Brookfield Business Partners L.P.
NYSE : BBU
TSX : BBU.UN

December 13, 2016 16:32 ET

Brookfield Business Partners Announces C$514 Million Equity Offering

BROOKFIELD, NEWS--(Marketwired - Dec. 13, 2016) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Brookfield Business Partners L.P. (NYSE:BBU)(TSX:BBU.UN) ("Brookfield Business Partners") today announced that it has agreed to issue 8,000,000 limited partnership units ("units"), on a bought deal basis, to a syndicate of underwriters co-led by TD Securities Inc., CIBC Capital Markets, Citigroup Global Markets Canada Inc., Morgan Stanley Canada Ltd. and RBC Capital Markets (collectively, the "Underwriters") at a price of C$32.80 per unit (the "Offering Price") for gross proceeds of approximately C$262 million (the "Offering").

In addition, Brookfield Asset Management Inc. (NYSE:BAM)(TSX:BAM.A)(EURONEXT:BAMA) and certain of its related entities (other than Brookfield Business Partners) (collectively, "Brookfield") will, concurrent with the Offering, purchase, directly or indirectly, 8,000,000 redeemable-exchangeable units of Brookfield Business Partners' holding limited partnership ("REUs") based on the U.S. dollar equivalent of the Offering Price at the time of the Offering (net of underwriting commissions), for a total amount of approximately US$192 million (the "Concurrent Private Placement"). The aggregate gross proceeds of the Offering and the Concurrent Private Placement will be approximately C$514 million.

Brookfield Business Partners has granted the Underwriters an over-allotment option, exercisable in whole or in part for a period of 30 days following closing of the Offering, to purchase up to an additional 1,200,000 units at the Offering Price. If the over-allotment option is exercised in full, the gross offering size would increase to approximately C$554 million.

Brookfield Business Partners intends to use the net proceeds from the Offering, together with the proceeds of the Concurrent Private Placement, for general corporate purposes, including for working capital requirements and to fund growth opportunities.

The Offering and the Concurrent Private Placement are expected to close on or about December 21, 2016.

Offer Documents

The Offering is being made only in Canada by means of a prospectus supplement to Brookfield Business Partners' base shelf prospectus dated December 6, 2016. Brookfield Business Partners will be filing a prospectus supplement relating to the Offering with the securities regulatory authorities in Canada. You may obtain this document, along with any document incorporated by reference therein for free via SEDAR at www.sedar.com. Also, Brookfield Business Partners, any underwriter or any dealer participating in the

Offering will arrange to send you the prospectus supplement or you may request it in Canada from TD Securities Inc. Attention: Symcor, NPM (tel: 289-360-2009, email: sdcconfirms@td.com), 1625 Tech Avenue, Mississauga ON L4W 5P5, or from CIBC World Markets Inc. Attention: Michelene Dougherty, michelene.dougherty@cibc.ca or 416-956-3636, or from RBC Dominion Securities Inc., Attn: Simon Yeung, Distribution Centre, RBC Wellington Square, 8th Floor, 180 Wellington St. W., Toronto, Ontario, M5J 0C2. phone: 416-842-5349; email: Distribution.RBCDS@rbccm.com, or from Citigroup Global Markets Canada Inc., phone: 416-947-5500 or you may request it in the United States from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, phone: 800-831-9146 or from Morgan Stanley Canada Ltd., Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Brookfield Business Partners in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Brookfield Business Partners is a business services and industrial company focused on owning and operating high-quality businesses that benefit from barriers to entry and/or low production costs. Brookfield Business Partners is listed on the New York and Toronto stock exchanges.

Brookfield Business Partners is the flagship listed business services and industrials company of Brookfield Asset Management Inc. (NYSE:BAM)(TSX:BAM.A)(EURONEXT:BAMA), a leading, a global alternative asset manager with approximately $250 billion of assets under management.

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