Brookfield Business Partners

INVESTOR DAY

SEPTEMBER 26 , 2018

Agenda

2

Our BusinessCyrus Madon, Chief Executive Officer

3

Value CreationDenis Turcotte, Managing Partner

30

Financial OverviewJaspreet Dehl, Chief Financial Officer

48

Our Business

3

4

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

1) As at September 21, 2018

BBUNYSE

$5.7BMARKET CAP1

$17BASSETS

100INVESTMENT PROFESSIONALS

~45,000OPERATINGEMPLOYEES

Our overall business strategy remains unchanged

Target 15% to 20% return on investments with an overall focus onlong term capital appreciation

5

Acquisition of high quality businesses on a value basis

Strategic repositioning and improving business operating performance

Efficient capital allocation

Maximize unitholder value

Core competitive advantages

Acquire and manage high quality operations globally

6

• Extensive sourcing capability on a global scale

• Expertise in real assets and Brookfield’s broad network

• Ability to pursue complex situations where competition is limited

• Broad investment mandate supported by access to capital andfinancial flexibility

• Long-term capital positions us as a preferred partner

Growth prospects remain strong…

Key drivers of growth

7

Global presence

Large investment team

Increased profile

Robust pipeline of opportunities

Significant and growing capital availability

$10

$20

$30

$40

$50

Acquisition

Equityoffering

Acquisition

Equity offering

Acquisition

Acquisition

Disposition

$21.47

$44.00

Jun2016

Jan2017

Jun2017

Jan2018

Jun2018

Acquisition

Awarded

Acquisition

…Which should continue to drive strong value creation

8

Unit Price Performance

Acquisition and disposition shown as of the date of public announcement

Disposition

U.S. brokerage

Disposition

Strong growth since launch with $4.4 billion1 of acquisitions

$1.7 billion invested by Brookfield Business Partners

9

Tuck-in Acquisitions

1) Represents total equity invested

Loans

Dec ‘16 Mar ‘17 Jun ‘17 Sep ‘17 Dec ‘17 Mar ‘18 Jun ‘18

Purchase ofdistress securities

Supported by $6 billion of liquidity initiatives

$2.7 billion generated by Brookfield Business Partners to maintain balance sheet strength

10

Mar ‘18Jun ‘17

Sale ofdistress

securities

EquityOffering

EquityOffering

U.S. brokerageservices

Dec ‘16 Mar ‘17 Sep ‘17 Dec ‘17 Jun ‘18

11

POLLING QUESTION #1

These are our recent acquisitions – which onedo you like most?

1. BRK Ambiental Largest private water and wastewater company in Brazil

2. Greenergy Largest fuel distribution company in the U.K.

3. BG Fuels 200+ gas stations in Canada

4. Teekay Offshore Marine energy services business

5. One Toronto Largest gaming concession in Canada

6. Schoeller Allibert Leading returnable packaging company in Europe

7. Westinghouse Global leader in infrastructure services to nuclear power plants

Our business has substantially increased in scale...

12

1) At Spin-off 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, 20182) Represents Brookfield Business Partners’ proportionate share 3) Based on last twelve month EBITDA adjusted for acquisitions and planned performance improvementsInformation presented is illustrative only. Actual results may vary materially and are subject to market conditions and other factors and risks that are set out in the Important Cautionary Notes on Slide 65.

At Spin-off1 Today1

Assets $8B $17B

FFO2 $200M $430M

EBITDA2 $240M $570M

Run Rate EBITDA3 Approaching ~$1.0B

North America$4.6B $6.0B

…With a more diversified regional footprint

13

Assets as of June 30, 2016 and June 30, 2018

South America

$ - $3.5B

Europe$1.1B $5.1B

Middle East$0.8B $0.8B

Asia Pacific$1.6B $1.6B

Asset Location

We have closed two acquisitions in Europe

Most recently Schoeller Allibert, one of Europe’s largest manufacturers of returnable plastic packaging

14

• 1,000+ handheld crates and customizable bulk containers

• Over 25% market share in Europe

• Customer base diversified by industry

• 13 manufacturing facilities

• Reputation for quality and innovation

Schoeller Allibert is poised for growth

15

Industry: 6-7% projected1 - sustainability requirements, waste reduction, e-commerce, logistics automation

Organic: Growth through product and services innovation

International: Supported by Brookfield’s global presence

• Acquired 70% for purchase price of ~$230M

Long term partner & founding family, Schoeller Group, owns 30%

Acquisition Details

Growth

1) Source: “Global Returnable Packaging Report” by Technavio.

Cash flows are more diversified and predictable

The composition of our operations has evolved

16

Spin-off2 Current2

27%

4%41%

28% 12%

37%

6%

21%

24%

1) Excludes Corporate segment2) Spin-off represents last twelve month period ended December 31, 2016 and current represents last twelve month period ended June 30, 2018, including proforma for

Westinghouse Electric acquisition

EBITDA1

BusinessServices

IndustrialOperations

Energy

Construction

BusinessServices

IndustrialOperationsEnergy

Construction

InfrastructureServices

Business Services Industrial Operations Construction Energy Infrastructure Services

Our future growth is likely to include new industry segments…

17

17%

20%

45%

18%

June 20161

15%

28%

25%

20%

12%

Current 20181

$2.0BMARKET CAP

$5.7BMARKET CAP3

1) Segment allocation based on equity attributable to unitholders. Does not include corporate equity attributable to unitholders, distributions related to GrafTech received in 2018 adjusted against Industrial segment equity as of June 30, 2018 and includes proforma for Westinghouse Electric acquisition

2) Potential based on achieving target returns, the reinvestment of cash flows into accretive investments, new unit capital and the successful recycling of capital3) Market cap as of September 21, 2018Information presented is illustrative only. Actual results may vary materially and are subject to market conditions and other factors and risks that are set out in the Important Cautionary Notes on Slide 65

3 - 5 Years2

$8 - 10B MARKET CAP

Equity

… And we are continually reviewing new sectors

18

Real AssetExpertise

Skills

Attractive Characteristics

• Industry tailwinds• Barriers to entry• Operationally intensive

• Growth opportunities• Essential service/product• Strong returns on capital

• Operational andfinancial management

NEW SECTOR

• Expertise across theBrookfield platform

19

POLLING QUESTION #2

Where do you think U.S. private equityhas been most active?

• IT

• Materials and resources

• Business Services

• Energy

• Healthcare

• Financial Services

20

ANSWER

U.S Private Equity Deals 2017($B)

Business services 278

IT 98

Healthcare 88

Energy 60

Financial Services 49

Materials & resources 21

Where do you think U.S. private equity has been most active?

The healthcare sector

21

Growth in underlying demand

Changing landscape creating opportunities

Attractive investment features

Fragmented industry

Large investible universe

Healthcare is a steadily growing and non-cyclical industry

• $3+ trillion industry comprising 18% of GDP in the U.S.

• Value-based care, consumerism and consolidation trends impacting landscape

22

U.S. Health Expenditure($B; %GDP)

4.5%Historical10-year CAGR

Source: Centers for Medicare & Medicaid Services; Peterson-Kaiser Health System Tracker; U.S. Bureau of Economic Analysis.

• Essential service

• Lower acuity

• Operational intensity

• Benefits to scale

• Well positioned for healthcare trends

We are targeting areas that play to our strengths…

23

• R&D focused

• High regulatory risk

• Elevated technology risk

• “Key person” risk

UnfavorableFavorable

…And have identified attractive subsectors

24

SeniorHousing

UrgentCare

PhysicianPractice

Management

OutsourcedServices

UnderperformingHospitals

Healthcare Services$2,000B+

Focus Subsectors

Source: CMS, Statista, and FactSet.

The technology services sector

25

Essential services providing large productivity benefits

Recurring cashflows with good organic growth provides high returns on capital

Insight from and application to many of our operating businesses

Attractive opportunities to build platform businesses

Large, expanding investible universe

Auto

Healthcare

IT

Industrials / Manufacturing

MediaMining

Oil & Gas

Telecom

Utilities

0%

10%

20%

30%

40%

50%

60%

70%

0% 5% 10% 15%

Pot

entia

l EB

ITD

A G

ain

(%)

IT Spend / Total Expenditure (%)

The technology services industry has seen enormous growth

26

• $3+ trillion industry comprising 5% of global GDP

• Essential services with significant productivity benefits

• Automation, interconnectivity trends and artificial intelligence are impacting landscape

Degree of Digitalization Varies by Industry Significant Productivity Potential

Source: Gartner, Morgan Stanley, Ernst & Young research reports

Progression through the Digitalization Curve

• Early stage R&D

• Low barrier to entry or low margin, commoditized services

• Competition with largest established technology companies

• High exposure to rapidly-changing consumer tastes

• Scale operational platforms

• Strong value proposition

• Evolution of established businesses

• High scalability

• Benefit of barriers to entry

• Specialist services with real asset applications

We are targeting areas that play to our strengths…

27

Favorable Unfavorable

…And have identified several attractive subsectors

28

Software & Systems$500B+

Focus Subsectors

IT Related Services$2,300B+

Telecom-related services

Specialist software and IT services

Managed hosting services

Tech-enabled services for real asset sectors

Specialist process services (BPO, payments etc.)

Device & software integrated system solutions

Source: Gartner, Citi research reports

Imagine

Independent broadband provider using wireless spectrum to roll-out a national high-speed broadband solution in rural areas

29

• Essential service to address infrastructure deficit

• Competitive advantage with proven technology

• Barriers to entry including proprietary spectrum

• Established operating company ready for low-risk scale up in service

Investment Thesis

Leverage Brookfield’s infrastructure and telecom experience to provide an essential service with limited competition and high barriers to entry

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

Value Creation

30

31

Dedicated operations professionalsworking with management teamsor taking on management roles

Primary focus on value enhancement through performance improvement or turnaround

Repeatable fundamental model to enhance value

Active hands-on approach from due diligence to monetization

32

Ensure business strategy is clear and results driven

Implement operational excellence to enhance efficiency

Maximize effectiveness of commercial strategy and execution

Optimize balance sheet to release value

GrafTech

Why did we like this business?

33

Market Leader

• Critical consumable in electric arc furnace steel production

• High-quality graphite electrode manufacturing

• Lowest cost assets in industry

• Six suppliers provide ~90% of global capacity (ex-China)

High Barriers to Entry

• No known substitutes

• Technically challenging manufacturing

• Only producer vertically integrated into petroleum needle coke (critical raw material)

Opportunistic acquisition during low point in business cycle

34

• Acquired at a significant discount to replacement cost due to:

‒ Oversupply of graphite electrodes

‒ Earnings decline as result of global steel industry decline

• Identified operational improvement opportunities

• Acquired 100% for $1.25B (equity of $855M) in 2015

− BBU share: $295M for 34% stake in business

Acquisition Details

Value creation initiatives

Worked with management to fundamentally transform business: $100M of annualized sustainable operational improvements since acquisition

• Divested non-core businesses

• Optimized production at the lowest-cost facilities

• Matched corporate overhead to business needs

• Re-focused “r&D” on high-quality graphite electrodes‒ Increased product quality

• Introduced “strategic customer” commercial approach

35

34,000

55,000

67,000

2015 2017 2018 year endRun Rate

Graphite Electrode Production(Average MT/facility)

Value creation initiatives

Implemented industry-first commercial strategy establishing substantial base load earnings

36

• Multi-year, take-or-pay sales contracts

• Contracted ~65% of current production capacity at a weighted average contract price of $9,700 /MT

• Contract volumes aligned with integrated needle coke capacity

• Primary needle coke raw material, (decant oil) hedged over life of contracts

$3

$10

2015 2018 YTD

Average Electrode Sales Price($000/metric ton)

Significantly improving performance…

EBITDA generation

37

Adjusted EBITDA($M)

Operational Improvement Plan Will produce more volume from three facilities in 2018 than six facilities in 2012

Commercial Repositioning ~636,000 MT’s sold under 3 - 5 year take-or-pay contracts @ ~$9,700 /MT weighted average price

Refocused Strategy Sold three non-core businesses to simplify and refocus the organization

$269 $247$144 $121 $46

($3)$96

$602

~$1,200

2011 2012 2013 2014 2015 2016 2017 H1 2018 H1 2018Annualized

Pre-BBU Ownership

1) Information presented is illustrative only. Actual results may vary materially and are subject to market conditions and otherfactors and risks that are set out in the Important Cautionary Notes on Slide 65.

1

…With continued growth prospects through bringing on idle capacity

Debottlenecking project to increase active operating capacity by 21% to 202,000 MT by year end1

38

Annualized Operating Capacity(000’s MT)

• Possibility to restart St. Marys; dependent on market conditions and needle coke supply

Additional production capacity

Current long-term contract volume

202

35

28

Q1-Q3 2018 DebottleneckingInitiative

Post Debottleneckingby YE 2018

Option to RestartSt Mary's

Pro forma forSt Mary's

+14%

+21%

167

230

Multi-year operational

improvement plan +

$37M of capex

$5-11M of start up

capex and period costs

1) Information presented is illustrative only. Actual results may vary materially and are subject to market conditions and otherfactors and risks that are set out in the Important Cautionary Notes on Slide 65.

39

Positioning to execute our strategyand drive considerable value

at Westinghouse

Westinghouse Electric Company

A leading global provider of infrastructure services to the nuclear power generation industry

• Iconic U.S. company operating in the nuclear space for over 50 years

• Provider of fuels, maintenance and repair services, plant components and parts, and sophisticated engineering services

40

1) For the year ended March 31, 2018

2017 EBITDA1

~90%

~10%

OperatingPlants

New PlantBusiness

Acquired for value as sponsor of Westinghouse’s exit from bankruptcy

41

• Forced to seek bankruptcy protection in 2017 due to failure of its non-core construction business

• BBU viewed as a preferred, long-term strategic partner with deep operating expertise

• Acquired 100% for ~$4B purchase price in August 2018 ~$920M of equity ~$3.1B of long-term debt

• 44% BBU ownership for $405M investment

Acquisition Details

Spotlight on Westinghouse

42

Why do we like this business?

Market Leader

• Leading global provider of infrastructure services

• Barriers to entry with significant regulatory requirements

• Preferred service provider

• ~50% of the world’s nuclear reactors running on its technology

• Skilled workforce

• Significant intellectual property

• Profitability driven by regularly recurring, non-discretionary refueling and maintenance outages

• Mission critical service provider

• Long-term contracts for fuel and outage services

• Sticky customer relationships

Stable & Predictable Cash Flows

Assess strategy and priorities by business unit

Replicating our owner/operator approach to managing businesses

“Getting close to the business”

43

Gain an in-depth understanding of the business

Set long-term goals for each business unit

Review organization and operating model

Focus the leadership team on priorities

Establish a new tone and operating framework

44

Working Board of Directors

Executive Oversight Committee

CEO & Management

Working groups to ensure focus

> Drive Transformation Plan

> Commercial Process Improvement

> Global Supply Chain Redesign

> Adjust Operating Model & Organization

> Strategy Review by Business Unit

Execute on value creation opportunities

45

TransformationPlan

• Continue to execute holistic plan to align costs with demand

• Focus on margins, risk reduction, efficiencies and organizational responsiveness

CommercialProcessImprovement

• Align sales resources and product innovation to identified market opportunities

• Drive profits through new business opportunities

Global SupplyChain Enhancement

• Optimize cost and delivery capabilities

• Maintain leading product quality

• Ensure a consistent make/buy decision making framework

Execute on value creation opportunities (continued)

46

Operating Model

• Adjust the organization to be customer-centric and focused on cost to deliver

• Introduce an accountability-based management system

Strategy Review

• Assess profitability, risk and returns across all products and services

• “Share of wallet” review across customer base

• New business/projects development initiatives

• Assessment of bolt-on acquisition opportunities

LTMMarch 31, 2018

Medium TermRun Rate

Long TermRun Rate

As a leaner, more focused organization, well positioned to create value

47

Annualized EBITDA1

($M)

Medium-term value

creation opportunities

Long-termvalue

creation opportunities

Target$550 - $600

Actual$440

>$600

1) Information presented is illustrative only. Actual results may vary materially and are subject to market conditions and otherfactors and risks that are set out in the Important Cautionary Notes on Slide 65.

Financial Overview

48

49

POLLING QUESTION #3

What additional financial disclosure would youlike to see for Brookfield Business Partners?

Key financial objectives

50

Maintain a strong balance sheet and ample liquidity

Improve operating performance and grow through efficient capital allocation

Maximize unitholder value

We are focused on maintaining a strong balance sheet…

51

• No debt at the corporate level

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

• Weighted average debt maturity is 6 years

• Maintain appropriate net debt to total capitalization for the business

June 2018 ($B) Consolidated Proportionate Share Borrowings $ 5.1 $ 1.6

Less cash & equivalents (1.9) (1.5)

Net debt $ 3.2 $ 0.1

Trailing EBITDA1 $ 1.5 $ 0.6

1) For the last twelve month period ended June 30, 2018

…And have access to significant capital

~$2 billion of liquidity at the corporate level

Cash and public securities

Undrawn facilities

Distributions from operating businesses and proceeds from monetization activities

Capital markets

52

$1.5 billion in distributions from operations and monetizations

53

Ongoing operations • ~$100 million of distributions from other operations

Australian energy operations

• Proceeds of ~$125 million on sale of Quadrant1

• 3X multiple on invested capital and 40% IRR2

• Exposure to future upside in exploration interests

Graphite electrodeoperations

• ~$1.1 billion from debt refinancings, initial public offering, secondary offering and share buy-back at GrafTech

U.S. brokeragejoint venture

• ~$130 million in proceeds from sale of 33%ownership interest at Home Services

1) Expected to close Q4 2018; there can be no assurance that BBU will be able to successfully execute on this transaction2) Including dividend distributions and expected proceeds from sale

Ability to execute large transactions

54

1) Market cap as at date of transaction2) Represents enterprise value at acquisition for 100% of the business

BBUMarket Cap1 Acquisition

Acquisition Enterprise Value2

April 2017 $3B BRK Ambiental $2B

September 2017 $4B Teekay Offshore $4B

August 2018 $5B Westinghouse $4B

Brief business update

55

Entertainment • Modernization and redevelopment of operation, with C$1 billion of secured financing

Fuel distributionand marketing

• Execution on growth strategy for fuel distribution business

• Completed gas station renovation and rebranding as “Mobil” in Canada

Construction• Return to more normalized operations in Australia

and U.K.

• Refocused business in the Middle East

Brief business update

56

Marine energy services

• Completed 5 key capital projects and executed contract extensions

• Supported bond offering to substantially extend debt offerings

Waste water treatment

• Improved company operations, governance and capital allocation

• Focus on accelerating growth

Graphite electrode manufacturing

• Executed operational enhancements, debt refinancings and an IPO

Improved performance of operations

Outperformed last year’s estimated EBITDA improvements

57

$170

June 2017 Pro-forma June 2018Estimated in 2017

June 2018

$475 - $525

~$570

1) Company EBITDA for the last twelve month period ended June 30, 20172) Company EBITDA for the last twelve month period ended June 30, 2018

EBITDA($M)

1 2

2018Company EBITDA

Business Improvement Acquisitions Run RateCompany EBITDA

New acquisitions and value enhancements should continue to deliver higher EBITDA

Potential to increase EBITDA by up to ~$400 million

58

$900 - $1,000

~$570

1) Company EBITDA for the last twelve month period ended June 30, 20182) Based on historical average Company EBITDA adjusted for acquisitions and planned performance improvements. Information presented is illustrative only. Actual results may vary

materially and are subject to market conditions and other factors and risks that are set out in the Important Cautionary Notes on Slide 65

12 2

59

And reinvestment of capitalwill continue to grow the size and scale

of our business

Since spin-off we have had four operating segments

60

Business Services Industrial Operations

EnergyConstruction

Our segments are evolving

61

Business Services Industrial Operations

EnergyInfrastructure Services

• Construction

• Other Business Services

62

Our approach to valueremains unchanged

Evolution of our value

63

1) Company EBITDA based on trailing twelve months to June 30, 2018 adjusted for impact of operational enhancements and contribution from acquisitions. GrafTechincluded at a share price of $20-$21 and Westinghouse included at acquisition price. Information presented is illustrative only. Actual results may vary materially and are subject to market conditions and other factors and risks that are set out in the Important Cautionary Notes on Slide 65

2) Includes unitholders’ proportionate share of cash and cash equivalents and portfolio company debt financing, as applicable3) Figures rounded for presentation purposes4) Investment in bonds valued at face value5) Assumes production of 17,000 flowing barrels per day (attributable to unitholders)

Business Services

• Construction $800 - $1,000 • Consistent value 8 – 10x $800 - $1,000• Other Business Services $800 - $1,100 • Home Services disposition

• One Toronto acquisition8 – 10x $800 - $950

Infrastructure Services – • Westinghouse acquisition Cost $405

Industrials $1,100 - $1,200 • GrafTech performance• Schoeller acquisition 7 – 8x $2,100 - $2,200

Energy $650 - $700 • Investment in Teekay4

• Quadrant disposition

6 – 7xPrice per flowing

barrel of $14,000 to $16,0005

$700 - $900

Corporate Cash $300 • Monetization of investments $525

Total $3,650 - $4,300 $5,330 - $5,980

Per unit $29 - $34 $41 - $46

($M, except per unit3) 2017 Estimate2018

Estimate1,2,3Multiple Company

EBITDA

Q&A

64

Important Cautionary Notes

All amounts are in U.S. dollars unless otherwise specified. Unlessotherwise indicated, the statistical and financial data in thispresentation is presented as of June 30, 2018.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATIONThis presentation contains “forward-looking information” within themeaning 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 ReformAct of 1995 and in any applicable Canadian securities regulations.Forward-looking statements include statements that are predictivein nature, depend upon or refer to future events or conditions, andinclude statements regarding our and our subsidiaries’ operations,business, financial condition, expected financial results,performance, prospects, opportunities, priorities, targets, goals,ongoing objectives, strategies and outlook, as well as the outlookfor North American and international economies for the currentfiscal year and subsequent periods, and include, but are notlimited to, statements regarding our asset management. In somecases, forward-looking statements can be identified by terms suchas “expects,” “anticipates,” “plans,” “believes,” “estimates,”“seeks,” “intends,” “targets,” “projects,” “forecasts” or negativeversions thereof and other similar expressions, or future orconditional verbs such as “may,” “will,” “should,” “would” and“could.”Although we believe that our anticipated future results,performance or achievements expressed or implied by theforward-looking statements and information are based uponreasonable assumptions and expectations, the reader should notplace undue reliance on forward- looking statements andinformation because they involve known and unknown risks,uncertainties and other factors, many of which are beyond ourcontrol, which may cause our and our subsidiaries’ actual results,performance or achievements to differ materially from anticipatedfuture results, performance or achievements expressed or impliedby such forward-looking statements and information.Factors that could cause actual results to differ materially fromthose contemplated or implied by forward-looking statementsinclude, but are not limited to: the impact or unanticipated impactof general economic, political and market factors in the countriesin which we do business; the fact that our success depends onmarket demand for our products; the behavior of financial

markets, including fluctuations in interest rates and foreignexchanges rates; changes in inflation rates in North America andinternational markets; the performance of global equity and capitalmarkets and the availability of equity and debt financing andrefinancing within these markets; strategic actions includingdispositions; the competitive market for acquisitions and othergrowth opportunities; our ability to satisfy conditions precedentrequired to complete such acquisitions; our ability to effectivelyintegrate acquisitions into existing operations and attain expectedbenefits; the outcome and timing of various regulatory, legaland contractual issues; changes in accounting policies andmethods used to report financial condition (including uncertaintiesassociated with critical accounting assumptions and estimates);the effect of applying future accounting changes; businesscompetition; operational and reputational risks; technologicalchange; changes in government regulation and legislation withinthe countries in which we operate; changes in tax laws;catastrophic events, such as earthquakes and hurricanes; thepossible impact of international conflicts and other developmentsincluding terrorist acts and cyberterrorism; and other risks andfactors detailed from time to time in our documents filed with thesecurities regulators in Canada and the United States.We caution that the foregoing list of important factors that mayaffect future results is not exhaustive. When relying on ourforward-looking statements, investors and others should carefullyconsider the foregoing factors and other uncertainties andpotential events. Except as required by law, we undertake noobligation to publicly update or revise any forward-lookingstatements or information in this presentation, whether as a resultof new information, future events or otherwise.

CAUTIONARY STATEMENT REGARDING USE OF NON-IFRSMEASURESThis presentation contains references to Company FFO andCompany EBITDA that are not calculated in accordance with, anddo not have any standardized meaning prescribed by InternationalFinancial Reporting Standards (“IFRS”). We believe such non-IFRS measures including, but not limited to, Company funds fromoperations (“Company FFO”) and Company EBITDA. As thesenon-IFRS measures ae not generally accepted accountingmeasures under IFRS, references to Company FFO andCompany EBITDA are therefore unlikely to be comparable tosimilar measures presented by other issuers and entities.

We define Company FFO as net income excluding the impact ofdepreciation and amortization, deferred income taxes, breakageand transaction costs, non-cash gains or losses and other items.Company FFO is presented net to unitholders, or net to parentcompany. When determining Company FFO, we include ourproportionate share of Company FFO of equity accountedinvestments. Company FFO is further adjusted as CompanyEBITDA to exclude the impact of realized disposition gains(losses), interest expense, current income taxes, and realizeddisposition gains, current income taxes and interest expensesrelated to equity accounted investments. Company EBITDA ispresented net to unitholders, or net to parent company. For furtherinformation on Company EBITDA see “Use of Non IFRSMeasures” on page 5 of the 2016 20-F. Our definition of CompanyFFO and Company EBITDA may differ from definitions ofCompany FFO, Funds from Operations or Company EBITDA usedby other entities. We believe that Company FFO and CompanyEBITDA are useful supplemental measures that may assistinvestors in assessing the financial performance of BrookfieldBusiness Partners and its subsidiaries. Company FFO andCompany EBITDA should not be considered as the sole measuresof our performance and should not be considered in isolation from,or as a substitute for, analysis of our financial statementsprepared in accordance with IFRS. For further information onCompany FFO add Company EBITDA see “Use of Non IFRSMeasures” on page 5 of the 2016 20-F.

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Brookfield Business Partners

INVESTOR DAY

SEPTEMBER 26 , 2018