Company Press Release

NOVATO, Calif., Aug. 28 /PRNewswire-FirstCall/ -- Hennessy Advisors, Inc. (OTC Bulletin Board: HNNA), investment manager of the Hennessy Funds, today announced two initiatives aimed at better positioning the company for increased sales and distribution in the advisor and institutional marketplace.

Effective 8/29/08, all redemption and exchange fees will be eliminated for each of the Hennessy Funds. "We recognize that professional financial advisors need ultimate flexibility to adjust asset allocations for their clients, without any penalties or obstacles," said Neil Hennessy, Chairman, President and CEO of Hennessy Advisors, Inc. and Chairman and CIO of Hennessy Funds. "We have procedures in place to monitor market timing or excessive trading, so we feel very confident in eliminating these fees across the board," he added.

Kevin Rowell, President of Hennessy Funds, has also announced that Brian Peery has been named Director of Research for the firm. In this newly created position, Peery will focus solely on partnering with research analysts at top-tier wirehouses, banks, TAMP's and independent and regional broker/dealers. Peery has over fifteen years experience in the financial services industry, having held various research, analyst and institutional roles, and has been with Hennessy Funds for the past six years.

"We understand that it is critical to have a dedicated team to serve research analysts and consultants. With his extensive analytical and relationship management background, as well as a deep understanding of our portfolios, Brian is an ideal choice to head up the Hennessy research organization," said Rowell.

About Hennessy Advisors, Inc.

Hennessy Advisors, Inc. is the investment manager of the Hennessy family of mutual funds. Each of the Hennessy Funds employs a time-tested, quantitative stock selection strategy and is managed with strict discipline and consistency.

Supplemental Information

The funds' investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling 1-800-966-4354 or visiting http://www.hennessyfunds.com. Please read the prospectus carefully before investing.

Mutual fund investing involves risk; principal loss is possible.

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