Presentation - (South Bow Corporation Corporate Presentation May 2026)

CORPORATE PRESENTATION

May 2026

South Bow at a Glance

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

OPEK6ľION6L HIGHLIGHľ€

4,t00 fim Pipeline footprint 1.25 MMkkl/d Crude oil delivered safely and reliably 7.7 MMkkl Terminal storage capacity

"IN6NCI6L HIGHLIGHľ€1

208.G million Shares outstanding ½7.1 killion Market capitalization ½12.4 killion Enterprise value2 ½2.00 /sk»íc Annual base dividend3 ~G.0 % Dividend yield

1 As of April 30, 2026.

2 Does not include 50% equity treatment of junior subordinated notes.

3 Dividends are subject to the approval of the Board of Directors.

CALGARY

FORT MCMURRAY

HARDISTY

STEELE CITY

CUSHING

HOUSTON

Liquids Pipeline Liquids Tank Terminal

City

WOOD RIVER

PATOKA

PORT ARTHUR

2

Q1 2026 Highlights

Delivered strong financial and operational performance through a period of significant market volatility

"IN6NCI6L €ľ6BILIľY PK6IKIE CONNECľOK

½257 MM

Noím»lizcd EBIľD61

½1G8 MM

Distíikut»klc C»sk "low1

4.7 …

Nct Dckt-to-noím»lizcd EBIľD6 K»tio1 2

Supported by highly contracted cash flows and strong marketing contributions

• Closed bids for the open season on March 30, 2026, soliciting commitments for long-term firm transportation service from Hardisty to U.S. delivery points4

  • 60-day period is underway to determine whether sufficient commercial support exists to advance the proposed Prairie Connector project

• South Bow will provide the results of the open season, and if advanced, potential next steps after the conclusion of the 60-day evaluation period

Delivered strong distributable cash flow to fund dividend and reduce net debt

Maintained strong financial position, driven by strong and stable cash flows

€ľKONG OPEK6ľION6L PEK"OKM6NCE

t5 %

€cQstonc €O"3

G1G Mkkl/d

€cQstonc ľkíougknut

High system availability enabled through optimizing operations

Strong system availability enabled movement of customer make-up barrels

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

2 Includes 50% equity treatment of South Bow's junior subordinated notes.

3 System operating factor (SOF) measures South Bow's ability to deliver crude oil at the planned maximum rate of the Keystone Pipeline.

4 Including Cushing, Oklahoma and destinations on the U.S. Gulf Coast. 3

South Bow Delivered on Its First-year Commitments

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

OKG6NIZ6ľION6L C6P6BILIľIE€

• 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 38%1

  ľOľ6L KEľUKN€1

  38% S&P/TSX 37%

  S&P 500

  22%

  Alerian Index 17%

  
  
  
  
  

  1 Source: Bloomberg. Total returns reflect South Bow's trading performance on the Toronto Stock Exchange, from September 25, 2024 to December 31, 2025, assuming reinvestment of dividends. 4

  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

  
  
  

  5

  South Bow's Corridor Is Unrivalled

  Assets are strategically positioned to effectively serve customers' needs

  South Bow Pipeline South Bow Tank Terminal

  Peer Pipeline

  €OUľH BOW'€ €ľK6ľEGIC 6ľľKIBUľE€

• Connects North America's strongest supply and demand markets

• Offers competitive tolls and commercial structures

• Provides the most direct path to the U.S. Gulf Coast

• Enables optionality with flexible delivery connections

• Preserves product quality through batched system

Service Offering "iia Scivicc

Committed Contracts

Transit Time ~20 d»Qs

Delivery to U.S. Gulf Coast

Product Quality Ski»»ci-s»ccitic

Crude Oil Batches

PEER PIPELINE1

CANADIAN WEST COAST

~10 DAYS +

>20 DAYS TO ASIA

SOUTH BOW

U.S. GULF COAST

~20 DAYS

PEER PIPELINES1

U.S. GULF COAST

~30 DAYS

1 Source: Company reports. G

High-quality Contractual Framework

Stable, predictable cash flows underpinned by strong contract tenor and creditworthy counterparties

HIGHLY CONľK6CľED C6€H "LOW€

€ľKONG €ľKUCľUK6L DEM6ND "OK €EKVICE€

CKEDIľWOKľHY CU€ľOMEK B6€E

~t0%

of 2026F normalized EBITDA1 is contracted2 3

>t5%

of customers are refiners, vertically integrated companies, and producers3

>t0%

of annual revenue exposure is to investment-grade counterparties3

NOKM6LIZED EBIľD61-WEIGHľED 6VEK6GE KEM6INING CONľK6Cľ ľEKM O" ~7 YE6K€3

1 Non-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.

2 South Bow is required by its regulators to make certain capacity available to uncommitted (spot) shippers on its Keystone and Marketlink assets.

3 As of December 31, 2025. 7

Canadian Heavy Crude Oil Supply Is Resilient

Canada is a global leader and North America's backbone in heavy crude oil supply

Liquids Pipeline

Liquids Tank Terminal

WC€B CKUDE OIL €UPPLY OUľLOO€1

MMbbl/d 8

6

4 Light & Medium Crude Oil

2 Heavy Crude Oil 0

WC€B

>160 Bbbl

2025 2035 2050

Estimated Reserves2

2025E GLOB6L HE6VY

CKUDE OIL €UPPLY OUľLOO€1

MMbbl/d

WC€B €H6KE O" NOKľH 6MEKIC6N HE6VY CKUDE OIL €UPPLY OUľLOO€1

%

Canada

U.S. & Mexico

P6DD 2

North America

Middle East

Latin America

Other

81% 77%

2025 2035 2050

P6DD 3

1 Source: Wood Mackenzie (2026).

2 Source: Alberta Energy Regulator (2025). 8

Demand for Canadian Heavy Crude Oil Is Enduring

Canadian heavy crude oil is secure and strongly positioned to capture additional U.S. refining market share

U.€. CKUDE OIL KE"INING OUľLOO€1

MMbbl/d

2025E P6DDs 2 & 3 HE6VY CKUDE OIL €OUKCE€1

%

20 All PADDs

PADDs 2 & 3

PADDs 2 & 3 Light & Medium Crude Oil

PADDs 2 & 3 Heavy Crude Oil

15

100

75

Rest of World

Venezuela Mexico

>700 MMkkl/d

Canadian heavy crude oil opportunity

10 50

5 25

Canada

0

2025 2035 2050

0

PADD 2 PADD 3

1 Source: Wood Mackenzie (2026). 9

Increasing Demand for Western Canadian Egress

WCSB will require additional pipeline egress and South Bow is well-positioned to compete

WC€B CKUDE OIL €UPPLY 6ND PIPELINE C6P6CIľY OUľLOO€1

MMbbl/d

Supply Available for Export Potential Pipeline Egress Projects Existing Pipeline Egress Capacity

6 Potential Supply Growth

5

>1 MMkkl/d supply growth potential2 Potential pipeline egress projects1

WCSB supply expected to exceed existing pipeline egress capacity by mid-2027,

driving the need for additional pipeline egress projects1

4

3

2

2015 2020 2025 2030 2035

1 Source: Wood Mackenzie (2026).

2 Source: South Bow's internal projections. 10

South Bow's Capital Allocation Priorities

Taking a disciplined approach to preserve optionality and maximize total shareholder return over the long term

1

P6Y 6 €U€ľ6IN6BLE B6€E DIVIDEND

• Pay a stable and sustainable base dividend with an attractive yield

• Maintain base dividend as the primary means of returning capital to shareholders

2

€ľKENGľHEN "IN6NCI6L PO€IľION

• Lower net debt-to-normalized EBITDA ratio1 2 to 4x over the medium term

• Maintain investment-grade outlook through financial discipline and low-risk contractual framework

3

INVE€ľ IN €ľK6ľEGIC COKKIDOK 6ND

GKOW PEK-€H6KE MEľKIC€

• Unlock value of pre-capitalized assets, delivering long-term normalized EBITDA1 growth of 2% to 3% plus strategic growth upside

• Strengthen and expand strategic corridor, offering competitive connections, enhanced optionality, and value chain expansion to customers

• Grow per-share metrics through opportunistic share repurchases once leverage target is met

4

INCKE6€E KEľUKN€ ľO

€H6KEHOLDEK€

• Consider sustainably growing the base dividend once payout ratio has been reduced

1 Non-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.

2 Includes 50% equity treatment of junior subordinated notes. 11

South Bow Is a Differentiated Investment

Strong and sustainable dividend, combined with profitable growth, offers an attractive total return for shareholders

€ľKONG 6ND

€U€ľ6IN6BLE B6€E DIVIDEND

South Bow will pay a sustainable dividend with an attractive yield

IKKEPLIC6BLE 6€€Eľ€ WIľH 6 COMPELLING

GKOWľH PKO"ILE

South Bow's growth will be focused on strengthening and expanding its strategic corridor to offer competitive delivery connections and enhanced optionality to customers

"IN6NCI6L €ľKENGľH 6ND INVE€ľMENľ-GK6DE

DEBľ C6PIľ6L €ľKUCľUKE

South Bow has de-risked its deleveraging profile with its durable business model and stable, low-risk cash flows

€ľK6ľEGIC "K6NCHI€E IN 6 PKEMIUM COKKIDOK

HIGH-QU6LIľY CONľK6CľU6L "K6MEWOK€

COMMEKCI6L 6ND OPEK6ľION6L EXCELLENCE

KOBU€ľ BU€INE€€ 6ND M6K€Eľ "UND6MENľ6L€

12

Asset Overview

Keystone Pipeline System

Spanning 4,300 kilometres, system safely transports liquids across three Canadian provinces and eight U.S. states

Liquids Pipeline Liquids Tank Terminal

City

6VEK6GE ľHKOUGHPUľ1 2

Mbbl/d

800

600

400

200

0

582 595 626 584 616

2022 2023 2024 2025 2026 YTD

HARDISTY

€Y€ľEM OPEK6ľING "6CľOK1

%

100

95

90

85

80

2022 2023 2024 2025 2026 YTD

1 As of March 31, 2026.

2 The Canada Energy Regulator requires 6% of nominal capacity to be reserved for uncommitted (spot) shippers on the Keystone Pipeline.

STEELE CITY

CUSHING

HOUSTON

WOOD RIVER

PATOKA

PORT ARTHUR

14

Keystone Pipeline - Milepost 171

South Bow is committed to the long-term safety and reliability of its assets

ľHING€ ľO €NOW

• Incident occurred at Milepost 171 near Fort Ransom, North Dakota

• PHMSA issued a Corrective Action Order (CAO), including operating pressure restrictions

• Independent third-party root cause analysis indicated characteristics of the incident were unique and pipe and welds conformed to industry standards

• Remedial actions in progress:

  • 11 in-line inspections (ILI) and 76 integrity digs completed to date

  • Working closely with ILI providers to advance performance and validation

• Cleanup and reclamation of site complete

  • Costs largely expected to be recovered through insurance policies

• South Bow is meeting its contractual commitments of 585 Mbbl/d

ľIMELINE

MILEPOST 171

April 8,

2025

Emergency response initiated

April 11,

2025

Corrective Action Order issued

April 15,

2025

Keystone Pipeline safely restarted

Q1 2026

Root cause analysis findings shared

2026

Continue to progress remedial work plans

15

Keystone Pipeline - U.S. Gulf Coast Segment

Provides a connection to the growing refining and export demand markets in the U.S. Gulf Coast

CUSHING

OK

6VEK6GE ľHKOUGHPUľ1

Mbbl/d

537

537

800

600

400

200

0

TX

HOUSTON PORT ARTHUR

Liquids Pipeline Liquids Tank Terminal

City

2022 2023 2024 2025 2026 YTD

Keystone Marketlink2 3

WC€ CU€HING-WC€ U.€. GUL" CO6€ľ DI""EKENľI6L4

U.S.$/bbl

1.60

1.20

0.80

0.40

0.00

2022 2023 2024 2025 2026

1 As of March 31, 2026.

2 Marketlink utilizes capacity through a transportation lease from Keystone Pipeline to deliver domestic crude oil from Cushing to the U.S. Gulf Coast.

3 The Federal Energy Regulatory Commission requires 10% of capacity to be made available to uncommitted (spot) shippers on Marketlink.

4 Source: Argus Media (2026). 1G

U.S. Gulf Coast Connectivity Potential

Enhancing connectivity to refining, terminalling, and export facilities to serve growing demand for heavy crude oil

South Bow Pipeline South Bow Tank Terminal

Peer Pipeline

HOU€ľON, ľEX6€ POKľ 6KľHUK, ľEX6€

SOUTH BOW HOUSTON TANK TERMINAL

CONNECTION TO PORT ARTHUR AND LOUISIANA AREA REFINERIES

ONEOK (MEH)

ENTERPRISE (EHSC)

HOUSTON

1

3

ENERGY TRANSFER (HFOTCO)

4

2

CONNECTION TO TEXAS CITY AND GREATER HOUSTON AREA REFINERIES

JEFFERSON ENERGY

BEAUMONT

2

ENERGY TRANSFER (NEDERLAND)

CONNECTION TO LOUISIANA AREA REFINERIES

VALERO (LUCAS)

PHILLIPS 66 (BEAUMONT)

MOTIVA

(PORT NECHES)

4

1

3

CONNECTION TO U.S. STRATEGIC PETROLEUM RESERVE

(BIG HILL)

1 Source: Company reports. 17

Intra-Alberta Pipeline Systems

South Bow is well-positioned to capitalize on potential oil sands supply growth

KEM6INING CONľK6Cľ ľEKM1

years

Blackrod Connection

Project

Grand Rapids Pipeline

White Spruce Pipeline

10 15 20 25

E€ľIM6ľED OIL €6ND€ KE€EKVE€2

>1G0 killion k»íícls

1 As of December 31, 2025.

2 Source: Alberta Energy Regulator (2025). 18

South Bow Pipeline South Bow Tank Terminal Operating Oil Sands Project Announced Oil Sands Project

Peer Pipeline

Blackrod Connection Project

Demonstrated project execution excellence with South Bow's first major growth project

PKOJECľ OVEKVIEW

Connects IPC's Blackrod SAGD project to South Bow's Grand Rapids Pipeline System

• 25-km crude oil and natural gas pipelines and associated facilities

• Placed into service on schedule, on budget, with a zero recordable case rate

Commercial In-service

Development Period1

Q1 202G

<24 montks

NOKM6LIZED EBIľD62

2026 2027 2028

1 Development period represents the time from final investment decision to project commercial in-service.

2 Non-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. 19

Financial Overview