Mr. Dean Setoguchi reports

KEYERA CELEBRATES THE COMPLETION OF THE KAPS PIPELINE

Keyera Corp. recently completed the KAPS pipeline -- Alberta's newest natural gas liquids (NGLs) and condensate pipeline spanning 575 kilometres, and supporting Canada's role on the global energy stage. KAPS is operated by Keyera and is 50 per cent owned by Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets.

"KAPS is more than a pipeline, it's truly an energy infrastructure solution that is helping to unlock partnership and prosperity through a purposeful approach," says Dean Setoguchi, president and chief executive officer of Keyera. "The support KAPS has received is a testament to both commercial need and the listen-first approach Keyera takes with external stakeholders and indigenous communities. KAPS has been years in the making, and it is the platform that propels us forward and lets us focus on what we do best -- supply responsibly produced Canadian energy."

The KAPS pipeline will safely transport 350,000 barrels per day of NGLs and condensate from the liquids-rich Montney and Duvernay basins to Keyera's liquids processing and storage hub in Alberta's Industrial Heartland, located in Fort Saskatchewan. By providing a competitive transportation alternative that allows producers to grow natural gas production, KAPS is advancing Alberta's energy industry. This highly desired industry pipeline solution is designed to integrate services, generate more volumes and expand commercial opportunities; all of which drives benefit for Alberta and fuels greater domestic economic growth.

"The completion of the KAPS pipeline represents a significant milestone in the expansion of natural gas production in Western Canada. As natural gas continues to be a key contributor to the global energy mix and energy transition, especially in East Asia, we believe that KAPS has a critical role to play," says Anthony Borreca, senior managing director at Stonepeak. "KAPS has the ability to support decarbonization and energy security goals on a local and global level and we look forward to continuing to partner with Keyera as responsible stewards of this asset as production gets under way."

Integral to the successful construction and completion of KAPS was Keyera's engagement and partnerships with communities along the pipeline route, including 10 municipalities, 22 indigenous communities, and 60 indigenous-owned or affiliated businesses. Determining the pipeline route was a collaborative effort that extended well beyond regulatory, environmental, safety and land factors. It included input from traditional land use studies from each indigenous community, approximately 400 site visits with rights holders, and the approval of nearly 600 landowners and occupants.

"This is such great news for Keyera, its partners and for Alberta," says the Hon. Danielle Smith, Premier of Alberta. "KAPS is furthering economic opportunity and prosperity for indigenous partners and communities as well as for the entire province. I'm excited to see the positive impacts this project will have and the economic growth we'll see in the years to come."

During construction, KAPS generated more than $650-million in labour income and 7.7 million people hours. Now in service, KAPS plays a key role in positioning Alberta as an integral conduit for petrochemical and upgrading feedstock in the region and as a competitive world-class destination for growth and investment today and tomorrow.

"This year Keyera celebrated our 25th anniversary, and we look forward to continuing to collaborate with the communities along the KAPS pipeline route for the next 25," says Mr. Setoguchi. "In recognition of today's celebration and in commitment to these communities, we are investing $300,000 from our Keyera Connects Social Investment Program into partnerships focused on capacity building and sustainability."

About Keyera Connects social investment program: In celebration of KAPS and to deepen Keyera's commitment to the communities along the KAPS route, Keyera is investing a total of $300,000 to partner with organizations across its three Keyera Connects social investment pillars:

• Environmental innovation: Project Forest, a non-profit organization focused on rewilding local landscapes, to plant nearly 50,000 trees at the Wagner Natural Area close to the KAPS right of way;
• Indigenous reconciliation: Northern Alberta Institute of Technology (NAIT) to support education and training for indigenous community members in alignment with priority employment opportunities in the industry; Keyera looks forward to engaging with the communities to ensure success for members who would like to pursue this opportunity;
• Community resiliency: Inside Education, Alberta's largest environmental and natural resource education charity, to facilitate education and empowerment of youth living in communities connected to KAPS.

Municipal endorsement quotes

"On behalf of city council and the people of Edmonton, welcome to the KAPS pipeline celebration!

"The Edmonton Metro region is committed to building the strongest and most resilient economy, founded on good policies that provide opportunities for all. This ensures more people will be included and fewer will be left behind.

"Edmonton is getting bigger every day. As we grow, we need to prioritize transforming how energy is generated, how people move around the city and how buildings are constructed. We will plan for a future that combines a healthy city with the protection of our land, air, water and biodiversity. And it's our industry partners that will help us achieve this.

"I commend Keyera Energy for its sustainable contributions to our economy. You are helping build a more prosperous future and fuelling modern life for all of us. Congratulations on the completion of the KAPS pipeline!" said Amarjeet Sohi, mayor, City of Edmonton.

"It is with immense pride and excitement that we witness the culmination of Keyera's KAPS pipeline. This monumental project not only symbolizes the growth and innovation of our province's energy sector, but also showcases Alberta's Industrial Heartland as a competitive, world-class destination for petrochemicals and hydrogen. KAPS is pivotal in extending Alberta's reach in natural gas liquids and condensate, marking the province as a crucial player in the global energy landscape," said Mayor Gale Katchur, City of Fort Saskatchewan.

"The M.D. of Greenview No. 16 is proud to support Keyera's KAPS pipeline and the significant platform it creates to secure future investment in our region. This pipeline is critical in ensuring market access of our region's condensate and petroleum liquids products and our advantages in attracting investment, growth and job creation, driving benefits for our region and all of Alberta. Congratulations, Keyera, on this momentous achievement," said Tyler Olsen, reeve, municipal district of Greenview.

"Strathcona County highly values the work Keyera does in our Alberta Industrial Heartland, and the completion of the KAPS pipeline only furthers your commitment to our area.

"KAPS is bringing highly valuable condensate and petroleum liquid products and feedstocks to the Heartland region. This will further underpin Strathcona county's value proposition related to attracting global energy investments and growth in our region. The resulting investments and job creation are important to our community," said Mayor Rod Frank, Strathcona County.

"The County of Grande Prairie proudly celebrates the positive impact of Keyera's KAPS pipeline, securing market access for our condensate and petroleum liquids. This project strengthens our local economy, attracts vital investments and fosters job creation, benefiting both our region and all of Alberta. Congratulations to Keyera on the KAPS pipeline; this significant achievement enhances our region's position in the global energy landscape," said Reeve Bob Marshall, County of Grande Prairie.

About Keyera Corp.

As one of Canada's largest independent mid-stream businesses, Keyera plays a crucial role in processing, transporting, storing and marketing clean-burning natural gas and natural gas liquids that fuel society. With a dedicated team of over 1,100 employees, Keyera is committed to making positive, lasting change in the areas it lives and operates.