First graph, last sentence of release dated April 25, 2011 should read: ...the Fund expects to commence the Tender Offer within five business days after the Special Meeting (sted ...within [ten business days]...). The corrected release reads: H&Q LIFE SCIENCES INVESTORS ANNOUNCES TENDER OFFER H&Q Life Sciences Investors (NYSE: HQL) (the “Fund”), as a part of its continuing efforts to increase shareholder value, announced today that the Fund’s Board of Trustees has approved a tender offer by the Fund to acquire up to 35% of its outstanding shares for cash at a price equal to 98% of the Fund’s net asset value per share as of the close of regular trading on the New York Stock Exchange on the business day immediately following the day the offer expires (the “Tender Offer”). The Tender Offer is subject to approval by the Fund’s shareholders of an amendment to the Fund’s Declaration of Trust (the “Declaration Amendment”) at the special meeting of the Fund’s shareholders to be held on May 2, 2011 or such later date to which the meeting may be adjourned (the “Special Meeting”), as described in the Fund’s proxy statement for the Special Meeting. Subject to approval of the Declaration Amendment, the Fund expects to commence the Tender Offer within five business days after the Special Meeting. This announcement is not a recommendation, an offer to purchase or a solicitation to sell any securities of the Fund. If made, the Tender Offer will be made only by an Offer Notice, a related Letter of Transmittal and other documents that will be filed with the Securities and Exchange Commission as exhibits to a tender offer statement on Schedule TO. Shareholders of the Fund should read the Offer Notice and tender offer statement on Schedule TO and related exhibits when those documents are filed and become available, as they will contain important information about the Tender Offer.