Brookfield Business Partners

CORPORATE PROFILE

AUGUST 2019

2

BBUNYSE

BBU.UNTSX

$5.9 BMARKET CAP1

Business Services and Industrials companyfocused on long-term capital appreciation

1) As at market close July 26, 2019

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Our strategy

3Acquire high-quality businesses, enhance operational value, and monetize mature assets to fund future growth

Leverage Brookfield’s Ecosystem

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Acquire and manage high quality operations globally

Target a 15% to 20% return on our investments with an overall focus on long term capital appreciation

• Broad investment mandate with flexibility to invest across multiple industries and through many forms

• Leverage Brookfield’s global expertise as an owner and operator of real assets

• Acquire market leaders and businesses with high barriers to entry and/or low production costs, add value through operational and other improvements

• Closely partnering with management teams for long term business success focused on profitability and sustainability of margins and cash flows

• Opportunistically recycle capital, selling interests in businesses when value is maximized

• Global sourcing capability and a proven track record over 30+ years of investing and managing businesses

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Three primary operating segments

BusinessServices

• Construction services

• Healthcare services

• Road fuel distribution and marketing

• Real estate services

• Others; logistics, financial advisory services, entertainment, technology services

Industrials

• Low voltage battery production

• Graphite electrode production

• Water / wastewater services

• Returnable plastic packaging

• Specialty metals

• Others; aggregates, natural gas production, oilfield services, drainage products

InfrastructureServices

• Services to the power generation industry

• Services to the offshore oil production industry

Leveraging Brookfield’s expertise as an owner and operator of real assets

$12BASSETS

$11BASSETS

$24BASSETS

Note: Segment level assets exclude Corporate & Other assets of ~$1 billion as at June 30, 2019

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Global investment and operational team with a local presence

ASIA PACIFIC

$8BSOUTH AMERICA

$6B

Global scale

Note: As at June 30, 2019

60,000+OPERATING EMPLOYEES

NORTH AMERICA

$18B

100+ INVESTMENT PROFESSIONALS

EUROPE & MIDDLE EAST

$16BASSETS ASSETS

ASSETS ASSETS

Corporate offices

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Strong unit performance since spin-off1

1) June 20162) As at June 30, 2019Note: Acquisitions and sales represented as of date of public announcement

Market capitalization increased from $2 billion in June 2016 at spin-offto ~$6 billion today2

Acquisition

Equity offering

AcquisitionAcquisition

AcquisitionEquity

offering

Acquisition

Acquisition

Sale

$21.47

Acquisition

Sale

Awarded

$38.31

2016 2016 2017 2017 2018 2018 2019

Sale

Acquisition

Equity offering

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Our business has substantially increased in size and scale

Key performance metrics have all meaningfully increased since spin-off

1) 2016 balances as of and for the twelve-month period ended December 31, 2016. Today represents balances as of and for the last twelve-month period ended June 30, 20192) Represents Brookfield Business Partners’ proportionate share 3) Today FFO includes gains from dispositions of ~$380 million

20161 Today1

Assets $8B $48B

FFO2,3 $200M ~$1,060M

EBITDA2 $240M ~$975M

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Invested Capital Net Proceeds

Self-funding growth

Monetizations have supported capital investment over the last 18 months

$1.7BINVESTEDCAPITAL

$1.8BNET

PROCEEDS1

Healthscope~$295M

Clarios~$860M

Westinghouse~$405M

Others2

BGRS$231M

BGIS$171M

GrafTech$1.2B

Quadrant$125M

Others3

1) Net proceeds include sales, distributions and public offerings of portfolio companies 2) Others includes One Toronto, Schoeller Allibert, Imagine, Cardone and the acquisition of Teekay Corporation’s remaining interests in Teekay

Offshore, totaling approximately $197 million of invested capital3) Others includes North American Palladium, US brokerage joint venture totaling approximately $61 million of net proceeds

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As at

US$ MILLIONS, UNAUDITED June 30, 2019 December 31, 2018

Corporate cash and financial assets $ 1,503 $ 888

Committed corporate credit facilities 1,550 1,325

Total liquidity $ 3,053 $ 2,213

As at

US$ MILLIONS, UNAUDITED June 30, 2019 December 31, 2018

Business Services $ 989 $ 534

Infrastructure Services 2,164 2,003

Industrials 4,228 1,051

Corporate and Other nil nil

Total $ 7,381 $ 3,588

• $840 million equity offering in June 2019• $2.4 billion of proforma liquidity considering

the funding of closed acquisitions

• No debt drawn at the corporate level

‒ Non-recourse debt held at the operating company level

• Principal sources of liquidity include:‒ Cash and public securities‒ Undrawn corporate credit facilities‒ Cash flows from our operations‒ Monetization of mature businesses‒ Access to capital markets

Significant liquidity to take advantage of market opportunities and support our businesses

Strong balance sheet position

Corporate Liquidity

Proportional Non-recourse Borrowings

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Our Business Operations

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19%

41%

40%

BusinessServices

Industrials

InfrastructureServices

Portfolio diversified across sectors and regions

Our Business at a glance

FFO by SegmentFor the 6 months ended June 30, 20191

EBITDA by SegmentFor the 6 months ended June 30, 20191

1) Total Company EBITDA includes the Corporate and Other segment. Calculation of segment percentage excludes Corporate and Other segment

57%24%

19% BusinessServices

Industrials

InfrastructureServices

$503M $640M

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Services leveraging expertise around real asset value chain

Business Services

Leading global construction company delivering landmark real estate assets

Construction Services

Healthcare

Others

Road fuels, real estate services, entertainment, logistics, financial advisory and technology services

Leading private hospital provider in Australia and largest pathology provider in New Zealand

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Leading service providers to large scale infrastructure assets

Infrastructure Services

Leading provider of services to more than half the world’s nuclear power generation facilities

Services to Nuclear Power Industry

Services to Offshore Oil Production

Leading provider of critical offshore oil & gas transportation and production services

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High barriers to entry or low production costs leveraging operational expertise

Industrials

A leading global graphite electrode manufacturer for electric arc furnace steelmaking

Graphite Electrode Production

Water & Wastewater Services

Others

Palladium mining, returnable packaging producer, natural gas reserves, auto parts and others

Largest private water and wastewater services company in Brazil

Automotive Batteries

Leading manufacturer of low voltage lead-acid batteries producing 1/3 of global output

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Approach to Operations

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Timing & Negotiations

Transaction Structuring

Closing

Aligning expertise to drive portfolio company value

Due Diligence

Transaction Structuring

Business Plan & Strategy

Governance Strategy Business Planning

Performance Improvement

Acquisition Operations Management

BBU Investment TeamsCIO

Business Services

CIO Infrastructure

Services

CIOIndustrials

Portfolio Company

Monetization

BBU Business Ops TeamCOO

North America

South America Europe APAC

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Case Study: Westinghouse Electric Company

Leading provider of services to the nuclear power industry

• Largest services provider to global nuclear power fleet with a large installed base and long-term contracted cash flows, acquired for value out of bankruptcy

• Leverage Brookfield’s expertise in renewable power

• Implement profitability improvement initiatives to reduce costs and improve organizational responsiveness

• Optimize efficiency of supply chain

• Align sales resources to improve commercial terms

• Enhance and expand service offering

• On track for up to $600M of annualized EBITDA by the end of 2019

• Realized a $315 million distribution ($140 million net to BBU) in 2018, returning ~1/3 of equity invested

Overview

Investment Date: 2018

Purchase Price: $4 billion

BBU Invested Equity: $405 million

BBU Ownership Interest: ~44%

Operating Segment: Infrastructure Services

Investment Thesis

Value Creation

Progress to date

Annualized EBITDA1

($M)

1) Actual results may vary materially and are subject to market conditions and other factors

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$269 $247$144 $121

$46($3)

$96

$1,205

2011 2012 2013 2014 2015 2016 2017 2018

Case Study: GrafTech

Leading producer of graphite electrodes used in electric arc furnace steel production

• A vertically integrated, low cost producer of graphite electrodes with high barriers to entry, opportunistically acquired at a low point in the cycle

• Rationalized capacity and refocused business on core electrode manufacturing production

• Implemented $100 million in cost savings

• Capitalized on improving market conditions with execution of multi-year take-or-pay sales agreements

• Generated $1.2 billion of proceeds from IPO, distributions and share buybacks

• Realized ~4x multiple of invested capital

• BBU’s 27% ownership stake is currently worth ~$900M1

Investment Thesis

Value Creation

Progress to date

1) As at market close June 30, 20192) Current BBU ownership interest is 27%

Adjusted EBITDA($M)

Pre-BBU Ownership

Investment Date: 2015

Purchase Price: $1.25 billion

BBU Invested Equity: $295 million

BBU Initial Ownership Interest: 34%2

Operating Segment: Industrials

Overview

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Appendix I: Financial Disclosure

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Selected segmented financial information

Statements of Financial PositionStatements of Operating Results1,2

1) Company FFO is a non-IFRS measure and is calculated as net income excluding the impact of depreciation and amortization, deferred income taxes, breakage and transaction costs, non-cash gains or losses and other items. When determining Company FFO, we include our proportionate share of Company FFO of equity accounted investment. For further information on Company FFO, see “Definitions” at the back of the Corporate Profile.

2) Company EBITDA is presented as a net amount attributable to unitholders and is a non-IFRS measure and is calculated as Company FFO excluding the impact of realized disposition gains (losses), interest income (expense), current income taxes, the impact of realized disposition gains (losses), current income taxes and interest income (expense) related to equity accounted investments, and other items. When determining Company EBITDA, we include our proportionate share of Company EBITDA for equity accounted investments.

US$ MILLIONS, UNAUDITED

As of

Jun. 30,2019

Dec. 31,2018

Proportionate non-recourseborrowings, net of cash

Business Services $ 690 $ 199Infrastructure Services 2,026 1,890Industrials 3,989 985Corporate and Other (1,274) (621)

Proportionate non-recourse borrowings, net of cash $ 5,431 $ 2,453

Equity attributable to unitholders by segment

Business Services $ 1,117 $ 1,493Infrastructure Services 633 977Industrials 740 359Corporate and Other 1,396 134

Equity attributable to unitholders $ 3,886 $ 2,963

Three months endedJun. 30

Six months endedJun. 30

US$ MILLIONS, UNAUDITED 2019 2018 2019 2018Company EBITDA

by segmentBusiness Services $ 61 $ 37 $ 106 $ 66Infrastructure Services 88 41 223 78Industrials 108 118 215 258Corporate and Other (20) (14) (41) (29)

Company EBITDA $ 237 $ 182 $ 503 $ 373

Company FFOby segment

Business Services $ 342 $ 66 $ 374 $ 83Infrastructure Services 54 26 156 48Industrials 46 99 127 213Corporate and Other (7) (14) (17) (29)

Company FFO1 $ 435 $ 177 $ 640 $ 315

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Significant portfolio companies

Summary of notable portfolio companies

1) As at June 30, 2019, does not include impact of subsequent events.

Segment Description Notable Portfolio Companies Economic Interest1

Business ServicesService businesses in commercial and residential real estate, construction, health services and fuel distribution and marketing

Real Estate Services • 28 - 100%

Multiplex (Construction Services) • 100%

Healthscope • 28%

Greenergy (Fuel Distribution Business) • 14%

Fuel Marketing Business • 26%

One Toronto (Entertainment Facilities) • 13%

Infrastructure ServicesInfrastructure businesses servicing thepower generation and offshore oilproduction industries

Westinghouse • 44%

Teekay Offshore • 31%

IndustrialsIndustrial businesses including manufacturing, metals and mining, waterand wastewater services, and natural gas production

GrafTech International • 27%

BRK Ambiental • 26%

Clarios • 29%

North American Palladium • 20%

Schoeller Allibert • 14%

Ember Resources • 46%

CWC Well Services • 56%

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Acquisitions

Summary of acquisitions completed since spin-off1,2

Segment Portfolio Company Acquisition Date Invested Capital1 Economic Interest2

Business Services

Greenergy May 2017 $45 million 14%

Fuel Marketing Business July 2017 $43 million 26%

One Toronto January 2018 $6 million 13%

Imagine October 2018 $21 million 31%

Healthscope June 2019 $295 million 28%

Infrastructure ServicesTeekay Offshore September 2017 $317 million 31%

Westinghouse August 2018 $405 million 44%

Industrials

BRK Ambiental April 2017 $383 million 26%

Schoeller Allibert May 2018 $45 million 14%

Clarios April 2019 $860 million 29%

1) Figures are presented net to Brookfield Business Partners L.P.2) As at June 30, 2019, does not include impact of subsequent events

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Appendix II: Governance

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Structure

• Brookfield Business Partners has entered into a Master Services Agreement with Brookfield Asset Management

‒ Annual base management fee equal to 1.25% of total capitalization of Brookfield Business Partners

• Brookfield Asset Management entitled to incentive distributions equal to 20% of an increase in the volume weighted average unit price of BBU over an established incentive distribution threshold

‒ Current incentive distribution threshold is $41.96/unit

Note: For further information regarding the arrangements refer to the Management Services Agreement available in the public filings of Brookfield Business Partners in the U.S. and Canada

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Governance

Cyrus Madon Chief Executive Officer Ralf Rank Chief Investment Officer, Business Services

Jaspreet Dehl Chief Financial Officer Jim Reid Chief Investment Officer, Infrastructure Services

Denis Turcotte Chief Operating Officer David Aiken Chief Investment Officer, Industrials

Senior Management Team

Investor Relations ContactAlan Fleming

North America 1-866-989-0311Global +1-416-645-2736Email: bbu.enquiries@brookfield.com

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Definitions and Use of Non-IFRS Measures

• Company Funds From Operations (Company FFO), where applicable, is a key measure of our financial performance and we use Company FFO to assess operating results and our business performance. Company FFO is a non-IFRS measure which does not have any standard meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Company FFO is calculated as net income excluding the impact of depreciation and amortization, deferred income taxes, breakage and transaction costs, non-cash gains or losses and other items. Company FFO is presented net to unitholders, or net to parent company. When determining Company FFO, we include our proportionate share of Company FFO of equity accounted investments. For further information on Company FFO see “Use of Non IFRS Measures” of the 2019 6-K.

• Company EBITDA, where applicable, is a key measure of our financial performance and we use Company EBITDA to assess operating results and our business performance. Company EBITDA is non-IFRS measure which does not have any standard meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Company FFO is further adjusted as Company EBITDA to exclude the impact of realized disposition gains (losses), interest income (expense), current income taxes, the impact of realized disposition gains (losses), current income taxes and interest income (expense) related to equity accounted investments, and other items. Company EBITDA is presented net to unitholders. When determining Company EBITDA, we include our proportionate share of Company EBITDA of equity accounted investments. For further information on Company EBITDA see “Use of Non-IFRS Measures” of the 2019 6-K.

• Equity attributable to unitholders is exclusive of the equity interest of others in our operating subsidiaries

• Unitholders are defined as the parent company prior to the Spin-off on June 20, 2016 and as limited partnership unitholders, general partnership unitholders, special limited partnership unitholders and redemption-exchange unitholders post Spin-off.

1) For further information regarding the arrangements refer to the Management Services Agreement available in the public filings of Brookfield Business Partners in the U.S. and Canada

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Important Cautionary Notes

All amounts are in U.S. dollars unless otherwise specified. Unless otherwise indicated, the statistical and financial data in this document is presented as of June 30, 2019.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATIONThis Corporate Profile contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Partners and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods. In some cases, forward-looking statements can be identified by terms such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.”

Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners L.P. and its subsidiaries to

differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behavior of financial markets, including fluctuations in interest and foreign exchanges rate; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; changes in tax laws, catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.

Statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described herein can be profitably produced in the future. We qualify any and all of our forward-looking statements by these cautionary factors.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by

law, Brookfield Business Partners undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS MEASURESThis Corporate Profile contains references to Non-IFRS Measures. When determining Company FFO and Company EBITDA, we include our unitholders’ proportionate share of Company FFO and Company EBITDA for equity accounted investments. Company FFO and Company EBITDA are not generally accepted accounting measures under IFRS and therefore may differ from definitions used by other entities. We believe these metrics are useful supplemental measures that may assist investors in assessing the financial performance of Brookfield Business Partners and its subsidiaries. However, Company FFO and Company EBITDA should not be considered in isolation from, or as substitutes for, analysis of our financial statements prepared in accordance with IFRS.

References to Brookfield Business Partners are to Brookfield Business Partners L.P. together with its subsidiaries, controlled affiliates and operating entities. Brookfield Business Partners’ results include publicly held limited partnership units, redemption-exchange units, general partnership units and special limited partnership units. More detailed information on certain references made in this corporate profile will be available in our Management’s Discussion and Analysis of Financial Condition and Results of Operations for the second quarter ended June 30, 2019.