Company: BBU
Filing Date: 2025-02-28
Form Type: F-3
Source: 0001104659-25-019207
Chunk: 36

Company: Brookfield Business Partners L.P.
Filing Date: 2025-02-28
Form: F-3
Chunk 36
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'>**DESCRIPTION OF THE PARTNERSHIP’S CAPITAL STRUCTURE**</div>

The following is a description of the material terms of the units and a summary of certain terms of the limited partnership agreement of the partnership, as amended (the “

#### limited partnership agreement
”), which is incorporated herein by reference. For more information on the limited partnership agreement, see Item 10.B, “ Additional Information — Memorandum and Articles of Association — Description of Our Units and Our Limited Partnership Agreement ” in our Annual Report on Form 20-F, which is incorporated by reference herein.

Our authorized partnership interests consist of an unlimited number of units and any additional partnership interests representing limited partnership interests of the partnership that may be issued. As of February 25, 2025, there were approximately 90.9 million units outstanding (or approximately (i) 142.5 million units assuming the exchange of all redemption-exchange units and (ii) 215.1 million units on a fully-exchanged basis. The redemption-exchange units are subject to a redemption-exchange mechanism pursuant to which units may be issued in exchange for redemption-exchange units on a one-for-one basis. The Brookfield Holders own or exercise control or direction over 142,552,877 units (assuming the exchange of all redemption-exchange units and exchangeable shares), which includes 43,333,752 units that are held by subsidiaries of Brookfield Wealth Solutions.

As of February 25, 2025, there were 72,683,978 exchangeable shares issued and outstanding, of which 47,244,876 are beneficially owned by the Brookfield Holders. Additionally, as of February 25, 2025, there were 51,599,716 redemption-exchange units outstanding. Each redemption-exchange unit is exchangeable for one exchangeable share.

The units are non-voting limited partnership interests in the partnership. Holders of units are not entitled to the withdrawal or return of capital contributions in respect of the units, except to the extent, if any, that distributions are made to such holders pursuant to the limited partnership agreement or upon the liquidation of the partnership as described in our Annual Report on Form 20-F or as otherwise required by applicable law. Except to the extent expressly provided in the limited partnership agreement, a holder of units will not have priority over any other holder of units, either as to the return of capital contributions or as to profits, losses or distributions. Holders of units will not be granted any preemptive or