0001104659-06-024751 Sample Contracts

H&Q LIFE SCIENCES INVESTORS INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • April 12th, 2006 • H&q Life Sciences Investors • Massachusetts

THIS INVESTMENT ADVISORY AGREEMENT, dated as of July 1, 2002 between H&Q LIFE SCIENCES INVESTORS, a Massachusetts business trust (the “Fund”), and HAMBRECHT & QUIST CAPITAL MANAGEMENT LLC, a Delaware limited liability company (the “Investment Adviser”),

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CUSTODIAN AGREEMENT
Custodian Agreement • April 12th, 2006 • H&q Life Sciences Investors • Massachusetts

This Agreement between H & Q LIFE SCIENCES INVESTORS, a business trust organized and existing under the laws of Massachusetts (the “Fund”), and STATE STREET BANK and TRUST COMPANY, a Massachusetts trust company (the “Custodian”).

ADMINISTRATION AGREEMENT
Administration Agreement • April 12th, 2006 • H&q Life Sciences Investors • Massachusetts

Agreement dated as of July 1, 2005 by and between State Street Bank and Trust Company, a Massachusetts trust company (the “Administrator”) and H&Q Life Sciences Investors and the H&Q Healthcare Investors (individually, a “Trust” and collectively, the “Trusts”).

Transfer Agency and Service Agreement Between H & Q Life Sciences & H & Q Healthcare Investors and EquiServe, Inc. and EquiServe Trust Company, N.A.
H&q Life Sciences Investors • April 12th, 2006 • Massachusetts

AGREEMENT made as of the 1ST DAY OF MARCH, 2003, by and between H & Q Life Sciences Investors, Inc. and H & Q Healthcare Investors, a corporation, having its principal office and place of business at 30 Rowes Wharf, 4th Floor, Boston, Massachusetts 02110 (the “Customer”), and EquiServe, Inc., a Delaware corporation, and its fully owned subsidiary EquiServe Trust Company, N.A., a federally chartered trust company doing business at 150 Royall Street, Canton, Massachusetts 02021, (collectively, the “Transfer Agent” or individually “EQI” and the “Trust Company”, respectively).

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