O'Leary Canadian Income Opportunities Fund Announces Monthly and Special
Distributions

TORONTO, Dec. 14 /CNW/ - O'Leary Funds Management LP ("O'Leary"), the manager of O'Leary Canadian Income Opportunities Fund (TSX: OCY.un/OCY.wt) (the "Fund") is pleased to announce today that it intends to pay out an estimated special distribution of $0.36 per trust unit ("Trust Unit") in addition to the monthly distribution of $0.09 per Trust Unit to unitholders of record on December 31, 2009 (the "Record Date"). The estimated combined special and monthly distributions are expected to be paid on or before January 15, 2010. This special distribution is derived from realized capital gains on investments as well as other realized income sources. The Fund is required to distribute annually all of its realized net income (including realized capital gains) so that the Fund will not be liable to pay income tax under Part I of the Income Tax Act (Canada). This special distribution will bring cumulative distributions to $0.99 per Trust Unit since the inception of the Fund. The net asset value per Trust Unit of the Fund as of December 11, 2009 is $12.78 ($12.24 on a diluted basis).

The Fund is a closed-end investment fund managed by O'Leary. The Fund's investment objectives are: (i) to maximize total return for unitholders, consisting of distributions, interest and dividend income and capital appreciation; and (ii) to provide unitholders with monthly distributions initially targeted to be $0.09 per Trust Unit ($1.08 per annum representing an annual cash distribution of 9% based on the $12.00 per unit issue price).

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to the Fund. The forward-looking statements are not historical facts but reflect O'Leary Funds Management LP's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although O'Leary Funds Management LP believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. O'Leary Funds Management LP undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

SOURCE O'LEARY CANADIAN INCOME OPPORTUNITIES FUND

For further information: For further information: please contact Investor Relations for O'Leary Funds at 1-877-849-2004 x226 or info@olearyfunds.com or visit www.olearyfunds.com

Organization Profile

O'LEARY CANADIAN INCOME OPPORTUNITIES FUND

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