Company: BBU
Filing Date: 2025-03-10
Form Type: 424B3
Source: 0001104659-25-022184
Chunk: 15

Company: Brookfield Business Partners L.P.
Filing Date: 2025-03-10
Form: 424B3
Chunk 15
---
 partnership, shareholders or unitholders.

Your investment may change upon an exchange of exchangeable shares for units.

If you exchange exchangeable shares pursuant to the terms set forth in the BBUC articles or the Rights Agreement, you may receive units or cash in exchange for such exchangeable shares. To the extent that you receive units in any such exchange, you will become a holder of limited partnership units of a Bermuda limited partnership rather than a holder of a security of a British Columbia corporation. We are formed as an exempted limited partnership under the laws of Bermuda, whereas BBUC is organized as a British Columbia corporation. Therefore, recipients of units following an exchange of exchangeable shares for units will have different rights and obligations, including voting rights, from those that they had prior to the consummation of the exchange as a holder of exchangeable shares. See “ Comparison of Rights of Holders of Our Exchangeable Shares and the Partnership’s Units ” in BBUC’s Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 1, 2024. Although the exchangeable shares are intended to provide an economic return, including with respect to distributions, equivalent to units, we can provide no assurance that the units will trade at comparable market prices to the exchangeable shares.

The units may not trade at the same price as the exchangeable shares.

Although the exchangeable shares are intended to provide an economic return that is equivalent to units, there can be no assurance that the market price of units will be equal to the market price of exchangeable shares at any time. For example, as of the close of trading on February 25, 2025, the closing price of the units was $25.24 per unit and C$36.10 per unit on the NYSE and TSX, respectively, and the closing price of the exchangeable shares was $27.26 per share and C$38.93 per share on the NYSE and TSX, respectively. If BBUC redeems the exchangeable shares (which can be done without the consent of the holders) at a time

<div align='center'>5</div>

TABLE OF CONTENTS

when the trading price of the exchangeable shares is greater than the trading price of the units, holders will receive units (or its cash equivalent) with a lower trading price. Factors that could cause differences in such market prices may include:

•

perception and/or recommendations by analysts, investors and/or other third parties that