Mr. Cyrus Madon of Brookfield Business Partners reports

BROOKFIELD'S PRIVATE EQUITY GROUP COMPLETES SALE OF WESTINGHOUSE

Brookfield Asset Management Ltd. and its listed affiliate Brookfield Business Partners LP have completed the sale of Westinghouse Electric Company.

Westinghouse is a global leading provider of mission-critical technologies, products and services to the nuclear power industry. The sale follows a five-year repositioning of Westinghouse to refocus the business, strengthen its organizational structure and reinvest for future growth.

"We are pleased to complete the sale of Westinghouse and crystallize significant value for our investors," said Cyrus Madon, chief executive officer of Brookfield Business Partners. "Over the last five years, we have worked alongside the Westinghouse team to strengthen the business's global leadership position and meaningfully enhance its profitability and cash flows by leveraging our established approach to operational value creation. Westinghouse is led by a world-class management team and is exceptionally well positioned for future growth under its new ownership."

Brookfield Business Partners will generate approximately $1.4-billion in proceeds from the sale of its 44-per-cent interest in the business. The proceeds will be used to redeem $750-million of preferred equity securities held by Brookfield Corp. and reduce revolving credit facilities. The annual dividend is 7 per cent on the remaining $725-million of preferred equity securities held by Brookfield Corp., and the securities are redeemable at par, at the option of Brookfield Corp., to the extent Brookfield Business Partners completes asset sales or equity issuances.

Brookfield Asset Management is a leading global alternative asset manager with over $850-billion of assets under management. It invests client capital for the long term with a focus on real assets and essential service businesses that form the backbone of the global economy. It offers a range of alternative investment products to investors around the world -- including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies, and private wealth investors.

Brookfield Business Partners is the flagship listed vehicle of Brookfield's private equity group. It is a global business service and industrial company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position.

Investors have flexibility to invest in Brookfield Business Partners either through Brookfield Business Corp., a corporation, or Brookfield Business Partners LP, a limited partnership.

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