WesternOne Equity Income Fund Announces Private Placement of Units

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 5, 2009) -

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WesternOne Equity Income Fund ("WesternOne Equity") (TSX:WEQ.UN)(TSX:WEQ.DB) announced today that it has entered into an agreement with Dundee Securities Inc. to be lead manager in a brokered private placement of approximately $1.5 million of trust units from treasury, at $3.80 per unit, on a marketed basis.

WesternOne Equity intends to use the net proceeds from the private placement for general corporate purposes. The offering is scheduled to close in mid February 2009 and is subject to the approval of the Toronto Stock Exchange.

About WesternOne Equity

WesternOne Equity seeks to acquire equipment and infrastructure related businesses located primarily in the Western Canadian provinces of British Columbia, Alberta and Saskatchewan, 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.

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