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Glossary

"ABCA" means the Business Corporations Act (Alberta), as amended from time to time, and the regulations thereunder;

"acid gas" means H2S or CO2 or a combination of H2S and CO2 which are referred to as acid gases because they form acids or acidic solutions in the presence of water;

"acid gas injection" refers to the injection of acid gas into underground geological formations;

"ADT Ltd." means Alberta Diluent Terminal Ltd., a corporation formed under the laws of the Province of Alberta;

"AEF" means the Alberta EnviroFuels facility; 

"AEF Inc." means Alberta Envirofuels Inc., a corporation formed under the laws of the Province of Alberta;

"AEP" means Alberta Environment and Parks;

"AER" means the Alberta Energy Regulator;

"AIF" means this Annual Information Form;

"Board of Directors" means the board of directors of Keyera Corp.;

"butane" means an NGL, the chemical formula of which is C4H10, used primarily in crude oil and gasoline blending or in the production of iso-octane;

"CARBOB" means California reformulated gasoline blendstock for oxygenate blending;

"CDS" means The Canadian Depositary for Securities Limited;

"CO2" means carbon dioxide;

"Common Shares" means the common shares of Keyera Corp.;

"Computershare" means Computershare Trust Company of Canada;

"condensate" means a mixture of hydrocarbons consisting primarily of pentanes and heavier liquids usually produced with or extracted from raw gas;

"Debentures" means debentures that may be issued from time to time; and "Debenture" means any one of them;

"Debenture Indenture" means the trust indenture dated June 3, 2004 providing for the issuance of unsecured subordinated convertible debentures, as supplemented by the First Supplemental Debenture and the Second Supplemental Debenture;

"Debenture Trustee" means Computershare, who acts as trustee under the Debenture Indenture;

"dehydration" means the process by which water vapour is removed from raw gas;

"dilbit" means bitumen that is blended with a diluent, such as condensate, in order to reduce viscosity and density of the bitumen for pipeline transportation;

"diluent" means a lower density fluid that is blended with heavy oil or bitumen in order to reduce viscosity and density for pipeline transportation (condensate is a commonly used diluent for pipeline transportation of heavy oil or bitumen);

"distributable cash flow" means the cash flow available for distribution to Shareholders as dividends as described under "Dividends";

"enhanced oil recovery" means any method that increases oil production by using techniques or materials that are not part of normal pressure maintenance or water flooding operations, such as injection of natural gas or CO2 into a reservoir to increase oil production from the reservoir;

"ethane" means an NGL, the chemical formula of which is C2H6, used primarily as a feedstock to the petrochemical industry and in enhanced oil recovery projects;

"First Preferred Shares" means the first preferred shares of Keyera Corp. as more particularly described under “Capital Structure of Keyera Corp. – Preferred Shares”;

"First Supplemental Indenture" means the supplemental indenture issued under the Debenture Indenture dated December 1, 2008;

"gas products" means NGLs, sulphur and any other commercial substances that may be extracted from raw gas;

"gas treating" means the process by which sour gas is sweetened by removal of CO2 and H2S;

"H2S" means hydrogen sulphide;

"hydrocarbons" means organic compounds containing a mixture of carbon and hydrogen;

"ID 2001-3" means AER Interim Directive 2001-3: Sulphur Recovery Guidelines for the Province of Alberta;

"inlet separation" means the initial stage of processing within a natural gas processing plant where the incoming raw gas stream enters a vessel and any free liquids such as water and NGLs are removed from the gas stream before it is further processed;

"iso-octane" is a low vapour pressure, high octance, gasoline blending component;  

"KEI" means Keyera Energy Inc., a corporation incorporated under the laws of the State of Delaware;

"Keyera" means Keyera Corp. and its subsidiaries; 

"Keyera Corp." means Keyera Corp. a corporation formed under the laws of Alberta, the Common Shares of which are listed for trading on the TSX;

"Keyera Entity" means any person controlled, directly or indirectly, from time to time by Keyera Corp.;

"license capacity" means the maximum permissible raw gas inlet volume for a gas plant as determined by the plant license granted by the AER or OGC;

"lean oil recovery" is an NGL recovery process that utilizes a light oil in contact with incoming raw gas to absorb NGLs from the raw gas stream and to meet raw gas specifications;

"NAFTA" means the North American Free Trade Agreement between Canada, the U.S. and Mexico;

"NGL" or "NGLs" means natural gas liquids, consisting of any one of ethane, propane, butane and condensate or a combination thereof;

"OGC" means the British Columbia Oil and Gas Commission;

"operating margin" means operating revenues less operating expenses and general and administrative expenses associated with the Marketing segment, and does not include the elimination of inter-segment transactions (see note 29 to the 2015 Annual Audit Financial Statements of Keyera available on SEDAR at www.sedar.com);

"partnership" means Keyera Partnership, a general partnership organized under the laws of the Province of Alberta pursuant to the Partnership Agreement;

"Partnership Agreement" means the amended and restated partnership agreement of the Partnership dated January 1, 2011, as amended December 21, 2011, December 23, 2011 and January 2, 2016;

"pentane" means a hydrocarbon, generally a liquid at atmospheric conditions, the chemical formula of which is C5H12

"Preferred Shares" means the First Preferred Shares and Second Preferred Shares or any one of them;

"propane" means an NGL, the chemical formula of which is C3H8, used for heating, crop drying, motor fuel and as a feedstock for the petrochemical industry in the manufacture of ethylene and propylene;

"raw gas" means natural gas before it has been subjected to any processing that may be required for it to become suitable for sale;

"refrigeration" is an NGL recovery process that utilizes a refrigerant as a means to cool incoming raw gas in order to extract NGLs from the raw gas stream;

"RBOB" means reformulated gasoline blendstock for oxygenate blending;

"Right"  means the rights issued to Shareholders pursuant to the Rights Plan;

"Rights Plan" means the Shareholder rights plan adopted by Keyera Corp. as more particularly described under “Capital Structure of Keyera Corp. – Shareholder Rights Plan”;

"Rights Agreement" means the agreement entered into between Keyera Corp. and Computershare providing for the establishment of the Rights Plan;

"Rimbey LP" means Rimbey Pipeline Limited Partnership, a limited partnership formed pursuant to the laws of Manitoba;

"sales gas" means saleable natural gas after it has been treated in a natural gas processing facility to remove water vapour, inert gases, CO2, H2S and NGLs comprised primarily of methane with small amounts of ethane and other NGLs;

"Second Preferred Shares" means second class of preferred shares of Keyera Corp. as more particularly described under “Capital Structure of Keyera Corp. – Preferred Shares”;

"Second Supplemental Indenture" means the supplemental indenture issued under the Debenture Indenture dated January 1, 2011;

"Shareholder" means a holder of Common Shares;

"sour gas" means natural gas that contains an amount of H2S in excess of the content permitted in gas to be transported on sales gas pipelines, or which the AER considers to be sour gas;

"specification NGLs" or "spec NGLs" means saleable ethane, propane, butane or condensate that meet the specifications for those products established by industry associations;

"subsidiary" means, in relation to any person or entity, any body corporate, partnership, trust, joint venture, association or other entity of which more than 50% of the total voting power of shares or units of ownership or beneficial interest entitled to vote in the election of directors (or members of a comparable governing body) is owned or controlled, directly or indirectly, by such person or entity;

"sulphur" means a yellow mineral extracted from natural gas which is used in the manufacture of fertilizer, pharmaceuticals and other products;

"sulphur recovery" means the process within a natural gas processing facility whereby natural gas containing hydrogen sulphide undergoes a series of chemical reactions to isolate elemental sulphur;

"sweet gas" means natural gas that is not sour gas;

"Tax Act" means the Income Tax Act (Canada), as amended from time to time, and the regulations thereunder;

"throughput" means, with respect to a gas plant, the raw gas inlet volume processed; for a pipeline, means the gas or liquid volume transported therein; and for NGL processing facilities the volume of inlet NGLs processed;

"turbo expansion" is an NGL recovery process that utilizes the expansion and subsequent cooling of incoming raw gas to extract a high percentage of NGLs from the raw gas to meet or exceed sales gas specifications;

"TSX" means the Toronto Stock Exchange;

"utilization rate" means, with respect to a gas plant, throughput divided by license capacity; for a pipeline, throughput divided by the estimated pipeline capacity; and for other facilities which do not have a specified license capacity, throughput divided by the estimated capacity of such facility; in all cases expressed as a percentage;

"WCSB" means the Western Canada Sedimentary Basin; and

"WTI" means West Texas Intermediate, a grade of crude oil used as a benchmark in oil pricing.