Onex Cuts Commitment To Own Fund

Onex Corp. announced that it has secured US$3 billion in third-party capital commitments for its third fund, with a target of $3.5 billion. The firm also announced, however, that it will temporarily reducing its own commitment to the fund from $1 billion to $500 million.

PRESS RELEASE

Onex Corporation (TSX: OCX) announced that at the end of December 2008 it completed the latest closing for its third large-cap private equity fund, Onex Partners III LP. In total, Onex has raised US$3.0 billion of third-party capital for OPIII, more than a 50% increase from the prior Fund, and expects the final tally of third-party commitments to be up to US$3.5 billion.

Onex began drawing management fees from OPIII late in 2008. The current run rate of annual management fees from the Onex Partners family of funds is now over US$75 million.

Separately, Onex recently reduced its commitment to OPIII, on a temporary basis, to approximately $500 million from $1 billion, or 12% from 22% of total expected capital commitments. The Company will invest at the higher percentage for transactions entered into on or before June 30, 2009, and at the reduced percentage after that date. Onex’ decision to reduce its commitment to OPIII reflects its conservative approach to managing its capital base. However, the Company has the right to increase its commitment to future transactions, on six months advance notice to its limited partners, and anticipates doing so when appropriate.

Onex believes that the investing environment will be rich with opportunities in the near future, and will be particularly attractive for value investors like it. With the largest commitment of any investor to OPIII and an 8% carried interest on the US$3.0 billion of third-party capital, Onex remains well positioned to benefit from these opportunities as they arise.

Onex will report its fourth-quarter and full-year results on February 26, 2009.

About Onex

Onex is one of North America’s oldest and most successful private equity firms. 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. In total, Onex manages approximately US$11 billion. Onex generates annual management fee income and is entitled to a carried interest on approximately US$7 billion of third-party capital, and also invests approximately US$4 billion of its own capital directly and as a substantial Limited Partner in its Funds.

Onex’ businesses generate annual revenues of $36 billion, have assets of $42 billion and employ 244,000 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.