Early Warning Report Regarding Acquisition of Units of WesternOne Equity Income Fund

VANCOUVER, Nov. 29, 2011 /CNW/ - Darren Latoski (the "Offeror") is issuing this press release pursuant to the early warning requirements of applicable securities laws in Canada with respect to WesternOne Equity Income Fund (the "Issuer").

Pursuant to a non-brokered private placement completed by the Issuer on November 29, 2011 (the "Private Placement"), 929,150 units of the Issuer ("Units") were issued from treasury for a total of 18,026,627 Units issued and outstanding. Under the Private Placement the Offeror acquired, through his company Darren Financial Group Inc. ("DFG"), beneficial ownership and control of 555,000 Units of the Issuer for $5.41 per Unit, representing approximately 3.1% of the Units issued and outstanding after the completion of the Private Placement.

The Offeror acquired the Units through DFG for investment purposes. The Offeror may in the future take such actions in respect of his security holdings in the Issuer as he deems appropriate in light of the circumstances, including the purchase of additional securities of the Issuer through privately negotiated transactions or open market purchases, or the sale of all or a portion of his holdings in privately negotiated transactions or the open market to one or more purchasers.

Immediately after the close of the Private Placement, the Offeror beneficially owned and controlled 1,903,831 Units and 255,000 options convertible to Units. On a non-diluted basis, the Offeror beneficially owned and controlled approximately 10.6% of the 18,026,627 Units issued and outstanding immediately after the close of the Private Placement. On a diluted basis, the Offeror beneficially owned and controlled approximately 11.8% of the issued and outstanding Units.

DFG relied on Section 2.24 of National Instrument 45-106 - Prospectus and Registration Exemptions for the acquisition of the Units as DFG is a permitted assign of an executive officer of a related entity of the Issuer.

As of the date of this news release, the Toronto Stock Exchange had provided conditional listing approval to trade the Units on the facilities of the Toronto Stock Exchange.

SOURCE WesternOne Equity Income Fund

For further information:

or for a copy of the early warning report filed, or to be filed, by the Offeror in respect of the above-noted transaction, please contact:

Darren Latoski
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Tel: (604) 678-4042

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