John Hancock Preferred Income Funds Declare Monthly Distributions

BOSTON, Oct. 1, 2019 /PRNewswire/ - The John Hancock Preferred Income Funds (NYSE: HPI, HPF, and HPS) (the "Funds"), closed-end funds managed by John Hancock Investment Management, LLC and subadvised by Manulife Investment Management (US) LLC, declared their monthly distributions.

The current distributions represent a decrease of 11.8% for HPI and HPF and 10.0% for HPS from their previous monthly distributions. The reductions were done to better align the funds' distributions relative to the funds' earning potential. The new distributions are payable October 31, 2019 to shareholders of record on October 11, 2019 with an ex-date of October 10, 2019.

The adjustment in the distribution rates is the result of an analysis conducted by the investment team managing the portfolio with respect to the rate and sustainability of the Funds' distributions. As portfolio and market conditions change, the distribution rate paid by the Funds could change.

A portion of the Funds' current distributions may include sources other than net investment income, including a return of capital. Investors should understand that a return of capital is not a distribution from income or gains of the Funds. As required under the Investment Company Act of 1940, a notice with the estimated components of the distribution will be mailed to shareholders at the time of payment if it does not consist solely of net investment income. At this time, the Funds anticipate that the notice accompanying the current distribution will include an estimate of return of capital. Such notice will also be posted to the Funds' website at www.jhinvestments.com. The notice should not be used to prepare tax returns as the estimates indicated in the notice may differ from the ultimate federal income tax characterization of distributions. After the end of each calendar year, investors will be sent a Form 1099-DIV informing them how to report distributions received during that year for federal income tax purposes.

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.

An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.

About John Hancock Financial and Manulife Financial
John Hancock is a division of Manulife Financial Corporation, a leading international financial services group that helps people achieve their dreams and aspirations by putting customers' needs first and providing the right advice and solutions. We operate primarily as John Hancock in the United States and as Manulife elsewhere. We provide financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions. Assets under management and administration by Manulife and its subsidiaries were over CAD$1.1 trillion (US$877 billion) as of June 30, 2019. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com.

One of the largest life insurers in the United States, John Hancock supports approximately 10 million Americans with a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, and education savings plans. Additional information about John Hancock may be found at johnhancock.com.

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SOURCE John Hancock Investment Management