1

Delivering Value, Today and Tomorrow

David G. Smith, Executive Vice President September, 2009

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Forward Looking InformationThis presentation contains forward-looking information that involves known and unknown risks and uncertainties, many of which are beyond Keyera’s control. The forward-looking information is based on management’s current expectations and assumptions relating to Keyera’s business and the environment in which it operates. As the results or events predicted or implied in the forward-looking information depend upon future events, actual results or events may differ materially from those predicted. Some of the factors which could cause actual results or events to differ materially include the ability of Keyera to successfully implement strategic initiatives, whether such initiatives yield the expected benefits, operating and other costs, future operating results and the components of those results, fluctuations in the demand for natural gas, NGLs and crude oil, the activities of producers, competitors and others, the weather, overall economic conditions and other known or unknown factors. There can be no assurance that the results or developments anticipated by Keyera will be realized or that they will have the expected consequences for or effects on Keyera. For additional information on these and other factors, see Keyera’s Annual Information Form and other public filings on www.sedar.com. Unless otherwise required by applicable laws, Keyera does not intend to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

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Keyera Profile

• Natural gas and natural gas liquids (“NGLs”) midstream operator

• Largest sour gas processor in Alberta

• Leading provider of facilities and services for propane, butane and condensate logistics

• Well-positioned, long-life facilities

• Franchise assets with large capture areas

• 3 integrated, but diverse, business lines

Providing Essential Services to Oil & Gas Sector

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Keyera Energy – Strategic Infrastructure Serving Industry Needs

Exceptional track record of steady value creation• 20% CAGR in distributable cash flow1 per unit since inception in 2003• 65% increase in distribution per unit since 2003

Competitive business model• Diversified but integrated business lines• Strong market position in all business segments

Stable cash flows• Incremental cash flows in 2009 from 2008 acquisitions• Largely fee-for-service revenues

Conservative balance sheet• Net debt2 / EBITDA 1.9X (at June 30, 2009)

Positioned for growth• $320 million growth capital invested in 2008• $51 million growth capital invested in H1 2009

Stability of Business Supports Future Growth1 Non GAAP measure. See Keyera 2009 Second Quarter MD&A for comparable GAAP measures.2 Including convertible debentures

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Growing Distributable Cash Flow1 per Unit

• 20% CAGR in distributable cash flow1 per unit since inception in 2003

• 9% CAGR in distributions per unit

• 53% payout ratio (last twelve months), lowest in energy infrastructure sector

• Continued cash flow growth in H1 2009, despite downturn

1 Non GAAP measure. See Keyera 2009 Second Quarter MD&A for comparable GAAP measures.2 Adj LTM DCF/unit incorporates unrealized gains and losses.

Rolling Last Twelve Months (LTM) Distributable Cash Flow

1.00

1.50

2.00

2.50

3.00

3.50

4.00

Q3'06 Q4'06 Q1'07 Q2'07 Q3'07 Q4'07 Q1'08 Q2'08 Q3'08 Q4'08 Q1'09 Q2'09

$/un

it

LTM DCF/unit Distributions/unit Adj LTM DCF/unit

2

6Note: Distributable cash flow is a non GAAP measure. See Keyera 2009 Second Quarter MD&A for comparable GAAP measures.

Historical per Unit Performance– KEY vs Peers

Exceptional Track Record of Growth

DISTRIBUTABLE CASH FLOW PER UNIT CAGR1 (2004 - 2008)

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

DISTRIBUTIONS PER UNIT CAGR1 (2004 - 2008)

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

1 Compound annual growth rateSource: National Bank Financial

KEY PIF ALA ENF FCE IPL GZM SPF

Median: 7.0%

KEY PIF FCE ENF ALA IPL GZM SPF

Median: 4.3%

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Investment Profile

• Units/Debentures (TSX) • Market value 1

• Enterprise value 1, 2

• Distributions• Trading volume (2nd Qtr)• Unit price 1

• Current yield 1

1 Closing price of $19.58 (KEY.UN), $163.90 (KEY.DB) and $107.50 (KEY.DB.A) on September 9, 20092 Enterprise value includes debt net of cash and inventory

KEY.UN; KEY.DB; KEY.DB.A$1.3 billion$1.7 billion$0.15 per unit per month165,000 units per day$19.589.2%

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Fractionation StorageRail & TruckTerminals Pipelines Rail Cars

SalesTerminals

NGLs sold to customers across NorthAmerica

Liquids Marketing

NGLs purchased from Keyera facilities

NGLs purchasedfrom other facilities, including U.S. sources

Raw gasfor processing

NGL services to third parties

Natural gas production(by others)

NGL Infrastructure

Gathering & Processing

Keyera use of NGL Infrastructure assets

Integrated Business Lines Create Value

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Gathering and Processing• Large flexible processing plants

• Operate 14 of 15 gas plants• Licensed capacity of 1.9 billion cubic feet per day • Extensive gathering systems • Sweet and sour gas processing capability• Natural gas liquids (NGLs) extraction

• Franchise assets• Large capture areas• Independent – don’t compete with customers

• Long-life assets• Minimal capital required to sustain cash flows• Large gas reserves remaining

• Fee-for-service revenues• Competitive fee structures

Providing an Essential Service to Producers

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Largest Sour Gas Operator in Alberta• Size, scope & operational expertise provide significant advantages

• Majority of gas processing capacity owned by producers

• Potential opportunities as producers focus on drilling

Operated Sour Gas Processing Capacity - Alberta

0200400600800

100012001400160018002000

Keyera

SemCAMS

Shell

Impe

rial

Suncor

Husky

Alta

GasCNRL

Talism

an

Penn W

est

Encan

aDev

onBon

avist

aTaqaNex

enCon

ocoApa

che

Spectr

a

(mm

cf/d

)

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Franchise Facilities

• Attractive geology

• Extensive gathering pipelines

• Flexible processing options• Able to process sweet and sour gas

• Able to extract NGLs from gas stream

• Interconnected plants• Significant operational flexibility

Interconnected Plants Provide Long-Term Strategic Advantage

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Strategically Located Gas Plants

5th Meridian

• Well positioned west of the 5th Meridian• Highly prospective geology

• Relatively underdeveloped land• Multiple prospective zones • Liquids rich gas• Larger reserves, often higher productivity

• Interconnected gathering pipelines enable quick well tie-ins

• Alberta royalty changes beneficial• Deep gas royalty drilling credits and 5%

royalty rate improve economics

Keyera Core Area

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Technology Changing Approachto Drilling

New Technologies Could Be a Game Changer

• Horizontal drilling and multi fracturing technology driving activity in Foothills area

• 60% of Q1/09 wells drilled in Western Canada were directional or horizontal wells

• Typically high initial flow rates • Zones being tested by horizontal wells:

- Nordegg - Mannville- Rock Creek - Viking- Cardium - Glauconite

Nordegg & Brazeau Geology

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Business Environment Update• Gas production in Keyera’s areas has been solid in

H12009

• While throughput has declined at some plants, it has increased at others

• Potential for producers to shut-in gas as prices fall below $2.00/mcf

• Liquids rich gas improves net-back in $70/bbl oil environment

• Keyera working to find ways to reduce processing costs for producers

• Lower electrical costs in 2009

• Working with suppliers to reduce costs

• Deferral of discretionary projects

• Any shut-in gas likely to be short-term due to winter demand

Broad Customer Base and Extensive Gathering Systems Mitigate Effects of Slowdown

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Diversified Gathering & Processing Portfolio

2007 Rimbey Gas Plant Turnaround2006 Strachan Gas

Plant Turnaround

2007 Rimbey Gas Plant Turnaround

Historical Gross Throughput vs Natural Gas Price(Foothills & North Central Business Units)

0

200

400

600

800

1,000

Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08

Gro

ss th

roug

hput

- M

Mcf

d

$-

$2

$4

$6

$8

$10

$12

Gas

Pric

e - A

ECO

($/G

j)

Strachan Brazeau River NordeggWest Pembina Brazeau North & Pembina North BigorayPaddle River Rimbey NevisGilby Med River GreenstreetCaribou Chinchaga WorsleyAlberta Natural Gas Price

2007 Rimbey Gas Plant Turnaround

2003 Rimbey Gas Plant Turnaround

2006 Strachan Gas Plant Turnaround

Stable Throughput in Different Pricing Scenarios

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Gathering & Processing – Revenue Model

• Fee-for-service revenues

• Ownership of natural gas and NGLs remains with producers

• Two components to flow-through fees• Operating cost recovery• Capital fee

• No commodity price in fee structure• Recovery of most turnaround costs

(not always in same year)

No Direct Commodity Price Exposure

Largely flow-through operating costs

16% Fixed Fees

84% Flow-through Fee Structure

2008 G&P Revenue

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NGL Infrastructure

• Fractionation, storage, pipeline and terminal facilities centered around Edmonton/Fort Saskatchewan energy hub

• Strategic locations, operational flexibility and technical expertise make Keyera an attractive logistics service provider

• Connected to NGL supply sources throughout WCSB

• Connected to bitumen transportation and processing infrastructure

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Keyera’s Edmonton/Ft. Saskatchewan Infrastructure

• Assets well suited to provide essential processing, storage and transportation services to NGL customers

• Oil sands development expected to provide continuing growth opportunities

• Recent acquisitions & internal projects enhance competitive position

Well-connected, Flexible Liquids Infrastructure

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Keyera’s Liquids Infrastructure Connections

#

#

#

#

#

#

KEYERA Edmonton Terminal

KEYERA Rimbey Pipeline

AEFPetChem

Kinder Morgan

TransMountainPipeline

EssoStrathconaRefinery

ProvidentRedwater

Frac/Storage

EnbridgePipeline

PetroCanEdmontonRefinery

ShellScotfordRefinery

Dow FSFrac/Storage

KEYERARimbey

GasPlant

KEYERA Rail/Truck loading

KEYERAFort Saskatchewan

Frac/Storage

Market

Market

GibsonsRail/TruckLoading

BPFS Frac/Storage

ADT

Integration and Flexibility Key to Success

• Fractionation (75,000 Bbls/d) at five facilities

• Storage• 9.3 million Bbls in 10

underground caverns• 6 above ground storage tanks

(potential for 435,000 Bbls)• 7 NGL pipelines• 19 rail and truck terminals

• Pipeline connections to major customers and markets in Alberta

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Edmonton Facilities – Logistics & Transportation

Edmonton Terminal Alberta Diluent Terminal (ADT)

Petro CanadaRefinery

EnbridgeTank Farm

KinderMorganTank Farm

• Condensate distribution terminal• 20 car rail offloading• 200 car rail yard provides unit train capability• Connected to CN and CP railways• Truck loading terminal• Above ground storage

• Logistics & transportation centre• Pipeline control centre• Rail & truck terminal• Connected to CP railway• Multiple pipeline connections• Above ground storage

Pipeline Alley

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Fort Saskatchewan – Fractionation & Storage• 30,000 bbls/d of fractionation capacity• Fort Saskatchewan pipelines provide

access to/from Edmonton market hub• Access to other frac plants and pipelines

in Fort Saskatchewan area• 9.3 million bbls of NGL storage in 10

underground caverns• Potential to add an additional 10 caverns

on site • First new cavern underway; expected to

be operational in 2010

Fort Saskatchewan Fractionation, Storage and Terminal Facility

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Enhancing Our Competitive Position

• Recent investments build on Keyera’s strengths:• Expanding storage capacity in Fort

Saskatchewan

• Alberta Diluent Terminal commissioned in February 2009

• Added a 4th pipeline connecting Edmonton and Fort Saskatchewan

• Connections to third-party pipelines and facilities

• Expanded rail and truck loading and off-loading capacity

• Acquired propane terminals in U.S.

• Acquired Nevis fractionation and terminal

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Oil Sands Development Creates Incremental Growth Opportunities

• Bitumen must be blended with ‘diluent’ for transport to upgraders

• Condensate is the preferred diluent

• Significant infrastructure and diluent required to meet bitumen blending needs

• Bitumen production expected to increase in 2009, despite slowdown

• More “dilbit” now expected to move to U.S. for upgrading

Well Positioned to Meet Future Oil Sands Infrastructure Needs and Diluent Demand

Source: Imperial Oil

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NGL Infrastructure – Revenue Model

• Fee-for-service revenues• No exposure to “frac spread”• Fixed fees based on market factors• Mix of short-term, annual and multi-

year contracts• Keyera Marketing pays market based

fees when using Infrastructure services

Diversified Products, Services and Revenues

Facility Usage (% of 2008 Revenue)

45% Keyera

Internal Throughput

55% External (Third Party)

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NGL Marketing

• Aggregates NGL supply from western Canada and the U.S.

• Utilizes NGL processing, storage and transportation services

• Moves NGL products to markets that rely on rail & truck delivery

• Sells NGL products to wholesale customers

• Stores NGL products, as required, to meet demand fluctuations

Keyera’s Network of Strategic NGL Facilities is Essential to Marketing Success

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NGL Supply• Purchase NGLs removed from raw gas (often

as an NGL mix)

• Contract annually for NGL supply

• Additional supply sourced from western Canada and U.S. to meet market demand

• Keyera fractionation facilities separate NGL mix into specification products (propane, butane and condensate)

• Keyera storage, pipelines and rail and truck terminals deliver products to market 20%

30%

50% Propane

CondensateButane

NGL mix barrel

~

~ ~

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NGL Sales• Keyera’s infrastructure and expertise

provide access to high-value markets

• Propane – sold throughout western Canada and western U.S. (rail, truck & pipeline)

• Butane – sold into Alberta markets (multiple delivery options available from Edmonton Terminal)

• Condensate – sold into Alberta markets (utilizing Keyera storage, rail terminals and pipeline connections)

• Ownership of NGL assets essential

Mont Belvieu

Conway

Sarnia

• Keyera Propane Terminals

• Major NGL Hubs

Edmonton/Fort SaskatchewanPipelines

TruckRail

Rail

Propane

Butane & Condensate

Butane Markets• gasoline additives• gasoline blending

Condensate Markets• diluent for bitumen

Edmonton/Ft. Saskatchewan

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Capturing Opportunities to Enhance Results

• Additional margin can be captured by using infrastructure facilities to meet customer needs – examples: • Importing butane & condensate by rail from U.S. to meet market

demand in Alberta• Delivering propane by truck & rail to customers in niche markets

throughout western North America• Using storage to aggregate product for sale in high demand periods

• Facilities enable Keyera to take advantage of temporary market opportunities

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Risk Management

• Most supply is matched to pre-arranged sales, mitigating margin risk

• Majority of NGLs bought and sold in same month (minimal margin risk)

• Fluctuations in demand require some product inventory

• Hedges used to protect inventory value from changes in commodity prices

22 million barrels sold (2008)

Peak Inventory (Q3) 12%

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Keyera Marketing Delivers Substantial Cash Flow

Growing Infrastructure Assets Have Contributed to Growing Marketing Results

Keyera Marketing Contribution1

$0

$20

$40

$60

$80

$100

$120

Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 Q109 Q209$

Mill

ions

Quarterly Rolling LTM

1 Non GAAP measure. See Keyera 2009 Second Quarter Financial Statements & MD&A for comparable GAAP measures

• Volume and margin growth driven by infrastructure investment

• Physical product movements, not trading

• Growth and product diversification in four product lines

• Propane• Butane• Condensate• Crude oil midstream

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Conservative Approach to Financial Matters

• Liquidity and financial flexibility

• Prudent risk management approach

• Sustainable distributions

• Positioned to capitalize on new business opportunities

Financial Strategy Supports Long-Term Vision

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• Net earnings of $21.1 million ($0.33 per unit)

• Distributable cash flow1 of $53.0 million ($0.84 per unit)

• Distributions to unitholders of $28.4 million ($0.45 per unit)

• Payout ratio of 54% (53% over last twelve months)

Second Quarter 2009 Results

Continuing to Deliver Strong Results 1 Non-GAAP measure. See Keyera 2009 Second Quarter Financial Statements and MD&A for comparable GAAP measures.

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Conservative Capital Structure

1 Working capital is defined as current assets less current liabilities2 Non GAAP measure. See Keyera 2009 Second Quarter MD&A for comparable GAAP measures.3 Closing price of $19.58 (KEY.UN), $163.90 (KEY.DB) and $107.50 (KEY.DB.A) on September 9, 2009

Long-term debt Working capital deficit (surplus)1

Net debtConvertible debenturesNet debt & conv. deb.LTM EBITDA 2Enterprise value3

31645

36179

440237.81,729

Net debt / EBITDA Net debt & conv. deb./ EBITDA

Net debt / EV (%)Net debt & conv. deb./ EV (%)

1.5X1.9X

21%26%

@ June 30, 2009 ($Millions)

Debt to EBITDA Profile

$0

$100

$200

$300

$400

$500

$600

$700

$800

2004 2005 2006 2007 2008 LTMYear

$ M

M

0.00

1.00

2.00

3.00

4.00

5.00

Deb

t / E

BIT

DA (X

)

EBITDA Capital ExpendituresTotal Debt Total Debt/EBITDA

1 Non GAAP measure. See Keyera 2008 Second Quarter MD&A for comparable GAAP measures.2 EBITDA calculation excludes accretion and impairment expense. 3 Total debt includes the convertible debentures and less cash and inventory.

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Long Term Debt Maturity Schedule

$90

$52.5

$52.5

$60 $60

$5

$80

$97

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Senior Notes

Convertible Debentures

C$

(mm

)

Good Mix of Short and Longer Term Maturities

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Income Trust Structure• Keyera plans to convert to a corporation as of

the beginning of January 2011

• Keyera well suited to be a high yield equity investment

• Conservative balance sheet• Low payout ratio• Over $580 million in tax pools at December 31, 2008• Attractive growth opportunities

• Positioned to maintain current distribution levels as dividend through conversion

Best Positioned Infrastructure Trust for Conversion

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Summary

• Size, scope & operational expertise create significant advantages

• Business integration creates incremental value

• Well positioned to benefit from industry activity

• Numerous internal growth opportunities

• Demonstrated track record of stability and growth

Stable Income Trust with Demonstrated Growth

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Keyera Facilities Income Fund600, 144 – 4th Avenue S.W.Calgary, Alberta T2P 3N4

For further information contact:John Cobb, Director, Investor RelationsBradley White, Investor Relations Advisor

www.keyera.com

(888)699-4853(403)205-7670ir@keyera.com