Brookfield Business Partners L P : 2021 ESG Report

2021 ESG REPORT

Brookfield Business Partners

Contents

INTRODUCTION	3		PRACTICING STRONG GOVERNANCE	12		PROTECTING THE ENVIRONMENT	30
Letter to Stakeholders	4		Corporate Governance	13		Climate Change Strategy	31
About This Report	5		ESG Integration Into the Investment Process	17		Climate Risk Management	32
Brookfield Business Partners at a Glance	6		Ethical Business Practices	18		Energy and Emissions	33
Brookfield Business Partners Around the World	7		Human Rights and Modern Slavery	19		Water and Waste	35
Stakeholder Engagement	8		Responsible Contracting	20		APPENDICES	36
ESG AT BROOKFIELD BUSINESS PARTNERS	9		Data Privacy and Security	21
		Our Material ESG Topics	37
			PRIORITIZING OUR PEOPLE	23
Our ESG Principles	10		GRI Content Index	39
ESG Affiliations and Frameworks	11	Human Capital Development	24		SASB Index	45
			Diversity, Equity and Inclusion	26
			Occupational Health and Safety	28

Introduction

Letter to Stakeholders About This Report

Brookfield Business Partners at a Glance Brookfield Business Partners Around the World Stakeholder Engagement

INTRODUCTION

Letter to Stakeholders

Over the past year, we have continued to enhance our approach to environmental, social and governance (ESG) practices and taken meaningful steps to further integrate sustainability into our business processes.

We had a very active and successful year, generating strong financial performance and building considerable value in our business. We benefited from enhanced stability in our overall financial performance, committed approximately $2.2 billion of capital across several high-quality,market-leading businesses and generated approximately $1 billion of proceeds from our capital recycling initiatives. Along the way, we incorporated material ESG considerations throughout the investment process and the ongoing management of our operations.

As part of our commitment to sustainable business operations and strong ESG practices, we enhanced our due diligence process to address considerations related to protecting human rights throughout the

supply chain and climate change mitigation. These enhancements should ensure that our global team of investment professionals is well-positioned to evaluate material ESG risks and opportunities when evaluating potential acquisition opportunities.

We believe that implementing and upholding robust ESG governance is integral to our operations and long-term value creation. To that end, we expanded the responsibilities of Brookfield Business Partners' Governance and Nominating Committee to include specific ESG-related duties, including ESG trend monitoring, reporting on corporate strategies and disclosure frameworks and sharing ESG-related updates with the Board of Directors.

Developing a diverse and inclusive work environment continues to be a priority for us, reinforcing our culture of collaboration, promoting employee engagement and strengthening our ability to develop our people. Our employees are the foundation of our success, and the diverse backgrounds and experiences of our global workforce are pivotal to our ability to deliver strong risk-adjusted returns.

Furthermore, we recognize the importance of measuring and reporting on the global footprint of our operating companies, and continue to make strides in improving our disclosures. In this year's report, we have published our global operating companies' estimated greenhouse gas (GHG) emissions for the year ending December 31, 2021.

We also hosted a workshop with the senior management teams at our operating companies on how to establish a consistent approach to the environmental KPI collection process. We firmly believe that sustainable business practices are complementary to creating long-term value for our investors.

We are committed to maintaining strong relationships with our stakeholders through transparency and active engagement, and remain focused on building on the disclosures of Brookfield Business Partners and our operating companies. As such, we are pleased to share our alignment with the Sustainable Accounting Standards Board (SASB) in this year's report. The SASB framework guides the disclosure of financially material sustainability information, which we believe will contribute to the enduring success of Brookfield Business Partners.

We are pleased to present our second annual ESG report and look forward to keeping you updated on the progress of our ESG program. We thank all our employees for their hard work and dedication, as well as our investors for their support.

Cyrus Madon

Chief Executive Officer

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INTRODUCTION

About This Report

This report covers the ESG-related activities at Brookfield Business Partners and its operating companies between January 1, 2021 and December 31, 2021, unless

noted otherwise.

In determining the material ESG topics for our stakeholders and the industry, we referenced the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB), which we believe provide best-practice guidance on ESG disclosures that are most meaningful for our business. In addition, we continue to consider the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

These industry-recognized frameworks, along with input from our stakeholders, informed the topics and priorities most important to our business. Similar to our report last year, these topics are divided into three areas: Practicing Strong Governance, Prioritizing Our People and Protecting the Environment.

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