HPS John Hancock Preferred Income Fund III

John Hancock Preferred Income Fund III Reports Fourth Quarter Earnings BOSTON, July 15 /PRNewswire-FirstCall/ -- John Hancock Preferred Income Fund III (NYSE:HPS), a closed-end fund managed by John Hancock Advisers, LLC, reported today that net investment income was $12,448,898 for the fourth quarter ended May 31, 2004. As of May 31, 2004, the net asset value per share was $22.49 with total net assets of $1,049,141,723* and 31,084,744 common shares outstanding. John Hancock Funds, a premier investment management company, managed $30.2 billion in open-end funds, closed-end funds, private accounts and retirement plans for individual and institutional investors as of March 31, 2004. Additional information about John Hancock Funds can be found at 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. Pro forma funds under management by Manulife Financial and its subsidiaries were Cdn$356 billion (US$272 billion) as at March 31, 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/. * Total net assets include value of preferred shares 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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