H&Q LIFE SCIENCES INVESTORS
NOTICE OF CHANGE OF TRUSTEE

WHEREAS, at a meeting of the shareholders of H&Q Life Sciences Investors (“The Fund”), the shareholders of the Fund elected Lucinda H. Stebbins as Trustee to the Fund, effective upon her written acceptance and agreement to be bound by the terms of the Declaration of Trust of the Fund, dated and filed with the Secretary of State of the Commonwealth of Massachusetts on February 20; 1992, as amended;

NOW, THEREFORE, as a result of the foregoing Trustee’s election, the eight Trustees of H&Q Life Sciences Investors are:

Lawrence S. Lewin	30 Rowes Wharf, 4th Floor Boston, MA 02110
Robert P. Mack, M.D.	30 Rowes Wharf, 4th Floor Boston, MA 02110
Eric Oddliefson	30 Rowes Wharf, 4th Floor Boston, MA 02110
Daniel R. Ornstead	30 Rowes Wharf, 4th Floor Boston, MA 02110
Oleg M. Pohotsky	30 Rowes Wharf, 4th Floor Boston, MA 02110
Uwe F. Reinhardt, Ph.D.	30 Rowes Wharf, 4th Floor Boston, MA 02110
Lucinda H. Stebbins	30 Rowes Wharf, 4th Floor Boston, MA 02110
Henri A. Termeer	30 Rowes Wharf, 4th Floor Boston, MA 02110

IN WITNESS WHEREOF, this Notice has been subscribed this 9th day of August, 2006, by the undersigned who affirms that the statements made herein are true under the penalties of perjury.

/s/ Kathleen M. Eckert

Kathleen M. Eckert, Secretary