UE Waterheater Income Fund
TSX : UWH.UN

UE Waterheater Income Fund

March 21, 2007 11:54 ET

UE Waterheater Income Fund Announces Monthly Cash Distribution

TORONTO, ONTARIO--(CCNMatthews - March 21, 2007) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES.

UE Waterheater Income Fund (the "Fund") (TSX:UWH.UN) announced today a cash distribution of $0.08825 per unit for the month of March, 2007. The distribution will be payable April 30, 2007 to Unitholders of record at the close of business on March 30, 2007.

About UE Waterheater Income Fund

UE Waterheater Income Fund is an unincorporated, open-ended, limited purpose trust established under the laws of Ontario, that indirectly holds, through the UE Waterheater Operating Trust, the water heater rental business of Union Energy Limited Partnership (Union Energy LP) and its related commercial activities as well as the security monitoring business. Each Unit of the Fund represents an indirect ownership interest in Union Energy LP, which operates the Union Energy business.

Union Energy LP's main business is the rental and service of a portfolio of more than one million residential water heaters in Ontario, under the Union Energy, Ontario Hydro Energy and Reliance Home Comfort brand names. Union Energy LP owns and services Canada's second largest portfolio of rental water heaters in a program that was initiated in the 1960s. In addition, Union Energy LP has related commercial activities that complement the water heater rental business, being the retail sale, rental, servicing and financing of heating, ventilation and air conditioning equipment as well as security monitoring and installation through its wholly owned subsidiary, Protectron.

For more information on the UE Waterheater Income Fund, visit the web site at www.ueincomefund.com.

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