Onex Third-Quarter Revenues Up 17%, Net Earnings Up 138%

ll amounts in Canadian dollars unless otherwise stated

Onex Corporation (TSX: OCX) today reported its consolidated financial results for the third quarter and nine months ended September 30, 2006.

Third-quarter results:

- Revenues were $4.9 billion, up $726 million, or 17%, from $4.2 billion reported for the third quarter of 2005.

- Operating earnings grew to $192 million in the third quarter of 2006 from $69 million in the same quarter of last year (up 178%).

- Net earnings were $31 million ($0.24 per share) compared to net earnings of $13 million ($0.09 per share) for the third quarter of 2005 (up 138%).

- Cash from operations for the quarter totalled $161 million compared to $43 million in the same quarter of last year (up 274%).

First nine months results:

- Revenues grew 21% to $14.0 billion from $11.6 billion for the first nine months of last year.

- Operating earnings were $685 million, up 77% from the first nine months of last year.

- Net earnings were $758 million ($5.66 per share) compared to $973 million ($7.00 per share) for the nine months ended September 30, 2005. There were net gains (continuing and discontinuing operations) of $764 million recorded in the first nine months of 2006 compared to $1,005 million for the first nine months of 2005.

- Cash from operations for the first nine months of 2006 was $633 million, up 98% from the same period of last year.

- At September 30, 2006, consolidated assets totalled $15.3 billion and shareholders' equity was approximately $1.6 billion. Included in consolidated assets was $1.1 billion of cash at Onex, the parent company.

The acquisitions completed over the last 12 months were the primary drivers of growth in revenues and operating earnings for the third quarter and first nine months of 2006. These acquisitions include Spirit AeroSystems, acquired in June 2005, and its acquisition of BAE Systems' aerostructures division in April of this year, the purchase of Skilled Healthcare in December 2005 and the July 2005 acquisition of Famous Players by Cineplex Entertainment.

Gerald W. Schwartz, Chairman and CEO of Onex Corporation said, "We have been able to use our cash resources very effectively this year. We have experienced a very substantial growth in the value of our major assets such as Spirit AeroSystems. We have also been able to commit our cash to excellent new acquisitions such as our recently announced purchase of the Aon Warranty Group."

Mr. Schwartz went on to say, "This has been quite a quarter. Revenues and earnings have risen substantially. Even more importantly, cash from operations, something we watch closely, is up 274% this quarter and 98% year to date."

Operating earnings is Earnings Before the Undernoted Items (as shown in the attached Consolidated Statements of Earnings) less amortization of property, plant and equipment, foreign exchange losses (gains) and stock-based compensation, plus interest and other income and equity-accounted investments.

During the third quarter of 2006, Onex repurchased 2,142,600 Subordinate Voting Shares under its Normal Course Issuer Bid at a total cost of $51 million. This year, up to the end of October 31, 2006, Onex has repurchased 9,101,300 Subordinate Voting Shares at a total cost of $202 million. Mr. Schwartz said, "We think that these share repurchases best exhibit our confidence in the growth in future value of Onex shares."

Onex manages third party private equity investments through the Onex Partners and ONCAP family of funds. It also manages a real estate fund and a public market fund. Through these activities Onex generates annual management fee income and is entitled to a carried interest on approximately $3.5 billion of third party capital.

Onex Corporation is a diversified company with annual consolidated revenues of approximately $19 billion and consolidated assets of approximately $15 billion. Onex is one of Canada's largest companies with global operations in service, manufacturing and technology industries.

Attached are the Consolidated Balance Sheets, Statements of Earnings and information by industry segment for the three and nine months ended September 30, 2006 and 2005. 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.