South Bow (SOBO) Registration Filing summary

Company overview and business model

• Operates critical liquids pipelines and facilities across Canada and the U.S., focusing on crude oil transport from the Western Canadian Sedimentary Basin and Cushing hub to the U.S. Midwest and Gulf Coast.

• Provides ancillary services such as terminal storage and conducts marketing activities through a non-regulated entity.

Use of proceeds and capital allocation

• Net proceeds from securities sales are intended for debt reduction, long-term investments, working capital, and general corporate purposes.

• Unused funds may be invested in short-term marketable investment grade securities.

Risk factors and disclosures

• Risks include inability to realize benefits from acquisitions or spinoffs, regulatory and legal uncertainties, operational performance, commodity price volatility, and access to capital markets.

• Additional risks: lack of secondary market for Preferred Shares and Subscription Receipts, potential changes in credit ratings, and challenges in enforcing civil liabilities for U.S. investors.

• Forward-looking statements are subject to significant assumptions and uncertainties, with no guarantee of future performance.