WesternOne Equity Income Fund to Graduate to Toronto Stock Exchange; Announces Addition to Board of Trustees

VANCOUVER, May 13 /CNW/ - WesternOne Equity Income Fund ("WesternOne Equity" or the "Fund") (TSXV: WEQ.UN and WEQ.DB) today announced that it has received conditional approval for the listing of its units and Series A debentures on the Toronto Stock Exchange (the "TSX"). The TSX listing is subject to the Fund providing final listing documents. Trading is anticipated to commence on Tuesday, May 20, 2008 under the symbol "WEQ".

Concurrent with the graduation to the TSX, WesternOne is pleased to announce the appointment of T. Richard Turner to the Fund's board of Trustees and to the audit committee and nominating and governance committee. Mr. Turner is currently, and will remain, chair of the board of directors of WesternOne Equity GP Inc., general partner of the Fund's master limited partnership.

The units and the Series A debentures are currently listed on the TSX Venture Exchange under the symbol "WEQ" and will be delisted from the TSX Venture Exchange concurrently with the listing on the TSX.

About WesternOne Equity

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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 VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT

RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

Contacts

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