<SEC-DOCUMENT>0001104659-23-043911.txt : 20230411
<SEC-HEADER>0001104659-23-043911.hdr.sgml : 20230411
<ACCEPTANCE-DATETIME>20230411121305
ACCESSION NUMBER:		0001104659-23-043911
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20230608
FILED AS OF DATE:		20230411
DATE AS OF CHANGE:		20230411

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEKLA LIFE SCIENCES INVESTORS
		CENTRAL INDEX KEY:			0000884121
		IRS NUMBER:				043147016
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06565
		FILM NUMBER:		23812847

	BUSINESS ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		STREET 2:		19TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6177728515

	MAIL ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		STREET 2:		19TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	H&Q LIFE SCIENCES INVESTORS
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>tm233915d4_def14a.htm
<DESCRIPTION>DEF 14A
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<p style="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION</b></font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>Washington,
D.C. 20549</b></font></p>

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<p style="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>SCHEDULE
14A</b></font></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>Proxy
Statement Pursuant to Section 14(a) of<br>
the Securities Exchange Act of 1934 (Amendment No. &#xa0;&#xa0;&#xa0;&#xa0;)</b></font></p>

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    the appropriate box:</font></td></tr>
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    <td style="padding-right: 0.7pt; padding-left: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary
    Proxy Statement</font></td></tr>
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    <td style="padding-right: 0.7pt; padding-left: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Confidential,
    for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</b></font></td></tr>
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    <td style="padding-right: 0.7pt; padding-left: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font style="font-family: Wingdings">&#120;</font></font></td>
    <td style="padding-right: 0.7pt; padding-left: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive
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    <td style="padding-right: 0.7pt; padding-left: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive
    Additional Materials</font></td></tr>
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    <td style="padding-right: 0.7pt; padding-left: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font style="font-family: Wingdings">&#168;</font></font></td>
    <td style="padding-right: 0.7pt; padding-left: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
    Material under &#xa7;240.14a-12</font></td></tr>
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    <td colspan="2" style="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&#xa0;</font></td></tr>
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    Life Sciences Investors</b></font></td></tr>
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    <td colspan="2" style="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name
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    <td colspan="2" style="padding-right: 0.7pt; padding-left: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    of Filing Fee (Check the appropriate box):</font></td></tr>
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    <td style="padding-right: 0.7pt; padding-left: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
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<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>TEKLA LIFE SCIENCES INVESTORS<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:10pt;">100 Federal Street, 19th Floor<BR>Boston, Massachusetts 02110<BR>(617) 772-8500</font></p>
<p style="margin:24pt 0pt 18pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman, Times, serif" style="font-size:10pt;">To the Shareholders of TEKLA LIFE SCIENCES INVESTORS:</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">An Annual Meeting of Shareholders of Tekla Life Sciences Investors ("HQL"), (the "Fund") will be held on Thursday, June 8, 2023 at 8:30 a.m. at 100 Federal Street, 19th Floor, Boston, Massachusetts 02110, for the following purposes:</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(1)&nbsp;&nbsp;The election of Trustees the Fund;</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(2)&nbsp;&nbsp;The ratification or rejection of the selection of Deloitte &amp; Touche LLP as the independent registered public accountants of the Fund for the fiscal year ending September 30, 2023;</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(3)&nbsp;&nbsp;Take action on a shareholder proposal requesting that the Fund take the steps necessary to reorganize the Board of Trustees into one class with each Trustee subject to election each year, if properly presented at the meeting; and</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(4)&nbsp;&nbsp;The transaction of such other business as may properly come before the Annual Meeting and any adjournment(s) or postponement(s) thereof.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">If you have any questions about the proposals to be voted on, please call our solicitor, Okapi Partners, at (877)279-2311.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>The Board of Trustees of the Fund recommends that shareholders vote FOR the election of all nominees for election as Trustees, FOR the selection of Deloitte &amp; Touche LLP as the independent registered public accountants of the Fund and AGAINST the shareholder proposal.</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Shareholders of record at the close of business on April 12, 2023 will be entitled to vote at the Annual Meeting or at any adjournment(s) or postponement(s) thereof.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">We encourage you to check our website, www.teklacap.com, prior to the Annual Meeting if you plan to attend.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman, Times, serif" style="font-size:10pt;">By Order of the Board of Trustees of the Fund,</font></p>
<p style="margin:54pt 0pt 3pt 0pt;" align="left"><img src="j2339153_aa001.jpg">
</p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Daniel R. Omstead, PhD<BR>President</font></p>
<p style="margin:6pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman, Times, serif" style="font-size:10pt;">April 17, 2023</font></p>
<p style="margin:12pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><i>Please complete, date and sign the Proxy for the shares held by you and return the Proxy in the envelope provided so that your vote can be recorded. No postage is required if the envelope is mailed in the United States. It is important that you return your signed Proxy promptly, regardless of the size of your holdings, so that a quorum may be assured.</i></font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>TEKLA LIFE SCIENCES INVESTORS</b></font></p>
<p style="margin:33pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>PROXY STATEMENT</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">This Proxy Statement is furnished in connection with the solicitation by the Board of Trustees (the "Board") of Tekla Life Sciences Investors ("HQL") (the "Fund") of proxies to be voted at the Annual Meeting of Shareholders of the Fund to be held on June 8, 2023 (the "Annual Meeting"), and any adjournment(s) or postponement(s) thereof, for the purposes set forth in the accompanying Notice of  Annual Meeting, dated April 17, 2023. This Proxy Statement, the Notice of Annual Meeting and the Proxy Card(s) are first being mailed to shareholders on or about April 17, 2023.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Proposal 1 relates to the election of Trustees of the Fund, Proposal 2 relates to the ratification of the independent registered public accountants of the Fund and Proposal 3 relates to a shareholder proposal to be acted on, if properly presented at the meeting.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>The Board of Trustees of the Fund recommends that shareholders vote FOR the election of all nominees for election as Trustees, FOR the selection of Deloitte &amp; Touche LLP as the independent registered public accountants of the Fund and AGAINST the shareholder proposal.</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Fund will furnish, without charge, a copy of its Annual Report, or the most recent Semi-Annual Report succeeding the Annual Report, if any, to a shareholder upon request. Requests may be sent to the Fund at 100 Federal Street, 19th Floor, Boston, MA 02110 or be made by calling (617) 772-8500.</font></p>
<p style="margin:10pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Proposal 1<BR>ELECTION OF TRUSTEES</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Fund's Declaration of Trust, as amended to date (the "Declaration of Trust"), provides that its Board shall be divided into three classes with staggered terms. For HQL, the term of office of the Class A Trustees expires on the date of the 2023 Annual Meeting and the term of office of the Class B and Class C Trustees will expire one and two years, respectively, thereafter. Trustees chosen to succeed the Class A Trustees whose terms are expiring will be elected for a three-year term.</font></p>
<p style="margin:6pt 0pt 9pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Fund's Declaration of Trust provides that a majority of its Trustees shall fix the number of the entire Board of Trustees and that such number shall be at least three and no greater than fifteen. The Fund's Board has fixed the number of Trustees at six. Proxies will be voted for the election of the following nominees for HQL. Each nominee has consented to serve as a Trustee if elected at the Annual Meeting. In the event that a nominee is unable to serve for any reason when the election occurs, the accompanying Proxy will be voted for such other person or persons as the applicable Fund's Board may recommend. Each nominee is presently serving as a Trustee.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">HQL</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Class A Nominees to Serve until 2026</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="131" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Kathleen L. Goetz</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
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<tr>
<td colspan="3" width="38" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;"> &nbsp;</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="184" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="131" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">W. Mark Watson</font></p></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&nbsp;&nbsp;</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>1</font></p>
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<p style="margin:0pt 0pt 9pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Each of the following persons is presently serving as a Trustee and has consented to so serve in the class and for the term specified below.</font></p>
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<td colspan="3" width="38" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">HQL</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="184" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Class B Trustees to Serve until 2024</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="131" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Jeffrey A. Bailey</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;"> &nbsp;</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="184" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;"> &nbsp;</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="131" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Daniel R. Omstead, Ph.D.</font></p></td>
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 &nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Class C Trustees to Serve until 2025</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="131" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Rakesh K. Jain, Ph.D.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="38" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;"> &nbsp;</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="184" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;"> &nbsp;</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="131" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Thomas M. Kent, CPA</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&nbsp;&nbsp;</font></p>
<p style="margin:8pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Board believes that each Trustee's experience, qualifications, attributes and skills on an individual basis and in combination with those of other Trustees lead to the conclusion that each Trustee should serve in such capacity. Among the attributes or skills common to all Trustees are their ability to review critically and to evaluate, question and discuss information provided to them, to interact effectively with the other Trustees, the Fund's investment adviser, the administrator and other service providers, counsel and independent registered public accounting firm, and to exercise effective and independent business judgment in the performance of their duties as Trustees. Each Trustee's ability to perform the duties of a trustee effectively has been attained and enhanced through the Trustee's education, professional training and other life experiences, such as business, consulting or public service positions and through experience from service as a member of the Fund's Board, public companies, or non-profit entities or other organizations.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><i>Jeffrey A. Bailey:</i></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"> Mr. Bailey is a seasoned operational healthcare executive with over 30 years of leadership experience within the healthcare industry. Mr. Bailey has extensive business development and transactional expertise, with diverse leadership experiences in commercial and supply chain management, finance, business development and product development for various pharmaceutical medical device companies. He serves as Chairman of the Board of Trustees and also on the Valuation Committee and on the Governance and Nominating Committee of the Fund. Most recently, Mr. Bailey served as chief executive officer and director of BioDelivery Sciences, a biotechnology company, from 2020-2022. He served as president and chief executive officer of IlluminOss Medical, Inc., a medical device company, from 2018 to 2020. From 2015 until 2017, Mr. Bailey served as chief executive officer of Neurovance, Inc., a biotechnology company. Previously, from 2013 through 2015, Mr. Bailey served as president and chief executive officer and as a director of Lantheus Medical Imaging, Inc., a public medical diagnostic company. Prior to 2013, Mr. Bailey held various leadership positions with several public and private pharmaceutical and medical device companies, including president and general manager at Novartis Pharmaceuticals, a multinational pharmaceutical company, and a 22-year career with Johnson &amp; Johnson, a multinational medical devices, pharmaceutical and consumer packaged goods manufacturing company. Mr. Bailey also has extensive board member experience, having previously served on boards of directors for eight companies. Mr. Bailey currently serves as a director for Aileron Therapeutics, Inc. and Madison Vaccines, Inc. Mr. Bailey holds a BA in business administration from Rutgers University.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><i>Kathleen Goetz:</i></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"> Ms. Goetz brings to the Fund over 30 years of healthcare business and leadership experience. She brings extensive knowledge of healthcare markets, with leadership experience across product development, operational effectiveness, organizational governance and design, and marketing and sales strategy. She currently acts as a consultant and an advisor within the pharmaceutical, biotech, and medical technology sectors. Ms. Goetz was Vice President Head of Sales at Novartis Pharmaceuticals, a global healthcare company until 2019. During her 28 years with Novartis, Ms. Goetz </font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>2</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">held positions of increasing responsibility, leading marketing, sales and reimbursement teams through various stages of commercialization from pre-launch planning through to loss of exclusivity across diverse therapeutic areas. Other key roles during her time at Novartis also include National Executive Director of Strategic Accounts, Integrated Market Planning and Marketing Director, providing her with valuable experience leading organizational transformation, resourcing, forecasting, and analytics. She continues to act as a mentor to future leaders and as a champion for diversity through her past work as an Executive Leadership Development mentor and a former Novartis Pharmaceuticals Women in Leadership Chair. Ms. Goetz has won numerous healthcare and business leadership awards and recognition throughout her career, including being recognized with the Healthcare Women's Business Association Rising Star Award. She serves on the Audit Committee and Valuation Committee of the Fund. Ms. Goetz holds a Business Finance degree from Iowa State University.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><i>Rakesh K. Jain, Ph.D.:</i></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"> Dr. Jain is the A. W. Cook Professor of Radiation Oncology (Tumor Biology) at Harvard Medical School and the Director of the E. L. Steele Laboratories of Tumor Biology at Massachusetts General Hospital, providing the Fund with a valuable perspective on emerging life sciences technologies. Dr. Jain co-founded XTuit Pharmaceuticals, Inc. in 2012, where he also served as a board member until 2018. He serves as the Chairman of the Governance and Nominating Committee of the Fund. Prior to joining Harvard, he was professor of chemical engineering at Columbia University and Carnegie Mellon University. Dr. Jain is regarded as a pioneer in the fields of tumor biology, drug delivery, in vivo imaging and bioengineering. Dr. Jain has authored more than 750 publications. He serves on advisory panels to government, industry and academia, and has served or continues to serve on editorial advisory boards of twenty journals, including Journal of Clinical Oncology and Nature Reviews Clinical Oncology. He has received more than 90 major awards and lectureships, including the United States National Medal of Science, a Guggenheim Fellowship, the Humboldt Senior Scientist Award, the National Cancer Institute's Research Career Development Award and Outstanding Investigator Grant, the Academic Scientist of the Year Award from the Pharmaceutical Achievements Awards, the Distinguished Service Award from Nature Biotechnology and the Innovator Award from the DoD Breast Cancer Program. He is a member of all three branches of U.S. National Academies &#150; the Institute of Medicine, the National Academy of Engineering and the National Academy of Sciences and is a member of both the National Academy of Investors and the American Academy of Arts and Sciences. In May 2016, Dr. Jain received the National Medal of Science from President Obama at the White House.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><i>Thomas M. Kent, CPA:</i></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"> Mr. Kent was a Partner at PricewaterhouseCoopers LLP, where he served the Investment Management Industry for over 30 years, 24 years as a Partner. In so doing, he worked with and for more than 20 different and distinct Investment Company Boards, and along side several of those Boards' service providers, including Advisors, Custodians, Accounting Agents, Transfer Agents, Security Pricing Providers, Tax advisors and others. His clients included both large and small fund groups, with both open-end and closed-end fund structures. Therefore, he provides the Fund with deep expertise in audit, valuation, operational and governance matters. He serves on the Governance and Nominating Committee and as Chairman of the Audit Committee of the Fund. Mr. Kent also serves as a Director of Principal Global Investors Trust Co., and a Director of the New England Canada Business Council. Mr. Kent is a member of the American Institute of CPA's and the Massachusetts Society of CPA's where he serves on the Registered Investment Company Committee. He received his AB cum laude from Harvard College, where he majored in Economics and his MS in Accountancy from the Stern School of Business at New York University.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>3</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><i>Daniel R. Omstead, Ph.D.:</i></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"> Dr. Omstead is President and Chief Executive Officer of Tekla Capital Management LLC (the "Adviser"), a registered investment adviser that serves as investment adviser to the Fund. Dr. Omstead is also President of the Fund and serves on its Valuation Committee. Dr. Omstead is portfolio manager for the public and restricted/venture portfolios within the Fund. Prior to joining the Adviser, Dr. Omstead was President and CEO of Reprogenesis, Inc., a private development stage biotech company which developed therapies in the field of tissue engineering and regenerative medicine. Before joining Reprogenesis, Dr. Omstead was Senior Vice President, Research and Development, at Cytotherapeutics, Inc, a public biotech company. Prior to entering the biotech industry, Dr. Omstead was employed for fourteen years in positions of increasing responsibility within the pharmaceutical industry at Ortho Pharmaceutical Corporation and at the R.W. Johnson Pharmaceutical Research Institute, both divisions of Johnson &amp; Johnson, and at Merck, Sharp and Dohme Research Laboratories, a division of Merck &amp; Co., Inc. Dr. Omstead provides the Fund with insights into both pharmaceutical and biotech companies. Dr. Omstead holds Ph.D. and Master's Degrees in Chemical Engineering and Applied Chemistry from Columbia University and a B.S. degree in Civil Engineering from Lehigh University. He is an emeritus member of the Board of Directors of a non-profit agency that provides emergency shelter, housing and supportive services to homeless and low-income individuals and families in the Boston area. Dr. Omstead was also a member of the Board of Trustees at the Joslin Diabetes Center.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><i>W. Mark Watson, CPA:</i></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"> Mr. Watson is a Certified Public Accountant with over 40 years of experience in public accounting and auditing, having spent his entire career from January 1973 to June 2013 at Deloitte Touche Tohmatsu, the multinational professional services network, and its predecessor, most recently as Central Florida Marketplace Leader. Mr. Watson provides the Fund with a particular expertise in the health and life sciences sector, having played a significant role in the development of Deloitte's audit approach for health and life sciences companies and leading its national healthcare regulatory and compliance practice. He has served as lead audit partner and advisory partner on the accounts of many public companies ranging from middle market firms to Fortune 500 enterprises. Mr. Watson is a member of the American Institute of Certified Public Accountants and the Florida Institute of Certified Public Accountants. Mr. Watson is a member of the Board of Directors of Vaxart Inc., Global Health MCS and the Moffitt Cancer Center. He received his undergraduate degree in Accounting from Marquette University.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Trustees and their principal occupation for at least the last five years are set forth in the table below.</font></p>
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<tr>
<td colspan="3" width="194" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Name, Address</b><b><sup>1</sup></b><b>, Date of Birth,<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Length of Time Served, Principal Occupation(s)<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>During Past 5 Years and Other Directorship Held</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="282" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Position(s) Held with Fund,<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Term of Office</b><b><sup>2</sup></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Number of Portfolios<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>in Fund Complex<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Overseen by Trustee</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="586" align="center" valign="bottom" style="padding:6pt .7pt 1pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;"><b>INDEPENDENT TRUSTEES AND NOMINEES</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="194" align="left" valign="top" style="padding:1pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:9pt;"><b>Jeffrey A. Bailey, </b></font><font face="Times New Roman, Times, serif" style="font-size:9pt;">Born: 4/1962</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="282" align="left" valign="top" style="padding:1pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;">Trustee since 2020; Chairman since 2022; Vice Chairman 2021-2022</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:1pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="94" align="right" valign="top" style="padding:1pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">4</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:1pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="2019" valign="bottom" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;">CEO, IlluminOss Inc. (2018-2020); Board Chairman, Aileron Therapeutics Inc. (since 2017); Director, Madison Vaccines, Inc. (since 2018); Director and CEO, BioDelivery Systems, Inc. (2020-2022).</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="194" align="left" valign="top" style="padding:1pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:9pt;"><b>Kathleen L. Goetz,</b></font><font face="Times New Roman, Times, serif" style="font-size:9pt;"> Born: 4/1966</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="282" align="left" valign="top" style="padding:1pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;">Trustee since 2021</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:1pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="94" align="right" valign="top" style="padding:1pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">4</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:1pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="2019" valign="bottom" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;">Vice President and Head of Sales, Novartis Pharmaceuticals (2017-2019); Executive Director of Strategic Account Management, Novartis Pharmaceuticals (2015-2016); Independent Consultant (2020-current).</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="194" align="left" valign="top" style="padding:1pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:9pt;"><b>Rakesh K. Jain, Ph.D.,</b></font><font face="Times New Roman, Times, serif" style="font-size:9pt;"> Born: 12/1950</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="282" align="left" valign="top" style="padding:1pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;">Trustee since 2007</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:1pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="94" align="right" valign="top" style="padding:1pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">4</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:1pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:9pt;">Director, Steele Lab of Tumor Biology at Massachusetts General Hospital (since 1991); A.W. Cook Professor of Radiation Oncology (Tumor Biology) at Harvard Medical School (since 1991); Ad hoc Consultant/Scientific Advisory Board Member for pharmaceutical/biotech companies (various times since 2002); Ad hoc Consultant, Gershon Lehman Group (since 2004); Director, Co-Founder, XTuit Pharmaceuticals, Inc. (2012-2018).</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>4</font></p>
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<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="194" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Name, Address</b><b><sup>1</sup></b><b>, Date of Birth,<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Length of Time Served, Principal Occupation(s)<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>During Past 5 Years and Other Directorship Held</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="282" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Position(s) Held with Fund,<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Term of Office</b><b><sup>2</sup></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="110" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Number of Portfolios<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>in Fund Complex<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Overseen by Trustee</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="194" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:9pt;"><b>Thomas M. Kent, CPA,</b></font><font face="Times New Roman, Times, serif" style="font-size:9pt;"> Born: 6/1953</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="282" align="left" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;">Trustee since 2017</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:6pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="94" align="right" valign="top" style="padding:6pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">4</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:6pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="2019" valign="bottom" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;">Director, Principal Global Investors Trust Co. (since 2014); Trustee, Thayer Academy (2009-2018); Director, New England Canada Business Council (since 2017); Partner, PricewaterhouseCoopers LLP (1989-2013).</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="194" align="left" valign="top" style="padding:1pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:9pt;"><b>W. Mark Watson, CPA,</b></font><font face="Times New Roman, Times, serif" style="font-size:9pt;"> Born: 7/1950</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="282" align="left" valign="top" style="padding:1pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;">Trustee since 2022</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:1pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="94" align="right" valign="top" style="padding:1pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">4</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:1pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="2019" valign="bottom" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;">Director of Vaxart Inc. (since 2022); BioDelivery Sciences International, Inc. (2017-2022); Inhibitor Therapeutics, Inc. (2014-2022); Global Health MCS (since 2014); Sykes Enterprises, Inc. (2018-2021); the Moffitt Cancer Center (since 2009).</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="11" width="586" align="center" valign="bottom" style="padding:6pt .7pt 1pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;"><b>INTERESTED TRUSTEE</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="194" align="left" valign="top" style="padding:1pt .7pt 6pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:9pt;"><b>Daniel R. Omstead, Ph.D.,</b></font><font face="Times New Roman, Times, serif" style="font-size:9pt;"> Born: 7/1953<sup>3</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="282" align="left" valign="top" style="padding:1pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;">President since 2001, Trustee since 2003</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:1pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="94" align="right" valign="top" style="padding:1pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">4</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:1pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="2019" valign="bottom" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;">President of Tekla Healthcare Investors ("HQH") (since 2001), of the Fund (since 2001), of Tekla Healthcare Opportunities Fund ("THQ") (since 2014), of Tekla World Healthcare Fund ("THW") (since 2015); President, Chief Executive Officer and Managing Member of Tekla Capital Management LLC (Since 2002); Director: Hotspot Therapeutics, Inc. (since 2021); IlluminOss Medical, Inc. (2011-2020); Veniti, Inc. (2015-2018); Joslin Diabetes Center (2016-2019); Decipher Biosciences Inc. (2016-2018).</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p style="margin:3pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:8pt;"><sup>1</sup>&nbsp;&nbsp;The Address for each Trustee is: c/o Tekla Capital Management LLC, 100 Federal Street, 19th Floor, Boston, Massachusetts, 02110, 617-772-8500.</font></p>
<p style="margin:1pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:8pt;"><sup>2</sup>&nbsp;&nbsp;Each Trustee currently is serving a three year term.</font></p>
<p style="margin:1pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:8pt;"><sup>3</sup>&nbsp;&nbsp;Trustee considered to be an "interested person" within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act"), through position or affiliation with the Adviser.</font></p>
<p style="margin:4.5pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The following table sets forth, for each Trustee, the aggregate dollar range of equity securities owned by such Trustee in HQL, and in the aggregate in all funds overseen by a Trustee in the fund complex as of March 31, 2023. The information as to beneficial ownership is based upon statements furnished by each Trustee.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="102" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Name of Trustee <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>or Nominee</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="109" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Dollar Range of <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Equity Securities <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>in HQL</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="109" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Aggregate Dollar <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Range of Equity <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Securities in All <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Funds Overseen <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>by Trustee in <BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Fund Complex</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="328" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Independent Trustees</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="102" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Jeffrey A. Bailey</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font><font face="Times New Roman, Times, serif" style="font-size:10pt;">0-$10,000</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font><font face="Times New Roman, Times, serif" style="font-size:10pt;">10,001-$50,000</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="102" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Kathleen L. Goetz </font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="80" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font><font face="Times New Roman, Times, serif" style="font-size:10pt;">0-$10,000</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="80" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font><font face="Times New Roman, Times, serif" style="font-size:10pt;">10,001-$50,000</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="102" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Rakesh K. Jain</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">None</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">None</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="102" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Thomas M. Kent</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="80" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font><font face="Times New Roman, Times, serif" style="font-size:10pt;">10,001-$50,000</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="109" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Over $100,000</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="102" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">W. Mark Watson</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">None</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">None</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="328" bgcolor="#cceeff" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Interested Trustee</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="102" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Daniel R. Omstead</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="109" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Over $100,000</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="109" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Over $100,000</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Although Trustees are encouraged to attend the annual meetings of shareholders to the extent they are able, the Fund does not have a formal policy with regard to Board members' attendance at annual meetings of shareholders. Last year, five of the Trustees then in office attended the 2022 annual meeting of shareholders.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Shareholders wishing to send communications to the Board of any Fund may communicate with members of the Board by submitting a written communication directed to the Board in care of Tekla Capital Management LLC, 100 Federal Street, 19th Floor, Boston, MA 02110.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Trustees &#150; Leadership Structure and Oversight Responsibilities</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Overall responsibility for general oversight of the Fund rests with the Board. The Board of the Fund is comprised of six individuals, five of whom are not  "interested persons" of the Fund as defined in the 1940 Act ("Independent Trustees"). The Chairman of the Board is an Independent Trustee. The Chairman presides at meetings of the Trustees, participates in the preparation of the agenda for meetings of the Board, and acts as a liaison between the Independent Trustees and the Fund's management between Board meetings. Except for any duties specified herein, the designation as Chairman does not impose any obligations or standards greater than or different from other Trustees.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Board of the Fund holds regular quarterly meetings each year to consider and address matters involving the Fund. The Board also may hold special meetings to address matters arising between regular meetings. The Independent Trustees also meet outside the presence of management in executive session at least quarterly and have engaged independent legal counsel to assist them in performing their oversight responsibilities.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Board of the Fund has established Audit, Governance and Nominating, Valuation and Qualified Legal Compliance Committees to assist the Board in the oversight of the management and affairs of the Fund. All of the members of these Committees are Independent Trustees, except for Dr. Omstead, who serves on the Valuation Committee. From time to time the Board may establish additional committees or informal working groups to deal with specific matters.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Fund is subject to a number of risks including investment, compliance, operational and valuation risks. Although the Adviser and the officers of the Fund are responsible for managing these risks on a day-to-day basis, the Board of the Fund has adopted, and periodically reviews, policies and procedures designed to address these risks. As part of its regular oversight, the Board of the Fund, directly or through a Committee, interacts with the Fund's Chief Compliance Officer, the Fund's independent public accounting firm and the Fund's legal counsel. These interactions include discussing the Fund's risk management and controls with the independent registered public accounting firm engaged by the Fund, reviewing valuation policies and procedures and the valuations of specific restricted securities, and receiving periodic reports from the Fund's Chief Compliance Officer regarding compliance matters relating to the Fund and its major service providers, including results of the implementation and testing of the Fund's and such providers' compliance programs. The Board's oversight function is facilitated by management reporting processes designed to provide information to the Board regarding the identification, assessment, and management of critical risks and the controls and policies and procedures used to mitigate those risks. The Board reviews its role in supervising the Fund's risk management from time to time and may change the manner in which it fulfills its oversight responsibilities at its discretion at any time.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Board of the Fund has determined that its leadership structure is appropriate for the Fund because it enables the Board to exercise informed and independent judgment over matters under its purview, allocates responsibility among committees in a manner that fosters effective oversight and allows the Board to devote appropriate resources to specific issues in a flexible manner as they arise. The Board periodically reviews its leadership structure as well as its overall structure, composition, and functioning and may make changes at its discretion at any time.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Standing Committees</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><i>Audit Committee.</i></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"> The Fund has an Audit Committee comprised solely of Independent Trustees who are "independent" as defined in the New York Stock Exchange ("NYSE") Listing Standards. The Board of the Fund has adopted a written charter for the Audit Committee. The Audit Committee charter is available at </font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>6</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">www.teklacap.com/funds/hql/fund/literature. The principal purpose of the Fund's Audit Committee is to assist the Board in fulfilling its responsibility to oversee management's conduct of the Fund's financial reporting process, including reviewing the financial reports and other financial information provided by the Fund, the Fund's systems of internal accounting and financial controls and the annual independent audit process.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Audit Committee's role is one of oversight, and it is recognized that the Fund's management is responsible for preparing the Fund's financial statements and that the Fund's independent registered public accountant is responsible for auditing those financial statements. Although the Audit Committee member must be financially literate and one member must have accounting or financial management expertise (as determined by the Board in its business judgment), Audit Committee members are not professionally engaged in the practice of accounting or auditing and are not experts in the fields of accounting or auditing, including with respect to auditor independence. Audit Committee members rely, without independent verification, on the information provided to them and on the representations made by management and the Fund's independent registered public accountants.</font></p>
<p style="margin:5.5pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The members of the Fund's Audit Committee are Mr. Kent, Ms. Goetz and Mr.Watson. Mr. Kent is the Chairman of the Fund's Audit Committee. The Audit Committee of the Fund held four meetings during the fiscal year ended September 30, 2022.</font></p>
<p style="margin:5.5pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><i>Governance and Nominating Committee.</i></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"> The Fund has a Governance and Nominating Committee comprised solely of Independent Trustees who are "independent" as defined in the NYSE Listing Standards. The Committee charter is not available on the Fund's website but the written charter is included as Exhibit A to this Proxy Statement dated April 17, 2023.</font></p>
<p style="margin:5.5pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The principal missions of the Governance and Nominating Committee of the Fund are to (i) review, evaluate, and enhance the effectiveness of the Board in its role in governing the Fund and overseeing the management of the Fund and (ii) promote the effective participation of qualified individuals on the Board, on committees of the Board, and as executive officers of the Fund. The Committee shall consider the Corporate Governance Guidelines that have been approved by the Board in fulfilling its missions.</font></p>
<p style="margin:5.5pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Committee of the Fund reviews, discusses and makes recommendations to the Board relating to those issues that pertain to the effectiveness of the Board in carrying out its responsibilities in governing the Fund and overseeing the Fund's management. The Committee makes nominations for Trustees and officers of the Fund and for membership on all committees of the Board and submits such nominations to the full Board for consideration.</font></p>
<p style="margin:5.5pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Fund's By-Laws require that each prospective trustee candidate have a college degree or equivalent business experience and provide a list of minimum qualifications for trustees, which include expertise, experience or relationships relevant to the business of the Fund. The Fund's By-Laws also require that a candidate not be serving in any of various positions with another investment company (as defined in the 1940 Act) that focuses its investments in the healthcare and/or life sciences industries, unless such investment company is managed by the Fund's investment adviser or an affiliate, or in various positions with the investment adviser, sponsor or equivalent of such an investment company. The Committee may also take into account other factors when considering and evaluating potential trustee candidates, including but not limited to: (i) availability and commitment to attend meetings and perform responsibilities of the Board; (ii) relevant industry and related experience; (iii) educational background; (iv) financial expertise; (v) the candidate's ability, judgment and expertise; and (vi) the overall diversity of the Board's composition.</font></p>
<p style="margin:5.5pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Committee of the Fund may identify prospective trustees from any reasonable source, including, but not limited to, the consultation of third-party trustee search services. The Committee will consider potential trustee candidates recommended by shareholders, provided that the proposed candidates </font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>7</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(i) satisfy any minimum qualifications of the Fund for its trustees; (ii) are not "interested persons" (as that term is defined in Section 2(a)(19) of the 1940 Act) of the Fund or the Adviser; and (iii) are "independent" as defined in the NYSE Listing Standards. In order to be evaluated by the Committee, trustee candidates recommended by shareholders must also meet certain eligibility requirements as set out in the Committees' charter. Other than those eligibility requirements, the Committee shall not evaluate shareholder trustee nominees in a different manner than other nominees. The standard of the Committee is to treat all equally qualified nominees in the same manner.</font></p>
<p style="margin:5.5pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">All recommendations by shareholders must be received by the Fund by the deadline for submission of any shareholder proposals which would be included in the Fund's proxy statement for the next annual meeting of the Fund. Each shareholder or shareholder group must meet the requirements stated in the Committee's charter in order to recommend a candidate. A shareholder or shareholder group may not submit more than one candidate per year. When recommending a trustee candidate, shareholders must include in their notice to the Fund's Secretary: (i) the shareholder's contact information; (ii) the trustee candidate's contact information and the number of Fund shares owned by the proposed candidate; (iii) all information regarding the candidate that would be required to be disclosed in solicitations of proxies for elections of trustees required by Regulation 14A of the Securities Act of 1934, as amended (the "Exchange Act"); and (iv) a notarized letter executed by the trustee candidate, stating his or her intention to be a nominee and be named in the Fund's proxy statement, if nominated by the Board, and to serve as a trustee, if so elected. Once a recommendation has been timely received in proper form, the candidate will be asked to complete an eligibility questionnaire to assist the Fund in assessing the candidate's qualifications as a potential Independent Trustee and as someone who is "independent" under the NYSE Listing Standards. The Committee will make such determinations in its sole discretion and such determinations shall be final.</font></p>
<p style="margin:5.5pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The members of the Fund's Committee are Mr. Bailey, Dr. Jain and Mr. Kent. Dr. Jain is the Chairman of the Committee. The Governance and Nominating Committee of the Fund held five meetings during the fiscal year ended September 30, 2022.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><i>Valuation Committee.</i></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"> The Fund's Board has delegated to the Fund's Valuation Committee general responsibility for determining, subject to Board ratification, in accordance with the Fund's valuation procedures, the value of assets held by the Fund on any day on which the net asset value per share is determined. The Valuation Committee may appoint, and has appointed, a Sub-Committee made up of employees and officers of the Adviser to deal in the first instance with day to day valuation decisions, subject to oversight by the Valuation Committee. The Valuation Committee shall meet as often as necessary to ensure that each action taken by the Sub-Committee is reviewed within a calendar quarter of the occurrence. In connection with its review, the Valuation Committee shall ratify or revise the pricing methodologies authorized by the Sub-Committee since the last meeting of the Valuation Committee. The Valuation Committee is charged with the responsibility of determining the fair value of the Fund's securities or other assets in situations set forth in the Fund's valuation procedures.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The members of the Fund's Valuation Committee are Mr. Bailey, Ms. Goetz, Dr. Omstead and Mr. Watson. Mr. Bailey is the Chairman of the Fund's Valuation Committee. The Valuation Committee of the Fund held four meetings during the fiscal year ended September 30, 2022.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><i>Qualified Legal Compliance Committee.</i></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"> The Fund has a Qualified Legal Compliance Committee ("QLCC") comprised solely of Independent Trustees. The Board of the Fund has adopted a written charter for the QLCC. The principal purpose of the Fund's QLCC is to review and respond to reports of Evidence of a Material Violation (as defined in the QLCC charter). Reporting Evidence of a Material Violation is required under the Standards of Professional Conduct for Attorneys adopted by the U.S. Securities and Exchange Commission (the "SEC") under the Sarbanes-Oxley Act of 2002 (the "Standards"). Under the Standards, if an attorney appearing and practicing before the SEC in the representation of an issuer, such as the </font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Fund, becomes aware of Evidence of a Material Violation by the issuer or by any officer, trustee, employee or agent of the issuer, the Standards provide for the attorney to report such evidence to the issuer's QLCC forthwith. In discharging its role, the QLCC is granted the power to investigate any Evidence of a Material Violation brought to its attention with full access to all books, records, facilities and personnel of the Fund and the power to retain outside counsel, auditors or other experts for this purpose.</font></p>
<p style="margin:4pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The members of the Fund's QLCC are Dr. Jain and Mr. Kent. Mr. Kent is the Chairman of the Fund's QLCC. The Fund's QLCC had no cause to meet during the fiscal year ended September 30, 2022.</font></p>
<p style="margin:4pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><i>Attendance.</i></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"> During the fiscal year ended September 30, 2022, the Fund's Board held five meetings; the Fund's Audit Committee held four meetings; the Fund's Governance and Nominating Committee held five meetings; and the Fund's Valuation Committee held four meetings.</font></p>
<p style="margin:4pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Each of the incumbent Trustees attended 100% of the aggregate number of meetings of the Boards of the Fund during the period for which they served as a Trustee. Each of the incumbent Trustees attended at least 100% of the aggregate number of meetings of the Committees of the Board of the Fund on which such Trustee served during the period that they have served.</font></p>
<p style="margin:4pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Compensation of Trustees and Officers</b></font></p>
<p style="margin:3pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">For the fiscal year ended September 30, 2022, the Fund paid an annual fee of $17,500 (the annual fee was $16,250 from January 1, 2021 through December 31, 2021) to its Independent Trustees and the Chairman of the Board receives an additional annual fee of $5,000. Additionally, the Fund paid each Independent Trustee $1,000 for each Board and $750 for each Committee meeting (from January 1, 2021 through December 31, 2021 the Fund paid $250 for each Board and Committee meeting attended by telephone). The Chairman of the Audit Committee, the Valuation Committee and the Governance and Nominating Committee of the Fund each received an additional annual fee of $2,000. Independent Trustees are also reimbursed for travel expenses incurred in connection with attending such meetings. For the fiscal year ended September 30, 2022, the Independent Trustees as a group received $898 from HQL for reimbursed expenses.</font></p>
<p style="margin:4pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Fund has entered into a Services Agreement (the "Agreement") with the Adviser. Pursuant to the terms of the Agreement, the Fund reimburses the Adviser for a portion of the payment of salary and provision of benefits to the Fund's Chief Compliance Officer. Trustees and officers of the Fund who hold positions with the Adviser receive indirect compensation from the investment advisory fee paid to the Adviser by the Fund.</font></p>
<p style="margin:4pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The following table sets forth information regarding compensation of the Trustees and Executive Officer by the Fund for the fiscal year ended September 30, 2022, but does not include reimbursed expenses as described above.</font></p>
<p style="margin:4pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Compensation Table</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Name of Person, Position</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="97" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Aggregate<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Compensation<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>from the Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="93" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Pension or<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Retirement<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Benefits Accrued<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>as part of the<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Fund's Expenses</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Estimated<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Annual<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Benefits upon<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Retirement</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="107" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Total<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Compensation<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>from All Funds<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>in Fund Complex<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Paid to Trustees</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="537" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;"><b>Independent Trustees*</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;">Jeffrey A. Bailey</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="69" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">30,021</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">N/A</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">N/A</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="79" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">120,083</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="134" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;">Kathleen L. Goetz*</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="69" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">23,979</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">N/A</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">N/A</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">95,917</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;">Rakesh K. Jain, Ph.D.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="69" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">28,104</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">N/A</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">N/A</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="79" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">112,417</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="134" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;">Thomas M. Kent, CPA</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="69" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">29,938</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">N/A</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">N/A</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">119,750</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;">Oleg M. Pohotsky, MBA, JD**</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="69" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">25,625</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">N/A</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">N/A</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="79" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">102,500</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="134" bgcolor="#cceeff" align="left" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<font face="Times New Roman, Times, serif" style="font-size:9pt;">William S. Reardon</font><font face="Times New Roman, Times, serif" style="font-size:10pt;">*</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="69" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">22,396</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">N/A</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">N/A</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">89,583</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;">W. Mark Watson*</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="69" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">11,083</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">N/A</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">N/A</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="79" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">44,333</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="537" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;"><b>Interested Trustee</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;">Daniel R. Omstead, Ph.D.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="69" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">N/A</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">N/A</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="79" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>9</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=10,FOLIO='9',FILE='23-3915-3.ba.qxp',USER='',CD='Apr 10 07:48 2023' -->
<div style="page-break-before:always;"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Name of Person, Position</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="97" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Aggregate<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Compensation<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>from the Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="93" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Pension or<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Retirement<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Benefits Accrued<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>as part of the<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Fund's Expenses</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Estimated<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Annual<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Benefits upon<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Retirement</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="107" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Total<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Compensation<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>from All Funds<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>in Fund Complex<BR></b></font><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Paid to Trustees</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="537" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;"><b>Executive Officer</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="134" align="left" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:9pt;">Laura Woodward</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">$</font></p></td>
<td colspan="1" width="69" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">65,401</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">N/A</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">N/A</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="79" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:9pt;">N/A</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:8pt;">&nbsp;&nbsp;*&nbsp;&nbsp;Kathleen L. Goetz was appointed as a Trustee effective December 9, 2021.  W. Mark Watson was appointed as a Trustee effective June 9, 2022. Mr. Reardon is not standing for election at the Annual Meeting and has retired as Trustee effective June 9, 2022.</font></p>
<p style="margin:2pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:8pt;">&nbsp;&nbsp;**&nbsp;&nbsp;Mr. Pohotsky served as an Independent Trustee until he passed away on July 13, 2022.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Executive Officers</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Set forth below is information for at least the last five years with respect to the executive officers of the Fund who do not also serve as Trustees. Each officer has been elected by the Board of the Fund and serves at the pleasure of the Board.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Laura Woodward, CPA (54), 100 Federal Street, 19th Floor, Boston MA 02110: Chief Compliance Officer of HQH, HQL and Tekla Capital Management LLC (since 2009), of THQ (since 2014) and of THW (since 2015); Secretary and Treasurer, HQH and HQL (since 2009), of THQ (since 2014) and of THW (since 2015); Senior Manager, PricewaterhouseCoopers LLP (prior to 2009).</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Required Vote</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Fund's Declaration of Trust states that the Trustees shall be elected by a plurality of the Fund's shares voting at the Annual Meeting. </font><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>The Trustees recommend a vote FOR all nominees.</b></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"> Plurality voting means the nominee for each seat receiving the greatest number of votes will be elected.</font></p>
<p style="margin:12pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>INFORMATION PERTAINING TO THE ADVISER</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Adviser is a limited liability company organized under the laws of Delaware. Under the Fund's Investment Advisory Agreement, the Adviser is responsible for the management of the Fund's assets, subject to the supervision of the Board. The Adviser manages the investments of the Fund in accordance with its investment objective and policies. The Adviser is also obligated to supervise and perform certain administrative and management services and is obligated to provide the office space, facilities, equipment and personnel necessary to perform its duties. Except for a portion of the salary of the Fund's Chief Compliance Officer, the salaries of all officers of the Fund and all personnel of the Fund or of the Adviser performing services relating to research, statistical or investment activities, and of all Trustees who are "interested persons" of the Fund or of the Adviser (as defined in the 1940 Act), are paid by the Adviser. The Adviser is located at 100 Federal Street, 19th Floor, Boston, MA 02110.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Daniel R. Omstead, Ph.D. serves as President and Chief Executive Officer of the Adviser. The address for Dr. Omstead is c/o Tekla Capital Management LLC at 100 Federal Street, 19th Floor, Boston, MA 02110.</font></p>
<p style="margin:12pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>REPORT OF THE AUDIT COMMITTEE OF THE FUND</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Fund's Audit Committee reviewed and discussed the Fund's audited financial statements with management for the Fund's fiscal year ended September 30, 2022, and discussed with the Fund's independent registered public accountants, Deloitte &amp; Touche LLP, the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board ("PCAOB") and the SEC. The Fund's Audit Committee received written disclosures and the letter from Deloitte &amp; Touche LLP required by applicable requirements of the PCAOB Ethics and Independence Rule 3526 regarding Deloitte &amp; Touche's communications with the Audit Committee concerning independence and discussed with Deloitte &amp; Touche LLP its independence. Based on its review and discussions with </font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>10</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=11,FOLIO='10',FILE='23-3915-3.ba.qxp',USER='',CD='Apr 10 07:48 2023' -->
<div style="page-break-before:always;"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">management and Deloitte &amp; Touche LLP, the Fund's Audit Committee recommended to the Board that the Fund's audited financial statements for the Fund's fiscal year ended September 30, 2022, be included in the Fund's Annual Report filed with the SEC.</font></p>
<p style="margin:12pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>SUBMITTED BY THE AUDIT COMMITTEE OF THE FUND</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Thomas M. Kent, CPA<BR>Kathleen L. Goetz<BR>W. Mark Watson</font></p>
<p style="margin:12pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Proposal 2<BR>RATIFICATION OR REJECTION OF SELECTION OF INDEPENDENT<BR>REGISTERED PUBLIC ACCOUNTANTS</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Fund's Audit Committee has approved the appointment of Deloitte &amp; Touche LLP as the independent registered public accountants for the fiscal year ending September 30, 2023, and the Board of the Fund, including the Independent Trustees, subsequently unanimously approved the appointment.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Services to be performed by Deloitte &amp; Touche LLP for the Fund will consist of the examination of the annual financial statements of the Fund, consultation on financial, accounting and reporting matters, review and consultation regarding various filings with the SEC and attendance at some meetings of the Board. Deloitte &amp; Touche LLP also will perform non-audit services consisting of review of income tax returns of the Fund.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">A representative of Deloitte &amp; Touche LLP is expected to participate in the Annual Meeting and to be available for questioning and have an opportunity to make a statement.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The following tables set forth the aggregate fees billed for professional services rendered by Deloitte &amp; Touche LLP to the Fund during the Fund's two most recent fiscal years:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="38" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Fund</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Fiscal year</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Audit Fees</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="114" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Audit-Related Fees</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="75" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>Tax Fees</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="97" align="center" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:8pt;"><b>All Other Fees</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="38" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Times New Roman, Times, serif" style="font-size:10pt;">HQL</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">2022</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">115,180</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="46" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">6,670</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">0</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="38" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">2021</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">108,270</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="46" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">6,180</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">$</font></p></td>
<td colspan="1" width="68" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Times New Roman, Times, serif" style="font-size:10pt;">0</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">All of the services described in the table above were approved by the Audit Committee pursuant to its pre-approval policies and procedures (the "Pre-Approval Policies and Procedures") which are summarized below to the extent that such services were required to be pre-approved by the Audit Committee.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The aggregate non-audit fees billed by Deloitte &amp; Touche LLP for services rendered to the Fund and to the Adviser, or an affiliate thereof that provides ongoing services to the Fund, amounted to $6,670 for the fiscal year ended September 30, 2022, and to $6,180 for the fiscal year ended September 30, 2021.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Fund's Audit Committee has adopted Pre-Approval Policies and Procedures pursuant to which the Committee pre-approves all audit and non-audit services provided by the Fund's independent auditor (the "Auditor") and any non-audit services provided by the Auditor to the Fund's investment adviser and service affiliates ("Service Affiliates") during the period of the Auditor's engagement to provide audit services to the Fund, if those services directly impact the Fund's operations and financial reporting. Audit services include those typically associated with the annual audit such as evaluation of internal controls. Non-Audit services include certain services that are audit-related, such as consultations regarding financial accounting and reporting standards and tax services. Certain services may not be </font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">provided by the Auditor to the Fund's or the Fund's Service Affiliates without jeopardizing the Auditor's independence. These services are deemed prohibited services and include certain management functions; human resources services; broker-dealer, investment adviser or investment banking services; legal services; and expert services unrelated to the audit. Other services are conditionally prohibited and may be provided, if the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Fund's financial statements. These types of services include bookkeeping; financial information systems design and implementation; appraisal or valuation services; actuarial services; and internal audit outsourcing services.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Pre-Approval Policies and Procedures of the Fund's Audit Committee require Audit Committee approval of the engagement of the Auditor for each fiscal year and approval of the engagement by at least a majority of the Fund's Independent Trustees. In determining whether to engage the Auditor for its audit services, the Fund's Audit Committee will consider the Auditor's proposed fees for the engagement, in light of the scope and nature of the audit services that the Fund will receive. The Pre-Approval Policies and Procedures also permit the Fund's Audit Committee to pre-approve the provisions of types or categories of permissible non-audit services for the Fund and its Service Affiliates on an annual basis at the time of the Auditor's engagement and on a project-by-project basis. At the time of the annual engagement of the Fund's Auditor, the Audit Committee is to receive a list of the categories of expected non-audit services with a description and an estimated budget of fees. In their pre-approval, the Audit Committee should determine that the provision of the service is consistent with, and will not impair, the ongoing independence of the Auditor and set any limits on fees or other conditions they find appropriate. Non-audit services may also be approved on a project-by-project basis by the Audit Committee consistent with the same standards for determination and information.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Audit Committee may also appoint a member of the Committee to pre-approve non-audit services that have not been pre-approved or material changes in the nature or cost of any non-audit services previously pre-approved. The member may not pre-approve any project the estimated budget (or budgeted range) of fees of which exceed or may exceed $15,000. Any actions by the member are to be ratified by the Audit Committee by the time of its next scheduled meeting. The Fund's Pre-Approval Policies and Procedures are reviewed annually by the Fund's Audit Committee, and the Fund maintains a record of the decisions made by the Committee pursuant to these procedures.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Required Vote</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The selection of Deloitte &amp; Touche LLP as the Fund's independent public accountants for the fiscal year ending September 30, 2023 is submitted to shareholders for ratification and requires approval by a majority of the Fund's shares voting at the Annual Meeting. </font><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>The Trustees recommend a vote FOR the selection of Deloitte &amp; Touche LLP as the independent registered public accountants of the Fund.</b></font></p>
<p style="margin:12pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Proposal 3<BR>SHAREHOLDER PROPOSAL</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">A beneficial owner of the common shares of HQL (the "Proponent") has informed HQL that he intends to present for a shareholder vote at the Annual Meeting a proposal requesting that the Board take steps to eliminate HQL's classified board structure ("Proposal 3"), which has been in place since HQL's inception. Specifically, Proposal 3 would recommend that the Board consider shortening the term for which Trustees are elected to serve on the Board from three years to one year. The Proponent's name, </font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>12</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">address and number of shares owned by the Proponent will be furnished by HQL upon request. If properly presented at the Annual Meeting, Proposal 3 will be submitted for a vote.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">As required by the rules of the SEC, the text of the Proponent's resolution and supporting statement (for which HQL accepts no responsibility), are included in the black bordered box below under "Proponent's Proposal" exactly as submitted by the Proponent.</font></p>
<p style="margin:12pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b><u>THE BOARD OPPOSES PROPOSAL 3 AND RECOMMENDS THAT SHAREHOLDERS VOTE AGAINST IT.</u></b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Board's statement in opposition to Proposal 3 follows under "Response of the Independent Trustees." This statement sets forth the Board's rationale for recommending that shareholders vote AGAINST Proposal 3.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>&bull;&nbsp;&nbsp;Your Fund is </b></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b><i>not an operating company</i></b></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>. Practices that might be perceived by some as better governance practices for an operating company, as cited by the Proponent, are not better practices for an investment company like the Fund. Unlike operating companies, a classified board structure is widely used by closed-end registered management investment companies. At year-end 2019, 88% of Investment Company Institute survey participants' listed closed-end funds had classified boards representing 94% of their total assets. By contrast, only 11% of S&amp;P 500 companies used a classified board structure in 2019. There is a reason for this: Classified closed-end fund board structures provide an appropriate balance of (i) board and investment strategy stability and (ii) shareholder accountability, protecting such funds from disruptive effects of actions of closed-end fund arbitrageurs who seek a short-term profit against the interests of long-term shareholders who have selected a fund for its disclosed investment strategy.</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>&bull;&nbsp;&nbsp;This is the </b></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b><i>eighth</i></b></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b> time in the last twelve years that the Proponent has submitted a proposal asking the Board to consider taking actions to declassify its structure, which, as the Proponent is aware, obligates the Fund to satisfy numerous procedural and/or substantive requirements contained in the SEC proxy rules. In each prior instance, shareholders appropriately rejected the proposal and shareholder support has generally trended downward. These repeated, redundant unsuccessful proposals ignore the voice of shareholders and are needless expenditures of time and money for Fund personnel and the Fund's other shareholders, respectively. The Proponent is insensitive to both of these concerns because he has a minimal investment in the Fund and spends almost none of his own time or money in making this proposal year after year. The Proponent has never appeared, in-person, virtually or by phone, at an annual meeting of shareholders to present his own proposal, and when participating at all, he has done so by sending a surrogate in his place. In 2019, he chose not to even send a surrogate.</b></font></p>
<p style="margin:6pt 0pt 6pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Your Board of Trustees OPPOSES Proposal 3 because it believes Proposal 3 is not in the best interest of the Fund and its shareholders.</b></font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>13</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Proponent's Proposal:</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Proposal 3 &#150; Elect Each Trustee Annually</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">RESOLVED, shareholders ask that our Company take all the steps necessary to reorganize the Board of Trustees into one class with each trustee subject to election each year for a one-year term.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Although our management can adopt this proposal topic in one-year and implementation in one-year is a best practice, this proposal allows the option to phase it in.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Classified Boards like the HQL Board have been found to be one of 6 entrenching mechanisms that are negatively related to company performance according to "What Matters in Corporate Governance" by Lucien Bebchuk, Alma Cohen and Allen Ferrell of the Harvard Law School.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Annual election of each trustee gives shareholders more leverage if management performs poorly. For instance if management approves executive pay that is excessive or is poorly incentivized shareholders can soon vote against the Chair of the management pay committee instead of waiting 3-years under the current setup.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Annual election of each trustee gives shareholders more leverage when the Tekla Life Sciences stock performs poorly. For instance the fall of the HQL stock price from $28 in 2015. HQL stock was also at $37 in the Year 2000.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">This proposal is especially important to Tekla Life Sciences shareholder because HQL trustees need only one share out of 25 million shares to vote in their favor in order to be elected for 3-year terms. Under the current Tekla Life Sciences voting system, a trustee can be elected for 3-years if the trustee owns only one share of stock and this one share is the only share that votes for him and all 25 million other shares vote against him. This is worse than an election in North Korea.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The HQL Board stubbornly resists reform. In 2022 HQL shareholders gave 41% support to annual election of each trustee. This was in spite of the HQL Board going ballistic over such a routine corporate governance reform. An example of the HQL Board going ballistic is that the 300-word shareholder proposal for annual election of each trustee was buried in the 2022 HQL annual meeting proxy. It was surrounded by 4000 words of resistance by the HQL Board with lavish use of bold font.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Due to the, at best, extreme long term stagnation of the Tekla Life Sciences stock price shareholders are encouraged to contact the proponent of this proposal so that a slate of governess reform proposals can potentially be submitted for the 2024 HQL annual meeting proxy. The reforms could include this proposal topic and a requirement that a trustee must obtain a majority vote to be elected. The proponent of this proposal may also do a special solicitation to find fault with any HQL Board special solicitation resisting this proposal. Tekla Life Sciences is required to give the contact information for the proponent of this proposal to any shareholder who makes a request.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Please vote yes:</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Elect Each Trustee Annually &#150; Proposal 4</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&nbsp;&nbsp;</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b><u>Statement of Opposition</u></b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Response of the Board of Trustees:</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The following Statement of Opposition details the reasons why the Board recommends you vote </font><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>AGAINST</b></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"> Proposal 3.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>14</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>What is the current structure of the Board of Trustees?</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Fund's Declaration of Trust currently provides for the Fund's Trustees to be divided into three classes, each with three-year terms. Each year, the term of office for one of the classes expires and elections are held at the annual meeting of shareholders. The current term of office for each class expires as of the Annual Meeting to be held as follows: Class A in 2023, Class B in 2024 and Class C in 2025.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>How does the Board of Trustees Recommend I Vote?</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b><u>THE BOARD RECOMMENDS YOU VOTE AGAINST PROPOSAL 3.</u></b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Board has concluded that declassifying the Board of Trustees is </font><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b><u>not</u></b></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"> in the best interest of the Fund and its shareholders.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">In coming to this conclusion, the Board considered that the Fund is an investment company and is subject to governance standards and other considerations that differ materially from those of an operating company. The Board believes that the current Board structure has served both shareholders and HQL well since its inception in 1992 during which time capital markets have seen a number of dislocations and HQL's operations were nevertheless overseen effectively by experienced, knowledgeable and committed Trustees.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">As discussed in greater detail below, the key reasons for the Board's recommendation are as follows:</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;Investment companies are materially different from operating companies;</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;Good investment company governance depends on stability and continuity, especially where the investment strategy is distinctive and complex;</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;A classified board provides better protection against certain takeovers and abusive tactics by arbitrageurs seeking a quick profit on shares of closed-end investment companies;</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;A classified board provides an appropriate balance of board membership continuity and continuing accountability to shareholders;</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;A classified board has not led to entrenchment of unresponsive or non-independent trustees or poor relative Fund performance; and</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;The current Board is overseeing the Fund effectively to maximize shareholder value.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b><u>Investment Companies Are Materially Different From Operating Companies</u></b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>General arguments sometimes used in support of a declassified board structure of an operating company &#150; with an internal and interested management structure &#150; do not readily translate into a rationale for the declassification of a board of an investment company.</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;Investment companies like the Fund differ from traditional operating companies in that operations are managed primarily by other parties, such as an investment adviser, subject to the oversight of an independent board. Investment companies registered under the Investment Company Act of 1940, as amended (the "1940 Act") are also subject to extensive regulation with respect to governance and operations, including oversight of the fund's service providers and management of conflicts of interest. Under the 1940 Act, the Board is required to carry out several specific functions designed to address the conflicts of interest that arise uniquely in the investment company context. Applicable 1940 Act rules require a majority of </font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>15</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">a closed-end fund's board to be fully independent of management. In addition, governance best practice reports from key industry groups recommend that at least two-thirds to 75% of a fund's board be independent. Accordingly, trustees of an investment company are required to be independent and are accountable to shareholders.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;The New York Stock Exchange (on which HQL's shares trade) likewise recognizes that investment companies differ significantly from operating companies and exempts registered investment companies from a number of governance requirements (including classified board structures) that are applicable to other listed companies due to the "pervasive federal regulation" applicable to investment companies.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;Currently, proxy voting guidelines issued by proxy advisory firms do not make a distinction between investment companies and operating companies for declassification proposals, </font><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>despite the fact that such proxy advisory firms recognize that differences do exist between the two types of companies</b></font><font face="Times New Roman, Times, serif" style="font-size:10pt;">. As a result, and in light of the widespread use of proxy advisory firms by investment advisers and institutional investors, generic voting recommendations on governance proposals &#150; such as board declassification &#150; may drive voting results that otherwise ignore good governance practices and evidence of independent decision making by an investment company's classified board.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b><u>Good Investment Company Governance Depends on Some Minimum Board Stability and Continuity, Especially Where the Investment Strategy is Distinctive and Complex</u></b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>The Board believes that good governance of the Fund depends primarily upon active and Independent Trustees who are knowledgeable about critical aspects of the Fund and skillful in serving as competent and alert overseers of Fund management. The Fund's current Trustees are experienced, qualified, and knowledgeable about the Fund and committed to protecting the long-term interests of the Fund's shareholders. The Fund's classified board structure is designed to ensure accountability to shareholders while also providing some minimum stability and continuity to the Fund by seeking to ensure that, at any given time, a majority of Trustees serving on the Board have several years of in-depth knowledge and first-hand experience of the Fund's closed-end fund structure, investment objective, and unique investment strategy.</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;Under the Fund's current classified board structure, the Trustees of one class may be replaced at any one annual shareholder meeting. Thus, it would require two years to change a majority of the members of the Board. This structure thereby permits a bona fide shareholder-driven change of membership of the Board but prevents an abrupt one, including a complete change of control in one year.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;If all Trustees were elected annually, most or all of HQL's Trustees could be replaced at once, in a single shareholder meeting, potentially resulting in an abrupt loss of the Board's institutional memory and experience with respect to HQL's development, operations and procedures.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;The Board believes it should be comprised of Trustees that have (i) knowledge of, and experience with, the healthcare and life sciences industries in which the Fund invests, or (ii) investment management or financial experience relevant to the Fund's operation. HQL's Trustees also have a broad range of responsibilities and must invest significant time to become and remain knowledgeable about HQL's investment strategy, operations and regulatory </font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">requirements. Large, sudden changes in the composition of the Board would disrupt this collective knowledge and discourages quality candidates from devoting the time and attention needed to learn and carry out the role.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;HQL may invest up to 40% of its net assets in securities of privately held life-sciences focused venture companies and restricted securities of publicly traded companies as part of its investment strategy. The values of such securities are determined by a "fair valuation" process, which is overseen by the Board's Valuation Committee. Experience, continuity and stability in oversight of the valuation process is important, as such securities are often long-term holdings. Abrupt changes in the composition of the Board, and thus the Valuation Committee, could lead to loss of the requisite experience on the Valuation Committee. It could likewise lead to material changes in such fair valuations more related to abrupt changes in the makeup of the Valuation Committee members than any changes in the characteristics of the holdings themselves.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;Presently only two out of six of HQL's Trustees have served on the Board for more than a decade, and the average tenure of the Independent Trustees on the Board is less than eight years. Three Trustees have joined the Board more recently, including one in 2022, one in 2021 and another in 2020, which represents a 50% turnover in Board membership in three calendar years. In accordance with the Board's self-imposed Independent Trustee retirement policy, one Trustee retired in 2021 and another retired in 2022. All the Trustees, other than the President of the Fund, who is affiliated with the Adviser, are independent of the Adviser. The Board believes its composition reflects an appropriate balance, made possible by the current classification structure and its retirement policy, of continuity and change. Four out of the six current Trustees have been elected by shareholders with the two appointed Trustees both being nominees for election as Trustees in this year's proxy statement.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;The Board also has a chair who is independent of the Adviser, an additional, accepted "good governance" feature by which the Board may act independently and in the best interests of shareholders.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;The Board believes that an abrupt change in a majority of the Fund's Board could impair the Fund's ability to achieve its investment objective. The Board also believes that a classified board: (i) enhances the independence of the Independent Trustees by providing them with a minimum term of office, (ii) strengthens the Fund's ability to attract and retain highly qualified Trustees who are willing to make a multi-year commitment to the Fund and its shareholders, and (iii) allows new Trustees to be elected each year, while also ensuring such new Trustees have an opportunity to gain knowledge about the Fund from the continuing Trustees.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b><u>A Classified Board Provides Better Protection Against Certain Takeovers and Unfair and Abusive Tactics by Arbitrageurs Seeking a Quick Profit on Closed-End Investment Companies</u></b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Having a classified board structure provides the Board with some protection against abusive tactics and artificial pressures frequently applied by arbitrageurs seeking to make a quick profit by taking advantage of market discounts at which investment companies sometimes trade. It also provides the Board the time and opportunity to engage in dialogue with such parties and to make reasonable business judgments in the best long-term interest of the Fund.</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;A classified Board structure requires two annual election cycles to obtain a majority of the board, which inherently increases the likelihood that shareholders nominating candidates have a longer-term perspective.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;Absent the classified Board, an arbitrageur (or group of arbitrageurs) could gain control of the Fund abruptly by temporarily acquiring or obtaining voting control over enough of the Fund's shares to replace the entire Board with its own nominees at a single annual meeting. Closed-end funds publish their net asset values and market prices daily, allowing arbitrageurs to identify opportunities for quick profits. Closed-end funds typically have smaller market capitalizations than operating companies, which would allow an arbitrageur to acquire a proportionally larger stake in the fund than in many publicly traded operating companies.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;Actions often pursued by an arbitrageur are designed to provide the arbitrageur with an opportunity for a quick trading profit often at odds with the fund's investment strategy. These actions often entail a forced liquidation and termination of the fund. Liquidation permits arbitrageurs who deliberately purchase fund shares at a discount to just as quickly cash out at net asset value, securing a profit while denying other shareholders the ability to continue to participate in the very strategy they chose when they purchased the Fund. Other actions include forced tender offers, which cause the fund to shrink in size, driving up its expense ratio, and in the case of a fund such as the Fund, which makes venture investments, become less liquid.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;Some arbitrageurs seek board control to force a fund to convert to an open-end structure, which would require the fund to liquidate assets to satisfy initial and ongoing redemption requests. For a fund complex like the Tekla Funds, focused entirely on investment management rather than sales, and having no open-end fund distribution infrastructure, such a change would only cause the Fund to become smaller, have a higher expense ratio and become less liquid, while substantially impairing its ability to pursue its venture capital investment strategy.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;Many or all of these actions can accelerate the realization of taxable capital gains for all shareholders, whether through required distributions of taxable gain on portfolio investments or the forced liquidation of an entire fund. They can also force sales of portfolio holdings at inopportune times and or disadvantageous prices, defeating a key reason closed-end fund investors chose the closed-end fund structure.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b><u>A Classified Board Provides Continuing Accountability to Shareholders</u></b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Under HQL's classified board structure, in order to remain on the Board, each Trustee must be elected by shareholders at the annual meeting at which he or she is up for election. The Board believes that the fact that its members are elected every three years for three-year terms makes them no less accountable to shareholders than they would be under a structure in which each Trustee is elected for a one-year term annually. Further, the Board's fiduciary responsibilities remain the same regardless of the length of term or frequency of their individual election.</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;In addition to annual shareholder meetings for Trustee elections, the Board has also implemented other broad measures to ensure accountability of Trustees and refreshment, such as a self-assessment review by the Board and the Audit Committee and a retirement policy.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;Furthermore, the Fund's Declaration of Trust provides that (a) any Trustee may be removed for cause by the affirmative action of at least two-thirds of the remaining Trustees and (b) any Trustee may be removed at </font><font face="Times New Roman, Times, serif" style="font-size:10pt;"><i>any</i></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"> meeting of shareholders by a vote of at least two-thirds of the shares outstanding.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;A classified board does not preclude long-term shareholders from nominating and voting in their own candidates. Currently shareholders have the right to replace approximately one-third of HQL's Trustees each year, a </font><font face="Times New Roman, Times, serif" style="font-size:10pt;"><i>majority</i></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"> over two years, and </font><font face="Times New Roman, Times, serif" style="font-size:10pt;"><i>all</i></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"> of the Trustees over three-years. Long-term shareholders with bona-fide long-term interests can thus effect change in the composition of the Board if they choose.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;A shorter term of office (</font><font face="Times New Roman, Times, serif" style="font-size:10pt;"><i>i.e</i></font><font face="Arial, Helvetica" style="font-size:12pt;">.,</font><font face="Times New Roman, Times, serif" style="font-size:10pt;"> one year vs. three years) does not necessarily mean more effective governance or the better fulfillment of duties by the Board. Instead, it can lead to unpredictability of tenure and, as a result, more difficulty in succession planning and in recruiting high quality, committed candidates willing to invest the time needed to be an effective Trustee.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b><u>The Current Board is Overseeing the Fund Effectively to Maximize Shareholder Value</u></b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>The current Board is focused on the long-term interests of HQL's Shareholders and is committed to overseeing the Fund effectively to maximize long-term shareholder value. Among other things, the Board regularly considers options available to enhance both the Adviser's implementation of HQL's investment strategy and shareholder value.</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>If you use a proxy advisory firm to advise you on how to vote on such matters, please consider whether any such firm's recommendations on Proposal 3 takes into account the Board's past actions with regard to enhancing value for shareholders of HQL.</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;The Board has implemented and overseen HQL's fixed distribution policy pursuant to which HQL currently distributes 2% of its net assets quarterly. A policy designed to provide a sustainable and generally predictable fixed distribution tends to keep the Fund's discount to net asset value, if any, narrower than would otherwise be the case.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;The Board also authorized the continued use of a share repurchase program by HQL to allow HQL to purchase outstanding shares in the open market when advantageous to shareholders. Repurchases at market prices that are meaningfully below net asset value are accretive to shareholder value.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;The distribution policy and share repurchases are intended to enhance shareholder value, potentially provide shareholders with greater liquidity with respect to their investment in HQL and potentially reduce the discount between the market price of HQL's shares and the net asset value per share.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">&bull;&nbsp;&nbsp;The Board also regularly receives and considers reports regarding the Adviser's implementation of HQL's investment strategy and performance and the fees paid by HQL for such services. These include analyses of independent parties employed by the Independent Trustees comparing HQL's performance and fees to those of other funds.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b><u>The Proponent's Claims of Poor Performance are Simply Wrong</u></b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Fund has been in existence and managed by the Adviser (and its predecessor) since 1992. The Adviser employs highly skilled and experienced analysts who make investment decisions for HQL. As noted above, HQL has delivered distributions of 2% quarterly (~8% per year), largely from long-term capital gains, for more than twenty years. HQL shareholders regularly provide feedback to the Adviser that consistency of such distributions is their primary objective in investing in the Fund's shares. The Fund may also make additional distributions as required by applicable tax laws.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">In his proposal, the proponent questions HQL performance. Closed-end fund investors typically use a fund's Net Asset Value (NAV) to evaluate performance. Using this metric, HQL NAV was down 8.37% in the 12 months ending 12/31/2022 while, in the same period, the S&amp;P 500<sup>&reg;</sup> Index was down 18.13%. The NASDAQ Biotechnology Index<sup>&reg;</sup> ("NBI"), against which HQL has sometimes been compared, was down 10.10% in this same period. Clearly, HQL did not perform poorly in this short-term period.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">We agree that share price is sometimes used by some investors for the evaluation of operating companies, but total return (NAV change plus distributions made) is used more typically as a performance metric, particularly for closed-end funds. Distributions are usually a smaller part of operating company performance, but they are a well-accepted and important part of closed-end fund performance. This is because, unlike operating companies, closed-end funds are required to distribute essentially all income and gains realized each year. We note that, consistent with its distribution policy, HQL has been distributing 2% of its assets for all but a few calendar quarters since the 1990s. For the 89 quarters since the 2000 date the proponent cites, HQL has distributed approximately $677 million to shareholders compared to the Fund's average market cap of $307 million over the period. Thus, total distributions made in this period exceed two times the Fund's average market cap during the period. Such distributions amount to approximately $38 per share and can hardly be ignored, as suggested by the proponent.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">In addition to the short-term results described above, HQL annual total return (assuming dividend reinvestment) for the ten-year period ending December 31, 2022 was 10.32% (167.02% for the cumulative period). For the twenty-year period ending December 31, 2022, annual total return was 9.51% (515.76% for the cumulative period). As we note in our semiannual and annual reports, there is not a close and appropriate comparative index due to the inclusion of significant venture assets and the use of a differentiating, risk-adjusted return strategy used by the Fund. Having said this, we note that the ten- and twenty-year returns for the S&amp;P 500<sup>&reg;</sup> Index are 12.54% and 9.78%, respectively. Ten- and twenty-year annual total returns for the NBI are 11.95% and 11.70%, respectively.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">We believe that the proponent's claim of poor performance in HQL is unfounded.</font></p>
<p style="margin:12pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b><u>THE FUND'S BOARD OF TRUSTEES RECOMMENDS YOU VOTE AGAINST PROPOSAL 3 BECAUSE IT BELIEVES PROPOSAL 3 IS NOT IN THE BEST INTEREST OF THE FUND AND ITS SHAREHOLDERS.</u></b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>INFORMATION PERTAINING TO THE CUSTODIAN AND ADMINISTRATOR AND <BR>TRANSFER AGENT, DIVIDEND DISBURSING AGENT AND REGISTRAR</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Fund's securities and cash are held under a custodian contract by State Street Bank and Trust Company ("State Street"), whose principal business address is One Lincoln Street, Boston, MA 02111. State Street is also the Administrator of the Fund and also performs certain accounting related functions for the Fund, including calculation of net asset value and net income.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Computershare Inc. serves as Dividend Disbursing Agent. Computershare Trust Company, N.A., a fully owned subsidiary of Computershare Inc., serves as (1) the Plan Agent for the Fund's Dividend Reinvestment Plan and (2) the Transfer Agent and Registrar for Shares of the Fund. Computershare Trust Company, N.A. and Computershare Inc. have their principal business at 150 Royall Street, Canton, MA 02021.</font></p>
<p style="margin:12pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Section 16(a) of the Exchange Act and Section 30(j) of the 1940 Act, as applied to the Fund, require the Fund's officers and trustees, investment manager, affiliates of the investment manager, and persons who beneficially own more than ten percent of a registered class of the Fund's outstanding securities ("Reporting Persons") to file reports of ownership of the Fund's securities and changes in such ownership with the SEC and the NYSE. Such persons are required by SEC regulations to furnish the Fund with copies of all such filings.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Based solely upon its review of the copies of such forms received by it, and written representations from certain Reporting Persons that no year-end reports were required for those persons, the Fund believes that during the fiscal year ended September 30, 2022, its Reporting Persons complied with all applicable filing requirements.</font></p>
<p style="margin:12pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>OTHER BUSINESS</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">As of the date of this Proxy Statement, the Board of the Fund is not aware that any matters are to be presented for action at the Annual Meeting other than those described above. Should other business properly be brought before the Annual Meeting, it is intended that the accompanying Proxy will be voted thereon in accordance with the judgment of the persons named as proxies.</font></p>
<p style="margin:12pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>PROXIES AND VOTING AT THE ANNUAL MEETING</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Shareholders who execute proxies may revoke them at any time before they are voted by written notice to the Secretary of the Fund at 100 Federal Street, 19th Floor, Boston, MA 02110, or by casting a vote at the Annual Meeting. Instructions on how to attend the meeting and vote in person can be obtained by calling (617) 772-8500. All valid proxies received prior to the Annual Meeting, or any adjournment(s) or postponements(s) thereof, will be voted at the Annual Meeting and any adjournments or postponements thereof.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The representation in person or by proxy of a majority of the outstanding shares of the Fund is necessary to constitute a quorum for transacting business at the Annual Meeting. For purposes of determining the presence of a quorum, abstentions and broker "non-votes" will be treated as shares that are present. Broker non-votes are proxies received by the Fund from brokers or nominees when the broker or nominee has neither received instructions from the beneficial owner or other persons entitled to vote nor has discretionary power to vote on a particular matter. Proposals 1 and 2 to be voted upon by the shareholders involve matters that the NYSE considers to be routine and within the </font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">discretion of brokers to vote if no customer instructions are received. Proposal 3 to be voted upon by shareholders involves a matter that the NYSE considers to be non-routine and not within the discretion of brokers to vote if no customer instructions are received.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Proposal 1 requires the approval of a plurality of shares voting at the Annual Meeting (i.e., the nominee for each seat receiving the greatest number of votes will be elected). </font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Proposals 2 and 3 require the approval of a majority of all votes validly cast at the Annual Meeting.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Abstentions and broker non-votes will be considered shares present or represented by a proxy but will not be considered shares voted. As a result, they will have no effect on Proposals 1, 2 or 3.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Matters on which a choice has been provided will be voted as indicated on the proxy card and, if no instruction is given, the persons named as proxies will vote the shares represented thereby FOR all nominees for election as Trustee, FOR Proposal 2 and AGAINST Proposal 3, and will use their best judgment in connection with the transaction of such other business as may properly come before the Annual Meeting or any adjournment(s) or postponement(s) thereof.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">In the event that sufficient votes in accordance with the Trustees' recommendations on any Proposal are not received by June 8, 2023 or the necessary quorum has not been obtained, or if other matters arise requiring shareholder attention, the persons named as proxies on the enclosed proxy card may propose one or more adjournments of the Annual Meeting to permit further solicitation. Any such adjournment will require approval by a majority of the votes validly cast on the matter at the session of the Annual Meeting to be adjourned. When voting on a proposed adjournment, the persons named as proxies will vote FOR the proposed adjournment all shares that they are entitled to vote with respect to each item, unless directed to vote AGAINST an item, in which case such shares will be voted AGAINST the proposed adjournment with respect to that item. A shareholder vote may be taken on one or more items prior to such adjournment, if sufficient votes have been received and it is otherwise appropriate. Abstentions and broker non-votes will be disregarded for purposes of voting on adjournment.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">As of April 12, 2023, there were 26,212,047 shares of beneficial interest issued and outstanding.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Shareholders of the Fund will be entitled to one vote for each share held. Only shareholders of record at the close of business on April 12, 2023, the record date, will be entitled to vote at the Annual Meeting. As of March 31, 2023, the Trustees and officers of the Fund individually and as a group beneficially owned less than 1% of the outstanding voting securities of the Fund. To the best of the Fund's knowledge, based upon filings made with the SEC, as of April 12, 2023, no persons or groups beneficially owned more than 5% of the voting securities of the Fund.</font></p>
<p style="margin:12pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>PROPOSALS FOR 2024 ANNUAL MEETING</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Shareholder proposals for the Fund's 2024 Annual Meeting must be received by U.S. mail, a private courier service, or hand delivery and be addressed to the Fund's Secretary at the Fund's executive offices at 100 Federal Street, 19th Floor, Boston, Massachusetts 02110 no later than December 18, 2023 for inclusion in the Fund's 2024 proxy statement and form of proxy, unless the meeting date is more than 30 days before or after June 8, 2024, in which case the proposal must be submitted a reasonable time before the time the Fund begins to print and send its proxy materials for the 2024 Annual Meeting. Submission of such proposals does not insure that they will be included in the Fund's 2024 proxy statement or submitted for a vote at the Fund's 2024 Annual Meeting.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">In addition, shareholder proposals for the Fund's 2024 Annual Meeting (other than proposals submitted for inclusion in the Fund's 2024 proxy statement) must be submitted to the Fund's Secretary between February 9, 2024 and March 10, 2024, unless the meeting date is more than 30 days before or after June 8, 2024, in which case the proposal must be submitted by the later of the close of business on (1) the date 90 days prior to the 2024 Annual Meeting date or (2) the tenth business day following the date on which the 2024 Annual Meeting date is first publicly announced or disclosed.</font></p>
<p style="margin:12pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>GENERAL</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Fund will pay the cost of preparing, printing and mailing the enclosed proxy card(s) and Proxy Statement and all other costs incurred in connection with the solicitation of proxies, including any additional solicitation made by letter, internet, telephone or telegraph. The solicitation of proxies will be largely by mail, but may include telephonic, electronic or oral communication by Okapi Partners, a professional proxy solicitation firm engaged by the Fund, at a cost estimated to be between $68,000 and $178,000, depending on the services provided and results obtained. To reduce the cost to shareholders, the Adviser has agreed to pay from its own resources any amount exceeding $68,000. In addition, certain officers of the Fund and certain employees of the Adviser, who will receive no compensation for their services other than their regular salaries, may solicit the return of proxies personally or by telephone or facsimile. Banks, brokerage houses, nominees and other fiduciaries will be requested to forward the proxy soliciting materials to the beneficial owners of the shares of the Fund. The Fund may reimburse brokerage houses, nominees and other fiduciaries for postage and reasonable expenses incurred by them in forwarding of proxy material to beneficial owners.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">A number of banks, brokers and financial institutions have instituted "householding". Under this practice, only one Proxy Statement may be delivered to multiple shareholders who share the same address and satisfy other conditions. The Fund will deliver promptly a separate copy of this Proxy Statement to a shareholder at a shared address upon request. To request a separate copy of this Proxy Statement, write or call the Fund at the address and phone number set forth above.</font></p>
<p style="margin:12pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY<BR>MATERIALS FOR THE SHAREHOLDER MEETING TO BE HELD ON JUNE 8, 2023</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Proxy Statement for the Annual Meeting of Shareholders of Tekla Life Sciences Investors and form of proxy are available at www.proxy-direct.com/TKL-33282.</font></p>
<p style="margin:12pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman, Times, serif" style="font-size:10pt;">TEKLA LIFE SCIENCES INVESTORS</font></p>
<p style="margin:6pt 0pt 0pt 0pt;" align="left"><font face="Times New Roman, Times, serif" style="font-size:10pt;">April 17, 2023</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>EXHIBIT A</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b><u>Governance and Nominating Committee Charter</u></b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">For convenience, this Charter refers to the Funds and their respective Boards of Trustees (each the "Board"), and their respective Governance and Nominating Committees (each the "Committee" or the "Governance and Nominating Committee") in the singular. However, this Charter applies to each Fund, its Board and its Committee independently.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b><i>Committee Membership</i></b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Committee shall consist entirely of trustees of the Fund who (1) are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act"), of the Fund or the Fund's investment adviser and (2) are "independent" as defined in the New York Stock Exchange ("NYSE") Listing Standards ("Independent Trustees"). The President of the Fund, although not a member of the Committee, will cooperate with the Committee by assisting the Committee to discharge its responsibilities, including by recommending candidates and recruiting them for the Board or to serve as executive officers of the Fund.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b><i>Missions</i></b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The principal missions of the Committee are (i) to review, evaluate, and enhance the effectiveness of the Board in its role in governing the Fund and overseeing the management of the Fund and (ii) to promote the effective participation of qualified individuals on the Board, on committees of the Board, and as executive officers of the Fund. The Committee shall consider the Corporate Governance Guidelines attached to this Charter as Appendix A in fulfilling its missions.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b><i>Governance Function</i></b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Committee shall review, discuss, and make recommendations to the Board relating to those issues that pertain to the effectiveness of the Board in carrying out its responsibilities in governing the Fund and overseeing the management of the Fund. These may include, but are not limited to, issues relating to:</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">1.&nbsp;&nbsp;the selection of the Fund's investment adviser (the "Adviser") and approval of the Fund's investment advisory contract;</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">2.&nbsp;&nbsp;the selection and approval of the Fund's outside counsel ("Fund Counsel");</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">3.&nbsp;&nbsp;the composition of the Board, including:</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(a)&nbsp;&nbsp;the size of the Board and the qualifications and representative areas of expertise of the members of the Board; and</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(b)&nbsp;&nbsp;retirement and succession policies relating to members of the Board;</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">4.&nbsp;&nbsp;the members of the Board, including:</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(a)&nbsp;&nbsp;guidelines relating to ownership of shares of the Fund by members of the Board;</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(b)&nbsp;&nbsp;whether members of the Board may not serve in a similar capacity on the board of a registered investment company (i) which is not sponsored or advised by the Adviser or its affiliates and (ii) which the Committee in its discretion has determined to be competitive with the Fund taking into account such registered investment company's investment mandate;</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(c)&nbsp;&nbsp;continuing education of members of the Board; and</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(d)&nbsp;&nbsp;identification of best practices for members of the Board;</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">5.&nbsp;&nbsp;the meetings of the Board, including:</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(a)&nbsp;&nbsp;coordination with the Chairman of the Board in developing the agenda for the meetings of the Board, with the assistance of the Adviser and Fund Counsel;</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(b)&nbsp;&nbsp;frequency of meetings of the Board; and</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(c)&nbsp;&nbsp;Board meeting attendance policies;</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">6.&nbsp;&nbsp;the role of the Independent Trustees, including:</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(a)&nbsp;&nbsp;limitations on the ability of Independent Trustees to act and function independently of the Board and the Adviser; and</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(b)&nbsp;&nbsp;the quality of information received by the Independent Trustees;</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">7.&nbsp;&nbsp;compensation for Independent Trustees;</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">8.&nbsp;&nbsp;the role of the committees of the Board, including:</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(a)&nbsp;&nbsp;number and type of committees; and</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(b)&nbsp;&nbsp;periodic approval of the charter and scope of the responsibilities of each committee;</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">9.&nbsp;&nbsp;the relationship between the Board and management, including:</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(a)&nbsp;&nbsp;oversight of and communication with management;</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(b)&nbsp;&nbsp;coordination with management to ensure that management has developed an appropriate plan to deal with succession and potential crisis management situations; and</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">10.&nbsp;&nbsp;Board self-evaluation.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b><i>Nominating Function &#150; Board</i></b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">1.&nbsp;&nbsp;The Committee shall make nominations for trustees and officers of the Fund and submit such nominations to the full Board. The Committee shall evaluate candidates' qualifications for such positions and, in the case of candidates for election to the Board, whether they would qualify as Independent Trustees. The Committee shall also consider the effect of any relationships beyond those delineated in the 1940 Act that might impair independence (e.g. business, financial or family relationships with the Adviser). In determining candidates' qualifications for Board membership, the Committee shall consider factors which may be delineated in this Charter or the Fund's By-Laws and may consider such other factors as it may determine to be relevant to fulfilling the role of being a member of the Board.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">2.&nbsp;&nbsp;The Committee may consider potential trustee candidates recommended by shareholders, provided that the proposed candidates: (i) satisfy any minimum qualifications of the Fund for its trustees; and (ii) qualify as Independent Trustees. In order for the Committee to evaluate any nominee recommended by a shareholder or shareholder group, potential trustee candidates and nominating shareholders or shareholder groups must satisfy the requirements provided in Appendix B to this Charter. The Committee shall not otherwise evaluate shareholder trustee nominees in a different manner than other nominees, and the standard of the Committee is to treat all equally qualified </font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">nominees in the same manner. Once a nomination has been timely received in proper form, the nominee will be asked to complete an eligibility questionnaire to assist the Committee in assessing the nominee's qualifications as a potential Independent Trustee. The Committee will make such determinations in its sole discretion and such determinations shall be final.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">3.&nbsp;&nbsp;The Committee may identify prospective trustees from any reasonable source, including, but not limited to, the consultation of third-party trustee search services.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">4.&nbsp;&nbsp;The Committee requires that each prospective trustee have a college degree or equivalent business experience. In addition to the requirements delineated in the Fund's By-Laws, the Committee may take into account a wide variety of factors in considering prospective trustees, including (but not limited to): (i) availability and commitment of a candidate to attend meetings and perform his or her responsibilities on the Board; (ii) relevant industry and related experience; (iii) educational background; (iv) financial expertise; (v) the candidate's ability, judgment and expertise; and (vi) overall diversity of the Board's composition.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">6.&nbsp;&nbsp;The Committee shall evaluate the participation and contribution of each trustee coming to the end of his or her term before deciding whether to recommend reelection. The Committee may seek the views of other trustees to assist them in this evaluation.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b><i>Nominating Function &#150; Committees</i></b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Committee shall make nominations for membership on all committees of the Board and submit such nominations to the full Board and shall review committee assignments as necessary.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b><i>Other Powers and Responsibilities</i></b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">1.&nbsp;&nbsp;The Committee shall meet at least annually so it can carry out its review of the investment advisory agreement, recommend the selection of an Adviser, and consider Board and Committee nominations. The Committee shall meet at such other time or times as the Committee or the Board may determine appropriate or necessary and is empowered to hold special meetings as circumstances require.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">2.&nbsp;&nbsp;The Committee shall have the resources and authority appropriate to discharge its responsibilities, including authority to utilize Fund Counsel and to retain experts or other persons with specific competence at the expense of the Fund.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">3.&nbsp;&nbsp;The Committee shall review this Charter periodically and recommend any changes to the Board.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>APPENDIX A</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Corporate Governance Guidelines</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">1.&nbsp;&nbsp;General</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The intent is that the Board shall, wherever possible, comply in its structure and operations with the guidelines issued by the NYSE and the Securities and Exchange Commission ("SEC").</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">2.&nbsp;&nbsp;Board Composition</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(a)&nbsp;&nbsp;The Fund's Declaration of Trust, as amended, provides that the Trustees shall be at least three and not more than fifteen in number, as fixed by the Trustees, and the number of Trustees is currently fixed at seven.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(b)&nbsp;&nbsp;Independent Trustees shall represent at least 75% of Board membership.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(c)&nbsp;&nbsp;The President of the Adviser, and such other officers of the Adviser as the Board may designate, shall be included among those nominated for Board membership, but they shall not be considered as Independent Trustees.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(d)&nbsp;&nbsp;The Board shall seek to be broadly representative of the various skills and experience deemed necessary to ensure sound oversight of the Fund.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">3.&nbsp;&nbsp;Selection of Chairman of the Board</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Board shall annually elect its own Chairman from among those Independent Trustees elected by the shareholders. This election shall take place at the first Board meeting following the annual meeting of shareholders or upon the initiative of a two-thirds majority of the trustees.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">4.&nbsp;&nbsp;General Expectations</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(a)&nbsp;&nbsp;In serving as a trustee, each trustee must exercise duties of care and loyalty to the Fund.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(b)&nbsp;&nbsp;Each Independent Trustee is expected to be knowledgeable about Fund business and financial operations through Board and Board committee meetings and personal inquiry and observation, and to contribute to the Board's oversight of the Fund's investment performance.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(c)&nbsp;&nbsp;Each trustee is expected to devote sufficient time and attention to carrying out his or her duties and responsibilities as a trustee of the Fund and to ensure that other commitments or responsibilities do not materially interfere with his or her duties and responsibilities to the Fund.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(d)&nbsp;&nbsp;The criteria to be used to evaluate candidates to serve as trustees, which will be reviewed from time to time by the Board or the Governance and Nominating Committee, will stress personal and professional integrity, sound judgment, relevant experience, a proven record of professional accomplishment, and a commitment to devote sufficient time and attention to Fund matters, among other relevant factors. In the case of a candidate to serve as an Independent Trustee, independence will be required in terms of both the letter and spirit of applicable law.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">5.&nbsp;&nbsp;Retirement of Trustees</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Trustees shall serve for a three-year term upon nomination by the Committee and election by the shareholders. No person may be nominated for election to the Board, if that person is 75 years of age or older at the time of consideration, unless such nomination is approved by at least 66</font><font face="Times New Roman, Times, serif" style="font-size:5pt;"><sup>2</sup></font><font face="Times New Roman, Times, serif" style="font-size:10pt;">/</font><font face="Times New Roman, Times, serif" style="font-size:5pt;"><sub>3</sub></font><font face="Times New Roman, Times, serif" style="font-size:10pt;">% of the Independent Trustees.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">6.&nbsp;&nbsp;Independent Trustee Sessions</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Independent Trustees are expected to meet in separate session at least once each quarter, typically in conjunction with the regularly scheduled Board meeting for that quarter. In such sessions, Independent Trustees are expected to engage in candid discussions about Fund management performance and other sensitive matters deemed appropriate.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">7.&nbsp;&nbsp;Independent Trustee Authority to Hire Staff</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Independent Trustees may hire their own staff to the extent deemed necessary to help Independent Trustees deal with matters on which they deem outside assistance to be necessary.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">8.&nbsp;&nbsp;Committees of the Board</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(a)&nbsp;&nbsp;The Board shall have four Committees:</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(i)&nbsp;&nbsp;an Audit Committee;</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(ii)&nbsp;&nbsp;a Valuation Committee;</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(iii)&nbsp;&nbsp;a Governance and Nominating Committee; and</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(iv)&nbsp;&nbsp;a Qualified Legal Compliance Committee.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(b)&nbsp;&nbsp;A Compensation Committee, generally required by SEC and NYSE guidelines, is not deemed necessary as personnel of the Adviser serve as the Fund's officers, and the compensation of such personnel is determined and payable by the Adviser (with the exception of the Fund's Chief Compliance Officer). Oversight of the Adviser's budget, including compensation, shall be a factor in the Board's approval of the Adviser's investment advisory contract.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(c)&nbsp;&nbsp;Each of the Board's committees shall have a charter (or policies and procedures), which shall have been approved by the Board. The Governance and Nominating Committee shall review periodically each such charter and recommend any changes to the Board. The Audit Committee shall review its charter annually to comply with NYSE Listing Standards and recommend any changes to the Board.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(d)&nbsp;&nbsp;Committee Chairman and members shall be nominated by the Governance and Nominating Committee and approved by the Board.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(e)&nbsp;&nbsp;The Audit Committee, Governance and Nominating Committee and Qualified Legal Compliance Committee shall each consist solely of Independent Trustees.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">9.&nbsp;&nbsp;Board Meetings</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(a)&nbsp;&nbsp;The Board is expected to meet no less than four times per year, including one meeting which coincides with the annual meeting of shareholders.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(b)&nbsp;&nbsp;Trustees are expected to attend all Board meetings in person. Where conflicts prevent attendance in person, trustees may attend by telephone or video conference. It is expected that, during their term, trustees shall attend no fewer than 50% of Board meetings in person and no less than 75% of meetings where a majority of Independent Trustees must be present in person.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(c)&nbsp;&nbsp;Agendas for Board meetings shall be proposed by the Adviser and Fund Counsel and approved by the Chairman of the Board at least two weeks in advance of each Board meeting and one month in advance of the annual meeting of shareholders.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(d)&nbsp;&nbsp;Minutes for each Board meeting shall be prepared and circulated within a reasonable period of time following each Board meeting and shall highlight items on which follow-up action is required.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(e)&nbsp;&nbsp;In their role as trustees, all trustees owe a duty of loyalty to the shareholders and to the Fund. This duty of loyalty mandates that the best interests of the shareholders and the Fund take precedence over any interests possessed by a trustee. In the event of any conflict of interests, a trustee shall promptly disclose such conflict to the Chairman of the Board and Fund Counsel and recuse him or herself from any discussions or votes involving the conflict.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(f)&nbsp;&nbsp;The proceedings of the Board and its committees are confidential. Each trustee shall maintain the confidentiality of information received as part of his or her duty as a trustee.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">10.&nbsp;&nbsp;Board Access to Senior Management and Key Service Providers</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Trustees must have reasonable access to Fund management and senior management of the Adviser. Trustees must have reasonable access to Fund Counsel, auditors, and other key service providers. Independent Trustees must have reasonable access to independent legal counsel. The Chairman of the Board is responsible for fostering constructive interaction between Fund management and the Board. The chairman of each committee is responsible for fostering constructive interaction between Fund management and the committee.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">11.&nbsp;&nbsp;Trustee Education</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(a)&nbsp;&nbsp;New trustees will review background materials and participate in an orientation program that includes discussions with incumbent trustees and senior management. Topics covered will include investment operations, compliance practices and operations, financial operations, and organizational structure.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">(b)&nbsp;&nbsp;Continuing trustee education will be a standing agenda item for each regularly scheduled meeting to cover timely topics based on industry developments and Fund operations.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">12.&nbsp;&nbsp;Review of Strategic Planning</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Board will periodically review the continued organizational strength of the Fund, Fund management, and the Adviser to ensure the Fund's continued short-term and long-term viability. At least biannually, the Board will review the Fund's annual and longer term strategic business plans and management development and succession plan.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">13.&nbsp;&nbsp;Board Compensation</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Independent Trustees will establish and periodically review their compensation.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">14.&nbsp;&nbsp;Insurance Coverage and Indemnification</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Fund will maintain directors' and officers'/errors and omissions insurance coverage and/or indemnification that is adequate to ensure the independence and effectiveness of the Independent Trustees. The Independent Trustees will periodically review the effectiveness of such insurance coverage and/or indemnification.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">15.&nbsp;&nbsp;Board Evaluation</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The Governance and Nominating Committee shall prepare a Board self-evaluation instrument that each trustee shall complete annually.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Appendix B</b></font></p>
<p style="margin:6pt 0pt 0pt 0pt;" align="center"><font face="Times New Roman, Times, serif" style="font-size:10pt;"><b>Procedures and Eligibility Requirements for<BR>Shareholder Submission of Nominee Candidates</b></font><font face="Times New Roman, Times, serif" style="font-size:10pt;"><sup>1</sup></font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">A.&nbsp;&nbsp;Nominee Requirements</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Trustee nominees recommended by shareholders must fulfill the following requirements:</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">1.&nbsp;&nbsp;The nominee may not be the nominating shareholder, a member of the nominating shareholder group, or a member of the immediate family of the nominating shareholder or any member of the nominating shareholder group.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">2.&nbsp;&nbsp;Neither the nominee nor any member of the nominee's immediate family may be currently employed or employed within the last year by any nominating shareholder entity or entity in a nominating shareholder group.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">3.&nbsp;&nbsp;Neither the nominee nor any immediate family member of the nominee is permitted to have accepted directly or indirectly, during the year of the election for which the nominee's name was submitted, during the immediately preceding calendar year, or during the year when the nominee's name was submitted, any consulting, advisory, or other compensatory fee from the nominating shareholder or any member of a nominating shareholder group.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">4.&nbsp;&nbsp;The nominee may not be an executive officer, director (or person performing similar functions) of the nominating shareholder or any member of the nominating shareholder group, or of an affiliate of the nominating shareholder or any such member of the nominating shareholder group.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">5.&nbsp;&nbsp;The nominee may not control (as "control" is defined in the 1940 Act) the nominating shareholder or any member of the nominating shareholder group (or in the case of a holder or member that is a fund, an interested person of such holder or member as defined by Section 2(a)(19) of the 1940 Act).</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">B.&nbsp;&nbsp;Nominating Shareholder or Shareholder Group Requirements</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">The nominating shareholder or shareholder group must meet the following requirements:</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">1.&nbsp;&nbsp;Any shareholder or shareholder group submitting a proposed nominee must beneficially own, either individually or in the aggregate, more than 5% of the Fund's securities that are eligible to vote at the time of submission of the nominee and at the time of the meeting where the nominee may be elected. Each of the securities used for purposes of calculating the required ownership must have been held continuously for at least two years as of the date of the nomination. In addition, such securities must continue to be held through the date of the meeting. The nominating shareholder or shareholder group must also bear the economic risk of the investment, and the securities used for purposes of calculating the required ownership cannot be held "short."</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">2.&nbsp;&nbsp;The nominating shareholder or shareholder group must also submit a certification which provides the number of shares which the person or group has (i) sole power to vote or direct the vote; (ii) shared power to vote or direct the vote; (iii) sole power to dispose or direct the disposition of such shares; and (iv) shared power to dispose or direct the disposition of such shares. In addition, the certification shall provide that the shares have been held continuously for at least 2 years.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:8pt;"><sup>1</sup>&nbsp;&nbsp;Appendix B applies only to trustee nominee recommendations made by shareholders to the Governance and Nominating Committee. Refer to the Fund's By-laws regarding submission of shareholder proposals for the election of trustees. Unless otherwise specified herein, please refer to the Securities Exchange Act of 1934 and regulations thereunder for interpretations of terms used in this Appendix B.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">C.&nbsp;&nbsp;Deadlines and Limitations</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">1.&nbsp;&nbsp;A nominating shareholder or shareholder group may not submit more than one nominee per year.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">2.&nbsp;&nbsp;All nominee submissions must be received by the Fund by the deadline for submission of any shareholder proposals which would be included in the Fund's proxy statement for the next annual meeting of the Fund.</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">D.&nbsp;&nbsp;Making a Submission</font></p>
<p style="margin:6pt 0pt 0pt 0pt;"><font face="Times New Roman, Times, serif" style="font-size:10pt;">Shareholders recommending potential trustee candidates must substantiate compliance with these requirements at the time of submitting their proposed trustee candidate to the attention of the Fund's Secretary. Notice to the Fund's Secretary should include: (i) the shareholder's contact information; (ii) the trustee candidate's contact information and the number of Fund shares owned by the proposed candidate; (iii) all information regarding the candidate that would be required to be disclosed in solicitations of proxies for elections of trustees required by Regulation 14A of the 1934 Act; and (iv) a notarized letter executed by the trustee candidate, stating his or her intention to stand for election and be named in the Fund's proxy statement, if nominated by the Board, and to serve as a trustee, if so elected.</font></p>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>This
Proxy is Being Solicited on Behalf of the Board of Trustees. </b>The undersigned hereby appoints Jeffrey A. Bailey, Thomas M. Kent, CPA
and Daniel R. Omstead, Ph.D. and each of them, proxies of the undersigned, with full powers of substitution, to vote at the Annual Meeting
of Shareholders of TEKLA LIFE SCIENCES INVESTORS (the &#x201c;Fund&#x201d;) to be held on June 8, 2023 at 8:30 a.m. at 100 Federal Street,
19<sup>th</sup> Floor, Boston, Massachusetts 02110, and at any adjournment(s) or postponement(s) thereof, all the shares of the Fund
outstanding in the name of the undersigned as follows on the reverse of this card. We encourage you to check our website: <font style="color: Blue"><u>www.teklacap.com</u></font>&nbsp;prior
to the Annual Meeting if you plan to attend.</font></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>THIS
PROXY WILL BE VOTED AS SPECIFIED. IF NO SPECIFICATION IS MADE, THIS PROXY WILL BE VOTED FOR PROPOSALS 1 AND 2 AND AGAINST PROPOSAL 3.</b></font></p>

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    <td style="font-size: 8pt">&#xa0;</td>
    <td colspan="3" style="font: bold 8pt Arial, Helvetica, Sans-Serif"><font style="font-size: 8pt">VOTE VIA THE INTERNET: www.proxy-direct.com&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;</font></td></tr>
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    <td colspan="3" style="font: bold 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 5pt"><font style="font-size: 8pt">VOTE VIA THE TELEPHONE: 1-800-337-3503</font></td></tr>
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    <td style="padding-top: 3pt; padding-bottom: 3pt; width: 60%">&#xa0;</td>
    <td style="border: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(216,216,216); padding-top: 3pt; padding-bottom: 3pt; width: 20%">&#xa0;</td>
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<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: normal 8pt Arial, Helvetica, Sans-Serif">HQL_33282_040523</font></p>

<p style="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>PLEASE
MARK, SIGN, DATE ON THE REVERSE SIDE AND RETURN THIS PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.</b></font></p>

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<p style="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>EVERY
SHAREHOLDER&#x2019;S VOTE IS IMPORTANT</b></font></p>

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<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Important
Notice Regarding the Availability of Proxy Materials for the </b></font></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>Annual
Shareholder Meeting to Be Held on June 8, 2023.</b></font></p>

<p style="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>The
Proxy Statement and Proxy Card for this meeting are available at: </b></font></p>

<p style="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: Blue"><b><font style="text-decoration:underline">https://www.proxy-direct.com/tkl-33282</font></b></font></p>

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<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>IF
YOU VOTE ON THE INTERNET OR BY TELEPHONE,</b></font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>YOU
NEED NOT RETURN THIS PROXY CARD</b></font></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">&#xa0;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal"></font></p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Please
detach at perforation before mailing.</b></font></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>&#xa0;</b></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TO
VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE: </b></font><b><font style="font-family: Wingdings; font-size: 8pt">&#120;</font></b></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b></b></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="background-color: Black; width: 3%; text-align: center"><font style="color: white">A</font></td>
                                                                                                                                           <td style="text-align: justify; width: 10%">&#xa0;&#xa0;&#xa0;Proposals</td>
                                                                                                                <td style="text-align: justify; width: 87%">The Board of Trustees recommends a vote FOR all the nominees listed, FOR Proposal 2
                                                                                                                and AGAINST proposal 3.</td>
</tr></table>

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<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr style="font-size: 9pt; vertical-align: top">
    <td rowspan="2" style="font-size: 9pt; text-align: center"><font style="font-size: 9pt"><b>1.</b></font></td>
    <td colspan="6" rowspan="2" style="font-size: 9pt; text-align: left"><font style="font-size: 9pt">&#xa0;&#xa0;&#xa0;<font style="color: #231F20"><b>The
    election of two Class A Trustees:</b></font></font></td>
    <td style="font-size: 9pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">FOR</font></td>
    <td style="white-space: nowrap; font-size: 9pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">WITHHOLD
    </font></td>
    <td style="font-size: 9pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">FOR ALL</font></td></tr>
  <tr style="font-size: 9pt; vertical-align: top">
    <td style="font-size: 9pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">ALL </font></td>
    <td style="font-size: 9pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">ALL </font></td>
    <td style="font-size: 9pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">EXCEPT</font></td></tr>
  <tr style="font-size: 9pt">
    <td style="font-size: 9pt; vertical-align: top; width: 3%; text-align: center"><font style="font-size: 9pt">&#xa0;</font></td>
    <td style="font-size: 9pt; width: 4%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#xa0;&#xa0;&#xa0;01.</font></td>
    <td style="font-size: 9pt; width: 22%"><font style="font-size: 9pt">Kathleen L. Goetz</font></td>
    <td style="font-size: 9pt; width: 3%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">02.</font></td>
    <td style="font-size: 9pt; width: 22%"><font style="font-size: 9pt">W. Mark Watson</font></td>
    <td style="font-size: 9pt; width: 3%"></td>
    <td style="font-size: 9pt; width: 22%"></td>
    <td style="font-size: 9pt; vertical-align: top; width: 7%; text-align: center"><font style=" font-size: 9pt">&#x2610;</font></td>
    <td style="font-size: 9pt; vertical-align: top; width: 7%; text-align: center"><font style=" font-size: 9pt">&#x2610;</font></td>
    <td style="font-size: 9pt; vertical-align: top; width: 7%; text-align: center"><font style=" font-size: 9pt">&#x2610;</font></td></tr>
  </table>

<p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-size: 5pt">&#xa0;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="font-size: 9pt; vertical-align: top; text-align: justify">
<td style="font-size: 9pt; width: 3%; text-align: left"></td><td style="font-size: 9pt; text-align: justify; width: 97%"><font style="font-size: 9pt">&#xa0;&#xa0;&#xa0;<b><font style="text-decoration:underline">INSTRUCTIONS:</font>&#xa0;</b>To withhold authority to vote for any individual nominee(s), mark the box</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="font-size: 9pt; vertical-align: top; text-align: justify">
<td style="font-size: 9pt; width: 3%"></td><td style="font-size: 9pt; text-align: justify; width: 97%"><font style="font-size: 9pt">&#xa0;&#xa0;&#xa0;&#x201c;FOR ALL
                           EXCEPT&#x201d; and write the nominee&#x2019;s number on the line provided below.</font></td>
</tr></table>

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<td style="font-size: 9pt; width: 3%"></td><td style="font-size: 9pt; padding-right: 30; padding-left: 10; text-align: justify; width: 60%"><p style="border-bottom: Black 1pt solid; font-size: 9pt; margin-top: 0; margin-bottom: 0"><font style="font-size: 9pt">&#xa0;</font></p>
                                                                    <p style="font-size: 9pt; margin-top: 0; margin-bottom: 0"></p></td><td style="font-size: 9pt; text-align: justify; width: 37%"><font style="font-size: 9pt">&#xa0;</font></td>
</tr></table>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in"><font style="font-size: 5pt">&#xa0;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr style="font-size: 9pt; vertical-align: top">
    <td rowspan="2" style="font-size: 9pt; padding-top: 8; width: 3%; text-align: center"><font style="font-size: 9pt"><b>2.</b></font></td>
    <td rowspan="2" style="font-size: 9pt; padding-top: 8; padding-right: 30; padding-left: 10; text-align: justify; width: 76%"><font style="font-size: 9pt">The
    ratification or rejection of the selection of Deloitte &amp; Touche LLP as the independent registered public accountants of the Fund
    for the fiscal year ending September 30, 2023.</font></td>
    <td style="font-size: 9pt; vertical-align: bottom; width: 7%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">FOR</font></td>
    <td style="font-size: 9pt; vertical-align: bottom; width: 7%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">AGAINST
    </font></td>
    <td style="font-size: 9pt; vertical-align: bottom; width: 7%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">ABSTAIN</font></td></tr>
  <tr style="font-size: 9pt; vertical-align: top">
    <td style="font-size: 9pt; text-align: center"><font style=" font-size: 9pt">&#x2610;</font></td>
    <td style="font-size: 9pt; text-align: center"><font style=" font-size: 9pt">&#x2610;</font></td>
    <td style="font-size: 9pt; text-align: center"><font style=" font-size: 9pt">&#x2610;</font></td></tr>
  </table>
<p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-size: 5pt">&#xa0;</font></p>

<p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0"></p><table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="font-size: 9pt; vertical-align: top">
<td style="font-size: 9pt; text-align: center; width: 3%"><font style="font-size: 9pt"><b>3.</b></font></td><td style="font-size: 9pt; padding-right: 30; padding-left: 10; text-align: justify; width: 76%">Take action on a shareholder
                                                                                                            proposal requesting that the Fund take the steps necessary to reorganize the Board of Trustees into one class with each Trustee
                                                                                                            subject to election each year, if properly presented at the meeting. </td>
                                                                  <td style="font-size: 9pt; vertical-align: middle; text-align: center; width: 7%"><font style=" font-size: 9pt"><b style="font-style: normal; font-weight: normal">&#x2610;</b></font></td>
                                                                  <td style="font-size: 9pt; vertical-align: middle; text-align: center; width: 7%"><font style=" font-size: 9pt">&#x2610;</font></td>
                                                                  <td style="font-size: 9pt; vertical-align: middle; text-align: center; width: 7%"><font style=" font-size: 9pt">&#x2610;</font></td></tr>
</table>

<p style="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font-size: 5pt">&#xa0;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font-size: 9pt; vertical-align: top">
<td style="font-size: 9pt; text-align: center; width: 3%"><font style="font-size: 9pt"><b>4.</b></font></td><td style="font-size: 9pt; padding-right: 30; padding-left: 10; text-align: justify; width: 76%"><font style="font-size: 9pt">The
                                            transaction of such other business as may properly come before the Annual Meeting and any
                                            adjournment(s) or postponement(s) thereof.</font></td>
                                                                  <td style="font-size: 9pt; vertical-align: middle; text-align: center; width: 7%"><font style="font-family: Wingdings; font-size: 9pt"><b></b></font></td>
                                                                  <td style="font-size: 9pt; vertical-align: middle; text-align: center; width: 7%"><font style="font-family: Wingdings; font-size: 9pt"></font></td>
                                                                  <td style="font-size: 9pt; vertical-align: middle; text-align: center; width: 7%"><font style="font-family: Wingdings; font-size: 9pt"></font></td></tr></table>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 99.35pt 0 0.25in; text-align: justify; text-indent: -0.25in"><font style="font-size: 5pt">&#xa0;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="vertical-align: middle; background-color: Black; width: 3%; text-align: center"><font style="font-size: 9pt; color: white"><b>B</b></font></td><td style="text-align: justify; width: 97%">&#xa0;&#xa0;<font style="font-size: 10pt"><b>Authorized Signatures &#x2500;
This section must be completed for your vote to be counted. &#x2500; Sign and Date Below</b></font></td>
</tr></table>

<p style="font: 5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&#xa0;</p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 3%"><font style="font-size: 8pt"><b>Note</b>: </font></td>
<td style="padding-left: 5pt; text-align: justify; width: 97%"><font style="font-size: 8pt">Please sign exactly as your name(s) appear(s) on this Proxy Card, and date it. When shares are held jointly,
each holder should sign. When signing as attorney, executor, guardian, administrator, trustee, officer of corporation or other entity
or in another representative capacity, please give the full title under the signature</font><font style="font-size: 7pt">.</font></td>
</tr></table>

<p style="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0"><b>&#xa0;</b></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; width: 32%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Date (mm/dd/yyyy)  &#x2014;Please print date below</b></font></td>
    <td style="white-space: nowrap; width: 2%">&#xa0;</td>
    <td style="white-space: nowrap; width: 32%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Signature 1 &#x2014; Please keep
    signature within the box</b></font></td>
    <td style="white-space: nowrap; width: 2%">&#xa0;</td>
    <td style="white-space: nowrap; width: 32%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Signature
    2 &#x2014;  Please keep signature within the box</b></font></td></tr>
  <tr style="vertical-align: top">
    <td style="border: Black 1.5pt solid; padding: 3; text-align: center"><font style="font-size: 22"><b>/&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;/</b></font></td>
    <td style="padding: 3"><font style="font-size: 22">&#xa0;</font></td>
    <td style="border: Black 1.5pt solid; padding: 3"><font style="font-size: 22">&#xa0;</font></td>
    <td style="padding: 3"><font style="font-size: 22">&#xa0;</font></td>
    <td style="border: Black 1.5pt solid; padding: 3"><font style="font-size: 22">&#xa0;</font></td></tr>
  </table>
<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&#xa0;</p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="border: Black 1pt solid; padding-top: 3; text-align: center; padding-bottom: 3">Scanner bar code</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <tr style="vertical-align: top">
    <td style="text-align: center; width: 34%; font-size: 11pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">xxxxxxxxxxxxxx </font></td>
    <td style="text-align: center; width: 33%; font-size: 11pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">HQL 33282 </font></td>
    <td style="text-align: center; width: 33%; font-size: 11pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">xxxxxxxx</font></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#xa0;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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<p style="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin: 0pt"></P>

<P STYLE="font: 17pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>BEFORE YOU VOTE &ndash; </U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 17pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>IMPORTANT INFORMATION REGARDING THE ENCLOSED
BALLOT!</U></B></P>

<P STYLE="font: 17pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 17pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>To vote your shares </B></P>

<P STYLE="vertical-align: baseline; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt; color: red"><B><I><U>ALONG</U></I></B></FONT><B><I><U>
<FONT STYLE="font-size: 16pt; text-transform: uppercase">WITH the recommendations of the Board of Trustees</FONT></U></I></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><I><U><FONT STYLE="font-size: 16pt; text-transform: uppercase"></FONT></U></I></B><B> <FONT STYLE="font-size: 16pt">of
Tekla Life Sciences Investors (&ldquo;HQL&rdquo;) </FONT></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>your ballot must look like this:</B></P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 3%">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 16pt"><B><U>PROPOSALS</U></B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-size: 14pt"><B>FOR ALL</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-size: 14pt"><B>WITHHOLD<BR>
 ALL</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 7pt; text-align: left"><FONT STYLE="font-size: 12pt">1.</FONT></TD>
    <TD STYLE="padding-bottom: 7pt">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Election of Trustees &ndash; 1.1 &ndash; Kathleen L. Goetz</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-left: 1.66in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">1.2 &ndash; W. Mark Watson</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-bottom: 7pt; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B><IMG SRC="tm233915d4_defa14aimg001.jpg" ALT=""></B></FONT></TD>
    <TD STYLE="padding-bottom: 7pt; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B><IMG SRC="tm233915d4_defa14aimg002.jpg" ALT=""></B></FONT></TD>
    <TD STYLE="padding-bottom: 7pt; vertical-align: middle; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 7pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 7pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 7pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 7pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 7pt; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 14pt"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-size: 14pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 14pt"><B>FOR</B></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 14pt"><B>AGAINST</B></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-size: 14pt"><B>ABSTAIN</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 7pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 7pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 7pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 7pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 7pt; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 7pt; text-align: left"><FONT STYLE="font-size: 12pt">2.</FONT></TD>
    <TD STYLE="padding-bottom: 7pt"><FONT STYLE="font-size: 12pt">The ratification or rejection of the selection of Deloitte &amp; Touche LLP as the independent registered public accountants of the Fund for the fiscal year ending September 30, 2023</FONT></TD>
    <TD STYLE="padding-bottom: 7pt; vertical-align: middle; text-align: center"><IMG SRC="tm233915d4_defa14aimg001.jpg" ALT=""></TD>
    <TD STYLE="padding-bottom: 7pt; vertical-align: middle; text-align: center"><IMG SRC="tm233915d4_defa14aimg002.jpg" ALT=""></TD>
    <TD STYLE="padding-bottom: 7pt; vertical-align: middle; text-align: center"><IMG SRC="tm233915d4_defa14aimg002.jpg" ALT=""><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">
    <P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">3.</P></TD>
    <TD>
    <P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Shareholder Proposal</P></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><IMG SRC="tm233915d4_defa14aimg002.jpg" ALT=""></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B><IMG SRC="tm233915d4_defa14aimg001.jpg" ALT=""></B></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B><IMG SRC="tm233915d4_defa14aimg002.jpg" ALT=""></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B></B>&nbsp;</P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>For questions about the proposals or how to vote
your shares </B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>please contact Okapi Partners toll-free at 877-285-5990.
</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>PLEASE TAKE A MOMENT TO VOTE TODAY!!!</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TEKLA LIFE SCIENCES INVESTORS</B></P>

<DIV STYLE="border-bottom: Black 1pt solid">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

</DIV>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"><B>&nbsp;</B></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We want to make you aware that your clients
that hold shares in the Tekla Life Sciences Investors (the &#8220;Fund&#8221;) as of the record date of April 12, 2023, have received
proxy materials regarding the Annual Meeting of Shareholders slated for June 8, 2023.</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The materials include a proxy statement with
detailed information about several proposals and a proxy card that shareholders can sign and return in a postage paid envelope. The materials
will also provide instructions on how shareholders can vote by telephone or through the Internet. You can access the materials by visiting www.proxy-direct.com/TKL33282. Shareholders will be asked to vote on the following proposals.</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>The
Board of Trustees of the Fund recommends that shareholders vote FOR the election of all nominees for election as Trustees, FOR the selection
of Deloitte &amp; Touche LLP as the independent registered accountants of the Fund and <FONT STYLE="text-underline-style: double"><U STYLE="border-bottom:.5pt double; padding-bottom:.5pt">AGAINST
the shareholder proposal</U></FONT>.</I></B></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; white-space: nowrap; width: 61%">
    <P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Proposal Summary</B></P></TD>
    <TD STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; white-space: nowrap; width: 39%">
    <P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>RECOMMENDED VOTE</B></P></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>FOR ALL</U></B></FONT></TD>
    <TD STYLE="padding-top: 2pt; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>WITHHOLD<BR>
ALL</U></B></FONT></TD>
    <TD STYLE="padding-top: 2pt; width: 12%; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 7pt; text-align: left"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="padding-bottom: 7pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Election of Trustees &#8211; 1.1 &#8211; Kathleen L. Goetz</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 1.38in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">1.2 &#8211; W. Mark Watson</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 1.75in">&nbsp;</P></TD>
    <TD STYLE="padding-bottom: 7pt; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B><IMG SRC="tm233915d4_defa14aimg001.jpg" ALT=""></FONT></TD>
    <TD STYLE="padding-bottom: 7pt; vertical-align: middle; text-align: center"><IMG SRC="tm233915d4_defa14aimg002.jpg" ALT=""><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT></TD>
    <TD STYLE="padding-bottom: 7pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 7pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 7pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 7pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>FOR</U></B></FONT></TD>
    <TD STYLE="padding-bottom: 7pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>AGAINST</U></B></FONT></TD>
    <TD STYLE="padding-bottom: 7pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>ABSTAIN</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 7pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="padding-bottom: 7pt"><FONT STYLE="font-size: 10pt">The ratification or rejection of the selection of Deloitte &amp; Touche LLP as the independent registered public accountants of the Fund for the fiscal year ending September 30, 2023.</FONT></TD>
    <TD STYLE="padding-bottom: 7pt; vertical-align: middle; text-align: center"><IMG SRC="tm233915d4_defa14aimg001.jpg" ALT=""><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT></TD>
    <TD STYLE="padding-bottom: 7pt; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B><IMG SRC="tm233915d4_defa14aimg002.jpg" ALT=""></B></FONT></TD>
    <TD STYLE="padding-bottom: 7pt; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><IMG SRC="tm233915d4_defa14aimg002.jpg" ALT=""></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Shareholder proposal requesting that the Fund take the steps necessary to reorganize the Board of Trustees into one class with each Trustee subject to election each year, if properly presented at the meeting.</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B><IMG SRC="tm233915d4_defa14aimg002.jpg" ALT=""></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"></FONT><IMG SRC="tm233915d4_defa14aimg001.jpg" ALT=""></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><IMG SRC="tm233915d4_defa14aimg002.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><U>Please note that your
clients may receive a telephone solicitation in connection with this Annual Meeting from Okapi Partners, the Fund&#8217;s proxy solicitor</U>.</B>
However, we are committed to helping you maintain your client relationships while we carry out our solicitation process.&nbsp; To that
end, we are asking for your support and assistance in answering any questions you may receive from your clients on this matter.</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10.5pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10.5pt"><B><U>Please ask your clients
to vote as soon as possible</U>.</B> Instructions on how they can vote, over the phone, by internet or by mail will be detailed on the
proxy card they receive. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10.5pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10.5pt"><b><u>If
you have discretion to vote on behalf of your clients</u>, </b>we can take direction via email from you and get your client&#8217;s shares
voted quickly and easily, provided they are listed in Okapi&#8217;s database. All we would need is an email sent to <font style="color: Blue"><u>HQL@okapipartners.com</u></font>&nbsp;stating &#8220;I am authorized to vote on the listed accounts&#8221;, and how you would like those shares voted. For
example, &#8220;Vote with the Board&#8217;s Recommendation for all proposals&#8221;. We would just need a spreadsheet with clients&#8217;
names and addresses. </font></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10.5pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10.5pt"><B><U>If
                                            you do not have discretion to vote on behalf of your clients</U></B>, we can also take the
                                            same voting directions via email directly from your client (also provided they are listed
                                            in Okapi&#8217;s database). Please have them e-mail <FONT STYLE="color: Blue"><U>HQL@okapipartners.com</U></FONT>,
                                            confirming their name, address and the direction of their vote. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10.5pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10.5pt"><B><U>If your clients are not
in the Okapi database</U></B>, they can vote via phone, internet, or mail if they have their proxy card. If they do not have their proxy
card, Okapi will work with the shareholder to ensure they can vote their shares</FONT>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10.5pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10.5pt"><B><U>If you or your clients
have any questions, please provide this toll-free number for more information</U></B>: <FONT STYLE="color: red"><B>1-877-285-5990</B></FONT><B>.</B>
Agents are available to answer questions or to record voting instructions Monday through Friday from 9:00 a.m. to 9:00 p.m. Eastern Time.
The voting process is quick and easy and will require only a couple minutes of their time. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11.04pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">Telephonic Message 1</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This is Dan Omstead, President and Portfolio Manager of Tekla Life
Sciences Investors. My apologies for having to reach out today. We recently sent you proxy materials for this year&rsquo;s Annual Meeting
of Shareholders on June 8<SUP>th</SUP>, but have not yet received your vote so I am asking you to please vote your shares as soon as
possible.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">There is a detailed explanation of the Board&rsquo;s views in the materials
that were sent but, in summary, the Board recommends you vote for Proposals 1 and 2 and AGAINST Proposal 3. Proposal 3 is a shareholder
proposal that, in the Board&rsquo;s opinion, is not in the best interests of long-term Fund shareholders and causes needless expenditures
of time and money for Fund personnel and the Fund&rsquo;s other shareholders, respectively.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">To quickly vote your shares or if you have any questions,
please call our proxy firm, Okapi Partners, toll-free at (877) 285-5990. Again, that is (877) 285-5990. Thank you in advance for your
assistance with this matter and for your continued support of the Fund.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Telephonic Message 2</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This is Dan Omstead, President and Portfolio Manager of Tekla Life
Sciences Investors. I am reaching out because the Fund needs your support for its Annual meeting, scheduled for June 8<SUP>th</SUP>.
In addition to manangement proposals, a shareholder has submitted the same proposal for the eighth time that, in the Board&rsquo;s
opinion, is not in the best interests of long-term Fund shareholders. In each prior instance, shareholders have rejected the
proposal. However, these repeated, redundant unsuccessful proposals ignore the voice of shareholders and are needless expenditures
of time and money for Fund personnel and the Fund&rsquo;s other shareholders, respectively.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">You should soon
be receiving materials regarding the meeting and I am asking you to please vote your shares as soon as possible after receipt along with
management&rsquo;s recommendations. To quickly vote your shares or if you have any questions, please call our proxy firm, Okapi Partners,
toll-free at (877) 285-5990. Again, that is (877) 285-5990. Thank you in advance for your assistance with this matter and for your continued
support of the Fund.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>

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<p style="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

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