TORONTO, Jul 24, 2008 (Canada NewsWire via COMTEX) ----

 << Second Quarter Summary ---------------------- - Revenue of $1,876 million compared to $1,937 million for the
   same period last year - GAAP earnings of $0.17 per share compared to a loss of ($0.08) per share last year - Adjusted net
   earnings of $0.17 per share compared to $0.02 per share last year - Operating margin of 3.0%, gross margin of 6.7% - Inventory
   turnover of 8.7x turns - Return on invested capital including intangibles of 11.8% compared to 3.8% last year - Second quarter
   free cash flow of $54 million, cash balance of $1.203 billion - Third quarter revenue guidance of $1.9 billion - $2.1 billion,
   adjusted net earnings per share of $0.17 - $0.23 >> 

(All amounts in U.S. dollars. Per share information based on diluted

shares outstanding unless noted otherwise.)

TORONTO, July 24 /CNW/ - Celestica Inc. (NYSE, TSX: CLS), a global provider of electronics manufacturing services (EMS), today announced financial results for the second quarter ended June 30, 2008.

Revenue was $1,876 million compared to $1,937 million in the second quarter of 2007. Net earnings on a GAAP basis for the second quarter were $39.8 million or $0.17 per share, compared to GAAP net loss of ($19.2) million or ($0.08) per share for the same period last year.

Adjusted net earnings for the quarter were $38.9 million or $0.17 per share, compared to adjusted net earnings of $4.9 million or $0.02 per share for the same period last year. The term adjusted net earnings is defined as net earnings before other charges, amortization of intangible assets, integration costs related to acquisitions, option expense, option exchange costs and gains or losses on the repurchase of shares and debt, net of tax and significant deferred tax write-offs or recovery (detailed GAAP financial statements and supplementary information related to adjusted net earnings appear at the end of this press release).

These results compare with the company's guidance for the second quarter, announced on April 24, 2008, of revenue of $1.8 billion to $2.0 billion and adjusted net earnings per share of $0.13 to $0.19.

For the six months ended June 30, 2008, revenue was $3,712 million compared to $3,779 million for the same period in 2007. Net earnings on a GAAP basis were $69.6 million or $0.30 per share compared to GAAP net loss of ($53.5) million or ($0.23) per share for the same period last year. Adjusted net earnings for the first half of 2008 were $74.3 million or $0.32 per share compared to adjusted net loss of ($4.2) million or ($0.02) per share for the same period in 2007.

"Celestica's second quarter results demonstrate our ability to deliver further improvements in our financial results despite challenging end markets," said Craig Muhlhauser, President and Chief Executive Officer, Celestica. "Operationally, we are executing well for our customers, and we continue to show improvements in operating margins and return on invested capital. We are continuing to win new business across all of our key market segments, and despite limited end-market visibility, we believe we are well positioned to deliver additional financial improvements throughout the balance of the year."

Outlook

-------

For the third quarter ending September 30, 2008, the company anticipates revenue to be in the range of $1.9 billion to $2.1 billion, and adjusted net earnings per share to range from $0.17 to $0.23.

Second Quarter Webcast

----------------------

Management will host its quarterly results conference call today at 4:30 p.m. Eastern. The webcast can be accessed at www.celestica.com.

Supplementary Information

-------------------------

In addition to disclosing detailed results in accordance with Canadian generally accepted accounting principles (GAAP), Celestica also provides supplementary non-GAAP measures as a method to evaluate the company's operating performance.

Management uses adjusted net earnings as a measure of enterprise-wide performance. As a result of restructuring activities, acquisitions made by the company, fair value accounting for stock options and securities repurchases, management believes adjusted net earnings are a useful measure for the company as well as its investors to facilitate period-to-period operating comparisons and allow the comparison of operating results with its competitors in the U.S. and Asia. Excluded from adjusted net earnings are the effects of other charges (most significantly, restructuring costs and the write-down of goodwill and long-lived assets), acquisition-related charges (amortization of intangible assets and integration costs related to acquisitions), option expense and option exchange costs, gains or losses on the repurchase of shares or debt and the related income tax effect of these adjustments and any significant deferred tax write-offs or recovery. The term adjusted net earnings does not have any standardized meaning prescribed by GAAP and is not necessarily comparable to similar measures presented by other companies. Adjusted net earnings are not a measure of performance under Canadian or U.S. GAAP and should not be considered in isolation or as a substitute for net earnings prepared in accordance with Canadian or U.S. GAAP. The company has provided a reconciliation of adjusted net earnings to Canadian GAAP net earnings below.

About Celestica

---------------

Celestica is dedicated to delivering end-to-end product lifecycle solutions to drive our customers' success. Through our simplified global operations network and information technology platform, we are solid partners who deliver informed, flexible solutions that enable our customers to succeed in the markets they serve. Committed to providing a truly differentiated customer experience, our agile and adaptive employees share a proud history of demonstrated expertise and creativity that provides our customers with the ability to overcome any challenge.

For further information on Celestica, visit its website at http://www.celestica.com.

The company's security filings can also be accessed at http://www.sedar.com and http://www.sec.gov.

Safe Harbour and Fair Disclosure Statement

------------------------------------------

This news release contains forward-looking statements related to our future growth, trends in our industry, our financial and or operational results, and our financial or operational performance. Such forward-looking statements are predictive in nature and may be based on current expectations, forecasts or assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially from the forward-looking statements themselves. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as "believes", "expects", "anticipates", "estimates", "intends", "plans", or similar expressions, or may employ such future or conditional verbs as "may", "will", "should" or "would", or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. The risks and uncertainties referred to above include, but are not limited to: variability of operating results among periods; inability to retain or grow our business due to execution problems resulting from significant headcount reductions, plant closures and product transfers associated with major restructuring activities; the effects of price competition and other business and competitive factors generally affecting the EMS industry, including the trend for outsourcing; rising energy prices; the challenges of effectively managing our operations during uncertain economic conditions; our dependence on a limited number of customers; our dependence on industries affected by rapid technological change; the challenge of responding to lower-than-expected customer demand; our ability to successfully manage our international operations; and the delays in the delivery and/or general availability of various components used in our manufacturing process. These and other risks and uncertainties and factors are discussed in the Company's various public filings at www.sedar.com and www.sec.gov, including our Form 20-F and subsequent reports on Form 6-K filed with the Securities and Exchange Commission. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.

As of its date, this press release contains any material information associated with the company's financial results for the second quarter ended June 30, 2008 and revenue and adjusted net earnings guidance for the third quarter ending September 30, 2008. Revenue and earnings guidance is reviewed by the company's board of directors. Our revenue and earnings guidance is based on various assumptions by management, which management believes are reasonable under the current circumstances, but may prove to be inaccurate, and many of which involve factors that are beyond the control of the Company. The material assumptions may include assumptions regarding the following: forecasts from our customers, which range from 30 to 90 days; timing and investments associated with ramping new business; general economic and market conditions; currency exchange rates; pricing and competition; anticipated customer demand; supplier performance and pricing; commodity, labor, energy and transportation costs; operational and financial matters; technological developments; and the timing and execution of our restructuring plan. These assumptions are based on management's current views with respect to current plans and events, and are and will be subject to the risks and uncertainties referred to above. It is Celestica's policy that revenue and earnings guidance is effective on the date given, and will only be updated through a public announcement.

 << RECONCILIATION OF GAAP TO ADJUSTED
   NET EARNINGS (in millions of U.S. dollars) 2007 2008 Three months ----------------------------- -----------------------------
   ended Adjust- Adjust- June 30 GAAP ments Adjusted GAAP ments Adjusted --------- --------- --------- --------- --------- ---------
   Revenue $1,937.0 $ - $1,937.0 $1,876.3 $ - $1,876.3 Cost of sales(1) 1,846.4 (0.9) 1,845.5 1,750.8 (0.8) 1,750.0 ---------
   --------- --------- --------- --------- --------- Gross profit 90.6 0.9 91.5 125.5 0.8 126.3 SG&A(1) 71.0 (0.5) 70.5 71.6
   (1.4) 70.2 Amortization of intangible assets 5.1 (5.1) - 4.2 (4.2) - Other charges (0.9) 0.9 - 3.6 (3.6) - --------- ---------
   --------- --------- --------- --------- Operating earnings - EBIAT 15.4 5.6 21.0 46.1 10.0 56.1 Interest expense, net 15.3
   - 15.3 10.3 - 10.3 --------- --------- --------- --------- --------- --------- Net earnings before tax 0.1 5.6 5.7 35.8 10.0
   45.8 Income tax expense (recovery) 19.3 (18.5) 0.8 (4.0) 10.9 6.9 --------- --------- --------- --------- --------- ---------
   Net earnings (loss) $ (19.2) $ 24.1 $ 4.9 $ 39.8 $ (0.9) $ 38.9 --------- --------- --------- --------- --------- ---------
   --------- --------- --------- --------- --------- --------- W.A. No. of shares (in millions) - diluted 229.0 229.2 230.4 230.4
   Earnings (loss) per share - diluted $ (0.08) $ 0.02 $ 0.17 $ 0.17 (1) Non-cash option expense included in cost of sales and
   SG&A is added back for adjusted net earnings 2007 2008 Six months ----------------------------- -----------------------------
   ended Adjust- Adjust- June 30 GAAP ments Adjusted GAAP ments Adjusted --------- --------- --------- --------- --------- ---------
   Revenue $3,779.3 $ - $3,779.3 $3,712.0 $ - $3,712.0 Cost of sales(1) 3,610.1 (1.9) 3,608.2 3,471.5 (1.8) 3,469.7 ---------
   --------- --------- --------- --------- --------- Gross profit 169.2 1.9 171.1 240.5 1.8 242.3 SG&A(1) 145.4 (1.1) 144.3
   137.9 (2.1) 135.8 Amortization of intangible assets 11.1 (11.1) - 8.4 (8.4) - Integration costs relating to acquisitions 0.1
   (0.1) - - - - Other charges 6.2 (6.2) - 6.9 (6.9) - --------- --------- --------- --------- --------- --------- Operating
   earnings - EBIAT 6.4 20.4 26.8 87.3 19.2 106.5 Interest expense, net 31.7 - 31.7 19.0 - 19.0 --------- --------- ---------
   --------- --------- --------- Net earnings (loss) before tax (25.3) 20.4 (4.9) 68.3 19.2 87.5 Income tax expense (recovery)
   28.2 (28.9) (0.7) (1.3) 14.5 13.2 --------- --------- --------- --------- --------- --------- Net earnings (loss) $ (53.5)
   $ 49.3 $ (4.2) $ 69.6 $ 4.7 $ 74.3 --------- --------- --------- --------- --------- --------- --------- --------- ---------
   --------- --------- --------- W.A. No. of shares (in millions) - diluted 228.7 228.7 229.7 229.7 Earnings (loss) per share
   - diluted $ (0.23) $ (0.02) $ 0.30 $ 0.32 (1) Non-cash option expense included in cost of sales and SG&A is added back
   for adjusted net earnings GUIDANCE SUMMARY 2Q 08 Guidance 2Q 08 Actual 3Q 08 Guidance(2) -------------- ------------ -----------------
   Revenue $1.8B - $2.0B $1.9B $1.9B - $2.1B Adjusted net EPS $0.13 - $0.19 $0.17 $0.17 - $0.23 (2) Guidance for the third quarter
   is provided only on an adjusted net earnings basis. This is due to the difficulty in forecasting the various items impacting
   GAAP net earnings, such as the amount and timing of our restructuring activities. CELESTICA INC. CONSOLIDATED BALANCE SHEETS
   (in millions of U.S. dollars) December 31 June 30 2007 2008 ------------ ------------ Assets (unaudited) Current assets: Cash
   and cash equivalents................... $ 1,116.7 $ 1,203.0 Accounts receivable......................... 941.2 893.3 Inventories.................................
   791.9 812.0 Prepaid and other assets.................... 126.2 99.4 Income taxes recoverable.................... 19.8 32.9
   Deferred income taxes....................... 3.8 4.0 ------------ ------------ 2,999.6 3,044.6 Property, plant and equipment.................
   466.0 465.1 Goodwill from business combinations........... 850.5 850.5 Intangible assets............................. 35.2
   26.8 Other long-term assets........................ 119.2 118.6 ------------ ------------ $ 4,470.5 $ 4,505.6 ------------
   ------------ ------------ ------------ Liabilities and Shareholders' Equity Current liabilities: Accounts payable............................
   $ 1,029.8 $ 1,024.1 Accrued liabilities......................... 402.6 367.6 Income taxes payable........................
   14.0 18.0 Deferred income taxes....................... - 0.2 Current portion of long-term debt (note 3).. 0.2 - ------------
   ------------ 1,446.6 1,409.9 Long-term debt (note 3)....................... 758.3 758.8 Accrued pension and post-employment
   benefits.. 70.4 71.5 Deferred income taxes......................... 63.3 61.8 Other long-term liabilities...................
   13.7 13.3 ------------ ------------ 2,352.3 2,315.3 Shareholders' equity (note 10): Capital stock...............................
   3,585.2 3,587.6 Warrants.................................... 3.1 3.1 Contributed surplus......................... 190.3 200.9
   Deficit..................................... (1,716.3) (1,646.7) Accumulated other comprehensive income...... 55.9 45.4 ------------
   ------------ 2,118.2 2,190.3 ------------ ------------ $ 4,470.5 $ 4,505.6 ------------ ------------ ------------ ------------
   Guarantees and contingencies (note 11) See accompanying notes to consolidated financial statements. These unaudited interim
   consolidated financial statements should be read in conjunction with the 2007 annual consolidated financial statements. CELESTICA
   INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in millions of U.S. dollars, except per share amounts) (unaudited) Three months
   ended Six months ended June 30 June 30 2007 2008 2007 2008 ----------- ----------- ----------- ----------- Revenue...............
   $ 1,937.0 $ 1,876.3 $ 3,779.3 $ 3,712.0 Cost of sales......... 1,846.4 1,750.8 3,610.1 3,471.5 ----------- ----------- -----------
   ----------- Gross profit.......... 90.6 125.5 169.2 240.5 Selling, general and administrative expenses............. 71.0 71.6
   145.4 137.9 Amortization of intangible assets.... 5.1 4.2 11.1 8.4 Integration costs related to acquisitions......... - -
   0.1 - Other charges (note 4)............. (0.9) 3.6 6.2 6.9 Interest on long-term debt....... 17.6 13.7 35.2 28.2 Interest
   income, net of interest expense.. (2.3) (3.4) (3.5) (9.2) ----------- ----------- ----------- ----------- Earnings (loss)
   before income taxes......... 0.1 35.8 (25.3) 68.3 Income tax expense (recovery): Current............. 6.7 (6.5) 12.2 (1.3)
   Deferred............ 12.6 2.5 16.0 - ----------- ----------- ----------- ----------- 19.3 (4.0) 28.2 (1.3) ----------- -----------
   ----------- ----------- Net earnings (loss) for the period....... $ (19.2) $ 39.8 $ (53.5) $ 69.6 ----------- -----------
   ----------- ----------- ----------- ----------- ----------- ----------- Basic earnings (loss) per share............ $ (0.08)
   $ 0.17 $ (0.23) $ 0.30 Diluted earnings (loss) per share............ $ (0.08) $ 0.17 $ (0.23) $ 0.30 Shares used in computing
   per share amounts: Basic (in millions)...... 229.0 229.2 228.7 229.2 Diluted (in millions)...... 229.0 230.4 228.7 229.7 See
   accompanying notes to consolidated financial statements. These unaudited interim consolidated financial statements should
   be read in conjunction with the 2007 annual consolidated financial statements. CELESTICA INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE
   INCOME (LOSS) (in millions of U.S. dollars) (unaudited) Three months ended Six months ended June 30 June 30 2007 2008 2007
   2008 ----------- ----------- ----------- ----------- Net earnings (loss) for the period....... $ (19.2) $ 39.8 $ (53.5) $
   69.6 Other comprehensive income (loss), net of tax: Foreign currency translation gain (loss)............. (1.7) (3.7) (1.1)
   6.1 Net gain on derivatives designated as cash flow hedges........ 16.8 2.0 16.3 2.4 Net gain on derivatives designated as
   cash flow hedges reclassified to operations......... (2.1) (8.3) (2.4) (19.0) ----------- ----------- ----------- -----------
   Comprehensive income (loss)............... $ (6.2) $ 29.8 $ (40.7) $ 59.1 ----------- ----------- ----------- -----------
   ----------- ----------- ----------- ----------- See accompanying notes to consolidated financial statements. These unaudited
   interim consolidated financial statements should be read in conjunction with the 2007 annual consolidated financial statements.
   CELESTICA INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions of U.S. dollars) (unaudited) Three months ended Six months
   ended June 30 June 30 2007 2008 2007 2008 ----------- ----------- ----------- ----------- Cash provided by (used in): Operations:
   Net earnings (loss) for the period....... $ (19.2) $ 39.8 $ (53.5) $ 69.6 Items not affecting cash: Depreciation and amortization.......
   29.9 27.7 61.9 54.3 Deferred income taxes.............. 12.6 2.5 16.0 - Non-cash charge for option issuances... 1.4 2.2 3.0
   3.9 Restructuring charges............ (4.1) 0.1 (4.1) 0.3 Other charges....... - - (0.6) - Other................. 8.1 6.9
   13.7 12.0 Changes in non-cash working capital items: Accounts receivable......... (98.9) (53.0) 33.3 47.9 Inventories.........
   125.8 (6.1) 243.0 (20.1) Prepaid and other assets............. 11.9 5.4 14.3 15.2 Income taxes recoverable........ 1.3 (17.7)
   (1.1) (13.1) Accounts payable and accrued liabilities........ (13.6) 58.3 (373.4) (58.4) Income taxes payable............
   0.6 2.1 2.0 4.0 ----------- ----------- ----------- ----------- Non-cash working capital changes.... 27.1 (11.0) (81.9) (24.5)
   ----------- ----------- ----------- ----------- Cash provided by (used in) operations....... 55.8 68.2 (45.5) 115.6 -----------
   ----------- ----------- ----------- Investing: Purchase of property, plant and equipment.......... (22.7) (16.5) (36.0) (32.4)
   Proceeds from sale of assets.......... 8.9 2.2 23.3 3.8 Other............... - 0.3 0.1 - ----------- ----------- -----------
   ----------- Cash used in investing activities........... (13.8) (14.0) (12.6) (28.6) ----------- ----------- ----------- -----------
   Financing: Financing costs..... (0.9) - (0.9) - Repayment of long-term debt..... (0.1) (0.2) (0.3) (0.2) Issuance of share
   capital............ 2.1 1.9 3.4 1.9 Other............... (0.2) (2.2) (0.8) (2.4) ----------- ----------- ----------- -----------
   Cash provided by (used in) financing activities........... 0.9 (0.5) 1.4 (0.7) ----------- ----------- ----------- -----------
   Increase (decrease) in cash.............. 42.9 53.7 (56.7) 86.3 Cash, beginning of period............... 704.1 1,149.3 803.7
   1,116.7 ----------- ----------- ----------- ----------- Cash, end of period... $ 747.0 $ 1,203.0 $ 747.0 $ 1,203.0 -----------
   ----------- ----------- ----------- ----------- ----------- ----------- ----------- Supplemental cash flow information (note
   8) See accompanying notes to consolidated financial statements. These unaudited interim consolidated financial statements
   should be read in conjunction with the 2007 annual consolidated financial statements. CELESTICA INC. NOTES TO CONSOLIDATED
   FINANCIAL STATEMENTS (in millions of U.S. dollars, except per share amounts) (unaudited) 1. Basis of presentation: We prepare
   our financial statements in accordance with generally accepted accounting principles (GAAP) in Canada with a reconciliation
   to accounting principles generally accepted in the United States, disclosed in note 20 to the 2007 annual consolidated financial
   statements. 2. Significant accounting policies: The disclosures contained in these unaudited interim consolidated financial
   statements do not include all requirements of Canadian GAAP for annual financial statements. These unaudited interim consolidated
   financial statements should be read in conjunction with the 2007 annual consolidated financial statements. These unaudited
   interim consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present
   fairly our financial position as at June 30, 2008 and the results of operations and cash flows for the three and six months
   ended June 30, 2007 and 2008. These unaudited interim consolidated financial statements are based upon accounting principles
   consistent with those used and described in the 2007 annual consolidated financial statements, except for the following: Changes
   in accounting policies: (i) Inventories: Effective January 1, 2008, we adopted CICA Handbook Section 3031, "Inventories,"
   which requires inventory to be measured at the lower of cost and net realizable value. This standard provides additional guidance
   on the types of costs that can be capitalized and requires the reversal and disclosure of previous inventory write-downs if
   economic circumstances have changed to support higher inventory values. The adoption of this standard did not have a material
   impact on our consolidated financial statements. During the second quarter of 2008, we recorded a net inventory provision
   of $2.2 (first quarter of 2008 - $5.4) to write-down the value of our inventory to net realizable value. This net inventory
   provision is included in cost of sales. There were no significant reversals of previously recorded inventory write-downs during
   the quarter. (ii) Financial instruments: Effective January 1, 2008, we adopted CICA Handbook Section 3862, "Financial instruments
   - disclosures," and Section 3863, "Financial instruments - presentation." These standards provide additional guidance on disclosing
   risks related to recognized and unrecognized financial instruments and how those risks are managed. The adoption of these
   standards did not have a material impact on our consolidated financial statements. Section 3862 requires us to disclose the
   classifications of our financial instruments into the following specific categories: - financial assets held-for-trading -
   loans and receivables - held-for-maturity investments - available-for-sale - financial liabilities financial assets held-for-trading
   - financial liabilities measured at amortized cost The classification of our financial instruments is as follows: Our cash
   and cash equivalents are comprised of cash and short-term investments. See note 8. Most of our short-term investments are
   held-to-maturity, except for investments in highly-liquid mutual funds which are held-for-trading. We classify accounts receivable
   under loans and receivables. Our derivative assets are included in prepaid and other assets and other long-term assets. Our
   derivative liabilities are included in accrued liabilities. The majority of our derivative assets and liabilities arise from
   foreign currency forward contracts and interest rate swap agreements. Our foreign currency forward contracts are recorded
   at fair value and the majority of our foreign currency forward contracts are designated as cash flow hedges. Our interest
   rate swap agreements related to our $500.0 Senior Subordinated Notes due 2011 are recorded at fair value and are designated
   as fair value hedges. See note 9. Accounts payable and the majority of our accrued liabilities, excluding derivative liabilities,
   are classified as financial liabilities which are recorded at amortized cost. Our Senior Subordinated Notes, which are recorded
   in long-term debt, are classified as financial liabilities. See note 3. The carrying values of our Senior Subordinated Notes
   are comprised of elements recorded at fair value and amortized cost. See note 15 to the 2007 annual consolidated financial
   statements. We do not currently have any financial assets designated as available-for-sale. We are exposed to a variety of
   financial risks that we face in the normal course of business. Our financial risk management objectives are described in note
   15 to the 2007 annual consolidated financial statements. The disclosures required by Section 3862 are included in note 12.
   Effective January 1, 2007, we adopted the CICA standards on financial instruments, hedges and comprehensive income. Section
   1530, "Comprehensive income," Section 3855, "Financial instruments - recognition and measurement," Section 3861, "Financial
   instruments - disclosure and presentation," and Section 3865, "Hedges". These disclosures are included in notes 2(s), 7, 10
   and 15 to the 2007 annual consolidated financial statements. On January 1, 2007, we made certain transitional adjustments
   to our consolidated balance sheet which included an adjustment to opening deficit of $6.4. (iii) Capital disclosures: Effective
   January 1, 2008, we adopted CICA Handbook Section 1535, "Capital disclosures," which provides guidance for disclosing information
   about an entity's capital and how it manages its capital. This standard requires the disclosure of the entity's capital management
   objectives, policies and processes. See note 13. The adoption of this standard did not have a material impact on our consolidated
   financial statements. Recently issued accounting pronouncements: Goodwill and intangible assets: In February 2008, the CICA
   issued Handbook Section 3064, "Goodwill and intangible assets," which replaces the existing standards. This revised standard
   establishes guidance for the recognition, measurement and disclosure of goodwill and intangible assets, including internally
   generated intangible assets. This standard is effective for 2009. We are currently evaluating the impact of adopting this
   standard on our consolidated financial statements. International financial reporting standards (IFRS): In February 2008, the
   Canadian Accounting Standards Board announced the adoption of International Financial Reporting Standards for publicly accountable
   enterprises. IFRS will replace Canadian GAAP effective January 1, 2011. IFRS is effective for our first quarter of 2011 and
   will require that we restate our 2010 comparative numbers. We have begun to develop plans to implement the new standards.
   We cannot at this time reasonably estimate the impact of adopting IFRS on our consolidated financial statements. 3. Long-term
   debt: December 31 June 30 2007 2008 ------------ ---------- Secured, revolving credit facility due 2009(a).....................................
   $ - $ - Senior Subordinated Notes due 2011 (2011 Notes)(b)(c).......................... 500.0 500.0 Senior Subordinated Notes
   due 2013 (2013 Notes)(b)............................. 250.0 250.0 Embedded prepayment option at fair value(d).................................
   (6.5) (5.6) Basis adjustments on debt obligation(d)... 6.5 5.9 Unamortized debt issue costs(b)........... (9.6) (8.5) Fair
   value adjustment of 2011 Notes attributable to interest rate risks(d)................................. 17.9 17.0 ------------
   ---------- 758.3 758.8 Capital lease obligations.................... 0.2 - ------------ ---------- 758.5 758.8 Less current
   portion......................... 0.2 - ------------ ---------- $ 758.3 $ 758.8 ------------ ---------- ------------ ----------
   (a) We have a revolving credit facility for $300.0 which matures in April 2009. There were no borrowings outstanding under
   this facility at June 30, 2008. Commitment fees for the second quarter of 2008 were $0.5 ($0.9 - first half of 2008). The
   facility has restrictive covenants relating to debt incurrence and sale of assets and also contains financial covenants that
   require us to maintain certain financial ratios. We were in compliance with all covenants at June 30, 2008. Based on the required
   financial ratios at June 30, 2008, we have full access to the $300.0 available under this facility. We also have uncommitted
   bank overdraft facilities available for operating requirements which total $49.5 at June 30, 2008. There were no borrowings
   outstanding under these facilities at June 30, 2008. (b) In June 2004, we issued the 2011 Notes with an aggregate principal
   amount of $500.0 and a fixed interest rate of 7.875%. We are now entitled to redeem the 2011 Notes at various premiums above
   face value. In June 2005, we issued the 2013 Notes with an aggregate principal amount of $250.0 and a fixed interest rate
   of 7.625%. We will be entitled to redeem the 2013 Notes on or after July 1, 2009 at various premiums above face value. The
   2011 and 2013 Notes are unsecured and are subordinated in right of payment to all our senior debt. The 2011 and 2013 Notes
   have restrictive covenants that limit our ability to pay dividends, repurchase our own stock or repay debt that is subordinated
   to these Notes. These covenants also place limitations on debt incurrence, the sale of assets and our ability to incur additional
   debt. We were in compliance with all covenants at June 30, 2008. (c) In connection with the 2011 Notes, we entered into agreements
   to swap the fixed interest rate with a variable interest rate based on LIBOR plus a margin. The average interest rate on the
   2011 Notes was 5.7% and 6.7%, respectively, for the second quarter and first half of 2008 (8.4% - second quarter and first
   half of 2007). The fair value of the interest rate swap agreements is disclosed in note 9(ii). (d) The prepayment options
   in the 2011 and 2013 Notes qualify as embedded derivatives which must be bifurcated for reporting under the financial instruments
   standards. As of June 30, 2008, the fair value of the embedded derivative asset is $5.6 and is recorded against long-term
   debt. The decrease in the fair value of the embedded derivative asset of $0.9 for the first half of 2008 is recorded as an
   increase in interest expense on long-term debt. As a result of bifurcating the prepayment option from these Notes, a basis
   adjustment is added to the cost of the long-term debt. This basis adjustment is amortized over the term of the debt using
   the effective interest rate method. The amortization of the basis adjustment of $0.6 for the first half of 2008 is recorded
   as a reduction of interest expense on long-term debt. The change in the fair value of the debt obligation attributable to
   movement in the benchmark interest rates resulted in a gain of $0.9 for the first half of 2008, which reduced interest expense
   on long-term debt. 4. Other charges: Three months Six months ended ended June 30 June 30 2007 2008 2007 2008 ------- ------
   ------ ------- 2001 to 2004 restructuring(a)....... $ 0.9 $ 0.6 $ 0.5 $ 0.9 2005 to 2009 restructuring(b)....... 1.6 3.0 10.0
   6.0 ------- ------ ------ ------ Total restructuring................. 2.5 3.6 10.5 6.9 Other...............................
   (3.4) - (4.3) - ------ ------ ------ ------- $(0.9) $ 3.6 $ 6.2 $ 6.9 ------ ------ ------ ------- ------ ------ ------ -------
   (a) 2001 to 2004 restructuring: In 2001, we announced a restructuring plan as a result of the weak end-markets in the enterprise
   computing and telecommunications industries. In response to the prolonged difficult end-market conditions, we announced a
   second restructuring plan in July 2002. The weak demand for our manufacturing services resulted in an accelerated move to
   lower-cost geographies and additional restructuring in the Americas and Europe. In January 2003, we announced further reductions
   to our manufacturing capacity in Europe. In 2004, we announced plans to further restructure our operations to better align
   capacity with customers' requirements. These restructuring actions were focused on consolidating facilities, reducing the
   workforce, and transferring programs to lower-cost geographies. The majority of the employees terminated were manufacturing
   and plant employees. For leased facilities that were no longer used, the lease costs included in the restructuring costs represent
   future lease payments less estimated sublease recoveries. Adjustments were made to lease and other contractual obligations
   to reflect incremental cancellation fees paid for terminating certain facility leases and to reflect higher accruals for other
   leases due to delays in the timing of sublease recoveries and changes in estimated sublease rates, relating principally to
   facilities in the Americas. We have completed the major components of these restructuring plans, except for certain long-term
   lease and other contractual obligations, which will be paid out over the remaining lease terms through 2015. The restructuring
   liability is recorded in accrued liabilities. Details of the lease and other contractual obligations accrual are as follows:
   Total accrued 2008 liability charge ----------- ---------- December 31, 2007..................... $ 26.8 $ - Cash payments.........................
   (1.7) - Adjustments........................... 0.3 0.3 ----------- ---------- March 31, 2008........................ 25.4
   0.3 Cash payments......................... (1.8) - Adjustments........................... 0.6 0.6 ----------- ---------- June
   30, 2008 $ 24.2 $ 0.9 ----------- ---------- ----------- ---------- (b) 2005 to 2009 restructuring: In January 2005, we announced
   plans to further improve capacity utilization and accelerate margin improvements. These restructuring actions included facility
   closures and a reduction in workforce, primarily targeting our higher-cost geographies where end-market demand had not recovered
   to the levels required to achieve sustainable profitability. We expected to complete these restructuring actions by the end
   of 2006. In the fourth quarter of 2006, we identified additional restructuring actions. These restructuring actions included
   additional downsizing of the workforce to reflect the volume reductions at certain facilities and to reduce overhead costs,
   which we expected to complete in 2007. In the fourth quarter of 2007, we identified additional restructuring actions to drive
   further operational improvements throughout our manufacturing network. These restructuring actions will reduce our workforce
   and will include the closure of certain facilities. We plan to consolidate the programs from the facilities we close into
   our other facilities. As we complete these restructuring actions, our overall utilization and operating efficiency should
   improve, allowing us to service our customers through more cost-effective facilities. As we finalize the detailed plans of
   these restructuring actions, we will recognize the related charges. We estimate the additional restructuring charges will
   be in the range of $50 to $75 which will be recorded throughout 2008 and 2009. We expect to complete these actions during
   the second half of 2009. As of June 30, 2008, we have recorded termination costs, incurred since 2005, relating to approximately
   8,800 employees, primarily operations and plant employees. Approximately 8,600 of these employees have been terminated as
   of June 30, 2008. Approximately 60% of the employee terminations have been in the Americas, 30% in Europe and 10% in Asia.
   Our lease and other contractual obligations will be paid out over the remaining lease terms through 2010. The restructuring
   liability is recorded in accrued liabilities. Details of the 2008 activity are as follows: Lease and other Facility Employee
   cont- exit Total termi- ractual costs accrued nation oblig- and liab- Non-cash 2008 costs ations other ility charge charge
   -------- -------- -------- -------- -------- -------- December 31, 2007.. $ 9.0 $ 9.7 $ 0.6 $ 19.3 $ 58.7 $ - Cash payments
   ..... (7.1) (1.1) (0.8) (9.0) - - Provisions......... 2.4 - 0.4 2.8 0.2 3.0 -------- -------- -------- -------- -------- --------
   March 31, 2008..... 4.3 8.6 0.2 13.1 58.9 3.0 Cash payments...... (2.8) (1.0) (0.3) (4.1) - - Provisions......... 3.2 (0.7)
   0.4 2.9 0.1 3.0 -------- -------- -------- -------- -------- -------- June 30, 2008...... $ 4.7 $ 6.9 $ 0.3 $ 11.9 $ 59.0
   $ 6.0 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Restructuring
   summary: We expect to incur and record restructuring charges of between $50 and $75 throughout 2008 and 2009. During the first
   half of 2008, we recorded restructuring charges of $6.9. We expect to complete these actions during the second half of 2009.
   As of June 30, 2008, we have approximately $23 in assets that are available-for-sale, primarily land and buildings, as a result
   of the restructuring actions we have implemented. We have programs underway to sell these assets. 5. Pension and non-pension
   post-employment benefit plans: We have recorded the following pension expense: Three months Six months ended ended June 30
   June 30 2007 2008 2007 2008 ------- ------ ------ ------- Pension plans................... $ 5.3 $ 4.6 $ 10.3 $ 9.6 Other
   benefit plans............. 1.7 1.9 3.4 3.8 ------- ------ ------- ------- Total expense................... $ 7.0 $ 6.5 $ 13.7
   $ 13.4 ------- ------ ------- ------- ------- ------ ------- ------- 6. Stock-based compensation and other stock-based payments:
   We have granted stock options as part of our long-term incentive plans. The estimated fair value of options is amortized to
   expense over the vesting period, on a straight-line basis, and was determined using the Black-Scholes option pricing model
   with the following weighted average assumptions: Three months Six months ended ended June 30 June 30 2007 2008 2007 2008 -------
   --------- ---------- ---------- Risk-free rate................... 4.8% 3.0%-3.2% 4.5%-4.8% 2.3%-3.2% Dividend yield...................
   0.0% 0.0% 0.0% 0.0% Volatility factor of the expected market price of our shares................... 36%-48% 42%-44% 35%-52%
   42%-59% Expected option life (in years)...................... 4.0-5.5 4.0-5.5 4.0-5.5 4.0-5.5 Weighted average fair value
   of options granted.............. $2.71 $3.75 $2.55 $3.25 Compensation expense relating to the fair value of options granted
   for the three and six months ended June 30, 2008 was $2.2 and $3.9, respectively (three and six months ended June 30, 2007
   was $1.4 and $3.0, respectively). Our stock-based compensation plans are described in note 9 to the 2007 annual consolidated
   financial statements. 7. Segment information: The accounting standards establish the criteria for the disclosure of certain
   information in the interim and annual financial statements regarding operating segments, products and services and major customers.
   Operating segments are defined as components of an enterprise for which separate financial information is available that is
   regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance.
   Our operating segment is comprised of our electronics manufacturing services business. Our chief operating decision maker
   is our Chief Executive Officer. (i) The following table indicates revenue by end market as a percentage of total revenue.
   Our revenue fluctuates from period to period depending on numerous factors, including but not limited to: seasonality of business;
   the level of business from new, existing and disengaging customers; the level of program wins or losses; the phasing in or
   out of programs; and changes in customer demand. Three months Six months ended ended June 30 June 30 2007 2008 2007 2008 -------
   ------ ------ ------- Enterprise communications....... 29% 27% 31% 27% Consumer........................ 18% 23% 18% 23% Servers.........................
   20% 17% 19% 17% Telecommunications.............. 14% 15% 14% 15% Storage......................... 11% 10% 11% 10% Industrial,
   aerospace and defense.................... 8% 8% 7% 8% (ii) For the second quarter and first half of 2008, no customer represented
   more than 10% of total revenue (second quarter and first half of 2007 -- two customers). 8. Supplemental cash flow information:
   Three months Six months ended ended June 30 June 30 Paid during the period 2007 2008 2007 2008 ------- ------ ------ -------
   Interest(a)...................... $ 4.9 $ 1.3 $ 40.6 $ 33.9 Taxes(b)......................... $ 5.1 $ 9.0 $ 11.9 $ 7.9 (a)
   This includes interest paid on the 2011 and 2013 Notes. Interest on these Notes is payable in January and July of each year
   until maturity. See notes 3 (b) and (c). The interest paid on the 2011 Notes reflect the amounts received or paid relating
   to the interest rate swap agreements. (b) Cash taxes paid is net of any income taxes recovered. December 31 June 30 Cash is
   comprised of the following: 2007 2008 ------------- ----------- Cash..................................... $ 328.7 $ 229.3
   Short-term investments................... 788.0 973.7 ------------- ----------- $ 1,116.7 $ 1,203.0 ------------- -----------
   ------------- ----------- 9. Derivative financial instruments: (i) We enter into foreign currency contracts to hedge foreign
   currency risks relating to cash flow. At June 30, 2008, we had forward exchange contracts covering various currencies in an
   aggregate notional amount of $488.4. All derivative financial instruments are recorded at fair value on our consolidated balance
   sheet. The fair value of these contracts at June 30, 2008 was a net unrealized gain of $3.4 (December 31, 2007 - net unrealized
   gain of $20.0). As of June 30, 2008, $9.1 of derivative assets are recorded in prepaid and other assets, $5.6 of derivative
   liabilities are recorded in accrued liabilities, and $0.1 of derivative liabilities are recorded in other long-term liabilities
   relating to our hedges against foreign currency risks. The decrease in the fair value of these forward exchange contracts
   is primarily due to the settlement of certain foreign currency forwards, with significant gains, during the first half of
   2008. (ii) In connection with the issuance of our 2011 Notes in June 2004, we entered into agreements to swap the fixed rate
   of interest for a variable interest rate. The notional amount of the agreements is $500.0. The agreements mature in July 2011.
   See note 3(c). Payments or receipts under the swap agreements are recorded in interest expense on long-term debt. The fair
   value of the interest rate swap agreements at June 30, 2008 was an unrealized gain of $8.8, which is recorded in other long-term
   assets (December 31, 2007 - unrealized gain of $8.7). The increase in the fair value of the swap agreements of $0.1 for the
   first half of 2008 is recorded as a reduction of interest expense on long-term debt. Fair value hedge ineffectiveness arises
   when the change in the fair values of our swap agreements, hedged debt obligation and its embedded derivatives, and the amortization
   of the related basis adjustments, do not offset each other during a reporting period. The fair value hedge ineffectiveness
   for our 2011 Notes is recorded in interest expense on long-term debt and amounted to a loss of $0.4 for the first half of
   2008. This fair value hedge ineffectiveness is driven primarily by the difference in the credit risk used to value our hedged
   debt obligation as compared to the credit risk used to value our interest rate swaps. 10. Shareholders' equity: Capital Contributed
   stock Warrants surplus Deficit ----------- ----------- ----------- ----------- Balance - December 31, 2006.. $ 3,576.6 $ 8.4
   $ 179.3 $(1,696.2) Change in accounting policy (note 2(ii))....... - - - (6.4) Shares issued....... 8.6 - - - Warrants cancelled..
   - (5.3) 5.3 - Stock-based costs... - - 5.1 - Other............... - - 0.6 - Net loss for 2007... - - - (13.7) -----------
   ----------- ----------- ----------- Balance - December 31, 2007.. $ 3,585.2 $ 3.1 $ 190.3 $(1,716.3) ----------- -----------
   ----------- ----------- ----------- ----------- ----------- ----------- Capital Contributed stock Warrants surplus Deficit
   ----------- ----------- ----------- ----------- Balance - December 31, 2007.. $ 3,585.2 $ 3.1 $ 190.3 $ (1,716.3) Shares issued.......
   2.4 - - - Stock-based costs... - - 10.1 - Other............... - - 0.5 - Net earnings for the first half of 2008. - - - 69.6
   ----------- ----------- ----------- ------------ Balance - June 30, 2008...... $ 3,587.6 $ 3.1 $ 200.9 $ (1,646.7) -----------
   ----------- ----------- ------------ ----------- ----------- ----------- ----------- Year ended Six months Accumulated other
   comprehensive income, December 31 June 30 net of tax 2007 2008 ------------- ----------- Opening balance of foreign currency
   translation account..................... $ - $ 35.2 Transitional adjustment - January 1, 2007......................... 26.5
   - Foreign currency translation gain........ 8.7 6.1 ------------- ----------- Closing balance.......................... $
   35.2 $ 41.3 Opening balance of unrealized net gain on cash flow hedges............ $ - $ 20.7 Transitional adjustment - January
   1, 2007......................... (0.5) - Net gain on cash flow hedges(1).......... 37.5 2.4 Net gain on cash flow hedges reclassified
   to operations(2)........... (16.3) (19.0) ------------- ----------- Closing balance(3) $ 20.7 $ 4.1 ------------- -----------
   Accumulated other comprehensive income $ 55.9 $ 45.4 ------------- ----------- ------------- ----------- (1) Net of income
   tax expense of $0.1 and $0.7, respectively, for the three and six months ended June 30, 2008 ($0.2 income tax expense for
   2007). (2) Net of income tax benefit of $0.3 and $0.6, respectively, for the three and six months ended June 30, 2008 (no
   income tax for 2007). (3) Net of income tax expense of $0.3 as of June 30, 2008 ($0.2 income tax expense as of December 31,
   2007). 11. Guarantees and contingencies: We have contingent liabilities in the form of letters of credit, letters of guarantee,
   and surety and performance bonds which we have provided to various third parties. These guarantees cover various payments,
   including customs and excise taxes, utility commitments and certain bank guarantees. At June 30, 2008, these contingent liabilities
   amounted to $72.1 (December 31, 2007 - $74.4). In addition to the above guarantees, we have also provided routine indemnifications,
   the terms of which range in duration and often are not explicitly defined. These may include indemnifications against adverse
   impacts due to changes in tax laws and patent infringements by third parties. We have also provided indemnifications in connection
   with the sale of certain businesses and real property. The maximum potential liability from these indemnifications cannot
   be reasonably estimated. In some cases, we have recourse against other parties to mitigate our risk of loss from these indemnifications.
   Historically, we have not made significant payments relating to these types of indemnifications. Litigation: In the normal
   course of our operations, we are subject to litigation and claims from time to time. We may also be subject to lawsuits, investigations
   and other claims, including environmental, labor, product, customer disputes and other matters. Management believes that adequate
   provisions have been recorded in the accounts where required. Although it is not possible to estimate the extent of potential
   costs, if any, management believes that the ultimate resolution of such contingencies will not have a material adverse impact
   on our results of operations, financial position or liquidity. In 2007, securities class action lawsuits were commenced against
   us and our former Chief Executive and Chief Financial Officers, in the United States District Court of the Southern District
   of New York by certain individuals, on behalf of themselves and other unnamed purchasers of our stock, claiming that they
   were purchasers of our stock during the period January 27, 2005 through January 30, 2007. The plaintiffs allege violations
   of United States federal securities laws and seek unspecified damages. They allege that during the purported class period
   we made statements concerning our actual and anticipated future financial results that failed to disclose certain purportedly
   material adverse information with respect to demand and inventory in our Mexican operations and our information technology
   and communications divisions. In an amended complaint, the plaintiffs have added one of our directors and Onex Corporation
   as defendants. A parallel class proceeding has also been issued against us and our former Chief Executive and Chief Financial
   Officers, in the Ontario Superior Court of Justice, but neither leave nor certification of the action has been granted by
   that court. We believe that the allegations in these claims are without merit and we intend to defend against them vigorously.
   However, there can be no assurance that the outcome of the litigation will be favorable to us or will not have a material
   adverse impact on our financial position or liquidity. In addition, we may incur substantial litigation expenses in defending
   these claims. We have liability insurance coverage that may cover some of the expense of defending these cases, as well as
   potential judgments or settlement costs. Income taxes: We are subject to tax audits by local tax authorities. Tax authorities
   could challenge the validity of our inter-company transactions, including financing and transfer pricing policies which generally
   involve subjective areas of taxation and a significant degree of judgment. If any of these tax authorities are successful
   in challenging our inter-company transactions, our income tax expense may be adversely affected and we could also be subject
   to interest and penalty charges. In connection with ongoing tax audits in Canada, tax authorities have taken the position
   that income reported by one of our Canadian subsidiaries in 2001 should have been materially higher as a result of certain
   inter-company transactions. The successful pursuit of that assertion could result in that subsidiary owing significant amounts
   of tax, interest and possibly penalties. We believe we have substantial defenses to the asserted position and have adequately
   accrued for any probable potential adverse tax impact. However, there can be no assurance as to the final resolution of this
   claim and any resulting proceedings, and if this claim and any ensuing proceedings are determined adversely to us, the amounts
   we may be required to pay could be material. 12. Financial instruments - financial risks: We have exposures to the following
   financial risks arising from financial instruments. (a) Currency risk: See note 15(a) to the 2007 annual consolidated financial
   statements. Due to the nature of our international operations, we are exposed to exchange rate fluctuations on our financial
   instruments denominated in various foreign currencies. Our major currency exposures, as of June 30, 2008, are summarized in
   USD equivalents in the following table. The local currency amounts have been converted to USD equivalents using the spot rates
   as of June 30, 2008. Chinese Canadian Euro renminbi dollar -------- --------- --------- Cash and cash equivalents.................
   $ 5.6 $ 41.3 $ 88.2 Accounts receivable....................... 4.2 25.2 0.1 Other financial assets(i)................. 541.0
   5.1 7,421.6 Accounts payable and accrued liabilities.. (7.4) (26.5) (58.2) Other financial liabilities(i)............ (521.4)
   (1.5) (7,421.6) -------- -------- ----------- Net financial assets...................... $ 22.0 $ 43.6 $ 30.1 -------- ---------
   --------- -------- --------- --------- (i) This includes foreign currency denominated inter-company loans. A one-percentage
   point strengthening or weakening of the following currencies against the U.S. dollar for our financial instruments denominated
   in non-functional currencies as of June 30, 2008 has the following impact: Chinese Canadian Euro renminbi dollar --------
   --------- --------- Increase (decrease) 1% Strengthening Net earnings........................... $ 0.2 $ 0.4 $ 0.3 Other comprehensive
   income............. (0.3) - 1.9 1% Weakening Net earnings........................... (0.2) (0.4) (0.3) Other comprehensive
   income............. - - (1.8) (b) Interest rate risk: See note 15(b) to the 2007 annual consolidated financial statements.
   (c) Credit risk: See notes 2(e), 15(c) and 18 to the 2007 annual consolidated financial statements. The carrying amount of
   financial assets recorded in the financial statements, net of any allowances or reserves for losses, represents our estimate
   of maximum exposure to credit risk. As of June 30, 2008, less than 1% of our gross accounts receivable are over 90 days past
   due. Accounts receivable are net of an allowance for doubtful accounts of $12.9 at June 30, 2008 (December 31, 2007 - $21.5).
   (d) Liquidity risk: See note 15(d) to the 2007 annual consolidated financial statements. The majority of our financial liabilities
   recorded in accounts payable and accrued liabilities are due within 90 days. The repayment schedule of our long-term debt
   obligations is included in note 7 to the 2007 annual consolidated financial statements. Our foreign currency forward contracts
   generally extend for periods ranging from one to 15 months. See note 15 to the 2007 annual consolidated financial statements.
   13. Capital management: Our main objectives in managing our capital resources are to ensure liquidity and to have funds available
   for working capital or other investments required to grow our business. Our capital resources consist of cash, short-term
   investments, access to credit facilities, senior subordinated notes and share capital. We manage our capitalization levels
   and make adjustments, as available, for changes in economic conditions. We have full access to a $300.0 credit facility and
   we can sell up to $250.0, on a committed basis, under an accounts receivable sales program to provide short-term liquidity.
   Our credit facility has restrictive covenants relating to debt incurrence and the sale of assets. The facility also contains
   financial covenants that may limit the available amount of debt that can be incurred under the facility. We closely monitor
   our business performance to evaluate compliance with our covenants. Our 2011 and 2013 Notes also have restrictions on financing
   activities. We continue to monitor and review the most cost-effective methods for raising capital, taking into account these
   restrictions and covenants. There were no significant changes to our capital structure during the first half of 2008. We have
   not distributed, nor do we currently plan to distribute, any dividends to our shareholders. Our strategy on capital risk management
   has not changed since year end. Other than the restrictive covenants associated with our debt obligations noted above, we
   are not subject to any contractual or regulatorily imposed capital requirements. While some of our international operations
   are subject to government restrictions on the flow of capital into and out of their jurisdictions, these restrictions have
   not had a material impact on our operations. >> 

%SEDAR: 00010284E

SOURCE: Celestica Inc.

Laurie
   Flanagan, Celestica Global Communications, (416) 448-2200, media@celestica.com; Paul Carpin, Celestica Investor Relations,
   (416) 448-2211, clsir@celestica.com 

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