KEY: Quick Take: Keyera closes the acquisition of the Plains Canadian NGL business

Research evidence excerpt

KEY: Quick Take: Keyera closes the acquisition of the Plains Canadian NGL business

EQUITY RESEARCH QUICK TAKE

RBC Dominion Securities Inc.

Maurice Choy, CFA, CA, CPA (Analyst)

Robert Kwan, CFA (Head of Global Power,

Utilities & Infrastructure Research)

Greg Andrais, CFA (Senior Associate)

May 12, 2026

Keyera Corp.

Quick Take: Keyera closes the acquisition of the Plains Canadian NGL business

TSX: KEY | CAD 52.36 | Outperform | Price Target CAD 55.00

Sentiment: Positive

Our view

• We anticipate the news will have a net positive impact on the company's share price, recognizing that this news removes an

element of uncertainty that has dominated investor discussions (particularly over recent weeks), and that there may be some

turnover of shareholders immediately following the conversion of the subscription receipts to common shares.

• With the company reporting its Q1/26 results on Thursday, May 14, 2026, we anticipate investors will shift more focus now

onto the company's range of potential scenarios that may be acceptable to Keyera as part of the Competition Tribunal process,

including any remedies that the process might result in. However, seeing how the process is live and ongoing, we wouldn't

be surprised if Keyera stuck to its messaging on the merits of the deal, including its confidence that the Tribunal will see the

company's view, as well as the strategic and financial merits of the transaction as is. Put differently, we believe that investors

should not expect the company to materially steer away from its recent messaging (if at all), including the messages that were

reiterated as part of today's press release.

Details

• Keyera announced the closing of its previously announced acquisition of substantially all of Plains' Canadian NGL business for