Brookfield Business Partners

CORPORATE PROFILE

NOVEMBER 2018

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Brookfield Business Partners is aBusiness Services and Industrials companyfocused on long-term capital appreciation

BBUNYSE

BBU.UNTSX

$5.1BMARKET CAP

1) As at market close October 31, 2018

3

Our strategy is to acquire and manage high quality operations globally

We target a 15% to 20% return on our investments with 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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Our global footprint continues to grow

Note: At September 30, 2018

$28 BASSETS

100+INVESTMENT PROFESSIONALS

~45,000OPERATINGEMPLOYEES

NORTH AMERICA

$9 billion

ASIA PACIFIC

$2 billion

U.K & EUROPE

$11 billion

MIDDLE EAST

$1 billion

SOUTH AMERICA

$5 billion

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Our operating segments are evolving as we build scale and diversity

New segment Infrastructure Services; construction services now under Business Services

Business Services

• Construction services

• Facilities management and real estate services

• Road fuel distribution and marketing

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

Industrial Operations

• Graphite electrode production

• Water and wastewater services

• Returnable plastic packaging

• Specialty metals and aggregates

• Pre-cast concrete construction products

Infrastructure Services

• Services to nuclear power industry

Energy

• Oilfield and marine services• Oil and gas exploration and production

Business Services Industrials

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Our Business

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Business Services

Services businesses across diverse sectors

Construction ServicesLeading international contractor with 55 year track record of delivering landmark property and infrastructure assets

Facilities ManagementGlobal provider of integrated facility management services for over 320 million sq. ft of real estate

Real Estate ServicesA suite of services including brokerage services, appraisalsand global relocationservices

Road FuelsA leading supplier of road fuel in the U.K. and Ireland; and the Mobil gas station network across Canada

EntertainmentThe only three Toronto-area gaming facilities, generating over $1 billion in gross gaming revenue annually

OthersIncluding logistics and technology companies, and global financial advisory business

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Investment Highlights Growth

Imagine Communications Group

Acquired 50.1% controlling interest in independent broadband provider using wireless spectrum to roll-out a national high-speed broadband solution in rural areas

• Broadband company with 10 years experience has 60MHz of spectrum at 3.6GHz for high speed fixed wireless rollout to ‘last-mile’ rural Irish customers

• BBU’s ownership interest is 30%

• Strong demand in rural Ireland where penetration is currently ~25% less than U.K rural areas

• Potential to scale platform to new markets

• Providing an essential, in-demand service with higher speed offering at competitive pricing

• Proven fixed wireless technology

• Limited competition as one of only five providers with spectrum and only provider focused on fixed wireless

• Attractive unit economics with low breakeven and downside protection

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Growth

Westinghouse Electric Company

Acquired 100% of Westinghouse Electric Company, a leading global provider of infrastructure services to the power generation industry

• Largest provider of infrastructure services to the world’s nuclear power facilities, providing fuel manufacturing and design, engineering services, and decommission services

• ~$4 billion purchase price, funded with $920 million of equity, ~$3 billion of long-term debt within the business‒ $405 million equity commitment by BBU

for 44% ownership stake

Investment Highlights• Enhancing and expanding

service offerings

• Provision of leading technology, including AP1000 design

• Leading market player with barriers to entry providing critical services to nuclear power facilities

• Cash flows underpinned by long-term contracts for regularly scheduled services

• Strong reputation as a technology leader in the nuclear power industry

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Industrials

Low-cost producers with high barriers to entry due to market position, operational or capital intensity

GraphiteElectrodes

A leading global manufacturer of

graphite electrodes used in electric arc

furnaces

Water &Wastewater

Largest private waterand wastewater

services companyin Brazil serving15 million people

Leading European manufacturer of

returnable plastic packaging producing

1,000+ crates and customizable bulk

containers

PalladiumMining

The only pure play palladium producerin the world, located

in Canada and producing ~218,000

oz palladium per annum

Other

Limestone aggregates mining and precast

and drainageproducts

manufacturer in Canada

ReturnablePackaging

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• In April 2018, executed IPO on NYSE under ticker “EAF” at $15 per share

• At June 30, realized cash and notes of $885 million from IPO proceeds and dividends

• In August, realized $230 million of proceeds in secondary offering and share buyback

• BBU continues to own 27% of GrafTech, worth~$1.4 billion at current market value1

Investment Highlights

GrafTech International

Original investment of $295 million, generated $1.1 billion proceeds to date

• Acquired in 2015 for an equity purchase price of $855 million, BBU’s share of which was $295 million for a 34% stake

• Successfully repositioned GrafTech with multi-year take-or-pay contracts for much of graphite electrode production negotiated in 2017 at weighted average contract price of $9,700 per metric tonne (over the next five years), 2X historical average pricing

1) As at market close October 31, 2018

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Western CanadaGas

Long-life,low-cost reserves located at shallow

depths

OffshoreServices

Leading provider of critical transportation

and production services to the

offshore oil industry with long term, fixed

rate contracts

Energy

Operating across the supply chain providing services to the oil and gas industry and exploration and production

Well & DrillingServices

Largest activeservice rig contractorin Canada providing

drilling and wellservices

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• Estimated net proceeds to BBU of ~$125 million and expect to report a post-tax profit of ~$80 million

• Closing expected in Q4 2018, subject to certain consents and approvals including from the Australian Competition and Consumer Commission

• In addition to the sale consideration, agreement maintains exposure to the upside in exploration interests

‒ Includes a contingent payment in relation to the recent significant Dorado-1 oil discovery and a royalty over all other future hydrocarbons produced in Quadrant’s Bedout Basin tenements

Quadrant Energy

In August, signed definitive agreement1 to sell Quadrant Energy for $2.15 billion

Investment Highlights• Acquired Quadrant Energy, together with institutional partners, through a corporate carve-out in 2015;

BBU’s ownership 9%

• Executed long term take-or-pay contract for substantially all of its proven natural gas reserves and financial hedges on oil production; minimizing commodity price risk

• Implemented cost management discipline, prudent capital allocation and organizational changes

• Over 95% of invested capital received in dividends over the past 3 years

• Expect to generate 3 times our invested capital and a 40% IRR on this investment, plus additional upside through the contingent value right/royalty

1) There can be no assurance that Brookfield Business Partners will be able to successfully execute on this transaction

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Financial Performance

15

47%

14%

0%

32%

7%

Q3 2018 Financial Snapshot

InfrastructureServices

Business Services

Energy

Industrial Operations

29%

23%

23%23%

2%

BusinessServices

Infrastructure Services

Energy

IndustrialOperations

Corporateand Other

Total Assets $27.6 billion1 Book Equity $2.9 billion1,2

US$ millions

Company EBITDA $231 million3,4

$26

$49

$76

$35

($16)

-$45-$40-$35-$30-$25-$20-$15-$10-$5$0$5$10$15$20$25$30$35$40$45$50$55$60$65$70$75$80$85$90$95$100$105$110$115$120$125$130$135

BusinessServices

InfrastuctureServices

IndustrialOperations

Energy Corporateand Other

Company FFO $170 million3,4

US$ millions

Corporateand Other

1) Unaudited, as of September 30, 20182) Attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, preferred shareholders and special limited

partnership unitholders3) Unaudited, for the quarter ended September 30, 2018 4) Attributable to limited partnership unitholders, general partnership unitholders, special limited partnership unitholders and redemption-exchange unitholders

$32

$66

$99

$54

($20)

-$45-$40-$35-$30-$25-$20-$15-$10-$5$0$5$10$15$20$25$30$35$40$45$50$55$60$65$70$75$80$85$90$95$100$105$110$115$120$125$130$135

BusinessServices

InfrastuctureServices

IndustrialOperations

Energy Corporateand Other

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Disciplined financial risk management

Maintaining a strong, flexible balance sheet with ample liquidity at the corporate level to take advantage of attractive opportunities

• Non-recourse financing at the operating business level

• Weighted average debt maturityof 6.1 years1

• Maintain appropriate net debt to total capitalization for the business

• No debt drawn at the corporate level

• Limited recourse for performance bonds and construction guarantees

1) At September 30, 2018

• Cash flows from operations

• Opportunistically monetizing mature assets and operations

• Strategically refinancing existing debt and incurring additional debt

Managing LiquidityFinancing Assets

Successful execution of our strategyand reinvestment of cash flow

generated from our businesswill drive additional value to unitholders

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organically and through tuck-in acquisitions

Platform Business Growth

Our growth prospects remain strong

Our growth strategy includes building out our platform businesses over the long term and capitalizing on our flexible investment mandate to acquire high quality businesses for value

Global presence

Large investment team

Robust pipeline of opportunities

Significant and growing capital availability

Key Drivers of growth

that strengthen and expand our segments and geographic reach

Acquisitions

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Appendices

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Selected Segmented Financial Information

Statements of Financial PositionStatements of Operating Results

1) The comparative figures have been updated to conform with the new segment presentation.2) 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.

The following tables present selected income statement and balance sheet information by operating segment on a proportionate basis:

US$ MILLIONS, UNAUDITED

As of

Sep. 30, 2018 Dec. 31, 20171

Net debt (cash) by segmentBusiness Services $ 70 $ 93Infrastructure Services 1,177 ─Industrial Operations 848 361Energy 813 151Corporate and Other (446) (392)

Total debt (cash) $ 2,462 $ 213

Equity attributable to unitholders by segmentBusiness Services $ 1,372 $ 1,407Infrastructure Services 400 ─Industrial Operations (12) 661Energy 942 660Corporate and Other 203 310

Equity attributable to unitholders $ 2,905 $ 3,038

Three months endedSep. 30

Nine months endedSep. 30

US$ MILLIONS, UNAUDITED 2018 20171 2018 20171

Company EBITDA by segmentBusiness Services $ 32 $ 47 $ 98 $ 64Infrastructure Services 66 ─ 66 ─Industrial Operations 99 36 326 51Energy 54 14 163 45Corporate and Other (20) (12) (49) (28)

Company EBITDA $ 231 $ 85 $ 604 $ 132

Company FFO by segmentBusiness Services $ 26 $ 40 $ 109 $ 70Infrastructure Services 49 ─ 49 ─Industrial Operations 76 22 268 109Energy 35 (5) 104 26Corporate and Other (16) (11) (45) (21)

Company FFO2 $ 170 $ 46 $ 485 $ 184

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Governance

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

‒ Provides a comprehensive suite of services to Brookfield Business Partners

‒ Base management fee equal to 1.25% annually of total capitalization of Brookfield Business Partners

• Brookfield is entitled to receive incentive distributions equal to 20% of an increase in the unit price of BBU over the incentive distribution threshold (currently $41.96/unit)

Cyrus Madon Chief Executive Officer Peter Gordon Chief Operating Officer

Jaspreet Dehl Chief Financial Officer Ralf Rank Chief Investment Officer, Services

Joe Freedman Senior Vice Chairman Jim Reid Chief Investment Officer, Energy

David Aiken Chief Investment Officer, Industrials

Senior Management Team

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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Investor Relations contact:

Monica ThakurNorth America 1-866-989-0311Global +1-416-363-9491

Email: 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 Q3 2018 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 expense, current income taxes, and realized disposition gain, current income taxes and interest expenses related to equity accounted investments. Company EBITDA is presented net to unitholders, or net to parent company. For further information on Company EBITDA see “Use of Non IFRS Measures” of the Q3 2018 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.

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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 September 30, 2018.

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 Company FFO. When determining Company FFO, we include our unitholders’ proportionate share of Company FFO for equity accounted investments. Company FFO is not a generally accepted accounting measure under IFRS and therefore may differ from definitions of Company FFO or Funds from Operations used by other entities. We believe that this is a useful supplemental measure that may assist investors in assessing the financial performance of Brookfield Business Partners and its subsidiaries. Company FFO should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS.