WesternOne Equity Income Fund Announces Cash Distribution for August 2008



    VANCOUVER, Aug. 19 /CNW/ - WesternOne Equity Income Fund ("WesternOne
Equity") (TSX: WEQ.UN and WEQ.DB) today announced that its Board of Trustees
has approved a cash distribution of $0.05 per trust unit for the period from
August 1, 2008 to August 31, 2008 (equivalent to $0.60 per trust unit on an
annualized basis). This distribution will be paid on September 15, 2008 to
unitholders of record at the close of business on August 29, 2008.
    In addition, WesternOne Equity announced that on July 11, 2008, 3,581
trust units were issued at $4.20 per trust unit, in connection with the
conversion of $15,000 in Series A Debentures (plus accrued interest), pursuant
to the Series A Debentures conversion rights described in WesternOne Equity's
Prospectus dated July 31, 2006.
    Likewise, WesternOne Equity announced that on July 22, 2008, 4,787 trust
units were issued at $4.20 per trust unit, in connection with the conversion
of $20,000 in Series A Debentures (plus accrued interest), pursuant to the
Series A Debentures conversion rights described in WesternOne Equity's
Prospectus dated July 31, 2006.
    Further, WesternOne Equity announced that on July 30, 2008, 45,830 trust
units were issued at $3.50 per trust unit, for total net proceeds of $160,405.
These trust units were issued pursuant to the Agents' Option, described in
WesternOne Equity's Prospectus dated July 31, 2006.
    Finally, WesternOne Equity announced that on July 30, 2008, 1,159 Series
A Debentures were issued at $100.00 per Debenture, for total net proceeds of
$115,900. These trust units were issued pursuant to the Agents' Option,
described in WesternOne Equity's Prospectus dated July 31, 2006.
    WesternOne currently has 11,806,061 trust units 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 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

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





For further information:

For further information: Andrew Greig, Manager of Investor Relations,
WesternOne Equity Income Fund, Suite 910, 925 West Georgia Street, Vancouver,
BC, V6C 3L2, Phone: (604) 678-4042, E-mail: agreig@weq.ca, www.weq.ca


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