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2007 News Releases

For Immediate Release

March 8, 2007

John Hancock Launches Classic Value Mega Cap Fund

New fund is fourth in partnership with Pzena Investment Management

Boston – John Hancock Funds has announced the launch of the John Hancock Classic Value Mega Cap Fund, available to investors via their financial advisers effective March 5th. The new fund is sub-advised by Pzena Investment Management LLC, a New York-based institutional asset manager. Pzena presently manages approximately $9.3 billion in Classic Value portfolios as sub-adviser to the John Hancock Classic Value Fund and Classic Value Fund II, and to the John Hancock International Classic Value Fund.

The John Hancock Classic Value Mega Cap Fund seeks long-term growth of capital by typically investing most of its assets in domestic equity securities. Pzena chooses these securities from a universe of the largest 250 publicly traded U.S. companies with market capitalizations greater than $15 billion.

Keith F. Hartstein, President and CEO of John Hancock Funds, said: “We are excited about the timing of the launch of this new fund. Many of the brightest minds on Wall Street are saying that some of the best values in the market today are among the largest capitalization stocks. Since the firm was founded more than a decade ago, Pzena Investment Management has proven to be extremely adept at ferreting out value. We are confident that our shareholders will benefit from the experience Pzena brings to the mega cap space.”

“Valuations at the larger end of the market are very attractive, making this an opportune time to launch the portfolio,” said Andrew Arnott, Vice President and head of product management and development for John Hancock Funds. “The new Classic Value Mega Cap Fund is closest in approach to the original Classic Value, which is closed to new investors, and so Classic Value Mega Cap is now the only way retail clients can access Pzena’s institutional asset management expertise in a concentrated domestic portfolio.”

Richard S. Pzena, managing principal and co-chief investment officer of Pzena Investment Management, said: “For the past four years we have enjoyed a successful partnership with John Hancock, and we now look forward to expanding that relationship with the Classic Value Mega Cap Fund.”

Pzena Investment Management, founded in 1995, currently manages more than $27.3 billion in assets for institutional clients. Its research team is comprised of 18 senior investment professionals who employ a deep value philosophy based on fundamental research. The portfolio management team for the Classic Value Mega Cap Fund consists of Richard Pzena, John Goetz, and Antonio DeSpirito III, the same team that manages the Classic Value Fund and Class Value Fund II.

About John Hancock Funds
The Boston-based mutual fund business unit of John Hancock Financial Services, John Hancock Funds manages more than $54.4 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors at December 31, 2006. For more information, please visit www.jhfunds.com.

John Hancock Financial Services 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$414 billion (US$355 billion) at December 31, 2006. Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial may be found on the Internet at www.manulife.com.

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Beth McGoldrick