John Hancock Preferred Income Fund, John Hancock Preferred Income Fund II and John Hancock Preferred Income Fund III Announce

John Hancock Preferred Income Fund, John Hancock Preferred Income Fund II and
   John Hancock Preferred Income Fund III Announce Investment Policy Change

PR Newswire

BOSTON, Dec. 12, 2012

BOSTON, Dec. 12, 2012 /PRNewswire/ --The John Hancock Preferred Income Fund
(NYSE: HPI), John Hancock Preferred Income Fund II (NYSE: HPF), and John
Hancock Preferred Income Fund III (NYSE: HPS) (collectively, the "Funds"),
announced today that the Board of Trustees of each Fund has approved a
revision to the Fund's investment policy. The change, as described below,
reduces the percentage of securities that must be rated investment grade at
the time of purchase.

Under the prior investment policy, each Fund was required to invest at least
80% of its total assets in preferred securities and other fixed-income
securities that were rated investment grade or in unrated securities
determined by the investment adviser to be of comparable credit quality. Each
Fund had the ability to invest up to 20% of its total assets in preferred
securities and other fixed income securities rated below investment grade.

Effective today, the new investment policy provides that each Fund will invest
at least 65% of the Fund's total assets in preferred securities and other
fixed-income securities which are rated investment grade (i.e., at least "Baa"
by Moody's Investors Service, Inc. ("Moody's") or "BBB" by Standard & Poor's
Ratings Services ("S&P") or in unrated securities determined by the investment
adviser to be of comparable credit quality. Under the new policy, each Fund
can invest up to 35% of its total assets in preferred securities and other
fixed income securities that are rated below investment grade by either S&P or
Moody's at the time of acquisition or in comparable unrated securities.

The new policy is designed to provide the portfolio management team with
greater flexibility to take advantage of potential market opportunities by
investing a greater percentage of the Funds' assets in non-investment grade
securities.

Statements in this press release that are not historical facts are
forward-looking statements as defined by the United States securities laws.
You should exercise caution in interpreting and relying on forward-looking
statements because they are subject to uncertainties and other factors which
are, in some cases, beyond the Fund's control and could cause actual results
to differ materially from those set forth in the forward-looking statements.

About John Hancock Funds
The Boston-based mutual fund business unit of John Hancock Financial, John
Hancock Funds, manages more than $77.9 billion in open-end funds, closed-end
funds, private accounts, retirement plans and related party assets for
individual and institutional investors at September 30, 2012.

About John Hancock Financial and Manulife Financial Corporation
John Hancock Financial is a unit of Manulife Financial Corporation, a leading
Canadian-based financial services group serving millions of customers in 22
countries and territories worldwide. Operating as Manulife Financial in Canada
and in most of Asia, and primarily as John Hancock in the United States,
Manulife Financial Corporation 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$515 billion (US$523
billion) at September 30, 2012.

Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and
under '945' on the SEHK. Manulife Financial can be found on the Internet at
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 life insurance, annuities, fixed
products, mutual funds, 401(k) plans, long-term care insurance, college
savings, and other forms of business insurance. Additional information about
John Hancock may be found at www.johnhancock.com.

SOURCE John Hancock Funds

Website: http://www.johnhancock.com
Contact: Media: Jay Aronowitz, +1-617-663-2702; or Investor Contact:
800-843-0090