BRITISH COLUMBIA DISCOVERY FUND (VCC) INC.

BRITISH COLUMBIA DISCOVERY FUND (VCC) INC.

December 19, 2008 16:15 ET

BC Discovery Fund Completes Redemption Program of $5.2 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 19, 2008) - Further to its press release dated December 8, 2008, British Columbia Discovery Fund (VCC) Inc. has satisfied approximately $5.2 million of redemption requests in 2008, which are all of the funds it had available for redemption pursuant to the regulations governing the Fund. Accordingly, the Fund has today suspended redemptions. Since redemption requests received on December 19, 2008 exceeded remaining funds available for redemption at the start of the day, the Fund will not be able to satisfy all the redemption requests that were received on this day.

Investors and shareholders of the Fund are referred to the annual prospectus of the Fund where matters pertaining to redemptions are described in detail. As described in the prospectus, unless withdrawn, redemption requests declined by the Fund will remain in effect and be treated in the order in which they are received by the Fund, as and to the extent the Fund determines that it is able to satisfy redemption requests in the future pursuant to its regulatory and legal requirements.

About British Columbia Discovery Fund (VCC) Inc.

British Columbia Discovery Fund (VCC) Inc. was established to make venture capital investments in a portfolio of small businesses in British Columbia that qualify under the Small Business Venture Capital Act, focusing on all of B.C.'s top internationally recognized technology clusters; information technology, communications, health and life sciences, and energy and environmental technologies.

Established in 2002 and managed by Discovery Capital Management Corp., the Fund is focussed on making diversified investments in British Columbia with the objectives of achieving long-term capital appreciation for its shareholders and contributing to the growth in value and employment of the technology industry in British Columbia. In addition to offering a means of participating in the potential of British Columbia's newest technology ventures, the Fund offers significant tax savings to eligible British Columbia individual and corporate investors. The Fund, which offers its shares on a continuous basis, has raised over $58 million to date and has investments in fifteen developing technology companies. B.C. resident investors are entitled to receive a tax credit equal to 30% of the amount invested in the Fund. To obtain further information about the Fund, please contact a registered advisor or visit www.sedar.com or www.bcdiscoveryfund.com.

John McEwen

CEO, B.C. Discovery Fund (VCC) Inc.

Harry Jaako

President, B.C. Discovery Fund (VCC) Inc.

This press release is not an offer to sell or a solicitation of an offer to buy common shares. This press release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. The issuer cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what the issuer currently foresees.

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