Brookfield Business : Q3 2022 Supplemental Information

THREE MONTHS ENDED SEPTEMBER 30, 2022

Important Cautionary Notes

All amounts in this Supplemental Information are in U.S. dollars unless otherwise specified. Unless otherwise indicated, the statistical and financial data in this document is presented as at September 30, 2022.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION

Note: This supplemental information contains "forward-looking information" within the meaning of Canadian provincial securities laws and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws. 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, as well as regarding recently completed and proposed acquisitions, dispositions, and other transactions, and the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words 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 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 and industries in which we do business; including as a result of recessionary factors, rising interest rates, inflation and supply chain issues, as well as the ongoing novel coronavirus (SARS-CoV-2) pandemic, including any SARS-CoV-2 variants (See "Risks Associated with the COVID-19 Pandemic" in the "Risk Factors" section included in our Management's Discussion and Analysis of Financial Condition and Results of Operations in our Form 20-F for the year ended December 31, 2021 ("2021 Annual Report")); the behavior of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including our ability to complete dispositions and achieve the anticipated benefits therefrom; 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 ability to appropriately manage human capital; 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; governmental investigations; litigation; changes in tax laws; ability to collect amounts owed; catastrophic events, such as earthquakes; hurricanes and pandemics/epidemics; the possible impact of international conflicts, wars and related developments including Russia's military operation in Ukraine, terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States including in the "Risks Factors" section in our 2021 Annual Report.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, 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 the Use of Non-IFRS Measures

This supplemental information contains references to Non-IFRS Measures. Adjusted EBITDA is not a generally accepted accounting measure under IFRS and therefore may differ from definitions used by other entities. We believe this measure is a useful supplemental measure that may assist investors in assessing the financial performance of Brookfield Business Partners and its subsidiaries. However, Adjusted EBITDA should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS.

References to Brookfield Business Partners are to Brookfield Business Partners L.P. together with its subsidiaries, controlled affiliates and operating entities. Brookfield Business Partners' results include publicly held limited partnership units, redemption-exchange units, general partnership units, BBUC exchangeable shares and special limited partnership units. More detailed information on certain references made in this supplemental information will be available in our Management's Discussion and Analysis of Financial Condition and Results of Operations in our interim report for the third quarter ended September 30, 2022 furnished on Form 6-K.

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Overview

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Q3 2022 Highlights - Operating Performance

Key Performance Metrics

	Three Months Ended		Nine Months Ended
		September 30,		September 30,
US$ millions (except per unit amounts),		2022		2021		2022		2021
unaudited
Net income (loss) attributable to
unitholders	$	(33)	$	87	$	138	$	602
Net income (loss) per limited
partnership unit (1)		(0.14)		0.59		0.69		3.53
Adjusted EBITDA (2)		627		443		1,676		1,211

Statements of Operating Results by Segment

	Three Months	Nine Months	Trailing Twelve
	Ended	Ended	Months Ended
	September 30,	September 30,	September 30,
US$ millions, unaudited	2022	2021	2022	2021	2022	2021

Adjusted EBITDA by segment
Business Services	$	229	$	163	$	509	$	412	$	658	$	504
Infrastructure Services		205		140		618		401		830		557
Industrials		228		171		649		488		874		683
Corporate and Other		(35)		(31)		(100)		(90)		(136)		(110)
Adjusted EBITDA	$	627	$	443	$	1,676	$	1,211	$	2,226	$	1,634
Adjusted EFO by segment
Business Services	$	152	$	109	$	383	$	272	$	508	$	358
Infrastructure Services		102		91		365		236		525		331
Industrials		131		101		354		738		495		869
Corporate and Other		(46)		(25)		(111)		(69)		(141)		(86)

Financial Performance - Three Months Ended September 30, 2022

• Net loss attributable to unitholders for the three months ended September 30, 2022 was $33 million (loss of $0.14 per limited partnership unit) compared to net income of $87 million ($0.59 per limited partnership unit) in the prior period.
• Adjusted EBITDA for the three months ended September 30, 2022 increased to $627 million from $443 million in the prior period due to increased contribution across all three operating segments.
• Adjusted EFO for the three months ended September 30, 2022 was $339 million ($1.56 per unit(3)) compared to $276 million ($1.24 per unit(3)) in the prior period. Adjusted EFO in the current period included an $11 million after-tax net gain on the partial sale of our investment in public securities.
• During the quarter we issued $750 million of preferred equity securities to Brookfield Asset Management as part of its $1.5 billion commitment. We ended the quarter with $2.5 billion of liquidity at the corporate level including $538 million of cash and liquid securities, $1.2 billion of availability on our credit facilities and a remaining commitment from Brookfield Asset Management to subscribe for up to $750 million of perpetual preferred equity securities. Pro forma for announced and closed transactions corporate liquidity is approximately $2.8 billion.

1.	Net income (loss) per limited partnership unit calculated as net income (loss) attributable to limited partners divided by the average number of limited partnership units outstanding which was 74.6 million and 75.5 million
	for the three and nine months ended September 30, 2022, respectively (2021: 78.3 million and 78.6 million).
2.	Adjusted EBITDA is a non-IFRS measure and is a key measure of our financial performance that we use to assess operating results and our business performance. For further information on Adjusted EBITDA, see
	"Definitions" at the end of this Supplemental Information.	4
3.	Average number of units outstanding on a fully diluted time-weighted average basis adjusted for the BBUC share split, for the three month period ended September 30, 2022 was 217.7 million (2021: 222.0 million,

adjusted for BBUC share split).

Q3 2022 Business Developments

Acquisitions

Investment	Segment	Invested	Economic	Acquisition
Capital (1)	Interest	Date
CDK Global	Business	$700 million (2)	20% (2)	July 2022
	Services
Magnati	Business	$68 million	22%	August 2022
Services

Subsequent Events

• In October 2022, we completed the privatization of Nielsen Holdings plc ("Nielsen") alongside our partner in the business. We expect to invest approximately $400 million through convertible preferred equity for a 7% share of the common equity on a converted basis.
• In October 2022, we reached an agreement to sell our nuclear technology services operation, Westinghouse, to a strategic consortium led by Cameco Corporation and Brookfield Renewable Partners for approximately $8 billion including proceeds from the disposition of a non-core asset. We expect to generate approximately $1.8 billion in proceeds from the sale of our 44% interest in the business. The transaction is expected to close in the second half of 2023, subject to regulatory approval and Brookfield Business Partners unitholders' approval.
• In October 2022, our engineered components manufacturer acquired TexTrail, a leading distributor of axles and trailer components for $300 million of equity, of which our share was approximately $100 million.
• In October 2022, our fleet management services operation completed the acquisition of Unidas, a leading rent-a-car platform in Brazil for $354 million of equity, of which our share was approximately $125 million.
• On November 3, 2022, the Board of Directors of the General Partner of the Partnership and BBUC declared a quarterly distribution and quarterly dividend in the amount of $0.0625 per unit and share, respectively, payable on December 30, 2022 to unitholders and shareholders of record as at the close of business on November 30, 2022.

1.	Figures presented are attributable to Unitholders.
2.	Expected Brookfield Business Partners' invested capital and economic interest subject to the finalization of institutional partner participation and syndication.	5