John Hancock Bank and Thrift Opportunity Fund Declares Quarterly Managed Distribution

John Hancock Bank and Thrift Opportunity Fund Declares Quarterly Managed
Distribution

BOSTON, Sept. 2 /PRNewswire-FirstCall/ -- John Hancock Bank and Thrift
Opportunity Fund (NYSE: BTO) declared its quarterly distribution pursuant to
the fund's 10% managed distribution policy today as follows:
Declaration Date: September 2, 2008
Ex Date: September 12, 2008
Record Date: September 16, 2008
Payment Date: September 30, 2008
Distribution amount: $0.1730

This distribution equates to an annualized distribution rate of 13.60
percent, based on the fund's closing market price as of August 29, 2008.
The plan offers investors an attractive level of distributions by making
quarterly payments of at least 2.5% of the fund's net asset value as of the
preceding calendar year-end, or at least 10% annually. To maximize tax
efficiency of distributions paid by the fund, it is anticipated that the
majority of each distribution will come from net long-term capital gains which
for individual investors may qualify for U.S. federal income taxation at a
maximum rate of 15%. A portion of the distribution may also come from ordinary
income, net short-term gains, and if necessary, a return of capital. Because
net assets of the fund will vary following each year-end, the quarterly
distribution may represent more or less than 2.5 percent of the fund's net
assets at the time of distribution. Also, if the distributions under the plan
are less than the amount the fund is required to distribute under the Internal
Revenue Code, the fund will distribute more than required under the plan. The
fund's board of trustees will periodically review the plan to evaluate its
effectiveness in reducing the fund's discount to net asset value.
Based on the December 31, 2007 Year-End Net Asset Value of $580,832,215
and 84,400,000 shares outstanding, the fund will pay at least $0.173 per
share/per quarter or $0.692 per share/annually.
As of the fund's reporting period ended October 31, 2007, BTO had over
$740 million in net assets of which 36% was net unrealized appreciation of
investments. For individual taxable accounts, long-term capital gains are
subject to at a maximum Federal tax rate of 15%. For the 1-year period ending
July 31, 2008, BTO posted an average annual total return at net asset value of
-23.42%; 3-year, -8.03%; 5-year, 1.34% and 10-year, 3.00%.
John Hancock Bank and Thrift Opportunity Fund is a diversified, closed-end
fund. The Fund seeks long-term capital appreciation by normally investing at
least 80% of its net assets in equity securities of U.S. regional banks,
thrifts and holding companies that primarily own or receive a substantial
portion of their income from regional banks or thrifts.
About John Hancock Funds
The Boston-based mutual fund business unit of John Hancock Financial
Services, John Hancock Funds manages more than $54.8 billion in open-end
funds, closed-end funds, private accounts, retirement plans and related party
assets for individual and institutional investors at June 30, 2008. John
Hancock Funds are distributed by John Hancock Funds, LLC, member FINRA. 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$400 billion (US$393
billion) at June 30, 2008. 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.
SOURCE John Hancock Advisers, LLC

Kimberley Dietrich, +1-617-663-4217, or Investors: +1-800-843-0090, both of
John Hancock