Company: BBU
Filing Date: 2025-02-28
Form Type: F-3
Source: 0001104659-25-019207
Chunk: 23

Company: Brookfield Business Partners L.P.
Filing Date: 2025-02-28
Form: F-3
Chunk 23
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 Summary — Recent Developments ” for further information. (3) Includes the deferred income tax liability of the partnership as of September 30, 2024. (4) Does not reflect repurchases under our NCIB since September 30, 2024. See “ Summary — Recent Developments ” for further information. (5) Does not reflect the conversion on February 25, 2025, of 18,105,781 redemption-exchange units held by subsidiaries of Brookfield Wealth Solutions.

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TABLE OF CONTENTS

### EXCHANGE OF EXCHANGEABLE SHARES FOR UNITS
The exchange rights relating to the exchangeable shares are set forth in the BBUC articles and the Rights Agreement, which are filed as exhibits to the registration statement of which this prospectus forms a part. Upon exchange, holders of exchangeable shares will receive, with respect to each exchanged share, either (i) one unit or (ii) cash in an amount equivalent to the market value of one unit, in each case as described in further detail below.

#### Primary Exchange Rights
Holders of exchangeable shares shall have the right to exchange all or a portion of their exchangeable shares for one unit per exchangeable share held (subject to adjustment in the event of certain dilutive or other capital events by BBUC or the partnership as described below in “— Adjustments to Reflect Certain Capital Events ”) or its cash equivalent based on the NYSE closing price of one unit on the date that the request for exchange is received by BBUC’s transfer agent (or if not a trading day, the next trading day thereafter) plus, in each case, a cash amount for each tendered exchangeable share equal to any unpaid dividends per exchangeable share. The form of payment to holders of exchangeable shares — whether units or cash — will be determined at the sole election of BBUC (other than any unpaid dividends, which will be paid for only in cash). In the event the partnership ceases to be a publicly listed entity, the value of a unit will be determined by (i) the last available bid price from an independent source such as an over-the-counter market or an independent investment banking firm; or (ii) if (i) is not applicable, then the amount that a holder of a unit would receive upon the liquidation of the partnership and sale of its assets in accordance with the terms of its limited partnership agreement. Holders of exchangeable shares that hold such shares through a broker must contact their brokers to request an exchange on their