Brookfield Business Partners - CORPORATE PROFILE MAY 2021
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Brookfield Business Partners C O R P O R AT E P R O F I L E M AY 2 0 2 1
Business Services and Industrials company
focused on long-term capital appreciation
BBU BBU.UN ~$6.5B
NYSE TSX MARKET CAP1
1) As at market close April 30, 2021
2
Our Strategy
Overall objective is to create long-term intrinsic value
Operations-
Acquire Monetize mature
oriented
businesses on a businesses and
approach to
value basis recycle capital
enhance value
3Acquire and manage high quality operations globally
Target 15% to 20% return on investments with a focus on capital appreciation
• Broad investment mandate with flexibility to invest across multiple industries and through
many forms
• Leverage Brookfield’s global expertise as an owner and operator of real assets
• Acquire market leaders and businesses with high barriers to entry and/or low production costs,
add value through operational and other improvements
• Closely partnering with management teams for long term business success focused on
profitability and sustainability of margins and cash flows
• Opportunistically recycle capital, selling interests in businesses when value is maximized
• Global sourcing capability and a proven track record over 30+ years of investing and
managing businesses
4Three primary operating segments
Leveraging Brookfield’s expertise as an owner and operator of real assets
Business Infrastructure
Services Industrials
Services
$22B ASSETS $11B ASSETS $22B ASSETS
• Residential mortgage insurance • Services to the power • Automotive battery production
generation industry
• Healthcare services • Water / wastewater services
• Services to the offshore oil
• Road fuel distribution and production industry • Graphite electrode production
marketing
• Services to industrial and • Others; returnable plastic
• Construction services commercial facilities packaging, natural gas
production, aggregates,
• Others; real estate services, oilfield services, auto parts
entertainment, fleet
management, financial advisory
and lending, technology
services
Note: Assets as at March 31, 2021
5Global scale
Global investment and operational team with a local presence in key regions
NORTH AMERICA
EUROPE AND MIDDLE EAST
$26B $14B
ASSETS
ASSETS
145+
INVESTMENT
PROFESSIONALS
75,000+
OPERATING EMPLOYEES
SOUTH AMERICA ASIA PACIFIC
$5B $10B
ASSETS ASSETS
Note: As at March 31, 2021
Corporate offices 6We have grown our business substantially in size and scale
Growth in EBITDA and cash flow over the past three years
COMPANY EBITDA COMPANY FFO EXCLUDING GAINS
TRAILING TWELVE MONTHS ENDED MARCH 31 TRAILING TWELVE MONTHS ENDED MARCH 31
($M) ($M)
$1,477
$1,241 $857
$711
$918 $667
2019 2020 2021 2019 2020 2021
7Recycling capital to support growth
Deployed ~$780 million of capital and generated ~$675 million of proceeds over
the last 12 months1
DEPLOYED CAPITAL MONETIZATIONS AND DISTRIBUTIONS
($M) ($M)
Sagen
Distributions
$185 ~$210
Others2
~$365
~$780M ~$675M
$105 IndoStar ~$310
GrafTech3
~$155
$80 Public
$45 Everise Securities3
Superior Plus
1) As at March 31, 2021
2) Others includes Cardone recapitalization and investments in public securities
3) Reflects after-tax proceeds 8Strong balance sheet position
Significant liquidity to take advantage of market opportunities and support our
businesses
CORPORATE LIQUIDITY
As at
• $2.4 billion of liquidity at quarter-end
US$ MILLIONS, UNAUDITED Mar. 31, 2021 Dec. 31, 2020
• Non-recourse debt held at the operating
Corporate cash and financial assets $ 389 $ 552
company level
Committed corporate credit facilities 2,060 1,965
• Principal sources of liquidity include: Total liquidity1 $ 2,449 $ 2,517
‒ Cash and public securities
‒ Undrawn corporate credit facilities
‒ Cash flows from our operations PROPORTIONATE NON-RECOURSE BORROWINGS
‒ Monetization of mature businesses As at
‒ Access to capital markets US$ MILLIONS, UNAUDITED Mar. 31, 2021 Dec. 31, 2020
Business Services $ 1,316 $ 843
Infrastructure Services 2,564 2,563
Industrials 3,359 3,757
Corporate and Other 515 610
Total $ 7,754 $ 7,773
1) March 31, 2021 ending liquidity net of funding for the Sagen privatization which closed on April 1, 2021.
9Our Business Operations
10Our business at a glance
Portfolio diversified across sectors and regions
COMPANY EBITDA1 COMPANY FFO1
TRAILING TWELVE MONTHS ENDED MARCH 31, 2021 TRAILING TWELVE MONTHS ENDED MARCH 31, 2021
Business
Business
Services
Services
20%
Industrials 40% 23% Industrials
54%
$1.5B $1.2B
26%
37% Infrastructure
Infrastructure
Services
Services
1) Total Company EBITDA and FFO includes the Corporate and Other segment. Calculation of segment percentage excludes Corporate and Other segment.
11Business Services
Services leveraging expertise around real asset value chain
Residential Mortgage Insurance
Largest private sector residential mortgage
insurer in Canada
Healthcare
Leading private hospital operator in Australia
C o n s t r u c ti o n S e r vi c e s
Leading global construction company delivering
landmark real estate assets
Others
Road fuels, real estate services, entertainment,
fleet management, financial advisory and lending,
business process outsourcing, technology services
12Infrastructure Services
Leading service providers to large scale infrastructure assets
S e r vi c e s t o N u c l e a r P o we r I n d u s t r y
Leading provider of services to more than half the
world’s nuclear power generation facilities
S e r vi c e s t o I n d u s t r i a l a n d C o m m e r c i a l f a c i l i t i e s
Leading provider of work access, forming and
shoring solutions, and specialty services
S e r vi c e s t o O ff s h o r e O i l P r o d u c ti o n
Leading provider of critical offshore oil & gas
transportation and production services
13Industrials
High barriers to entry or low production costs leveraging operational expertise
A u t o mo t i ve B a t t e r i e s
Leading global manufacturer of advanced
automotive battery technologies
Graphite Electrode Production
A leading global graphite electrode manufacturer
for electric arc furnace steelmaking
Wa t e r & Wa s t e wa t e r S e r vi c e s
Largest private water and wastewater services
company in Brazil
Others
Returnable packaging producer, natural gas
production, aggregates, oilfield services, auto parts
14Approach to Operations
15Established Hands-on Operational Approach to Value Creation
Integrated business operations team dedicated to enhancing business
performance
THE PLAYBO OK
Implement best Deploy frameworks to Maintain culture of
practices and standard ensure rigor and integrity, agility and
operating procedures consistency collaboration
GOVERNANCE HEALTH & SAFETY ENVIRONMENT SUPPLY CHAIN DIGITAL
REPEATABLE WORK PROCESSES
16Environmental, Social, Governance (“ESG”) Principles
Our ESG principles are embedded throughout our operations and help to ensure
that our business model will be sustainable well into the future
MITIGATE THE IMPACT ENSURE THE WELL- BE GOOD STEWARDS CONDUCT BUSINESS
OF OUR OPERATIONS BEING AND SAFETY IN THE COMMUNITIES ACCORDING TO THE HIGHEST
ON THE ENVIRONMENT OF EMPLOYEES IN WHICH WE OPERATE ETHICAL AND LEGAL STANDARDS
Healthscope B R K Am b i e n t a l
PRIVATE HOSPITAL OPERATOR PROVIDER OF CLEAN WATER AND WASTEWATER
IN AUSTRALIA SERVICES TO 15 MILLION PEOPLE IN BRAZIL
Community Employee Safety
• Every year doctors and nursing staff volunteer with the • Since acquisition BRK has implemented a Work Safety
charity ‘Smile for ME’ to perform life-changing surgeries in Management system and reduced high-risk activities
the Philippines for ~80 children with cleft palate and cleft
lip deformities # Total Accidents Severity Rate
45%
27%
2017 2020 2017 2020
17ESG considered across investment lifecycle
We implement ESG principles as appropriate for each investment based on the
business’ activity, location and industry of operation
PRE- AC Q U I S I T I O N ONGOING
AC Q U I S I T I O N O N B O AR D I N G OVERSIGHT
• Identify relevant material • Create a tailored integration • Track ESG key performance
ESG risks and opportunities plan including ESG matters indicators, risks and
during due diligence opportunities
• Establish governance
• Present findings to the framework and reporting • Share best practices across
Investment Committee protocols our portfolio companies
Key Risks and Opportunities Assessed Governance Framework
• BRIBERY AND CORRUPTION RISK • CODE OF CONDUCT
• HEALTH AND SAFETY RISKS • ANTI-BRIBERY AND CORRUPTION POLICY
• ETHICAL CONSIDERATIONS • CYBER SECURITY PROGRAM
• ENVIRONMENTAL MATTERS • WHISTLEBLOWER HOTLINE
• ENERGY EFFICIENCY IMPROVEMENTS • OTHERS
18Case Study: Westinghouse Electric Company
Leading provider of services to the nuclear power industry
Investment Thesis
$4B $405M
• Largest services provider to global nuclear power fleet PURCHASE BBU INVESTED
with a large installed base and long-term contracted PRICE EQUITY
cash flows, acquired for value out of bankruptcy
Value Creation 2018 44%
INVESTMENT BBU OWNERSHIP
• Leverage Brookfield’s expertise in renewable power DATE INTEREST
• Implement profitability improvement initiatives to reduce
costs and improve organizational responsiveness
• Optimize efficiency of supply chain
ANNUALIZED EBITDA1
• Align sales resources to improve commercial terms ($M)
• Enhance and expand service offering $700M - $800M
~$650M
Progress to Date
$440M
• ~$650 million run rate EBITDA achieved at year end 2020
• Realized ~$860 million in distributions (~$375 million net
to BBU) to date, returning over 90% of equity invested
LTM 2020 Year-end Long-Term
March 31, 2018 Run Rate Upside Potential
1) Actual results may vary materially and are subject to market conditions and other factors
19Case Study: GrafTech
Leading producer of graphite electrodes used in electric arc furnace steel production
Investment Thesis
$1.25B $295M
• A vertically integrated, low-cost producer of graphite PURCHASE BBU INVESTED
electrodes with high barriers to entry, opportunistically PRICE EQUITY
acquired at a low point in the cycle
Value Creation 2015 34%
INVESTMENT BBU INITIAL
• Rationalized capacity and refocused business on core DATE OWNERSHIP1
electrode manufacturing production
• Implemented $100 million in cost savings
• Capitalized on improving market conditions with
ADJUSTED EBITDA
execution of multi-year take-or-pay sales agreements
($M)
$1,205
Progress to date $1,048
• Generated $4.9 billion of proceeds ($1.7 billion net to
BBU) from IPO, distributions, secondary offerings, $659
private placement and share buybacks Pre-BBU
Ownership
• Realized over 5.5x multiple of invested capital
$247
$144 $121
• BBU continues to own ~13% of the business1 $46 $96
($3)
2012 2013 2014 2015 2016 2017 2018 2019 2020
1) BBU ownership interest at March 31, 2021 was ~13%
20Appendix I: Financial Disclosure
21Selected segmented financial information
STATEMENTS OF STATEMENTS OF
OPERATING RESULTS1 FINANCIAL POSITION
Three months Trailing twelve As of
ended Mar. 31 months ended Mar. 31
Mar. 31, Dec. 31,
US$ MILLIONS, UNAUDITED 2021 2020 2021 2020 US$ MILLIONS, UNAUDITED 2021 2020
Company EBITDA Proportionate borrowings,
by segment net of cash
Business Services $ 104 $ 19 $ 356 $ 195 Business Services $ 867 $ 401
Infrastructure Services 136 156 582 489 Infrastructure Services 2,374 2,370
Industrials 172 145 631 657 Industrials 3,112 3,443
Corporate and Other (25) (26) (92) (100) Corporate and Other 471 505
Proportionate non-recourse
Company EBITDA1 $ 387 $ 294 $ 1,477 $ 1,241
borrowings, net of cash $ 6,824 $ 6,719
Company FFO Equity attributable
by segment to unitholders
Business Services $ 70 $ 42 $ 257 $ 442 Total equity $ 12,801 $ 11,337
Infrastructure Services 73 104 333 316 Less: Interest of others in
Industrials 421 57 700 369 operating subsidiaries 8,747 7,845
Corporate and Other (19) (9) (69) (36) Equity attributable to
unitholders $ 4,054 $ 3,492
Company FFO1 $ 545 $ 194 $ 1,221 $ 1,091
1) Company EBITDA and Company FFO are non-IFRS measures and are key measures of our financial performance that we use to assess operating results and our business performance.
Company EBITDA and Company FFO are presented as net amounts attributable to unitholders. For further information on Company EBITDA and Company FFO, see “Definitions and Use of non-
IFRS Measures” at the back of the Corporate Profile and “Reconciliation of Non-IFRS Measures” of the 2021 6K. These terms are consistently used throughout the Corporate Profile.
22Significant portfolio companies
Summary of notable portfolio companies
Segment Description Notable Portfolio Companies Economic Interest1
Multiplex 100%
Service businesses in real estate, mortgage
Business Services insurance, construction, health services and fuel Healthscope 28%
distribution and marketing
Sagen 24%
Westinghouse 44%
Infrastructure businesses servicing the power
Infrastructure Services generation, offshore oil production industries and Altera 43%
industrial and commercial facilities
BrandSafway 17%
Industrial businesses including manufacturing, Clarios 28%
Industrials water and wastewater services and natural gas
production GrafTech International 13%
1) As at March 31, 2021, does not include impact of subsequent events.
23Acquisitions
Summary of acquisitions since spin-off1,2
Segment Portfolio Company Acquisition Date Invested Capital1 Economic Interest2
Greenergy3 May 2017 $88 million 18%
One Toronto Gaming January 2018 $6 million 14%
Imagine October 2018 $21 million 31%
Healthscope June 2019 $285 million 28%
Business Services
Ouro Verde July 2019 $45 million 35%
Sagen December 2019 $670 million 24%
IndoStar July 2020 $105 million 20%
Everise January 2021 $80 million 36%4
Altera September 2017 $427 million 43%
Infrastructure Services Westinghouse August 2018 $405 million 44%
BrandSafway January 2020 $445 million 17%
BRK Ambiental April 2017 $421 million 26%
Schoeller Allibert May 2018 $45 million 14%
Industrials
Clarios April 2019 $820 million 28%
Cardone February 2020 $333 million 52%
1) Figures presented are attributable to unitholders
2) As at March 31, 2021, does not include impact of subsequent events, unless otherwise noted
3) Includes fuel marketing business, which was acquired in July 2017
4) A portion of Brookfield Business Partners investment may be syndicated to other institutional partners 24Appendix II: Recent Significant Transactions
25Sagen
Largest private residential mortgage insurer in Canada
Investment Thesis $185M $855M
BBU FUNDING TOTAL BBU INVESTED
• Initial acquisition of 57% controlling interest for OF PRIVATIZATION1 EQUITY2
approximately book value in December 2019
• Acquired all outstanding publicly held common shares
for approximately book value on April 1, 2021 increasing
BBU’s ownership interest to ~40% from 24%
2019 ~40%
INITIAL INVESTMENT BBU OWNERSHIP
• Leading essential service provider of mortgage default DATE INTEREST
insurance to the Canadian banking industry
• Highly regulated industry with natural barriers to entry
• History of consistently generating earnings and HISTORICAL SHAREHOLDER VALUE
reasonable returns on equity through housing and CREATION (C$/SHARE)3
business cycles
$91
Value Creation Opportunities
• Leverage Brookfield’s residential real estate expertise
and relationships to support growth
$19
• Optimize the capital structure and enhance the returns
earned on its investment portfolio
IPO 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Book Equity per Share
1) Privatization transaction on April 1, 2021. Dividend Reinvestment per Share
2) Reflects initial acquisition in 2019 and privatization in 2021.
3) Value Creation includes book value and accumulated value from dividends, assuming dividend reinvestment at historical book value per share equal to an implied annual return of 13%.
Dollar per share values represent market price of one share bought at IPO and at December 31, 2020 assuming reinvestment of dividends at historical market prices. 26Everise
Established global provider of end-to-end customer management solutions
Investment Thesis $220M $80M
PURCHASE BBU INVESTED
• Essential provider of customer management solutions for PRICE1,2 EQUITY2
multi-national clients primarily based in the U.S.
• Deep domain knowledge in high growth end markets, with
majority of revenues from healthcare and technology
clients
Jan 2021 36%
INVESTMENT BBU OWNERSHIP
• Durable business model supported by contracted cash DATE INTEREST
flows, high renewal rates and high customer wallet share
• Experienced management team well positioned to execute
on margin enhancement and growth initiatives
WORKFORCE DIVERSITY
Value Creation Opportunities
• Leverage new business opportunities with Brookfield-
owned operating companies
• Support ongoing evolution toward higher margin offshore
•
revenue mix
Expand more profitable and higher growth technology
64% 66
enhanced service offerings (e.g. text, email, etc.)
WOMEN EMPLOYEES EMPLOYEE NATIONALITIES
• Continue scaling the business with identified opportunities WITH 45% IN LEADERSHIP SUPPORTING 32 LANGUAGES
for platform consolidation
1) Total equity investment
2) A portion of Brookfield Business Partners investment may be syndicated to other institutional partners 27BrandSafway
Leading provider of access, forming and shoring solutions and specialized services
Investment Thesis $1.3B $445M
PURCHASE BBU INVESTED
• Largest player with ~15% share in fragmented market PRICE EQUITY
and leader in safety, innovation, productivity and
engineering
• Durable cash flows with ~70% of revenue from recurring
maintenance, turnaround, sustaining capital and refurbs
2020 17%
INVESTMENT BBU OWNERSHIP
• Resilient business model with diversified end market, DATE INTEREST
geographic exposure and low customer concentration
REVENUE BY END MARKET
Value Creation Opportunities
• Improvements to organizational model, commercial
Commercial
operations, project execution and procurement
30%
• Cost savings from synergies of the recent acquisition of
three large legacy businesses
• Revenue growth initiatives building on strong, customer-
centric culture
• M&A opportunities as “acquirer of choice” in a
70%
fragmented industry Industrial
28North American Palladium
Sale of pure play palladium producer for ~$145 million in 2019
Investment Thesis 3.3x 26%
MULTIPLE OF IRR
• Acquired high-quality assets for value through a rescue INVESTED CAPITAL
financing and subsequent recapitalization at the onset of
a supply-demand dislocation for palladium
Value Creation
$49M 2015-2019
BBU INVESTED INVESTMENT
EQUITY DATE
• Implementation of a new underground mining method to
increase production and lower costs, doubled mill throughput,
expanded proved and probable reserves by 89%
ADJUSTED EBITDA
• Benefited from palladium prices that doubled during our
(C$M)
ownership
• Achieved over 30x increase in run-rate EBITDA and repaid
debt in full
$168
Monetization
• ~$145 million in net proceeds to BBU including ~$15 million
from secondary sale and ~$130 million from sale to Implats
$5
in December 2019
2016 2018
• Realized a 3.3x multiple of invested capital and IRR of 26%
29Appendix III: Governance
Structure
• Brookfield Business Partners has entered into a Master Services Agreement with Brookfield Asset
Management
‒ Annual base management fee equal to 1.25% of total capitalization of Brookfield Business
Partners
• Brookfield Asset Management entitled to incentive distributions equal to 20% of an increase in the
volume weighted average unit price of BBU over an established incentive distribution threshold
‒ Current incentive distribution threshold is $41.96/unit
:For further information regarding the arrangements refer to the Management Services Agreement available in the public filings of Brookfield Business Partners in the U.S. and Canada
31Governance
SENIOR MANAGEMENT TEAM
Cyrus Madon Chief Executive Officer
Jaspreet Dehl Chief Financial Officer
Denis Turcotte Chief Operating Officer
INVESTOR RELATIONS CONTACT
Alan Fleming
North America 1-866-989-0311
Global +1-416-645-2736
Email: bbu.enquiries@brookfield.com
32Definitions and Use of Non-IFRS Measures
• Company Funds From Operations (Company FFO), where applicable, is a key measure of our financial
performance and we use Company FFO to assess our business performance. Company FFO is a non-IFRS measure
which does not have any standard meaning prescribed by IFRS and therefore may not be comparable to similar
measures presented by other companies. Company FFO is calculated as net income and equity accounted income
excluding the impact of depreciation and amortization, deferred income taxes, transaction costs, non-cash valuation
gains or losses, impairment expense and other items. In order to provide additional insight regarding performance on a
cumulative realized basis, Company FFO includes realized disposition gains or losses, along with associated tax
impacts, recorded in net income, other comprehensive income, or directly in equity, such as ownership changes. These
include gains or losses arising from transactions during the reporting period together with fair value changes recorded
in prior periods. Company FFO is presented net to unitholders. For further information on Company FFO see
“Reconciliation of Non-IFRS Measures” of the 2021 6-K.
• Company EBITDA, where applicable, is a key measure of our financial performance and we use Company EBITDA to
assess operating results and our business performance. Company EBITDA is non-IFRS measure which does not have
any standard meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by
other companies. Company EBITDA is calculated as Company FFO excluding the impact of the partnership's share of
realized disposition gains and losses, interest income and expense, and current income taxes. Company EBITDA is
presented net to unitholders. For further information on Company EBITDA see “Reconciliation of Non-IFRS Measures”
of the 2021 6-K.
• Equity attributable to unitholders is exclusive of the equity interest of others in our operating subsidiaries
• Unitholders are defined as limited partnership unitholders, general partnership unitholders, special limited partnership
unitholders and redemption-exchange unitholders.
33Important Cautionary Notes
All amounts are in U.S. dollars unless otherwise to: the impact or unanticipated impact of general Except as required by law, Brookfield Business
specified. Unless otherwise indicated, the statistical economic, political and market factors in the countries Partners undertakes no obligation to publicly update or
and financial data in this document is presented as of in which we do business; including as a result of the revise any forward-looking statements or information,
March 31, 2021. ongoing novel coronavirus pandemic (“COVID-19”); the whether written or oral, that may be as a result of new
behavior of financial markets, including fluctuations in information, future events or otherwise.
CAUTIONARY STATEMENT REGARDING interest and foreign exchange rates; global equity and
FORWARD-LOOKING STATEMENTS AND capital markets and the availability of equity and debt CAUTIONARY STATEMENT REGARDING USE OF
INFORMATION financing and refinancing within these markets; NON-IFRS MEASURES
Note: This corporate profile contains “forward-looking strategic actions including dispositions; the ability to This corporate profile contains references to Non-IFRS
information” within the meaning of Canadian provincial complete and effectively integrate acquisitions into Measures. When determining Company FFO and
securities laws and “forward-looking statements” within existing operations and the ability to attain expected Company EBITDA, we include our unitholders’ share of
the meaning of Section 27A of the U.S. Securities Act benefits; changes in accounting policies and methods Company FFO and Company EBITDA for equity
of 1933, as amended, Section 21E of the U.S. used to report financial condition (including accounted investments. Company FFO and Company
Securities Exchange Act of 1934, as amended, “safe uncertainties associated with critical accounting EBITDA are not generally accepted accounting
harbor” provisions of the United States Private assumptions and estimates); the ability to appropriately measures under IFRS and therefore may differ from
Securities Litigation Reform Act of 1995 and in any manage human capital; the effect of applying future definitions used by other entities. We believe these
applicable Canadian securities regulations. Forward- accounting changes; business competition; operational metrics are useful supplemental measures that may
looking statements include statements that are and reputational risks; technological change; changes assist investors in assessing the financial performance
predictive in nature, depend upon or refer to future in government regulation and legislation within the of Brookfield Business Partners and its subsidiaries.
events or conditions, include statements regarding the countries in which we operate; governmental However, Company FFO and Company EBITDA
operations, business, financial condition, expected investigations; litigation; changes in tax laws; ability to should not be considered in isolation from, or as
financial results, performance, prospects, collect amounts owed; catastrophic events, such as substitutes for, analysis of our financial statements
opportunities, priorities, targets, goals, ongoing earthquakes; hurricanes and pandemics/epidemics; prepared in accordance with IFRS.
objectives, strategies and outlook of Brookfield the possible impact of international conflicts and other References to Brookfield Business Partners are to
Business Partners, as well as the outlook for North developments including terrorist acts and cyber Brookfield Business Partners L.P. together with its
American and international economies for the current terrorism; and other risks and factors detailed from subsidiaries, controlled affiliates and operating entities.
fiscal year and subsequent periods, and include words time to time in our documents filed with the securities Brookfield Business Partners’ results include publicly
such as “expects,” “anticipates,” “plans,” “believes,” regulators in Canada and the United States. held limited partnership units, redemption-exchange
“estimates,” “seeks,” “intends,” “targets,” “projects,” In addition, our future results may be impacted by the units, general partnership units and special limited
“forecasts” or negative versions thereof and other government mandated economic restrictions resulting partnership units. More detailed information on certain
similar expressions, or future or conditional verbs such from the ongoing COVID-19 pandemic and the related references made in this corporate profile will be
as “may,” “will,” “should,” “would” and “could.” global reduction in commerce and travel and available in our Management’s Discussion and
Although we believe that our anticipated future results, substantial volatility in stock markets worldwide, which Analysis of Financial Condition and Results of
performance or achievements expressed or implied by may negatively impact our revenues, affect our ability Operations for the three months ended March 31,
the forward-looking statements and information are to identify and complete future transactions, impact our 2021.
based upon reasonable assumptions and liquidity position and result in a decrease of cash flows .
expectations, the reader should not place undue and impairment losses and/or revaluations on our
reliance on forward-looking statements and information investments and assets, and therefore we may be
because they involve known and unknown risks, unable to achieve our expected returns. See “Risks
uncertainties and other factors, many of which are Associated with the COVID-19 Pandemic” in the “Risks
beyond our control, which may cause the actual Factors” section included in our Management’s
results, performance or achievements of Brookfield Discussion and Analysis of Financial Condition and
Business Partners to differ materially from anticipated Results of Operations in our Form 20-F for the year
future results, performance or achievement expressed ended December 31, 2020.
or implied by such forward-looking statements and We caution that the foregoing list of important factors
information. that may affect future results is not exhaustive. When
Factors that could cause actual results to differ relying on our forward-looking statements, investors
materially from those contemplated or implied by and others should carefully consider the foregoing
forward-looking statements include, but are not limited factors and other uncertainties and potential events.
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