Brookfield Business Partners

CORPORATE PROFILE

MAY 2017

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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, 2017. CAUTIONARY STATEMENT REGARDING FORWARD-RWARD-LOOKING STATEMENTS AND INFORMATION This 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 MEASURES This 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.

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Overview

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Brookfield Business Partners (“BBU”)

We are a business services and industrials company focused on long-term capital appreciation

Focus on owning and operating high-quality businesses that benefit from barriers to entry and/or low production costs

We target long-term growth, either organic growth of our current operations or acquisitions where our operational expertise can surface value and enhance earnings

Focused on operations where the broader Brookfield platform provides us with a competitive advantage, and where we are able to leverage the history and pedigree of Brookfield as an owner and operator of real assets

Flexibility to invest in multiple industries in a variety of forms, meaning we may acquire debt or equity securities, or provide financing to companies, in addition to business acquisitions

Quadrant GrafTech Multiplex

BBU NYSE

BBU.UN TSX

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Our Business has Diversified Operations

Business Services

Provide construction and related services globally, including:

• Design

• Program management

• Procurement

Provide business services to global clients, including:

• Real estate services

• Logistics

• Facilities management

• Financial advisory services

Energy supply chain operations:

• Oil & Gas exploration and production − low cost, low decline,

long-life assets

• Oilfield services

Industrial manufacturing operations:

• Graphite electrode production

• Pre-cast concrete construction products

• Aggregates

• Specialty metals

Industrials

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($3) $4 $20

$79

($5)

-$15-$10-$5$0$5

$10$15$20$25$30$35$40$45$50$55$60$65$70$75$80$85

Construction BusinessSevices

Energy IndustrialOperations

Corporate

$1,016

$616

$69 $231

$0

$1,500

Construction BusinessServices

Energy IndustrialOperations

24%

Q1 2017 Financial Snapshot

14%

36%

12% 14%

Construction Services

Business Services

Energy

Industrial Operations

23% 30%

18% 21%

8% Construction

Services

Business Services Energy

Industrial Operations

Corporate

Total Assets $8.1 billion1 Book Equity $2.6 billion1,2

US$ millions

Company FFO $95 million3,4

1) Unaudited, as of March 31, 2017 2) Attributable to limited partnership unitholders, general partnership unitholders, and redemption-exchange unitholders. Equity is also attributable to preferred shareholders and

Special LP unitholders 3) Unaudited, for the three months ended March 31, 2017 4) Attributable to limited partnership unitholders, general partnership unitholders, and redemption-exchange unitholders

Revenues $1.9 billion3

US$ millions

Corporate

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Global Operations

NORTH AMERICA

$4.7 billion ASSETS

AUSTRALIA

$1.3 billion ASSETS

EUROPE

$1.0 billion ASSETS

MIDDLE EAST & ASIA

$1.1 billion ASSETS

300+ LOCATIONS

$8.1 billion ASSETS

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Value Proposition – Long Term Capital Appreciation

We target 15% to 20% average return on our investments

• Target acquisitions of high quality businesses on a value basis or in “out-of-favor” sectors

• Active management approach to enhance value of our operations by focusing on profitability, product margins and cash flows or through sale of non-core assets

• Surface value of hidden assets and realize value of our operations when they can be maximized

• Opportunistically recycle capital

Leverage expertise from other Brookfield platforms

Owner-operator of high-quality businesses

Business Strategy

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Liquidity and Capital Resources

Brookfield Business Partners maintains a strong balance sheet with ample liquidity and a consolidated net debt to capitalization ratio of 5%

Managing Liquidity

We manage our liquidity and capital requirements through: • Cash flows from operations • Opportunistically monetizing

mature assets and operations • Strategically refinancing existing

debt and incurring additional debt

Financing Assets

We finance our assets principally at the operating company level with debt that generally does not have recourse against either our company or to our other operations • Maturities ranging from 1 to 7 years • These borrowings typically include

customary covenants based on a fixed charge coverage ratio and debt to EBITDA ratios

We have no debt drawn at the corporate level Limited recourse for performance bonds and construction guarantees

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Operating Segments

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~1,025 CURRENT AND DELIVERED PROJECTS SINCE INCEPTION

Construction Services

Provide construction and related services globally, including design, program management and procurement

Leading international contractor operating in Australia, Europe, the Middle East, Canada and India • Operates under the Multiplex banner • Extensive development and construction

capability to drive value creation • Focus on commercial and residential

buildings, social infrastructure and mixed-use properties

• Landmark projects include One St. George Wharf in London, King Street Wharf in Sydney and Emirates Towers in Dubai

50 Martin Place, Sydney St. George Wharf, London

Fiona Stanley Hospital, Perth

$7 billion+ BACKLOG

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Business Services

Commercial and residential real estate services

• Broad exposure for our unitholders to the commercial and residential real estate services sectors ‒ Offering a suite of services across the

service value chain for real estate and other real assets including brokerage services, appraisals, relocation services and facilities management

‒ Global client base including government agencies and large corporations

‒ Providing superior service levels and operating platforms that are global in scale

• Our financial advisory business is part of a global services company specializing in real estate, infrastructure and industrials

300 million+ SQ. FT MANAGED REAL ESTATE

64,500+ REAL ESTATE AGENTS U.S. AND CANADA NETWORKS

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Energy

Oil and gas exploration & production and energy related services

Our energy businesses operate across the supply chain including exploration and production, and well and drilling services • We operate in Western Canada with an

orientation toward long-life, low-cost reserves located at shallow depths, and in Australia where we are focused on long-life, contracted natural gas reserves and high return offshore oil projects

• Our contract drilling and well servicing business operates in Western Canada where we have the infrastructure to meet the changing needs of our upstream customers and respond to technological developments in the drilling space

100,000+ BARRELS OF OIL EQUIVALENT PER DAY OF PRODUCTION

~85% / ~15% GAS / OIL PRODUCTION

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Industrials

Industrial manufacturing and metals & mining

Our industrial manufacturing and metals & mining operations leverage Brookfield’s expertise as an owner and operator of real assets • Industrial manufacturing operations are low-

cost producers with high barriers to entry due to market position, required operational expertise, or capital intensity

• Metals & mining operations are specialty, niche commodity producers that supply local and global markets

~4,000 TONNES PER DAY PALLADIUM PRODUCTION1

750 million+ TONNES ACCESSIBLE LIMESTONE

1) 2016 underground mining production

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Strategic Initiatives

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Acquisition of Loblaw Gas Stations

Definitive agreement to acquire 100% of Loblaw’s gas station operations, one of the largest networks in Canada1

• 213 retail gas stations and associated convenience kiosks adjacent to Loblaw-owned grocery stores across Canada

• Purchase price of approximately C$540 million • Closing expected in the third quarter of 2017 • Rebranding to the Mobil fuel brand

‒ Entering into a long-term agreement with Imperial Oil

‒ Building on Mobil’s premier service station brand in the U.S. with deep presence across key markets

• Loblaw’s industry-leading PC Plus loyalty program will still be offered, combining Loblaw’s loyalty proposition with the high quality gas station offerings customers expect from the Mobil brand

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

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Acquisition of Greenergy

Definitive agreement to acquire an approximate 85% controlling stake in Greenergy1, U.K.’s leading provider of road fuels

• Over 300 kT of biodiesel production capacity • Significant import and storage infrastructure • Extensive distribution network which delivers

over 18 billion liters of road fuels annually • Well positioned to continue growing service

offering for U.K. customer base given track record of reliability and competitive supply

• Opportunity to expand BBU’s footprint in the European market

• Expected transaction close in Q2-2017

1) Greenergy Fuels Holdings Ltd. There can be no assurance that Brookfield Business Partners will be able to successfully execute on this transaction

U.K. Infrastructure Access

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BRK Ambiental

BRK Ambiental is Brazil’s largest private water distribution, collection and treatment company

• Acquired a 70% controlling stake in Odebrecht Ambiental’s core water, wastewater and industrial water treatment businesses in April 2017 and renamed the company BRK Ambiental ‒ operates municipal water and sewage systems through long-term concessions and public-

private partnerships ‒ serving 17 million people, more than the rest of the private sector combined

• Supported by a strong regulatory framework for water and wastewater concessions in Brazil • We believe the business is well positioned to gain a growing share of the water and sewage

improvements planned in Brazil over the next two decades • Ability to generate strong and stable long-term returns for Brookfield Business Partners

Industrial and Other

• 4 assets • Industrial water utilities outsourcing from

steel and petrochemical companies • Small construction waste landfill and

recycling unit • Revenue - waste disposal fees, recycled

aggregates sales, soil and scrap metal

• 22 assets • Public concessions and public-private

partnerships with state and municipal authorities

• Customers - residential, commercial and public users

• Revenue - direct billing and/or sponsored payments, inflation linked

Water & Sewage

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Sale of Maax

Closed the sale of Maax1 in January 2017

• Acquired Maax during the U.S. housing crisis and

successfully managed this business through a very challenging environment

• Repositioned the company, including appointing a new management team, redefining strategy, reducing costs, and focusing on new product development

• Maax is now an industry leader in North America with strong sales and lean operations, which made it an opportune time for us to monetize the business and recycle capital into other high quality, value-based opportunities

• The sale resulted in an after tax gain of $82 million for Brookfield Business Partners’ investors

1) Maax represents both Maax Bath Inc. and Maax Spas Industries Corp.

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Appendices

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Selected Segmented Statements of Operating Results and Statements of Financial Position Information

US$ MILLIONS, UNAUDITED

As of

Mar. 31, 2017 Dec. 31, 2016

Total assets by segment Construction Services $ 2,432 $ 2,275 Business Services 1,738 1,690 Energy 1,493 1,596 Industrial Operations 1,816 2,047 Corporate and Other 640 585

Total assets $ 8,119 $ 8,193

Debt by segment Construction Services $ 7 $ 7 Business Services 507 472 Energy 409 545 Industrial Operations 494 527 Corporate and Other − −

Borrowings $ 1,417 $ 1,551

Equity attributable to unitholders by segment Construction Services $ 943 $ 877 Business Services 352 357 Energy 364 344 Industrial Operations 300 372 Corporate and Other 612 551

Equity attributable to unitholders1 $ 2,571 $ 2,501

Statements of Financial Position Statements of Operating Results

1) Attributable to parent company prior to the Spin-off on June 20, 2016 and to limited partnership unitholders, general partnership unitholders, and redemption-exchange unitholders post Spin-off. Post Spin-off, equity is also attributable to preferred shareholders and Special LP unitholders

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 “Use of Non IFRS Measures” on page 1 of the 20-F

Three months ended March 31

US$ MILLIONS, UNAUDITED 2017 2016

Revenue by Segment Construction Services $ 1,016 $ 888 Business Services 616 451 Energy 69 66 Industrial Operations 231 272 Corporate and Other 2 −

Revenue $ 1,934 $ 1,677

Direct operating costs by segment Construction Services $ 1,020 $ 856 Business Services 583 418 Energy 51 43 Industrial Operations 219 252 Corporate and Other 1 −

Direct operating costs $ 1,874 $ 1,569

Company FFO by segment Construction Services $ (3) $ 22 Business Services 4 2 Energy 20 18 Industrial Operations 79 (5) Corporate and Other (5) −

Company FFO1,2 $ 95 $ 37

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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 initial threshold of $25/unit

Cyrus Madon Chief Executive Officer Jon Haick Head of Services

Craig Laurie Chief Financial Officer Peter Gordon Head of Industrials

Joe Freedman Senior Managing Partner Jim Reid Head of Energy

Jaspreet Dehl Managing Director

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

For investor-related information please call our Investor Line: North America 1-866-989-0311 Global 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” on page 5 of the 2016 20-F.

• 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” on page 5 of the 2016 20-F.

• Equity accounted Company EBITDA is exclusive of non-cash items, realized disposition gains, current income taxes and interest expenses included within equity accounted income.

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

• Net (loss) income attributable to unitholders is exclusive of the net (loss) income attributable to 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, and redemption-exchange unitholders post Spin-off.