BTO John Hancock Financial Opportunities Fund

John Hancock Bank and Thrift Opportunity Fund Declares Quarterly Managed Distribution BOSTON, Sept. 3 /PRNewswire-FirstCall/ -- John Hancock Bank and Thrift Opportunity Fund (NYSE:BTO) declared its quarterly distribution pursuant to the fund's 10% managed distribution policy today as follows: Declaration date: September 3, 2004 Ex-dividend date: September 9, 2004 Record date: September 13, 2004 Payment date: September 30, 2004 Source of Distribution Per Share Long-term capital gain $0.27000 The plan requires the fund to make quarterly distributions of at least 2.5 percent of the fund's net asset value as of the preceding calendar year-end, or at least 10 percent annually. To maximize tax efficiency, the distributions will come first from net long-term capital gains (see today's distribution), followed by ordinary income, net short-term gains, and if necessary, a return of capital. Because net assets of the fund will vary following each year-end, the quarterly distribution may represent more or less than 2.5 percent of the fund's net assets at the time of distribution. Also, if the distributions under John Hancock Advisers' plan are less than the amount the fund is required to distribute under the Internal Revenue Code, the fund will distribute more than required under the plan. The fund's board of trustees will periodically review the plan to evaluate its effectiveness in reducing the fund's discount to net asset value. As of the fund's most recent semiannual reporting period ended April 30, 2004, BTO had over $865 million in net assets of which 54% was net unrealized appreciation of investments. For individual taxable accounts, long-term capital gains are subject to at a maximum Federal tax rate of 15%. For the 1- year period ending July 31, 2004, BTO posted an average annual total return at net asset value of 18.77%; 3-year, 11.41%; 5-year, 9.91% and since inception, 16.00%. John Hancock Bank and Thrift Opportunity Fund is a diversified, closed-end fund. The Fund seeks long-term capital appreciation by normally investing at least 80% of its assets in equity securities of U.S. regional banks and thrifts and holding companies that primarily own or receive a substantial portion of their income from regional banks or thrifts. John Hancock Funds, a premier investment management company, managed $27 billion in open-end funds, closed-end funds, private accounts and retirement plans for individual and institutional investors as of June 30, 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., 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 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$360 billion (US$269 billion) as at June 30, 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/. DATASOURCE: John Hancock Bank and Thrift Opportunity Fund CONTACT: Kimberley Dietrich, +1-617-375-0311, or Investors: +1-800-843-0090, both of John Hancock

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