Onex Reports Third Quarter Results

Market Wire, November, 2007

All amounts in Canadian dollars unless otherwise stated

There were a number of very positive achievements in the third quarter. Onex (TSX: OCX) completed the large-scale acquisition of Allison Transmission in partnership with the Carlyle Group during a period of difficult debt markets. We were also able to secure another attractive opportunity to deploy capital with the pending purchase of Husky Injection Molding.

Highlights of the Quarter include:

- Onex completed the $5.9 billion acquisition of Allison Transmission, the world leader in automatic transmissions for on-highway trucks and buses, off-highway equipment and military vehicles.

- Onex has agreed to acquire Husky Injection Molding Systems in a transaction valued at $960 million. Husky is the global leader in the design and manufacture of injection molding equipment and services to the plastics industry.

- Onex Partners II is approximately 75% invested with Onex' recent announcement of its intention to acquire Husky. Accordingly Onex has begun the process of preparing for Onex Partners III, anticipated to be $4.5 billion.

- Onex repurchased 2,349,400 Subordinate Voting Shares under its Normal Course Issuer Bid at an average price of $33.24 per share for a total cost of $78 million. Over the last five years, Onex has repurchased a total of 33,194,100 Subordinate Voting Shares at an average cost of $19 per share.

- Onex has announced that it has established Onex Credit Partners, a credit investing platform focused on generating attractive risk-adjusted returns through the purchase of undervalued securities.

Gerald W. Schwartz, President and Chief Executive Officer of Onex Corporation said, "We are pleased with our ability to source, acquire and finance first class businesses with great management teams. Each of Allison and Husky is a leader in its industry, and has a management team that we are delighted to partner with to further build these companies."

"Our long track record of success as a private equity investor and the strength of these businesses has enabled Onex to obtain financing for both the Allison and Husky transactions on reasonable terms," said Mr. Schwartz. "As a result of the successful deployment of capital, we are now planning to raise additional third-party capital for our private equity activities and we are evaluating complementary funds. An example of this is the recent announcement of the formation of Onex Credit Partners, a distressed debt investment Fund."

Onex' consolidated financial results for the third quarter and nine months ended September 30, 2007 were as follows:

Third-quarter results:

- Revenues were up 25%, or $1.2 billion, to $6.0 billion from $4.8 billion in the third quarter of 2006.

- The net loss from continuing operations for the third quarter was $76 million compared to a loss of $35 million in the same quarter last year. This loss was largely due to foreign currency translation losses on US cash and securities held and the non-cash purchase accounting charges stemming from the acquisitions of Carestream Health and Allison Transmission. The net loss for the quarter was $77 million ($0.60 per share) compared to net earnings of $31 million ($0.24 per share) in the third quarter of 2006.

- Assets grew to $24.8 billion as of September 30, 2007, up from $22.6 billion at December 31, 2006.

- For the nine months, net earnings were $238 million in 2007 compared to net earnings of $758 million in 2006.

Attached are the Consolidated Balance Sheets, Statements of Earnings and Comprehensive Earnings, Statements of Cash Flows and information by industry segment for the three and nine months ended September 30, 2007 and 2006. The complete financial statements, including Onex' Management's Discussion and Analysis of the results are posted on Onex' website, www.onex.com under the Investor Information section and are also available on SEDAR.

Onex makes private equity investments through the Onex Partners and ONCAP family of funds. Onex also has a Real Estate Fund and a Distressed Debt Fund. Through these Funds, Onex generates annual management fee income from third parties and is also entitled to a carried interest on $4.6 billion of that capital. In addition, Onex invests its own $4.2 billion of capital in both direct investments and as a Limited Partner in its Funds. Onex' operating companies generate annual revenues of $32 billion, have assets of $36 billion and employ 227,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com . The company's security filings can also be accessed at www.sedar.com .

This news release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.