Brookfield Business Partners L.P. (BBU) Earnings Call Transcript & Summary

Welcome to the Special Meeting of Unitholders of Brookfield Business Partners LP. Jaspreet Dehl, our Chief Financial Officer, has been appointed by the general partner of Brookfield Business Partners L.P. which is Brookfield Business Partners Limited to chair the special meeting of unitholders in the absence of Cyrus Madon, our Executive Chairman. Jaspreet, we are ready to commence the meeting.

Thank you, A.J., and good morning, everyone. It is now 10:00 a.m. and time to begin the Special Meeting of Limited Partners of Brookfield Business Partners L.P. My name is Jaspreet Dehl, and as Chief Financial Officer of the General Partner of Brookfield Business Partners, L.P., which we will refer to at this meeting as the partnership. It is my pleasure to chair today's meeting. On behalf of the Board and its management team, I would like to extend a warm welcome to everyone joining us today. This meeting is being held in connection with the proposed reorganization of our partnership by way of a plan of arrangement involving the partnership and Brookfield Business Corporation. The arrangement is designed to simplify our corporate structure by converting the partnership and Brookfield Business Corporation into one publicly traded Canadian corporation. The name of that publicly traded corporation will be announced prior to closing of the transaction expected later this quarter. Pursuant to the arrangement, all of the outstanding limited partnership units of the partnership which we will refer to at this meeting as the units will be exchanged for newly issued Class A subordinate voting shares of the new corporation. Further information about the arrangement is detailed in the management information circular that was issued in connection with this meeting. These materials can be found on our website. As a first order of business, I would like to ask A.J. Silber, our Managing Director and General Counsel to serve as today's moderator and set out the voting procedures for the meeting and the process to submit questions.

Thank you, Jaspreet. Voting during the meeting will take place on our virtual meeting platform. I will now explain this process. Adoption of each resolution requires the favorable vote by holders of a simple majority of the outstanding units. Each unit holder is entitled to one vote in respect of each unit held at the close of business on November 25, 2025. Voting will be open for all resolutions at the same time and throughout the meeting. This will allow you to choose to vote on each resolution immediately or wait until conclusion of discussion on each resolution prior to casting your vote. If you voted in advance of the meeting and do not wish to change your vote, then no action is needed. By voting at the virtual meeting on any matter, your previously submitted votes in respect of such matter will be automatically revoked. To vote on a resolution, click the voting tab on the left side of your screen. For those using a mobile device, the tabs are located at the bottom of your screen. The item to be voted on will appear in a column and you can make your selection. A confirmation message will appear directly above the item once a vote is cast. We welcome questions from our unitholders, which may be submitted by typing the question into the virtual meeting platform using the messaging icon on the top of the page. For those using a mobile device, the tabs are located at the bottom of your screen. Please click the submit button once you have finished typing your question. I will read out the questions and ask a member of management to respond to it. If we receive many questions that are similar, we will read one of the questions and indicate that we have received many similar questions. Only registered unitholders or proxy holders are able to submit questions at this meeting. If you are connected to this meeting as a guest, you will not be able to submit a question. We will endeavor to answer all questions submitted during the allotted time. We recommend that you submit your questions as soon as possible as it may take time for the virtual meeting platform to process them.

Thank you, A.J. I now call the meeting to order and ask TSX Trust Company by its representatives, Helen Kim and Lori Brinton to act as the scrutineers. I also ask A.J. to act as Secretary of the meeting in the unlikely event of a technological failure that disconnects my audio from the meeting, A.J. is appointed on behalf of the Board to step in as Chair of the meeting. In the unlikely event of a serious technological failure that prevents the meeting from continuing, the meeting will be rescheduled and you will be appropriately notified. As described in our management information circular, there are 2 items of business to be considered today, and I will ask A.J. to outline them for you.

The first item of business today is a resolution of the limited partners, the full text of which is set forth in Appendix B of the circular, approving the arrangement to be carried out by way of a statutory plan of arrangement, which I will refer to as the arrangement resolution. The second item of business is a resolution of the limited partners, the full text of which is also set forth in Appendix B of the circular to approve certain amendments to the amended and restated limited partnership agreement of the partnership, which I will refer to as the amendment resolution. The arrangement resolution and the amendment resolution are conditional upon each other, and the arrangement will not proceed unless both the arrangement resolution and the amendment resolution are approved. As mentioned, in connection with the business to be addressed today, all voting will be conducted online through the virtual meeting platform. Voting is now open on all resolutions. In order to expedite today's meeting, our meeting Chair has asked Alan Fleming as proxy holder to move the resolutions. Although this procedure will assist in the handling of the formal matters, it is not intended to discourage anyone from submitting questions in reference to either resolution after each resolution has been proposed. Madam Chair, please be advised that the notice calling the meeting and the management information circular were disseminated to unitholders in accordance with all applicable laws and the amended and restated limited partnership agreement of the partnership. As Secretary of the meeting, I will keep a copy of the notice and proof of mailing with the minutes of this meeting. Based upon the scrutineers' preliminary report on attendance, I confirm that there is a quorum.

I therefore declare the meeting properly constituted for the transaction of the business for which it has been called. This meeting is being held pursuant to the limited partnership agreement of the partnership and an order of the Supreme Court of British Columbia, the full text of which is set forth in Appendix E to the management information circular. If the arrangement resolution is approved, the final hearing of the court to approve the arrangement is scheduled to take place on January 16, 2026, at 9:45 a.m. Pacific Time. The first item of business today is the approval of the arrangement resolution. As stated in the circular, the Board of Directors of the general partner of the partnership has recommended that unitholders vote in favor of the arrangement resolution.

Madam Chair, I move that the arrangement resolution set forth in Appendix B of the management information circular be approved.

Thank you, Alan. The resolution has been moved and the motion is now before the meeting for discussion.

Madam Chair, we have not received any questions or comments submitted in connection with the arrangement resolution.