Brookfield Business Partners INVESTOR DAY SEPTEMBER 26, 2018

Transcription

1 Brookfield Business Partners INVESTOR DAY SEPTEMBER 26, 2018

2 Agenda Our Business Cyrus Madon, Chief Executive Officer Value Creation Denis Turcotte, Managing Partner Financial Overview Jaspreet Dehl, Chief Financial Officer

3 Our Business 3

4 Brookfield Business Partners is a Business Services and Industrials company focused on long-term capital appreciation BBU NYSE $5.7B MARKET CAP 1 $17B ASSETS 100 INVESTMENT PROFESSIONALS ~45,000 OPERATING EMPLOYEES 1) As at September 21,

5 Our overall business strategy remains unchanged Target 15% to 20% return on investments with an overall focus on long term capital appreciation Acquisition of high quality businesses on a value basis Strategic repositioning and improving business operating performance Efficient capital allocation Maximize unitholder value 5

6 Core competitive advantages Acquire and manage high quality operations globally Extensive sourcing capability on a global scale Expertise in real assets and Brookfield s broad network Ability to pursue complex situations where competition is limited Broad investment mandate supported by access to capital and financial flexibility Long-term capital positions us as a preferred partner 6

7 Growth prospects remain strong Key drivers of growth Global presence Large investment team Increased profile Robust pipeline of opportunities Significant and growing capital availability 7

8 Which should continue to drive strong value creation $50 Unit Price Performance $44.00 Acquisition $40 Acquisition Acquisition Acquisition $30 Acquisition Equity offering U.S. brokerage Disposition $20 $21.47 Equity offering Disposition Awarded Acquisition Disposition $10 Jun 2016 Jan 2017 Jun 2017 Jan 2018 Jun 2018 Acquisition and disposition shown as of the date of public announcement 8

9 Strong growth since launch with $4.4 billion 1 of acquisitions $1.7 billion invested by Brookfield Business Partners Purchase of distress securities Dec 16 Mar 17 Jun 17 Sep 17 Dec 17 Mar 18 Jun 18 Loans Tuck-in Acquisitions 1) Represents total equity invested 9

10 Supported by $6 billion of liquidity initiatives $2.7 billion generated by Brookfield Business Partners to maintain balance sheet strength Equity Offering Dec 16 Mar 17 Jun 17 Sep 17 Dec 17 Mar 18 Jun 18 Equity Offering Sale of distress securities U.S. brokerage services 10

11 POLLING QUESTION #1 These are our recent acquisitions which one do you like most? 1. BRK Ambiental Largest private water and wastewater company in Brazil 2. Greenergy Largest fuel distribution company in the U.K. 3. BG Fuels 200+ gas stations in Canada 4. Teekay Offshore Marine energy services business 5. One Toronto Largest gaming concession in Canada 6. Schoeller Allibert Leading returnable packaging company in Europe 7. Westinghouse Global leader in infrastructure services to nuclear power plants 11

12 Our business has substantially increased in scale... At Spin-off 1 Today 1 Assets $8B $17B FFO 2 $200M $430M EBITDA 2 $240M $570M Run Rate EBITDA 3 Approaching ~$1.0B 1) At Spin-off balances as of and for the twelve month period ended December 31, Today represents balances as of and for the last twelve month period ended June 30, ) Represents Brookfield Business Partners proportionate share 3) Based on last twelve month EBITDA adjusted for acquisitions and planned performance improvements Information presented is illustrative only. Actual results may vary materially and are subject to market conditions and other factors and risks that are set out in the Important Cautionary Notes on Slide

13 With a more diversified regional footprint Asset Location Europe North America $4.6B $6.0B $1.1B $5.1B Middle East South America $0.8B $0.8B $ - $3.5B $1.6B Asia Pacific $1.6B Assets as of June 30, 2016 and June 30,

14 We have closed two acquisitions in Europe Most recently Schoeller Allibert, one of Europe s largest manufacturers of returnable plastic packaging 1,000+ handheld crates and customizable bulk containers Over 25% market share in Europe Customer base diversified by industry 13 manufacturing facilities Reputation for quality and innovation 14

15 Schoeller Allibert is poised for growth Acquisition Details Acquired 70% for purchase price of ~$230M Long term partner & founding family, Schoeller Group, owns 30% Growth Industry: Organic: International: 6-7% projected 1 - sustainability requirements, waste reduction, e-commerce, logistics automation Growth through product and services innovation Supported by Brookfield s global presence 1) Source: Global Returnable Packaging Report by Technavio. 15

16 The composition of our operations has evolved Cash flows are more diversified and predictable EBITDA 1 Spin-off 2 Current 2 Energy 28% Business Services Infrastructure Services 24% 12% Business Services 27% Construction 41% 4% Industrial Operations Energy 21% 6% Construction 37% Industrial Operations 1) Excludes Corporate segment 2) Spin-off represents last twelve month period ended December 31, 2016 and current represents last twelve month period ended June 30, 2018, including proforma for Westinghouse Electric acquisition 16

17 Our future growth is likely to include new industry segments 3-5 Years 2 Current June % 15% 18% 17% $2.0B MARKET CAP 20% 20% $5.7B MARKET CAP 3 28% $8-10B MARKET CAP 45% 25% Equity Business Services Industrial Operations Construction Energy Infrastructure Services 1) Segment allocation based on equity attributable to unitholders. Does not include corporate equity attributable to unitholders, distributions related to GrafTech received in 2018 adjusted against Industrial segment equity as of June 30, 2018 and includes proforma for Westinghouse Electric acquisition 2) Potential based on achieving target returns, the reinvestment of cash flows into accretive investments, new unit capital and the successful recycling of capital 3) Market cap as of September 21, 2018 Information presented is illustrative only. Actual results may vary materially and are subject to market conditions and other factors and risks that are set out in the Important Cautionary Notes on Slide 65 17

18 And we are continually reviewing new sectors Skills Operational and financial management Real Asset Expertise Expertise across the Brookfield platform Attractive Characteristics Industry tailwinds Barriers to entry Operationally intensive Growth opportunities Essential service/product Strong returns on capital NEW SECTOR 18

19 POLLING QUESTION #2 Where do you think U.S. private equity has been most active? IT Materials and resources Business Services Energy Healthcare Financial Services 19

20 ANSWER Where do you think U.S. private equity has been most active? U.S Private Equity Deals 2017 ($B) Business services 278 IT 98 Healthcare 88 Energy 60 Financial Services 49 Materials & resources 21 20

21 The healthcare sector Large investible universe Growth in underlying demand Changing landscape creating opportunities Attractive investment features Fragmented industry 21

22 Healthcare is a steadily growing and non-cyclical industry $3+ trillion industry comprising 18% of GDP in the U.S. Value-based care, consumerism and consolidation trends impacting landscape U.S. Health Expenditure ($B; %GDP) 4.5% Historical 10-year CAGR Source: Centers for Medicare & Medicaid Services; Peterson-Kaiser Health System Tracker; U.S. Bureau of Economic Analysis. 22

23 We are targeting areas that play to our strengths Favorable Essential service Lower acuity Operational intensity Benefits to scale Unfavorable R&D focused High regulatory risk Elevated technology risk Key person risk Well positioned for healthcare trends 23

24 And have identified attractive subsectors Healthcare Services $2,000B+ Focus Subsectors Senior Housing Urgent Care Physician Practice Management Outsourced Services Underperforming Hospitals Source: CMS, Statista, and FactSet. 24

25 The technology services sector Large, expanding investible universe Essential services providing large productivity benefits Recurring cashflows with good organic growth provides high returns on capital Insight from and application to many of our operating businesses Attractive opportunities to build platform businesses 25

26 The technology services industry has seen enormous growth $3+ trillion industry comprising 5% of global GDP Essential services with significant productivity benefits Automation, interconnectivity trends and artificial intelligence are impacting landscape Degree of Digitalization Varies by Industry Progression through the Digitalization Curve Potential EBITDA Gain (%) 70% 60% 50% 40% 30% 20% 10% Significant Productivity Potential Oil & Gas Industrials / Manufacturing Auto Healthcare Utilities Mining Media IT Telecom 0% 0% 5% 10% 15% IT Spend / Total Expenditure (%) Source: Gartner, Morgan Stanley, Ernst & Young research reports 26

27 We are targeting areas that play to our strengths Favorable Scale operational platforms Strong value proposition Evolution of established businesses High scalability Benefit of barriers to entry Specialist services with real asset applications Unfavorable Early stage R&D Low barrier to entry or low margin, commoditized services Competition with largest established technology companies High exposure to rapidlychanging consumer tastes 27

28 And have identified several attractive subsectors Focus Subsectors Telecom-related services IT Related Services $2,300B+ Specialist software and IT services Managed hosting services Device & software integrated system solutions Software & Systems $500B+ Specialist process services (BPO, payments etc.) Tech-enabled services for real asset sectors Source: Gartner, Citi research reports 28

29 Imagine Independent broadband provider using wireless spectrum to roll-out a national high-speed broadband solution in rural areas Essential service to address infrastructure deficit Competitive advantage with proven technology Barriers to entry including proprietary spectrum Established operating company ready for low-risk scale up in service Investment Thesis Leverage Brookfield s infrastructure and telecom experience to provide an essential service with limited competition and high barriers to entry There can be no assurance that Brookfield Business Partners will be able to successfully execute on this transaction 29

30 Value Creation 30

31 Dedicated operations professionals working with management teams or taking on management roles Primary focus on value enhancement through performance improvement or turnaround 31

32 Repeatable fundamental model to enhance value Active hands-on approach from due diligence to monetization Ensure business strategy is clear and results driven Implement operational excellence to enhance efficiency Maximize effectiveness of commercial strategy and execution Optimize balance sheet to release value 32

33 GrafTech Why did we like this business? Market Leader Critical consumable in electric arc furnace steel production High-quality graphite electrode manufacturing Lowest cost assets in industry Six suppliers provide ~90% of global capacity (ex-china) High Barriers to Entry No known substitutes Technically challenging manufacturing Only producer vertically integrated into petroleum needle coke (critical raw material) 33

34 Opportunistic acquisition during low point in business cycle Acquired at a significant discount to replacement cost due to: Oversupply of graphite electrodes Earnings decline as result of global steel industry decline Identified operational improvement opportunities Acquisition Details Acquired 100% for $1.25B (equity of $855M) in 2015 BBU share: $295M for 34% stake in business 34

35 Value creation initiatives Worked with management to fundamentally transform business: $100M of annualized sustainable operational improvements since acquisition Graphite Electrode Production (Average MT/facility) Divested non-core businesses 34,000 55,000 67,000 Optimized production at the lowestcost facilities Matched corporate overhead to business needs Re-focused r&d on high-quality graphite electrodes Increased product quality year end Run Rate Introduced strategic customer commercial approach 35

36 Value creation initiatives Implemented industry-first commercial strategy establishing substantial base load earnings Average Electrode Sales Price ($000/metric ton) Multi-year, take-or-pay sales contracts $10 Contracted ~65% of current production capacity at a weighted average contract price of $9,700 /MT Contract volumes aligned with integrated needle coke capacity $3 Primary needle coke raw material, (decant oil) hedged over life of contracts YTD 36

37 Significantly improving performance EBITDA generation Refocused Strategy Sold three non-core businesses to simplify and refocus the organization Operational Improvement Plan Will produce more volume from three facilities in 2018 than six facilities in 2012 Commercial Repositioning ~636,000 MT s sold under 3-5 year take-or-pay ~$9,700 /MT weighted average price Adjusted EBITDA ($M) ~$1,200 1 Pre-BBU Ownership $602 $269 $247 $144 $121 $46 ($3) $ H H Annualized 1) Information presented is illustrative only. Actual results may vary materially and are subject to market conditions and other factors and risks that are set out in the Important Cautionary Notes on Slide

38 With continued growth prospects through bringing on idle capacity Debottlenecking project to increase active operating capacity by 21% to 202,000 MT by year end 1 Possibility to restart St. Marys; dependent on market conditions and needle coke supply Annualized Operating Capacity (000 s MT) +14% % Additional production capacity Multi-year operational improvement plan + $37M of capex $5-11M of start up capex and period costs Current longterm contract volume Q1-Q Debottlenecking Initiative Post Debottlenecking by YE 2018 Option to Restart St Mary's Pro forma for St Mary's 1) Information presented is illustrative only. Actual results may vary materially and are subject to market conditions and other factors and risks that are set out in the Important Cautionary Notes on Slide

39 Positioning to execute our strategy and drive considerable value at Westinghouse 39

40 Westinghouse Electric Company A leading global provider of infrastructure services to the nuclear power generation industry Iconic U.S. company operating in the nuclear space for over 50 years Provider of fuels, maintenance and repair services, plant components and parts, and sophisticated engineering services 2017 EBITDA 1 Operating Plants ~90% ~10% New Plant Business 1) For the year ended March 31,

41 Acquired for value as sponsor of Westinghouse s exit from bankruptcy Forced to seek bankruptcy protection in 2017 due to failure of its non-core construction business BBU viewed as a preferred, long-term strategic partner with deep operating expertise Acquisition Details Acquired 100% for ~$4B purchase price in August 2018 ~$920M of equity ~$3.1B of long-term debt 44% BBU ownership for $405M investment 41

42 Spotlight on Westinghouse Why do we like this business? Market Leader Leading global provider of infrastructure services Barriers to entry with significant regulatory requirements Preferred service provider ~50% of the world s nuclear reactors running on its technology Stable & Predictable Cash Flows Profitability driven by regularly recurring, non-discretionary refueling and maintenance outages Mission critical service provider Long-term contracts for fuel and outage services Sticky customer relationships Skilled workforce Significant intellectual property 42

43 Replicating our owner/operator approach to managing businesses Getting close to the business Gain an in-depth understanding of the business Set long-term goals for each business unit Assess strategy and priorities by business unit Review organization and operating model Focus the leadership team on priorities 43

44 Establish a new tone and operating framework Working Board of Directors Executive Oversight Committee Working groups to ensure focus > Drive Transformation Plan > Commercial Process Improvement > Global Supply Chain Redesign > Adjust Operating Model & Organization CEO & Management > Strategy Review by Business Unit 44

45 Execute on value creation opportunities Transformation Plan Continue to execute holistic plan to align costs with demand Focus on margins, risk reduction, efficiencies and organizational responsiveness Commercial Process Improvement Align sales resources and product innovation to identified market opportunities Drive profits through new business opportunities Optimize cost and delivery capabilities Global Supply Chain Enhancement Maintain leading product quality Ensure a consistent make/buy decision making framework 45

46 Execute on value creation opportunities (continued) Operating Model Adjust the organization to be customer-centric and focused on cost to deliver Introduce an accountability-based management system Assess profitability, risk and returns across all products and services Strategy Review Share of wallet review across customer base New business/projects development initiatives Assessment of bolt-on acquisition opportunities 46

47 As a leaner, more focused organization, well positioned to create value Annualized EBITDA 1 ($M) >$600 Target $550 - $600 Actual $440 Medium-term value creation opportunities Long-term value creation opportunities LTM March 31, 2018 Medium Term Run Rate Long Term Run Rate 1) Information presented is illustrative only. Actual results may vary materially and are subject to market conditions and other factors and risks that are set out in the Important Cautionary Notes on Slide

48 Financial Overview 48

49 POLLING QUESTION #3 What additional financial disclosure would you like to see for Brookfield Business Partners? 49

50 Key financial objectives Maintain a strong balance sheet and ample liquidity Improve operating performance and grow through efficient capital allocation Maximize unitholder value 50

51 We are focused on maintaining a strong balance sheet No debt at the corporate level Finance businesses with non-recourse debt at the operating asset level Weighted average debt maturity is 6 years Maintain appropriate net debt to total capitalization for the business June 2018 ($B) Consolidated Proportionate Share Borrowings $ 5.1 $ 1.6 Less cash & equivalents (1.9) (1.5) Net debt $ 3.2 $ 0.1 Trailing EBITDA 1 $ 1.5 $ 0.6 1) For the last twelve month period ended June 30,

52 And have access to significant capital Cash and public securities Undrawn facilities Distributions from operating businesses and proceeds from monetization activities Capital markets ~$2 billion of liquidity at the corporate level 52

53 $1.5 billion in distributions from operations and monetizations Graphite electrode operations ~$1.1 billion from debt refinancings, initial public offering, secondary offering and share buy-back at GrafTech U.S. brokerage joint venture ~$130 million in proceeds from sale of 33% ownership interest at Home Services Australian energy operations Proceeds of ~$125 million on sale of Quadrant 1 3X multiple on invested capital and 40% IRR 2 Exposure to future upside in exploration interests Ongoing operations ~$100 million of distributions from other operations 1) Expected to close Q4 2018; there can be no assurance that BBU will be able to successfully execute on this transaction 2) Including dividend distributions and expected proceeds from sale 53

54 Ability to execute large transactions BBU Market Cap 1 Acquisition Acquisition Enterprise Value 2 April 2017 $3B BRK Ambiental $2B September 2017 $4B Teekay Offshore $4B August 2018 $5B Westinghouse $4B 1) Market cap as at date of transaction 2) Represents enterprise value at acquisition for 100% of the business 54

55 Brief business update Entertainment Modernization and redevelopment of operation, with C$1 billion of secured financing Fuel distribution and marketing Execution on growth strategy for fuel distribution business Completed gas station renovation and rebranding as Mobil in Canada Construction Return to more normalized operations in Australia and U.K. Refocused business in the Middle East 55

56 Brief business update Marine energy services Completed 5 key capital projects and executed contract extensions Supported bond offering to substantially extend debt offerings Waste water treatment Improved company operations, governance and capital allocation Focus on accelerating growth Graphite electrode manufacturing Executed operational enhancements, debt refinancings and an IPO 56

57 Improved performance of operations Outperformed last year s estimated EBITDA improvements EBITDA ($M) ~$570 $475 - $525 $170 June Pro-forma June 2018 June Estimated in ) Company EBITDA for the last twelve month period ended June 30, ) Company EBITDA for the last twelve month period ended June 30,

58 New acquisitions and value enhancements should continue to deliver higher EBITDA Potential to increase EBITDA by up to ~$400 million $900 - $1,000 ~$ Company EBITDA Business Improvement Acquisitions Run Rate Company EBITDA 1) Company EBITDA for the last twelve month period ended June 30, ) Based on historical average Company EBITDA adjusted for acquisitions and planned performance improvements. Information presented is illustrative only. Actual results may vary materially and are subject to market conditions and other factors and risks that are set out in the Important Cautionary Notes on Slide 65 58

59 And reinvestment of capital will continue to grow the size and scale of our business 59

60 Since spin-off we have had four operating segments Business Services Industrial Operations Construction Energy 60

61 Our segments are evolving Business Services Industrial Operations Construction Other Business Services Infrastructure Services Energy 61

62 Our approach to value remains unchanged 62

63 Evolution of our value ($M, except per unit 3 ) 2017 Estimate Multiple Company EBITDA 2018 Estimate 1,2,3 Business Services Construction $800 - $1,000 Consistent value 8 10x $800 - $1,000 Other Business Services $800 - $1,100 Home Services disposition One Toronto acquisition 8 10x $800 - $950 Infrastructure Services Westinghouse acquisition Cost $405 Industrials $1,100 - $1,200 Energy $650 - $700 GrafTech performance Schoeller acquisition Investment in Teekay 4 Quadrant disposition 7 8x $2,100 - $2, x Price per flowing barrel of $14,000 to $16,000 5 $700 - $900 Corporate Cash $300 Monetization of investments $525 Total $3,650 - $4,300 $5,330 - $5,980 Per unit $29 - $34 $41 - $46 1) Company EBITDA based on trailing twelve months to June 30, 2018 adjusted for impact of operational enhancements and contribution from acquisitions. GrafTech included at a share price of $20-$21 and Westinghouse included at acquisition price. Information presented is illustrative only. Actual results may vary materially and are subject to market conditions and other factors and risks that are set out in the Important Cautionary Notes on Slide 65 2) Includes unitholders proportionate share of cash and cash equivalents and portfolio company debt financing, as applicable 3) Figures rounded for presentation purposes 4) Investment in bonds valued at face value 5) Assumes production of 17,000 flowing barrels per day (attributable to unitholders) 63

64 Q&A 64

65 Important Cautionary Notes All amounts are in U.S. dollars unless otherwise specified. Unless otherwise indicated, the statistical and financial data in this presentation is presented as of June 30, CAUTIONARY STATEMENT REGARDING FORWARD- LOOKING STATEMENTS AND INFORMATION This presentation contains forward-looking information within the meaning of Canadian provincial securities laws and forwardlooking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, and include statements regarding our and our subsidiaries operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include, but are not limited to, statements regarding our asset management. In some cases, forward-looking statements can be identified by terms such as expects, anticipates, plans, believes, estimates, seeks, intends, targets, projects, forecasts or negative versions thereof and other similar expressions, or future or conditional verbs such as may, will, should, would and could. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward- looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause our and our subsidiaries actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the fact that our success depends on market demand for our products; the behavior of financial markets, including fluctuations in interest rates and foreign exchanges rates; changes in inflation rates in North America and international markets; the performance of global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; the competitive market for acquisitions and other growth opportunities; our ability to satisfy conditions precedent required to complete such acquisitions; our ability to effectively integrate acquisitions into existing operations and attain expected benefits; the outcome and timing of various regulatory, legal and contractual issues; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; changes in tax laws; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States. We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information in this presentation, whether as a result of new information, future events or otherwise. CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS MEASURES This presentation contains references to Company FFO and Company EBITDA that are not calculated in accordance with, and do not have any standardized meaning prescribed by International Financial Reporting Standards ( IFRS ). We believe such non- IFRS measures including, but not limited to, Company funds from operations ( Company FFO ) and Company EBITDA. As these non-ifrs measures ae not generally accepted accounting measures under IFRS, references to Company FFO and Company EBITDA are therefore unlikely to be comparable to similar measures presented by other issuers and entities. We define Company FFO as net income excluding the impact of depreciation and amortization, deferred income taxes, breakage and transaction costs, non-cash gains or losses and other items. Company FFO is presented net to unitholders, or net to parent company. When determining Company FFO, we include our proportionate share of Company FFO of equity accounted investments. Company FFO is further adjusted as Company EBITDA to exclude the impact of realized disposition gains (losses), interest expense, current income taxes, and realized disposition gains, current income taxes and interest expenses related to equity accounted investments. Company EBITDA is presented net to unitholders, or net to parent company. For further information on Company EBITDA see Use of Non IFRS Measures on page 5 of the F. Our definition of Company FFO and Company EBITDA may differ from definitions of Company FFO, Funds from Operations or Company EBITDA used by other entities. We believe that Company FFO and Company EBITDA are useful supplemental measures that may assist investors in assessing the financial performance of Brookfield Business Partners and its subsidiaries. Company FFO and Company EBITDA should not be considered as the sole measures of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. For further information on Company FFO add Company EBITDA see Use of Non IFRS Measures on page 5 of the F. 65

66 Brookfield Business Partners INVESTOR DAY SEPTEMBER 26, 2018