WesternOne Equity Income Fund Announces January Distribution

    VANCOUVER, Jan. 22 /CNW/ - WesternOne Equity Income Fund ("WesternOne
Equity") (TSXV: 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
January 1, 2008 to January 31, 2008. This distribution is equivalent to $0.60
per trust unit on an annualized basis. This distribution will be paid on
February 15, 2008 to unitholders of record at the close of business on January
31, 2008.
    The policy of WesternOne Equity is to pay cash distributions on or about
the 15th day of each month to the unitholders of record on the last business
day of the preceding month.
    In addition, WesternOne Equity announced that on January 16, 2008, 2,500
trust units were issued at $3.50 per trust unit, for total net proceeds of
$8,750.00. These trust units were issued pursuant to the Agents' Option, as
described in WesternOne Equity's IPO Prospectus dated July 31, 2006. As of
January 22, 2008, WesternOne now has 11,746,175 trust units outstanding.

    About WesternOne Equity

    WesternOne Equity has been established to seek out and acquire
predominantly privately owned 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.

    Forward-Looking Statements

    Certain statements in this press release may constitute "forward-looking"
statements that involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or achievements or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. When used in this press release, such statements often use, but
are not limited to, such words as "may", "will", "expect", "should",
"believe", "intend", "plan", "anticipate", "potential", and other similar
terminology. These statements reflect current expectations of WesternOne
Equity's management regarding future events and operating performance and
speak only as of the date of this press release. Forward-looking statements
involve significant risks and uncertainties, should not be read as guarantees
of future performance or results, and will not necessarily be accurate
indications of whether or not such results will be achieved. A number of
factors could cause actual results to differ materially from the results
discussed in the forward-looking statements, including, but not limited to,
the following factors: competitive and economic environment, impact of changes
to tax treatment of income trusts or dividend tax credits, foreign exchange,
seasonality, inability to close or realize accretive benefits from
acquisitions, fluctuation of cash distributions, nature of trust units and
unfavourable changes in capital markets. Although the forward-looking
statements contained in this press release are based upon what WesternOne
Equity's management believes to be reasonable assumptions, WesternOne Equity
cannot assure investors that actual results will be consistent with these
forward-looking statements. These forward-looking statements are made as of
the date of this press release and WesternOne Equity assumes no obligation to
update or revise them to reflect new events or circumstances.


For further information:

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

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