Update Concerning Three Other Proposed John Hancock Patriot Closed-End Funds' Reorganizations BOSTON, May 30 /PRNewswire-FirstCall/ -- John Hancock Patriot Preferred Dividend Fund (NYSE:PPF) announced that the acquisition of the assets and assumption of the liabilities of PPF by John Hancock Patriot Premium Dividend Fund II (NYSE:PDT) took place at the close of business on May 29, 2007. It is expected that the transaction qualifies as a tax-free reorganization for federal income tax purposes. As a result of the reorganization, each holder of PPF common shares received common shares of PDT having an aggregate net asset value ("NAV") equal to the aggregate NAV of the common shareholder's shares in PPF. As of the close of business on May 29, 2007, the NAV of PPF $13.9415 per common share and the NAV of PDT was $13.0489 per common share. Each common share of PPF was converted into 7,753,645 of a common share of PDT. As a result of the reorganization, the holders of preferred shares of PDT received Series E preferred shares of PDT with a dividend rate of 4.10% for a dividend period ending July 16, 2007 with the dividend rate to be reset via an auction process on that date. The aggregate liquidation preference of PDT preferred shares received in the reorganization is equal to the aggregate liquidation preference of the preferred shares held immediately prior to the reorganization. The dividend rate, auction dates, rate period and dividend payment dates of the preferred shares of PDT received in the reorganization are the same as that of the preferred shares of PDT held immediately prior to the reorganization. Other Pending John Hancock Patriot Closed-End Fund Reorganizations As announced on December 6, 2006, in addition to the reorganization of PDT into PDT, the board of trustees of each of three other Patriot closed-end funds sponsored by John Hancock Advisers, LLC approved their reorganization into PDT. As announced on May 2, 2007, shareholders have approved the reorganizations for two of these funds: -- John Hancock Patriot Global Dividend Fund (NYSE:PGD) -- John Hancock Patriot Premium Dividend Fund I (NYSE:PDF) Subject to the satisfaction of certain conditions, the reorganizations of these two funds into PDT are expected to close on the following dates: -- PGD - Monday, June 4, 2007 -- PDF - Monday, June 25, 2007 The shareholder meeting for John Hancock Patriot Select Dividend Trust (NYSE:DIV) has been adjourned until June 13, 2007 to allow more shareholder votes to be cast. The record date for shareholders of this fund entitled to vote on the reorganization and related matters is February 12, 2007. The adjourned shareholder meeting for this fund is scheduled to take place at the offices of the fund on Wednesday, June 13, 2007, commencing at 10 a.m. EST. If approved, the reorganization of DIV is scheduled to close on Thursday, July 5, 2007, subject to the satisfaction of certain conditions. About Manulife Financial and John Hancock John Hancock Funds, the mutual fund business unit of John Hancock Financial Services, offers a broad array of investment products, including open-end and closed-end funds, privately managed accounts, 529 plans and retirement accounts to retail and institutional investors. As of December 31, 2006, investors entrusted John Hancock Funds with $54.4 billion in assets. Additional information about John Hancock Funds can be found on the website: http://www.jhfunds.com/. 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 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$426 billion (US$370 billion) as at March 31, 2007. 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 life insurance, fixed and variable annuities, mutual funds, 401(k) plans, long term care insurance, college savings, and other forms of business insurance. DATASOURCE: John Hancock Patriot Preferred Dividend Fund CONTACT: Beth McGoldrick for John Hancock Patriot Preferred Dividend Fund, +1-617-663-4751, Web site: http://www.manulife.com/ http://www.jhfunds.com/

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