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.

Distribution Reinstatement Letter to Shareholders

Announcement of Share Repurchase Programs

HQH and HQL

Annual Meeting Invitation HQH Proxy HQL Proxy

HQH 2011 Tax Information HQL 2011 Tax Information

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

04/02/2012 - H&Q LIFE SCIENCES INVESTORS PAYS STOCK DISTRIBUTION 04/02/2012 - H&Q HEALTHCARE INVESTORS PAYS STOCK DISTRIBUTION 03/23/2012 - H&Q LIFE SCIENCES INVESTORS ANNOUNCES RENEWAL OF SHARE REPURCHASE PROGRAM 03/23/2012 - H&Q HEALTHCARE INVESTORS ANNOUNCES RENEWAL OF SHARE REPURCHASE PROGRAM