Corporate Presentation (6930c94707fc2612f1ffe2d5 South Bow 2025 Investor Day Presentation)

NOVEMBER 19, 2025

Bevin Wirzba President & Chief Executive Officer

Van Dafoe Senior Vice-President & Chief Financial Officer Richard Prior Senior Vice-President & Chief Operating Officer

6ssct IntcgíitQ & €»tc Oncí»tions Gary Salsman Vice President, Safety & Operations

Mark Yeomans Vice President, Engineering & Pipeline Integrity

Gíowtk Outloofi Richard Prior Senior Vice-President & Chief Operating Officer Blaine Trout Vice President, Business Development & Commercial

1

South Bow delivered on all milestones to successfully execute the spinoff transaction

TC Energy announces intention to spin off Liquids Pipelines business

South Bow incorporates

TC Energy files information circular, announcing South Bow's board of directors, management team, value proposition, and capital structure

TC Energy's shareholders vote 97% in support of spinoff

South Bow completes

$5.8 billion debt offering

South Bow launches as an independent company

3

A strategic liquids pipelines franchise connecting resilient supply to the strongest demand markets in North America

Liquids Pipeline Liquids Tank Terminal

City

t0 % 2025F normalized EBITDA1contracted

2025F net debt-to-normalized EBITDA1 2

CALGARY

FORT MCMURRAY

HARDISTY

total return since inception3

STEELE CITY

WOOD RIVER

PATOKA

CUSHING

1Non-GAAP financial measure or non-GAAP ratio that may not be comparable to measures presented by other entities. Refer to "Advisory Statements" of this presentation.

2Includes 50% equity treatment of junior subordinated notes.

3Source: Bloomberg. Total returns reflect South Bow's trading performance on the Toronto Stock Exchange, from September 25, 2024 to October 31, 2025, assuming reinvestment of dividends.

4As of October 31, 2025.

HOUSTON

PORT ARTHUR

4

Demonstrating wide range of capabilities has been critical to South Bow's success

• Assembled a high-calibre board of directors and team

• Developed a bespoke operating model and substantially exited transition services

  PKOJECľ EXECUľION

• Advanced the Blackrod Connection Project-South Bow's first major growth project

• Safely responded to Milepost 171 incident

  C6PIľ6L M6K€Eľ€ PEK"OKM6NCE

• Achieved strong shareholder support for spinoff and executed a successful debt raise

• Outperformed peers and broader market with a total return of 31%1

  ľOľ6L KEľUKN€1

  31% S&P/TSX 31%

  S&P 500

  21%

  Alerian Index 11%

  
  
  

  1 Source: Bloomberg. Total returns reflect South Bow's trading performance on the Toronto Stock Exchange, from September 25, 2024 to October 31, 2025, assuming reinvestment of dividends. 5

  
  
  South Bow's Values in Action

  Values-based culture is guiding strategic decision-making and long-term value creation

  WE 6KE €6"E WE DO ľHE KIGHľ ľHING WE ľ6€E PKIDE IN WH6ľ WE DO WE WIN 6€ 6 ľE6M
  
  
  
  
  
  

  G

  South Bow's 2026 Priorities

  Focus is on maintaining safe operations, maturing and executing growth portfolio, and enhancing competitiveness

  €6"E OPEK6ľION€

• Maintain safe operations and return Keystone Pipeline to baseline operations

  GKOWľH POKľ"OLIO

• Mature and execute growth portfolio of organic and inorganic opportunities

  BU€INE€€ COMPEľIľIVENE€€

• Continue to optimize workflows and enhance competitiveness

  "IN6NCI6L DI€CIPLINE

• Adhere to capital allocation priorities to preserve shareholder returns

7

Building a resilient energy infrastructure company with a scalable, competitive, and diversified portfolio

Safety

Asset Integrity System Availability

Industiy-leading High Availability

Cost Structure Comnctitivc Industiy-leading

Risk Profile

Number of Revenue Streams Geographic Split

Low Multiple

Canada- and U.S.-focused

Marketing Segment Contribution

9