O'Leary Canadian Income Opportunities Fund and O'Leary Canadian Equity Income
Fund confirm number of warrants exercised on November 30, 2010

MONTREAL, Dec. 1 /CNW/ - O'Leary Funds Management LP ("O'Leary"), the manager of O'Leary Canadian Income Opportunities Fund ("OCY") and of O'Leary Canadian Equity Income Fund ("OCZ") is pleased to announce today that on November 30, 2010: 6,587,774 OCY warrants and 2,347,321 OCZ warrants have been exercised at a subscription price of $12.00 per unit. As a result, 6,587,774 units of OCY and 2,347,321 units of OCZ were issued. As of November 30, 2010, after giving effect to such unit issuances, the net asset value per unit of OCY was $12.43 and the net asset value per unit of OCZ was $12.38.

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