Onex Reports First Quarter 2008 Results

Market Wire, May, 2008

All amounts in Canadian dollars unless otherwise stated

Onex Corporation (TSX: OCX) today announced its consolidated financial results for the first quarter ended March 31, 2008.

First-Quarter Results Summary

- Revenues rise 13% to $6.2 billion

- Operating earnings were $390 million compared to $385 million in the first quarter last year. However, this year's operating earnings included over $80 million of non-cash purchase accounting charges stemming from the acquisition of Husky in December 2007

- Earnings from continuing operations were $40 million, up 21% from $33 million in the first quarter of 2007

- Net earnings were $45 million ($0.36 per share) compared to $149 million ($1.16 per share) in the first quarter last year, which included $116 million ($0.90 per share) from discontinued operations

- Cash flow from operations was $126 million, an improvement from $32 million of cash used in operations in the first quarter last year

- Assets totalled $27.1 billion at March 31, 2008, up from $26.2 billion at December 31, 2007

During the first quarter of 2008, overall Onex' operating companies reported solid revenue and operating earnings growth and closed the quarter with strong balance sheets. Acquisitions completed over the last 12 months added to revenues.

"While the current credit environment has significantly slowed acquisition activity and made this a quiet quarter, we will continue to find appropriate acquisition opportunities," said Gerald W. Schwartz, Chairman and Chief Executive Officer of Onex. "Onex has deep expertise in certain industries such as healthcare and aerospace and we are actively researching and developing expertise in other industries where we can identify attractive acquisitions. As well, Onex' track record of success with complex "carve-out" transactions makes us an ideal partner for those companies that have determined that certain of their activities or business lines are no longer strategically important and should be sold. We believe we will continue to see these "carve-out" opportunities."

Shareholders' equity totalled $1.7 billion at March 31, 2008, essentially unchanged from December 31, 2007. The increase to shareholders' equity from net earnings in the first quarter was essentially offset by share repurchases. During the first quarter, Onex repurchased 1.7 million Subordinate Voting Shares at a total cost of $53 million ($31.16 average cost per share). In April 2008, Onex renewed its Issuer Bid, which will permit Onex to repurchase up to 10% of the public float in its shares or approximately 9.4 million shares.

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 Cash Flows and information by industry segment for the three months ended March 31, 2008 and 2007. The complete financial statements, including Onex' Management's Discussion and Analysis of the results, are posted on Onex' website, www.onex.com and are also available on SEDAR.

Webcasts

Onex management will host a conference call to review the Company's First Quarter 2008 Results at 4:30 p.m. today. A live webcast of this conference call will be available in listen-only mode on its website, www.onex.com .

Onex Corporation's Annual Meeting of Shareholders is being held today at 10:00 a.m. at the Scotiabank Theatre, 259 Richmond Street West, Toronto. A live webcast of the meeting can also be heard at www.onex.com beginning at 10:00 a.m. ET.

About Onex

Onex makes private equity investments through the Onex Partners and ONCAP families of funds. Onex also manages alternative asset platforms focused on Real Estate and Credit Securities. Through its Funds, Onex generates annual management fee income from third parties and is also entitled to a carried interest on $4.1 billion of that capital. In addition, Onex invests its own $3.9 billion of capital in both direct investments and as a Limited Partner in its Funds. Onex' businesses generate annual revenues of $35 billion, have assets of $39 billion and employ 237,000 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.