Company: BBU
Filing Date: 2025-02-28
Form Type: F-3
Source: 0001104659-25-019207
Chunk: 19

Company: Brookfield Business Partners L.P.
Filing Date: 2025-02-28
Form: F-3
Chunk 19
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 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

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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:

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perception and/or recommendations by analysts, investors and/or other third parties that these securities should be priced differently;

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actual or perceived differences in dividends to holders of exchangeable shares versus distributions to holders of units, including as a result of any legal prohibitions;

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business developments or financial performance or other events or conditions that may be specific to only the partnership or BBUC; and

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difficulty in the exchange mechanics between exchangeable shares and units, including any delays or difficulties experienced by the transfer agent in processing the exchange requests.

Any holder requesting an exchange of their exchangeable shares for which BBUC or the partnership elects to provide units in satisfaction of the exchange amount may experience a delay in receiving such units, which may affect the value of the units the holder receives in an exchange.

Any holder who exchanges exchangeable shares for which BBUC or the partnership elects to provide units will receive a number of units that is equal to the number of exchangeable shares to be exchanged, but will