John Hancock Preferred Income Fund III Reports First Quarter Earnings

John Hancock Preferred Income Fund III Reports First Quarter
Earnings 


BOSTON, Sept. 28  /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 $17,083,869 for the first quarter
ended August 31, 2004.   For the comparable period in 2003, net investment
income was $8,867,983.

As of August 31, 2004, the net asset value per share was $23.63 with total net
assets of $1,086,623,105* and 31,171,487 common shares outstanding. Comparable
figures for August 31, 2003 reflect a net asset value per share of $22.62,
total net assets of $1,042,890,919* and 30,630,990 common shares outstanding.

John Hancock Funds, a premier investment management company, managed $27
billion in open-end funds, closed-end funds, private accounts and retirement
plans for individual and institutional investors as of June 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$360 billion
(US$269 billion) as at June 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/.

* Total net assets include value of preferred shares 

DATASOURCE: John Hancock Preferred Income Fund III



CONTACT:  Kimberley Dietrich, [phone], or Investors:

[phone], both of John Hancock

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