<SEC-DOCUMENT>0002019061-26-000024.txt : 20260508
<SEC-HEADER>0002019061-26-000024.hdr.sgml : 20260508
<ACCEPTANCE-DATETIME>20260507173219
ACCESSION NUMBER:		0002019061-26-000024
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20260331
FILED AS OF DATE:		20260508
DATE AS OF CHANGE:		20260507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			South Bow Corp
		CENTRAL INDEX KEY:			0002019061
		STANDARD INDUSTRIAL CLASSIFICATION:	PIPE LINES (NO NATURAL GAS) [4610]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1231
		LEGAL ENTITY IDENTIFIER:    	2549000XS5TAFA3YF943

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42021
		FILM NUMBER:		26955065

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		707 5 STREET SW
		STREET 2:		SUITE 900
		CITY:			CALGARY
		NON US STATE TERRITORY:  	ALBERTA
		PROVINCE COUNTRY:   	Z4
		ZIP:			T2P 1V8
		BUSINESS PHONE:		587-318-5410

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		707 5 STREET SW
		STREET 2:		SUITE 900
		CITY:			CALGARY
		NON US STATE TERRITORY:  	ALBERTA
		PROVINCE COUNTRY:   	Z4
		ZIP:			T2P 1V8
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>sobo6k-noticeofreliance202.htm
<DESCRIPTION>6-K
<TEXT>
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<title>Document</title></head><body><div id="i248a2c35c15745d48d52078727369a37_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">UNITED STATES</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Washington, D.C. 20549</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:16pt;font-weight:700;line-height:120%">FORM 6-K</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Report of Foreign Private Issuer</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Pursuant to Rule 13a-16 or 15d-16 of</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">the Securities Exchange Act of 1934</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">For the month of May 2026</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Commission File No. 001-42021</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:16pt;font-weight:700;line-height:120%">SOUTH BOW CORPORATION </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">(Translation of Registrant's Name into English)</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">707 5th Street SW, Suite 900</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Calgary, Canada T2P 1V8</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">(Address of Principal Executive Offices)</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F&#58;</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Form 20-F </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#9744;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> Form 40-F </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#9745;</font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Exhibits 99.1 and 99.2 to this report, furnished on Form 6-K, are furnished, not filed, and will not be incorporated by reference into any registration statement filed by the registrant under the Securities Act of 1933, as amended.</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><img alt="image_0.jpg" src="image_0.jpg" style="height:2px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.340%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.180%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.180%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:100%">EXHIBIT INDEX</font></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:3.387%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.402%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.669%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.669%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.671%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">99.1</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%"><a href="noticeofreliance-southbowu.htm" style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:none">Notice of Reliance for South Bow USA Infrastructure Holdings LLC (202</a><a href="noticeofreliance-southbowu.htm" style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:none">6</a><a href="noticeofreliance-southbowu.htm" style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:none">.0</a><a href="noticeofreliance-southbowu.htm" style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:none">3</a><a href="noticeofreliance-southbowu.htm" style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:none">)</a></font></div></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">99.2</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%"><a href="noticeofreliance-southbowc.htm" style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:none">Notice of Reliance for South Bow Canadian Infrastructure Holdings Ltd. (2026.03)</a></font></div></td></tr></table></div><div><font><br></font></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SIGNATURES</font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Date&#58; May 7, 2026</font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:0.1%"></td><td style="width:0.593%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.593%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.593%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.519%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.519%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.519%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.820%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.820%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.824%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="9" style="padding:0 1pt"></td><td colspan="18" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:100%">SOUTH BOW CORPORATION</font></td></tr><tr style="height:13pt"><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td></tr><tr style="height:13pt"><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td></tr><tr style="height:13pt"><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">By&#58;</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;margin-top:2pt;padding-right:-1.38pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#47;s&#47; Lori M. Muratta</font></div></td></tr><tr><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Name&#58; Lori M. Muratta</font></td></tr><tr><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Title&#58; Senior Vice-President and General Counsel</font></td></tr><tr style="height:13pt"><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>noticeofreliance-southbowu.htm
<DESCRIPTION>NOTICE OF RELIANCE - SOUTH BOW USA INFRASTRUCTURE HOLDINGS LLC
<TEXT>
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<title>Document</title></head><body><div id="ib37869dfe0e642209f4adb6c1a6f29df_1"></div><div style="min-height:72pt;width:100%"><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:right"><font style="color:#343f47;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit 99.1</font></div><div><font style="color:#333e48;font-family:'Exo 2',sans-serif;font-size:16pt;font-weight:700;line-height:112%">NOTICE OF RELIANCE</font></div><div><font style="color:#333e48;font-family:'Exo 2',sans-serif;font-size:14pt;font-weight:700;line-height:112%">SECTION 13.4 OF NATIONAL INSTRUMENT 51-102 - </font><font style="color:#333e48;font-family:'Exo 2',sans-serif;font-size:14pt;font-style:italic;font-weight:700;line-height:112%">CONTINUOUS DISCLOSURE OBLIGATIONS</font><font style="color:#333e48;font-family:'Exo 2',sans-serif;font-size:14pt;font-weight:700;line-height:112%"> </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">May 7, 2026</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">To&#58; </font><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:12pt;font-weight:400;line-height:112%">      </font><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Alberta Securities Commission </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">British Columbia Securities Commission </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Financial and Consumer Affairs Authority of Saskatchewan </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Manitoba Securities Commission </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Ontario Securities Commission </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Autorit&#233; des march&#233;s financiers </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Financial and Consumer Services Commission (New Brunswick) </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Nova Scotia Securities Commission </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Prince Edward Island Securities Office </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Government of Newfoundland and Labrador Financial Services Regulation Division </font><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:12pt;font-weight:400;line-height:112%">                </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Northwest Territories Securities Office</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Office of the Superintendent of Securities, Community Services (Yukon)</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Nunavut Securities Office</font></div><div><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Notice is hereby given that South Bow USA Infrastructure Holdings LLC (the &#8220;Company&#8221;) relies on the continuous disclosure documents filed by South Bow Corporation (&#8220;South Bow&#8221;) pursuant to the exemption from the requirements of National Instrument 51-102 &#8211; Continuous Disclosure Obligations (&#34;NI 51-102&#34;) provided in Section 13.4 of NI 51-102. The continuous disclosure documents of South Bow can be found in electronic format at www.sedarplus.ca. Attached to this Notice and forming part hereof is the consolidating summary financial information for South Bow for the applicable period(s) required by Section 13.4 of NI 51-102.</font></div><div><font><br></font></div><div style="text-indent:423pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">South Bow USA Infrastructure Holdings LLC</font></div><div style="text-indent:423pt"><font><br></font></div><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:36.458%"><tr><td style="width:1.0%"></td><td style="width:2.392%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:95.408%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:75%">&#47;s&#47; Lori M. Muratta</font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:3pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lori M. Muratta</font></div><div><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Vice-President</font></div></td></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div></div><div style="margin-bottom:6pt;margin-top:9pt"><font style="color:#343f47;font-family:'Exo 2',sans-serif;font-size:14pt;font-weight:700;line-height:120%">UNAUDITED SUMMARY FINANCIAL INFORMATION</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:120%">South Bow fully and unconditionally guarantees the payment obligations of the Company, its 100% owned subsidiary, under the notes issued by the Company. Accordingly, the following unaudited consolidated summary financial information is provided by the Company in compliance with the requirements of Section 13.4 of NI 51-102 providing for an exemption for certain credit support issuers.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables contain summary financial information for the Company for the three months ended March 31, 2026 and 2025 and as at March 31, 2026 and December 31, 2025, presented with separate columns for each of the following&#58; (a) South Bow (as Parent Credit Supporter)&#59; (b) the Company (as Credit Support Issuer)&#59; (c) South Bow Infrastructure Holdings Ltd. and South Bow Canadian Infrastructure Holdings Ltd., on a combined basis (collectively the &#8220;Subsidiary Credit Supporters&#8221;)&#59; (d) the non-guarantor subsidiaries of South Bow other than the Company and the Subsidiary Credit Supporters (collectively, the &#8220;Other South Bow Subsidiaries&#8221;), on a combined basis&#59; (e) consolidating adjustments&#59; and (f) total consolidated amounts.</font></div><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the three months ended March 31, 2026 and 2025 </font><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#58;</font></div><div style="margin-bottom:6pt;margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.074%"><tr><td style="width:1.0%"></td><td style="width:13.385%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.029%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">(millions of U.S. dollars)</font></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">South Bow<br>(Parent Credit Supporter)<br></font></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Company<br>(Credit Support Issuer)</font></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsidiary Credit Supporters</font></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other South Bow Subsidiaries</font></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Consolidating Adjustments </font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</font></div></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Consolidated Amounts</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the three months ended March 31,</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</font></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue</font></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">648</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,129&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(157)</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,630)</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">491</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">498&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net income (loss)</font></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3)</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(182)</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(81)</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(54)</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(30)</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">316</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">212&#160;</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(11)</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">77</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">88&#160;</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As at March 31, 2026 and December 31, 2025</font><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline"> (1)</font><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#58;</font></div><div style="margin-bottom:6pt;margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.074%"><tr><td style="width:1.0%"></td><td style="width:13.385%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.029%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">(millions of U.S. dollars)</font></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">South Bow<br>(Parent Credit Supporter)<br></font></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Company<br>(Credit Support Issuer)</font></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsidiary Credit Supporters</font></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other South Bow Subsidiaries</font></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Consolidating Adjustments </font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</font></div></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Consolidated Amounts</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">As at</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2025</font></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current assets</font></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">34</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,380</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,893&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,237)</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,909)</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,177</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,015&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current assets</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,760</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,864&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,923</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,864&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,661</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,678&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26,323</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26,303&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(28,604)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(28,531)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,063</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,178&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current liabilities</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">126</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">126&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,608</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,357&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">794</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">660&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,200</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,155&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,284)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,957)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,444</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,341&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current liabilities</font></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1)</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,664</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,675&#160;</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,609</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,630&#160;</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,430</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,412&#160;</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6,567)</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,573)</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,135</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,143&#160;</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1) The information in this table has been prepared in accordance with securities regulatory requirements and has not been audited or the subject of a review by the Company&#8217;s auditor. For the purposes of this consolidating summary financial information, investments in subsidiaries are accounted for using the equity method.</font></div><div style="text-align:justify"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2) This column includes the necessary adjustments to eliminate the intercompany balances from South Bow, the Company, the Subsidiary Credit Supporters and Other South Bow Subsidiaries to arrive at the information for South Bow on a consolidated basis.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>noticeofreliance-southbowc.htm
<DESCRIPTION>NOTICE OF RELIANCE - SOUTH BOW CANADIAN INFRASTRUCTURE HOLDINGS LTD.
<TEXT>
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<title>Document</title></head><body><div id="i58232cc9be6d403d90725c64540007bd_1"></div><div style="min-height:72pt;width:100%"><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:right"><font style="color:#343f47;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit 99.2</font></div><div><font style="color:#333e48;font-family:'Exo 2',sans-serif;font-size:16pt;font-weight:700;line-height:112%">NOTICE OF RELIANCE</font></div><div><font style="color:#333e48;font-family:'Exo 2',sans-serif;font-size:14pt;font-weight:700;line-height:112%">SECTION 13.4 OF NATIONAL INSTRUMENT 51-102 - </font><font style="color:#333e48;font-family:'Exo 2',sans-serif;font-size:14pt;font-style:italic;font-weight:700;line-height:112%">CONTINUOUS DISCLOSURE OBLIGATIONS</font><font style="color:#333e48;font-family:'Exo 2',sans-serif;font-size:14pt;font-weight:700;line-height:112%"> </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">May 7, 2026</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">To&#58; </font><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:12pt;font-weight:400;line-height:112%">      </font><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Alberta Securities Commission </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">British Columbia Securities Commission </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Financial and Consumer Affairs Authority of Saskatchewan </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Manitoba Securities Commission </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Ontario Securities Commission </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Autorit&#233; des march&#233;s financiers </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Financial and Consumer Services Commission (New Brunswick) </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Nova Scotia Securities Commission </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Prince Edward Island Securities Office </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Government of Newfoundland and Labrador Financial Services Regulation Division </font><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:12pt;font-weight:400;line-height:112%">                </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Northwest Territories Securities Office</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Office of the Superintendent of Securities, Community Services (Yukon)</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Nunavut Securities Office</font></div><div><font><br></font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Notice is hereby given that South Bow Canadian Infrastructure Holdings Ltd. (the &#8220;Company&#8221;) relies on the continuous disclosure documents filed by South Bow Corporation (&#8220;South Bow&#8221;) pursuant to the exemption from the requirements of National Instrument 51-102 &#8211; Continuous Disclosure Obligations (&#34;NI 51-102&#34;) provided in Section 13.4 of NI 51-102. The continuous disclosure documents of South Bow can be found in electronic format at www.sedarplus.ca. Attached to this Notice and forming part hereof is the consolidating summary financial information for South Bow for the applicable period(s) required by Section 13.4 of NI 51-102.</font></div><div><font><br></font></div><div style="text-align:right;text-indent:400.5pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">South Bow Canadian Infrastructure Holdings Ltd.</font></div><div style="text-indent:423pt"><font><br></font></div><div style="text-align:right"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:36.458%"><tr><td style="width:1.0%"></td><td style="width:2.392%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:95.408%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:75%">&#47;s&#47; Van Dafoe</font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:3pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Van Dafoe</font></div><div><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Vice-President</font></div></td></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:6pt;margin-top:6pt"><font><br></font></div></div><div style="margin-bottom:6pt;margin-top:9pt"><font style="color:#343f47;font-family:'Exo 2',sans-serif;font-size:12pt;font-weight:700;line-height:120%">UNAUDITED SUMMARY FINANCIAL INFORMATION</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:120%">South Bow fully and unconditionally guarantees the payment obligations of the Company, its 100% owned subsidiary, under the notes issued by the Company. Accordingly, the following unaudited consolidated summary financial information is provided by the Company in compliance with the requirements of Section 13.4 of NI 51-102 providing for an exemption for certain credit support issuers.</font></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables contain summary financial information for the Company for the three months ended March 31, 2026 and 2025, and as at March 31, 2026 and December 31, 2025, presented with separate columns for each of the following&#58; (a) South Bow (as Parent Credit Supporter)&#59; (b) the Company (as Credit Support Issuer)&#59; (c) South Bow Infrastructure Holdings Ltd. and South Bow USA Infrastructure Holdings LLC, on a combined basis (collectively the &#8220;Subsidiary Credit Supporters&#8221;)&#59; (d) the non-guarantor subsidiaries of South Bow other than the Company and the Subsidiary Credit Supporters (collectively, the &#8220;Other South Bow Subsidiaries&#8221;), on a combined basis&#59; (e) consolidating adjustments&#59; and (f) total consolidated amounts.</font></div><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the three months ended March 31, 2026 and 2025 </font><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#58;</font></div><div style="margin-bottom:6pt;margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.074%"><tr><td style="width:1.0%"></td><td style="width:13.385%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.029%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">(millions of U.S. dollars)</font></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">South Bow<br>(Parent Credit Supporter)<br></font></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Company<br>(Credit Support Issuer)</font></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsidiary Credit Supporters</font></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other South Bow Subsidiaries</font></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Consolidating Adjustments </font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</font></div></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Consolidated Amounts</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">For the three months ended March 31,</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</font></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue</font></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">648</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,129&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(157)</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,630)</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">491</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">498&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net income (loss)</font></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3)</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(41)</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(24)</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(195)</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(87)</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">316</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">212&#160;</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(11)</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">77</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">88&#160;</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;margin-top:6pt"><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As at March 31, 2026 and December 31, 2025 </font><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#58;</font></div><div style="margin-bottom:6pt;margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.074%"><tr><td style="width:1.0%"></td><td style="width:13.385%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.029%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">(millions of U.S. dollars)</font></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">South Bow<br>(Parent Credit Supporter)<br></font></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Company<br>(Credit Support Issuer)</font></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsidiary Credit Supporters</font></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other South Bow Subsidiaries</font></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Consolidating Adjustments </font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</font></div></td><td colspan="6" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Consolidated Amounts</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">As at</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2025</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2026</font></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2025</font></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current assets</font></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">34</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,380</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,893&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,237)</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,909)</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,177</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,015&#160;</font></td><td 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style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,584&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26,323</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26,303&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(28,604)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(28,531)</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open 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colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">223&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,148</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,794&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,200</font><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,155&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,284)</font></td><td style="padding:2px 1pt 2px 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style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,143&#160;</font></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><font style="color:#231f20;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1) The information in this table has been prepared in accordance with securities regulatory requirements and has not been audited or the subject of a review by the Company&#8217;s auditor. 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