O'Leary Canadian Income Opportunities Fund announces normal course issuer bid
June 22, 2010

MONTREAL, June 22 /CNW/ - O'Leary Funds Management LP, the manager (the "Manager") of O'Leary Canadian Income Opportunities 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: OCY.un) on the Toronto Stock Exchange ("TSX"). The purpose of the normal course issuer bid is to provide the Fund with a mechanism to decrease the potential spread between the net asset value per trust unit and the market price of the trust units and to provide enhanced liquidity for the trust units. Under the normal course issuer bid, the Fund intends to purchase up to 1,150,647 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 June 26, 2010 and ending on the earlier of June 25, 2011 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 11,534,767 trust units issued and outstanding as at June 17, 2010. The Fund will not purchase in any given 30 day period, in the aggregate more than 230,695 trust units, being 2% of the issued and outstanding trust units as at June 17, 2010. Pursuant to the Fund's previous normal course issuer bid which expires on June 25, 2010, 26,100 trust units were purchased at an average weighted price of $11.7962 per trust unit.

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