Onex Completes Investments in BBAM and FLY

TORONTO, ONTARIO and DUBLIN, IRELAND and SAN FRANCISCO, CALIFORNIA--(Marketwire - Jan. 2, 2013) -

All amounts in U.S. dollars unless otherwise stated

Onex Corporation ("Onex") (TSX:OCX) today announced that it has completed the acquisition of a 50% interest in BBAM, the world's third largest manager of commercial jet aircraft, for $165 million.

Onex and BBAM's management team also completed the purchase of $25 million of newly issued shares of FLY Leasing Limited ("FLY") (NYSE:FLY), a leading global lessor of commercial jet aircraft managed by BBAM. Including this investment and the BBAM management team's existing stake, Onex and management will own approximately 11% of FLY. As part of the transaction, Onex and management's investment in FLY will become subject to a long-term lock-up agreement.

In total, Onex Partners III invested $185 million, of which Onex' share was $47 million as a limited partner in the Fund.

About Onex

With offices in Toronto, New York and London, Onex is one of the oldest and most successful private equity firms. Onex acquires and builds high-quality businesses in partnership with talented management teams. The Company has approximately $14 billion of assets under management, including $4.8 billion of proprietary capital, in private equity, credit securities and real estate. Onex invests its proprietary capital directly and as a substantial limited partner in its Funds.

Onex' businesses have assets of $39 billion, generate annual revenues of $34 billion and employ approximately 235,000 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.

About BBAM

BBAM is a leading player in commercial aircraft leasing, financing and management providing over 200 airline customers in more than 50 countries with fleet and financing solutions over its 20+ year history. In addition, BBAM provides asset management services to leasing companies, aviation investors and financial institutions covering more than 450 aircraft valued in excess of $13 billion. For more information about BBAM, please visit its website at www.bbam.com.

About FLY

FLY is a leading global aircraft lessor. FLY acquires and leases modern, high-demand and fuel-efficient commercial jet aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. For more information about FLY, please visit its website at www.flyleasing.com.

Forward-Looking Statements

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, BBAM and FLY are under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.