H&Q Healthcare Investors Announces Annual Meeting, Investor Information Seminar
Hambrecht & Quist Capital Management LLC

Boston, June 1, 2006 -- H&Q Healthcare Investors is pleased to announce that its Annual Meeting of Shareholders will take place on June 15, 2006 at 10 a.m. at the Hilton Boston Financial District Hotel, 89 Broad Street, Boston, MA. Please note that the hotel changed its name from the Wyndham Boston Hotel on June 1, 2006.

Following the Annual Meeting will be an Investor Information Seminar starting at 10:30 a.m. with presentations by three portfolio companies of H&Q Healthcare Investors and H&Q Life Sciences Investors.

Presentations will be given by Charles A. Jett Jr., Chairman, Chief Executive Officer and President of Emageon, Inc.; Timothy J. O'Malley, President and Chief Executive Officer of Medwave, Inc.; and Leslie J. Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia Drug Discovery, Inc.
The luncheon speaker will be Alan G. Walton, Ph.D., D.Sc., Senior General Partner, Oxford Bioscience Partners. Dr. Walton's topic will be "Biotechnology Venture Investing: Yesterday, Today and Tomorrow."

Please call 617-772-8500 if you would like to attend.

H&Q Healthcare Investors (HQH) is a closed-end fund that invests in public and private companies in the healthcare industries. Hambrecht & Quist Capital Management, LLC, based in Boston, serves as Investment Adviser to the Fund. Shares of the Fund can be purchased on the New York Stock Exchange through any securities broker.
 

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