WesternOne Equity Income Fund Announces Cash Distribution for May 2011

VANCOUVER, May 19 /PRNewswire-FirstCall/ - WesternOne Equity Income Fund ("WesternOne Equity") (TSX: WEQ.UN, WEQ.DB and WEQ.DB.B) today announced that its Board of Trustees has approved a cash distribution of $0.05 per trust unit for the month of May 2011 (equivalent to $0.60 per trust unit on an annualized basis). This distribution will be paid on June 15, 2011 to unitholders of record at the close of business on May 31, 2011.

In addition, WesternOne Equity announced that during April 2011, 292,298 trust units were issued at $4.20 per trust unit in connection with the conversion of $1,197,000 principal amount in Series A Debentures (plus accrued interest), and 4,483 trust units were issued at $5.25 per trust unit in connection with the conversion of $23,000 principal amount in the 8.5% Convertible Unsecured Subordinated Debentures (the "Unsecured Debentures") (plus accrued interest).  As at April 30, 2011, WesternOne Equity had 15,320,799 trust units, $3,598,900 principal amount of the Series A Debentures and $27,577,000 principal amount of the Unsecured 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