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H&Q Life Sciences Investors Raises $71,869,535
In Over-Subscribed Rights Offering
Hambrecht & Quist Capital Management LLC

Boston, MA, Seeptember 28, 2006 -- H&Q Life Sciences Investors (NYSE: HQL) (the "Fund') is pleased to announce the completion of its one for three non-transferable rights offering (the "Offering"). The Fund received fully paid subscriptions for 133% of the 4,484,838 shares available to be issued pursuant to the primary subscription. A total of 5,606,048 shares were issued pursuant to the Offering including 1,121,210 shares issued as part of the additional 25% over subscription privilege. Since the demand for shares exceeded 125% of the authorized shares the Fund will be required to return amounts based on the pro ration methodology prescribed by the prospectus dated August 17, 2006. At a subscription price of $12.82, subscription proceeds accepted totaled $71,869,535. The Fund expects the issuance of shares in respect of subscriptions in the Offering to be delivered to shareholders on or about October 6, 2006.

The Fund’s Investment Adviser is Hambrecht & Quist Capital Management LLC, 30 Rowes Wharf, 4th floor, Boston, MA 02110.

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