Company: BBU
Filing Date: 2025-04-10
Form Type: 20-F
Source: 0001628280-25-017216
Chunk: 190

Company: Brookfield Business Partners L.P.
Filing Date: 2025-04-10
Form: 20-F
Item: Item 7
Chunk 190
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Exchange Units and BBUC exchangeable shares beneficially owned by Brookfield Holders.

(3) Consists of 43,708,285 units in our company, 51,599,716 Redemption-Exchange Units in Brookfield Business L. P. and 47,244,876 BBUC exchangeable shares. Included in the units, Redemption-Exchange Units in Brookfield Business L. P. and BBUC exchangeable shares that Brookfield and its related parties beneficially own are 43,333,752 units and 10,317,747 BBUC exchangeable shares held by subsidiaries of Brookfield Wealth Solutions. Brookfield and Brookfield Wealth Solutions have agreed that all decisions to be made by subsidiaries of Brookfield Wealth Solutions with respect to the voting of the securities held by subsidiaries of Brookfield Wealth Solutions will be made jointly by mutual agree of the applicable Brookfield Wealth Solutions subsidiary and Brookfield Corporation. In addition, Brookfield owns 4 special LP Units in Brookfield Business L. P. and Brookfield has an indirect general partnership interest in the BBU General Partner. See also the information contained in this Form 20-F under Item 10. B, “ Memorandum and Articles of Association - Description of our Units and our Limited Partnership Agreement”. In addition, BAM Partners Trust (the “ BN Partnership”) may be deemed a beneficial owner of such units. BN Partnership is a trust established under the laws of Ontario and is the sole owner of the Class B limited voting shares of Brookfield Corporation. The BN Partnership has the ability to appoint one half of the board of directors of Brookfield Corporation and approve all other matters requiring shareholder approval of Brookfield Corporation with no single individual or entity controlling the BN Partnership. As such, the BN Partnership may be deemed to have indirect beneficial ownership of 142,552,877 of our units.

(4) Brookfield Holders’ economic interest in our partnership is approximately 67.2% on a fully exchanged basis (assuming exchange of all issued and outstanding Redemption-Exchange Units and BBUC exchangeable shares).

(5) Based on the Schedule 13G/A filed by Royal Bank of Canada on February 7, 2025, Royal Bank of Canada held an aggregate 7,480,617 of our units, representing approximately 10.1% of the total 89,056,081 units outstanding as at April 7, 2025.

Our major unitholders have the same voting rights as all other holders of our units.

7. B RELATED PARTY TRAN