Positioned For Continued GrowthDavid Smith, Executive Vice PresidentCIBC World Markets 2010 Energy & Infrastructure Conference – April 21, 2010

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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. Keyera’s plans to convert to a corporation and its anticipated dividend policy, as a corporation, are based on the continuation of favourable growth parameters for current and future projects (including Keyera’s ability to finance such projects on favourable terms) and continued sustainable results of all Keyera’s business segments. Keyera’s disclosure with respect to its conversion plans also assumes there will be no change in the rules governing conversion in the interim. These assumptions may be affected by any or all of the factors listed above, as well as the factors listed under the heading “Corporate Conversion” in Keyera's 2009 MD&A.

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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Attractive Metrics$ Canadian

KEY.UN; KEY.DB; KEY.DB.A

• Market value1

• Enterprise value1

• Distributions (per unit per month)

• Trading volume(Q1 units per day)

• Unit price1

• Current yield1

1 Closing price of $26.00 (KEY.UN), $220.00 (KEY.DB) and $137.25 (KEY.DB.A) on April 14, 2010

$1.8 billion

$2.1 billion

$0.15

161,000

$26.00

6.9%

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Well Suited to Deliver Stable, Long Life Cash Flows

Exceptional Track Record• Exceptional track record of value creation1

22% CAGR in distributable cash flow2 per unit65% increase in distributions per unit

• Competitive business modelStrong market position in all business segments

• Stable cash flowsLargely fee-for-service revenues

• Conservative balance sheetNet debt3 / EBITDA 1.5X (at Dec 31, 2009)

• Positioned for growthOil sands developmentsNatural gas technological advancements

1 Since inception in 2003.2 Non GAAP measure. See Keyera 2009 Year End MD&A for comparable GAAP measures.3 Excluding convertible debentures

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Integrated Energy Infrastructure

Gathering & Processing

NGL Mix

Propane

CondensateButane

NGL mix

Liquids Business Unit

ButanePropane

Oil Midstream

NGL Infrastructure NGL Marketing

CondensateRaw gas

Key Service Provider to Oil & Gas Producers

Sales gas

6

Long Life Cash Flows

NGL Marketing• Margin business

• Asset ownership key to success

• Diverse product lines

NGL Infrastructure• Fee-for-service business

• No commodity pricing in fee structure

• No “frac spread” exposure

• Growth opportunities from oil sands development

Gathering & Processing• Fee-for-service business

• Essential services for producers

• No commodity pricing in fee structure

• Business based on natural gas throughput

47% of contribution1 53% of contribution1

1 Based on 2009 year end results. Contribution is a non-GAAP measure and refers to operating revenues less operating expenses and Marketing general & administration costs, before elimination of intersegment transactions.

Liquids Business UnitGathering & Processing

Growth from Oil and Natural Gas Development

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Gathering and ProcessingLargest Sour Gas Processor in Alberta• Large flexible processing plants

– Operate 14 of 15 gas plants– Licensed capacity of 1.9 billion cubic feet per

day – Natural gas liquids (NGL) extraction– Sweet and sour gas processing capability

• Extensive gathering systems– 3,000 km of large diameter gathering systems– Large capture areas create franchise regions

• Long-life assets– A number of resource plays being identified

• Fee-for-service revenues• Competitive fee structures

5th Meridian

Well Positioned Franchise Facilities

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0100200300400500600700800900

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Gathering and ProcessingSolid Performance Through Tough Environment

• 2009 gross throughput increased 4%, compared to 2008

• Excluding Nevis acquisition, gross throughput declined less than 4%, compared to a 7% decline overall in Alberta

• Acquisitions in late 2008 & 2009 increased net throughput by 14%

North Central

Foothills

Net Throughput (Keyera’s share)(MMcf/d)

2008 2009

Underdeveloped Lands & Prospective Geology

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Gathering and ProcessingTight Gas Plays Present Significant Opportunity• Horizontal multi-fracturing

technology is unlocking tight sandstones and siltstones on western side of basin

• Producers moving to regional, resource plays in a number of formations

• Drilling scalable, repeatable wells to reduce risk and lower costs

• In 2009, more than 100 producers tested ~25 geological zones using horizontal wells

Horizontal Technology a Game Changer

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Gathering and ProcessingCommingling Production Revives Vertical Wells

• Commingling of production from multiple zones in same well bore is increasing

• Ability to drill up to 4 vertical wells per section allows better exploitation of tighter zones

• Higher production levels• Lower drilling costs vs. horizontal wells• West side of basin, with multi-zone geology,

benefiting from these changes

Prospective, Multi-Zone Geology

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Gathering and ProcessingLiquids Rich Gas Enhances Producer Netbacks

• Producers targeting gas that is rich in NGLs to enhance netbacks

• 95% of Keyera facilities able to process liquids rich gas

• Potential to add over 50% to producers’ netback

56.8%

45.45%

34.1%

22.7%

11.4%

0%

Netback Improvement1

50403020100(liquids) Bbls/MMcf

1 Liquids rich gas compared to gas consisting of only methaneAssumptionsAECO gas price $5.00/GJLiquids basket price $59.77/BblComposition of a barrel: 50% propane, 30% Butane, 20% condensate

Oil and Natural Gas Pricing

$0.00

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

$140.00

$160.00

Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09

Pric

e (C

dn $

/Bbl

)

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

30

Cdn

$/G

j

WTI (CDN$/bbl) AECO (CDN$/GJ)

Significant Liquids Potential SurroundingKeyera Facilities

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NGL InfrastructureProcessing, Storage and Transportation Services

• Providing services to NGL & oil sands producers, including:

Fractionating NGL mix into ethane, propane, butane and condensateStoring NGLs, including diluentTransporting NGL products to and from the Edmonton/Fort Saskatchewan energy hubRail and truck terminalling to load and offload NGLs and other liquids

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NGL InfrastructureConnectivity of Facilities is Key

Fort Saskatchewan

• 30,200 Bbls/d of fractionation• Pipeline system to & from

Edmonton market hub• 9.6 MM bbls of underground

storage• Potential to add 10 additional

caverns• First new cavern expected to be

operational in 2010

Edmonton Terminal

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

Alberta Diluent Terminal

• Condensate distribution terminal• 20 car rail offloading• 200 car rail yard provides unit train

capability• Connected to CP and CN railways• 435,000 barrels of above ground

storage

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NGL InfrastructureOil Sands Projects Back on Track

• Strengthening oil prices and lower cost environment in 2009 stimulated oil sands activity

• Majority of incremental bitumen production will require diluent and related services

• Increased solvent use will also drive logistic opportunities

Source: Company data, Marquarie Research, February 2010

Cenovus (Christina Lake)Connacher Oil & Gas (Pod 2)Devon Canada (Jackfish)Imperial Oil (Kearl)Laricina Energy (Saleski Pilot)Shell Canada (Jackpine)StatiolHydro-Canada (Kal Kos Dehseh)Suncor Energy (Firebag Stage 3)Suncor Energy (Firebag Stage 4)Husky Energy (Sunrise 1)Conoco Phillips (Surmont Phase 2)Total

Design Capacity (Mbbl/d)

Start-up

401035

1102

1001068686083

586

201120102011201220102010/201120112011201220142015

Oil Sands Projects Currently Under Construction

Canadian Natural (Kirby)Canadian Natural (Horizon Phase 2)Petrobank (May River Commercial)Laricina (Germain Pilot)Laricina (Germain Commercial)Statoil (Leismer)Cenovus (Narrows)Total

Design Capacity (Mbbl/d)

Start-up

451101025

30-

202

2013TBDTBA201020122011

Oil Sands Projects 2010Potentially Approved/Sanctioned

Well Positioned to Meet Logistics Needs and Diluent Demand

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NGL InfrastructureOil Sands Growth Creating Opportunities

0

1,000

2,000

3,000

4,000

2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025

Bitumen Volume Growth will Drive Condensate Demand

1 Based on CAPP June 2009 Canadian Crude Oil Production Forecast

• Bitumen production requiring diluent estimated to be 2.5 MMbbls/d by 20251

• At a 1:3 diluent to bitumen blending ratio, ~800 Mbbls/d of condensate could be required

• Domestic production of condensate only ~150 Mbbl/d, so majority of diluent will need to be imported

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Kearl AgreementLong-Term Services Agreement with Imperial Oil• Long-term fee-for-service arrangement

(25 & 15 year initial terms) beginning in late 2012

• Keyera to provide diluent transportation, storage and terminalling services for Imperial’s Kearl oil sands project

• Large portion of revenue stream not dependent on throughput volumes

• Enhanced connectivity to diluent supply, pipelines and markets

• Significant additional capacity available to provide services to other oil sands players

Providing Essential Diluent Services in Key Market Hub

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Solvent Services AgreementNext Step in Oil Sands Growth• Multi-year services agreement with

Imperial Oil• Keyera to provide solvent handling

services at Alberta Diluent Terminal

• Rail offloading, storage, and truck loading provided through a combination of new and existing infrastructure

• Demonstrates Keyera’s ability to provide new, complementary logistics services to oil sands producers

Expanding to Meet Needs for Products and Services

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NGL MarketingStrategic NGL Facilities Essential to Marketing Success

• Purchase NGLs from producers in western Canada and the U.S.

• Utilize Keyera NGL fractionation to separate NGL mix into spec products

• Store NGLs, as required, to meet demand fluctuations

• Move NGLs to market using Keyera transportation and logistics services

• Sell NGLs to wholesale customers

20%30%

50% Propane

CondensateButane

NGL mix barrel

~

~ ~

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NGL MarketingProduct Sales & Markets

• 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/Fort Saskatchewan infrastructure)

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

• Ownership of NGL assets essential

• Expanding infrastructure enhances value and flexibility

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NGL MarketingRisk Management

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

• Majority of NGLs bought and sold within one month (minimal margin risk)

• Fluctuations in demand require some product inventory

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

24 million barrels sold (2009)

Peak Inventory (Q3/09)

10%

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Conservative Capital Structure

1 Working capital is defined as current assets less current liabilities2 Non GAAP measure. See Keyera 2009 Year End MD&A for comparable GAAP measures.3 Closing price of $26.00 (KEY.UN), $220.00 (KEY.DB) and $137.25 (KEY.DB.A) on April 14, 2010

Long-term debt Working capital deficit (surplus)1

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

25897

35575

430234.22,071

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

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

1.5X1.8X

17%21%

@ December 31, 2009 ($Millions)

Debt to EBITDA Profile

$0

$100

$200

$300

$400

$500

$600

$700

$800

2004 2005 2006 2007 2008 2009Year

$ M

M

0.00

1.00

2.00

3.00

4.00

5.00

Debt

/ E

BITD

A (X

)

EBITDA Capital ExpendituresTotal Debt Total Debt/EBITDA

4 Non GAAP measure. See Keyera 2009 Third Quarter MD&A for comparable GAAP measures.5 EBITDA calculation excludes accretion and impairment expense. 6 Total debt includes the convertible debentures and less cash and inventory.

$52.5

$52.5

$60 $60

$5

$80

$97

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

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

Senior Notes

Convertible Debentures

C$

(mm

)

Long Term Debt Maturity Schedule

4,5

6

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Conversion to a Corporation

• Keyera to seek Unitholder approval to convert to a corporation at its Annual Meeting May 11, 2010

• If approved, conversion will be implemented on January 1, 2011

• Post conversion, Keyera well suited to be a high yield equity investment

Stable cash flowsConservative balance sheetLow payout ratio$544 million in tax pools (at December 31, 2009)Attractive growth opportunities

Positioned to Maintain Current Distribution Levels

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Summary

• Track record of steady value creation

• Focused strategy, disciplined approach

• Flexible growth strategy for uncertain times

• Positioned to capitalize on oil sands and natural gas technological developments and production growth

• Numerous organic growth opportunities

Stable Cash Flows 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

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

www.keyera.com