-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 CqRMBrQF4cC042vZhiR/afBdQl95v4TcRDROIbnMUVcpAqL8HHilG/XNm46CUCsE
 8xoJrJ1bPqauZur0IfHAyQ==

<SEC-DOCUMENT>0001047469-04-009202.txt : 20040324
<SEC-HEADER>0001047469-04-009202.hdr.sgml : 20040324
<ACCEPTANCE-DATETIME>20040324162232
ACCESSION NUMBER:		0001047469-04-009202
CONFORMED SUBMISSION TYPE:	F-3/A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20040324

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CELESTICA INC
		CENTRAL INDEX KEY:			0001030894
		STANDARD INDUSTRIAL CLASSIFICATION:	PRINTED CIRCUIT BOARDS [3672]
		IRS NUMBER:				980185558
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-113728
		FILM NUMBER:		04687576

	BUSINESS ADDRESS:	
		STREET 1:		12 CONCORD PL
		STREET 2:		7TH FL
		CITY:			ONTARIO CANADA
		STATE:			A6
		ZIP:			M3C 1V7
		BUSINESS PHONE:		416442211
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3/A
<SEQUENCE>1
<FILENAME>a2131966zf-3a.htm
<DESCRIPTION>FORM F-3/A
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#04TOR1293_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="CENTER"><FONT SIZE=1><B>As filed with the Securities and Exchange Commission on March&nbsp;24, 2004.  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=1><B> Registration No.&nbsp;333-113728  </B></FONT></P>


<P><FONT SIZE=1><B> <hr noshade width=100% align=left size=4>
<hr noshade width=100% align=left size=1>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=1><B>Washington,&nbsp;D.C. 20549  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=3><B>PRE-EFFECTIVE AMENDMENT NO.&nbsp;1<BR>
TO  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>FORM F-3<BR>  </B></FONT><FONT SIZE=1><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=5><B>CELESTICA&nbsp;INC.<BR>  </B></FONT><FONT SIZE=1>(Exact name of Registrant as specified in its charter) </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=1><B>Ontario, Canada</B></FONT><BR>
<FONT SIZE=1><I>(State or other Jurisdiction of<BR>
incorporation or organization)</I></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=1><B>N/A</B></FONT><BR>
<FONT SIZE=1><I>(I.R.S. Employer Identification No.)</I></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP"><BR><FONT SIZE=1><B>1150 Eglinton Avenue East, Toronto, Ontario Canada M3C&nbsp;1H7<BR>
(416)&nbsp;448-5800</B></FONT><BR>
<FONT SIZE=1><I>(Address, including postal code, and telephone number, including<BR>
area code, of registrant's principal executive offices)</I></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP"><BR><FONT SIZE=1><B>KAYE SCHOLER&nbsp;LLP<BR>
Attention: Managing Attorney<BR>
425 Park Avenue, New&nbsp;York, New&nbsp;York 10022<BR>
(212)&nbsp;836-8000</B></FONT><BR>
<FONT SIZE=1><I>(Name, address, including zip code, and telephone number, including area code, of agent for service)</I></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=1><B>Copies to:</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%" ALIGN="CENTER"><FONT SIZE=1>LYNN TOBY FISHER, ESQ.<BR>
JOEL I. GREENBERG, ESQ.<BR>
Kaye Scholer&nbsp;LLP<BR>
425 Park Avenue<BR>
New&nbsp;York, N.Y. 10022<BR>
(212)&nbsp;836-8000</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="45%" ALIGN="CENTER"><FONT SIZE=1>I. BERL NADLER, ESQ.<BR>
PATRICK E. MOYER, ESQ.<BR>
Davies, Ward, Phillips&nbsp;&amp; Vineberg&nbsp;LLP<BR>
1 First Canadian Place,<BR>
Toronto, Ontario<BR>
Canada M5X&nbsp;1B1<BR>
(416)&nbsp;863-0900</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=1><B>Approximate date of commencement of proposed sale to the public:</B></FONT><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;From time to time after
the effective date of this Registration Statement as determined by market conditions. </FONT></P>

<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of
1933, check the following box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT> </FONT></P>

<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, please check the following box and
list the Securities Act registration number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>


<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If delivery of the prospectus is expected to be made pursuant to Rule&nbsp;434, please check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=1><B>The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the
Registrant shall file&nbsp;a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities
Act or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section&nbsp;8(a), may determine.  </B></FONT></P>


<P><FONT SIZE=1><B> <hr noshade width=100% align=left size=1>
<hr noshade width=100% align=left size=4>  </B></FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=1,EFW="2131966",CP="CELESTICA",DN="1",CHK=42086,FOLIO='blank',FILE='DISK026:[04TOR3.04TOR1293]BA1293A.;14',USER='RRICKEN',CD='23-MAR-2004;18:27' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><B>SUBJECT TO COMPLETION, DATED MARCH 24, 2004  </B></FONT></P>

<P><FONT SIZE=2>PROSPECTUS
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The information in this prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities
and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not
permitted.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>CELESTICA&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1,142,824
SUBORDINATE VOTING SHARES </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus relates to resales of subordinate voting shares that are issuable upon the exercise of warrants issued by Manufacturers' Services Limited, or MSL. We assumed these
warrants as a result of the merger of MSL into Celestica&nbsp;(USA)&nbsp;Inc., one of our wholly-owned subsidiaries, on March&nbsp;12, 2004. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will not receive any proceeds from the sale of the subordinate voting shares offered by the selling shareholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
selling shareholders identified in this prospectus, or their pledgees, donees, transferees or other successors-in-interest, may offer the subordinate voting
shares from time-to-time through public or private transactions at prevailing market prices,
at prices related to prevailing market prices or at privately negotiated prices. See the section entitled "Plan of Distribution" in this prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
shares are traded on the New&nbsp;York Stock Exchange and the Toronto Stock Exchange under the symbol "CLS". On March&nbsp;12, 2004, the last reported sale price of our
subordinate voting shares on the New&nbsp;York Stock Exchange was $17.10 per share. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>See the section entitled "Risk Factors" beginning on page&nbsp;6 for&nbsp;information you should consider before buying the subordinate voting
shares.</B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this
prospectus or any accompanying prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.</B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2>The
date of this prospectus is March&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2004 </FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=2,EFW="2131966",CP="CELESTICA",DN="1",CHK=224418,FOLIO='blank',FILE='DISK026:[04TOR3.04TOR1293]BE1293A.;11',USER='RRICKEN',CD='23-MAR-2004;20:48' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_bg1293_1_2"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bg1293_table_of_contents"> </A>
<A NAME="toc_bg1293_1"> </A>
<BR></FONT><FONT SIZE=2><B>TABLE OF CONTENTS    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="82%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="93%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="LEFT"><FONT SIZE=1><B>Page<BR> </B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>2</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>ABOUT THIS PROSPECTUS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>3</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>CELESTICA&nbsp;INC.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>4</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>ABOUT THE OFFERINGS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>RISK FACTORS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>USE OF PROCEEDS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>14</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>SELLING STOCKHOLDERS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>14</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>CAPITALIZATION</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>18</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>PLAN OF DISTRIBUTION</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>18</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>MATERIAL UNITED STATES AND CANADIAN FEDERAL INCOME TAX CONSEQUENCES</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>19</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>DESCRIPTION OF SHARE CAPITAL</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>20</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>UNDERWRITERS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>21</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>LEGAL MATTERS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>21</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>EXPERTS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>21</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="93%"><FONT SIZE=2>WHERE YOU CAN FIND MORE INFORMATION</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>21</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>You should rely only on the information incorporated by reference or provided in this prospectus or any prospectus supplement. We have not authorized anyone to
provide you with information different from that contained in this prospectus. Our selling shareholders named in this prospectus are not making an offer to sell, or seeking offers to buy, these
securities in any state where offers and sales are not permitted. You should not assume that the information contained in this prospectus or any prospectus supplement is accurate as of any date other
than the date on the front of those documents.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>In this prospectus, "Celestica," "the company," "we," "us" and "our" refer to Celestica&nbsp;Inc. and its subsidiaries.</B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
furnish our shareholders with annual reports containing financial statements prepared in accordance with Canadian generally accepted accounting principles audited by our independent
accountants, with a reconciliation of those financial statements to United&nbsp;States generally accepted accounting principles. We will make available copies of quarterly reports for each of the
first three quarters of each fiscal year containing interim unaudited consolidated financial information. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
dollar amounts in this prospectus are expressed in United&nbsp;States dollars, except where we state otherwise. In this prospectus, unless we state otherwise, all references to
"U.S.$" or "$" are to U.S.&nbsp;dollars. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada
has no system of exchange controls. There are no Canadian restrictions on the repatriation of capital or earnings of a Canadian public company to non-resident
investors. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bg1293_cautionary_statement_re__bg102420"> </A>
<A NAME="toc_bg1293_2"> </A>
<BR></FONT><FONT SIZE=2><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus and the documents incorporated by reference into this prospectus contain forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 that involve risks and uncertainties, as well as assumptions, that, if they never materialize or prove incorrect, could cause our results to differ materially from those
expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
projections of earnings, revenues or other financial items;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
statements of the plans, strategies and objectives of management for future operations;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
statements concerning proposed new products, services or developments;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
statements regarding future economic conditions or performance; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=3,EFW="2131966",CP="CELESTICA",DN="1",CHK=424119,FOLIO='2',FILE='DISK026:[04TOR3.04TOR1293]BG1293A.;12',USER='RRICKEN',CD='23-MAR-2004;20:48' -->
<A NAME="page_bg1293_1_3"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
statements of belief; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
statements of assumptions underlying any of the foregoing. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
risks, uncertainties and assumptions referred to above include risks that are described in the section entitled "Risk Factors" and in the documents we incorporate into this
prospectus by reference. If any of these risks or uncertainties materialize or any of these assumptions prove incorrect, our results could differ materially from the expectations in these statements.
We are not under any obligation and do not intend to update our forward-looking statements. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bg1293_about_this_prospectus"> </A>
<A NAME="toc_bg1293_3"> </A>
<BR></FONT><FONT SIZE=2><B>ABOUT THIS PROSPECTUS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission utilizing a "shelf" registration process. Under this
shelf registration process, our selling shareholders named in this prospectus may offer up to 1,142,824 subordinate voting shares in one or more offerings. In making your investment decision, it is
important for you to consider the information contained in this prospectus as well as the information we incorporate in this prospectus by reference and any additional information described under the
section entitled "Where You Can Find More Information." </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=4,EFW="2131966",CP="CELESTICA",DN="1",CHK=622924,FOLIO='3',FILE='DISK026:[04TOR3.04TOR1293]BG1293A.;12',USER='RRICKEN',CD='23-MAR-2004;20:48' -->
<BR>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ca1293_1_4"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1293_celestica_inc."> </A>
<A NAME="toc_ca1293_1"> </A>
<BR></FONT><FONT SIZE=2><B>CELESTICA&nbsp;INC.    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a world leader in the delivery of innovative electronics manufacturing services, or EMS. We operate a highly sophisticated global manufacturing network
with operations in Asia, Europe and the Americas, providing a broad range of integrated services and solutions to leading original equipment manufacturers, or OEMs. A recognized leader in quality,
technology and supply chain management, we provide competitive advantage to its customers by improving time-to-market, scalability and manufacturing efficiency. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
serve the computer and communications markets, as well as diversified markets such as aerospace and defense, automotive, consumer, industrial, medical and mobile communications. Some
of our customers include industry leaders such as Avaya, Cisco Systems, Dell, EMC Corporation, Hewlett-Packard, IBM, Lucent, Motorola, NEC Corporation and Sun Microsystems. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
principal executive office is located at 1150 Eglinton Avenue East, Toronto, Ontario, Canada M3C&nbsp;1H7 and our telephone number is (416)&nbsp;448-5800. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=5,EFW="2131966",CP="CELESTICA",DN="1",CHK=242317,FOLIO='4',FILE='DISK026:[04TOR3.04TOR1293]CA1293A.;10',USER='FALVARE',CD='18-MAR-2004;13:50' -->
<A NAME="page_ca1293_1_5"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1293_about_the_offerings"> </A>
<A NAME="toc_ca1293_2"> </A>
<BR></FONT><FONT SIZE=2><B>ABOUT THE OFFERINGS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our selling shareholders named in this prospectus may offer subordinate voting shares that are issued upon the exercise of warrants originally issued by MSL. We
assumed these warrants as a result of the merger of MSL into Celestica&nbsp;(USA)&nbsp;Inc., one of our wholly-owned subsidiaries, on March&nbsp;12, 2004. We refer to our acquisition of MSL as
the MSL&nbsp;Merger. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
securities may be offered directly to one or more purchasers, through agents designated from time to time, or to or through underwriters or dealers. For more information, please
see the section entitled "Plan of Distribution." </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="80%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><BR><FONT SIZE=2> Subordinate voting shares offered by our selling shareholders</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
1,142,824 shares</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=2> Use of proceeds</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
We will not receive any proceeds from the sale of subordinate voting shares in this offering</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=2> New&nbsp;York Stock Exchange symbol</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
CLS</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=6,EFW="2131966",CP="CELESTICA",DN="1",CHK=399783,FOLIO='5',FILE='DISK026:[04TOR3.04TOR1293]CA1293A.;10',USER='FALVARE',CD='18-MAR-2004;13:50' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_da1293_1_6"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da1293_risk_factors"> </A>
<A NAME="toc_da1293_1"> </A>
<BR></FONT><FONT SIZE=2><B>RISK FACTORS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The subordinate voting shares being offered by this prospectus involve a degree of risk. You should carefully consider the following risk factors and all of the
other information contained in this prospectus, as well as the information incorporated in this prospectus and the additional information described under the section entitled "Where You Can Get More
Information" before you buy any of the subordinate voting shares sold pursuant to this prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da1293_risks_related_to_our_business"> </A>
<A NAME="toc_da1293_2"> </A>
<BR></FONT><FONT SIZE=2><B>Risks Related to Our Business    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B><I>Our operating results fluctuate, which could have an adverse effect on the market price of our subordinate voting&nbsp;shares.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our annual and quarterly results have fluctuated in the past. The causes of these fluctuations may similarly affect us in the future. These fluctuations may have
an adverse effect on the market price of our subordinate voting shares. Our operating results may fluctuate in the future as a result of many factors, including: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
volume of orders received relative to our manufacturing capacity;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>fluctuations
in material costs and the mix in material costs versus labor and manufacturing overhead costs; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>variations
in the level and timing of orders placed by a customer due to the customer's attempts to balance its inventory, changes in the customer's manufacturing strategy
and variation in demand for the customer's products. These changes can result from life cycles of customer products, competitive conditions, and general economic conditions. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
one of the following factors or combinations of these factors could also affect our results of operations for a financial period: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
level of price competition as a result of the highly competitive nature of our business;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
past experience in manufacturing a particular product;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
degree of automation we use in the assembly process;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>whether
we are managing our inventories and fixed assets effectively;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
customer and end-market concentrations;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
timing of our expenditures in anticipation of increased sales;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>increased
or unexpected expenses associated with the shifting of products between manufacturing locations, including transfer delays from higher cost locations;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>customer
product delivery requirements and shortages of components or labor;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
shifting of production by our customers from our operations to one of our competitor's operations, and;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
timing of, and the price we pay for, our acquisitions and related integration costs. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, most of our customers typically do not commit to firm production schedules for more than 30 to 90&nbsp;days in advance. Accordingly, we cannot forecast the level of
customer orders with certainty. This makes it difficult to order appropriate levels of materials and to schedule production and maximize utilization of our manufacturing capacity. In the past, we have
been required to increase staffing, purchase materials, and incur other expenses to meet the anticipated demand of our customers. Sometimes these anticipated orders from certain customers have failed
to materialize, and sometimes delivery schedules have been deferred as a result of changes in the customer's business needs. On other occasions, customers have required rapid and sudden increases in
production which have placed an excessive burden on our manufacturing capacity. Deferred delivery schedules result in a delay, and may result in a reduction in our revenue from these customers, and
also may lead to excess capacity at affected facilities. Also, certain customers may be unable to pay us or otherwise meet their commitments under their agreements or purchase orders with us. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=7,EFW="2131966",CP="CELESTICA",DN="1",CHK=573895,FOLIO='6',FILE='DISK026:[04TOR3.04TOR1293]DA1293A.;8',USER='FALVARE',CD='18-MAR-2004;13:50' -->
<A NAME="page_da1293_1_7"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
of these factors or a combination of these factors could have a material adverse effect on our results of operations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prospective
investors should not rely on results of operations in any past period to indicate what our results will be for any future period. </FONT></P>

<P><FONT SIZE=2><B><I>We have had recent operating losses and may experience losses in future periods.  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We generated net earnings in each of the years from 1993 through 1996, and in 1999 and 2000. We recorded net losses of $6.9&nbsp;million in 1997,
$48.5&nbsp;million in 1998, $39.8&nbsp;million in 2001, $445.2&nbsp;million in 2002 and $101.0&nbsp;million in the nine months ended September&nbsp;30, 2003. In 1997, we incurred
$13.3&nbsp;million of integration costs related to acquisitions and a $13.9&nbsp;million credit loss, with these charges totaling $27.2&nbsp;million ($17.0&nbsp;million after income taxes). In
1998, we incurred $8.1&nbsp;million of integration costs related to acquisitions, a $41.8&nbsp;million write-down of intellectual property and goodwill, a write-off of
deferred financing fees and debt redemption fees of $17.8&nbsp;million, and $5.1&nbsp;million of charges related to the acquisition of IMS with these charges totaling $72.8&nbsp;million
($56.5&nbsp;million after income taxes). In 2001, we incurred $22.8&nbsp;million of integration costs related to acquisitions, $237.0&nbsp;million of restructuring charges, and a
$36.1&nbsp;million write-down of certain assets, primarily goodwill and intangible assets, with these charges totaling $295.9&nbsp;million ($245.2&nbsp;million after income taxes).
In 2002, we incurred $21.1&nbsp;million of integration costs related to acquisitions, $385.4&nbsp;million of restructuring charges, a $285.4&nbsp;million write-down of certain
assets, primarily goodwill and intangible assets, and $9.6&nbsp;million in deferred financing costs and debt redemption fees, with these charges totaling $701.5&nbsp;million ($582.2&nbsp;million
after income taxes). In the nine months ended September&nbsp;30, 2003, we incurred $69.1&nbsp;million of restructuring
charges ($63.9&nbsp;million after income taxes). We estimate total pre-tax restructuring charge of between $90.0&nbsp;million and $95.0&nbsp;million, to be recorded during 2003. If
end-market conditions were to weaken significantly from current levels, we may undertake additional restructuring activities, thereby reducing profitability in future periods. We may not
be profitable in future periods. </FONT></P>

<P><FONT SIZE=2><B><I>We are exposed to changes in general economic conditions that can adversely impact our business, operating results, and financial condition.  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of unfavorable general economic conditions and reduced demand for technology capital goods, our sales have been particularly volatile in recent
quarters. Specifically, since the first fiscal quarter of 2001, we have seen declines in the demand for products in the end-markets that we serve. If global economic conditions in the
markets we serve do not improve, we may experience a continued material adverse impact on our business, operating results and financial condition. </FONT></P>

<P><FONT SIZE=2><B><I>Acts of terrorism and other political and economic developments could adversely affect our business.  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increased international political instability, evidenced by the threat or occurrence of terrorist attacks, enhanced national security measures, sustained military
presence in Iraq, other conflicts in the Middle East and Asia, strained international relations arising from these conflicts, and the related decline in consumer confidence and continued economic
weakness, may hinder our ability to do business and may adversely affect our stock price. Any escalation in these events or similar future events may disrupt our operations or those of our customers
and suppliers and may affect the availability of materials needed to manufacture our products or the means to transport those materials to manufacturing facilities and finished products to customers.
These events have had and may continue to have an adverse impact on the U.S. and world economy in general and customer confidence and spending in particular, which in turn adversely affects our
revenues and results of operations. The impact of these events on the volatility of the U.S. and world financial markets could increase the volatility in our stock price and may limit the capital
resources available to us and our customers or suppliers. </FONT></P>

<P><FONT SIZE=2><B><I>Our results can be adversely affected by limited availability of components.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A significant portion of our costs reflects component purchases. All of the products we manufacture require one or more components that we order from
sole-source suppliers of these particular components. Supply shortages for a particular component can delay production and thus delay revenue of all products using that component or cause
price increases in the services we provide. In the past, we have secured sufficient allocations </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=8,EFW="2131966",CP="CELESTICA",DN="1",CHK=506855,FOLIO='7',FILE='DISK026:[04TOR3.04TOR1293]DA1293A.;8',USER='FALVARE',CD='18-MAR-2004;13:50' -->
<A NAME="page_da1293_1_8"> </A>
<BR>

<P><FONT SIZE=2>of
constrained components so that revenue was not materially impacted. In addition, at various times there have been industry-wide shortages of electronic components. Such shortages, or
future fluctuations in material costs, may have a material adverse effect on our business or cause our results of operations to fluctuate from period to period. Also, we rely on a variety of common
carriers for materials transportation and to route materials through various world ports. A work stoppage, strike or shutdown of a major port or airport could result in manufacturing and shipping
delays or expediting charges, which could have a material adverse effect on our results of operations. </FONT></P>

<P><FONT SIZE=2><B><I>Our dependence on the computing and communication industries makes us vulnerable to downturns affecting these&nbsp;industries.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our financial performance depends on our customers' viability, financial stability and the demand for our customers' end-market products. Our
customers, in turn, depend substantially on the growth of the computing and communications industries. These industries are characterized by rapidly changing technologies and shortening product life
cycles. These industries have been experiencing severe revenue erosion, pricing and margin pressures, excess inventories and increased difficulty in attracting capital. These factors affecting the
computing and communications industries in general, and the impact these factors might have from time to time on our customers in particular, could continue to have a material adverse effect on our
business. </FONT></P>

<P><FONT SIZE=2><B><I>Failure of our customers to timely pay amounts owed to us may adversely affect our results of operations.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We generally provide payment terms ranging from 30 to 45&nbsp;days. As a result, we generate significant accounts receivable from sales to our customers, which
from December&nbsp;31,&nbsp;2001 through December&nbsp;31, 2003 represented 22% to 26% of current assets. Accounts receivable from sales to customers at September&nbsp;30, 2003 was
$658.7&nbsp;million (December&nbsp;31, 2002&nbsp;&#151;&nbsp;$785.9&nbsp;million; December&nbsp;31,
2001&nbsp;&#151;&nbsp;$1,054.1&nbsp;million). At December&nbsp;31, 2002, one customer represented 28% of total accounts receivable (December&nbsp;31,
2001&nbsp;&#151;&nbsp;two customers represented 14% and 26% of total accounts receivable, respectively). If any of our customers have insufficient liquidity, we may encounter
significant delays or defaults in payments owed to us by customers, which may have an adverse effect on our financial condition and results of operations. We regularly review our accounts receivable
valuations and makes adjustments when necessary. Our allowance for doubtful accounts at September&nbsp;30, 2003 was $52.5&nbsp;million
(December&nbsp;31, 2002&nbsp;&#151;&nbsp;$62.4&nbsp;million; December&nbsp;31, 2001&nbsp;&#151;&nbsp;$74.6&nbsp;million), which represented 7.4%
of the gross accounts receivable balance (December&nbsp;31, 2002&nbsp;&#151;&nbsp;7.4%; December&nbsp;31, 2001&nbsp;&#151;&nbsp;6.6%). Historically,
the credit-related accounts receivable adjustments have not been significant to our results of operations. For the nine months ended September&nbsp;30, 2003, we wrote off accounts receivable of
$13.3&nbsp;million (December&nbsp;31, 2002&nbsp;&#151;&nbsp;$30.0&nbsp;million; December&nbsp;31, 2001&nbsp;&#151;&nbsp;$11.8&nbsp;million)
against the allowance for doubtful accounts in the normal course of&nbsp;business. </FONT></P>

<P><FONT SIZE=2><B><I>We depend on a limited number of customers.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our three largest customers for the nine months ended September&nbsp;30, 2003 were IBM Corporation, Sun Microsystems&nbsp;Inc. and Lucent
Technologies&nbsp;Inc., each of which represented more than 10% of our revenue for that period. Our top ten customers collectively represented 76% of our revenue for the nine months ended
September&nbsp;30, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
three largest customers in 2002 were IBM Corporation, Sun Microsystems&nbsp;Inc. and Lucent Technologies&nbsp;Inc., each of which represented more than 10% of our total 2002
revenue and collectively represented 48% of our total 2002 revenue. Our next seven largest customers collectively represented 37% of our total revenue in 2002. IBM Corporation, Sun
Microsystems&nbsp;Inc. and Lucent Technologies&nbsp;Inc., our three largest customers in 2001, each represented more than 10% of our total 2001 revenue and collectively represented 55% of our
total 2001 revenue. Our next seven largest customers represented 29% of total 2001 revenue. We expect to continue to depend upon a relatively small number of customers for a significant percentage of
our revenue. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
mix of business with customers in higher complexity communications and infrastructure products had a major impact on our results in 2002 and 2003 as spending in these areas was
adversely affected. We saw the biggest declines in revenues from our top 10 customers, which represent over 80% of our business. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=9,EFW="2131966",CP="CELESTICA",DN="1",CHK=209430,FOLIO='8',FILE='DISK026:[04TOR3.04TOR1293]DA1293A.;8',USER='FALVARE',CD='18-MAR-2004;13:50' -->
<A NAME="page_da1293_1_9"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than in the case of asset acquisitions, which we refer to as "OEM divestitures," we generally do not enter into long-term supply commitments with our customers.
Instead, we bid on a project basis and have supply contracts or purchase orders in place for each project. We are dependent on customers to fulfill the terms associated with these order and/or
contracts. Significant reductions in, or the loss of, sales to any of our largest customers would have a material adverse effect on us. OEM divestitures often entail long-term supply
agreements between us and the OEM customer, and we are similarly dependent on customers to fulfill their obligations under these contracts. </FONT></P>

<P><FONT SIZE=2><B><I>Our customers may cancel their orders, change production quantities or delay production which could have an adverse effect on our results of operations.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our customers are increasingly dependent on EMS providers for new product introductions and rapid response times to volume requirements. We generally do not
obtain firm, long-term purchase commitments from our customers and we often experience reduced lead-times in customers' orders. Customers may cancel their orders, change
production quantities, or delay production for a number of reasons. The uncertain economic condition of our customers' end markets and general order volume volatility has resulted, and may continue to
result, in some of our customers delaying or canceling the delivery of some of the products we manufacture for them, and placing purchase orders for lower volumes of products than previously
anticipated. Cancellation, reduction or delays by a significant customer, or by a group of customers, would seriously harm our results of operations by reducing the volumes of products manufactured
and delivered by us for the customers in that period. Such order changes could also cause a delay in the repayment to us for inventory expenditures we incur in preparation for the customer orders.
Order cancellations and delays could also lower asset utilization, resulting in higher productive assets and lower margins. </FONT></P>

<P><FONT SIZE=2><B><I>If we fail to successfully restructure our operations our financial condition and results of operations would be adversely affected.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have undertaken numerous initiatives to restructure and reduce our capacity in response to the difficult economic climate, with the intention of improving
utilization and realizing cost savings in the future. These initiatives have included changing the number and location of our production facilities, largely to align our capacity and infrastructure
with anticipated customer demand, and to rationalize our global manufacturing network. This alignment includes transferring programs from higher cost geographies to lower cost geographies. The process
of restructuring entails, among other activities, moving product production between facilities, reducing staff levels, realigning our business processes and reorganizing our management. Any failure to
successfully execute these initiatives can have a material adverse impact on our results. If, in the future, our customer demand falls, or we are required to reduce prices, at a rate exceeding the
rate at which we are able to reduce our costs by restructuring our operations, this could have a material adverse impact on our operating results. </FONT></P>

<P><FONT SIZE=2><B><I>We may not be able to restructure quickly enough in some of our key manufacturing regions, such as Europe.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have operations in multiple regions around the world. As a result, we are subject to different regulatory requirements governing how quickly we are able to
reduce manufacturing capacity and terminate related employees, and these requirements are particularly stringent in Europe. Restrictions on our ability to close under-performing facilities will result
in higher expenses associated with carrying excess capacity and infrastructure during our restructuring activities. </FONT></P>

<P><FONT SIZE=2><B><I>We may need to move an increased portion of our manufacturing base to lower cost regions and failure to successfully do so could have a material adverse
effect on our financial condition and results of operations.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the significant and severe weakness in technology end markets over the past few years, our customers require significant cost reductions in order to maintain
sales and improve their financial performance. This environment has resulted in an accelerated movement of our production from higher cost regions such as North America and western Europe to lower
cost regions such as Asia, Latin America and Central Europe. This accelerated move could impact current and future results by such factors as increasing the risks associated with transferring
production to new regions where skills or experience may be more limited than in higher cost </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=4,SEQ=10,EFW="2131966",CP="CELESTICA",DN="1",CHK=226264,FOLIO='9',FILE='DISK026:[04TOR3.04TOR1293]DA1293A.;8',USER='FALVARE',CD='18-MAR-2004;13:50' -->
<A NAME="page_da1293_1_10"> </A>
<BR>

<P><FONT SIZE=2>regions,
higher operating expenses during the transition, and additional restructuring costs associated with the decrease in production levels in higher cost geographies. </FONT></P>


<P><FONT SIZE=2><B><I>Any failure of ours to successfully manage our international operations would have a material adverse effect on our financial condition and results of
operations.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2002 and the first nine months of 2003, approximately 40% and 50%, respectively, of our revenue was produced from locations outside of North America. In
addition, we purchased material from international suppliers for much of our business, including our North American business. We believe that our future growth depends in large part on our ability to
increase our business in international markets and, as described above, the shift of much of our production to lower cost geographies. We will continue to expand our operations outside of North
America. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
expansion will require significant management attention and financial resources. International operations are subject to inherent risks, which may adversely affect us, including: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>labor
unrest;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>unexpected
changes in regulatory requirements;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>tariffs,
import and export duties, value-added taxes and other barriers;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>less
favorable intellectual property laws;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>difficulties
in staffing and managing foreign sales and support operations;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>longer
accounts receivable payment cycles and difficulties in collecting payments;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>changes
in local tax rates and other potentially adverse tax consequences, including the cost of repatriation of earnings;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>lack
of acceptance of locally manufactured products in foreign countries;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>burdens
of complying with a wide variety of foreign laws, including changing import and export regulations which could erode our profit margins or restrict exports;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>adverse
changes in Canadian and U.S.&nbsp;trade policies with the other countries in which we maintain operations;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>political
instability;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>potential
restrictions on the transfer of funds;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>inflexible
employee contracts that restrict our flexibility in responding to business downturns; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>foreign
exchange risks. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have either purchased or built manufacturing facilities in numerous Asian countries, including Thailand, Malaysia, China, Indonesia and Singapore, and is subject to the significant
political, economic and legal risks associated with doing business in these countries. For instance, under our current leadership, the Chinese government has instituted a policy of economic reform
which has included encouraging foreign trade and investment, and greater economic decentralization. However, the Chinese government may discontinue or change these policies, and these policies may not
be successful. Moreover, despite progress in developing its legal system, China does not have a comprehensive and highly developed system of laws, particularly as it relates to foreign investment
activities and foreign trade. Enforcement of existing and future laws and contracts is uncertain, and implementation and interpretation of such laws may be inconsistent. As the Chinese legal system
develops, new laws and changes to existing laws may adversely affect foreign operations in China. While Hong Kong has had a long history of promoting foreign investment, its incorporation into China
means that the uncertainty related to China and its policies may now also affect Hong Kong. Thailand and Indonesia have also had a long history of promoting foreign investment but have experienced
economic and political turmoil and a significant devaluation of their currencies in the recent past. There is a risk that economic and political turmoil may result in the reversal of the current
policies encouraging foreign investment and trade, restrictions on the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=5,SEQ=11,EFW="2131966",CP="CELESTICA",DN="1",CHK=210048,FOLIO='10',FILE='DISK026:[04TOR3.04TOR1293]DA1293B.;6',USER='FALVARE',CD='18-MAR-2004;13:50' -->
<A NAME="page_da1293_1_11"> </A>
<BR>

<P><FONT SIZE=2>transfer
of funds overseas, employee turnover, labor unrest, or other domestic problems that could adversely affect us. </FONT></P>

<P><FONT SIZE=2><B><I>Our recent capacity reduction activities and manufacturing restructuring programs may impact our ability to meet the growth needs of our customers.  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the significant and severe weakness in technology end markets over the past few years, we have experienced poor asset utilization and responded by
significantly reducing our manufacturing infrastructure. If our customers were to experience sharp and unforecasted improvements in demand, the removal of this infrastructure could potentially impact
customer satisfaction and limit our ability to grow if we are not able to respond to higher volumes required by our customers. </FONT></P>

<P><FONT SIZE=2><B><I>We face financial risks due to foreign currency fluctuations.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal currency in which we conduct our operations is U.S.&nbsp;dollars. However, some of our subsidiaries transact business in foreign currencies, such
as Canadian dollars, Mexican pesos, British pounds sterling, Euros, Singapore dollars, Japanese yen, Chinese renminbi, Czech lcoruna and the Thai baht. We may sometimes enter into hedging transactions
to minimize our exposure to foreign currency and interest rate risks. Our current hedging activity is designed to reduce the variability of our foreign currency costs and consists of contracts to
purchase or sell these foreign currencies at future dates. In general, these contracts extend for periods of up to 25&nbsp;months. Our hedging transactions may not successfully minimize foreign
currency risk. </FONT></P>

<P><FONT SIZE=2><B><I>If we are unable to recruit or retain highly skilled personnel our business could be adversely affected.  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The recruitment of personnel for the EMS industry is highly competitive. We believe that our future success will depend, in part, on our ability to continue to
attract and retain highly skilled executive, technical and management personnel. We generally do not have employment or non-competition agreements with our employees. To date we have been
successful in recruiting and retaining executive, managerial and technical personnel. However, the loss of services of certain of these employees could have a material adverse effect on us. </FONT></P>

<P><FONT SIZE=2><B><I>We are in a highly competitive industry which has resulted in lower prices, reduced gross margin and loss&nbsp;of&nbsp;revenue.  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are in a highly competitive industry. We compete against numerous domestic and foreign companies. Two of our competitors, Flextronics International and
Solectron Corporation, each had revenue in excess of $12.0&nbsp;billion for fiscal 2002 and one of our competitors, Sanmina-SCI Corporation, had revenue in excess of $8.0&nbsp;billion
for fiscal 2002. We also face indirect competition from the manufacturing operations of our current and prospective customers, which continually evaluate the merits of manufacturing products
internally rather than using electronic manufacturing services providers. Some of our competitors have more geographically diversified international operations, a greater production presence in lower
cost geographies as well as substantially greater manufacturing, financial, procurement, research and development, and marketing resources than we have. These competitors may create alliances and
rapidly acquire significant market share. Accordingly, our current or potential competitors may develop or acquire services comparable or superior to those we develop, combine or merge to form
significant competitors, or adapt more quickly than we will to new technologies, evolving industry trends and changing customer requirements. Competition has caused and may continue to cause price
reductions, reduced profits, or loss of market share, any of which could materially and adversely affect us. We may not be able to compete successfully against current and future competitors, and the
competitive pressures that we face may materially adversely affect us. The EMS industry has been experiencing an increase in excess manufacturing capacity. This has and will continue to exert
additional pressures on pricing for components and services, thereby increasing the competitive pressures in the EMS industry. Excess capacity will limit the industry's ability to attain economics of
scale and other synergies. </FONT></P>

<P><FONT SIZE=2><B><I>We may not be able to increase revenue if the trend of outsourcing by OEMs&nbsp;slows.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future growth in our revenue depends on new outsourcing opportunities in which we assume additional manufacturing and supply chain management responsibilities
from OEMs.&nbsp;To the extent that these opportunities </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>

<!-- ZEQ.=6,SEQ=12,EFW="2131966",CP="CELESTICA",DN="1",CHK=238720,FOLIO='11',FILE='DISK026:[04TOR3.04TOR1293]DA1293B.;6',USER='FALVARE',CD='18-MAR-2004;13:50' -->
<A NAME="page_da1293_1_12"> </A>
<BR>

<P><FONT SIZE=2>are
not available, either because OEMs&nbsp;decide to perform these functions internally or because they use other EMS providers, our future growth will be limited. </FONT></P>

<P><FONT SIZE=2><B><I>We may be unable to keep pace with technology changes.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continue to evaluate the advantages and feasibility of new manufacturing processes. Our future success will depend in part upon our ability to develop and to
market manufacturing services which meet changing customer needs, to maintain technological leadership, and to successfully anticipate or respond to technological changes in production and
manufacturing processes in cost-effective and timely ways. Our manufacturing processes, test development efforts and design capabilities may not be successful. </FONT></P>

<P><FONT SIZE=2><B><I>Our customers may be adversely affected by rapid technological change which can adversely impact our business.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our customers compete in markets that are characterized by rapidly changing technology, evolving industry standards, and continuous improvements in products and
services. These conditions frequently result in short product life cycles. Our success will depend largely on the success achieved by our customers in developing and marketing their products. If
technologies or standards supported by our customers' products become obsolete or fail to gain widespread commercial acceptance, our business could be materially adversely affected. </FONT></P>

<P><FONT SIZE=2><B><I>We may be unable to protect our intellectual property.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that certain of our proprietary intellectual property rights and information gives us a competitive advantage. Accordingly, we have taken, and intend
to continue to take, appropriate steps to protect this proprietary information. These steps include signing non-disclosure agreements with customers, suppliers, employees and other
parties, and implementing strict security measures. Our protection measures may not be sufficient to prevent the misappropriation or unauthorized disclosure of our property or information. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is also a risk that infringement claims may be brought against us or our customers in the future. If someone does successfully assert an infringement claim, we may be required to
spend significant time and money to develop a manufacturing process that does not infringe upon the rights of such other person or to obtain licenses for the technology, process or information from
the owner. We may not be successful in such development or any such licenses may not be available on commercially acceptable terms, if at all. In addition, any litigation could be lengthy and costly
and could adversely affect us even if we are successful in such litigation. </FONT></P>

<P><FONT SIZE=2><B><I>We are subject to the risk of increased income taxes which would adversely affect our results of operations.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our business operations are carried on in a number of countries, including countries where: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>tax
incentives have been extended to encourage foreign investment; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>income
tax rates are low. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
develop our tax position based upon the anticipated nature and conduct of our business and the tax laws, administrative practices and judicial decisions now in effect in the countries
in which we have assets or conduct business. All of these are subject to change or differing interpretations, possibly with retroactive effect. Any such change could increase our income taxes. </FONT></P>

<P><FONT SIZE=2><B><I>Our compliance with environmental laws could be costly.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Like others in similar businesses, we are subject to extensive environmental laws and regulations in numerous jurisdictions. Our environmental policies and
practices have been designed to ensure compliance with these laws and regulations consistent with local practice. Future developments and increasingly stringent regulation could require us to incur
additional expenditures relating to environmental matters at any of the facilities. Achieving and maintaining compliance with present, changing and future environmental laws could restrict our ability
to modify or expand our facilities or continue production. This compliance could also require us to acquire costly equipment or to incur other significant expenses. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
environmental laws impose liability for the costs of removal or remediation of hazardous or toxic substances on an owner, occupier or operator of real estate, even if such person
or company was not aware of or </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=7,SEQ=13,EFW="2131966",CP="CELESTICA",DN="1",CHK=645122,FOLIO='12',FILE='DISK026:[04TOR3.04TOR1293]DA1293B.;6',USER='FALVARE',CD='18-MAR-2004;13:50' -->
<A NAME="page_da1293_1_13"> </A>
<BR>

<P><FONT SIZE=2>responsible
for the presence of such substances. In addition, in some countries in which we have operations, any person or company who arranges for the disposal or treatment of hazardous or toxic
substances at a disposal or treatment facility may be liable for the costs of removal or remediation of such substances at such facility, whether or not the person or company owns or operates the
facility. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some
of our operating sites have a history of industrial use. Soil and groundwater contamination have occurred at some of our facilities. From time to time we investigate, remediate and
monitor soil and groundwater contamination at certain of our operating sites. In certain instances where soil or groundwater contamination existed prior to our ownership or occupation of a site,
landlords or former owners have contractually retained responsibility and liability for the contamination and its remediation. However, failure of such former owners or landlords to perform, as the
result of financial inability or otherwise, could result in us being required to remediate such contamination. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
generally obtain environmental assessments, or review recent assessments initiated by others, for most of the manufacturing facilities that we own or lease at the time we acquire or
lease such facilities. Our assessments may not reveal all environmental liabilities and current assessments are not available for all facilities. Consequently, there may be material environmental
liabilities of which we are not aware. In addition, ongoing clean up and containment operations may not be adequate for purposes of future laws. The conditions of our properties could be affected in
the future by the condition of the land or operations in the vicinity of the properties, such as the presence of underground storage tanks. These developments and others, such as increasingly
stringent environmental laws, increasingly strict enforcement of environmental laws by governmental authorities, or claims for damage to property or injury to persons resulting from the environmental,
health, or safety impact of our operations, may cause us to incur significant costs and liabilities that could have a material adverse effect on us. </FONT></P>

<P><FONT SIZE=2><B><I>Our loan agreements contain restrictive covenants that may impair our ability to conduct our business.  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain of our outstanding loan agreements contain financial and operating covenants that limit our management's discretion with respect to certain business
matters. Among other things, these covenants restrict our ability and our subsidiaries' ability to incur additional debt, create liens or other encumbrances, change the nature of our business, sell or
otherwise dispose of assets, and merge or consolidate with other entities. At September&nbsp;30, 2003, we were in compliance with these covenants. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da1293_risks_related_to_receiving_subordinate_voting_shares"> </A>
<A NAME="toc_da1293_3"> </A>
<BR></FONT><FONT SIZE=2><B>Risks Related to Receiving Subordinate Voting Shares    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>The interest of our controlling shareholder may conflict with the interest of the remaining holders of our subordinate voting
shares.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onex
Corporation, or Onex, owns, directly or indirectly, all of the multiple voting shares and less than 1.0% of the outstanding subordinate voting shares. As of January&nbsp;31, 2004,
the number of shares owned by Onex, together with those shares Onex has the right to vote, represents 85.5% of the voting interest in Celestica and includes approximately 2.0% of the outstanding
subordinate voting shares. Accordingly, Onex exercises a controlling influence over our business and affairs and has the power to determine all matters submitted to a vote of our shareholders where
our shares vote together as a single class. Onex has the power to elect our directors and to approve significant corporate transactions such as certain amendments to our articles of incorporation,
mergers, amalgamations and the sale of all or substantially all of our assets. Onex's voting power could have the effect of deterring or preventing a change in control of our company that might
otherwise be beneficial to our other shareholders. Under our revolving credit facilities, if Onex ceases to control Celestica, and if no one person owns more than 20.0% of the subordinate voting
shares our lenders could demand repayment. Gerald W. Schwartz, the Chairman, President and Chief Executive Officer of Onex and one of our directors, owns shares with a majority of the voting rights of
the shares of Onex. Mr.&nbsp;Schwartz, therefore, effectively controls our affairs. The interests of Onex and Mr.&nbsp;Schwartz may differ from the interests of the remaining holders of
subordinate voting shares. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=8,SEQ=14,EFW="2131966",CP="CELESTICA",DN="1",CHK=643869,FOLIO='13',FILE='DISK026:[04TOR3.04TOR1293]DA1293B.;6',USER='FALVARE',CD='18-MAR-2004;13:50' -->
<BR>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_dc1293_1_14"> </A> </FONT></P>

<!-- TOC_END -->

<P><FONT SIZE=2><B><I>Shareholders' ability to bring legal action against us under United&nbsp;States securities laws may be limited.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are incorporated under the laws of the Province of Ontario, Canada. Substantially all of our directors, controlling persons and officers are residents of
Canada and all or a substantial portion of our assets and the assets of these persons are located outside of the United&nbsp;States. As a result, it may be difficult for shareholders to effect
service within the United&nbsp;States upon those directors, controlling persons and officers who are not residents of the United&nbsp;States or to realize in the United&nbsp;States upon
judgments of courts of the United&nbsp;States predicated upon the civil liability provisions of the U.S.&nbsp;federal securities laws. </FONT></P>

<P><FONT SIZE=2><B><I>Our subordinate voting shares may not maintain their value.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The share price of our subordinate voting shares is subject to the general price fluctuations in the market for publicly-traded equity securities and may decline
in value. The price of our subordinate voting shares has been and may continue to be highly volatile. During 2003, the market price of our subordinate voting shares on The New&nbsp;York Stock
Exchange has ranged from $9.78 to $19.90 per share. The trading prices of our subordinate voting shares could fluctuate widely in response to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>quarterly
variations in our operations and financial results;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>announcements
of technological innovations or new products by us or our competitors;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>changes
in prices of ours or our competitors' products and services;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>changes
in growth rates for us as a whole or for particular segments of our business;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>general
conditions in the EMS industry; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>systemic
fluctuations in the stock market. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B><I>Shares eligible for public sale could adversely affect our share price.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of January&nbsp;31, 2004, we had 169,884,577 subordinate voting shares outstanding. As of January&nbsp;31, 2004, there were 32,720,303 subordinate voting
shares reserved for issuance under our employee share purchase and option plans and for director compensation, including outstanding options to purchase 26,693,429 subordinate voting shares.
Additionally, as of January&nbsp;31, 2004, Manufacturers' Services Limited, or MSL, had options to purchase 5,703,875 shares of MSL common stock outstanding under its stock option plans and
3,047,533 shares of MSL common stock issuable upon the exercise of outstanding warrants. We assumed all of MSL's then outstanding options and warrants as a result of our merger, which
are now exercisable for our subordinate voting shares. Moreover, pursuant to our articles, we may issue an unlimited number of additional subordinate voting shares without further shareholder
approval. As a result, a substantial number of our subordinate voting shares will be eligible for sale in the public market at various times in the future. Sales of substantial amounts of such shares
would dilute the holdings of our shareholders and could adversely affect the market price of our subordinate voting shares. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc1293_use_of_proceeds"> </A>
<A NAME="toc_dc1293_1"> </A>
<BR></FONT><FONT SIZE=2><B>USE OF PROCEEDS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any proceeds from the sale of subordinate voting shares by our selling shareholders in this offering. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
selling shareholders will pay any underwriting discounts and commissions and expenses incurred by the selling shareholders for brokerage, accounting, tax or any other expenses
incurred by the selling shareholders in disposing of the subordinate voting shares in this offering. We will bear some of the legal expenses incurred by the selling shareholders and all other costs,
fees and expenses incurred in effecting the registration of the shares covered by this prospectus, including, without limitation, all registration and filing fees, listing fees of the New&nbsp;York
Stock Exchange and fees and expenses of our counsel and our accountants. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc1293_selling_shareholders"> </A>
<A NAME="toc_dc1293_2"> </A>
<BR></FONT><FONT SIZE=2><B>SELLING SHAREHOLDERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;31, 1995, November&nbsp;26, 1999, March&nbsp;14, 2002 and July&nbsp;3, 2003, MSL issued warrants to purchase shares of common stock of MSL
in separate private placements. As a result of the MSL&nbsp;Merger which was completed on March&nbsp;12, 2004, we assumed these warrants and these warrants were converted into the right to </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=15,EFW="2131966",CP="CELESTICA",DN="1",CHK=971583,FOLIO='14',FILE='DISK026:[04TOR3.04TOR1293]DC1293A.;37',USER='MMILKS',CD='24-MAR-2004;14:40' -->
<A NAME="page_dc1293_1_15"> </A>

<P><FONT SIZE=2>purchase
subordinate voting shares upon their exercise. The shares being offered by our selling shareholders consist of the subordinate voting shares issuable upon exercise of warrants by the selling
shareholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus covers the resale of 100% of the subordinate voting shares currently issuable upon exercise of the warrants. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
the exercise price of the warrants is subject to adjustment in respect of stock splits, stock dividends, reclassifications or combinations affecting our subordinate voting
shares, the number of shares that will actually be issued upon exercise of the warrants may be more than the 1,142,824 shares identified on the cover page of this prospectus. If the number of
subordinate voting shares issuable upon the exercise of the warrants is adjusted, we may be required to file&nbsp;a post-effective amendment to the registration statement of which this
prospectus is a part to increase the number of shares subject to such registration and provide details regarding the adjustment in a supplement to this prospectus. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth, to our knowledge, certain information about our selling shareholders as of March&nbsp;12, 2004, after giving effect to the MSL&nbsp;Merger. The second
column lists, for each selling shareholder, the number of subordinate voting shares held as of March&nbsp;12, 2004, including the number of subordinate voting shares held based on the selling
shareholder's ownership of warrants. The third column lists the number of subordinate voting shares which may be offered under this prospectus by each selling shareholder. The fourth and fifth columns
assume the sale of all of the shares which may be offered under this prospectus by each selling shareholder. The number of shares held by any selling shareholder may fluctuate from time to time. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial
ownership is determined in accordance with the rules of the SEC, and includes voting or investment power with respect to the subordinate voting shares. Unless otherwise
indicated below, to our knowledge, all persons named in the table have sole voting and investment power with respect to their subordinate voting shares, except to the extent authority is shared by
spouses under applicable law. The inclusion of any shares in this table does not constitute an admission of beneficial ownership by the person named below. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="36%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Subordinate Voting Shares Beneficially Owned Prior to Offering</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Subordinate Voting Shares to Be Beneficially Owned After Offering (2)</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="36%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Number of Subordinate Voting Shares Being Offered</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="36%" ROWSPAN=2 ALIGN="LEFT"><FONT SIZE=1><B>Name of Selling Shareholder<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Percentage</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Percentage</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>DLJ Investment Partners,&nbsp;L.P.<BR>
Eleven Madison Avenue<BR>
New&nbsp;York, NY 10010</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>15,819</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>15,819</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>DLJ Investment Partners II,&nbsp;L.P.<BR>
Eleven Madison Avenue<BR>
New&nbsp;York, NY 10010</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>35,598</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>35,598</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>DLJIP II Holdings,&nbsp;L.P.<BR>
Eleven Madison Avenue<BR>
New&nbsp;York, NY 10010</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>11,225</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>11,225</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>Castle Creek Technology Partners,&nbsp;LLC<BR>
111 West Jackson, Suite&nbsp;2020<BR>
Chicago, IL 60601</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>21,853</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>21,853</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>PCM Partners&nbsp;L.P.<BR>
9 Elk St.<BR>
Albany, NY 12207</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>41,521</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>41,521</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>PCM Partners International&nbsp;Ltd.<BR>
9 Elk St.<BR>
Albany, NY 12207</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>2,186</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>2,186</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>Cohanzick Partners,&nbsp;LP<BR>
450&nbsp;Park Avenue, Suite&nbsp;3201<BR>
New&nbsp;York, NY 10022</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>3,642</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>3,642</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>Cohanzick High Yield Partners,&nbsp;LP<BR>
450&nbsp;Park Avenue, Suite&nbsp;3201<BR>
New&nbsp;York, NY 10022</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>3,642</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>3,642</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<BR>
<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=16,EFW="2131966",CP="CELESTICA",DN="1",CHK=54733,FOLIO='15',FILE='DISK026:[04TOR3.04TOR1293]DC1293A.;37',USER='MMILKS',CD='24-MAR-2004;14:40' -->
<A NAME="page_dc1293_1_16"> </A>

<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>Deephaven Private Placement Trading&nbsp;Ltd.<BR>
130 Cheshire Lane, Suite&nbsp;102<BR>
Minnetonka, MN 55305</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>14,569</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>14,569</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>Deutsche Bank AG<BR>
527 Madison Ave., 8th Fl.<BR>
New&nbsp;York, NY 10022</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>125,798</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>125,798</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>AIG DKR Soundshore Private Investors Holding Fund&nbsp;Ltd.<BR>
1281 East Main Street<BR>
Stamford, CT 06902</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>7,284</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>7,284</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>AIG DKR Soundshore Holdings&nbsp;Ltd.<BR>
1281 East Main Street<BR>
Stamford, CT 06902</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>10,053</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>10,053</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>AIG DKR Soundshore Opportunity Holding Fund&nbsp;Ltd.<BR>
1281 East Main Street<BR>
Stamford, CT 06902</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>7,577</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>6,702</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>875</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>AIG DKR Soundshore Strategic Holding Fund&nbsp;Ltd.<BR>
1281 East Main Street<BR>
Stamford, CT 06902</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>5,765</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>5,099</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>666</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>Capital Ventures International<BR>
401 City Avenue, Suite&nbsp;220<BR>
Bala Cynwyd, PA 19004</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>14,569</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>14,569</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>Purchase Associates,&nbsp;L.P.<BR>
One Rockefeller Plaza<BR>
New&nbsp;York, NY 10020</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>26,132</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>12,813</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>13,319</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>Levco Alternative Fund&nbsp;Ltd.<BR>
One Rockefeller Plaza<BR>
New&nbsp;York, NY 10020</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>237,207</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>72,604</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>164,603</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>J.P. Morgan Securities&nbsp;Inc.<BR>
277 Park Avenue<BR>
New&nbsp;York, NY 10127</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>16,314</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>14,569</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>1,746</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>Langley Partners,&nbsp;L.P.<BR>
535 Madison Ave., 7th Floor<BR>
New&nbsp;York, NY 10028</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>14,569</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>14,569</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>Halifax Fund,&nbsp;L.P.<BR>
195 Maplewood Avenue<BR>
Maplewood, NH 07040</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>29,138</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>29,138</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>Portside Growth and Opportunity Fund<BR>
666 Third Avenue, 26th Floor<BR>
New&nbsp;York, NY 10017</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>26,816</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>26,816</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>OTA LLC<BR>
One Manhattanville Road<BR>
Purchase, NY 10577</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>3,642</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>3,642</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>SF Capital Partners&nbsp;Ltd.<BR>
3600 South Lake Drive<BR>
St. Francis, Wisconsin 53235</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>668,713</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>192,018</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>476,695</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>Special Situations Private Equity Fund&nbsp;L.P.<BR>
153 East 53rd Street, 55th Floor<BR>
New&nbsp;York, NY 10022</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>21,853</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>21,853</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2>Victus Capital,&nbsp;L.P.<BR>
25 East 78th Street<BR>
New&nbsp;York, NY 10021</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>246,453</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>99,524</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>146,929</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=17,EFW="2131966",CP="CELESTICA",DN="1",CHK=250049,FOLIO='16',FILE='DISK026:[04TOR3.04TOR1293]DC1293A.;37',USER='MMILKS',CD='24-MAR-2004;14:40' -->
<A NAME="page_dc1293_1_17"> </A>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="35%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Subordinate Voting Shares Beneficially Owned Prior to Offering</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Number of Subordinate Voting Shares Being Offered&nbsp;(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Subordinate Voting Shares to Be Beneficially Owned After Offering (2)</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="35%" ROWSPAN=2 ALIGN="LEFT"><FONT SIZE=1><B>Name of Selling Shareholder<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Percentage</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Percentage</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="35%"><FONT SIZE=2>DLJ Merchant Banking Partners,&nbsp;L.P.<BR>
Eleven Madison Avenue<BR>
New&nbsp;York, NY 10010</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2,939,451</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>1.59%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>93,583</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2,845,868</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>1.55%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="35%"><FONT SIZE=2>DLJ International Partners, C.V.<BR>
Eleven Madison Avenue<BR>
New&nbsp;York, NY 10010</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1,325,891</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>49,831</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1,276,060</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="35%"><FONT SIZE=2>DLJ Offshore Partners, C.V.<BR>
Eleven Madison Avenue<BR>
New&nbsp;York, NY 10010</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>76,903</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2,741</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>74,162</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="35%"><FONT SIZE=2>Credit Suisse First Boston&nbsp;LLC<BR>
Eleven Madison Avenue<BR>
New&nbsp;York, NY 10010</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>72,377</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>72,377</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="35%"><FONT SIZE=2>Leonardo,&nbsp;L.P.<BR>
245 Park Ave<BR>
New&nbsp;York, NY 10167</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>238,347</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>47,669</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>190,678</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="35%"><FONT SIZE=2>Purchase Associates II,&nbsp;L.P.<BR>
1 Rockefeller Plaza, 25th Floor<BR>
New&nbsp;York, NY 10020</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>29,794</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>5,959</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>23,835</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="35%"><FONT SIZE=2>DE AM Convertible Arbitrage Fund,&nbsp;Ltd.<BR>
25 Deforest Avenue<BR>
Summit, NJ 07901</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>39,725</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>7,945</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>31,780</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="35%"><FONT SIZE=2>Palladin Partners I,&nbsp;L.P.<BR>
195 Maplewood Avenue<BR>
Maplewood, NJ 07040</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>19,862</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3,972</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>15,890</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="35%"><FONT SIZE=2>Palladin Overseas Fund,&nbsp;Ltd.<BR>
195 Maplewood Avenue<BR>
Maplewood, NJ 07040</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>19,862</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3,972</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>15,890</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="35%"><FONT SIZE=2>Palladin Multi-Strategy Partners,&nbsp;L.P.<BR>
195 Maplewood Avenue<BR>
Maplewood, NJ 07040</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>19,862</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3,972</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>15,890</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="35%"><FONT SIZE=2>Palladin Overseas Multi-Strategy Fund,&nbsp;Ltd.<BR>
195 Maplewood Avenue<BR>
Maplewood, NJ 07040</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>19,862</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3,972</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>15,890</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="35%"><FONT SIZE=2>RBC Dain Rauscher&nbsp;Inc.<BR>
Dain Rauscher Plaza<BR>
60 South 6th Street<BR>
Minneapolis, MN 55402</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>6,952</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>6,952</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="35%"><FONT SIZE=2>U.S. Bancorp Piper Jaffray<BR>
345&nbsp;California St.<BR>
San Francisco, CA 94104</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>32,773</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>32,773</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="35%"><FONT SIZE=2><B>All Selling Shareholders</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><B>6,453,601</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><B>3.48%</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><B>1,142,824</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B>(1)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><B>5,310,777</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><B>2.88%</B></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="60">
<DL compact>
<DT style='margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>This
number represents 100% of the subordinate voting shares issuable upon exercise of the warrants.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>We
do not know when or in what amounts a selling shareholder may offer shares for sale. Our selling shareholders might not sell any of the shares offered by this prospectus. Because
the selling shareholders may offer all or some of the shares pursuant to this offering, and because there are currently no agreements, arrangements or understandings with respect to the sale of any of
the shares, we cannot estimate the number of the shares that will be held by the selling shareholders after completion of this offering. However, for purposes of this table, we have assumed that,
after completion of this offering, all of the shares currently owned beneficially by each selling shareholder other than the shares issuable upon exercise of the warrants, continue to be held by each
selling shareholder and that none of the shares covered by this prospectus will be held by the selling shareholders.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>*</FONT></DT><DD><FONT SIZE=1>Represents
a percentage less than&nbsp;1%. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=4,SEQ=18,EFW="2131966",CP="CELESTICA",DN="1",CHK=627662,FOLIO='17',FILE='DISK026:[04TOR3.04TOR1293]DC1293A.;37',USER='MMILKS',CD='24-MAR-2004;14:40' -->
<A NAME="page_dc1293_1_18"> </A>
<P ALIGN="CENTER"><FONT SIZE=1><A
NAME="dc1293_capitalization"> </A>
<A NAME="toc_dc1293_3"> </A>
<BR></FONT><FONT SIZE=2><B>CAPITALIZATION    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth, as of February&nbsp;20, 2004, our actual cash and cash equivalents and capitalization. This table should be read in conjunction
with our consolidated financial statements and related notes thereto we incorporate into this prospectus by reference. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="81%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>(numbers in millions)<BR> </B></FONT><BR></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="81%"><FONT SIZE=2><B>Cash and Cash Equivalents</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>780.2</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="81%"><BR><FONT SIZE=2><B>Debt:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="81%"><FONT SIZE=2>Total debt</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>628.7</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="81%"><BR><FONT SIZE=2><B>Shareholders' equity:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2841.5</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="81%"><FONT SIZE=2>Total capitalization</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>3470.2</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc1293_plan_of_distribution"> </A>
<A NAME="toc_dc1293_4"> </A>
<BR></FONT><FONT SIZE=2><B>PLAN OF DISTRIBUTION    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares covered by this prospectus may be offered and sold from time to time by our selling shareholders named in this prospectus. The term "selling
shareholders" includes donees, pledgees, transferees or other successors-in-interest selling shares received after the date of this prospectus from a selling shareholder as a
gift, pledge, partnership distribution or other non-sale related transfer. The selling shareholders will act independently of us in making decisions with respect to the timing, manner and
size of each sale. The selling shareholders may sell their shares by one or more of, or a combination of, the following methods: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>directly
by the selling shareholders to one or more purchasers;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>through
underwriters, broker-dealers or agents;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>through
a sale (which would not be covered by this prospectus) by the selling shareholders of their warrants to purchase shares to an underwriter, broker-dealer or agent
which would exercise such warrant and use this prospectus to resell the shares it receives upon exercise;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>in
one or more transactions at fixed prices (which may be changed), at prevailing market prices at the time of sale, at varying prices determined at the time of sale, or at
negotiated prices;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>in
option or other transactions with broker-dealers that require the delivery by such broker-dealers of the shares, which shares may be resold thereafter pursuant to this
prospectus;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>in
hedging transactions with broker-dealers who may engage in short sales of shares in the course of hedging the positions they assume with the selling shareholders; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>in
the following additional transactions (which may involve crosses or block transactions):
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>on
any national securities exchange or U.S.&nbsp;inter-dealer quotation system of a registered national securities association on which the shares may be listed or quoted
at the time of sale;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>in
the over-the-counter market;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>in
transactions otherwise than on such exchanges or services or in over-the-counter market;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>through
the writing of options, whether the options are listed on an option exchange or otherwise; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>through
the settlement of short sales. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, any shares that qualify for sale pursuant to Rule&nbsp;144 may be sold under Rule&nbsp;144 rather than pursuant to this prospectus. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent required, this prospectus may be amended or supplemented from time to time to describe a specific plan of distribution. In connection with distributions of the shares or
otherwise, the selling shareholders may enter into hedging transactions with broker-dealers or other financial institutions. In connection with such transactions, broker-dealers or other financial
institutions may engage in short sales of the subordinate voting shares in the course of hedging the positions they assume with selling shareholders. The selling shareholders may also sell the
subordinate voting shares short and redeliver the shares to close out such short positions. The selling shareholders may also enter into option or other transactions with broker-dealers or other
financial institutions which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such broker-dealer or other financial
institution may resell pursuant to this </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=5,SEQ=19,EFW="2131966",CP="CELESTICA",DN="1",CHK=463127,FOLIO='18',FILE='DISK026:[04TOR3.04TOR1293]DC1293B.;12',USER='MMILKS',CD='24-MAR-2004;14:40' -->
<A NAME="page_dc1293_1_19"> </A>
<BR>

<P><FONT SIZE=2>prospectus
(as supplemented or amended to reflect such transaction). The selling shareholders may also pledge or grant a security interest in shares, and, upon a default in the performance of the
secured obligation, such pledgee or secured party, may effect sales of the pledged shares pursuant to this prospectus (as supplemented or amended to reflect such transaction). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
effecting sales, broker-dealers or agents engaged by the selling shareholders may arrange for other broker-dealers to participate. Broker-dealers, underwriters or agents may receive
commissions, discounts or concessions from the selling shareholders and/or purchasers of the shares for whom they may act as agents. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
offering the shares covered by this prospectus, the selling shareholders and any broker-dealers, underwriters or agents who execute sales for the selling shareholders may be deemed to
be "underwriters" within the meaning of the Securities Act in connection with such sales. Any profits realized by the selling shareholders and the compensation of any broker-dealer, underwriter or
agent may be deemed to be underwriting discounts and commissions. Neither we nor any selling shareholder can presently estimate the amount of such compensation. We know of no existing arrangements
between any selling shareholder and any other selling shareholder, underwriter, broker/dealer or other agent relating to the sale or distribution of the shares. No underwriter, broker/dealer or agent
has been engaged by us in connection with the distribution of the shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to comply with the securities laws of certain states, if applicable, the shares must be sold in such jurisdictions only through registered or licensed brokers or dealers. In
addition, in certain states the shares may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement
is available and is complied with. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have advised the selling shareholders that the anti-manipulation rules of Regulation&nbsp;M under the Exchange Act may apply to sales of shares in the market and to the
activities of the selling shareholders and their affiliates. We will make copies of this prospectus available to the selling shareholders for the purpose of satisfying the prospectus delivery
requirements of the Securities Act, which may include delivery through the facilities of the New&nbsp;York Stock Exchange pursuant to Rule&nbsp;153 under the Securities Act. The selling
shareholders may indemnify any broker-dealer that participates in transactions involving the sale of the shares against certain liabilities, including liabilities arising under the Securities Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the time a particular offer of shares is made, if required, a prospectus supplement will be distributed that will set forth the number of shares being offered and the terms of the
offering, including the name of any underwriter, dealer or agent, the purchase price paid by any underwriter, any discount, commission and other item constituting compensation, any discount,
commission or concession allowed or reallowed or paid to any dealer, and the proposed selling price to the public. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have agreed to indemnify the selling shareholders against certain liabilities, including certain liabilities under the Securities Act. We will be indemnified by the selling
shareholders severally against certain liabilities, including certain liabilities under the Securities Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have agreed with the selling shareholders to keep the registration statement of which this prospectus constitutes a part effective until the earlier of such time as all of the shares
covered by this prospectus have been disposed of pursuant to and in accordance with the registration statement or such date on which the shares may be resold pursuant to Rule&nbsp;144(k) under the
Securities Act by all selling shareholders that are not our affiliates. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc1293_material_united_states_and_can__mat02666"> </A>
<A NAME="toc_dc1293_5"> </A>
<BR></FONT><FONT SIZE=2><B>MATERIAL UNITED STATES AND CANADIAN FEDERAL INCOME TAX CONSEQUENCES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A summary of the material U.S. and Canadian federal income tax considerations applicable to the ownership of the subordinate voting shares by U.S.&nbsp;holders
is incorporated into this prospectus by reference to our Form&nbsp;20-F filed with the Securities and Exchange Commission on April&nbsp;21, 2003. Since the date of filing of our
Form&nbsp;20-F, the long-term capital gain rate for individuals has decreased from 20% to 15% and the backup-withholding rate has decreased from 30%&nbsp;to&nbsp;28%. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=6,SEQ=20,EFW="2131966",CP="CELESTICA",DN="1",CHK=64296,FOLIO='19',FILE='DISK026:[04TOR3.04TOR1293]DC1293B.;12',USER='MMILKS',CD='24-MAR-2004;14:40' -->
<A NAME="page_dc1293_1_20"> </A>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc1293_description_of_share_capital"> </A>
<A NAME="toc_dc1293_6"> </A>
<BR></FONT><FONT SIZE=2><B>DESCRIPTION OF SHARE CAPITAL    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our authorized capital consists of an unlimited number of preference shares issuable in series, an unlimited number of subordinate voting shares and an unlimited
number of multiple voting shares. In addition, we have issued Liquid Yield Option&#153; Notes, which are convertible at any time at the option of the holder, unless previously redeemed or
repurchased, into 5.6748 subordinate voting shares for each one thousand dollars principal amount at maturity. At March&nbsp;12,&nbsp;2004, after giving effect to the MSL&nbsp;Merger, no
preference shares, 184,181,867&nbsp;subordinate voting shares, 39,065,950&nbsp;multiple voting shares and 1,154,710&nbsp;Liquid Yield Option&#153; Notes due 2020 were issued and
outstanding. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=7,SEQ=21,EFW="2131966",CP="CELESTICA",DN="1",CHK=561031,FOLIO='20',FILE='DISK026:[04TOR3.04TOR1293]DC1293B.;12',USER='MMILKS',CD='24-MAR-2004;14:40' -->
<BR>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_de1293_1_21"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1293_underwriters"> </A>
<A NAME="toc_de1293_1"> </A>
<BR></FONT><FONT SIZE=2><B>UNDERWRITERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC staff is of a view that selling shareholders who are registered broker-dealers or affiliates of registered broker-dealers may be underwriters under the
Securities Act. DLJ Investment Partners,&nbsp;L.P., DLJ Investment Partners II,&nbsp;L.P. and DLJIP II Holdings,&nbsp;L.P. are affiliates of registered broker-dealers. We will not pay any
compensation or give any discounts or commissions to any underwriter in connection with the securities being registered in this prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1293_legal_matters"> </A>
<A NAME="toc_de1293_2"> </A>
<BR></FONT><FONT SIZE=2><B>LEGAL MATTERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davies, Ward, Phillips&nbsp;&amp; Vineberg&nbsp;LLP, Canadian counsel for the company, will issue an opinion about the legality of the securities offered under
this prospectus. As of the date of this prospectus, certain attorneys with Davies, Ward, Phillips&nbsp;&amp; Vineberg&nbsp;LLP own, in the aggregate, less than one percent of the outstanding
subordinate voting shares. If any underwriters named in a prospectus supplement engage their own counsel to pass upon legal matters relating to the securities, that counsel will be named in the
prospectus supplement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1293_experts"> </A>
<A NAME="toc_de1293_3"> </A>
<BR></FONT><FONT SIZE=2><B>EXPERTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of Celestica&nbsp;Inc. incorporated in this prospectus by reference to the Annual Report of Celestica&nbsp;Inc. on
Form&nbsp;20-F for&nbsp;the year ended December&nbsp;31, 2002 have been so incorporated in reliance on the report of KPMG&nbsp;LLP, independent accountants, given on the authority
of said firm as experts in auditing and accounting. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1293_where_you_can_find_more_information"> </A>
<A NAME="toc_de1293_4"> </A>
<BR></FONT><FONT SIZE=2><B>WHERE YOU CAN FIND MORE INFORMATION    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We file annual and special reports with the Securities and Exchange Commission. As a foreign private issuer, Celestica is exempt from the rules and regulations
under the Exchange Act prescribing certain disclosure and procedural requirements for proxy solicitations and, with respect to their purchases and sales of Celestica securities, Celestica's officers,
directors and principal shareholders are exempt from the reporting and "short swing" profit recovery provisions contained in Section&nbsp;16 of the Securities Exchange Act of 1934, or the Exchange
Act, and the rules and regulations thereunder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies
of the reports, proxy and information statements and other information filed by us with the Securities and Exchange Commission may be inspected and copied at the public reference
facilities maintained by the Securities and Exchange Commission at: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>450
Fifth Street, N.W.<BR>
Washington,&nbsp;D.C. 20549 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports,
proxy and information statements and other information concerning us may be inspected at: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>The
New&nbsp;York Stock Exchange<BR>
20 Broad Street<BR>
New&nbsp;York, New&nbsp;York 10005 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies
of these materials can also be obtained by mail at prescribed rates from the Public Reference Section of the Securities and Exchange Commission, 450 Fifth Street, N.W.,
Washington,&nbsp;D.C. 20549 or by calling the Securities and Exchange Commission at 1-800-SEC-0330. The Securities and Exchange Commission maintains a Website
that contains reports, proxy statements and other information regarding each of us. The address of the Securities and Exchange Commission Web site is </FONT> <FONT SIZE=2><I>www.sec.gov</I></FONT><FONT SIZE=2>. Our filings are also available
electronically to the public from the Canadian System for Electronic Document Analysis and Retrieval, or
SEDAR, at </FONT><FONT SIZE=2><I>www.sedar.com</I></FONT><FONT SIZE=2>. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have filed a registration statement on Form&nbsp;F-3 under the Securities Act of 1933 with the Securities and Exchange Commission with respect to our subordinate voting
shares to be sold upon the exercise of the warrants. This prospectus constitutes our prospectus filed as part of the registration statement. This prospectus does not contain all of the information set
forth in the registration statement because certain parts of the registration statement are omitted in accordance with the rules and regulations of the Securities and Exchange </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=22,EFW="2131966",CP="CELESTICA",DN="1",CHK=938126,FOLIO='21',FILE='DISK026:[04TOR3.04TOR1293]DE1293A.;8',USER='FALVARE',CD='18-MAR-2004;13:50' -->
<A NAME="page_de1293_1_22"> </A>
<BR>

<P><FONT SIZE=2>Commission.
The registration statement and its exhibits are available for inspection and copying as set forth above. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>This prospectus incorporates documents by reference which are not presented in or delivered with this prospectus. You should rely only on the information
contained in this prospectus and in the documents that we have incorporated into this prospectus by reference. We have not authorized anyone to provide you with information that is different from or
in addition to the information contained in this document and incorporated into this prospectus by reference.</B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following documents, which we have filed with or furnished to the Securities and Exchange Commission, are incorporated by reference into this prospectus: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
annual report on Form&nbsp;20-F for&nbsp;the fiscal year ended December&nbsp;31, 2002, filed with the Securities and Exchange Commission on
April&nbsp;21, 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
report on Form&nbsp;6-K furnished on November&nbsp;3, 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
report on Form&nbsp;6-K furnished on December&nbsp;24, 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
report on Form&nbsp;6-K furnished on February&nbsp;4, 2004; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
description of our subordinate voting shares set forth in our registration statement on Form&nbsp;8-A, filed on June&nbsp;9, 1998 and any amendment or
report filed thereafter for the purpose of updating that description. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
documents incorporated by reference are all important parts of this prospectus. We also incorporate by reference into this prospectus, from the date of filing, all documents filed by
us pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act, and any reports on Form&nbsp;6-K we furnish to the Securities and Exchange Commission and specifically
identify as being incorporated into this prospectus by reference, in each case after the date of this prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
statement contained in this prospectus or in a document incorporated or deemed to be incorporated by reference into this prospectus will be deemed to be modified or superseded for
purposes of this prospectus to the extent that a statement contained in this prospectus or any other subsequently filed or furnished document that is deemed to be incorporated by reference into this
prospectus modifiesor supersedes the statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may request a copy of these filings at no cost, by writing or calling us at the following address: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Celestica&nbsp;Inc.<BR>
1150 Eglinton Avenue East<BR>
Toronto, Ontario M3C&nbsp;1H7<BR>
(416)&nbsp;448-5800<BR>
Attention: Investor Relations </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>No person is authorized in connection with any offering made by this prospectus to give any information or make any representation not contained in, or
incorporated by reference into, this prospectus. If given or made, any such information or representation must not be relied on as having been authorized by us. This prospectus does not constitute an
offer to sell, or a solicitation of an offer to purchase, the securities offered by this prospectus in any jurisdiction to or from any person to whom or from whom it is unlawful to make such offer or
solicitation of an offer in such jurisdiction. Neither the delivery of this prospectus nor any distribution of securities pursuant to this prospectus shall, under any circumstances, create any
implication that there has been no change in the information set forth or incorporated into this prospectus by reference or in our affairs since the date of this prospectus.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=23,EFW="2131966",CP="CELESTICA",DN="1",CHK=170797,FOLIO='22',FILE='DISK026:[04TOR3.04TOR1293]DE1293A.;8',USER='FALVARE',CD='18-MAR-2004;13:50' -->
<BR>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2>
<hr noshade width=100% align=left size=4>
<hr noshade width=100% align=left size=1> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>You should rely only on the information incorporated by reference or contained in this prospectus. We have not authorized anyone to provide you with other
information. If anyone provides you with different or inconsistent information, you should not rely on it. We are not making an offer to sell the subordinate voting shares in any jurisdiction where
the offer or sale is not permitted. You should not assume that the information incorporated by reference or contained in this prospectus or any related prospectus supplement is accurate as of any date
other than the date on the front cover of this prospectus or the prospectus supplement. Our business, financial condition, results of operations and prospects may have changed since that date.  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=5><B>Celestica&nbsp;Inc.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B>1,142,824  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B> Subordinate Voting Shares  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=3><B> PROSPECTUS  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><B>March&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2004  </B></FONT></P>

<P><FONT SIZE=2><B> <hr noshade width=100% align=left size=1>
<hr noshade width=100% align=left size=4>  </B></FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=24,EFW="2131966",CP="CELESTICA",DN="1",CHK=116758,FOLIO='blank',FILE='DISK026:[04TOR3.04TOR1293]EA1293A.;9',USER='FALVARE',CD='18-MAR-2004;12:27' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->

<P><FONT SIZE=2><B>PART II  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ec1293_information_not_required_in_prospectus"> </A>
<A NAME="toc_ec1293_1"> </A>
<BR></FONT><FONT SIZE=2><B>INFORMATION NOT REQUIRED IN PROSPECTUS    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>Item&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2><B><I>Indemnification of Directors and Officers  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the </FONT><FONT SIZE=2><I>Business Corporations Act</I></FONT><FONT SIZE=2> (Ontario), the registrant may indemnify a present or former director or
officer or a person who acts or acted at the registrant's request as a director or officer of another corporation of which the registrant is or was a shareholder or creditor, and his or her heirs and
legal representatives, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by him or her in respect of any civil, criminal
or administrative action or proceeding to which he or she is a party by reason of being or having been a director or officer of the registrant, and provided that the director or officer acted honestly
and in good faith with a view to the best interests of the registrant and, in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, had reasonable
grounds for believing that his conduct was lawful. Such indemnification may be made in connection with a derivative action only with court approval. A director or officer is entitled to
indemnification from the registrant as a matter of right if he was substantially successful on the merits and fulfilled the conditions set forth above. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica's
bylaws provide that Celestica shall indemnify its officers and directors to the extent permitted by the Business Corporations Act (Ontario). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
directors and officers of the registrant are covered by directors' and officers' insurance policies. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference
is made to Item&nbsp;10 for&nbsp;the undertakings of the registrant with respect to indemnification for liabilities arising under the Securities Act. </FONT></P>


<P><FONT SIZE=2><B>Item&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits  </B></FONT></P>

<P><FONT SIZE=2><B>(a)&nbsp;&nbsp;&nbsp;Exhibits:  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits have been filed as part of this registration statement: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="83%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit Number<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="88%" ALIGN="LEFT"><FONT SIZE=1><B>Description<BR> </B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Restated Articles of Incorporation effective November&nbsp;20, 2001.(1)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Bylaw No.1.(1)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Bylaw No.2.(2)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>5.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Opinion of Davies, Ward, Phillips&nbsp;&amp; Vineberg&nbsp;LLP.*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>23.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Consent of KPMG&nbsp;LLP.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>23.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Consent of Davies, Ward, Phillips&nbsp;&amp; Vineberg (contained in the opinion filed as Exhibit&nbsp;5.1).</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>24.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Powers of Attorney.*</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="60">
<DL compact>
<DT style='margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Annual Report on Form&nbsp;20-F of Celestica&nbsp;Inc. filed on May&nbsp;22, 2001 (Registration No.&nbsp;001-14832).
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to Registration Statement on Form&nbsp;F-1 of Celestica&nbsp;Inc. filed on April&nbsp;29, 1998 (Registration
No.&nbsp;333-8700).
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>*</FONT></DT><DD><FONT SIZE=1>Previously
filed. </FONT></DD></DL>

<P><FONT SIZE=2><B>Item&nbsp;10. Undertakings  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>To
include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933 (the "Securities Act");
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>To
reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any </FONT></DD></DL>
</UL>
</UL>
<HR NOSHADE>
<!-- ZEQ.=1,SEQ=25,EFW="2131966",CP="CELESTICA",DN="1",CHK=145331,FOLIO='blank',FILE='DISK026:[04TOR3.04TOR1293]EC1293A.;8',USER='MMILKS',CD='23-MAR-2004;16:29' -->
<UL>
<UL>
<UL>

<P><FONT SIZE=2>deviation
from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b), if, in the aggregate,
the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration
statement; and </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>To
include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such
information in this registration statement; </FONT></DD></DL>
</UL>
<UL>

<P><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that paragraphs&nbsp;(i) and&nbsp;(ii) do not apply if the information required
to be included in the post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to
section&nbsp;13 or section&nbsp;15(d) of the Securities Exchange Act of 1934 ("Exchange Act") incorporated by reference in the registration statement. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the
offering. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;To
file&nbsp;a post-effective amendment to this registration statement to include any financial statements required by section&nbsp;10(a)(3) of the
Securities Act at the start of any delayed offering or throughout a continuous offering unless such financial statements and information are contained in periodic reports filed with or furnished to
the Commission by the registrant pursuant to section&nbsp;13 or section&nbsp;15(d) of the Exchange Act and incorporated by reference in this registration statement. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report
pursuant to section&nbsp;13(a) or section&nbsp;15(d) of the Exchange Act that is incorporated by reference in this registration statement shall be deemed to be a new registration statement
relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes to deliver or cause to be delivered with the prospectus, to each person to whom the prospectus is sent or given, the latest
annual report to security holders that is incorporated by reference in the prospectus and furnished pursuant to and meeting the requirements of Rule&nbsp;14a-3 or
Rule&nbsp;14c-3 under the Securities Exchange Act of 1934; and, where interim financial information required to be presented by Article&nbsp;3 of Regulation&nbsp;S-X are
not set forth in the prospectus, to deliver, or cause to be delivered to each person to whom the prospectus is sent or given, the latest quarterly report that is specifically incorporated by reference
in the prospectus to provide such interim financial information. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to
the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be governed by the financial adjudication of such issue. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;For
purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in
reliance upon Rule&nbsp;430A and&nbsp;contained in a form of prospectus filed by the registrant pursuant to Rule&nbsp;424(b)(1) or&nbsp;(4) or 497(h) under the Securities Act shall be deemed
to be part of this registration statement as of the time it was declared effective. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;For
the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P>

</UL>
<HR NOSHADE>
<!-- ZEQ.=2,SEQ=26,EFW="2131966",CP="CELESTICA",DN="1",CHK=76468,FOLIO='blank',FILE='DISK026:[04TOR3.04TOR1293]EC1293A.;8',USER='MMILKS',CD='23-MAR-2004;16:29' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_jc1293_1_1"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="jc1293_signatures"> </A>
<A NAME="toc_jc1293_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form&nbsp;F-3 and&nbsp;has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Toronto, Province
of Ontario, Country of Canada, on the 24<SUP>th</SUP>&nbsp;day of March, 2004. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>CELESTICA&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="44%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ELIZABETH DELBIANCO</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="44%"><HR NOSHADE><FONT SIZE=2> Elizabeth DelBianco<BR>
Chief Legal Officer<BR></FONT>
</TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>S-1</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=27,EFW="2131966",CP="CELESTICA",DN="1",CHK=51160,FOLIO='S-1',FILE='DISK026:[04TOR3.04TOR1293]JC1293A.;10',USER='RMCIVOR',CD='23-MAR-2004;18:40' -->
<A NAME="page_jc1293_1_2"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="jc1293_power_of_attorney"> </A>
<A NAME="toc_jc1293_2"> </A>
<BR></FONT><FONT SIZE=2><B>POWER OF ATTORNEY    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the indicated capacities held as of
March&nbsp;24,&nbsp;2004. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="80%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="69%" ALIGN="LEFT"><FONT SIZE=1><B>Signature<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="29%" ALIGN="LEFT"><FONT SIZE=1><B>Title<BR> </B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="69%" VALIGN="CENTER"><BR><FONT SIZE=2> *</FONT><HR NOSHADE><FONT SIZE=2> Stephen W. Delaney</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="29%" VALIGN="CENTER"><FONT SIZE=2><BR>
Chief Executive Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="69%" VALIGN="CENTER"><BR><FONT SIZE=2> *</FONT><HR NOSHADE><FONT SIZE=2> Anthony P. Puppi</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="29%" VALIGN="CENTER"><FONT SIZE=2><BR>
Executive Vice President, Chief Financial Officer and General Manager, Global Services</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="69%" VALIGN="CENTER"><BR><FONT SIZE=2> *</FONT><HR NOSHADE><FONT SIZE=2> Peter J. Bar</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="29%" VALIGN="CENTER"><FONT SIZE=2><BR>
Vice President and Corporate Controller</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="69%" VALIGN="CENTER"><BR><FONT SIZE=2> *</FONT><HR NOSHADE><FONT SIZE=2> J. Marvin M<SUP>a</SUP>Gee</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="29%" VALIGN="CENTER"><FONT SIZE=2><BR>
President and Chief Operating Officer</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="69%" VALIGN="CENTER"><BR><FONT SIZE=2> *</FONT><HR NOSHADE><FONT SIZE=2> Robert L. Crandall</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="29%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="69%" VALIGN="CENTER"><BR><FONT SIZE=2> *</FONT><HR NOSHADE><FONT SIZE=2> William A. Etherington</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="29%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="69%" VALIGN="CENTER"><BR><FONT SIZE=2> *</FONT><HR NOSHADE><FONT SIZE=2> Richard S. Love</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="29%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="69%" VALIGN="CENTER"><BR><FONT SIZE=2> *</FONT><HR NOSHADE><FONT SIZE=2> Anthony R. Melman</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="29%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="69%" VALIGN="CENTER"><BR><FONT SIZE=2> *</FONT><HR NOSHADE><FONT SIZE=2> Gerald W. Schwartz</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="29%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="69%" VALIGN="CENTER"><BR><FONT SIZE=2> *</FONT><HR NOSHADE><FONT SIZE=2> Charles W. Szuluk</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="29%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="69%" VALIGN="CENTER"><BR><FONT SIZE=2> *</FONT><HR NOSHADE><FONT SIZE=2> Don Tapscott</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="29%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="50%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="1%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
*By:</FONT></TD>
<TD WIDTH="92%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ELIZABETH DELBIANCO</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="92%"><HR NOSHADE><FONT SIZE=2> Elizabeth DelBianco<BR>
Attorney-in-Fact<BR></FONT>
</TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>S-2</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=28,EFW="2131966",CP="CELESTICA",DN="1",CHK=100786,FOLIO='S-2',FILE='DISK026:[04TOR3.04TOR1293]JC1293B.;12',USER='RMCIVOR',CD='23-MAR-2004;18:40' -->
<A NAME="page_jc1293_1_3"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="jc1293_authorized_representative"> </A>
<A NAME="toc_jc1293_3"> </A>
<BR></FONT><FONT SIZE=2><B>AUTHORIZED REPRESENTATIVE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of Section&nbsp;6(a) of the Securities Act, the undersigned has signed this Registration Statement, solely in the capacity of the duly authorized
representative of Celestica&nbsp;Inc. in the United&nbsp;States of America, on the 24<SUP>th</SUP>&nbsp;day of March, 2004. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>CELESTICA CORPORATION</FONT><FONT SIZE=2><BR>
(Authorized U.S.&nbsp;Representative)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="44%" ALIGN="CENTER"><FONT SIZE=2><BR>
*</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="44%"><HR NOSHADE><FONT SIZE=2> Name: J. Marvin M<SUP>a</SUP>Gee<BR>
Title: President and Chief Operating Officer<BR></FONT>
</TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="50%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="1%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
*By:</FONT></TD>
<TD WIDTH="92%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ELIZABETH DELBIANCO</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="92%"><HR NOSHADE><FONT SIZE=2> Elizabeth DelBianco<BR>
Attorney-in-Fact<BR></FONT>
</TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>S-3</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=29,EFW="2131966",CP="CELESTICA",DN="1",CHK=228358,FOLIO='S-3',FILE='DISK026:[04TOR3.04TOR1293]JC1293C.;14',USER='RMCIVOR',CD='23-MAR-2004;18:40' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><B>Exhibit Index  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="83%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit Number<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="88%" ALIGN="LEFT"><FONT SIZE=1><B>Description<BR> </B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Restated Articles of Incorporation effective November&nbsp;20, 2001.(1)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Bylaw No.1. (1)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>4.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Bylaw No.2. (2)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>5.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Opinion of Davies, Ward, Phillips&nbsp;&amp; Vineberg&nbsp;LLP.*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>23.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Consent of KPMG&nbsp;LLP.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>23.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Consent of Davies, Ward, Phillips&nbsp;&amp; Vineberg (contained in the opinion filed as Exhibit&nbsp;5.1).</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>24.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Powers of Attorney.*</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="60">
<DL compact>
<DT style='margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Annual Report on Form&nbsp;20-F of Celestica&nbsp;Inc. filed on May&nbsp;22, 2001 (Registration No.&nbsp;001-14832).
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to Registration Statement on Form&nbsp;F-1 of Celestica&nbsp;Inc. filed on April&nbsp;29, 1998 (Registration
No.&nbsp;333-8700).
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>*</FONT></DT><DD><FONT SIZE=1>Previously
filed. </FONT></DD></DL>
<HR NOSHADE>
<!-- ZEQ.=1,SEQ=30,EFW="2131966",CP="CELESTICA",DN="1",CHK=875620,FOLIO='blank',FILE='DISK026:[04TOR3.04TOR1293]JE1293A.;7',USER='IMORTON',CD='23-MAR-2004;16:52' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="04TOR1293_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bg1293_1">TABLE OF CONTENTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bg1293_2">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bg1293_3">ABOUT THIS PROSPECTUS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ca1293_1">CELESTICA INC.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ca1293_2">ABOUT THE OFFERINGS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_da1293_1">RISK FACTORS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_da1293_2">Risks Related to Our Business</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_da1293_3">Risks Related to Receiving Subordinate Voting Shares</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dc1293_1">USE OF PROCEEDS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dc1293_2">SELLING SHAREHOLDERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dc1293_3">CAPITALIZATION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dc1293_4">PLAN OF DISTRIBUTION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dc1293_5">MATERIAL UNITED STATES AND CANADIAN FEDERAL INCOME TAX CONSEQUENCES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dc1293_6">DESCRIPTION OF SHARE CAPITAL</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_de1293_1">UNDERWRITERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1293_2">LEGAL MATTERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1293_3">EXPERTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1293_4">WHERE YOU CAN FIND MORE INFORMATION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ec1293_1">INFORMATION NOT REQUIRED IN PROSPECTUS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_jc1293_1">SIGNATURES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_jc1293_2">POWER OF ATTORNEY</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_jc1293_3">AUTHORIZED REPRESENTATIVE</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=RMCIVOR,SEQ=,EFW="2131966",CP="CELESTICA",DN="1" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>a2131117zex-23_1.htm
<DESCRIPTION>CONSENT OF KPMG
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#04TOR1293_2">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><B>EXHIBIT 23.1  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="17%"><FONT SIZE=2><B>
<IMG SRC="g1015515.jpg" ALT="GRAPHIC" WIDTH="76" HEIGHT="33">
 </B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B>KPMG LLP</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="17%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2><B>Chartered Accountants</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2>Telephone (416) 228-7000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="17%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2>Yonge Corporation Centre</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2>Telefax&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416) 228-7123</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="17%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2>4100 Yonge Street, Suite 200</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2>www.kpmg.ca</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="17%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2>North York, ON M2P 2H3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ka1293_consent_of_independent_accountants"> </A>
<A NAME="toc_ka1293_1"> </A>
<BR></FONT><FONT SIZE=2><B>Consent of Independent Accountants    <BR>    </B></FONT></P>

<P><FONT SIZE=2>The
Board of Directors<BR>
Celestica&nbsp;Inc. </FONT></P>

<P><FONT SIZE=2>We
consent to the use of our report dated January&nbsp;21, 2003 relating to the consolidated balance sheets of Celestica&nbsp;Inc. as at December&nbsp;31, 2002 and 2001, and the related
consolidated statements of earnings (loss), shareholders' equity and cash flows for each of the years in the three-year period ended December&nbsp;31, 2002, incorporated herein by
reference and to the references to our firm under the heading "Experts" in the Registration Statement on Form&nbsp;F-3/A. Our report dated January&nbsp;21, 2003, included Comments by
Auditors for U.S.&nbsp;Readers on Canada-U.S. Reporting Differences, which referred to changes in accounting principles adopted by the Company relating to Goodwill, Other Intangible Assets and
Stock-based Compensation and Other Stock-based Payments (note&nbsp;2(q)). </FONT></P>

<P><FONT SIZE=2><B>
<IMG SRC="g957488.jpg" ALT="GRAPHIC" WIDTH="184" HEIGHT="63">
  </B></FONT></P>

<P><FONT SIZE=2>Toronto,
Canada<BR>
March 24, 2004 </FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=1,EFW="2131966",CP="CELESTICA",DN="2",CHK=52051,FOLIO='blank',FILE='DISK026:[04TOR3.04TOR1293]KA1293A.;14',USER='MMILKS',CD='23-MAR-2004;17:58' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="04TOR1293_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ka1293_1">Consent of Independent Accountants</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=RMCIVOR,SEQ=,EFW="2131966",CP="CELESTICA",DN="2" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g1015515.jpg
<DESCRIPTION>G1015515.JPG
<TEXT>
begin 644 g1015515.jpg
M_]C_X``02D9)1@`!`0$!K0&M``#__@`Q35),3%]'4D%02$E#4SI;4$5!5%]-
M05)724-+74M034=?3D]46%1?3$]'3RY%4%/_VP!#``<%!@8&!0<&!@8("`<)
M"Q(,"PH*"Q<0$0T2&Q<<'!H7&AD=(2HD'1\H(!D:)3(E*"PM+S`O'2,T.#0N
M-RHN+R[_P``+"``@`$P!`1$`_\0`&P```@,!`0$`````````````!0<"!`8#
M`0C_Q``X$``!`P,#`P$""PD!```````!`@,$!081`!(A!S%!$R)Q"!05%C)5
M89&3P>$D)35%45)B=(&4_]H`"`$!```_`/H*J-K?,5A,AY@+=.Y3*MJB`A1Q
MGW@:X?(Y^M:E^/\`IH=6XTBGQFW&*I/W..H:.]T*P%*`)''?[=$?D<_6M2_'
M_30^O1'Z=29,V/5:AZK*0I.]X*&<CN,<Z[TVFN2*=%D.5:I%QUE"U8?QR4@G
MQJR:.<']ZU/_`-'Z:&T"))J-+9ERJK4/66/:V/!([#P!HD:.<?Q6I?C_`*:E
M0E.^A*:=D.O^C*<;2IW!5M!X&?/?4;@J=/H[,:H52:Q#B-O86\^L(2DE"@.3
M]NO'+DH#5$17G*Q"125XVRU/`-*YP,*[=^-9ZYKJMQZW&*RU6H2Z:F:VW\92
MZ"WN"@2,^3@'5R'U%L:8^AB/==*4ZM>Q*3(2DJ5X`SC.N'4:Y[?H](E0*I5X
MD66\P%MLNN86M.[&0.YY!^[6BM]QMV@TUYI86VN*TI*DG((*!@Z%TV^+1JL]
M--IUQ4^3-6I2$,-O`K40"3@>>Q^[6;HE^VI;]$8C5VOQ(LE*E#TE+*G`.,92
MD$@8([ZV5O7'0[DB*ET*J1IS*3A997DH/]%#N#[QJ5"&/E+D']M<_+26^%)5
M7'*?0+6B)+DF;*+Y;0,J.T;$#_JEG[M9FS:1)ZM5./2IDA<"T;8::CIIZ5X>
M=4!C<H>%*VJRKP.!SDZ+?"+F4N$Y:-CMJ:@4E#B9$A+:#M9:!V)(">>!ZAXY
M.@74J585VQJ?;O3.W6I59<D))?AP5,[&P"""2`3DD9)X&"2=9J_(,FX:C=E3
M5+]>-:L2)`2X.SBTK0T<'R"KU5:95>NV?#Z4659UO[G;@K]/980$'"FFBD)*
ML^"?H@^`%'QI:V*INSJO=UQQ71(%!B*BQ7L`A<IU0:2H?X\.*]PTPNDU+L>@
MV.S>U\+ANRJO(6VAV<SZH0`5`)"<'D[2HG'8@:TW2>A6K\^;@N2SKF9DP'6]
MCE,C1%M-L;R"GE1P>4*P`!W\::5!_F7^\[^6DI6+<K%W?""9D5*DU!%`I:$A
MN2I#C;:PA&X;'!CDNKSP<\?9JB;1JMH]:U+A4FLR;8JRAZKD-;^&PY_>M"L^
MRX"?:/T3G5JBV0]<76RN2ZY0YWS?@-*9C*G>LI+Q3A"=JUG*N=ZA@X[::D^V
MZ5;]#J4NA4R:)+49:FH\.4\%.J"24I"0OOG&DY1.G-59Z'W`J93*@JXZBX7_
M`(L5N!Q00XG:%-@X4>%JY!/M:GT]L.MTRV*O>%<I=177X\)46CP4N.I>:"4;
M00$G<,D]NV,G&#JC;'26L5'I#56G8<F)<4F:'VV)2UM;TM\!*DD@9.5X*AY[
M@'5<S'5V>U;%=Z45^96H;"F6%A+RHX<VX2Z$@X!X!.W@X//.F+T'L1ZB68MR
MMQIL.HS9"G5M>NXRI*`-J`I*5#GZ1YY]K3;AQ&(3/HQTJ"2HJ)4LK))[DE1)
%)]^O_]D_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g957488.jpg
<DESCRIPTION>G957488.JPG
<TEXT>
begin 644 g957488.jpg
M_]C_X``02D9)1@`!`0$!K@&N``#__@`O35),3%]'4D%02$E#4SI;34544D].
M151?0T]-35U+4$U'7TQ,4%]324<N15!3_]L`0P`'!08&!@4'!@8&"`@'"0L2
M#`L*"@L7$!$-$AL7'!P:%QH9'2$J)!T?*"`9&B4R)2@L+2\P+QTC-#@T+C<J
M+B\N_\``"P@`/@"X`0$1`/_$`!P``0`"`@,!```````````````&!P0%`0(#
M"/_$`#H0``$#!`$#`@,&!`,)``````$"`P0`!081(0<2,1-!(E%A%!4R<8&A
M%D)BD0@S@B,D-$-24Y*B\/_:``@!`0``/P#Z1I2E0%O+;S?,T=L>+0XCEIMS
MB47.ZR.Y2$N>5,M`$=RP-`G9`WR..9Z2$@E1``Y)JF\]ZU,69$@XS:OOAF(^
MF/*GE93&;<.R$)4/QGA7C@:]ZL3`[^O*,0M5_=C".Y,9[U-`["2"0=?3CBI#
M2E*4I2E*C.=YG9L)LRKG=G3W*V&(Z/\`,?6/Y4C]1L^!579CD/49&#SLKNMS
MB8HR$I^QVZ.T'9#JE:[4K<5^$G9.@-Z'.N:DO0-[+9F'KN.4S7Y"93O?"^T?
MYGI:_$>-Z)Y&_;GP15I4I6@S?)8F)8S.ODO2O01IIK?+KAX0@?F?VV:SL>ES
MI]CM\VYP?L,U]A#CT;N[O241LIW]*AV77R[WNZ/87A<A+4]`!NER(VBWMJ'"
M1\W5#P!X\\>1*\8Q^V8Q98]GM3'IQF1R3RIQ1\K4?=1]S5<Y'>)W47(96$8S
M,5'L4,A%]N3)TM6R1Z#1YY.B"=:X/MP8-G-N;RV\6[I'@,=F/;+,HO3WR#Z:
M'`-;*ARHCN._<J5]*^B+);8MFM$*TPDE,:&RAEL'D]J1H;^M<7F[VVQV]VY7
M::S#AM#XW75:`^0^I/R')KPQO(;1DUL%TLDL2H96IL.!"D[4DZ/"@#6T6M#:
M%+6H)0D;*B=`#YU6TG.+GE<AVU].([<A#;GI2;[)3_NL8^2$)\NKUXUQR/(J
M78S8Y=H:<7<;]<+O.>"?5>DJ"4`C_H:3I*!^7/S)K>TJJNH&57>YY/"Z?89(
M<;N;JDN7.>T`1!C^2-G?:LCG]0!R>-IFV76GICBD5@K?FS2WZ,&.\Z7'I"A_
M,M1YUL@D_70K-Z=Q,HC69V[9I=EO7&8`\N,4I0S!1R0@`>^CR3\@/;9^>+XY
M>NL_4Y[[E99=MMN3_L42'2VWZ"5<DD<@N*^0V-CY;JZ&NG=VRBX-7/J1<F)K
M3"RJ-9H/<F(SQH%1.E+/Y_N.*M%M"&FTMMI"4)`2E*1H`#P*[4I5.K;1U.ZD
M[44N8IBKPUI.TS9A'//@I1K_`."JDE]OMVR21(QW"'_16@]LR^E`6Q%Y^)#?
MLX[[:'"?<@U)\8L%OQNT-6RWH/:G:G'5GN<?</*G%J\J43LDU7G7;.)%@M;&
M-6,K5D%Y'I,^D?C:05!/</ZE$E*?U/M6AP?!.I5GQO\`AEB19;#%=>*Y5RC+
M4],<!\]O\H.M)!V"-<5O9EXQWI>B%AV*V9RY9'.2E2([?XWE'CU7W/;PH_0`
M_A'-4M;\WS*^]48?VJ=+NSD:8HQ[?;7BW'<6DGM2/`#>_*R">T'S6QS^#>LU
MZBVW#'KT9UX"S]L<;240X?P]Q0TCW[$[VL\J)`XU7TA`8L.`XA'C.2&8-JMS
M(2IUTA()]U'YJ4=G0Y)/%5M>I5PSNRRLCR!<VR8!#09"(;/_`!-T;'/<YH_"
M@ZX3[[WOP:]<1ZENWOT[5T]Z>R#;VE^G]H?6F+&8]SW%"5#>N=#D_*KF3OM'
M=K>N=5S57=8^H4C&(:;)C\=V7DDYLEI+*/4,9!X]0I`))//:->02?&CH>@MZ
MQID2+)#C7Q=]DN%ZXSI\0CUG0-D%8*NT#G04022?<UAW/IQU*D=09.9IN&.R
MY+:EB$W,+JD,H((1I(3H%(.QY^+D[J48LYU.O:I]ASJQP(]H>BNQG)\1\(=6
M2DI[D@*5O>_.D@?M4IP'![)@MJ7;[.EU9=7WO2'R"XZ?;9``T!P`!K]2:E5*
M4JK^NN8KQK%A;+>5&\WDF+%#:^U38/"ECZC8`^JA\JIK*[!U5P+&HUE3(,K&
M>5.IMK9`Y)*D.J2`YH[T3O1'&ZL#IUUNQ%5NBV>XVU5B>92&VV(D=3K*COPA
M*`5`GY$>3Y-6_?+];K)8)%^N+I9A,,^JHK!2H\<)T='N)T`/.SJJ=Z)623EE
M[N75')4(>?E/*;M[+B0I+*4D?&G?CMUV)(^2OG5C=3\WAX)C;ER=2AZ:Z?3A
MQB=>JY]?Z0.3_;R15.HPO/OX7G9&U!7-S+*%EM]:EI;-OB*&R!W$!*E`!/\`
M2G0\U*L>Q>%T7Z>7G()+K4F^*C_&[_)WGAMI&^>WN(W[G6_85@_X8["@V6YY
M=.:]6Y3Y2VVY#FBHMC140?;N65;^?:*WO6+IUDF9S8,ZTWUA#,)(4BVRTGT5
M.`D]^QO9(T.1X]QNL>0UUDR*QS\=N-HQVV-R6C'<G!Y2@6U#2NQ"2KG1T-ZJ
M?X#B<'"\9B6*$LNAK:W7E#1=</XE:]OH/8`"I)2N-#>]<_.N0`/%*4I2E*BN
M18%C.27R)>KU!5+DQ&PVTE;J@V`%=P/:#HG9J55@_=-K^\1<_NZ)]O">P2?1
M3Z@3\N[6]5YWZQVG(+>JW7F`S,B*4%%IT<;'@_0UFQ8[$2,U%BLH98:0$-MH
M3VI0D#0``\"O"7:[;-E19<R!&D28A*H[KK25*9)\E)(XWH>/E696IR/'K-DU
MN%MOD%$R('`YZ:U*2.X;T=I(/N:SH,.);XC4.#';CQFD]J&FTA*4CZ`5D4I2
ME*;%8L^XP+<UZUPFQXC6]=[[J6T_W414<=ZBX2AQ3;>20I3B4E11#49*M?DV
M%?.O)S.XZB!;\;R>X`@%*FK6XTD[_J=[!16392^H_8>G]Q"-<+FSHS/Q?4)6
MLZ^O[5YF;U,>V&K#C<4^07KF\YQ\M):'/UI]BZER2I+U^QR"GMX5'MKKRM_Z
MW0*PK9:NJ#.7,FXY3;I..(`6OTX26GG3K\';H]HW[]QXJPZ4I2E*4I2L*XW6
MV6MHO7*XQ8;0Y*Y#R6P/U4146/4K&7E*1:?O*\*2HH)MMO>?1O6^%A/8?T->
MO\09=-XMF$.QTJ&TNW:>TP!_I;]17Z$"L55MZF7`[DY)9+,C8/9`@*DJUKQW
MNJ`_]:[MX&Z^$&]9CDMQ.M+0)GV5I?R^%D)/[UF1^G>$L.%U6.0I+O\`W)B3
M)5^>W"H[J10[?!@A0A0X\<*\AEM*-_V%96A2E*4I2E*4W4?O&98K9G5,7*_P
M&)`\L%X*=_\`!.U;^FJU#.<3+DHIL&&WZ8C>A(E-)A,D<\@ND*/Z)/FNRCU*
MGG24XY9FEC\14[-=1QXUIM)/UWJO$X)/GN!V_9M?YAWM3$1X0F#X.NUL=W]U
M&MK;\$P^`KU&,=MZG=[]9]H/.;WO?>O:O/UJ2(0A"0A"0E(&@`-`5VI2E*4I
M2E*4I2HY<7<DFW"5!M3MN@1F0@*EO)4^Z2I.^&_A2-?,J5^5:UW`8ET2#D][
MN][^;;LDQV/(_P"4SV#V]]U)+38[/9V4LVJUPX;:1H!AE*/W`Y/UK8ZI2E*4
(I2E*4I2O_]D_
`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
