Mr. Anuj Ranjan reports

BROOKFIELD TO SELL MULTIPLEX TO OBAYASHI FOR $650 MILLION

Brookfield Business Corp. has agreed to sell its global construction business Multiplex to Obayashi Corp., one of Japan's largest construction companies, for $650-million including approximately $530-million of cash proceeds on closing and an earnout based on future business performance.

Anuj Ranjan, chief executive officer of Brookfield Business, said: "The transaction delivers a strong outcome for our shareholders, demonstrating our ability to continue recycling capital and support the growth of our business. Multiplex is a leading global construction business with a track record of delivering some of the most complex large-scale projects in the world. Since acquiring it, we have worked with management to sharpen operational focus, strengthen profitability and reposition the business for its next chapter."

He added: "With this transaction, we have secured nearly $1-billion in proceeds -- equivalent to over $4 per share of cash from asset sales and distributions since the start of the year. Demand for what we do -- buying and operationally transforming essential industrial and services businesses -- has rarely been stronger. We are in an excellent position to build on our strong momentum in the second half of the year and continue compounding long-term value for shareholders."

Founded in Australia in 1962, Multiplex was acquired by Brookfield in 2007. After spinning out its real estate assets and facilities management business, Multiplex became a standalone construction business as part of Brookfield Business in 2016.

Multiplex has significant operations across Australia, the United Kingdom and Canada. The business has delivered many of the world's most complex and iconic developments across the commercial, residential, health care, infrastructure, hospitality and mixed-use sectors.

The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the fourth quarter of 2026.

About Brookfield Business Corp.

Brookfield Business is a global owner and operator of vital industrial and business services operations. The company's objective is to acquire market-leading businesses for value, execute its operational improvement plans to increase cash flows, and recycle capital to compound long-term growth.

Brookfield Business is the flagship listed vehicle of Brookfield Asset Management's private equity group. Brookfield Asset Management is a leading global alternative asset manager with over $1-trillion of assets under management.

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