FOR IMMEDIATE RELEASE

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Novato, CA - January 28, 2010 - The Board of Directors of Hennessy Advisors, Inc. today declared a cash dividend of $0.09 per share. This marks the company’s sixth consecutive annual cash dividend. The dividend will be paid on March 4, 2010 to shareholders of record as of February 10, 2009.

“We are very pleased to once again reward our shareholders with an annual cash dividend, particularly in light of the recent crisis in the financial markets. Despite reporting a small loss per share for the fiscal year ended Sept. 30, 2009, Hennessy Advisors, Inc. is maintaining the dividend per share amount paid in each of the last two years," said Neil Hennessy, President and Chief Executive Officer of Hennessy Advisors, Inc. “The company remains stable and our balance sheet is strong. We believe this dividend demonstrates the fundamental financial strength of Hennessy Advisors as well as our longstanding commitment to our shareholders. We would like to thank our shareholders for their past support and continued confidence as we work to achieve our long-term business goals,” he added.

About Hennessy Advisors, Inc.
Hennessy Advisors, Inc. is a publicly traded investment advisor manager of a wide range of both domestic and international equity products. Hennessy Advisors, Inc. is committed to a consistent and repeatable investment process, combining time-tested stock selection strategies with a highly disciplined, team-managed approach, and to superior service to shareholders.

Supplemental Information
Nothing in this section shall be considered a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction.