Brookfield Business Partners

CORPORATE PROFILE

MAY 2019

2

BBUNYSE

BBU.UNTSX

$5.0 BMARKET CAP

Business Services and Industrials companyfocused on long-term capital appreciation

1) As at market close April 26, 2019

PresenterPresentation Notes

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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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ASIA PACIFIC

$1 B $2 B2016 vs Q1’19 ASSETS

SOUTH AMERICA

$- B $5 B2016 vs Q1’19 ASSETS

Our global footprint continues to grow

Note: Operating employees as at March 31, 2019. Assets as at June 30, 2016 and March 31, 2019

~45,000OPERATING EMPLOYEES

NORTH AMERICA

$5 B $10 B2016 vs Q1’19 ASSETS

$28 BQ1’19 ASSETS

EUROPE & MIDDLE EAST

$2 B $11 B2016 vs Q1’19 ASSETS

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Three primary operating segments

BusinessServices

• Construction services

• Road fuel distribution and marketing

• Real estate services

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

Industrials

• Low voltage battery production

• Graphite electrode production

• Water / wastewater services

• Returnable plastic packaging

• Specialty metals

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

InfrastructureServices

• Services to the power generation industry

• Services to the offshore oil production industry

Our operating segments reflect our increased activity in infrastructure services

$9 BQ1’19 ASSETS

$12 BQ1’19 ASSETS

$7 BQ1’19 ASSETS

Note: Assets as at March 31, 2019

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Financial Performance

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$32

$102 $81

($10)

-$100-$95-$90-$85-$80-$75-$70-$65-$60-$55-$50-$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$140$145$150$155$160$165$170$175$180

BusinessServices

InfrastuctureServices

Industrials Corporateand Other

$45

$135 $107

($21)

-$100-$95-$90-$85-$80-$75-$70-$65-$60-$55-$50-$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$140$145$150$155$160$165$170$175$180

BusinessServices

InfrastuctureServices

Industrials Corporateand Other

Proportionate Company EBITDA$266 million2,3

Q1 2019 Financial Snapshot

US$ millions

Proportionate Company FFO $205 million2,3

US$ millions

1) Unaudited2) Unaudited, for the three months ended March 31, 2019 3) Attributable to limited partnership unitholders, general partnership unitholders, special limited partnership unitholders and redemption-exchange unitholders

Corporate Liquidity1

US$ millions Q1 2019 Q4 2018

Corporate cash & financial assets $823 $ 888

Committed corporate credit facilities 1,325 1,325

Total $2,148 $ 2,213

Corporate debt nil nil

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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

• Finance businesses with non-recourse debt at the operating business level

• Maintain appropriate net debt to total capitalization for the business

• Long dated debt maturities

1) As at March 31, 2019

No debt drawn at the corporate levelOngoing sources of liquidity

• Cash and public securities at the corporate level

• Undrawn corporate credit facilities

• Cash flow from our operations

• Monetization of mature businesses

• Access to capital markets

$2.2 BQ1’19 LIQUIDITY1

5.6 yearsAVERAGE DEBT MATURITY1

PresenterPresentation Notes

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Our Business

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OthersIncluding logistics, technology, and global financial advisory businesses

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

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

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

Business Services

Services businesses across diverse sectors

Real Estate ServicesA suite of services including brokerage services and appraisals

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Infrastructure Services

Leading service providers to the infrastructure sector

Services to the power generation industry

Leading provider of services to the world’s power generation facilities including fuel manufacturing and design, engineering and decommission services

Services to the offshore oil production industry

Leading provider of critical transportationand production services to the offshore oil industry with long term, fixed rate contracts

PresenterPresentation Notes

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Westinghouse Electric Company

100% ownership of a leading service provider to the power generation industry

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

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

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

• Working with the management team to enhance profitability‒ Organizational changes to strengthen the supply chain

and customer focus with regional responsibility for product and service delivery

• Growth opportunities:‒ Enhancing and expanding service offerings ‒ Provision of leading technology, including AP1000

design

Investment

• ~$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

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Water & Wastewater Services Largest private waterand wastewaterservices companyin Brazil serving15 million people

Returnable PackagingLeading European manufacturer of returnable plastic packaging producing crates and customizable bulk containers

Industrials

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

Graphite ElectrodesA leading global manufacturer of graphite electrodes used in electric arc furnaces

Automotive BatteriesLeading global manufacturer of low voltage lead-acid automotive batteries

Palladium MiningThe world’s only pure play palladium producer,located in Canada, producing ~240,000 oz palladium per annum

Including limestone aggregates mining; long-life, low-cost gas reserves and the largest active service rig contractor in Canada

Others

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Monetization • April 2018

‒ Executed IPO on NYSE under ticker “EAF” at $15 per share

• August 2018‒ Realized $230 million of proceeds in secondary offering and

share buyback

• Realized cash and notes of $940 million from IPO proceeds and dividends in 2018

• BBU’s current ownership stake is 27%, worth ~$1 billion at current market value1

Investment Highlights

GrafTech International

Original investment of $295 million, generated $1.2 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 March 31, 2019

PresenterPresentation Notes

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Strategic Initiatives

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Our Business Strategy

16We acquire high-quality businesses, enhance operational value, and harvest capital from mature assets at the right time to optimize investment returns

Leverage our real assets expertise

Monetize when value is maximized

Acquire high-quality businesses

Enhance value through operating

expertise

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Clarios Power Solutions

Acquired 100% of Clarios together with institutional partners

• Leading manufacturer of low voltage lead-acid automotive batteries for global automakers and aftermarket distributors and retailers

• History of steady growth in margins and market share over time, benefiting from very large economies of scale with ability to leverage fixed costs, product development and advances in manufacturing efficiency

• ~$13.2 billion purchase price, funded with $3 billion of equity, ~$10.2 billion of long-term debt within the business‒ $750 million equity commitment by BBU for

25% ownership interest

Investment Highlights• Leading market player producing 1/3

of global battery industry output

• Lead-acid and lithium-ion batteries for almost all passenger, commercial and recreational vehicles, conventional to fully electric

• Advanced, patented manufacturing processes

• Global, long-term customer relationships with top-tier automakers and retailers

• Reputation for product quality, distribution and reliability

• Leading global recycler of conventional batteries

• Growth by building on track record of innovation

~150MBATTERIES PRODUCEDPER YEAR

16,000+EMPLOYEES

56GLOBALFACILITIES

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Healthscope

Definitive agreement1 signed to acquire Healthscope, the second largest private hospital operator in Australia and the largest pathology services provider in New Zealand

• Healthscope operates 43 private hospitals and owns 24 pathology laboratories, providing access to operating theatres, nursing staff, accommodations, and other clinical care and consumables

• Provision of essential services drives cash flows and Healthscope has delivered continued growth in revenue and EBITDA for many years.

• Growth opportunities:‒ Recently completed and ongoing developments,

redevelopments and expansions support future growth‒ Well-positioned to benefit from favorable demographics

trends and increasing demand for hospital services driven by growing population

Investment• ~$4.1 billion purchase price,

funded with up to $1.0 billion of equity, $1.4 billion of long-term debt, $1.7 billion from sale and leaseback of 22 hospital properties

• BBU will fund approximately $250 million of the equity 15%

PRIVATE HOSPITALMARKET SHARE

~18,000EMPLOYEES

43PRIVATE HOSPITALSITES

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

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• Acquired BGIS, together with institutional partners, in February 2015 for $245 million‒ BBU’s ownership is 26%

• Since acquiring control of BGIS expanded the size, scale, and geographic footprint of the business, through both organic growth and acquisitions

• Established BGIS as a leading global facilities management provider, managing more than 320 million square feet of real estate representing more than 30,000 locations across North America, Asia Pacific and Europe.

• 70% of invested capital received in distributions over the past 4 years

• Sale expected to generate approximately three and a half times invested capital and ~45% IRR

• Expected to close in the second quarter of 2019

BGIS

Signed definitive agreement1 for the sale of BGIS, our facilities management business, for $1 billion

~$180MNET PROCEEDSTO BBU

~3.5xMULTIPLE OF INVESTED CAPITAL

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

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• BGRS develops and implements comprehensive talent mobility solutions for corporate and government clients worldwide, managing more over 60,000 relocations per annum in more than 140 countries

• Brookfield has owned the relocations operations for approximately 20 years

‒ BBU’s ownership is 100%

• Over many years, the company has expanded its service lines and executed a number of growth initiatives and acquisitions to become a global leader in mobility services

• Expected to close in the second quarter of 2019

BGRS

Signed definitive agreement1 for sale of BGRS to Relo Group, Inc.

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

~$230MNET PROCEEDS TO BBU

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Appendices

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Selected Segmented Financial Information

Statements of Financial PositionStatements of Operating Results

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.

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

US$ MILLIONS, UNAUDITED

As of

Mar. 31, 2018 Dec. 31, 2018Proportionate non-recourseborrowings, net of cash by segment

Business Services $ 114 $ 199Infrastructure Services 1,844 1,890Industrials 948 985Corporate and Other (556) (621)

Proportionate non-recourse borrowings, net of cash $ 2,350 $ 2,453

Equity attributable to unitholders by segmentBusiness Services $ 1,485 $ 1,493Infrastructure Services 846 977Industrials 268 359Corporate and Other 434 134

Equity attributable to unitholders $ 3,033 $ 2,963

Three months endedMar. 31

US$ MILLIONS, UNAUDITED 2019 2018Company EBITDA by segment

Business Services $ 45 $ 29Infrastructure Services 135 37Industrials 107 140Corporate and Other (21) (15)

Company EBITDA $ 266 $ 191

Company FFO by segmentBusiness Services $ 32 $ 17Infrastructure Services 102 22Industrials 81 114Corporate and Other (10) (15)

Company FFO1 $ 205 $ 138

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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 Denis Turcotte Chief Operating Officer

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

Joe Freedman Senior Vice Chairman Jim Reid Chief Investment Officer, Infrastructure Services

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 Q1 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 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 Q1 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.

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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 March 31, 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 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.

Slide Number 1Slide Number 2Our strategy is to acquire and manage high quality operations globallyOur global footprint continues to growThree primary operating segmentsSlide Number 6Q1 2019 Financial SnapshotDisciplined financial risk managementSlide Number 9Business ServicesInfrastructure ServicesWestinghouse Electric CompanyIndustrialsGrafTech InternationalSlide Number 15Our Business StrategyClarios Power SolutionsHealthscopeBGISBGRSSlide Number 21Selected Segmented Financial InformationGovernanceSlide Number 24Definitions and Use of Non-IFRS MeasuresImportant Cautionary Notes