Mr. Dan Cuthbertson reports

KEYERA ANNOUNCES CLOSING OF $2.07 BILLION BOUGHT-DEAL OFFERING OF SUBSCRIPTION RECEIPTS

Keyera Corp. has completed its previously announced offering of subscription receipts. Pursuant to the offering, the company issued 52,874,700 subscription receipts, including 6,896,700 subscription receipts issued pursuant to the exercise in full by the underwriters of their overallotment option. The subscription receipts were issued at a price of $39.15 per subscription receipt, for total gross proceeds of approximately $2.07-billion.

Each subscription receipt will entitle the holder thereof, without payment of any additional consideration or further action on the part of the holder, to receive one common share of Keyera upon closing of the acquisition (as defined below). In addition, while the subscription receipts remain outstanding, holders will be entitled to receive cash payments (dividend equivalent payments) per subscription receipt that are equal to dividends declared by Keyera on each common share. Such dividend equivalent payments will have the same record date and payment date as the related common share dividends.

The subscription receipts will begin trading on the Toronto Stock Exchange under the symbol KEY.R today.

The net proceeds from the offering will be held in escrow and are expected to be used to finance a portion of the purchase price of Keyera's previously announced acquisition of substantially all of Plains' Canadian natural gas liquids business and select U.S. assets. The acquisition is expected to close in the first quarter of 2026, subject to the satisfaction or waiver of customary closing conditions, including clearance under the Competition Act (Canada) and other applicable regulatory reviews.

For further information regarding the acquisition and the subscription receipts, including related risk factors, refer to the company's prospectus supplement dated June 18, 2025, to the base shelf prospectus of the company dated Dec. 12, 2023. The base shelf and the prospectus supplement are accessible on SEDAR+.

The subscription receipts were offered through a syndicate of underwriters, led by RBC Capital Markets, together with CIBC Capital Markets, National Bank Financial Markets, Scotiabank and TD Securities as joint bookrunners.

About Keyera Corp.

Keyera operates an integrated Canadian-based energy infrastructure business with extensive interconnected assets and a depth of expertise in delivering energy solutions. Its predominantly fee-for-service-based business consists of natural gas gathering and processing; natural gas liquids processing, transportation, storage and marketing; iso-octane production and sales; and an industry-leading condensate system in the Edmonton/Fort Saskatchewan area of Alberta. Keyera strives to provide high-quality, value-added services to its customers across North America and is committed to conducting its business ethically, safely, and in an environmentally and financially responsible manner.

We seek Safe Harbor.