HPS John Hancock Preferred Income Fund III

John Hancock Preferred Income Fund III Reports Fourth Quarter Earnings BOSTON, July 18 /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 $17,199,665 for the fourth quarter ended May 31, 2005. For the comparable period in 2004, net investment income was $12,448,898. As of May 31, 2005, the net asset value per share was $23.95 with total net assets of $1,099,209,484* and 31,280,764 common shares outstanding. Comparable figures for May 31, 2004 reflect a net asset value per share of $22.49, total net assets of $1,049,141,723* and 31,084,744 common shares outstanding. John Hancock Funds, a premier investment management company, managed more than $30.6 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors as of March 31, 2005. 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. John Hancock 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$350 billion (US$290 billion) as of March 31, 2005. 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 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. * 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 Web site: http://www.jhfunds.com/ http://www.manulife.com/

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