck facility located between Mont Belvieu and Beaumont refining centre– Intended for movement of NGL mix, propane and butane into the Mont Belvieu market

Josephburg 1 – Terminal will provide propane egress from western Canada by rail– Expected capital cost of ~$95 million, including pipeline connections and storage bullets– Expected on-stream mid-20152

1 Josephburg rail terminal currently under construction. 2 Assuming construction schedule is met.

Approved ProjectsCapital Cost

($ Millions) 1 2014 2015 2016 2017 2018

Rimbey turbo expander 210

Wapiti raw gas and condensate pipelines 180

Simonette plant modifications 95

Strachan Vitasul project 66

Gas gathering pipelines 129

Fort Saskatchewan de-ethanizer 155

Fort Saskatchewan frac expansion 175

Josephburg Rail Terminal 95

Alder Flats new gas plant construction (phases I & II) 81

Zeta Creek new gas plant construction 41

Other projects (including the Norlite pipeline and underground storage caverns)

>400

Growing to Meet Customer Demand

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Forecast Growth Capital of $700 to $800 million in 2015

1 Keyera’s share of estimated capital cost. See Keyera’s Q3 2014 MD&A for capital investment risks and assumptions.

Conservative Capital Structure

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Flexibility to Fund Keyera’s Capital Program

1 As of September 30, 2014 and calculated as per Keyera’s debt covenants. 2 As at September 30, 2014. 3 Non-GAAP measure. See Keyera’s Q3 2014 MD&A for a definition of EBITDA and adjusted EBITDA.4 All USD debt translated at its swap rate.5 Enterprise value based on December 31, 2014 closing price of $81.07 (KEY)

1.80X1

Net Debt 2 to EBITDA3

12%Net Debt 2 to

Enterprise Value 5

Long-Term Debt Maturities4

$46$97

$60$125 $109

$60

$143

$264$167

$75

$0

$50

$100

$150

$200

$250

$300

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

$CA

D M

M

Providing Critical Infrastructure for theOil and Gas Sector in Canada

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• Keyera’s growth driven by liquids-rich gas production & oil sands development

• Western Canadian geology provides multi-decade resource

• Business based on providing essential (non-discretionary) services to producers

• 2015 growth capital expected to be largest in Keyera’s history

• Conservative capital structure provides financial flexibility

Forward-Looking Information

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 (collectively “statements”) 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. The acquisition of certain reserves that were acquired as part of the Cynthia acquisition is subject to a right of first refusal claim. 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. For additional information please refer to Keyera’s public filings available on SEDAR at www.sedar.com. All forward-looking statements contained in this document are expressly qualified by this cautionary statement.

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For Further Information Contact:

John CobbVice-President, Investor Relations

Lavonne ZdunichDirector, Investor Relations

Nick KuzykManager, Investor Relations

888-699-4853ir@keyera.com

Keyera Corp.600, 144 – 4 Avenue SWCalgary, Alberta T2P 3N4

www.keyera.com