WesternOne Equity Income Fund to Redeem Series A- 9% Senior Secured Convertible Debentures

VANCOUVER, June 17, 2011 /PRNewswire/ - WesternOne Equity Income Fund ("WesternOne Equity") (TSX: WEQ.UN, WEQ.DB, WEQ.DB.B and WEQ.DB.C) announced today that pursuant to Article 6 of the debenture indenture dated August 15, 2006 (the "Indenture") between WesternOne Equity Income Fund (the "Fund") and Computershare Trust Company of Canada ("Computershare"), as trustee, all of the 5 Year, 9% Senior Secured Convertible Debentures — Series A due August 15, 2011 (the "Debentures") of the Fund outstanding on July 29, 2011 (the "Redemption Date") will be redeemed on the Redemption Date.

The redemption price will be paid in cash and is $100 per $100 principal amount of Debentures outstanding plus accrued and unpaid interest of $0.7151 per $100 principal amount of Debentures.

The unpaid interest amount is calculated for twenty nine (29) days for the period from June 30, 2011 to, but excluding, the Redemption Date by multiplying the coupon rate of 9% by the aggregate principal amount of Debentures outstanding as at the Redemption Date and then multiplying the product by a fraction, the numerator of which is twenty nine (29) and the denominator of which is three hundred and sixty five (365).

Pursuant to Section 2.14(d) of the Indenture neither the Fund nor Computershare shall be required to transfer, exchange or effect any conversion of Debentures during a period of fifteen (15) business days immediately preceding the Redemption Date. The last date that a holder of Debentures may transfer, exchange or effect any conversion of Debentures is July 7, 2011.

Payment will be made in lawful money of Canada to CDS Clearing and Depositary Services Inc. in respect of the global debenture representing the Debentures upon the surrender of the global debenture for the Debentures registered in the name of CDS & Co., at the offices of Computershare, Corporate Trust Department, 510 Burrard Street, 3rd Floor, Vancouver, B.C., V6C 3B9, Attention: Manager Corporate Trust Services. Interest on the principal amount of the Debentures will cease to be payable from and after the Redemption Date.

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