O'Leary Funds Management LP announces closing of merger of O'Leary Canadian Income Opportunities Fund 2 into O'Leary Canadian High Income Fund, on December 14, 2012

MONTREAL, Dec. 17, 2012 /CNW Telbec/ - O'Leary Funds Management LP, the manager and trustee (the "Manager") of O'Leary Canadian Income Opportunities Fund 2 ("OCH") and O'Leary Canadian High Income Fund ("OCY" and together with OCH, the "Funds") is pleased to announce that the merger (the "Merger") of OCH into OCY was completed, on December 14, 2012 on a tax-deferred basis.

In addition, pursuant to the Merger, unitholders of OCH, the terminating fund, will receive one series Y unit of OCY in exchange for each unit of OCH (exchange ratio of 1:1), which they held on December 14, 2012. Pursuant to the Merger, all of the assets of OCH were transferred to OCY and consequently OCH will be wound up and terminated.

Important information for non-residents: unitholder accounts which are deemed to be non-resident of a Canadian province are not allowed to hold units of OCY and, accordingly, will be redeemed.

O'Leary Funds Management LP is a Canadian investment fund manager of mutual funds and closed-end funds striving to provide Canadian investors with reliable and strategic income solutions. Based on our value-yield investment philosophy, Canadian and global investment opportunities are identified through a disciplined investment process. Our core principles, Income, Capital Appreciation and Capital Preservation, are driven by each portfolios investment objectives. Our portfolios are diversified by sector, region and asset class. For more details about O'Leary Funds, visit www.olearyfunds.com.

SOURCE: O'Leary Funds Management LP

For further information:

For media inquiries or additional information, please contact Louise Anne Poirier, Investor Relations at info@olearyfunds.com or at 877-849-2004 or 514-849-1056.

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O'Leary Funds Management LP

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O'Leary Canadian Income Opportunities Fund 2

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