The Business, Engineering, Science & Technology Discoveries Fund Inc. (the
"Fund") (CSE:VC) announced that the transaction and re-organization involving
the Fund, which was approved by the shareholders of the Fund at a special
meeting on March 28, 2014, is expected to be effective on or about July 11, 2014
(the "Effective Date"). The Class A and Class L Shares of the Fund will be
automatically redeemed for units (the "Units") in a newly formed limited
partnership, Tier One Capital Limited Partnership (the "Limited Partnership").
The Limited Partnership will acquire all or substantially all of the assets of
the Fund in exchange for the Units of the Limited Partnership (the
"Transaction"). Details of the Transaction are set out in the Fund`s Management
Proxy Circular dated February 24, 2014. 


On the Effective Date: 



1.  The Fund will agree to purchase the Class A Shares held by Dissenting
    Shareholders who have exercised Dissent Rights which remain valid
    immediately before the Effective Date for cancellation and such
    Dissenting Shareholders will cease to have any rights as Class A
    Shareholders other than the right to be paid the fair value of their
    Class A Shares. The fair value of the Class A Shares in respect of which
    the Class A Shareholders dissent will be determined as of the close of
    business on March 27, 2014.
    
    
2.  The Limited Partnership will acquire all of the assets of the Fund
    (other than liquid assets needed to satisfy all liabilities, including
    payments to Dissenting Shareholders), in consideration for the Units. 
    
3.  Except for Class A Shares held by Dissenting Shareholders, each issued
    and outstanding Class A Share and Class L Share will be redeemed by the
    Fund and each Class A Shareholder and Class L Shareholder (other than
    Dissenting Shareholders) will receive a specified number of Units based
    on the exchange ratio which will be determined by reference to the net
    asset value of the Fund on a per series basis on the valuation date
    immediately preceding the Effective Date. The new Units of the Limited
    Partnership will have a deemed issue price of $14.00 per Unit. 
    
4.  No fractional Units will be issued pursuant to the Transaction and the
    number of such Units to be issued shall be rounded down to the next
    whole number. 
    
5.  The Fund will waive any redemption fees otherwise payable in connection
    with the redemption of the Class A Shares in exchange for Units of the
    Limited Partnership. 
    
6.  The Units will be listed on the Canadian Securities Exchange under the
    symbol "TLP".



The Fund has received certain advance rulings from the Ministry of Finance
(Ontario) in respect of the Transaction including, subject to certain
requirements, that the Class A Shareholders who have held Class A Shares for
less than eight years will not have to effectively repay tax credits granted on
the original purchase of Class A Shares as a result of the Transaction. 


The Units of the Limited Partnership will not be units of an investment fund. As
a result, all investors that hold Class A Shares or Class L Shares through the
facilities of a mutual fund dealer registered with the Mutual Fund Dealers
Association of Canada or in a BEST registered retirement savings plan will not
be able to trade Units and may not receive up to date account information with
respect to Unit holdings. 


The Income Tax Act (Canada) contains provisions limiting the ownership of Units
by "non-residents" and partnerships that are not "Canadian partnerships" as
defined in the Income Tax Act (Canada). Class A Shares or Class L Shares that
are deemed to be held by "non-residents" on the Effective Date will be redeemed
by the Fund at the fair value determined on the valuation date immediately
preceding the Effective Date. Withholding taxes and redemption fees may apply to
these redemptions. The Limited Partnership may require that registered owners of
Units confirm in writing that they are not "non-residents" for purposes of the
Income Tax Act (Canada).


About The Business, Engineering, Science & Technology Discoveries Fund Inc. 

The Business, Engineering, Science & Technology Discoveries Fund Inc.
established in 1996, is registered as a labour sponsored investment fund
corporation in Ontario. The Fund's investment focus is primarily on companies
capitalizing on the innovative uses of engineering, science and technology. 


The Fund invests in eligible companies that are in differing stages of
development in a variety of high growth industries which may include
telecommunications, information technology, computers and life sciences.


Certain statements contained in this press release may include forward-looking
information with respect to the Fund's operations and future financial results.
Such statements are based on current expectations, are subject to a number of
uncertainties and risks, and actual results may differ materially from those
contained in such statements. Further information can be found in the disclosure
documents filed by the Fund at www.sedar.com.


FOR FURTHER INFORMATION PLEASE CONTACT: 
The Business, Engineering,
Science & Technology Discoveries Fund Inc.
John Richardson
416-203-7331 ext 228 / 1-800-795-BEST
jrichardson@bestfunds.ca
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