VANCOUVER, Dec. 21, 2012 /PRNewswire/ – WesternOne Equity Income Fund
(“WesternOne Equity”) (TSX: WEQ.UN, WEQ.UN.B and WEQ.DB.C) announced
that its modular building division, WEQ Britco LP (“Britco”), has
entered an agreement along with Black Diamond Group Limited (“Black
Diamond”) (TSX: BDI) to acquire Australian Portable Buildings Pty Ltd.
(“APB”), an Australian modular building manufacturing and leasing
company, for an aggregate purchase price of A$72.5 million (the
“Acquisition”). APB has major facilities in various key locations
throughout Australia.

Britco will pay A$31.36 million for 80% of the manufacturing business
and 10% of the leasing business of APB, with Black Diamond owning the
remainder.

The purchase price is subject to customary post-closing adjustments
including net asset adjustments. Britco’s portion will come from
existing working capital and a new banking facility.

The Acquisition is expected to close during January 2013, with an
effective date of January 1, 2013.

“Australia is one of the largest markets in the world for modular
buildings. This transaction represents an excellent entry point for
Britco into the Australia market and builds on our recent expansion in
Western Canada and the United States.” stated Darren Latoski, CEO of
WesternOne Equity.

Further details will be announced after the completion of the
transaction.

Forward Looking Information

Certain statements in this press release may constitute
“forward-looking” information that involves known and unknown risks,
uncertainties and other factors, and it may cause actual results,
performance or achievements or industry results, to be materially
different from any future results, performance or achievements or
industry results expressed or implied by such forward-looking
information. Forward-looking information is identified by the use of
terms and phrases such as “anticipate”, “believe”, “could”, “estimate”,
“expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”,
“would”, and similar terms and phrases, including references to
assumptions. Such information includes, without limitation, statements
with respect to the effective date and closing date of the Acquisition,
ownership of the manufacturing and leasing businesses and post-closing
adjustments including net asset adjustments. Actual events or results
may differ materially.

Forward-looking information contained in this press release is based on
certain key expectations and assumptions made by WesternOne Equity,
including, without limitation, expectations and assumptions respecting:
the timing of the closing of the Acquisition, the outlook of the global
economy and WesternOne Equity’s business in Western Canada and the
United States, the supply and demand for WesternOne Equity’s products
and services and management’s assessment of future plans and
operations. Although the forward-looking information contained in this
press release is based upon what the WesternOne Equity’s management
believes to be reasonable assumptions, WesternOne Equity cannot assure
investors that actual results will be consistent with such information.
Forward-looking information reflects current expectations of management
regarding future events and operating performance as of the date of
this press release. Such information involves 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 information, and a description of these factors can be
found under “Risk Factors” in WesternOne Equity’s Annual Information
Form dated March 29, 2012 and Management’s Discussion and Analysis
dated November 14, 2012, which are available on SEDAR (www.sedar.com).

The forward-looking information contained herein is expressly qualified
in its entirety by this cautionary statement. Forward-looking
information reflects management’s current beliefs and is based on
information currently available to WesternOne Equity. The
forward-looking information is made as of the date of this press
release and WesternOne Equity assumes no obligation to update or revise
such information to reflect new events or circumstances, except as may
be required by applicable law.

About WesternOne Equity

WesternOne Equity seeks to acquire and grow businesses in the
construction and infrastructure services sectors in order to generate
stable and growing distributions to its unitholders as well as to
achieve overall capital appreciation.

Additional information relating to WesternOne Equity, including
WesternOne Equity’s Annual Information Form and other public filings,
is available on SEDAR at www.sedar.com or on WesternOne Equity’s website at www.weq.ca.

About Britco

With over 600 employees, Britco is the one of the largest providers of
temporary and permanent residential and commercial modular buildings in
North America and has one of the largest lease fleets of office
complexes, construction site offices and storage containers in Western
Canada. Britco has four manufacturing facilities located in Canada and
the United States; two in British Columbia, one in Alberta, and one in
Texas. Britco is a leading design-builder of a wide range of innovative
modular buildings for companies in the construction, energy and
resource sectors in Western Canada and the United States. One of the
largest and fastest growing construction companies in Western Canada,
Britco is headquartered in Langley, British Columbia.

Additional information about Britco is available at www.britco.com.

About APB

Established in 1979, APB is an Australia-based provider of modular
buildings for both sale and lease. APB is headquartered in Sydney,
Australia and maintains a national presence with six manufacturing
facilities located throughout the country – one in the state of New
South Wales, three in the state of Queensland, and two in the state of
Western Australia. With the exception of a small facility in
Townsville, Queensland, each facility has its own sales, design,
estimating, purchasing and project management teams.

APB services the mining and resource, commercial and industrial,
recreational and government industry sectors. The company is comprised
of a leasing division which rents temporary space buildings and a
manufacturing division which constructs modular buildings for sale to
its customers. APB designs and builds a wide variety of building
solutions including workforce accommodations, administration office
complexes, switch rooms, wash cars and a variety of construction site
offices. APB also provides transportation and installation services
for its leasing customers. Additional information about APB is
available at www.apb.com.au.

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

SOURCE WesternOne Equity Income Fund