HPS John Hancock Preferred Income Fund III

John Hancock Preferred Income Fund III Reports Third Quarter Earnings BOSTON, March 29 /PRNewswire-FirstCall/ -- John Hancock Preferred Income Fund III , a closed-end fund managed by John Hancock Advisers, LLC, reported today that net investment income was $16,727,919 for the third quarter ended February 29, 2004. As of February 29, 2004, the net asset value per share was $24.44 with total net assets of $1,107,610,741* and 30,994,470 common shares outstanding. John Hancock Advisers, LLC, a premier investment management company, managed $29.3 billion in open-end funds, closed-end funds, private accounts and retirement plans for individual and institutional investors as of December 31, 2003. John Hancock Advisers, LLC is a wholly owned subsidiary of John Hancock Financial Services, Inc. (NYSE:JHF). John Hancock and its affiliated companies provide a broad array of insurance and investment products and services to retail and institutional customers. As of December 31, 2003, John Hancock Financial Services and its subsidiaries had total assets under management of $142.5 billion. * Total net assets include value of preferred shares DATASOURCE: John Hancock Preferred Income Fund III CONTACT: Media Contact: Kimberley Dietrich, +1-617-375-0311 or Investor Contact: +1-800-843-0090 both of John Hancock

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