O'Leary Canadian Income Opportunities Fund 2 Completes $138M IPO

On December 17, 2010, O'Leary Canadian Income Opportunities Fund 2 completed its initial public offering of 11,500,000 Units at a price of $12 per Unit for aggregate gross proceeds of $138 million.

The syndicate of agents was co-led by CIBC World Markets Inc. and RBC Capital Markets and included 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 Corporation, Mackie Research Capital Corporation and Manulife Securities Incorporated.

The Fund's investment objectives are: (i) to maximize total return for holders of Units 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 per cent based on the $12 per Unit issue price).

O'Leary Canadian Income Opportunities Fund 2 was advised by in-house counsel Katarzyna Szybiak and assisted by Andrew Armstrong and Matthew Appleby (business law/securities) and James Morand (tax) of McCarthy Tétrault LLP.

CIBC World Markets Inc. and the syndicate of agents were advised by Jeff Glass and Norbert Knutel (corporate/securities) and Bryan Bailey, Edward Miller and Jesse Brodlieb (tax) of Blake, Cassels & Graydon LLP.

Lawyer(s)

Matthew Appleby Jesse S. Brodlieb Edward Miller Bryan Bailey Katarzyna Szybiak James G. Morand Norbert Knutel Jeff Glass