WesternOne Equity Income Fund Announces Cash Distribution for February 2011

VANCOUVER, Feb. 16 /CNW/ - 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 February, 2011 (equivalent to $0.60 per trust unit on an annualized basis). This distribution will be paid on March 15, 2011 to unitholders of record at the close of business on February 28, 2011.

In addition, WesternOne Equity announced that during January, 2011, 194,657 trust units were issued at $4.20 per trust unit, in connection with the conversion of $813,000 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.  WesternOne Equity now has 14,083,677 units issued and outstanding, and $8,680,900 principal amount of the Series A 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 equipment, fuel distribution 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 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

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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WesternOne Equity Income Fund

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