Financial Performance (Q1 2020) - Company EBITDA increased by $28 million, from $266 million in Q1 2019 to $294 million in Q1 2020, driven by Industrials and Infrastructure Services segments[17] - Company FFO decreased by $11 million, from $205 million in Q1 2019 to $194 million in Q1 2020, due to higher interest and tax expenses[18] - Net loss attributable to unitholders was $126 million, compared to net income of $62 million in the prior period, impacted by impairment expenses and unrealized losses[18] - Revenues increased by $945 million, from $9,201 million to $10,146 million, primarily due to acquisitions[31] - Direct operating costs increased by $708 million, from $8,193 million to $8,901 million, primarily due to acquisitions[31] Balance Sheet (as of March 31, 2020) - Total assets decreased from $51,751 million to $49,419 million, primarily due to foreign exchange movements[19] - Non-recourse borrowings in subsidiaries increased, primarily related to the consolidation of Cardone[19] - Corporate borrowings were $283 million, with access to $1,792 million in undrawn credit facilities[19] - Equity attributable to unitholders decreased from $3,792 million to $3,061 million[17] Acquisitions and Dispositions (Q1 2020) - Acquired BrandSafway in Infrastructure Services for an invested capital of $445 million, representing a 17% economic interest[25] - Monetized Nova Cold in Business Services for proceeds of $45 million, resulting in a gain of $42 million[25]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR o SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...

Use these links to rapidly review the document Table of Contents INDEX TO FINANCIAL STATEMENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ...