Onex 2007 Results

Market Wire, February, 2008

Onex Corporation (TSX: OCX) -

All amounts in Canadian dollars unless otherwise stated

- Revenues rise 26%

- Operating earnings up 49%

- Cash flow from operations up 60%

- 2007 was an outstanding year for Onex Corporation in acquiring and building industry-leading businesses. Realizations during the year with certain of our businesses demonstrated the significant value created. We also continued to build third-party capital under management with new asset classes.

Highlights of the Year:

- Onex Partners completed five significant acquisitions and investments - Tube City IMS, Hawker Beechcraft, Carestream Health, Allison Transmission and Husky Injection Molding Systems. Onex Partners invested $2.8 billion of equity in these transactions, of which Onex' share was $1.0 billion.

- Several Onex operating companies completed acquisitions to grow their businesses. In particular, ClientLogic's acquisition of and merger with SITEL Corporation tripled the size of that business.

- Skilled Healthcare completed an initial public offering of shares at almost double Onex' original cost. Onex sold some shares in that offering, realizing proceeds of $43 million, including a carried interest.

- Onex realized $361 million of proceeds, including a carried interest, on the sale of a portion of its shares of Spirit AeroSystems in an offering priced at approximately 10 times Onex' original cost per share.

- ONCAP sold WIS and CMC Electronics for more than five times its invested capital in 2007. Onex' proceeds on these sales was $225 million.

- Onex grew its alternative asset management business with the establishment of Onex Credit Partners, a distressed credit investing platform with US$350 million of assets under management. Onex is a 50% General Partner in that business.

- Onex repurchased approximately 4.7 million Subordinate Voting Shares during 2007 and up to the end of January 2008 at an average price of $33.16 per share for a total cost of $157 million.

Gerald W. Schwartz, President and Chief Executive Officer of Onex Corporation said, "It was an excellent year for Onex. We acquired several new businesses, each being a leader in its industry. Most of our companies also achieved good growth during 2007. The initial public offering of Skilled Healthcare and the sale of some of our shares in Spirit AeroSystems' secondary offering in 2007 showed the meaningful growth in value of those businesses.

"As we enter 2008, we will continue to look for new opportunities that will grow the long-term value for shareholders and partners. Part of this growth in value will come from expanding our alternative asset management business. We have been working towards a first closing of our third large-cap fund, Onex Partners III, currently anticipated to be $4.5 billion, and are exploring raising third-party capital for Onex Real Estate Partners and Onex Credit Partners."

Onex' consolidated financial results for the year and fourth quarter ended December 31, 2007 were as follows:

Full-year results:

- Revenues grew 26%, or $4.8 billion, to $23.4 billion in 2007.

- Operating earnings for 2007 were $1.7 billion, up 49% from $1.1 billion in 2006.

- Earnings from continuing operations totalled $109 million ($0.85 per share) in 2007 compared to $256 million ($1.93 per share) in 2006.

- Cash flow from operations was $1.4 billion, up 60% from $858 million in 2006.

- Assets grew to $26.2 billion at December 31, 2007, up from $22.6 billion at December 31, 2006, and cash at the parent company was approximately $700 million.

- Shareholders' equity was $1.7 billion at December 31, 2007.

Fourth-quarter results:

- Revenues were $6.0 billion, up $1.0 billion from the fourth quarter of 2006.

- Operating earnings grew 48% to $464 million in the fourth quarter of 2007 from $313 million for the same quarter last year.

- A loss from continuing operations of $10 million ($0.08 per share) was reported in the quarter compared to earnings from continuing operations of $211 million ($1.64 per share) for same quarter last year. Included in the 2006 fourth-quarter earnings from continuing operations was a pre-tax gain of $343 million recorded by Onex on the sale of shares in Spirit AeroSystems' initial public offering.

The increase in Onex' consolidated revenues and operating earnings for 2007 over 2006 was primarily from the acquisitions of Tube City IMS in January 2007, Carestream Health in April 2007, the inclusion of a full year of results for The Warranty Group, acquired in November 2006, as well as Sitel Worldwide's (formerly ClientLogic) purchase of and merger with SITEL Corporation, in January 2007.

Operating earnings as referred to in this press release are a non-GAAP measure. See Onex' Management's Discussion and Analysis for the definition and the reconciliation to the consolidated statements of earnings.

Attached are the Consolidated Balance Sheets, Statements of Earnings, Statements of Shareholders' Equity and Comprehensive Earnings and Statements of Cash Flows for the years ended December 31, 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.