WesternOne Equity Income Fund Announces Cash Distribution for July 2011

VANCOUVER, July 20, 2011 /PRNewswire/ - WesternOne Equity Income Fund ("WesternOne Equity") (TSX: WEQ.UN, WEQ.DB, WEQ.DB.B and WEQ.DB.C) today announced that its Board of Trustees has approved a cash distribution of $0.05 per trust unit for the month of July, 2011 (equivalent to $0.60 per trust unit on an annualized basis). This distribution will be paid on August 15, 2011 to unitholders of record at the close of business on July 29, 2011.

In addition, WesternOne Equity announced that during June 2011, 34,004 trust units were issued at $4.20 per trust unit in connection with the conversion of $137,600 principal amount in Series A Debentures (plus accrued interest), and 137,287 trust units were issued at $5.25 per trust unit in connection with the conversion of $695,000 principal amount in Convertible Unsecured Subordinated Debentures (plus accrued interest). As at June 30, 2011, WesternOne Equity had 15,789,493 trust units, $3,088,300 principal amount of the Series A Debentures, $25,905,000 principal amount of the Convertible Unsecured Subordinated Debentures and $86,250,000 principal amount of the Extendible Convertible Series 2 Unsecured Subordinated Debentures outstanding.

The policy of WesternOne Equity is to pay cash distributions on or about the 15th day of each month to unitholders of record on the last business day of the preceding month.

About WesternOne Equity

WesternOne Equity seeks to acquire businesses in the sector of construction and infrastructure services in order to generate stable and growing distributions to its unitholders as well as to achieve overall capital appreciation.

Additional information about WesternOne Equity is available at www.weq.ca or www.sedar.com

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

SOURCE WesternOne Equity Income Fund