Ms. Marie Fuller reports

BROOKFIELD BUSINESS PARTNERS ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BIDS FOR UNITS AND EXCHANGEABLE SHARES

The Toronto Stock Exchange has accepted a notice filed by Brookfield Business Partners LP of its intention to renew its normal course issuer bid for its limited partnership units and a notice filed by Brookfield Business Corp. of its intention to renew its normal course issuer bid for its Class A exchangeable subordinate voting shares. Brookfield Business Partners believes that the units or the exchangeable shares, respectively, may from time to time trade in a price range that does not fully reflect their value and that, in such circumstances, the acquisition of units or exchangeable shares, as applicable, may represent an attractive use of available funds.

Brookfield Business Partners is authorized to repurchase up to 3,730,658 units and 3,647,745 exchangeable shares, representing up to 5 per cent of the issued and outstanding units and exchangeable shares, respectively. At the close of business on Aug. 8, 2023, there were 74,613,176 units and 72,954,912 exchangeable shares issued and outstanding. Under Brookfield Business Partners' normal course issuer bids, it may repurchase up to 14,522 units and up to 7,702 exchangeable shares on the TSX during any trading day, which represents 25 per cent of the average daily trading volume of 58,089 units and 30,811 exchangeable shares on the TSX for the six months ended July 31, 2023.

Repurchases under each normal course issuer bid are authorized to commence on Aug. 17, 2023, and will terminate on Aug. 16, 2024, or earlier should Brookfield Business Partners or Brookfield Business Corp. complete repurchases under each respective normal course issuer bid prior to such date.

Under Brookfield Business Partners' normal course issuer bid that commenced on Aug. 17, 2022, and will expire on Aug. 16, 2023, Brookfield Business Partners previously sought and received approval from the TSX to repurchase up to 3,730,593 units. A total of 374,533 units were purchased under Brookfield Business Partners' previous normal course issuer bid within the past 12 months through the facilities of the TSX, the New York Stock Exchange, and the facilities of designated exchanges and alternative trading systems in Canada and the United States. The weighted average price paid per unit acquired under this bid was $18.88 (U.S.).

Under Brookfield Business Corp.'s normal course issuer bid that commenced on Aug. 17, 2022, and will expire on Aug. 16, 2023, Brookfield Business Corp. previously sought and received approval from the TSX to repurchase up to 3,647,810 exchangeable shares. No exchangeable shares were purchased under Brookfield Business Corp.'s previous normal course issuer bid in the past 12 months.

Repurchases of units and exchangeable shares will be made through the facilities of the TSX, the NYSE, or the facilities of designated exchanges and alternative trading systems, if eligible. All units and exchangeable shares acquired under the applicable normal course issuer bids will be cancelled. Repurchases will be subject to compliance with applicable U.S. federal securities laws, including Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, as well as applicable Canadian securities laws.

From time to time, when Brookfield Business Partners does not possess material non-public information about itself or its securities, it may enter into automatic repurchase plans with its broker to allow for the repurchase of units or exchangeable shares, as applicable, subject to certain trading parameters, at times when Brookfield Business Partners would ordinarily not be active in the market due to its own internal trading blackout period, insider trading rules or otherwise. Any such plans entered into with the broker of Brookfield Business Partners will be adopted in accordance with applicable Canadian and U.S. securities laws, including the requirements of Rule 10b5-1 under the U.S. Securities Exchange Act of 1934, as amended. Outside of these periods, units and exchangeable shares will be repurchased in accordance with management's discretion and in compliance with applicable law.

Brookfield Business Partners is a global business services and industrials 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 the company either through Brookfield Business Corp., a corporation, or Brookfield Business Partners, a limited partnership.

Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management's private equity group. Brookfield Asset Management is a leading global alternative asset manager with approximately $850-billion of assets under management.

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