John Hancock Closed-End Preferred Funds Declare Monthly Distributions

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Hercules Props.	LSE:HPS	London	Ordinary Share	GB0004225636	ORD 5P

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
	0	0		N/A	0

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BOSTON, March 2 /PRNewswire-FirstCall/ -- Three John Hancock closed-end preferred funds (each a "Fund") declared their monthly distributions today as follows: John Hancock Ticker Current Previous %Change in Annualized Fund Name Distribution Distribution Distribution Current Rate Rate Rate Distribution Rate at Market Price * Preferred Income Fund HPI $0.1240 $0.1550 -20% 13.29% Preferred Income Fund II HPF $0.1240 $0.1550 -20% 13.74% Preferred Income Fund III HPS $0.1122 $0.1320 -15% 14.89% *Based on February 27, 2009 market closing price. The record date for the distributions is March 12, 2009, the payable date March 31, 2009 and the ex-date is March 10, 2009. These current distribution amounts represent a decrease from the rates most recently declared and paid by each Fund. Under normal market conditions, each Fund attempts to provide consistent distributions to shareholders from earned income generated by each Fund's assets and consistent with its investment objective. The Funds' management considered a number of factors before coming to the decision to decrease the distribution rate, including the lower net investment income earned on the Funds' lower asset levels, as well as, uncertainty in future corporate dividend rates due to preferred stock call risk, extreme market volatility and unprecedented economic circumstances. As a result, the Funds' management felt that it was prudent to decrease the dividend rate at this time. Despite the challenging market environment, all three John Hancock preferred funds have had strong relative performance versus their Lipper peer group of Income and Preferred Stock Funds (with 31 funds in the group). All three Funds outperformed their Lipper peer group of Income and Preferred Stock Funds for the 1-, 3- and 5-year periods based on total return at NAV as of January 31, 2009, and for the 1-year period all three funds ranked in the top quartile of their peer group, as illustrated in the table below.* Lipper Income & Preferred Stock Funds* Total Return at NAV John Hancock Ticker 1-Year 3-Year 5-Year Fund Name Total % Total % Total % Return Rank Return Rank Return Rank Preferred Income Fund HPI -34.71% 13 -11.35% 21 -4.64% 22 Preferred Income Fund II HPF -34.92% 16 -11.30% 18 -4.85% 27 Preferred Income Fund III HPS -40.93% 25 -14.47% 35 -6.65% 31 Lipper Peer Average -48.22% -19.46% -9.23% * Source of performance data stated: Lipper as of January 31, 2009. Past performance is no guarantee of future results. Each Fund's primary objective is to provide a high level of current income consistent with preservation of capital. Each Fund's secondary objective is to provide growth of capital to the extent consistent with its primary objective. There can be no assurances that each Fund will achieve its investment objective. Under normal market conditions, each Fund invests at least 80% of its assets in preferred stocks and other preferred securities, including convertible preferred securities. About John Hancock Funds The Boston-based mutual fund business unit of John Hancock Financial, John Hancock Funds manages more than $38.8 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors at December 31, 2008. About John Hancock Financial and Manulife Financial Corporation John Hancock Financial is a unit of Manulife Financial Corporation (the Company), a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and in most of Asia, and primarily as 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$405 billion (US$330 billion) at December 31, 2008. 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/. The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers a broad range of financial products and services, including life insurance, fixed and variable annuities, fixed products, mutual funds, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at http://www.johnhancock.com/. The performance data contained within this press release represents past performance, which does not guarantee future results. Performance, especially for short time periods, should not be the sole factor in making your investment decision. Statements in this press release that are not historical facts are forward-looking statements as defined by United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements. DATASOURCE: John Hancock Advisers, LLC CONTACT: Kimberley Dietrich, +1-617-663-4217; or Investors: +1-800-843-0090, both of John Hancock Web Site: http://www.johnhancock.com/

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