EX-99.1 2 noticeofreliance-southbowu.htm NOTICE OF RELIANCE - SOUTH BOW USA INFRASTRUCTURE HOLDINGS LLC Document

Exhibit 99.1
NOTICE OF RELIANCE
SECTION 13.4 OF NATIONAL INSTRUMENT 51-102 - CONTINUOUS DISCLOSURE OBLIGATIONS

May 7, 2026

To: Alberta Securities Commission
British Columbia Securities Commission
Financial and Consumer Affairs Authority of Saskatchewan
Manitoba Securities Commission
Ontario Securities Commission
Autorité des marchés financiers
Financial and Consumer Services Commission (New Brunswick)
Nova Scotia Securities Commission
Prince Edward Island Securities Office
Government of Newfoundland and Labrador Financial Services Regulation Division
Northwest Territories Securities Office
Office of the Superintendent of Securities, Community Services (Yukon)
Nunavut Securities Office

Notice is hereby given that South Bow USA Infrastructure Holdings LLC (the “Company”) relies on the continuous disclosure documents filed by South Bow Corporation (“South Bow”) pursuant to the exemption from the requirements of National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102") 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.

South Bow USA Infrastructure Holdings LLC

/s/ Lori M. Muratta
Lori M. Muratta
Vice-President


UNAUDITED SUMMARY FINANCIAL INFORMATION
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.
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: (a) South Bow (as Parent Credit Supporter); (b) the Company (as Credit Support Issuer); (c) South Bow Infrastructure Holdings Ltd. and South Bow Canadian Infrastructure Holdings Ltd., on a combined basis (collectively the “Subsidiary Credit Supporters”); (d) the non-guarantor subsidiaries of South Bow other than the Company and the Subsidiary Credit Supporters (collectively, the “Other South Bow Subsidiaries”), on a combined basis; (e) consolidating adjustments; and (f) total consolidated amounts.
For the three months ended March 31, 2026 and 2025 (1):
(millions of U.S. dollars)South Bow
(Parent Credit Supporter)
Company
(Credit Support Issuer)		Subsidiary Credit SupportersOther South Bow Subsidiaries
Consolidating Adjustments (2)
Total Consolidated Amounts
For the three months ended March 31,202620252026202520262025202620252026202520262025
Revenue— — — — — (1)648 3,129 (157)(2,630)491 498 
Net income (loss)(3)(2)(182)(81)(54)(30)316 212 — (11)77 88 
As at March 31, 2026 and December 31, 2025 (1):
(millions of U.S. dollars)South Bow
(Parent Credit Supporter)
Company
(Credit Support Issuer)		Subsidiary Credit SupportersOther South Bow Subsidiaries
Consolidating Adjustments (2)
Total Consolidated Amounts
As atMarch 31, 2026December 31, 2025March 31, 2026December 31, 2025March 31, 2026December 31, 2025March 31, 2026December 31, 2025March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Current assets34 31 — — — — 4,380 3,893 (2,237)(1,909)2,177 2,015 
Non-current assets1,760 1,864 6,923 6,864 2,661 2,678 26,323 26,303 (28,604)(28,531)9,063 9,178 
Current liabilities126 126 1,608 1,357 794 660 1,200 1,155 (2,284)(1,957)1,444 1,341 
Non-current liabilities(1)(1)7,664 7,675 2,609 2,630 3,430 3,412 (6,567)(6,573)7,135 7,143 
(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’s auditor. For the purposes of this consolidating summary financial information, investments in subsidiaries are accounted for using the equity method.
(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.