John Hancock Patriot Premium Dividend Fund II Declares Increased Monthly Distribution

BOSTON, July 1 /PRNewswire-FirstCall/ -- John Hancock Patriot Premium Dividend Fund II (NYSE: PDT) (the "Fund") announced today it will increase its monthly distribution rate by 7.09% to $0.0755 per share, up from the previous month's distribution rate of $0.0705 per share. The increased distribution rate is effective with the Fund's next distribution payment on July 30, 2010 and is payable to holders of record on July 12, 2010 with an ex-dividend date of July 8, 2010.

On an annualized basis, the new distribution level equates to a net asset value ("NAV") distribution rate of 8.40% and a market value distribution rate of 8.84% based on the Fund's NAV of $10.79 and closing share price of $10.25 on June 30, 2010.

Over the past twelve months ended June 30, 2010, there have been several positive developments that management believes have led to the Fund's ability to increase its distribution, including:

• An increase in the overall dividend yield of the Fund's portfolio – the new distribution rate more closely reflects the Fund's current earnings
• The cost of leverage under the Fund's committed facility agreement has decreased when compared to the prior twelve month period
• A slight increase in ownership of preferred stocks, which tend to have higher yields than common stock

A portion of a Fund's current distribution 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 a Fund. 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. Such notice will also be posted to the Funds' website at www.jhfunds.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.

About John Hancock Funds

The Boston-based mutual fund business unit of John Hancock Financial, John Hancock Funds, manages more than $57.9 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors at March 31, 2010.

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$446 billion (US$440 billion) at March 31, 2010.

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, fixed and variable 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

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