Mr. Dan Cuthbertson of Keyera reports

KEYERA, ALTAGAS AND CN PARTNER TO BUILD STRATEGIC CANADIAN INFRASTRUCTURE

Keyera Corp., AltaGas Ltd. and Canadian National Railway Company have made plans to advance the Alberta Corridor Export (ACE) rail terminal project, a strategic Canadian energy infrastructure investment designed to strengthen Canada's energy supply chain, further increasing Canadian competitiveness on the global markets. The partnership combines Keyera's ACE rail terminal with CN's rail network and AltaGas's West Coast export platform.

ACE will be owned and constructed by Keyera on Keyera-owned lands within Alberta's Industrial Heartland and will be supported by long-term commercial arrangements with AltaGas and CN. With unit train loading capabilities, the ACE rail terminal is designed to provide the most efficient and scalable rail solution connecting the Fort Saskatchewan region to West Coast export markets through CN's network and AltaGas's growing global export platform.

The project represents an initial investment by Keyera of approximately $240-million, including approximately $100-million incremental to Keyera's previously disclosed 2026 growth capital guidance.

Upon start-up, the ACE rail terminal is expected to provide transportation capacity of approximately 45,000 barrels per day of propane and butane from the Fort Saskatchewan region to West Coast export facilities. The infrastructure is highly scalable and will be able to support the transportation of additional energy products from the region as market opportunities evolve.

The ACE terminal will utilize a unit train capable rail loop design intended to improve loading efficiency, reduce handling requirements and lower transportation costs relative to traditional rail solutions. Construction activities are under way, including land clearing activities, with an expected in-service date of mid-2028, aligned with the completion of Keyera's KFS Fractionation III project.

"This project reflects our continued focus on strengthening and extending Keyera's integrated value chain while providing customers with an efficient solution to diversify market access and benefit from growing global LPG demand," said Dean Setoguchi, president and chief executive officer of Keyera. "We are thrilled to partner with two other industry-leading Canadian companies on infrastructure that will create jobs and support the continued growth and competitiveness of the Canadian energy industry."

"This agreement represents a meaningful step forward as we continue to strengthen AltaGas's open-access energy export platform," said Vern Yu, president and chief executive officer of AltaGas. "Leveraging unit train capability enhances operating efficiency and reduces costs, creating greater value for our customers while strengthening the global competitiveness of Canadian energy. We value our relationships with Keyera and CN and are pleased to further these partnerships in support of our long-term growth objectives."

"CN's network is built to connect our customers' products to global markets," said Tracy Robinson, president and chief executive officer of CN. "The ACE rail terminal is strategic, trade-enabling infrastructure that will add efficient and scalable capacity between the Alberta Industrial Heartland and West Coast gateways, particularly the Port of Prince Rupert as key energy export projects approach completion. It supports the competitiveness of Canadian energy products, gives customers more reliable access to global markets and reflects the kind of supply chain investment Canada needs to compete over the long term."

ACE rail terminal: efficiently connecting Canadian energy to global markets

About Keyera Corp.

Keyera operates an integrated Canadian-based energy infrastructure business with extensive interconnected assets and 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.

About AltaGas Ltd.

AltaGas is a leading North American infrastructure company that connects customers and markets to affordable and reliable sources of energy. The company operates a diversified energy infrastructure business that is focused on delivering resilient and durable value for its stakeholders. From wellhead to tidewater, AltaGas's mid-stream business is focused on providing its customers with safe and reliable service and connectivity that facilitates the best outcomes for their businesses. This includes global market access for North American LPGs, which provides North American producers and aggregators with the best netbacks for LPGs while delivering diversity of supply and stronger energy security to its downstream customers in Asia.

About Canadian National Railway Company

CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada's Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.

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