HPS John Hancock Preferred Income Fund III

John Hancock Preferred Income Fund III Declares Monthly Dividend BOSTON, Feb. 2 /PRNewswire-FirstCall/ -- John Hancock Preferred Income Fund III (NYSE:HPS) declared its monthly dividend as follows: Declaration Date: February 2, 2005 Ex Date: February 10, 2005 Record Date: February 14, 2005 Payment Date: March 1, 2005 Dividend Amount: $0.159 This dividend equates to an annualized yield of 8.26 percent, based on the fund's closing market price as of February 1, 2005. John Hancock Preferred Income Fund III is a diversified, closed-end fund. The Fund's primary investment objective is to provide a high level of current income, consistent with preservation of capital. The Fund's secondary objective is to provide growth of capital to the extent consistent with its primary investment objective. The Fund invests at least 80% of its total assets in preferred securities and other fixed income securities which are rated investment grade. John Hancock Funds, a premier investment management company, managed approximately $29 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors as of September 30, 2004. Additional information about the company can be found on the website: http://www.jhfunds.com/. John Hancock Funds is a wholly owned subsidiary of John Hancock Financial Services, Inc., a subsidiary of Manulife Financial Corporation. Founded in 1862, John Hancock Financial Services and its subsidiaries today offer a broad range of financial products and services, including whole, term, variable, and universal life insurance, as well as college savings products, mutual funds, fixed and variable annuities, long-term care insurance and various forms of business insurance. Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and most of Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$346 billion (US$274 billion) as at September 30, 2004. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial can be found on the Internet at http://www.manulife.com/. DATASOURCE: John Hancock Preferred Income Fund III CONTACT: Kimberley Dietrich, +1-617-375-0311, or Investors: +1-800-843-0090, both of John Hancock

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