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

TORONTO, Oct. 5 /CNW/ - O'Leary Funds Management LP ("O'Leary"), the manager of O'Leary Global Income Opportunities Fund (TSX: OGO.un/OGO.wt) (the "Fund") is pleased to announce today that it intends to pay out a special distribution of $1.20 per trust unit ("Unit") in addition to the monthly distribution of $0.06 per Unit to unitholders of record on November 30, 2009 (the "Record Date"). The combined special and monthly distribution is expected to be paid on or before December 15, 2009. 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). Unitholders of record on October 30, 2009 will also receive the monthly distribution of $0.06 per Unit which will be paid on or before November 15, 2009. This special distribution will bring cumulative distributions to $1.74 per Unit from March 30 through November 30, 2009. The net asset value per Unit of the Fund as of October 2, 2009 is $14.41 ($13.08 on a diluted basis).

Holders of warrants ("Warrants") of the Fund ("Warrantholders") who wish to participate in this special distribution must first exercise their Warrants in order to become unitholders of the Fund prior to the Record Date. In order to exercise such Warrants and purchase Units, Warrantholders must notify Computershare Trust Company of Canada between today and 5:00 p.m. (Toronto time) on October 15, 2009 or between November 2, 2009 and 5:00 p.m. (Toronto time) on November 13, 2009.

The Fund is a closed-end investment fund managed by O'Leary. The Fund's investment objectives are to: (i) maximize total return for unitholders consisting of interest and dividend income and capital appreciation; and (ii) provide unitholders with monthly distributions initially targeted to be $0.06 per unit ($0.72 per annum representing an annual cash distribution of 6.0% based on the original price of $12.00 per unit).

SOURCE O'LEARY GLOBAL INCOME OPPORTUNITIES FUND

For further information: For further information: Investor Relations for O'Leary Funds at (877) 849-2004 x226 or visit olearyfunds.com

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O'LEARY GLOBAL INCOME OPPORTUNITIES FUND

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