News release

CALGARY, Alberta – Nov. 7, 2024 – South Bow Corp. (TSX & NYSE: SOBO) (South Bow) announces that  its board of directors has declared South Bow’s inaugural quarterly dividend of U.S.$0.50 per share, payable on Jan. 31, 2025 to shareholders of record at the close of business on Dec. 31, 2024. The dividends will be designated as eligible dividends for Canadian income tax purposes. 

Forward-looking information and statements 

This news release contains certain forward-looking statements and forward-looking information  (collectively, forward-looking statements), including forward-looking statements within the meaning  of the "safe harbor" provisions of applicable securities legislation, that are based on South Bow's current expectations, estimates, projections, and assumptions in light of its experience and its  perception of historical trends. All statements other than statements of historical facts may constitute  forward-looking statements. In some cases, forward-looking statements can be identified by  terminology such as, "anticipate", "will", "expect", "estimate", "potential", "future", "outlook",  "strategy", "maintain", "ongoing", "intend", and similar expressions suggesting future events or future  performance. 

In particular, this news release contains forward-looking statements, including certain financial  outlooks, pertaining to, without limitation, the following: statements regarding South Bow's  expectations regarding the declaration and payment of dividends South Bow intends to pay to  shareholders, including expected dividend payment dates. 

The forward-looking statements are based on certain assumptions that South Bow has made in  respect thereof as at the date of this news release regarding, among other things: oil and gas industry  development activity levels and the geographic region of such activity; that favourable market  conditions exist and that South Bow has and will have available capital to fund its capital expenditures 

and other planned spending; prevailing commodity prices, interest rates, inflation levels, carbon  prices, tax rates, and exchange rates; the ability of South Bow to maintain current credit ratings; the  availability of capital to fund future capital requirements; future operating costs; asset integrity costs; that all required regulatory and environmental approvals can be obtained on the necessary terms in  a timely manner; and prevailing regulatory, tax, and environmental laws and regulations. 

Although South Bow believes the assumptions and other factors reflected in these forward-looking  statements are reasonable as of the date hereof, there can be no assurance that these assumptions  and factors will prove to be correct and, as such, forward-looking statements are not guarantees of  future performance. Forward-looking statements are subject to a number of known and unknown  risks and uncertainties that could cause actual events or results to differ materially, including, but not  limited to: the regulatory environment and related decisions and requirements; the impact of  competitive entities and pricing; reliance on third parties to successfully operate and maintain certain  assets; the strength and operations of the energy industry; weakness or volatility in commodity prices;  non-performance or default by counterparties; actions taken by governmental or regulatory  authorities; the ability of South Bow to acquire or develop and maintain necessary infrastructure;  fluctuations in operating results; adverse general economic and market conditions; the ability to  access various sources of debt and equity capital on acceptable terms; and adverse changes in credit.  The foregoing list of assumptions and risk factors should not be construed as exhaustive. For  additional information on the assumptions made, and the risks and uncertainties which could cause 

actual results to differ from the results implied by forward-looking statements, refer to South Bow's alternative annual information form dated Sept. 30, 2024, available under South Bow's SEDAR+ profile  at www.sedarplus.ca and, from time to time, in South Bow's public disclosure documents, available at  www.sedarplus.ca, www.sec.gov, and through South Bow's website at www.southbow.com. 

The forward-looking statements contained in this news release speak only as of the date hereof. South  Bow does not undertake any obligation to publicly update or revise any forward-looking statements  or information contained herein, except as required by applicable laws. All forward-looking  statements contained in this news release are expressly qualified by this cautionary statement. 

About South Bow 

South Bow safely operates 4,900 kilometres (3,045 miles) of crude oil pipeline infrastructure, connecting Alberta crude oil supplies to U.S. refining markets in Illinois, Oklahoma, and the U.S. Gulf  Coast through our unrivalled market position. We take pride in what we do – providing safe and  reliable transportation of crude oil to North America's highest demand markets. Based in Calgary,  Alberta, South Bow is the spinoff company of TC Energy, with Oct. 1, 2024 marking South Bow's first  day as a standalone entity. To learn more, visit www.southbow.com. 

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