Onex Reports Full Year 2017 Results

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1 FOR IMMEDIATE RELEASE All amounts in U.S. dollars unless otherwise stated Onex Reports Full Year 017 Results Toronto, February 3, 018 Onex Corporation (TSX: ONEX) today announced its consolidated financial results for the fourth quarter and full year ended December 31, 017 and an update on matters following quarter-end. Highlights We raised $7.3 billion of capital for our private equity and credit platforms. We returned approximately $3.5 billion to our limited partners, through realizations and distributions, of which Onex portion was approximately $1 billion, including $11 million of carried interest. We invested nearly $1.4 billion in several private equity transactions, of which Onex portion was approximately $550 million. The value of Onex private equity investments increased by 18%, including realizations and distributions. We received a net contribution of $56 million as the manager of Onex Partners, ONCAP and various credit strategies. We received $59 million of distributions from our CLO investments. We issued four collateralized loan obligations totaling nearly $ billion, including our first two issuances in Europe. Our credit platform now manages almost $10 billion of assets, reflecting an approximate 30% increase year over year. Onex Partners and ONCAP operating companies collectively raised or refinanced a total of $7.0 billion of debt. Onex repurchased approximately 1.3 million Subordinate Voting Shares ( SVS ) for a total cost of $93 million, or an average cost per share of C$ Recent Performance 017 was a good year for Onex. We capitalized on market conditions, returning $3.5 billion to investors through several realizations, said Gerry Schwartz, Chairman and Chief Executive Officer of Onex. We also raised a record amount of capital. We now have more than $9.6 billion, including $.8 billion from Onex, available for new private equity investments. 1

2 Onex management continues to share in the risks and rewards of our businesses through the team s significant investment in everything Onex owns. At January 31, 018, the team has approximately $.1 billion invested in the underlying private equity operating businesses, credit funds and Onex shares. Creating Value for Shareholders We create value for shareholders by growing both our capital per share and our fee-generating assets. For the full year ended December 31, 017 the Company s capital per share increased by 11% to $64.79 and our fee-generating assets increased by 36% to $1.7 billion. The growth in our fee-generating assets was largely driven by our success in raising Onex Partners V. Over the last five years, Onex capital per share grew 10% per year and our fee-generating assets grew by 0% per year. With larger private equity funds and a growing credit platform, we are well positioned to grow the profitability of our asset management business in the years to come. Onex paid a fourth-quarter dividend of C$0.075 per SVS on January 31, 018 to shareholders of record on January 10, 018. Consolidated Results Onex quarterly and full-year consolidated financial results do not follow any specific trends due to acquisitions and dispositions of businesses, changes in the value of its publicly traded and privately held operating companies and varying business cycles at its operating companies. On a consolidated basis for the fourth quarter, revenues increased by 17% to $6.3 billion compared to the same period of the prior year. The increase was largely due to the inclusion of revenues from the acquisitions of Parkdean Resorts and Save-A-Lot. Net earnings for the fourth quarter of 017 were $300 million compared to a loss of $15 million in the same quarter of 016. This increase in net earnings was primarily attributable to a net deferred tax recovery associated with income tax assets and liabilities as a result of the tax reform in the United States, as well as an increase in the fair value of joint ventures and associates. On a consolidated basis for the full year, revenues increased by 38% to $4.5 billion from the prior year. The increase in revenues was primarily due to the inclusion of revenues from the acquisition of Parkdean Resorts and the inclusion of full year revenues from acquisitions completed in 016. Net earnings for the year were $.4 billion compared to a loss of $36 million in 016. This increase in net earnings was primarily driven by $3.3 billion of gains recorded from the loss of control over JELD-WEN and the sale of USI, a gain recorded by Carestream Health on the sale of its Dental Digital business and an increase in the fair value of joint ventures and associates; these increases were partially offset by an increase in the limited partners interests charge. Attached are the Consolidated Balance Sheets, Statements of Earnings, Statements of Cash Flows and information by industry segment for the full years ended December 31, 017 and 016, as prepared under International Financial Reporting Standards. The complete financial statements, including Management s Discussion and Analysis of the results, are posted on Onex website, and are also available on SEDAR at A supplemental information package, which includes the How We Are Invested schedule, Schedules of Fees and Expenses and additional information, is available on Onex website,

3 Webcast Onex management will host a conference call to review Onex fourth-quarter and full-year 017 results on Friday, February 3 at 11:00 a.m. ET. A live webcast of this conference call will be available in listen-only mode on the Presentations and Events section of Onex shareholder website, About Onex Onex is one of the oldest and most successful private equity firms. Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams. At Onex Credit, Onex manages and invests in leveraged loans, collateralized loan obligations and other credit securities. Onex has more than $3 billion of assets under management, including $6.8 billion of Onex proprietary capital, in private equity and credit securities. With offices in Toronto, New York, New Jersey and London, Onex and the team are collectively the largest investors across Onex platforms. Onex businesses have assets of $47 billion, generate annual revenues of $30 billion and employ approximately 16,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit its website at Onex security filings can also be accessed at 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. For further information: Emilie Blouin Director, Investor Relations Tel:

4 CONSOLIDATED BALANCE SHEETS Assets Current assets Cash and cash equivalents Short-term investments Accounts receivable Inventories Other current assets Property, plant and equipment Long-term investments Other non-current assets Intangible assets Goodwill Liabilities and Equity Current liabilities Accounts payable and accrued liabilities Current portion of provisions Other current liabilities Current portion of long-term debt of operating companies and credit strategies, without recourse to Onex Corporation Current portion of Limited Partners Interests Non-current portion of provisions Long-term debt of operating companies and credit strategies, without recourse to Onex Corporation Other non-current liabilities Deferred income taxes Limited Partners Interests Equity Share capital Non-controlling interests Retained earnings (deficit) and accumulated other comprehensive earnings (loss) As at December 31, 017 $ 3, ,306, ,308 5,36 1, ,887 8,3 As at December 31, 016 $, ,868,731 1,190 10,314 4,75 8,67 1,19 9,86 9,174 $ 44,679 $ 4,913 $ 4, , , ,716,051 1,191 7,965 $ 4, , , ,456,169 1,537 8,385 39,66 41,56 31,18, ,841 (814) 5,017 1,351 $ 44,679 $ 4,913

5 CONSOLIDATED STATEMENTS OF EARNINGS Year ended December 31 (in millions of U.S. dollars except per share data) Revenues Cost of sales (excluding amortization of property, plant and equipment, intangible assets and deferred charges) Operating expenses Interest income Amortization of property, plant and equipment Amortization of intangible assets and deferred charges Interest expense of operating companies and credit strategies Increase in value of investments in joint ventures and associates at fair value, net Stock-based compensation expense Other gains Other expense Impairment of goodwill, intangible assets and long-lived assets, net Limited Partners Interests charge $ 4,497 (17,91) (4,0) 376 (64) (678) (1,1) 760 (178) 731 (707) (187) (1,350) $ 17,805 (1,908) (3,033) 349 (447) (518) (88) 180 (194) 36 (1) (3) (647) Loss before income taxes and discontinued operations Recovery of (provision for) income taxes Loss from continuing operations Earnings from discontinued operations (731) 84 (647) 3,04 (51) (107) (619) 583 Net Earnings (Loss) for the Year $,395 $ (36) Loss from Continuing Operations attributable to: Equity holders of Onex Corporation Non-controlling Interests $ (715) 68 $ (660) 41 Loss from Continuing Operations for the Year $ (647) $ (619) Net Earnings (Loss) attributable to: Equity holders of Onex Corporation Non-controlling Interests $,394 1 $ (130) 94 Net Earnings (Loss) for the Year $,395 $ (36) Net Earnings (Loss) per Subordinate Voting Share of Onex Corporation Basic and Diluted: Continuing operations Discontinued operations $ (6.99) $ (6.36) 5.11 Net Earnings (Loss) per Subordinate Voting Share for the Year $ 3.47 $ (1.5)

6 CONSOLIDATED STATEMENTS OF CASH FLOWS Year ended December Operating Activities Loss for the year from continuing operations Adjustments to loss from continuing operations: Provision for (recovery of) income taxes Interest income Interest expense of operating companies and credit strategies Earnings before interest and provision for (recovery of) income taxes Cash taxes paid Items not affecting cash and cash equivalents: Amortization of property, plant and equipment Amortization of intangible assets and deferred charges Increase in value of investments in joint ventures and associates at fair value, net Stock-based compensation expense Other gains Foreign exchange loss Impairment of goodwill, intangible assets and long-lived assets, net Limited Partners Interests charge Change in carried interest Change in provisions Other Changes in non-cash working capital items: Accounts receivable Inventories Other current assets Accounts payable, accrued liabilities and other current liabilities Increase (decrease) in cash and cash equivalents due to changes in non-cash working capital items Increase in other operating activities Cash flows from operating activities of discontinued operations Financing Activities Issuance of long-term debt Repayment of long-term debt Cash interest paid Cash dividends paid Repurchase of share capital of Onex Corporation Repurchase of share capital of operating companies Contributions by Limited Partners Issuance of share capital by operating companies Proceeds from sale of interests in operating companies under continuing control Proceeds from sale-leaseback transaction Contributions by non-controlling interests for investment in operating company Distributions paid to non-controlling interests and Limited Partners Limited Partnership interest acquired by Onex, the parent company Increase (decrease) due to other financing activities Cash flows from financing activities of discontinued operations Investing Activities Acquisitions, net of cash and cash equivalents in acquired companies of $75 (016 $140) Purchase of property, plant and equipment Proceeds from sale of property, plant and equipment Proceeds from sales of operating companies and businesses no longer controlled Proceeds from sale of investments in joint ventures and associates Distributions received from investments in joint ventures and associates Purchase of investments in joint ventures and associates Payment of contingent consideration Cash interest received Net purchases of investments and securities for credit strategies Net sales (purchases) of investments and securities at parent company and operating companies Increase (decrease) due to other investing activities Cash flows used in investing activities of discontinued operations Increase (Decrease) in Cash and Cash Equivalents for the Year Increase (decrease) in cash due to changes in foreign exchange rates Cash and cash equivalents, beginning of the year continuing operations Cash and cash equivalents, beginning of the year discontinued operations Cash and Cash Equivalents Cash and cash equivalents held by discontinued operations $ (647) (84) (376) 1,1 105 (48) (760) 10 (731) ,350 (39) ,674 (45) $ (619) 107 (349) 88 1 (15) (180) 166 (36) (36) 1,510 (380) (187) (59) 548 (78) ,875 1,91 8,053 (7,8) (1,064) () (93) (54) (,33) (156) 113 6,700 (1,77) (780) (0) (184) (59) 1, (1,151) () 33 (1,590) 850 (974) (7) 3, (6) (8) 367 (944) (691) 3 (40) (,90) (481) (44) (163) 35 (1,007) 666 (68) (55) 683 (,801) Cash and Cash Equivalents Held by Continuing Operations $ 3,376 $, , ,376 (39) (16), ,371 0

7 INFORMATION BY INDUSTRY SEGMENT FOR THE YEAR ENDED DECEMBER 31, 017 Revenues Cost of sales (excluding amortization of property, plant and equipment, intangible assets and deferred charges) Operating expenses Interest income Amortization of property, plant and equipment Amortization of intangible assets and deferred charges Interest expense of operating companies and credit strategies Increase in value of investments in joint ventures and associates at fair value, net Stock-based compensation expense Other gains Other expense Impairment of goodwill, intangible assets and long-lived assets, net Limited Partners Interests charge Electronics Manufacturing $ 6,111 (5,614) (09) (68) (9) (1) (30) (39) Healthcare Imaging $ 1,86 (1,068) (507) (6) (47) (145) (4) 731 (9) Health and Human $ 1,767 (1,340) (304) (30) (16) (1) (4) (8) Insurance $ 775 (696) (6) (46) (7) Packaging Products and $,391 (1,55) (30) (199) (150) (3) (1) (107) () Business and Information $ 1,6 (517) (418) (8) (53) (176) (0) (77) (7) Food Retail and Restaurants $ 4,74 (3,984) (57) 1 (105) (18) (8) (6) (69) (5) Credit Strategies $ 4 (64) 346 (5) (11) (111) (0) Other $ 5,601 (3,873) (1,148) 3 (164) (134) (70) 760 (111) (88) (165) (1,330) Consolidated Total $ 4,497 Earnings (loss) before income taxes and discontinued operations (51) (116) (14) (116) (61) (1,099) (731) Recovery of (provision for) income taxes (7) (61) (4) 84 Earnings (loss) from continuing operations (98) (165) (84) (61) (1,103) (647) Earnings from discontinued operations (a) 3,04 3,04 Net earnings (loss) $ 105 $ 69 $ 58 $ 9 $ (98) $ (165) $ (84) $ (61) $ 1,939 $,395 (17,91) (4,0) 376 (64) (678) (1,1) 760 (178) 731 (707) (187) (1,350) Net earnings (loss) attributable to: Equity holders of Onex Corporation $ 14 $ 630 $ 57 $ 7 $ (99) $ (116) $ (85) $ (61) $,047 $,394 Non-controlling interests (49) 1 (108) 1 Net earnings (loss) $ 105 $ 69 $ 58 $ 9 $ (98) $ (165) $ (84) $ (61) $ 1,939 $,395 Electronics Manufacturing Health and Human Packaging Products and Business and Information Food Retail and Restaurants As at December 31, 017 Healthcare Imaging Insurance Credit Strategies Other Consolidated Total Total assets $,945 $ 1,31 $ 98 $ 1,54 $ 6,800 $ 5,65 $,094 $ 10,048 $ 13,313 $ 44,679 Long-term debt (b) $ 187 $ 1,13 $ 379 $ 939 $ 3,770 $,566 $ 943 $ 7,877 $ 4,56 $,049 Property, plant and equipment additions (c) $ 95 $ 64 $ 4 $ 6 $ 69 $ 8 $ 48 $ 1 $ 37 $ 75 Intangible assets with indefinite life $ $ 8 $ 1 $ 148 $ 443 $ 458 $ 436 $ $ 343 $,057 Goodwill additions from acquisitions $ $ $ $ 1 $ $ 7 $ $ $ 493 $ 568 Goodwill $ 3 $ 7 $ 78 $ 616 $,37 $,304 $ 30 $ 6 $,156 $ 8,3 (a) Represents the after-tax results of JELD-WEN (up to May 017) and USI (up to May 017). (b) Long-term debt includes current portion, excludes finance leases and is net of financing charges. (c) Amounts for 017 include JELD-WEN (up to May 017) and USI (up to May 017), which are discontinued operations.

8 INFORMATION BY INDUSTRY SEGMENT FOR THE YEAR ENDED DECEMBER 31, 016 Revenues Cost of sales (excluding amortization of property, plant and equipment, intangible assets and deferred charges) Operating expenses Interest income Amortization of property, plant and equipment Amortization of intangible assets and deferred charges Interest expense of operating companies and credit strategies Increase in value of investments in joint ventures and associates at fair value, net Stock-based compensation expense Other gains Other income (expense) Impairment of goodwill, intangible assets and long-lived assets, net Limited Partners Interests charge Electronics Manufacturing $ 6,016 (5,510) (11) 15 (66) (10) (11) (33) (9) Healthcare Imaging $ 1,990 (1,17) (57) (64) (74) (148) (5) 4 () Health and Human $ 1,785 (1,358) (310) (30) (16) (3) 8 (10) Insurance $ 745 (655) (9) (4) (68) 3 (6) Packaging Products and $,414 (1,541) (96) 1 (190) (149) (18) (1) (3) Business and Information $ 55 (180) (176) () (104) (9) (70) (4) Food Retail and Restaurants $ 689 (578) (60) (15) (0) (1) (18) Credit Strategies $ 4 (38) 313 (5) (164) (60) Other $ 3,637 (,614) (760) 18 (71) (115) (138) 180 (145) 8 (10) (587) Consolidated Total $ 17,805 Earnings (loss) before income taxes and discontinued operations (55) (106) (6) 7 (687) (51) Recovery of (provision for) income taxes (5) (30) (15) 3 (41) (7) 13 (5) (107) Earnings (loss) from continuing operations (3) (44) (113) 7 7 (71) (619) Earnings from discontinued operations (a) Net earnings (loss) $ 136 $ 39 $ 8 $ (3) $ (44) $ (113) $ 7 $ 7 $ (19) $ (36) (1,908) (3,033) 349 (447) (518) (88) 180 (194) 36 (1) (3) (647) Net earnings (loss) attributable to: Equity holders of Onex Corporation $ 18 $ 4 $ 7 $ (04) $ (44) $ (75) $ 6 $ 7 $ (17) $ (130) Non-controlling interests (8) (38) Net earnings (loss) $ 136 $ 39 $ 8 $ (3) $ (44) $ (113) $ 7 $ 7 $ (19) $ (36) Electronics Manufacturing Health and Human Packaging Products and Business and Information Food Retail and Restaurants As at December 31, 016 Healthcare Imaging Insurance Credit Strategies Other Consolidated Total Total assets $,8 $ 1,473 $ 995 $ 1,545 $ 6,144 $ 5,765 $,185 $ 7,64 $ 14,360 $ 4,913 Long-term debt (b) $ 6 $ 1,90 $ 41 $ 939 $ 3,447 $,667 $ 886 $ 5,91 $ 6,445 $,863 Property, plant and equipment additions $ 77 $ 58 $ 8 $ 10 $ $ $ 6 $ $ 189 $ 61 Intangible assets with indefinite life $ $ 8 $ $ 148 $ 4 $ 441 $ 436 $ $ 64 $,301 Goodwill additions from acquisitions $ 4 $ 15 $ 1 $ $ 5 $ 1,313 $ 3 $ $ 560 $ 1,91 Goodwill $ 3 $ 338 $ 83 $ 615 $,077 $,03 $ 5 $ 6 $ 3,348 $ 9,174 (a) (b) Represents the after-tax results of JELD-WEN, KraussMaffei (up to April 016), Sitel Worldwide and USI. Long-term debt includes current portion, excludes finance leases and is net of financing charges.

Onex Reports Full-Year 2018 Results

FOR IMMEDIATE RELEASE All amounts in U.S. dollars unless otherwise stated Onex Reports Full-Year 2018 Results Toronto, March 1, 2019 Onex Corporation (TSX: ONEX) today announced its consolidated financial