Board of Trustees of John Hancock Patriot Closed-End Funds Approve Reorganizations

BOSTON, Dec. 7  /PRNewswire-FirstCall/ -- John Hancock Advisers, LLC today announced that the board of trustees of each of four Patriot closed-end funds approved their reorganization into a fifth John Hancock closed-end fund, the John Hancock Patriot Premium Dividend Fund II (NYSE:PDT).

  The four funds are:
   - John Hancock Patriot Premium Dividend Fund I (NYSE:PDF)
   - John Hancock Patriot Select Dividend Trust (NYSE:DIV)
   - John Hancock Patriot Global Dividend Fund (NYSE:PGD)
   - John Hancock Patriot Preferred Dividend Fund (NYSE:PPF)



In the reorganization, common shareholders of each Fund will receive newly-issued common shares of John Hancock Patriot Premium Dividend Fund II (PDT).  The aggregate net asset value of the new common shares will equal the aggregate net asset value of the common shares held immediately prior to the reorganization.  Preferred shareholders of each Fund will receive newly-issued preferred shares of PDT, the aggregate liquidation preference of which will equal the aggregate liquidation preference of the preferred shares held immediately prior to the reorganization.  The auction dates, rate period and dividend payment dates of the preferred shares of PDT received in the reorganization will be the same as that of the preferred shares held immediately prior to the reorganization.

For each Fund, the reorganization is conditioned upon the approval of its shareholders, and each reorganization may proceed independently of the others. In the event the common shareholders or preferred shareholders of PDT do not approve the issuance of additional common shares or additional series of preferred shares of PDT, then all of the Funds will continue their current operations.  There is no assurance that the requisite shareholder approval will be obtained for all or any of the reorganizations.

The Funds currently expect to file with the Securities and Exchange Commission a joint proxy statement/prospectus on Form N-14 with respect to the reorganizations in the coming weeks, and currently expect to mail a definitive joint proxy statement/prospectus to Fund investors to solicit shareholder approval in February 2007.  Subject to certain limitations, it is expected that the Funds will bear the costs of the reorganizations.  It is expected that each transaction will qualify as a tax-free reorganization for federal income tax purposes.  Subject to shareholder approval and the satisfaction of certain conditions, the transactions are currently expected to close in the Spring of 2007.

John Hancock Funds is the mutual fund business unit of John Hancock Financial Services. John Hancock Financial Services is a unit of Manulife Financial Corporation, a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and 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$381 billion (US$341 billion) at September 30, 2006.  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 Advisers, LLC



CONTACT:  Beth McGoldrick of John Hancock, [phone], or

 



Web site:  http://www.manulife.com/ 

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