Brookfield Business Partners to merge into BBU Inc.

Mr. Anuj Ranjan reports BROOKFIELD BUSINESS PARTNERS ANNOUNCES SIMPLIFICATION VIA CONVERSION TO CANADIAN CORPORATION Brookfield Business Partners LP has approved plans to simplify its corporate structure by converting Brookfield Business Partners LP (BBU) and Brookfield Business Corp. (BBUC) into one publicly traded Canadian corporation (BBU Inc.). "We are pleased to announce the next stage in Brookfield Business Partners' evolution as a public company," said Anuj Ranjan, chief executive officer of Brookfield Business Partners. "The conversion into a single corporate entity is designed to broaden our investor base, increase index demand and make it easier to invest in our shares which we expect will drive long-term value for all our shareholders." BBUC shares currently trade at an approximate 25-per-cent premium to BBU limited partnership units and having one publicly traded corporation will benefit all holders. The anticipated benefits of the corporate reorganization include: Broader access to global investors who prefer corporate structures; Improved consolidated trading liquidity through a single listed security; Increased demand from expected index inclusion; Simplified financial reporting and elimination of partnership tax reporting forms; Transaction is tax-deferred for Canadian and United States investors. Corporate reorganization details All BBU limited partnership units, BBUC Class A exchangeable shares and redemption-exchange units in BBU held by Brookfield will be exchanged for new Class A shares of BBU Inc. on a one-for-one basis. The class A shares of BBU Inc. are expected to be listed on both the New York Stock Exchange and Toronto Stock Exchange and have a market capitalization that reflects the combined capitalization of BBU and BBUC. BBU and BBUC are expected to cease to be reporting issuers following closing of the transaction and BBU Inc. is expected to become a reporting issuer. There will be no change to Brookfield's ownership of Brookfield Business Partners as a result of the transaction. BBU Inc. will pay an annual dividend of 25 cents per share, consistent with the current distribution to existing BBU unitholders and the current dividend to existing BBUC shareholders. The management fee payable to Brookfield Asset Management will be based on the market capitalization of BBU Inc. rather than the combined market capitalization of BBU and BBUC. Brookfield Asset Management will also receive incentive distributions based on the trading price of BBU Inc., consistent with Brookfield's existing arrangements. The transaction is expected to be implemented pursuant to a court-approved plan of arrangement and will require BBU unitholder and BBUC shareholder approval, as well as customary regulatory approvals for a transaction of this nature. An independent committee of each of BBU and BBUC comprising independent directors has been formed, and to assist with their review of the transaction the independent committees have retained Origin Merchant Partners as their independent financial adviser and Stikeman Elliott LLP as their independent legal adviser. The reorganization is expected to be completed during the first quarter of 2026. Torys LLP is acting as legal adviser to Brookfield Business Partners for this transaction. About Brookfield Business Partners LP Brookfield Business Partners is a leading global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors currently have flexibility to invest in the company either through Brookfield Business Partners LP, a limited partnership, or Brookfield Business Corp., a corporation. Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management's private equity group. Brookfield Asset Management is a leading global alternative asset manager with over $1-trillion of assets under management. We seek Safe Harbor.