David G. Smith – President and COO

NATIONAL BANK FINANCIAL

PIPELINE AND MIDSTREAM CONFERENCE

SEPTEMBER 5, 2012

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. 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.

2

One of Canada’s Largest Midstream Operators

Why Invest in Keyera

» Track record of steady value creation

» Stable cash flows from largely

fee-for-service activities

» Strategically positioned assets:

• Multi-zone producing regions

• Key North American NGL hub

» Inventory of opportunities tied to:

• Liquids-rich gas production

• Growth in oil sands activities

» Focused strategy, disciplined approach

3

Rich History of Legacy Assets

Strong Track Record – Income and Growth

4

21% compound annual total return1 to shareholders

9 dividend increases2

7.2% CAGR1 in dividends per share

Acquired 50%

of Gulf Canada’s

midstream assets

Acquired

remaining 50%

from Gulf;

changed name

to KeySpan

Completed

$170 million IPO.

Initial monthly

distribution:

Acquired Chevron

Canada’s

midstream assets

Changed name

to Keyera

Converted to

corporate

structure

Acquired Alberta

EnviroFuels.

Current monthly

dividend:

9.08¢ per unit

17¢ per share

1 From 2003 to June 30, 2012. 2 Since going public in 2003.

Trading Metrics

5

KEY; KEY.DB.A Trading Symbols (TSX)

$44.79 Common Share Price1

$37.50 – $51.60 Trading Range2

$3.5 B Market Capitalization1

$3.9 B Enterprise Value1

77.1 M Common Shares Outstanding3

256,221 Daily Trading Volume4

$2.04 Annualized Dividend per Share (17¢/month)

4.6% Current Dividend Yield1

1 Based on closing share price at August 30, 2012. 2 52-weeks ending August 30, 2012. 3 Basic shares outstanding at July 31, 2012. 4 Second quarter 2012 daily average.

Delivering Midstream Energy Solutions Along the Value Chain

Integrated Business Lines Integral to Success

6

* Non-GAAP measure. See Keyera’s Second Quarter 2012 MD&A for a definition of Operating Margin.

Location, Location, Location

A Strategic Geographic Footprint

7

»Strategically located

facilities

– West Central,

Foothills, Deep Basin

producing regions

– Edmonton/Fort

Saskatchewan

NGL Hub

»Diversified assets

and customers

Franchise Facilities West of the 5th Meridian

Gathering and Processing – The Core of our Business

»Well maintained, long life assets

– 2.6 Bcf/d licensed capacity

– 15 of 17 plants Keyera operated

– Sweet/sour gas processing

expertise

– NGL extraction capability

»Extensive gathering systems

– Over 3400 km of large diameter

pipelines

– Capture areas create franchise

regions

»Fee-for-service revenues with

no direct commodity exposure

– Largely flow-through operating costs

8

The Right Facilities in the Right Places

Liquids-Rich Natural Gas Development (W5M)

» Renewed focus on liquids-rich

gas resource development

– Multiple geological horizons,

well-understood

– High liquids content enhances

producer economics

– Improved Alberta royalty regime

– Application of technologies

– Access to available infrastructure

» Cardium, Glauconite, Montney

tight gas plays

» Duvernay – significant potential

from deep shale

9

MONTNEY

CARDIUM

DUVERNAY

GLAUCONITE

Increasing NGL Production Benefits Keyera’s Businesses

Liquids (NGL) Content in Gas Stream Supports Drilling Activity

$-

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

Dry Gas NotikewinHz.

Wilrich Hz. Montney atDawson Hz.

Montney atTown Hz.

Deep BasinGas

Verticals

Wilrich atResthaven

Montney atKaybob Hz.

Montney atResthaven

Hz

Cardium Hz. GlauconiteHz.

DuvernayHz.

C$/Mcf Equivalent Natural Gas Price Including Value of NGLs

Liquids

Natural Gas

10

* Source: Peters & Co. Reflects revenue (before royalties) per Mcf of natural gas produced. Based on full-year 2012 AECO-C: C$2.16/Mcf and C$86.20/barrel Edmonton par.

Rimbey

Strachan

Gilby

Simonette Strachan

MBL

Pembina

Brazeau

Nordegg

Edson

Brazeau

Pembina

Brazeau

Pembina

Caribou Edson

Simonette

West Pembina

Brazeau

Keyera

Plants

Simonette Simonette Rimbey

MBL

North American Natural Gas Plays Breakeven Price and Liquids Content

11

0

20

40

60

80

100

120

140

160

180

200

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

$5.00

$5.50

$6.00

$6.50

U.S. Shale Plays

WCSB Plays

Liquids Content (Bbl/MMcf)

Breakeven Gas Price (US$/Mcf) Natural Gas Liquids (Bbl/MMcf)

* Source: Peters & Co. Limited. Half-cycle break-even price, based on a 10% discount rate and full-year 2012 AECO-C: C$2.16/Mcf and C$86.20/barrel Edmonton par.

Stable Plant Throughput Despite Natural Gas Price Volatility

12

$-

$3.00

$6.00

$9.00

$12.00

-

300

600

900

1,200

1,500

Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11

Average AECO Price (C$/gJ)

Gross Plant Throughput (MMcf/d)

Rimbey Edson Strachan

Simonette Brazeau River Nevis

Paddle River Nordegg Caribou

Minnehik Buck Lake Bigoray Gilby

Brazeau North & Pembina North Med River Chinchaga

West Pembina AECO Natural Gas Price

Significant Producer Activity in the Region

Rimbey Gas Plant – West Central Alberta

»Glauconite zone

–High liquids content driving activity

–Numerous producers active in area

»Duvernay shale

–Producers have acquired a significant

Duvernay land position west of Rimbey

–Some producers have expressed

interest in a new pipeline to the area

»Evaluating addition of turbo expander to

enhance liquids extraction

13

Producer Activity Driving Expansion Opportunities

Simonette Gas Plant – Deep Basin

»Producers targeting liquids-rich

natural gas plays

– Historically have targeted

Montney and Wilrich zones

– More recently drilling into

Duvernay shale

» Incremental gas volumes expected

in late 2012 from two new producer-

built pipelines

»Seeking support from producers to

expand the Simonette plant

– Increase inlet capacity

– Improve NGL recoveries through

addition of turbo-expander

14

Keyera Positioned to Benefit from Montney Development

Caribou Gas Plant – Northeast British Columbia

»Keyera’s 105 MMcf/d Caribou gas plant

adjacent to Progress Energy lands

–Petronas recently acquired Progress

Energy with the intention of exporting

gas from west coast of B.C.

»Petronas expects to develop gas in

50 MMcf/d pods

»Third-party pipeline from Lily block to

Caribou plant under construction

– Incremental gas volumes expected to

begin flowing to Caribou gas plant in

Q4 2012

15

NGL Infrastructure in Key Energy Hub

Keyera Enviro Fuels

Enbridge

Shell Pipeline Alley

Kinder Morgan

Enbridge

Keyera Edmonton Terminal

16

Imperial Oil

Plains Midstream

Inter Pipeline

Gibson

Suncor

Imperial Oil Imperial Oil Strathcona Refinery

Gibson

Suncor Edmonton Refinery

Keyera Alberta Diluent

Terminal

Pembina

Providing essential services to producers at Canada’s NGL hub

NGL Infrastructure Supports Western Canadian Producers

17

» Services to NGL producers at

Canada’s energy hub

– NGL Fractionation

• propane, butane and condensate

– NGL Logistics Services

• Storage

• Pipelines

• Rail and Truck Terminals

Fractionation

(80,000 bbls/d)

Storage

(10.9 MM barrels)

Pipelines

(7) Rail Cars

(~1,000)

Sales Terminals

Rail & Truck Racks

(19)

Keyera Ideally Suited to Provide Diluent Handling Services

Oil Sands Growth Driving Need for Diluent Logistics Services

18

0

1

10

100

1,000

10,000

100,000

1,000,000

Water

Olive

Oil

Pancake

Syrup

Honey

Ketchup

Peanut

Butter

Athabasca Bitumen

Light Crude

Oil

» Majority of future bitumen

production will be

transported by pipeline

to upgraders

– Bitumen must be thinned

with a lighter

hydrocarbon, called

diluent, for movement

via pipeline

– Alberta expected to

experience significant

shortage of diluent

– Imports of diluent creating

opportunities for storage

and logistics services

Viscosity at Room Temperature (cP)

Cold Lake Bitumen

Source: Imperial Oil

Significant Condensate Imports Anticipated to Meet Demand

Bitumen Production Growth Driving Diluent Demand

0

300

600

900

1200

0

1000

2000

3000

4000

5000

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Condensate Demand Forecast – Risked

(Mbbls/d)

Bitumen Production Forecast – Risked

(Mbbls/d)

Bitumen Production

Condensate Demand

Source: Peters & Co.

19

Capacity to Serve Other Oil Sands Players

Oil Sands Logistics Services » Keyera providing diluent transportation,

storage and terminalling services in

Edmonton/Fort Saskatchewan hub

» Kearl (Imperial Oil)

– Solvent services – December 2011

– Diluent services – July 2012

» Sunrise (Husky Oil)

– Services to begin in 2014

» Long-term fee-for-service

arrangements

» Large portion of revenue stream not

dependent on throughput volumes

20

Meeting the Needs of Canadian Bitumen Producers

South Cheecham Terminal – Extending Logistics Footprint

21

» Proceeding with construction of South

Cheecham Rail and Truck Terminal

» Ownership Keyera 50%, Enbridge 50%;

Keyera will construct and operate facility

» Terminal will be capable of receiving

diluent or solvents and loading dilbit onto

railcars for delivery to upgraders

» Agreement with Statoil provides contractual

underpinning

» Expected gross capital cost of $90 million;

expected completion mid-year 2013

Provides Vertical Integration Along Butane Value Chain

Alberta EnviroFuels (AEF) – A World Class Iso-Octane Facility

» Iso-octane is a low emission, high octane

gasoline blending additive

» Butane is the primary feedstock in the

production of iso-octane

» Existing Keyera NGL pipelines, storage

and rail beneficial to AEF feedstock supply

» Adding new iso-octane customers in

Alberta and the U.S.

22

Infrastructure and Expertise Provide Access to High-Value Markets

NGL Marketing

» Liquids-rich drilling across North

America creating oversupply, resulting

in price weakness for some NGLs

(particularly propane)

» Margin based revenues means less

focus on absolute price of commodity

» Weaker butane prices support Keyera’s

feedstock needs at AEF

» Adopted propane hedges in 2012 in

response to changing market dynamics

23

Ethane

Propane

Butane

Condensate

Natural Gas Liquids

Majority of Operating Margin From Fee-For-Service Revenues

Stable, Diversified Cash Flow

NGL

Infrastructure

Gathering &

Processing

NGL

Marketing Margin-based

25% in 2011

(15% in H1/12)

Fee-for-service3

75% in 2011

(85% in H1/12)

1 Operating margin excludes other income from production. 2 Non-GAAP measure. See Keyera’s Second Quarter 2012 MD&A for a definition of operating margin. 3 Fee-for-service operating margin includes fees paid by Marketing to NGL Infrastructure.

Operating Margin1,2

$0

$50

$100

$150

$200

$250

$300

2006 2007 2008 2009 2010 2011

Gathering & Processing NGL Infrastructure NGL Marketing

$ Millions

24

Strong Balance Sheet for Growth and Acquisitions

Conservative Capital Structure

25

$53 $46

$97

$60

$125 $109

$60

$143

$13

$0

$25

$50

$75

$100

$125

$150

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

$C

AD

MM

Convertible Debentures

Senior Notes

Laddering of Maturities Reduces Financing Risk

Key Debt Metrics (as at June 30, 2012)

2.2 x Net debt and convertible debentures / LTM EBITDA1

14% Net debt and convertible debentures / Enterprise value2

1 Net debt and conv. debs. $549 million. LTM EBITDA $249 million (adjusted for IFRS and non-GAAP measure. See Keyera’s Q2 2012 MD&A

for comparable GAAP measure.) 2 Enterprise value based on August 30, 2012 closing prices: $44.79 (KEY) and $234.41 (KEY.DB.A).

A Focused Approach to Growing Our Business

Keyera’s Growth Strategy

26

»Near term organic growth opportunities

– Gas plant expansion/enhancement and pipeline

construction projects driven by liquids-rich gas

development

– Fractionation and storage expansions to handle

increasing NGL production

– Storage, terminalling and pipeline opportunities from

oil sands growth

»Projects and acquisitions that leverage existing

facilities and expertise

»Typical organic project characteristics

– Scalable to meet changing industry environment

– Flexible

– Driven by industry needs

One of Canada’s Largest Midstream Operators

Summary

» Solid track record

» Stable, diversified cash flow

» Strategic assets

» Inventory of opportunities

» Strong balance sheet

» Focused strategy

» Disciplined approach

27

For Further Information Contact:

John Cobb Vice-President, Investor Relations

888-699-4853 ir@keyera.com

KEYERA CORP.

600, 144 – 4 AVENUE SW

CALGARY, ALBERTA

T2P 3N4

WWW.KEYERA.COM