South Bow (SOBO) Corporate presentation summary

Business and assets

• Liquids pipeline footprint spans 4,900 km, delivering 1.25 MMbbl/d; terminal storage capacity is 7.7 MMbbl.

• Keystone spans 4,300 km across three Canadian provinces and eight U.S. states; 2026 YTD throughput was 599 Mbbl/d and operating factor was 95%.

• The corridor connects Western Canadian supply with U.S. refining and export markets, offering firm service, committed contracts, flexible delivery connections, and crude batches that preserve product quality.

• ~90% of 2026F normalized EBITDA is contracted, with ~7 years of weighted-average remaining contract term; >90% of annual revenue exposure is to investment-grade counterparties.

Q3 2026 performance

• Q3 normalized EBITDA was $248 MM and distributable cash flow was $187 MM; net debt-to-normalized EBITDA was 4.3x.

• Results were in line with expectations amid tighter U.S. Gulf Coast pricing differentials and moderated demand for capacity; cash flow included a one-time favorable tax adjustment.

• Repurchased and extinguished $320 MM of senior unsecured notes.

Market outlook and growth

• WCSB crude supply is expected to exceed existing pipeline egress capacity in 2027, with >1 MMbbl/d of supply growth potential cited.

• Proposed Prairie Connector is a 530-km, 36-inch crude pipeline from Hardisty to the Canada-U.S. border; it would use existing infrastructure and a permitted corridor, including ~150 km of previously installed pipeline.

• Proposed Liberty Bridge would connect Guernsey to Cushing and the Keystone system; development follows an existing corridor on privately held lands.

• Open season secured 20-year binding firm-service commitments for 465 Mbbl/d from Hardisty to U.S. delivery points, backed by nine customers.

• Both projects target a mid-2027 FID, subject to pre-FID work; expected pre-FID spending is ~$65 MM in each of 2026 and 2027, subject to development cost-sharing agreements.