O'Leary Hard Asset Income Fund announces normal course issuer bid

MONTREAL, Nov. 16, 2011 /CNW/ - O'Leary Funds Management LP, the manager (the "Manager") of O'Leary Hard Asset Income Fund (the "Fund") today announced that the Fund has commenced a normal course issuer bid to purchase a portion of the outstanding trust units (TSX: OHA.un) on the Toronto Stock Exchange ("TSX"). The normal course issuer bid may decrease the potential spread between the net asset value per unit and the market price of the trust units and may enhance liquidity for the trust units. Under the normal course issuer bid, the Fund intends to purchase up to 842,650 trust units, representing 10% of the public float of the securities issued and outstanding. These purchases will be made in accordance with applicable regulations, and will be effected through the facilities of TSX over a maximum period of 12 months commencing on November 22, 2011 and ending on the earlier of November 21, 2012 or on such date as the Fund completes its purchase under the normal course issuer bid or on such date as the Fund may otherwise determine. Trust units purchased will be cancelled. The Fund had 8,443,500 trust units issued and outstanding as at November 10, 2011. The Fund will not purchase in any given 30 day period, in the aggregate more than 168,870 trust units, being 2% of the issued and outstanding trust units as at November 10, 2011. Pursuant to the Fund's previous normal course issuer bid scheduled to end on November 21, 2011, 76,000 trust units were purchased at an average weighted price of $9.24329 per trust unit.

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For media inquires or additional information: please contact Investor Relations at info@olearyfunds.com or at 877-849-2004 x226.

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O'Leary Funds Management LP

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