WesternOne announces proposed acquisition of Calgary equipment rental business

Jan. 25, 2010 – WesternOne Equity Income Fund has announced that it has signed a letter of intent (the "LOI") for the purchase of 100 percent of the assets of a rental, sales, service and transport business specializing in aerial and material-handling equipment (the "Business"). The Business is independently owned, and operates from a base in Calgary with operations covering central and southern Alberta. The LOI contemplates WesternOne Equity paying at closing a purchase price of $13.5 million, which is subject to post-closing adjustments. This transaction will be financed using a combination of existing cash and debt and is expected to be completed, subject to due diligence and other customary conditions, by March 2010.

This transaction would be immediately accretive to WesternOne Equity's unitholders:
    –   The Business operates a fleet of over 450 aerial and material-
        handling machines.
    –   The Business is estimated by its management to earn approximately
        $3.15 million EBITDA based on unaudited financial information.
    –   The Business is being purchased at an implied transaction multiple of
        4.3x estimated EBITDA.

Further details will be announced upon the entering into of a formal acquisition agreement and after the completion of the transaction.

"WesternOne Equity was able to source this off-market transaction at what our management believes is an attractive valuation with immediate accretion to our unitholders," stated Mr. Darren Latoski, CEO of WesternOne Equity. "This transaction would allow us to enhance our market share in the equipment rental market in Alberta, through expanding our network of operations developed from previous acquisitions and organic growth."