Mr. Bevin Wirzba reports

SOUTH BOW ANNOUNCES SUCCESSFUL OPEN SEASON

South Bow Corp. has provided an update on the successful outcome of its open season, which closed on March 30, 2026, securing 20-year binding commitments for firm transportation service from Hardisty, Alta., to U.S. delivery points.

South Bow will continue advancing its proposed Prairie Connector project toward a final investment decision (FID), targeted for mid-2027, while strictly adhering to the company's risk preferences and capital allocation priorities. Next steps include acquiring remaining permits and government assurances for permit durability, advancing execution plans, finalizing cost estimates, engaging with communities, landowners, indigenous groups and other stakeholders, and securing financing. The FID will be subject to the satisfaction of these activities. The company will provide more details regarding expected pre-FID activities and spending profile as part of its second quarter 2026 disclosures.

"Achieving strong commercial support in the open season marks another critical milestone for our proposed Prairie Connector project and underscores the ongoing need for market access for Western Canadian crude oil to key demand and refining markets," said Bevin Wirzba, South Bow's chief executive officer. "We appreciate the significant commitment and confidence from our customers and look forward to advancing this project to support growth in secure and reliable Canadian energy."

Prairie Connector project

If sanctioned, South Bow's proposed Prairie Connector project would extend from Hardisty, Alta., to the Canadian/U.S. border, where it would connect to Bridger Pipeline LLC's downstream facilities. The Prairie Connector project includes the construction of approximately 380 kilometres of 36-inch pipeline and associated facilities as well as leveraging approximately 150 kilometres of previously installed and preserved 36-inch pipeline and two pump stations.

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