WesternOne Equity Income Fund Announces Cash Distribution for July 2008



    VANCOUVER, July 22 /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 July 1, 2008 to July 31, 2008 (equivalent to $0.60 per trust unit
on an annualized basis). This distribution will be paid on August 15, 2008 to
unitholders of record at the close of business on July 31, 2008.
    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 predominantly 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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