HPS John Hancock Preferred Income Fund III

BOSTON, Jan. 9 /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 $16,075,077 for the second quarter ended November 30, 2005. For the comparable period in 2004, net investment income was $16,552,444. As of November 30, 2005, the net asset value per share was $22.98 with total net assets of $1,068,705,711* and 31,280,764 common shares outstanding. Comparable figures for November 30, 2004 reflect a net asset value per share of $24.14, total net assets of $1,104,430,742* and 31,246,304 common shares outstanding. John Hancock Funds manages more than $34.0 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors as of September 30, 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. 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 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$310 billion) as of September 30, 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/. * Total net assets include value of preferred shares DATASOURCE: John Hancock Preferred Income Fund III CONTACT: Kimberley Dietrich +1-617-663-4217 or Investors: +1-800-843- 0090 both of John Hancock

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