TSXgroup

May 15, 2008

WesternOne Equity Income Fund (the "Fund") - An application has been granted for the original listing in the Industrial category of 15,164,121 trust units (the “Units”), of which 11,746,175 Units are issued and outstanding, and 3,471,946 Units are reserved for issuance.

An application has also been granted for listing $10,500,000 aggregate principal amount of 9.0% Senior Secured Convertible Debentures – Series A due August 15, 2011 (the “Debentures”) of the Fund, of which $10,000,000 principal amount of Debentures is issued and outstanding, and $500,000 principal amount of Debentures is reserved for issuance.

The Units and Debentures will be listed and posted for trading at the opening on Tuesday, May 20, 2008.

All Units and Debentures are represented in the form of global certificates registered in the name of CDS Clearing and Depository Services Inc. (“CDS”) or its nominee. Purchasers of Units and Debentures represented by global certificates will not receive Units and Debentures in definitive form. Such securities must be purchased, transferred and surrendered for conversion or redemption, as applicable, through a participant in CDS.

The Debentures will be quoted and traded on an accrued interest basis, i.e. all bids, offers and trades of the Debentures will reflect only the capital portion of the Debentures and will not reflect the accrued interest. Accrued interest must be reflected in the seller’s and buyer’s settlement amount, and must be reflected on the confirmation with clients. Interest will be computed on the basis of a 365 day year.

The Debentures, which were issuable in the minimum amount of $100 each, will be quoted based on $100 principal amounts, with all trades being made in multiples of $100. The minimum trading unit of Debentures is $100 and a board lot of Debentures is $1,000.

The Fund is exempt from the reporting requirements of Section 501 of the Toronto Stock Exchange Company Manual.

Units
Stock Symbol: “WEQ.UN”
CUSIP: 95989N 20 3
Trading Currency: CDN

Debentures
Stock Symbol: “WEQ.DB”
CUSIP: 95989N AA 2
Trading Currency: CDN

Temporary Market Maker: Macquarie Capital Markets Canada Ltd.

Other Markets: The Units and Debentures of the Fund have been listed for trading on TSX Venture Exchange (“TSXVN”) since August 15, 2006 under the stock symbols “WEQ.UN” and “WEQ.DB” respectively. The Units and the Debentures will be delisted from TSXVN on May 20, 2008, upon commencement of trading on TSX.

Head Office Address: Suite 910,
925 West Georgia Street
Vancouver, BC
V6C 3L2

Email Address: agrieg@weq.ca

Website: www.weq.ca

Head Office Telephone Number: (604) 681-5959

Fax Number: (604) 681-5969

Toll-Free Number: (877) 278-4042

Investor Relations: Andrew Greig
Tel: (604) 678-4042
Email: agreig@weq.ca

Chief Financial Officer & Corporate Secretary: Carlos Yam

Incorporation: The Fund is an unincorporated, open-ended trust governed by the laws of British Columbia and a declaration of trust dated June 14, 2006.

Fiscal Year End: December 31

Nature of Business: The Fund was established in 2006 in order to seek out and acquire businesses located in Western Canada that would generate stable and growing distributions to unitholders and to achieve overall capital appreciation. Its strategy has been focused on acquiring equipment and infrastructure related businesses.

Transfer Agent & Registrar: Computershare Investor Services Inc. at its principal offices in Vancouver and Toronto.

Distributions: The Fund makes, and intends to continue to make, equal monthly distributions of its available cash to the maximum extent possible to holders of Units of record on the last business day of each month, less amounts the Fund estimates will be required for expenses, cash redemptions or repurchases of Units, any tax liability and other obligations established by the Fund. Distributions will be paid on or about the 15th day following the end of each month. The Fund may make additional distributions in excess of the monthly distributions during the year, as it sees fit, in its sole discretion. The Fund has been recently paying a monthly distribution of $0.05 per Unit.

The following is a summary of some of the principal provisions of the Debentures. Additional information on the Units and Debentures may be found in the Fund’s prospectus dated July 31, 2006 (the “Prospectus”) and Annual Information Form dated March 26, 2008 which are available at www.SEDAR.com. Capitalized terms not otherwise defined are as defined in the Prospectus.

Aggregate Principal Amount: $10,000,000 ($10,500,000 if the Agents’ Option for $500,000 principal amount of Debentures granted to the Agents is exercised).

Maturity: August 15, 2011

Interest: 9% per annum payable semi-annually in arrears on June 30 and December 31 of each year, having commenced on December 31, 2006. Interest accrues on a 365 day year.

Conversion: The Debentures are convertible into Units at the option of the holder at the conversion price of $4.20 per Unit at any time prior to the maturity of the Debentures except in respect of the 15 days before an interest payment date or the maturity date, subject to anti-dilution provisions which provide for adjustment to the conversion price in certain circumstances, including a subdivision, redivision, reduction, combination or consolidation of the Units.