O'Leary Canadian Income Opportunities Fund 2 Announces Exchange Ratios

MONTREAL, Dec. 10 /CNW/ - O'Leary Funds Management LP (the "Manager"), the trustee and manager of O'Leary Canadian Income Opportunities Fund 2 (the "Fund") is pleased to announce the exchange ratios for the exchange offer by the Fund (the "Exchange Option") being made under the final prospectus for the Fund dated November 26, 2010. The closing of the initial public offering of Units is scheduled to occur on December 17, 2010.

The Fund was created to invest in an actively-managed portfolio comprised primarily of publicly-traded securities of issuers domiciled in Canada providing investors with both income and potential for capital appreciation. The Fund's investment objectives are to (i) maximize total return for holders of trust units of the Fund ("Unitholders"), consisting of distributions, interest and dividend income and capital appreciation; and (ii) to initially provide Unitholders with monthly distributions targeted to be $0.08 per Unit ($0.96 per annum representing an annual cash distribution of 8% based on the $12.00 per Unit issue price).

The Manager has retained Stanton Asset Management Inc. (the "Portfolio Advisor") to provide investment advisory services to the Fund. The Portfolio Advisor is a Canadian investment firm focused on global investment opportunities, and is also the manager of a variety of specialized funds.

On or about December 14, 2012, the Fund will become an open-end mutual fund, the Units of the Fund will be delisted and the Units will become redeemable at their net asset value per Unit on a daily basis.

Prospective purchasers may purchase Units either by cash payment or by an exchange of freely tradable securities of each class or series of securities described in the table below.

The number of Units issuable in exchange for the securities of an exchange eligible issuer (the "Exchange Ratio") deposited by a prospective purchaser pursuant to the Exchange Option was determined for dividend-paying equities, income trusts and exchange traded funds by dividing the volume weighted average trading price of such securities on the Toronto Stock Exchange during the five consecutive trading days ending on December 9, 2010 (the "Pricing Period"), as adjusted to reflect distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $12.00. For greater certainty, the distribution payable on the securities of any Exchange Eligible Issuer that are deposited under the Exchange Option and which have a record date before the Closing will be received by the prospective purchaser who deposited such securities and not by the Fund. The Exchange Ratios will be rounded down to four decimal places.

The table below sets out the Exchange Eligible Issuers, the securities of which may be accepted by the Fund pursuant to the Exchange Option including the name of the Exchange Eligible Issuer, its CUSIP number, its ticker symbol, its volume weighted average trading price during the Pricing Period and the Exchange Ratios.

Income Trusts & Common Equity

Name:	CUSIP	Symbol	Volume Weighted Average Trading Price	Exchange Ratio
A&W REVENUE ROYALTIES IN-UTS	000255109	AW-U CT	20.1404	1.6695
AG GROWTH INTERNATIONAL INC	001181106	AFN CT	48.4874	4.0406
AGRIUM INC	008916108	AGU CT	84.2029	7.0169
ALARIS ROYALTY CORP	01163Q202	AD CT	11.5469	0.9622
ALGONQUIN POWER & UTILITIES	015857105	AQN CT	4.8224	0.4018
ALLIED PROPERTIES REAL ESTAT	019456102	AP-U CT	21.789	1.8157
ALTAGAS LTD	021361100	ALA CT	20.7005	1.7250
ALTUS GROUP INCOME FUND	02215E106	AIF-U CT	12.9205	1.0767
ARC ENERGY TRUST-UNITS	001986108	AET-U CT	24.57	2.0475
ARMTEC INFRASTRUCTURE INCOME	041900101	ARF-U CT	15.8763	1.3230
ARTIS REAL ESTATE INVESTMENT	04315L105	AX-U CT	12.4766	1.0397
AVENIR DIVERSIFIED INCOME TR	05356Q200	AVF-U CT	6.2165	0.5180
BADGER INCOME FUND	05651Q103	BAD-U CT	18.4539	1.5378
BARRICK GOLD CORP	067901108	ABX CT	54.4701	4.5391
BAYTEX ENERGY TRUST-UNITS	073176109	BTE-U CT	45.0087	3.7507
BELL ALIANT REGIONAL COMMUNI	07786J103	BA-U CT	26.6985	2.2248
BIRD CONSTRUCTION INCOME FUN	090762105	BDT-U CT	34.033	2.8360
BLACK DIAMOND GROUP LTD	09202D207	BDI CT	20.9663	1.7471
BOARDWALK REAL ESTATE INVEST	096631106	BEI-U CT	40.8531	3.4044
BONAVISTA ENERGY TRUST	098536105	BNP-U CT	28.3264	2.3605
BONTERRA ENERGY CORP	098546104	BNE CT	44.6087	3.6990
BORALEX POWER INCOME-UNIT	09951T106	BPT-U CT	NA	NA
BOSTON PIZZA ROYALTIES-UNITS	101084101	BPF-U CT	13.9403	1.1616
BOYD GROUP INCOME FUND	103309100	BYD-U CT	7.3046	0.6087
BROOKFIELD ASSET MGMNT	112585120	BAM.PR.P	27.68240849	2.2704
BROOKFIELD PROPERTIES	112900857	BPO.PR.L	26.63788062	2.1846
BROOKFIELD REAL ESTATE SERVI	112831102	BRE-U CT	13.8479	1.1539
BROOKFIELD RENEWABLE POWER	112834130	BRC-U CT	20.8403	1.7366
CALLOWAY REAL ESTATE INVESTM	131253205	CWT-U CT	23.1519	1.9293
CAMECO CORP	13321L108	CCO CT	37.9177	3.1598
CAN APARTMENT PROP REAL ESTA	134921105	CAR-U CT	17.092	1.4243
CAN REAL ESTATE INVEST TRUST	13650J104	REF-U CT	31.3895	2.6157
CANADIAN ENERGY SERVICES & T	13566W108	CEU CT	26.3081	2.1923
CANADIAN HELICOPTERS INCOME	136002102	CHL-U CT	15.9723	1.3310
CANADIAN OIL SANDS TRUST	13642L100	COS-U CT	25.0723	2.0893
CANEXUS INCOME FUND	13751R104	CUS-U CT	6.8456	0.5704
CANFOR PULP INCOME FUND	137582102	CFX-U CT	14.3541	1.1961
CANWEL BUILDING MATERIALS	13874X103	CWX CT	4.6841	0.3903
CAPITAL POWER CORP	14042M102	CPX CT	23.9492	1.9957
CAPITAL POWER INCOME LP	14042N100	CPA-U CT	17.3303	1.4441
CARFINCO INCOME FUND	14178B102	CFN-U CT	7.3804	0.6150
CARGOJET INCOME FUND	14179E105	CJT-U CT	8.1936	0.6828
CERVUS EQUIPMENT CORP	15712L100	CVL CT	NA	NA
CHARTWELL SENIORS HOUSING RE	16140U100	CSH-U CT	7.981	0.6650
CHEMTRADE LOGISTICS INCOM FD	16387P103	CHE-U CT	14.3922	1.1993
CINEPLEX GALAXY INCOME FUND	172453102	CGX-U CT	22.7074	1.8922
CML HEALTHCARE INCOME FUND	12582P105	CLC-U CT	11.9417	0.9877
COLABOR GROUP INC	192667103	GCL CT	11.8492	0.9874
COMINAR REAL ESTATE INV-TR U	199910100	CUF-U CT	21.4384	1.7865
CONSUMERS' WATERHEATER INCOM	210724100	CWI-U CT	6.4985	0.5415
CRESCENT POINT ENERGY CORP	22576C101	CPG CT	42.9476	3.5789
CROMBIE REAL ESTATE INVESTME	227107109	CRR-U CT	12.7996	1.0666
DATA GROUP INCOME FUND	23768U107	DGI-U CT	6.3763	0.5313
DAVIS + HENDERSON INCOME FND	239058100	DHF-U CT	19.7618	1.6468
DAYLIGHT ENERGY LTD	239590201	DAY CT	9.9694	0.8307
DIRECTCASH INCOME FUND	25457R105	DCI-U CT	22.8731	1.9060
DUNDEE REAL ESTATE INVESTMEN	265270207	D-U CT	29.7824	2.4818
ENBRIDGE INC	29250N105	ENB CT	56.4091	4.7007
ENERPLUS RESOURCES FUND	29274D604	ERF-U CT	30.3729	2.5160
EXCHANGE INCOME CORP	301283107	EIF CT	17.3162	1.4430
EXTENDICARE REAL ESTATE INVE	302251103	EXE-U CT	8.9738	0.7478
FIRM CAP MTGE INV FND-UTS	318324100	FC-U CT	11.7461	0.9788
FIRST CAPITAL REALTY INC	31943B100	FCR CT	15.269	1.2724
FIRST NATIONAL FINANCIAL INC	321135105	FN-U CT	18.93	1.5775
FOREMOST INCOME FUND	345492102	FMO-U CT	6.0829	0.4985
FORT CHICAGO ENERGY-CLASS A	346921109	FCE-U CT	12.576	1.0480
FREEHOLD ROYALTY TRUST UTS	355904103	FRU-U CT	19.5455	1.6287
FUTUREMED HEALTHCARE INCOME	36116H107	FMD-U CT	6.3786	0.5315
GAMEHOST INCOME FUND	36466U104	GH-U CT	9.5467	0.7955
GENIVAR INCOME FUND	372301101	GNV-U CT	28.4622	2.3718
GOLDCORP INC	380956409	G CT	47.0146	3.9153
GROUPE AEROPLAN INC	399453109	AER CT	13.3269	1.1105
H&R REAL ESTATE INV-REIT UTS	404428203	HR-U CT	19.7321	1.6383
HOMBURG CANADA REAL ESTATE I	436870109	HCR-U CT	10.9732	0.9144
IBI INCOME FUND	449213107	IBG-U CT	14.3369	1.1947
INNERGEX RENEWABLE ENERGY	45790B104	INE CT	9.7037	0.8086
INNVEST REAL ESTATE INVESTME	45771T108	INN-U CT	6.6612	0.5551
INTER PIPELINE FUND LP-A	45833P102	IPL-U CT	14.8051	1.2337
JAZZ AIR INCOME FUND	47214X100	JAZ-U CT	5.1325	0.4277
JUST ENERGY INCOME FUND	48213T108	JE-U CT	14.4339	1.1942
K-BRO LINEN INCOME FUND	482427101	KBL-U CT	18.9328	1.5777
KEG ROYALTIES INCOME FUND-UT	487522104	KEG-U CT	12.214	1.0178
KEYERA FACILITIES INCOME FD	493272108	KEY-U CT	35.3655	2.9471
KILLAM PROPERTIES INC	494104870	KMP CT	10.4356	0.8696
LABRADOR IRON ORE ROYALTY CO	505440115	LIF-U CT	68.2691	5.6890
LEISUREWORLD SENIOR CARE COR	52542T102	LW CT	10.4562	0.8713
LIQUOR STORES INCOME FUND	536345200	LIQ-U CT	15.235	1.2695
MACQUARIE POWER & INFRASTRUC	556084101	MPT-U CT	7.8466	0.6538
MEDICAL FACILITIES CORP-IPS	58457V206	DR-U CT	10.416	0.8680
MORGUARD REAL ESTATE-TR UTS	617914106	MRT-U CT	14.76	1.2237
MORNEAU SOBECO INCOME FUND	61767T101	MSI-U CT	9.581	0.7984
MULLEN GROUP LTD	625284104	MTL CT	15.7695	1.3141
NAL OIL & GAS TRUST-UTS	628949109	NAE-U CT	12.2988	1.0249
NEW FLYER INDUSTRIES INC-IDS	64438R306	NFI-U CT	11.07	0.9225
NORTH WEST COMPANY FUND	662906106	NWF-U CT	21.2722	1.7726
NORTHERN PROPERTY REAL ESTAT	665624102	NPR-U CT	27.3058	2.2754
NORTHLAND POWER INCOME TR UT	666910104	NPI-U CT	15.7394	1.3116
NORTHWEST HEALTHCARE PROPERT	667495105	NWH-U CT	11.4825	0.9568
PARKLAND INCOME FUND-UNIT	70137Q101	PKI-U CT	11.1466	0.9288
PEMBINA PIPELINE CORP	706327103	PPL CT	21.2117	1.7676
PENGROWTH ENERGY TRUST	706902509	PGF-U CT	13.1848	1.0987
PENN WEST ENERGY TRUST	707885109	PWT-U CT	22.1445	1.8453
PERPETUAL ENERGY INC	714270105	PMT CT	4.0418	0.3368
PEYTO ENERGY TRUST	717045108	PEY-U CT	17.761	1.4800
PHOENIX TECHNOLOGY INCOME FU	71915R105	PHX-U CT	11.9367	0.9947
PIZZA PIZZA ROYALTY INCOME F	725852107	PZA-U CT	7.7251	0.6437
POTASH CORP OF SASKATCHEWAN	73755L107	POT CT	143.0132	11.9177
PREMIUM BRANDS HOLDINGS CORP	74061A108	PBH CT	13.9986	1.1665
PRIMARIS RETAIL REAL ESTATE	74157U109	PMZ-U CT	18.7611	1.5634
PROGRESS ENERGY RESOURCES CO	74326Y107	PRQ CT	11.7144	0.9762
PROVIDENT ENERGY TRUST-UTS	74386K104	PVE-U CT	7.8659	0.6554
PURE INDUSTRIAL REAL ESTATE	74623T108	AAR-U CT	NA	NA
REALEX PROPERTIES CORP	756041505	RP CT	NA	NA
RETROCOM MID-MARKET REIT	761298108	RMM-U CT	5.0632	0.4219
RICHARDS PACKAGING INCOME FD	763102100	RPI-U CT	8.6225	0.7185
RIOCAN REAL ESTATE INVST TR	766910103	REI-U CT	21.7652	1.8137
ROGERS SUGAR INC FD-TR UTS	774910103	RSI-U CT	5.0834	0.4236
SECOND CUP INCOME FUND	813137106	SCU-U CT	8.1003	0.6750
SIR ROYALTY INCOME FUND	829636109	SRV-U CT	10.2735	0.8561
SUPERIOR PLUS CORP	86828P103	SPB CT	10.7686	0.8973
SUPREMEX INCOME FUND	868637109	SXP-U CT	2.2292	0.1857
TRANSALTA CORP	89346D107	TA CT	21.0792	1.7566
TRANSFORCE INC	89366H103	TFI CT	12.1651	1.0137
TRANSGLOBE APARTMENT REAL ES	89367A107	TGA-U CT	10.6101	0.8841
TRILOGY ENERGY CORP	89620H105	TET CT	11.8927	0.9910
TRIMAC INCOME FUND	89620N102	TMA-U CT	4.6298	0.3858
TRINIDAD DRILLING LTD	896356102	TDG CT	6.0136	0.5011
VALENER INC	91912H108	VNR CT	16.9963	1.4163
VERMILION ENERGY INC	923725105	VET CT	43.2164	3.6013
VICWEST INCOME FUND	92647T102	VIC-U CT	14.9108	1.2425
WAJAX INCOME FUND	930787106	WJX-U CT	36.2278	3.0189
WESTSHORE TERMINALS INC FD	960911105	WTE-U CT	23.7508	1.9792
WHITEROCK REAL ESTATE INVEST	965531700	WRK-U CT	18.8835	1.5736
YELLOW MEDIA INC	985521103	YLO CT	6.2893	0.5241
ZARGON ENERGY TRUST	989132105	ZAR-U CT	19.6211	1.6350

Convertible Debentures

Name	(Ticker/Coupon Maturity)	CUSIP	Volume Weighted Average Trading Price Per $1,000	Exchange Ratio
ADVANTAGE OIL & GAS LTD	AAVCN   5   30/01/2015	00765FAE1	1,039.85	88.2400
AECON GROUP INC	ARECN   7   30/09/2014	00762VAC3	1,050.03	88.7489
AECON GROUP INC	ARECN   6.25   31/10/2015	00762VAD1	1,025.80	86.4817
AG GROWTH INTERNATIONAL	AFNUCN   7   31/12/2014	001181AA4	1,137.63	97.5195
ARCTIC GLACIER INCOME	AGUCN   6.5   31/07/2011	039675AA1	839.36	72.0090
ARTIS REAL ESTATE	AXCN   6   30/06/2020	04315LAE5	1,003.79	85.9781
ATLANTIC POWER CORP	ATPCN   6.25   15/03/2017	04878QAM5	1,110.65	93.8852
BORALEX INC	BLX   6.75   30/06/2017	09950MAC6	1,034.89	87.1174
BOREALIS RETAIL REIT	PMZCN   6.3   30/09/2015	74157UAE9	1,142.04	96.2945
CHARTWELL SR HSNG REIT	CSHU   6   01/12/2011	16140UAA8	NA	NA
CHEMTRADE LOGISTICS INC	CHEUCN   6   31/03/2017	16387PAB9	1,025.14	86.4964
CHURCHILL CORP/THE	CUQCN   6   30/06/2015	17143DAA1	1,048.56	89.9077
CINEPLEX GALAXY INC FUND	CGXCN   6   31/12/2012	172453AA0	1,210.20	103.1790
CLARKE INC	CKICN   6   31/12/2013	181901AB5	984.56	84.3755
COMINAR REIT	CUFCN   6.5   30/09/2016	199910AF7	1,083.76	91.4707
CONNACHER OIL AND GAS	CLLCN   4.75   30/06/2012	20588YAA1	960.57	81.8835
CROMBIE REAL ESTATE INVE	CRRCN   6.25   30/06/2015	227107AB5	1,157.82	98.9107
DATA GROUP INCOME FUND	DGICN   6   30/06/2017	23768UAB3	895.49	77.8292
DAYLIGHT ENERGY LTD	DAYCN   6.25   31/12/2014	239590AC6	1,060.09	90.7662
DAYLIGHT ENERGY LTD	DAYCN   8.5   31/10/2012	239590AA0	NA	NA
DAYLIGHT ENERGY LTD	DAYCN   10   31/12/2013	239590AB8	1,166.07	101.0535
DUNDEE REIT	DUCN   6   31/12/2014	265270AD0	1,035.05	88.5831
FAIRBORNE ENERGY LTD	FELCN   6.5   31/12/2011	303623AA0	1,022.31	87.7155
FIRST CAP REALTY INC	FCRCN   6.25   31/12/2016	31943BAW0	1,079.51	91.0723
FIRST URANIUM CORP	FIUCN   7   31/03/2013	33744RAC6	1,200.07	101.2520
FIRSTSERVICE CORPORATION	FSVCN   6.5   31/12/2014	33761NAA7	NA	NA
FIRSTSERVICE CORPORATION	FSVCN   6.5   31/12/2014	33761NAB5	NA	NA
FORT CHICAGO ENER PARTNR	FCEUCN   5.75   31/07/2017	346921AD1	1,027.64	87.6188
H&R REAL ESTATE INVESTME	HRCN   6   30/06/2017	403925AC4	1,081.65	92.4663
H&R REAL ESTATE INVESTME	HRCN   6.75   31/12/2014	403925AB6	1,405.10	119.7111
H&R REAL ESTATE INVESTME	HRCN   5.9   30/06/2020	403925AF7	1,037.32	88.3695
HARVEST OPERATIONS CORP	HTECN   7.25   30/09/2013	41754WAE1	1,026.57	86.8387
HARVEST OPERATIONS CORP	HTECN   7.5   31/05/2015	41754WAJ0	1,051.06	87.8791
INNVEST REAL ESTATE INV	INNUCN   6   31/05/2013	45771TAD0	1,016.27	84.9218
INNVEST REAL ESTATE INV	INNUCN   6   30/09/2017	45771TAG3	1,011.38	86.0079
JAZZ AIR INCOME FUND	JAZUCN   9.5   31/12/2014	47214XAA8	1,097.83	95.1732
JUST ENERGY EXCHANGE	JEXCN   6   30/09/2014	48214AAA6	1,012.80	85.4685
JUST ENERGY INCOME FUND	JEUCN   6   30/06/2017	48213TAA6	1,003.23	86.6985
KEYERA FACILITIES INCOME	KEYU   8.25   31/12/2013	493272AB4	1,873.87	159.3575
MORGUARD REAL ESTATE INV	MORGRD   6.5   30/09/2014	617914AL0	1,080.98	91.2427
NAL OIL & GAS TRUST	NAEUCN   6.25   31/12/2014	628949AB5	1,050.70	89.9839
NORTHLAND POWER INCOME T	NPICN   6.25   31/12/2014	666910AB0	1,259.87	107.4152
PEMBINA PIPELINE INCOME	PPLCN   7.35   31/12/2010	706327AD5	1,692.48	143.8924
PENN WEST ENERGY TRUST	PWTUCN   6.5   31/12/2011	707885AF6	1,031.75	88.5018
PERPETUAL ENERGY INC	PMTCN   7.25   31/01/2015	714270AC9	1,018.11	87.1430
PERPETUAL ENERGY INC	PMTCN   6.5   30/06/2012	714270AA3	1,010.29	86.7139
PROGRESS ENERGY RESOURCE	PRQCN   5.25   31/10/2014	74326YAC1	1,011.59	84.8626
PROVIDENT ENERGY TRUST	PVEUCN   6.5   30/04/2011	74386KAE4	1,011.92	85.0241
PROVIDENT ENERGY TRUST	PVEUCN   6.5   31/08/2012	74386KAD6	1,017.11	86.3619
SUPERIOR PLUS CORP	SPBCN   5.75   31/12/2012	86828PAA1	1,005.67	86.0374
SUPERIOR PLUS CORP	SPBCN   5.75   30/06/2017	86828PAD5	949.77	81.3794
SUPERIOR PLUS CORP	SPBCN   5.85   31/10/2015	86828PAB9	996.87	83.6999
SUPERIOR PLUS CORP	SPBCN   5.75   30/06/2017	86828PAD5	949.77	81.3794
TRINIDAD DRILLING LTD	TDGCN   7.75   31/07/2012	896356AA0	1,004.61	86.7250
VALEANT PHARMACEUTICALS	VRXCN   5.375   01/08/2014	09067JAC3	NA	NA
YELLOW MEDIA INC	YLOCN   6.25   01/10/2017	985521AA1	983.12	83.0249
ZARLINK SEMICONDUCTOR	ZLCN   6   30/09/2012	989139AA8	1,050.03	89.8316

The syndicate of agents is co-led by CIBC World Markets Inc. and RBC Capital Markets and includes National Bank Financial Inc., Scotia Capital Inc., Macquarie Private Wealth Inc., Canaccord Genuity Corp., Raymond James Ltd., Wellington West Capital Markets Inc., Dundee Securities Corporation, GMP Securities L.P., HSBC Securities (Canada) Inc., MGI Securities Inc., Desjardins Securities Inc., Mackie Research Capital Corporation and Manulife Securities Incorporated (collectively, the "Agents").

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 the Manager'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 the Manager 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. The Manager 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.

This offering is only made by a prospectus dated November 26, 2010. The prospectus contains important information relating to these securities. Copies of the prospectus may be obtained from any of the Agents. Investors should read the prospectus before making an investment decision.

All capital terms noted herein but not defined are as per the prospectus dated November 26, 2010.

For further information:

for media inquiries or additional information: please contact O'Leary Funds at [email protected] or at 1-877-849-2004 x226