HPS John Hancock Preferred Income Fund III

John Hancock Preferred Income Fund III Declares Monthly Dividend BOSTON, May 4 /PRNewswire-FirstCall/ -- John Hancock Preferred Income Fund III (NYSE:HPS) declared its monthly dividend as follows: Declaration Date: May 4, 2005 Ex Date: May 12, 2005 Record Date: May 16, 2005 Payment Date: June 2, 2005 Dividend Amount: $0.159 This dividend equates to an annualized yield of 8.68 percent, based on the fund's closing market price as of May 3, 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 $31.3 billion in open-end funds, closed-end funds, private accounts and retirement plans for individual and institutional investors and related party assets as of December 31, 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., which 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 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$348 billion (US$289 billion) as of December 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/. The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock Financial Services offers a broad range of financial products and services, including whole life, term life, variable life, and universal life insurance, as well as college savings products, fixed and variable annuities, long-term care insurance, mutual funds and various forms of business insurance. DATASOURCE: John Hancock Preferred Income Fund III CONTACT: Kimberley Dietrich, +1-617-375-0311, or Investors: +1-800-843- 0090, both of John Hancock Web site: http://www.manulife.com/ http://www.jhfunds.com/

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