Company: BBU
Filing Date: 2025-03-10
Form Type: 424B3
Source: 0001104659-25-022184
Chunk: 33

Company: Brookfield Business Partners L.P.
Filing Date: 2025-03-10
Form: 424B3
Chunk 33
---
 partnership, BBUC and Brookfield have entered into a registration rights agreement, comparable to the registration rights agreement existing between Brookfield and the partnership. Under the such registration rights agreement, BBUC and the partnership have agreed that, upon the request of Brookfield, BBUC and the partnership will, as necessary take such actions to register for sale and qualify for distribution under applicable securities laws any of the exchangeable shares held by Brookfield and the underlying units that may be issued or delivered to satisfy any exchange, redemption or acquisition of exchangeable shares (including, if applicable, in connection with liquidation, dissolution or winding up of BBUC). In the registration rights agreement, BBUC has agreed to pay expenses in connection with such registration and sales and will indemnify Brookfield for material misstatements or omissions in the registration statement.

<div align='center'>15</div>

TABLE OF CONTENTS

<div align='center'>**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