Hambrecht & Quist Capital Management, LLC ("HQCM"), a registered investment adviser based in Boston, Massachusetts, is currently the investment adviser for two closed-end equity funds, H&Q Healthcare Investors and H&Q Life Sciences Investors. The Funds invest in growth equities, both public and private, in the healthcare and life sciences industries.

HQH 2007 Tax Information, HQL 2007 Tax Information **These forms are not meant to be tax advice. Please consult your tax adviser on how to report these gains.

HQH and HQL

View the Joint Proxy Statement for HQH and HQL

Funds

MORE H&Q Healthcare Investors ("HQH") is a broadly diversified closed-end healthcare fund traded on the New York Stock Exchange under the ticker HQH. HQH primarily invests in biotechnology, medical devices, and pharmaceuticals. The Fund's objective is to provide long-term capital appreciation through investments in companies in the health technology industries believed to have significant potential for above-average long-term growth. Selection will emphasize the smaller, emerging companies with a maximum of 40% of the Fund's assets in restricted securities of both public and private companies. Management believes this provides a unique opportunity not usually available to mutual fund investors.

MORE H&Q Life Sciences Investors ("HQL") is a broadly diversified closed-end healthcare fund traded on the New York Stock Exchange under the ticker HQL. HQL primarily invests in biotechnology, medical devices, and pharmaceuticals. The Fund's objective is to provide long-term capital appreciation through investments in companies in the health technology industries believed to have significant potential for above-average long-term growth. Selection will emphasize the smaller, emerging companies with a maximum of 40% of the Fund's assets in restricted securities of both public and private companies. Management believes this provides a unique opportunity not usually available to mutual fund investors.

Recent Press Releases

08/11/2008 - H&Q Life Sciences Investors Declares Stock Distribution 08/11/2008 - H&Q Healthcare Investors Declares Stock Distribution 07/17/2008 - The Board of Trustees of H&Q Life Sciences Investors Adopts Amendments to the By-laws of the Fund 07/17/2008 - The Board of Trustees of H&Q Healthcare Investors Adopts Amendments to the By-laws of the Fund 07/01/2008 - H&Q Life Sciences Investors Pays Stock Distribution