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At Onex, we all share in the success and failure of our operating companies through the team's significant investment in everything we buy. At March 31, 2013, the value of the team's investment in Onex' businesses and its shares was approximately $1.8 billion.

Managing and Growing Third-Party Capital

Onex earns recurring management fees and/or carried interest on $9.4 billion of third-party assets under management. In 2012, combined management fees and carried interest received offset ongoing operating expenses.

At March 31, 2013, the value of Onex' unrealized carried interest was approximately $58 million based on the traded market values of Onex Partners' public companies and a further $104 million based on the quarter-end valuations of the private businesses. The amount of carried interest ultimately realized by Onex depends on the overall performance of each Fund.

Including the pending acquisition of Nielsen Expositions, Onex Partners III will be more than 90% invested. We are in a position to begin fundraising for Onex Partners IV sometime this year.

We continue to grow our credit investing platform. In March, Onex Credit Partners completed its third CLO offering, raising $512 million, including $24 million from Onex. This increased Onex Credit Partners' third-party capital under management to $2.3 billion. As market conditions permit, we expect Onex Credit Partners to launch additional CLOs, which would represent an additional source of recurring management fees to Onex.

Creating Value for Shareholders

Over time, we hope that the value of Onex' shares reflects both growth in the value of our assets and the intrinsic value of our asset management capabilities. At March 31, 2013, Onex' Subordinate Voting Shares closed at C$48.44, a 16% increase from December 31, 2012. This compares to a 10% increase in the S&P 500 and a 3% increase in the S&P/TSX Composite Index.

The Company paid a first-quarter dividend of C$0.0275 per Subordinate Voting Share on April 30, 2013 to shareholders of record on April 10, 2013. On May 9, Onex' Board of Directors approved a 36% increase in the quarterly dividend to C$0.0375 per Subordinate Voting Share, reflecting the Company's success and ongoing commitment to its shareholders. The increased dividend is payable on July 31, 2013 to shareholders of record on July 10, 2013.

In the first four months of 2013, Onex repurchased 945,400 Subordinate Voting Shares under its Normal Course Issuer Bids for a total cost of C$42 million or an average cost per share of C$44.41.

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 first quarter, revenues increased 6% to $7.2 billion compared to the same period of the prior year. Onex reported a consolidated net loss of $271 million compared to net earnings of $173 million in the first quarter of 2012. Cash used in operations was $68 million in the first quarter of 2013 compared to $263 million of cash generated from operations in the same period of 2012.

Attached are the Unaudited Interim Consolidated Balance Sheets, Statements of Earnings, Statements of Cash Flows and information by industry segment for the quarter ended March 31, 2013 and 2012 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, www.onex.com, and are also available on SEDAR at www.sedar.com. Also attached is the "How We Are Invested" schedule, which details Onex' $5.1 billion of proprietary capital and provides private company performance information.