<DOCUMENT>
<TYPE>EX-99.S
<SEQUENCE>8
<FILENAME>a2132197zex-99_s.txt
<DESCRIPTION>EXHIBIT 99.S
<TEXT>
<Page>

                                                                       Exhibit s

                                POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and
appoints Kimberly Carroll, Joseph R. Fleming, Brian S. Vargo, Dilia M.
Caballero, Jennifer O. Epstein and Victoria Szybillo, and each of them, as his
or her true and lawful attorney-in-fact and agent with full power of
substitution and resubstitution for such attorney-in-fact in such
attorney-in-fact's name, place and stead, to sign any and all registration
statements applicable to H&Q HEALTHCARE INVESTORS (the "Fund"), and any
amendments or supplements thereto, and withdrawals thereof, and to file the
same, with all exhibits thereto and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said attorney-in-fact
and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he or she might or could do in person in his or her capacity as a Trustee or
Officer of the Fund, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his or her substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.

          IN WITNESS WHEREOF, the undersigned has duly executed this Power of
Attorney on the date indicated below.


/s/ Daniel R. Omstead
------------------------------------
Signature


Daniel R. Omstead
------------------------------------
Printed Name


April 7, 2004
------------------------------------
Date

<Page>

                                POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and
appoints Daniel R. Omstead, Kimberly Carroll, Joseph R. Fleming, Brian S. Vargo,
Dilia M. Caballero, Jennifer O. Epstein and Victoria Szybillo, and each of them,
as his or her true and lawful attorney-in-fact and agent with full power of
substitution and resubstitution for such attorney-in-fact in such
attorney-in-fact's name, place and stead, to sign any and all registration
statements applicable to H&Q HEALTHCARE INVESTORS (the "Fund"), and any
amendments or supplements thereto, and withdrawals thereof, and to file the
same, with all exhibits thereto and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said attorney-in-fact
and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he or she might or could do in person in his or her capacity as a Trustee or
Officer of the Fund, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his or her substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.

          IN WITNESS WHEREOF, the undersigned has duly executed this Power of
Attorney on the date indicated below.


/s/ Lawrence S. Lewin
------------------------------------
Signature


Lawrence S. Lewin
------------------------------------
Printed Name


March 25, 2004
------------------------------------
Date

<Page>

                                POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and
appoints Daniel R. Omstead, Kimberly Carroll, Joseph R. Fleming, Brian S. Vargo,
Dilia M. Caballero, Jennifer O. Epstein and Victoria Szybillo, and each of them,
as his or her true and lawful attorney-in-fact and agent with full power of
substitution and resubstitution for such attorney-in-fact in such
attorney-in-fact's name, place and stead, to sign any and all registration
statements applicable to H&Q HEALTHCARE INVESTORS (the "Fund"), and any
amendments or supplements thereto, and withdrawals thereof, and to file the
same, with all exhibits thereto and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said attorney-in-fact
and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he or she might or could do in person in his or her capacity as a Trustee or
Officer of the Fund, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his or her substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.

          IN WITNESS WHEREOF, the undersigned has duly executed this Power of
Attorney on the date indicated below.


/s/ Robert P. Mack, M.D.
------------------------------------
Signature


Robert P. Mack, M.D.
------------------------------------
Printed Name


March 29, 2004
------------------------------------
Date

<Page>

                                POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and
appoints Daniel R. Omstead, Kimberly Carroll, Joseph R. Fleming, Brian S. Vargo,
Dilia M. Caballero, Jennifer O. Epstein and Victoria Szybillo, and each of them,
as his or her true and lawful attorney-in-fact and agent with full power of
substitution and resubstitution for such attorney-in-fact in such
attorney-in-fact's name, place and stead, to sign any and all registration
statements applicable to H&Q HEALTHCARE INVESTORS (the "Fund"), and any
amendments or supplements thereto, and withdrawals thereof, and to file the
same, with all exhibits thereto and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said attorney-in-fact
and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he or she might or could do in person in his or her capacity as a Trustee or
Officer of the Fund, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his or her substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.

          IN WITNESS WHEREOF, the undersigned has duly executed this Power of
Attorney on the date indicated below.


/s/ Eric Oddleifson
------------------------------------
Signature


Eric Oddleifson
------------------------------------
Printed Name


March 26, 2004
------------------------------------
Date

<Page>

                                POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and
appoints Daniel R. Omstead, Kimberly Carroll, Joseph R. Fleming, Brian S. Vargo,
Dilia M. Caballero, Jennifer O. Epstein and Victoria Szybillo, and each of them,
as his or her true and lawful attorney-in-fact and agent with full power of
substitution and resubstitution for such attorney-in-fact in such
attorney-in-fact's name, place and stead, to sign any and all registration
statements applicable to H&Q HEALTHCARE INVESTORS (the "Fund"), and any
amendments or supplements thereto, and withdrawals thereof, and to file the
same, with all exhibits thereto and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said attorney-in-fact
and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he or she might or could do in person in his or her capacity as a Trustee or
Officer of the Fund, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his or her substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.

          IN WITNESS WHEREOF, the undersigned has duly executed this Power of
Attorney on the date indicated below.


/s/ Oleg M. Pothotsky
------------------------------------
Signature


Oleg M. Pohotsky
------------------------------------
Printed Name


March 30, 2004
------------------------------------
Date

<Page>

                                POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and
appoints Daniel R. Omstead, Kimberly Carroll, Joseph R. Fleming, Brian S. Vargo,
Dilia M. Caballero, Jennifer O. Epstein and Victoria Szybillo, and each of them,
as his or her true and lawful attorney-in-fact and agent with full power of
substitution and resubstitution for such attorney-in-fact in such
attorney-in-fact's name, place and stead, to sign any and all registration
statements applicable to H&Q HEALTHCARE INVESTORS (the "Fund"), and any
amendments or supplements thereto, and withdrawals thereof, and to file the
same, with all exhibits thereto and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said attorney-in-fact
and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he or she might or could do in person in his or her capacity as a Trustee or
Officer of the Fund, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his or her substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.

          IN WITNESS WHEREOF, the undersigned has duly executed this Power of
Attorney on the date indicated below.


/s/ Uwe E. Reinhardt
------------------------------------
Signature


Uwe E. Reinhardt
------------------------------------
Printed Name


March 30, 2004
------------------------------------
Date

<Page>

                                POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and
appoints Daniel R. Omstead, Kimberly Carroll, Joseph R. Fleming, Brian S. Vargo,
Dilia M. Caballero, Jennifer O. Epstein and Victoria Szybillo, and each of them,
as his or her true and lawful attorney-in-fact and agent with full power of
substitution and resubstitution for such attorney-in-fact in such
attorney-in-fact's name, place and stead, to sign any and all registration
statements applicable to H&Q HEALTHCARE INVESTORS (the "Fund"), and any
amendments or supplements thereto, and withdrawals thereof, and to file the
same, with all exhibits thereto and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said attorney-in-fact
and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he or she might or could do in person in his or her capacity as a Trustee or
Officer of the Fund, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his or her substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.

          IN WITNESS WHEREOF, the undersigned has duly executed this Power of
Attorney on the date indicated below.


/s/ Henri A. Termeer
------------------------------------
Signature

Henri A. Termeer
------------------------------------
Printed Name

March 29, 2004
------------------------------------
Date

</TEXT>
</DOCUMENT>
