WesternOne Equity Income Fund Announces Cash Distribution for June 2008



    VANCOUVER, June 20 /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
June 1, 2008 to June 30, 2008 (equivalent to $0.60 per trust unit on an
annualized basis). This distribution will be paid on July 15, 2008 to
unitholders of record at the close of business on June 30, 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.
    In addition, WesternOne Equity announced that on May 22, 2008, 750 trust
units were issued at $3.50 per trust unit, for total net proceeds of
$2,625.00. These trust units were issued pursuant to the Agents' Option,
described in WesternOne Equity's IPO Prospectus dated July 31, 2006.
    Further, WesternOne Equity announced that on May 30, 2008, 4,938 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. There are currently 11,751,863 trust units
outstanding.

    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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