WesternOne Equity Income Fund Announces Cash Distribution for September 2011

VANCOUVER, Sept. 21, 2011 /PRNewswire/ - WesternOne Equity Income Fund ("WesternOne Equity") (TSX: WEQ.UN, 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 September, 2011 (equivalent to $0.60 per trust unit on an annualized basis). This distribution will be paid on October 17, 2011 to unitholders of record at the close of business on September 30, 2011.

In addition, WesternOne Equity announced that during August 2011, 66,704 trust units were issued at $5.25 per trust unit in connection with the conversion of $346,000 principal amount in Convertible Unsecured Subordinated Debentures (plus accrued interest). As at August 31, 2011, WesternOne Equity had 16,959,006 trust units, $23,362,000 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