John Hancock Bank and Thrift Opportunity Fund Declares Quarterly Managed Distribution

BOSTON, March 3 /PRNewswire-FirstCall/ -- John Hancock Bank and ThriftOpportunity Fund (NYSE: BTO) declared its quarterly distribution pursuantto the fund's 10% managed distribution policy today as follows:
Declaration date: March 3, 2008 Ex-dividend date: March 10, 2008 Record date: March 12, 2008 Payment date: March 31, 2008 Distribution amount: $0.1730 This distribution equates to an annualized distribution rate of 11.71percent, based on the fund's closing market price as of February 29, 2008. The plan offers investors an attractive level of distributions bymaking quarterly payments of at least 2.5% of the fund's net asset value asof the preceding calendar year-end, or at least 10% annually. To maximizetax efficiency of distributions paid by the fund, it is anticipated thatthe majority of each distribution will come from net long-term capitalgains which for individual investors may qualify for U.S. federal incometaxation at a maximum rate of 15%. A portion of the distribution may alsocome from ordinary income, net short-term gains, and if necessary, a returnof capital. Because net assets of the fund will vary following eachyear-end, the quarterly distribution may represent more or less than 2.5percent of the fund's net assets at the time of distribution. Also, if thedistributions under the plan are less than the amount the fund is requiredto distribute under the Internal Revenue Code, the fund will distributemore than required under the plan. The fund's board of trustees willperiodically review the plan to evaluate its effectiveness in reducing thefund's discount to net asset value. Based on the December 31, 2007 Year-End Net Asset Value of $580,832,215and 84,400,000 shares outstanding, the fund will pay at least $0.173 pershare/per quarter or $0.692 per share/annually. As of the fund's most recent reporting period ended October 31, 2007,BTO had over $740 million in net assets of which 36% was net unrealizedappreciation of investments. For individual taxable accounts, long-termcapital gains are subject to at a maximum Federal tax rate of 15%. For the1- year period ending January 31, 2008, BTO posted an average annual totalreturn at net asset value of -15.51%; 3-year, 0.65%; 5-year, 9.14% and10-year, 6.26%. John Hancock Bank and Thrift Opportunity Fund is a diversified,closed-end fund. The Fund seeks long-term capital appreciation by normallyinvesting at least 80% of its net assets in equity securities of U.S.regional banks, thrifts and holding companies that primarily own or receivea substantial portion of their income from regional banks or thrifts. About Manulife Financial and John Hancock John Hancock Funds, the mutual fund business unit of John HancockFinancial Services, offers a broad array of investment products, includingopen-end and closed-end funds, privately managed accounts, 529 plans andretirement accounts to retail and institutional investors. As of December31, 2007, investors entrusted John Hancock Funds with approximately $56.8billion in assets. Additional information about John Hancock Funds can befound on the website: http://www.jhfunds.com. John Hancock is a unit of Manulife Financial Corporation, a leadingCanadian-based financial services group serving millions of customers in 19countries and territories worldwide. Operating as Manulife Financial inCanada and Asia, and primarily through John Hancock in the United States,the Company offers clients a diverse range of financial protection productsand wealth management services through its extensive network of employees,agents and distribution partners. Funds under management by ManulifeFinancial and its subsidiaries were Cdn$396 billion (US$401 billion) as ofDecember 31, 2007. Manulife Financial Corporation trades as 'MFC' on theTSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial can befound on the Internet at http://www.manulife.com. The John Hancock unit, through its insurance companies, comprises oneof the largest life insurers in the United States. John Hancock offers abroad range of financial products and services, including life insurance,fixed and variable annuities, mutual funds, 401(k) plans, long term careinsurance, college savings, and other forms of business insurance.