Tuesday, March 28Welcome

Brookfield Business Partners Obtains Indemnified Relief and Files Disclosure Documents in Connection with Sale of Westinghouse

Brookfield Business Partners; Brookfield Business Corporation

Brookfield Business Partners; Brookfield Business Corporation

BROOKFIELD, NEWS, Dec. 28, 2022 (GLOBE NEWSWIRE) — Brookfield Business Partners (NYSE: BBUC, BBU; TSX: BBUC, BBU.UN) today announced a special beneficiary meeting from the Ontario Securities Commission. to convene and send information circulars to beneficial owners in connection with the proposed sale of Westinghouse Electric Company, its nuclear technical services business (the “Transaction”);

As previously stated in the press release dated November 4, 2022, a request for a waiver waiver requires that holders of 50% or more of the eligible votes to cast provided written support to the Company to vote in favor of the Transaction. submitted on the basis of

Brookfield Business Partners has filed a disclosure document (the “Disclosure Document”) regarding the transaction with the securities regulators of Canada and the United States. This document contains disclosures similar to those that would be obtained if minority shareholder approval of the transaction was sought at a meeting of unitholders. Disclosure documents and agreements provided by unitholders can be accessed at SEDAR and EDGAR and at https://bbu.brookfield.com. Reporting and filingAn independent formal evaluation and fairness opinion made in connection with this transaction will also be submitted to SEDAR and EDGAR. A hard copy is available free of charge upon request.

Tax exemption is subject to certain conditions, including receipt of written consent from majority holders of units eligible to vote. There is no guarantee that the conditions will be met. If the conditions for the waiver are not met, a special meeting of unitholders will be held and an information circular will be mailed to beneficial owner as previously discussed. The transaction is expected to close in the second half of 2023, subject to certain conditions, including receipt of unitholder approvals (as described above), regulatory approvals and other customary conditions.

brookfield work partner is a global business services and industrial company focused on owning and operating quality businesses that provide essential products and services and benefit from strong competitive strengths. Investors have the flexibility to invest in the company either through a corporation, Brookfield Business Corporation (NYSE, TSX: BBUC), or through a limited partnership, Brookfield Business Partners LP (NYSE: BBU; TSX: BBU.UN) . For more information, please visit https://bbu.brookfield.com.

Brookfield Business Partners is the principal publicly traded company in the private equity group of Brookfield Corporation. Brookfield Corporation is a leading global alternative asset manager with over $750 billion in assets under management. For more information, visit www.brookfield.com.

For more information, please contact:

Cautionary Note Regarding Forward-Looking Statements and Information

Note: This news release contains “forward-looking information” within the meaning of the securities laws of the Canadian provinces and “forward-looking statements” within the meaning of Section 27A of the United States Securities Act of 1933. The Securities Exchange Act of 1934, as amended, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, and applicable Canadian securities regulations.

Forward-looking statements include statements that are forward-looking in nature, statements that rely on or refer to future events or circumstances. Forward-looking statements in this news release include statements regarding the transaction, including when the transaction is expected to close and the satisfaction of conditions preceding the transaction.

Although we believe that such forward-looking statements and information are based on reasonable assumptions and expectations, readers should not place undue reliance on forward-looking statements and information. Brookfield Business Partners’ and/or Westinghouse’s actual results, performance or achievements are hereby inconsistent with the anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. can vary greatly.

Factors that could cause actual results to differ materially from those envisioned or implied by forward-looking statements include, but are not limited to: Includes results of the ongoing novel coronavirus (SARS-CoV-2) pandemic, including SARS-CoV-2 variants (collectively “COVID-19”). financial market trends, including changes in interest rates and foreign exchange rates; Global equity and capital markets and the availability of equity and debt financing and refinancing in those markets. Strategic actions, including disposal. Ability to complete and effectively integrate acquisitions into existing businesses and to achieve expected benefits. changes in accounting policies and methods used to report financial conditions (including uncertainties related to significant accounting assumptions and estimates); ability to appropriately manage human capital; Impact of adoption of future accounting changes. business competition; operational and reputational risks; changes in technology; changes in government regulations and laws in the countries in which we operate; government investigations; lawsuits; changes in tax laws; ability to collect outstanding amounts; catastrophes such as earthquakes. hurricanes and pandemics/epidemics; potential consequences of international conflicts, wars and related developments, including Russian military operations, acts of terrorism and cyber terrorism in Ukraine; As detailed in our regulatory filings from time to time.

In addition, our future results may be impacted by government-mandated restrictions and related global declines in commerce and travel resulting from COVID-19 and significant volatility in stock markets around the world. may adversely affect our revenues and affect our ability to identify and complete. Future transactions may affect our liquidity position, lead to reduced cash flows, impairment losses and/or revaluation of our investments and assets and may not achieve the expected returns. See “Risks Related to the COVID-19 Pandemic” in the “Risk Factors” section contained in Management’s Discussion and Analysis of Financial Condition and Results of Operations on our most recently filed Form 20-F.

Please note that the preceding list of important factors that may influence future results is not exhaustive. Investors and others should carefully consider the aforementioned factors and other uncertainties and potential events when relying on our forward-looking statements. Except as required by law, Brookfield Business Partners does not publicly update any forward-looking statements or information, whether written or oral, regarding new information, future events or otherwise that may result. or shall not be obliged to correct.

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