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Public Companies Shares Subject Shares to Carried Held Market Value Interest by Onex Closing Price of Onex'As at March 31, 2013 (millions) (millions) per Share(10) Investment----------------------------------------------------------------------------Onex Partners Skilled Healthcare Group(11) 10.7 3.5 $ 6.57 $ 23 Spirit AeroSystems(11) 11.9 6.5 $ 18.99 123 TMS International(11) 13.2 9.3 $ 13.20 122 Allison Transmission(11) 33.5 23.4 $ 24.01 563---------------------------------------------------------------------------- 831 Estimated Management Investment Plan Liability (28)---------------------------------------------------------------------------- 803----------------------------------------------------------------------------Direct Investments - Celestica - 17.8(12) $ 8.09 144---------------------------------------------------------------------------- $ 947----------------------------------------------------------------------------
Significant Private Companies Onex' and its Limited Onex' Original Part- Cumul- Econ- Cost of ners' LTM ative omic Onex'As at March 31, Owner- EBITDA Distribu- Owner- Invest- 2013 ship (13) Net Debt tions ship ment----------------------------------------------------------------------------Onex Partners The Warranty Group 91% $113(14) $248(14) $ 338 29% $ 154 Carestream Health 93% 436 1,544 561 37% 186 Tropicana Las Vegas 82% (11) 41 - 18% 70 Tomkins 56% 499(15) 1,547 1,180(16) 14% 315 ResCare 98% 144 336 - 20% 41 JELD-WEN 65%(17) 175(18) 639(18) - 16%(17) 212(19) SGS International 94% 104(20) 591 - 24% 66 USI 91% 255(20) 1,659 - 25% 170(21) BBAM 50% 74 - - 13% 55(22) KraussMaffei 97% EUR 92 EUR 266 - 25% 90---------------------------------------------------------------------------- 1,359----------------------------------------------------------------------------Direct Investments - Sitel Worldwide 70% $ 126 $ 714 $ - 70% 251---------------------------------------------------------------------------- $ 1,610----------------------------------------------------------------------------Notes to Tables(1) Based on the US$ fair value of the investments in Onex Partners' financial statements net of the estimated Management Investment Plan ("MIP") liability on these investments of $55 million (2012 - $39 million). RSI, which was sold in February 2013, was included in private companies of Onex Partners at December 31, 2012.(2) Based on the closing market values and net of the estimated MIP liability on these investments.(3) Represents Onex' share of the unrealized carried interest on public and private companies in the Onex Partners Funds.(4) Based on the C$ fair value of the investments in ONCAP's financial statements net of the estimated MIP liability on these investments of $28 million (2012 - $25 million) and a US$/C$ exchange rate of 1.0160 (2012 - 0.9949).(5) Based on the fair value.(6) Based on the fair value of Onex Real Estate Partners' investments.(7) Based on the market values of investments in Onex Credit Partners' Funds and Onex Credit Partners Collateralized Loan Obligations. Excludes $334 million (2012 - $328 million) invested in a segregated Onex Credit Partners' unleveraged senior secured loan strategy fund, which is included with cash and near-cash items.(8) Includes $334 million (2012 - $328 million) invested in a segregated Onex Credit Partners' unleveraged senior secured loan strategy fund.(9) Calculated on a fully diluted basis.(10) Closing prices on March 31, 2013.(11) Excludes Onex' potential participation in the carried interest and includes shares related to the MIP.(12) Excludes shares held in connection with the MIP.(13) EBITDA is a non-GAAP measure and is based on the local GAAP of the individual operating companies. These adjustments may include non-cash costs of stock-based compensation and retention plans, transition and restructuring expenses including severance payments, the impact of derivative instruments that no longer qualify for hedge accounting, the impacts of purchase accounting and other similar amounts.(14) Amount presented for The Warranty Group is net earnings rather than EBITDA and total debt rather than net debt.(15) LTM EBITDA excludes EBITDA from businesses divested as of March 31, 2013.(16) Onex, Onex Partners III, Onex management, certain limited partners and others received distributions of $663 million from Tomkins.(17) Onex' and its limited partners' investment is in convertible preferred shares. The ownership percentage is presented on an as-converted basis.(18) LTM EBITDA and net debt are presented for JELD-WEN Holding, inc. Net debt excludes $125 million of convertible notes, including accrued interest, held by Onex, Onex Partners III, Onex management, certain limited partners and others. In April 2013, JELD-WEN repaid $54 million of its convertible notes, including accrued interest, and the remaining convertible notes, including accrued interest, were converted into additional equity of JELD-WEN.(19) Net of $83 million of the amount originally invested in JELD-WEN that was sold by Onex to certain limited partners and others as a co- investment in February 2012 and $15 million return of capital on the convertible promissory notes to March 31, 2013.(20) LTM EBITDA for SGS International and USI are presented on a pro-forma basis to reflect the impact of acquired businesses.(21) Net of $84 million of the amount originally invested in USI that was sold by Onex to certain limited partners and others as a co-investment in March 2013.(22) Included in Onex' cost is $5 million that was invested in FLY Leasing Limited (NYSE: FLY) and $8 million that was invested in Meridian Aviation Partners Limited. These investments were made in conjunction with the investment in BBAM.
