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<SEC-DOCUMENT>0001010521-08-000056.txt : 20080201
<SEC-HEADER>0001010521-08-000056.hdr.sgml : 20080201
<ACCEPTANCE-DATETIME>20080201120804
ACCESSION NUMBER:		0001010521-08-000056
CONFORMED SUBMISSION TYPE:	POS EX
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20080201
DATE AS OF CHANGE:		20080201
EFFECTIVENESS DATE:		20080201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HANCOCK JOHN PATRIOT PREMIUM DIVIDEND FUND II
		CENTRAL INDEX KEY:			0000855886
		IRS NUMBER:				043097281
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		POS EX
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-139837
		FILM NUMBER:		08567031

	BUSINESS ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		617-663-3000

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PATRIOT PREMIUM DIVIDEND FUND II
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS EX
<SEQUENCE>1
<FILENAME>patpremdiv2.htm
<DESCRIPTION>JOHN HANCOCK PATRIOT PREMIUM DIVIDEND FUND II
<TEXT>

<HTML>
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   <TITLE>patpremdiv2.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<P align=right><FONT face=serif size=2>As filed with the U.S. Securities and Exchange Commission on February 1, 2008</FONT></P>
<P align=right>
<TABLE>
<TR>
     <TD noWrap align=right><FONT face=serif size=2>File Nos. 333-139837</FONT><BR>
<FONT face=serif size=2>811-05908</FONT></TD></TR></TABLE></P>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><FONT face=serif size=2>SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
<FONT face=serif size=2>WASHINGTON, D.C. 20549</FONT><BR>
<BR>
<B><FONT face=serif size=2>FORM N-14</FONT></B><BR>
<FONT face=serif size=2>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]</FONT><BR>
<FONT face=serif size=2>Pre-Effective Amendment No. [ ]</FONT><BR>
<FONT face=serif size=2>Post-Effective Amendment No. 1</FONT></TD></TR></TABLE></P>
<P align=center><B><FONT face=serif size=2>JOHN HANCOCK PATRIOT PREMIUM DIVIDEND FUND II</FONT></B></P>
<P align=center><FONT face=serif size=2>(Exact Name of Registrant as Specified in Charter)</FONT></P>
<P align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=2>601 Congress Street Boston, Massachusetts 02110</FONT></B></P>
<P align=center><FONT face=serif size=2>(Address of Principal Executive Offices)</FONT></P>
<P align=center><B><FONT face=serif size=2>(617) 663-4324</FONT></B></P>
<P align=center><FONT face=serif size=2>(Registrant&#146;s Area Code and Telephone Number)</FONT></P>
<DIV align=center>
<TABLE borderColor=#000000 cellSpacing=1 cellPadding=0 border=1>
<TR vAlign=bottom>
     <TD noWrap borderColor=#000000 align=center width="50%" rowSpan=6>&nbsp; <BR>
<B><FONT face=serif size=2>Alfred P. Ouellette</FONT></B> <BR>
<B><FONT face=serif size=2>601 Congress Street</FONT></B> <BR>
<B><FONT face=serif size=2>Boston, Massachusetts 02110</FONT></B> <BR>
<FONT face=serif size=2>(Name and Address</FONT> <BR>
<FONT face=serif size=2>of Agent for Service)</FONT> </TD>
     <TD noWrap borderColor=#000000 align=center width="50%" rowSpan=6><FONT face=serif size=2>With copies to:</FONT> <BR>
<B><FONT face=serif size=2>Mark P. Goshko, Esq.</FONT></B> <BR>
<B><FONT face=serif size=2>Kirkpatrick &amp; Lockhart Preston Gates</FONT></B> <BR>
<B><FONT face=serif size=2>Ellis LLP</FONT></B> <BR>
<B><FONT face=serif size=2>One Lincoln Street</FONT></B> <BR>
<B><FONT face=serif size=2>Boston, Massachusetts 02111</FONT></B> </TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom></TR></TABLE></DIV><BR>
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<P align=center><B><FONT face=serif size=2>JOHN HANCOCK PATRIOT PREMIUM DIVIDEND FUND II (the &#147;REGISTRANT&#148;)</FONT></B></P>
<P align=center><B><FONT face=serif size=2>CONTENTS OF REGISTRATION STATEMENT</FONT></B></P>
<P align=left><FONT face=serif size=2>This Registration Statement contains the following papers and documents:</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD width=18>&nbsp;</TD>
     <TD noWrap><FONT face=serif size=2>Cover Sheet</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD width=18>&nbsp;</TD>
     <TD noWrap><FONT face=serif size=2>Contents of Registration Statement on Form N-14</FONT></TD></TR></TABLE></P>
<P align=left><FONT face=serif size=2>Part A &#150; Joint Proxy Statement/Prospectus of John Hancock Patriot Premium Dividend Fund I (&#147;Patriot I&#148;), the Registrant, John Hancock Patriot Select Dividend Trust (&#147;Patriot Select&#148;), John Hancock Patriot Global Dividend Fund (&#147;Patriot Global&#148;), and John Hancock Patriot Preferred Dividend Fund (&#147;Patriot Preferred&#148;) (collectively, the &#147;Patriot Funds&#148;) - Incorporated by reference to the Registrant&#146;s Registration Statement on Form N-14 filed on March 14, 2007, SEC Accession No. 0001010521-07-000244.</FONT></P>
<P align=left><FONT face=serif size=2>Part B - Statement of Additional Information of the Registrant - Incorporated by reference to the Registrant&#146;s Registration Statement on Form N-14 filed on March 14, 2007, SEC Accession No. 000101521-07-000244.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD width=36>&nbsp;</TD>
     <TD noWrap><FONT face=serif size=2>Part C - Other Information</FONT><BR>
<BR>
<FONT face=serif size=2>Signature Page</FONT><BR>
<BR>
<FONT face=serif size=2>Exhibit Index</FONT></TD></TR></TABLE></P>
<P align=left><FONT face=serif size=2>Exhibits - The sole purpose of this filing is to file as exhibits the opinion and consent of counsel supporting the tax matters and consequences to shareholders of the reorganizations described in the Registrant&#146;s Registration Statement on Form N-14, filed on March 14, 2007, as required by Item 16(12) of Form N-14. Part C of this Registration Statement has been updated as necessary.</FONT></P>
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<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><B><FONT face=serif size=2>PART C</FONT></B></TD></TR></TABLE></P>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><B><FONT face=serif size=2>OTHER INFORMATION</FONT></B></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD width=2>&nbsp;</TD>
     <TD noWrap><B><U><FONT face=serif size=2>Item 15. Indemnification.</FONT></U></B></TD></TR></TABLE></P>
<P align=left><FONT face=serif size=2>No change from the information set forth in the most recently filed Registration Statement of the Registrant on Form N-14 under the Securities Act of 1933 (File Nos. 333-139837 and 811-05908) as filed with the Securities and Exchange Commission on March 8, 2007 (Accession No. 000101521-07-000237), which information is incorporated herein by reference. </FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD width=2>&nbsp;</TD>
     <TD noWrap><B><U><FONT face=serif size=2>Item 16. Exhibits.</FONT></U></B></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(1)(a)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Agreement and Declaration of Trust of the Registrant, dated September 26, 1989. (1)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(1)(b)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Amended and Restated Declaration of Trust of the Registrant, dated December 12 1989. (1)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(1)(c)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Amendment to the Agreement and Declaration of Trust, dated September 13, 1994. (1)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(1)(d)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Instrument Fixing the Number of Trustees and Appointed Individual to Fill Vacancy, dated</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>December 7, 1999. (3)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(1)(e)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Amendment to the Agreement and Declaration of Trust, dated June 24, 2005. (2)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(2)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Amended and Restated By-Laws of the Registrant. (1)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(3)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>None</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(4)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Form of Agreement and Plan of Reorganization. (1)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(5)(a)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Specimen share certificate for common shares of the Registrant. (1)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(5)(b)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Specimen share certificate for Dutch Auction Rate Transferable Securities Series C of the</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Registrant. (1)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(5)(c)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Specimen share certificate for Dutch Auction Rate Transferable Securities (&#147;DARTS&#148;) Series D</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>of the Registrant. (1)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(5)(d)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Specimen share certificate for DARTS Series E of the Registrant. (1)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(5)(e)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Specimen share certificate for DARTS Series F of the Registrant. (1)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(6)(a)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Investment Advisory Agreement between the Registrant and John Hancock Advisers, Inc., dated</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>May 6, 1992. (1)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(6)(b)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Sub-Advisory Agreement among John Hancock Advisers, LLC, Sovereign Asset Management</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>LLC, and the Registrant, dated December 31, 2005. (1)</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(7)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Not applicable.</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(8)</FONT> </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Not applicable.</FONT> </TD></TR></TABLE><BR>
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<TABLE cellSpacing=1 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(9)(a)</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Custody Agreement between the Registrant and The Bank of New York, dated as of September</FONT></TD></TR>
<TR vAlign=bottom height=20>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD vAlign=top noWrap align=left width="91%"><FONT face=serif size=2>10, 2001. (1)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(9)(b)</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Amendment to the Custody Agreement, dated as of January 9, 2003. (1)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(9)(c)</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Schedule II to the Custody Agreement, as of August 1, 2006. (1)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(10)</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Not applicable.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(11)</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Opinion and consent of Kirkpatrick &amp; Lockhart Preston Gates Ellis LLP (&#147;K&amp;L Gates&#148;) as to</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>legality of securities being registered by Registrant. (4)</FONT></TD></TR>
<TR>
     <TD noWrap align=left width="6%" background=""><FONT face=serif size=2>(12)(a)</FONT></TD>
     <TD width="2%" background=""></TD>
     <TD noWrap align=left width="91%" background=""><FONT size=2>Opinion of K&amp;L Gates with respect to certain federal income tax consequences of the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Registrant&#146;s acquisition of Patriot Global. (*)</FONT></TD></TR>
<TR>
     <TD noWrap align=left width="6%" background=""><FONT face=serif size=2>(12)(b)</FONT></TD>
     <TD width="2%" background=""></TD>
     <TD noWrap align=left width="91%" background=""><FONT size=2>Opinion of K&amp;L Gates with respect to certain federal income tax consequences of the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Registrant&#146;s acquisition of Patriot Preferred. (*)</FONT></TD></TR>
<TR>
     <TD noWrap align=left width="6%" background=""><FONT face=serif size=2>(12)(c)</FONT></TD>
     <TD width="2%" background=""></TD>
     <TD noWrap align=left width="91%" background=""><FONT face=serif size=2>Opinion of K&amp;L Gates with respect to certain federal income tax consequences of the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Registrant&#146;s acquisition of Patriot I. (*)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=3><FONT face=serif size=2>(12)(d) Opinion of K&amp;L Gates with respect to certain federal income tax consequences of the</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Registrant&#146;s acquisition of the Patriot Select. (*)</FONT></TD></TR>
<TR>
     <TD noWrap align=left width="6%" background=""><FONT face=serif size=2>(13)(a)</FONT></TD>
     <TD width="2%" background=""></TD>
     <TD noWrap align=left width="91%" background=""><FONT size=2>Transfer Agency Services Agreement between the Registrant and Mellon Investor Services, dated</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>as of June 1, 2002. (1)</FONT></TD></TR>
<TR>
     <TD noWrap align=left width="6%" background=""><FONT face=serif size=2>(13)(b)</FONT></TD>
     <TD width="2%" background=""></TD>
     <TD noWrap align=left width="91%" background=""><FONT face=serif size=2>&nbsp;Amended Transfer Agency Services Agreement between the Registrant and Mellon Investor</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Services dated July 1, 2005. (1)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=3><FONT face=serif size=2>(13)(c) Auction Agency Agreement between the Registrant and Manufacturers Hanover Trust Company</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>(Series A and B), dated as of December 21, 1989. (1)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=3><FONT face=serif size=2>(13)(d) Broker-Dealer Agreement between Bankers Trust Company and J.P. Morgan, dated as of June</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>26, 2001. (1)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=3><FONT face=serif size=2>(13)(e) Amendment to the Broker-Dealer Agreement, dated December 27, 2005. (1)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(13)(f)</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Broker-Dealer Agreement between Deutsche Bank Trust Company Americas and Jefferies &amp; Co.,</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>dated as of April 7, 2003. (1)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=3><FONT face=serif size=2>(13)(g) Form of Letter of Representations. (4)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=3><FONT face=serif size=2>(13)(h) Administration Agreement between the Registrant and John Hancock Advisers, Inc., dated May</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>6, 1992. (1)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(13)(i)</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Amendment No. 1 to the Administration Agreement, dated December 8, 1992. (1)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(14)</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Consent of Independent Registered Public Accounting Firms. (4)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>(15)</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="91%"><FONT face=serif size=2>Not applicable.</FONT></TD></TR></TABLE><BR>
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<A name="page_5"></A>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=serif size=2>(16) Power of Attorney. (4)</FONT><BR>
<BR>
<FONT face=serif size=2>(17)(a) Form of Proxy Card of the Registrant. (4)</FONT></TD></TR></TABLE></P>
<P align=left><FONT face=serif size=2>(17)(b) Form of Proxy Card for the Patriot Funds. (4)</FONT></P>
<P align=left><FONT face=serif size=2>(17)(c) Combined Code of Ethics of John Hancock Advisers, LLC, Sovereign Asset Management Co., each open-end and closed-end fund advised by John Hancock Advisers, LLC and John Hancock Funds, LLC. (3)</FONT></P>
<P align=left><FONT face=serif size=2>(17)(d) Dividend Reinvestment Plan of the Registrant. (1)</FONT></P>
<P align=left><FONT face=serif size=2>(17)(e) Proxy Voting Policies of John Hancock Advisers, LLC and Sovereign Asset Management Corporation. (3)</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD width=14>&nbsp;</TD>
     <TD noWrap><FONT face=serif size=2>* Filed herewith</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face=serif size=2>(1)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD vAlign=center width="100%"><FONT face=serif size=2>Previously filed. Incorporated herein by reference to exhibits filed with Registrant&#146;s Form N-14 (File Nos. 333-139837 and 811-05908) on January 8, 2007 (Accession No. 0000898432-07- 000037)</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=serif size=2>(2)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=serif size=2>Previously filed. Incorporated herein by reference to exhibits filed with Registrant&#146;s Form NSAR- A (File No. 811-05908) on June 28, 2006 (Accession No. 0001010521-06-000508)</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=serif size=2>(3)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=serif size=2>Previously filed. Incorporated herein by reference to exhibits filed with Registrant&#146;s Form N-CSR (File No. 811-05908) on January 3, 2007 (Accession No. 0000928816-07-000011)</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=serif size=2>(4)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=serif size=2>Previously filed. Incorporated herein by reference to exhibits filed with Registrant&#146;s Form N-14 (File Nos. 333-139837 and 811-05908) on March 8, 2007 (Accession No. 0001010521-07- 000237)</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><B><U><FONT face=serif size=2>Item 17. Undertakings.</FONT></U></B></TD></TR></TABLE></P>
<P align=left><FONT face=serif size=2>(1) The undersigned registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this Registration Statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) under the Securities Act of 1933, as amended (the &#147;1933 Act&#148;), the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.</FONT></P>
<P align=left><FONT face=serif size=2>(2) The undersigned registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new Registration Statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.</FONT></P>
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<TABLE><TR><TD align="center" nowrap>
<B><FONT size=2 face="serif">NOTICE</FONT></B></TD></TR></TABLE>
</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">A copy of the Amended and Restated Agreement and Declaration of Trust of John Hancock Patriot Premium Dividend Fund II, as amended, is on file with the Secretary of State of the Commonwealth of
Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and that the obligations of or arising out of this instrument are not binding
upon any of the Trustees, officers or shareholders individually, but are binding only upon the assets and property of the Registrant.</FONT></P>

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<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><B><FONT face=serif size=2>SIGNATURES</FONT></B></TD></TR></TABLE></P>
<P align=left><FONT face=serif size=2>Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Boston and Commonwealth of Massachusetts on the 1st day of February, 2008.</FONT></P>
<DIV align=right>
<TABLE cellSpacing=1 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=right width="99%" colSpan=2><FONT face=serif size=2>John Hancock Patriot Premium Dividend Fund II</FONT></TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="49%"><FONT face=serif size=2>By:</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%" background="">&nbsp;<FONT face=serif size=2><FONT face=serif size=2>/s/Keith F. Hartstein</FONT></FONT><FONT face=serif size=2><FONT face=serif size=2></FONT></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="50%" background="">&nbsp;<FONT face=serif size=2>Keith F. Hartstein</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="50%" background="">&nbsp;<FONT face=serif size=2>President and Chief Executive Officer</FONT></TD></TR></TABLE></DIV><BR>
<P align=left><FONT face=serif size=2>As required by the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><U><FONT face=serif size=2>Signature</FONT></U></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="40%"><U><FONT face=serif size=2>Title</FONT></U></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="21%"><U><FONT face=serif size=2>Date</FONT></U></TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="34%"><FONT face=serif size=2>/s/Keith F. Hartstein</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=2>President and</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>February 1, 2008</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>Keith F. Hartstein</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=2>Chief Executive Officer</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="21%">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="34%"><FONT face=serif size=2>/s/Gordon M. Shone</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=2>Treasurer</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>February 1, 2008</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>Gordon M. Shone</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=2>(Principal Financial Officer and</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="21%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=2>Principal Accounting Officer)</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="21%">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="34%"><FONT face=serif size=2>/s/ James R. Boyle*</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=2>Trustee</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>February 1, 2008</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>James R. Boyle</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="40%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="21%">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="34%"><FONT face=serif size=2>/s/ James F. Carlin *</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=2>Trustee</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>February 1, 2008</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>James F. Carlin</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="40%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="21%">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="34%"><FONT face=serif size=2>/s/ William H. Cunningham *</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=2>Trustee</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>February 1, 2008</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>William H. Cunningham</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="40%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="21%">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="34%"><FONT face=serif size=2>/s/ Charles L. Ladner *</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=2>Trustee</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>February 1, 2008</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>Charles L. Ladner</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="40%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="21%">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="34%"><FONT face=serif size=2>/s/ John A. Moore *</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=2>Trustee</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>February 1, 2008</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>Dr. John A. Moore</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="40%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="21%">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="34%"><FONT face=serif size=2>/s/ Patti McGill Peterson*</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=2>Trustee</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>February 1, 2008</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>Patti McGill Peterson</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="40%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="21%">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="34%"><FONT face=serif size=2>/s/ Steven R. Pruchansky *</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=2>Trustee</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>February 1, 2008</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=serif size=2>Steven R. Pruchansky</FONT></TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="40%">&nbsp;</TD>
     <TD width="2%">&nbsp;</TD>
     <TD noWrap align=left width="21%">&nbsp;</TD></TR></TABLE><BR>
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     <TD noWrap align=left width="12%"><FONT face=serif size=2>* By:</FONT> </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><U><FONT face=serif size=2>/s/ Alfred P. Ouellette</FONT></U> </TD>
     <TD noWrap align=left width="42%" background=""><FONT face=serif size=2>February 1, 2008</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=serif size=2>Alfred P. Ouellette</FONT> </TD>
     <TD noWrap align=left width="42%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="1%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=serif size=2>(Attorney-in-Fact)</FONT> </TD>
     <TD noWrap align=left width="42%" background=""></TD></TR></TABLE><BR>
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<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="99%" colSpan=3><B><FONT face=serif size=2>EXHIBIT INDEX</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="12%"><FONT face=serif size=2>Exhibit No.</FONT> </TD>
     <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="2%">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="85%"><FONT face=serif size=2>Description</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%" rowSpan=2><FONT face=serif size=2>(12)(a)</FONT> <BR>
&nbsp; </TD>
     <TD style="BORDER-LEFT: #000000 1pt solid" width="2%" rowSpan=2>&nbsp; <BR>
&nbsp; </TD>
     <TD noWrap align=left width="85%" rowSpan=2><FONT face=serif size=2>Opinion of K&amp;L Gates with respect to certain federal income tax consequences of the</FONT> <BR>
<FONT face=serif size=2>Registrant&#146;s acquisition of Patriot Global.</FONT> </TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%" rowSpan=2><FONT face=serif size=2>12(b)</FONT> <BR>
&nbsp; </TD>
     <TD style="BORDER-LEFT: #000000 1pt solid" width="2%" rowSpan=2>&nbsp; <BR>
&nbsp; </TD>
     <TD noWrap align=left width="85%" rowSpan=2><FONT face=serif size=2>Opinion of K&amp;L Gates with respect to certain federal income tax consequences of the</FONT> <BR>
<FONT face=serif size=2>Registrant&#146;s acquisition of Patriot Preferred.</FONT> </TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%" rowSpan=2><FONT face=serif size=2>12(c)</FONT> <BR>
&nbsp; </TD>
     <TD style="BORDER-LEFT: #000000 1pt solid" width="2%" rowSpan=2>&nbsp; <BR>
&nbsp; </TD>
     <TD noWrap align=left width="85%" rowSpan=2><FONT face=serif size=2>Opinion of K&amp;L Gates with respect to certain federal income tax consequences of the</FONT> <BR>
<FONT face=serif size=2>Registrant&#146;s acquisition of Patriot I.</FONT> </TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%" rowSpan=2><FONT face=serif size=2>12(d)</FONT> <BR>
&nbsp; </TD>
     <TD style="BORDER-LEFT: #000000 1pt solid" width="2%" rowSpan=2>&nbsp; <BR>
&nbsp; </TD>
     <TD noWrap align=left width="85%" rowSpan=2><FONT face=serif size=2>Opinion of K&amp;L Gates with respect to certain federal income tax consequences of the</FONT> <BR>
<FONT face=serif size=2>Registrant&#146;s acquisition of the Patriot Select.</FONT> </TD></TR>
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<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>2
<FILENAME>ex12a.htm
<DESCRIPTION>OPINION RE: ACQUISITION OF PATRIOT GLOBAL
<TEXT>

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     <TD noWrap align=center><FONT face=sans-serif>June 4, 2007</FONT></TD></TR></TABLE></P>
<P align=left>
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<TR>
     <TD noWrap><FONT face=sans-serif>John Hancock Patriot Global Dividend Fund</FONT><BR>
<FONT face=sans-serif>601 Congress Street</FONT><BR>
<FONT face=sans-serif>Boston, Massachusetts 02210</FONT></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif>John Hancock Patriot Premium Dividend Fund II 601 Congress Street Boston, Massachusetts 02210</FONT></P>
<P style="MARGIN-LEFT: 3%" align=left><FONT face=sans-serif>Re: </FONT><U><FONT face=sans-serif>Reorganization to Combine Two Massachusetts Business Trusts</FONT></U></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=sans-serif>Ladies and Gentleman:</FONT></TD></TR></TABLE></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>John Hancock Patriot Global Dividend Fund, a Massachusetts business trust (&#147;</FONT><B><FONT face=sans-serif>Acquired Fund</FONT></B><FONT face=sans-serif>&#148;), and John Hancock Patriot Premium Dividend Fund II, also a Massachusetts business trust (&#147;</FONT><B><FONT face=sans-serif>Acquiring Fund</FONT></B><FONT face=sans-serif>&#148;), have requested our opinion as to certain federal income tax consequences of Acquiring Fund&#146;s proposed acquisition of Acquired Fund. That acquisition is to occur pursuant to an Agreement and Plan of Reorganization entered into by and between Acquired Fund and Acquiring Fund dated as of May 31, 2007 (&#147;</FONT><B><FONT face=sans-serif>Agreement</FONT></B><FONT face=sans-serif>&#148;).</FONT><SUP><FONT face=sans-serif>1 </FONT></SUP><FONT face=sans-serif>Specifically, each Fund has requested our opinion --</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(1) that Acquiring Fund&#146;s acquisition of Acquired Fund&#146;s assets in exchange solely for voting shares of beneficial interest (&#147;</FONT><B><FONT face=sans-serif>shares</FONT></B><FONT face=sans-serif>&#148;) in Acquiring Fund, cash to be distributed in lieu of certain fractional shares, and Acquiring Fund&#146;s assumption of Acquired Fund&#146;s liabilities, followed by Acquired Fund&#146;s distribution of those shares (or cash in lieu of certain fractional shares) </FONT><I><FONT face=sans-serif>pro rata</FONT></I><FONT face=sans-serif> to its shareholders of record determined as of the </FONT><B><FONT face=sans-serif>Effective Time</FONT></B><FONT face=sans-serif> (as herein defined) (&#147;</FONT><B><FONT face=sans-serif>Shareholders</FONT></B><FONT face=sans-serif>&#148;) actually or constructively in exchange for their shares in Acquired Fund (such</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=2></FONT></SUP>&nbsp;</P>
<P align=left><SUP><FONT face=sans-serif size=2>1 </FONT></SUP><FONT face=sans-serif size=2>Each of Acquired Fund and Acquiring Fund is sometimes referred to herein as a &#147;</FONT><B><FONT face=sans-serif size=2>Fund</FONT></B><FONT face=sans-serif size=2>.&#148;</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>G</FONT><FONT face=sans-serif size=2>LOBAL </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>UNE </FONT><FONT face=sans-serif size=2>4, 2007</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Page 2</FONT> </TD></TR></TABLE><BR>
<P style="MARGIN-LEFT: 2%" align=left><FONT face=sans-serif>transactions collectively referred to herein as the &#147;</FONT><B><FONT face=sans-serif>Reorganization</FONT></B><FONT face=sans-serif>&#148;), will qualify as a &#147;reorganization&#148; (as defined in section 368(a)(1)(C)),</FONT><SUP><FONT face=sans-serif>2</FONT></SUP><FONT face=sans-serif> and each Fund will be &#147;a party to a reorganization&#148; (within the meaning of section 368(b));</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(2) that neither the Funds nor the Shareholders will recognize gain or loss on the Reorganization, except that Shareholders will recognize gain or loss in connection their receipt of cash in lieu of fractional shares; and</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(3) regarding the basis and holding period after the Reorganization of the transferred assets and the shares issued pursuant thereto.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>In rendering this opinion, we have examined (1) the Agreement, (2) the Joint Proxy Statement/Prospectus dated March 12, 2007, regarding the Reorganization (&#147;</FONT><B><FONT face=sans-serif>Joint Proxy Statement</FONT></B><FONT face=sans-serif>&#148;) that was furnished in connection with the solicitation, by the members of Acquired Fund&#146;s Board of Trustees (&#147;</FONT><B><FONT face=sans-serif>Board</FONT></B><FONT face=sans-serif>&#148;) and the Acquiring Fund&#146;s Board of Trustees of proxies for use at the special meetings of each Fund&#146;s shareholders that were held on May 2, 2007, and (3) other documents we have deemed necessary or appropriate for the purposes hereof (collectively, &#147;</FONT><B><FONT face=sans-serif>Documents</FONT></B><FONT face=sans-serif>&#148;). We have assumed, for purposes hereof, the accuracy and completeness of the information contained in all the Documents. As to various matters of fact materia
l to this opinion, we have relied, exclusively and without independent verification (with your permission), on the representations and warranties described below (collectively, &#147;</FONT><B><FONT face=sans-serif>Representations</FONT></B><FONT face=sans-serif>&#148;). W</FONT><FONT face=sans-serif>e have assumed that any Representation made &#147;to the knowledge and belief&#148; (or similar qualification) of any person or party is, and at the Effective Time will be, correct without such qualification. We have also assumed that as to all matters for which a person or entity has represented that such person or entity is not a party to, does not have, or is not aware of any plan, intention, understanding, or agreement, there is no such plan, intention, understanding, or agreement. Finally, we have assumed that the Documents and the Representations present all the material and relevant facts relating to the Reorganization.</FONT></P>
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<TABLE>
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     <TD noWrap align=center><U><FONT face=sans-serif>FACTS</FONT></U></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=1>2 </FONT><FONT face=sans-serif size=2>All &#147;section&#148; references are to the Internal Revenue Code of 1986, as amended (&#147;</FONT><B><FONT face=sans-serif size=2>Code</FONT></B><FONT face=sans-serif size=2>&#148;), unless otherwise noted, and all &#147;Treas. Reg. &#167;&#148; references are to the regulations under the Code (&#147;</FONT><B><FONT face=sans-serif size=2>Regulations</FONT></B><FONT face=sans-serif size=2>&#148;).</FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>G</FONT><FONT face=sans-serif size=2>LOBAL </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>UNE </FONT><FONT face=sans-serif size=2>4, 2007</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Page 3</FONT> </TD></TR></TABLE><BR>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Each Fund is a voluntary association with transferable shares of the type commonly referred to as a &#147;Massachusetts business trust&#148; that is duly organized and validly existing under the laws of The Commonwealth of Massachusetts. Each Fund is duly registered under the 1940 Act as an closed-end management investment company. Each Fund has sold shares to the public.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Acquired Fund has two issued and outstanding classes of shares, consisting of common shares (&#147;</FONT><B><FONT face=sans-serif>Acquired Fund Common Shares</FONT></B><FONT face=sans-serif>&#148;) and preferred shares (&#147;</FONT><B><FONT face=sans-serif>Acquired Fund Preferred Shares</FONT></B><FONT face=sans-serif>&#148; and, together with the Acquired Fund Common Shares, &#147;</FONT><B><FONT face=sans-serif>Acquired Fund Shares</FONT></B><FONT face=sans-serif>&#148;).</FONT><SUP><FONT face=sans-serif>3</FONT></SUP><FONT face=sans-serif> Acquiring Fund also has two issued and outstanding classes of shares, consisting of common shares (&#147;</FONT><B><FONT face=sans-serif>Acquiring Fund Common Shares</FONT></B><FONT face=sans-serif>&#148;) and preferred shares (&#147;</FONT><B><FONT face=sans-serif>Acquiring Fund Preferred Shares</FONT></B><FONT face=sans-serif>&#148; and, together with the Acquiring Fund Common Shares, &#147;</FONT><B>
<FONT face=sans-serif>Acquiring Fund Shares</FONT></B><FONT face=sans-serif>&#148;).</FONT><SUP><FONT face=sans-serif>4</FONT></SUP><FONT face=sans-serif> The Acquired Fund Common Shares and the Acquired Fund Preferred Shares are substantially similar to the Acquired Fund Common Shares and the Acquired Fund Preferred Shares, respectively. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>The Reorganization, together with related acts necessary to consummate it (&#147;</FONT><B><FONT face=sans-serif>Closing</FONT></B><FONT face=sans-serif>&#148;), will occur on June 4, 2007, or on such date and at such time as the Funds agree (&#147;</FONT><B><FONT face=sans-serif>Effective Time</FONT></B><FONT face=sans-serif>&#148;).</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Each Fund&#146;s Declaration of Trust (&#147;</FONT><B><FONT face=sans-serif>Declaration</FONT></B><FONT face=sans-serif>&#148;) permits it to vary its shareholders&#146; investment therein. Neither Fund has a fixed pool of assets -- each Fund is a managed portfolio of securities, and its investment advisor, John Hancock Advisers, LLC (&#147;</FONT><B><FONT face=sans-serif>Advisor</FONT></B><FONT face=sans-serif>&#148;), has the authority to buy and sell securities for it.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>The Funds have similar, although not identical, investment objectives. Both Funds seek to provide common shareholders with a high level of current income consistent with modest growth of capital. Each Fund invests at least 80% of its assets in dividend-paying securities and emphasizes investments in securities of companies in the utilities industries, although the minimum percentage of assets dedicated to these</FONT></P>
<P align=left>&nbsp;</P>
<P align=left><SUP><FONT face=sans-serif size=2>3</FONT></SUP><FONT face=sans-serif size=2> The Board has designated the Acquired Fund Preferred Shares as &#147;Dutch Auction Rate Transferable Securities&#148; (&#147;</FONT><B><FONT face=sans-serif size=2>Acquired Fund DARTS</FONT></B><FONT face=sans-serif size=2>&#148;).</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=2>4</FONT></SUP><FONT face=sans-serif size=2> The Board of Trustees of the Acquiring Fund has designated its Acquiring Fund Preferred Shares as several series, including &#147;Dutch Auction Rate Transferable Securities, Series F&#148; (&#147;</FONT><B><FONT face=sans-serif size=2>Acquiring Fund DARTS Series F</FONT></B><FONT face=sans-serif size=2>&#148;). The terms of the Acquiring Fund DARTS Series F are substantially the same as those of the Acquired Fund DARTS. </FONT></P>
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<FONT size=2 face="sans-serif">J</FONT><FONT size=2 face="sans-serif">OHN </FONT><FONT size=2 face="sans-serif">H</FONT><FONT size=2 face="sans-serif">ANCOCK </FONT><FONT size=2 face="sans-serif">P</FONT><FONT size=2 face="sans-serif">ATRIOT </FONT><FONT size=2 face="sans-serif">P</FONT><FONT size=2 face="sans-serif">REMIUM </FONT><FONT size=2 face="sans-serif">D</FONT><FONT size=2 face="sans-serif">IVIDEND </FONT><FONT size=2 face="sans-serif">F</FONT><FONT size=2 face="sans-serif">UND </FONT><FONT size=2 face="sans-serif">II</FONT>
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<FONT size=2 face="sans-serif">J</FONT><FONT size=2 face="sans-serif">UNE </FONT><FONT size=2 face="sans-serif">4, 2007</FONT>
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<P align="left">
<FONT face="sans-serif">types of investments may differ.  The quality of ratings of each Fund's portfolio investments stipulates that preferred stocks and debt obligations in which the Fund will invest will be investment grade at least "BBB" by
S&amp;P or "Baa" by Moody's at the time of investment or will be preferred stocks of issuers of investment grade senior debt, some of which may have speculative characteristics, or, if not rated, will be of comparable quality as determined by the
Advisor. Each Fund will invest in common stocks of issuers whose senior debt is rated investment grade or, in the case of issuers that have no rated senior debt outstanding, whose senior debt is considered by the Advisor to be of comparable
quality.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">Although the investment objective of each Fund is similar, their investment policies and risks differ in certain respects. Acquired Fund invests at least 65% of its total assets in securities of
issuers located in three or more countries, including the United States, with no more than 25% of the Fund&#146;s total assets in securities of issuers located in any single country other than the United States. Although Acquiring Fund is not
restricted from investing in foreign securities, it will likely not concentrate its investments in foreign issuers.  Whereas Acquiring Fund normally invests more than 65% of its total assets in securities of companies in the utilities industry,
Acquired Fund invests at least 25% of its total assets in such securities and also invests a portion of its assets (although less than 25% of its total assets) in securities issued by companies in the banking industry.  Acquiring Fund operates so
that dividends paid qualify in their entirety for the dividends received deduction under section 243(a)(1), and it does not intend to realize any capital gains.  Under normal market conditions, Acquired Fund anticipates that at least 50% of the
dividends paid to the holders of preferred shares as a class will qualify for the dividends received deduction under section 243(a)(1). Both Funds are managed by the same investment advisory personnel.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">The Funds&#146; investment objectives and strategies allow both Funds to invest in many of the same issuers. Many of the Funds&#146; investment risks are similar.</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">For the reasons described in the Joint Proxy Statement, the Board duly adopted and approved the Agreement and the Reorganization. Each Fund&#146;s Board of Trustees has determined that
participation in the Reorganization is in each Fund&#146;s best interests and that the interests of the existing shareholders thereof will not be diluted as a result of the Reorganization.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">The Agreement, which specifies that the Funds intend for the Reorganization to qualify as a &#147;reorganization&#148; within the meaning of section 368(a), provides in relevant part for the
following: </FONT></P>

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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(1) Acquiring Fund&#146;s acquisition of all investments and other assets, including interest accrued on debt instruments as of the Valuation Time, Acquired Fund owns at the Effective Time (collectively &#147;</FONT><B><FONT face=sans-serif>Assets</FONT></B><FONT face=sans-serif>&#148;), in exchange solely for the following:</FONT></P>
<P style="MARGIN-LEFT: 2%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(a) the number of Acquiring Fund Common Shares having an aggregate net asset value equal to the aggregate net asset value of the Acquired Fund Common Shares held by each Shareholder, determined in each case as of the Valuation Time and as provided in paragraph 4(b) and (c) of the Agreement; provided, however, that no fractional Acquiring Fund Common Shares are to be issued except with respect to Acquired Fund Common Shares held in a Dividend Reinvestment Plan account;</FONT></P>
<P style="MARGIN-LEFT: 2%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(b) the number of Acquiring Fund Preferred Shares</FONT><SUP><FONT face=sans-serif>5</FONT></SUP><FONT face=sans-serif> having an aggregate liquidation preference and value equal to the aggregate liquidation preference and value of the Acquired Fund Preferred Shares held by each Shareholder, determined in each case as of the Valuation Time and as provided in paragraph 4(b) and (c) of the Agreement;</FONT></P>
<P style="MARGIN-LEFT: 2%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(c) cash in lieu of any fractional Acquiring Fund Common Shares, subject to the limitation described in paragraph (a) above, which cash will represent the current fair market value of such fractional shares in accordance with paragraph 4(e) of the Agreement; and</FONT></P>
<P style="MARGIN-LEFT: 2%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(d) Acquiring Fund&#146;s assumption of substantially all of the liabilities of Acquired Fund at the Valuation Time (collectively &#147;</FONT><B><FONT face=sans-serif>Liabilities</FONT></B><FONT face=sans-serif>&#148;).</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(2) The distribution of those Acquiring Fund Shares to the Shareholders by Acquiring Fund&#146;s transfer agent&#146;s opening accounts on Acquiring Fund&#146;s share ledger records in the Shareholders&#146; names and crediting each Shareholder&#146;s account with the respective </FONT><I><FONT face=sans-serif>pro rata</FONT></I><FONT face=sans-serif> number</FONT></P>
<P align=left>&nbsp;</P>
<P align=left><SUP><FONT face=sans-serif size=2>5</FONT></SUP><FONT face=sans-serif size=2> The Acquiring Fund Preferred Shares referred to herein will consist of shares of Acquiring Fund DARTS Series F.</FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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<P align=left><FONT face=sans-serif>of Acquiring Fund Shares due that Shareholder,</FONT><SUP><FONT face=sans-serif>6</FONT></SUP><FONT face=sans-serif> by class (whereupon all outstanding Acquired Fund Shares, including any represented by certificates, simultaneously will be canceled on Acquired Fund&#146;s share ledger records)</FONT><SUP><FONT face=sans-serif>7</FONT></SUP><FONT face=sans-serif>;</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(3) Acquired Fund&#146;s termination as soon as reasonably practicable after that distribution, but in all events within six months after the Effective Time; and</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(4) Subject to satisfaction of each Fund&#146;s Representation (11) in the third set of Representations below, the </FONT><B><FONT face=sans-serif>Reorganization Expenses</FONT></B><FONT face=sans-serif> (as defined therein) will be borne by the holders of the Acquired Fund Common Shares and the Acquiring Fund Common Shares in proportion to their projected annual expense savings as a result of the Reorganization, with the balance being borne by the Advisor. Notwithstanding the foregoing, expenses will be paid by the party directly incurring them if and to the extent that the payment thereof by another person would result in that party&#146;s disqualification as a </FONT><B><FONT face=sans-serif>RIC </FONT></B><FONT face=sans-serif>(as defined below) or would prevent the Reorganization from qualifying as a tax-free reorganization.</FONT></P>
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     <TD noWrap align=center><U><FONT face=sans-serif>REPRESENTATIONS</FONT></U></TD></TR></TABLE></P>
<P align=left><U><FONT face=sans-serif>Acquired Fund</FONT></U><FONT face=sans-serif> has represented and warranted to us as follows:</FONT></P>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(1)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>For each taxable year of its operation, including the taxable year ending at the Effective Time, Acquired Fund has met and will continue to meet the requirements of Subchapter M of Chapter 1 of Subtitle A of the Code (&#147;</FONT><B><FONT face=sans-serif>Subchapter M</FONT></B><FONT face=sans-serif>&#148;) for qualification as a regulated investment company (&#147;</FONT><B><FONT face=sans-serif>RIC</FONT></B><FONT face=sans-serif>&#148;) and has been and will continue to be eligible to and has computed</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=left><SUP><FONT face=sans-serif size=2>6</FONT></SUP><FONT face=sans-serif size=2> As noted above, Shareholders will in some cases receive cash in lieu of fractional Acquiring Fund Common Shares.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=2>7</FONT></SUP><FONT face=sans-serif size=2> The Agreement provides that, at the time of the Reorganization, the Acquired Fund Shares will, in effect, be exchanged for Acquiring Fund Shares, certificates for which will not be issued. Accordingly, Shareholders will not be required to and will not make physical delivery of their Acquired Fund Shares, nor will they receive certificates for Acquiring Fund Shares, pursuant to the Reorganization. Acquired Fund Shares nevertheless will be treated as having been exchanged for Acquiring Fund Shares, and the tax consequences to the Shareholders will be unaffected by the absence of Acquiring Fund Share certificates. </FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>UNE </FONT><FONT face=sans-serif size=2>4, 2007</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Page 7</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif>and will continue to compute its federal income tax under section 852 and will pay the dividend(s) described in paragraph 3(c) of the Agreement; and Acquired Fund has no earnings and profits accumulated in any taxable year in which the provisions of Subchapter M did not apply to it;</FONT></P>
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<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(2)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>The Funds are in the same line of business, for purposes of Treas. Reg. &#167; 1.368-1(d)(2), and Acquired Fund did not enter into such line of business as part of the plan of reorganization; from the time the Board approved the transactions contemplated by the Agreement (&#147;</FONT><B><FONT face=sans-serif>Approval Time</FONT></B><FONT face=sans-serif>&#148;) through the Effective Time, Acquired Fund has invested and will invest its assets in a manner that ensures its compliance with the Representation in the preceding paragraph; from the date it commenced operations through the Effective Time, Acquired Fund has conducted and will conduct its &#147;historic business&#148; (within the meaning of Treas. Reg. &#167; 1.368-1(d)(2)) in a substantially unchanged manner; and from the Approval Time through the Effective Time, Acquired Fund (a) has not disposed of and/or acquired, and will not dispose of and/or acquire, any assets (i) for the purpose of satisfying Acquir
ing Fund&#146;s investment objective or policies or (ii) for any other reason except in the ordinary course of its business as a RIC, and (b) has not otherwise changed its historic investment policies;</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(3)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>At the Effective Time, (a) at least 33-1/3% of Acquired Fund&#146;s portfolio assets will meet Acquiring Fund&#146;s investment objective, strategies, policies, risks, and restrictions, and (b) Acquired Fund did not and will not alter its portfolio in connection with the Reorganization to meet such 33- 1/3% threshold;</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(4)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquired Fund incurred the Liabilities in the ordinary course of its business;</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(5)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquired Fund is not under the jurisdiction of a court in a &#147;title 11 or similar case&#148; (as defined in section 368(a)(3)(A));</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(6)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>During the five-year period ending at the Effective Time, (a) neither Acquired Fund nor any person &#147;related&#148; (within the meaning of Treas. Reg. <FONT face=sans-serif>&#167; 1.368-1(e)(4), without regard to Treas. Reg. &#167; 1.368-1(e)(4)(i)(A)) to it will have acquired Acquired Fund Shares, either directly or through any transaction, agreement, or arrangement with any other person, with consideration other than Acquiring Fund Shares or Acquired Fund Shares, and (b) no distributions will have been made with respect to Acquired Fund Shares, other than normal, regular dividend distributions made</FONT>&nbsp;</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD width="100%"></TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>G</FONT><FONT face=sans-serif size=2>LOBAL </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>UNE </FONT><FONT face=sans-serif size=2>4, 2007</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Page 8</FONT> </TD></TR></TABLE><BR>
<P style="MARGIN-LEFT: 4%" align=left><FONT face=sans-serif>pursuant to Acquired Fund&#146;s historic dividend-paying practice and other distributions that qualify for the deduction for dividends paid (within the meaning of section 561) referred to in sections 852(a)(1) and 4982(c)(1)(A);</FONT></P>
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<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(7)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Not more than 25% of the value of Acquired Fund&#146;s total assets (excluding cash, cash items, and U.S. government securities) is invested in the stock and securities of any one issuer, and not more than 50% of the value of such assets is invested in the stock and securities of five or fewer issuers; and</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(8)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquired Fund will terminate in accordance with paragraph 6(b) of the Agreement, which termination will be effected as soon as reasonably practical after the Effective Time, but in all events within six months thereafter.</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=left><U><FONT face=sans-serif>Acquiring Fund</FONT></U><FONT face=sans-serif> has represented and warranted to us as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(1)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>For each taxable year of its operation, including the taxable year that includes the Effective Time, Acquiring Fund has met the requirements of Subchapter M of Chapter 1 of the Code for qualification as a RIC and has been eligible to and has computed its federal income tax under section 852; Acquiring Fund intends to continue to meet all such requirements, and to be eligible to and to compute its federal income tax under section 852, for the next taxable year; and Acquiring Fund has no earnings and profits accumulated in any taxable year in which the provisions of Subchapter M did not apply to it;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(2)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Except for Acquiring Fund&#146;s assumption of the Liabilities and its payment of cash in lieu of certain fractional Acquiring Fund Shares pursuant to paragraph 4(e) of the Agreement, no consideration other than Acquiring Fund Shares will be issued in exchange for the Assets in the Reorganization;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(3)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquiring Fund has no plan or intention to issue additional shares following the Reorganization except for shares issued in the ordinary course of its business as a closed-end investment company having series of auction preferred shares; nor does Acquiring Fund, or any person &#147;related&#148; (within the meaning of Treas. Reg. &#167; 1.368-1(e)(4)) to it, have any plan or intention, in connection with the Reorganization, to acquire -- during the five-year</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>G</FONT><FONT face=sans-serif size=2>LOBAL </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>UNE </FONT><FONT face=sans-serif size=2>4, 2007</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Page 9</FONT> </TD></TR></TABLE><BR>
<P style="MARGIN-LEFT: 4%" align=left><FONT face=sans-serif>period beginning at the Effective Time, either directly or through any transaction, agreement, or arrangement with any other person -- with consideration other than Acquiring Fund Shares, any Acquiring Fund Shares issued to the Shareholders pursuant to the Reorganization;</FONT></P>
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<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(4)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Following the Reorganization, Acquiring Fund (a) will continue Acquired Fund&#146;s &#147;historic business&#148; (within the meaning of Treas. Reg. &#167; 1.368- 1(d)(2)) and (b) will use a significant portion of Acquired Fund&#146;s &#147;historic business assets&#148; (within the meaning of Treas. Reg. &#167; 1.368-1(d)(3)) in a business; moreover, Acquiring Fund (c) has no plan or intention to sell or otherwise dispose of any of the Assets, except for dispositions made in the ordinary course of that business and dispositions necessary to maintain its status as a RIC, and (d) expects to retain substantially all the Assets in the same form as it receives them in the Reorganization, unless and until subsequent investment circumstances suggest the desirability of change or it becomes necessary to make dispositions thereof to maintain such status;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(5)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquiring Fund is in the same line of business that Acquired Fund was in preceding the Reorganization, for purposes of Treas. Reg. &#167; 1.368- 1(d)(2), and did not enter into such line of business as part of the plan of reorganization; following the Reorganization, Acquiring Fund will continue, and has no intention to change, such line of business; and at the Effective Time, (a) at least 33-1/3% of Acquired Fund&#146;s portfolio assets will meet Acquiring Fund&#146;s investment objective, strategies, policies, risks, and restrictions and (b) Acquiring Fund has no plan or intention to change any of its investment objective, strategies, policies, risks, or restrictions after the Reorganization;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(6)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquiring Fund believes, based on its review of Acquired Fund&#146;s and Acquiring Fund&#146;s respective investment portfolios, that most of Acquired Fund&#146;s assets are consistent with Acquiring Fund&#146;s investment objective and policies and thus can be transferred to and held by Acquiring Fund;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(7)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>There is no plan or intention for Acquiring Fund to be dissolved or merged into another business or statutory trust or a corporation or any &#147;fund&#148; thereof (as defined in section 851(g)(2)) following the Reorganization;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(8)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Immediately after the Reorganization, (a) not more than 25% of the value of Acquiring Fund&#146;s total assets (excluding cash, cash items, and U.S.</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>G</FONT><FONT face=sans-serif size=2>LOBAL </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>UNE </FONT><FONT face=sans-serif size=2>4, 2007</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Page 10</FONT> </TD></TR></TABLE><BR>
<P style="MARGIN-LEFT: 5%" align=left><FONT face=sans-serif>government securities) will be invested in the stock and securities of any one issuer and (b) not more than 50% of the value of such assets will be invested in the stock and securities of five or fewer issuers; </FONT></P>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(9)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquiring Fund does not directly or indirectly own, nor at the Effective Time will it directly or indirectly own, nor has it directly or indirectly owned at any time during the past five years, any Acquired Fund Shares; and</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(10)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>During the five-year period ending at the Effective Time, neither Acquiring Fund nor any person &#147;related&#148; (within the meaning of Treas. Reg. &#167; 1.368- 1(e)(4)) to it will have acquired Acquired Fund Shares with consideration other than Acquiring Fund Shares.</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=left><U><FONT face=sans-serif>Each Fund</FONT></U><FONT face=sans-serif> has represented and warranted to us as follows:</FONT></P>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(1)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>The fair market value of the Acquiring Fund Shares each Shareholder receives will be approximately equal to the fair market value of the Acquired Fund Shares it constructively surrenders in exchange therefor;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(2)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Its management (a) is unaware of any plan or intention of Shareholders, in connection with the Reorganization, to redeem, sell, or otherwise dispose of (i) any portion of their Acquired Fund Shares before the Reorganization to any person &#147;related&#148; (within the meaning of Treas. Reg. &#167; 1.368-1(e)(4)) to either Fund or (ii) any portion of the Acquiring Fund Shares they receive in the Reorganization to any person &#147;related&#148; (within such meaning) to Acquiring Fund, (b) does not anticipate dispositions of those Acquiring Fund Shares at the time of or soon after the Reorganization to exceed the usual rate and frequency of dispositions of shares of Acquired Fund as a closed- end investment company, (c) expects that the percentage of shareholder interests, if any, that will be disposed of as a result of, or at the time of, the Reorganization to be </FONT><I><FONT face=sans-serif>de minimis</FONT></I><FONT face=sans-serif>, and (d) does not anticipate
 that there will be extraordinary redemptions of Acquiring Fund Shares immediately following the Reorganization;</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(3)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>To the best of its management&#146;s knowledge, at the record date for Acquired Fund&#146;s shareholders entitled to vote on approval of the Agreement, there was no plan or intention by its shareholders to redeem, sell, exchange, or otherwise dispose of, in connection with the Reorganization, a number of Acquired Fund Shares (or Acquiring Fund Shares to be received in the Reorganization) that would reduce their</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>G</FONT><FONT face=sans-serif size=2>LOBAL </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>UNE </FONT><FONT face=sans-serif size=2>4, 2007</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Page 11</FONT> </TD></TR></TABLE><BR>
<P style="MARGIN-LEFT: 4%" align=left><FONT face=sans-serif>ownership of the Acquired Fund Shares (or the equivalent Acquiring Fund Shares) to a number of shares that was less than 50% of the number of the Acquired Fund Shares at such record date;</FONT></P>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(4)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>The Shareholders will pay their own expenses (including fees of personal investment or tax advisers for advice regarding the Reorganization), if any, incurred in connection with the Reorganization;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(5)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>The fair market value of the Assets on a going-concern basis will equal or exceed the Liabilities to be assumed by Acquiring Fund and those to which the Assets are subject;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(6)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>There is no intercompany indebtedness between Acquired Fund and Acquiring Fund that was issued or acquired, or will be settled, at a discount;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(7)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Pursuant to the Reorganization, Acquired Fund will transfer to Acquiring Fund, and Acquiring Fund will acquire, at least 90% of the fair market value of the net assets, and at least 70% of the fair market value of the gross assets, Acquired Fund held immediately before the Reorganization. For the purposes of the foregoing, any amounts Acquired Fund uses to pay its Reorganization expenses and to make redemptions and distributions immediately before the Reorganization (except regular, normal dividend distributions made to conform to its policy of distributing all or substantially all of its income and gains to avoid the obligation to pay federal income tax and/or the excise tax under section 4982) will be included as assets it held immediately before the Reorganization;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(8)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Cash is being paid to Acquired Fund and distributed to Shareholders in lieu of fractional Acquiring Fund Common Shares solely to save Acquiring Fund the expense and inconvenience of issuing and transferring fractional shares, and such cash does not represent separately bargained for consideration in the Reorganization; the total cash consideration that will be paid to Shareholders instead of issuing fractional Acquiring Fund Common Shares will not exceed 1% of the total consideration that will be issued to Shareholders in exchange for their Acquired Fund Common Shares; and the fractional share interests of each Shareholder will be aggregated, and no Shareholder will receive cash in an amount equal to or greater than the value of one full share of Acquired Fund Common Shares except in cases in which a Shareholder holds beneficial interests in Acquired Fund Common Shares through more than one account and such multiple accounts cannot</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>G</FONT><FONT face=sans-serif size=2>LOBAL </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>UNE </FONT><FONT face=sans-serif size=2>4, 2007</FONT> </TD></TR>
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<P style="MARGIN-LEFT: 5%" align=left><FONT face=sans-serif>be aggregated, either because the beneficial interest cannot be identified or because it would be improper to do so, and in cases in which the same Shareholder owns Acquired Fund Common Shares in multiple accounts and Acquiring Fund cannot aggregate those accounts through use of their common taxpayer identification number or employee identification number or otherwise (in which case no account will receive more than a fraction of one share in cash);</FONT></P>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(9)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>None of the compensation received by any Shareholder who is an employee of or service provider to Acquired Fund will be separate consideration for, or allocable to, any of the Acquired Fund Shares that Shareholder held; none of the Acquiring Fund Shares any such Shareholder receives will be separate consideration for, or allocable to, any employment agreement, investment advisory agreement, or other service agreement; and the compensation paid to any such Shareholder will be for services actually rendered and will be commensurate with amounts paid to third parties bargaining at arm&#146;s-length for similar services;</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(10)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Immediately after the Reorganization, the Shareholders will not own shares constituting &#147;control&#148; (as defined in section 304(c)) of Acquiring Fund;</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(11)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Neither Fund will be reimbursed for any expenses incurred by it or on its behalf in connection with the Reorganization unless those expenses are solely and directly related to the Reorganization (determined in accordance with the guidelines set forth in Rev. Rul. 73-54, 1973-1 C.B. 187) (&#147;</FONT><B><FONT face=sans-serif>Reorganization Expenses</FONT></B><FONT face=sans-serif>&#148;); and</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(12)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>The aggregate value of the acquisitions, redemptions, and distributions limited by Acquired Fund&#146;s Representation numbered (6) and Acquiring Fund&#146;s Representations numbered (3) and (10) will not exceed 50% of the value (without giving effect to such acquisitions, redemptions, and distributions) of the proprietary interest in Acquired Fund at the Effective Time.</FONT> </TD></TR>
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     <TD noWrap align=center><U><FONT face=sans-serif>OPINION</FONT></U></TD></TR></TABLE></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Based solely on the facts and assumptions described above, and conditioned on the Representations&#146; being true and complete at the Effective Time and the Reorganization&#146;s being consummated in accordance with the Agreement (</FONT><FONT face=sans-serif>without the</FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>UNE </FONT><FONT face=sans-serif size=2>4, 2007</FONT> </TD></TR>
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<P align=left><FONT face=sans-serif>waiver or modification of any terms or conditions thereof</FONT><FONT face=sans-serif>), our opinion (as explained more fully in the next section of this letter) is as follows:</FONT></P>
<P style="MARGIN-LEFT: 5%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(1) Acquiring Fund&#146;s acquisition of the Assets in exchange for Acquiring Fund Shares and Acquiring Fund&#146;s assumption of the Liabilities, followed by Acquired Fund&#146;s distribution of those shares to the Shareholders actually or constructively in exchange for their Acquired Fund Shares, will qualify as a &#147;reorganization&#148; (as defined in section 368(a)(1)(C)), and each Fund will be &#147;a party to a reorganization&#148; (within the meaning of section 368(b));</FONT></P>
<P style="MARGIN-LEFT: 5%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(2) Acquired Fund will recognize no gain or loss on the transfer of the Assets to Acquiring Fund in exchange for Acquiring Fund Shares and Acquiring Fund&#146;s assumption of the Liabilities</FONT><SUP><FONT face=sans-serif>8</FONT></SUP><FONT face=sans-serif> or on the subsequent distribution of those shares to the Shareholders in exchange for their Acquired Fund Shares;</FONT></P>
<P style="MARGIN-LEFT: 5%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(3) Acquiring Fund will recognize no gain or loss on its receipt of the Assets in exchange for Acquiring Fund Shares and its assumption of the Liabilities;</FONT></P>
<P style="MARGIN-LEFT: 5%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(4) Acquiring Fund&#146;s basis in each Asset will be the same as Acquired Fund&#146;s basis therein immediately before the Reorganization, and Acquiring Fund&#146;s holding period for each Asset will include Acquired Fund&#146;s holding period therefor (except where Acquiring Fund&#146;s investment activities have the effect of reducing or eliminating an Asset&#146;s holding period);</FONT></P>
<P style="MARGIN-LEFT: 5%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(5) A Shareholder that exchanges all of its Acquired Fund Shares for Acquiring Fund Shares pursuant to the Reorganization will recognize no gain or loss with respect to the exchange; </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=2>8 </FONT></SUP><FONT face=sans-serif size=2>Notwithstanding anything herein to the contrary, we express no opinion as to the effect of the Reorganization on either Fund or any Shareholder with respect to any Asset as to which any unrealized gain or loss is required to be recognized for federal income tax purposes at the end of a taxable year (or on the termination or transfer thereof) under a mark-to-market system of accounting.</FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>UNE </FONT><FONT face=sans-serif size=2>4, 2007</FONT> </TD></TR>
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<P style="MARGIN-LEFT: 2%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(6) The payment of cash to a Shareholder in lieu of a fractional Acquiring Fund Common Share will be treated as received by such Shareholder as a distribution in redemption of its interest in such fractional Acquiring Fund Common Share, and the Shareholder will recognize gain or loss with respect thereto equal to the difference between the amount of cash received and the portion of such Shareholder&#146;s basis in its Acquired Fund Common Shares that is allocable to the fractional Acquiring Fund Common Share; and the Shareholder&#146;s gain or loss will be long-term gain or loss if the holding period for such fractional Acquiring Fund Common Share is more than one year as of the date of the exchange; and</FONT></P>
<P style="MARGIN-LEFT: 2%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(7) A Shareholder&#146;s aggregate basis in the Acquiring Fund Shares it receives in the Reorganization will initially be the same as its aggregate basis in the Acquired Fund Shares it actually or constructively surrenders in exchange for the Acquiring Fund Shares; such initial aggregate basis will then be reduced by the amount of such basis allocable to any fractional Acquiring Fund Common Shares for which the Shareholder receives cash in lieu of issuance of such fractional shares; and the Shareholder&#146;s holding period for the Acquiring Fund Shares received in the Reorganization will include the holding period for the surrendered Acquired Fund Shares, provided the Shareholder holds them as capital assets at the Effective Time.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Our opinion is based on, and is conditioned on the continued applicability of, the provisions of the Code and the Regulations, judicial decisions, and rulings and other pronouncements of the Internal Revenue Service (&#147;</FONT><B><FONT face=sans-serif>Service</FONT></B><FONT face=sans-serif>&#148;) in existence on the date hereof. All the foregoing authorities are subject to change or modification that can be applied retroactively and thus also could affect </FONT><FONT face=sans-serif>the conclusions expressed herein</FONT><FONT face=sans-serif>; we assume no responsibility to update our opinion after the date hereof with respect to any such change or modification. </FONT><FONT face=sans-serif>Our opinion represents our best judgment regarding how a court would decide the issues addressed herein and is not binding on the Service or any court. Moreover, our opinion does not provide any assurance that a position taken in reliance thereon wil
l not be challenged by the Service, and </FONT><FONT face=sans-serif>although we believe that our opinion would be sustained by a court if challenged, there can be no assurances to that effect.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Our opinion addresses only the specific federal income tax consequences of the Reorganization set forth above and does not address any other federal, or any state, local, or foreign, tax consequences of the Reorganization or any other action (including any taken in connection therewith). </FONT><FONT face=sans-serif>Our opinion also applies only to the</FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>UNE </FONT><FONT face=sans-serif size=2>4, 2007</FONT> </TD></TR>
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<P align=left><FONT face=sans-serif>extent each Fund is solvent, and we express no opinion about the tax treatment of the transactions described herein if either Fund is insolvent. Finally, our opinion is solely for the addressees&#146; information and use and may not be relied on for any purpose by any other person without our express written consent.</FONT></P>
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     <TD noWrap><FONT face=sans-serif>Very truly yours,</FONT></TD></TR></TABLE></P>
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     <TD noWrap align=left width="100%"><FONT size=3><U><FONT face=sans-serif size=3>/s/ Kirkpatrick &amp; Lockhart Preston Gates Ellis LLP</FONT></U> </FONT></TD></TR>
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     <TD noWrap align=left width="100%"><FONT size=3><FONT face=sans-serif size=3>Kirkpatrick &amp; Lockhart Preston Gates Ellis LLP</FONT> </FONT></TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>3
<FILENAME>ex12b.htm
<DESCRIPTION>OPINION RE: ACQUISITION OF PATRIOT PREFERRED
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     <TD noWrap align=center><FONT face=sans-serif>May 29, 2007</FONT></TD></TR></TABLE></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif>John Hancock Patriot Preferred Dividend Fund</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif>601 Congress Street</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif>Boston, Massachusetts 02210</FONT> </TD></TR>
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     <TD width="100%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif>John Hancock Patriot Premium Dividend Fund II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif>601 Congress Street</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif>Boston, Massachusetts 02210</FONT> </TD></TR></TABLE><BR>
<P style="MARGIN-LEFT: 2%"><FONT face=sans-serif>Re: </FONT><U><FONT face=sans-serif>Reorganization to Combine Two Massachusetts Business Trusts</FONT></U></P>
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     <TD noWrap><FONT face=sans-serif>Ladies and Gentleman:</FONT></TD></TR></TABLE></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>John Hancock Patriot Preferred Dividend Fund, a Massachusetts business trust (&#147;</FONT><B><FONT face=sans-serif>Acquired Fund</FONT></B><FONT face=sans-serif>&#148;), and John Hancock Patriot Premium Dividend Fund II, also a Massachusetts business trust (&#147;</FONT><B><FONT face=sans-serif>Acquiring Fund</FONT></B><FONT face=sans-serif>&#148;), have requested our opinion as to certain federal income tax consequences of Acquiring Fund&#146;s proposed acquisition of Acquired Fund. That acquisition is to occur pursuant to an Agreement and Plan of Reorganization entered into by and between Acquired Fund and Acquiring Fund dated as of May 25, 2007 (&#147;</FONT><B><FONT face=sans-serif>Agreement</FONT></B><FONT face=sans-serif>&#148;).</FONT><SUP><FONT face=sans-serif>1 </FONT></SUP><FONT face=sans-serif>Specifically, each Fund has requested our opinion --</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(1) that Acquiring Fund&#146;s acquisition of Acquired Fund&#146;s assets in exchange solely for voting shares of beneficial interest (&#147;</FONT><B><FONT face=sans-serif>shares</FONT></B><FONT face=sans-serif>&#148;) in Acquiring Fund, cash to be distributed in lieu of certain fractional shares, and Acquiring Fund&#146;s assumption of Acquired Fund&#146;s liabilities, followed by Acquired Fund&#146;s distribution of those shares (or cash in lieu of certain fractional shares) </FONT><I><FONT face=sans-serif>pro rata</FONT></I><FONT face=sans-serif> to its shareholders of record determined as of the </FONT><B><FONT face=sans-serif>Effective Time</FONT></B><FONT face=sans-serif> (as herein defined) (&#147;</FONT><B><FONT face=sans-serif>Shareholders</FONT></B><FONT face=sans-serif>&#148;) actually or constructively in exchange for their shares in Acquired Fund (such</FONT></P>
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<P align=left><SUP><FONT face=sans-serif size=2>1 </FONT></SUP><FONT face=sans-serif size=2>Each of Acquired Fund and Acquiring Fund is sometimes referred to herein as a &#147;</FONT><B><FONT face=sans-serif size=2>Fund</FONT></B><FONT face=sans-serif size=2>.&#148;</FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REFERRED </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>M</FONT><FONT face=sans-serif size=2>AY </FONT><FONT face=sans-serif size=2>29, 2007</FONT> </TD></TR>
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<P style="MARGIN-LEFT: 2%" align=left><FONT face=sans-serif>transactions collectively referred to herein as the &#147;</FONT><B><FONT face=sans-serif>Reorganization</FONT></B><FONT face=sans-serif>&#148;), will qualify as a &#147;reorganization&#148; (as defined in section 368(a)(1)(C)),</FONT><SUP><FONT face=sans-serif>2</FONT></SUP><FONT face=sans-serif> and each Fund will be &#147;a party to a reorganization&#148; (within the meaning of section 368(b));</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(2) that neither the Funds nor the Shareholders will recognize gain or loss on the Reorganization, except that Shareholders will recognize gain or loss in connection their receipt of cash in lieu of fractional shares; and</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(3) regarding the basis and holding period after the Reorganization of the transferred assets and the shares issued pursuant thereto.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>In rendering this opinion, we have examined (1) the Agreement, (2) the Joint Proxy Statement/Prospectus dated March 12, 2007, regarding the Reorganization (&#147;</FONT><B><FONT face=sans-serif>Joint Proxy Statement</FONT></B><FONT face=sans-serif>&#148;) that was furnished in connection with the solicitation, by the members of Acquired Fund&#146;s Board of Trustees (&#147;</FONT><B><FONT face=sans-serif>Board</FONT></B><FONT face=sans-serif>&#148;) and the Acquiring Fund&#146;s Board of Trustees of proxies for use at the special meetings of each Fund&#146;s shareholders that were held on April 23, 2007, and (3) other documents we have deemed necessary or appropriate for the purposes hereof (collectively, &#147;</FONT><B><FONT face=sans-serif>Documents</FONT></B><FONT face=sans-serif>&#148;). We have assumed, for purposes hereof, the accuracy and completeness of the information contained in all the Documents. As to various matters of fact mate
rial to this opinion, we have relied, exclusively and without independent verification (with your permission), on the representations and warranties described below (collectively, &#147;</FONT><B><FONT face=sans-serif>Representations</FONT></B><FONT face=sans-serif>&#148;). W</FONT><FONT face=sans-serif>e have assumed that any Representation made &#147;to the knowledge and belief&#148; (or similar qualification) of any person or party is, and at the Effective Time will be, correct without such qualification. We have also assumed that as to all matters for which a person or entity has represented that such person or entity is not a party to, does not have, or is not aware of any plan, intention, understanding, or agreement, there is no such plan, intention, understanding, or agreement. Finally, we have assumed that the Documents and the Representations present all the material and relevant facts relating to the Reorganization.</FONT></P>
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     <TD noWrap align=center><U><FONT face=sans-serif>FACTS</FONT></U></TD></TR></TABLE></P>
<P align=center>&nbsp;</P>
<P align=left><FONT face=sans-serif size=1>2 </FONT><FONT face=sans-serif size=2>All &#147;section&#148; references are to the Internal Revenue Code of 1986, as amended (&#147;</FONT><B><FONT face=sans-serif size=2>Code</FONT></B><FONT face=sans-serif size=2>&#148;), unless otherwise noted, and all &#147;Treas. Reg. &#167;&#148; references are to the regulations under the Code (&#147;</FONT><B><FONT face=sans-serif size=2>Regulations</FONT></B><FONT face=sans-serif size=2>&#148;).</FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REFERRED </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>M</FONT><FONT face=sans-serif size=2>AY </FONT><FONT face=sans-serif size=2>29, 2007</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Page 3</FONT> </TD></TR></TABLE><BR>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Each Fund is a voluntary association with transferable shares of the type commonly referred to as a &#147;Massachusetts business trust&#148; that is duly organized and validly existing under the laws of The Commonwealth of Massachusetts. Each Fund is duly registered under the 1940 Act as an closed-end management investment company. Each Fund has sold shares to the public.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Acquired Fund has two issued and outstanding classes of shares, consisting of common shares (&#147;</FONT><B><FONT face=sans-serif>Acquired Fund Common Shares</FONT></B><FONT face=sans-serif>&#148;) and preferred shares (&#147;</FONT><B><FONT face=sans-serif>Acquired Fund Preferred Shares</FONT></B><FONT face=sans-serif>&#148; and, together with the Acquired Fund Common Shares, &#147;</FONT><B><FONT face=sans-serif>Acquired Fund Shares</FONT></B><FONT face=sans-serif>&#148;).</FONT><SUP><FONT face=sans-serif>3</FONT></SUP><FONT face=sans-serif> Acquiring Fund also has two issued and outstanding classes of shares, consisting of common shares (&#147;</FONT><B><FONT face=sans-serif>Acquiring Fund Common Shares</FONT></B><FONT face=sans-serif>&#148;) and preferred shares (&#147;</FONT><B><FONT face=sans-serif>Acquiring Fund Preferred Shares</FONT></B><FONT face=sans-serif>&#148; and, together with the Acquiring Fund Common Shares, &#147;</FONT><B>
<FONT face=sans-serif>Acquiring Fund Shares</FONT></B><FONT face=sans-serif>&#148;).</FONT><SUP><FONT face=sans-serif>4</FONT></SUP><FONT face=sans-serif> The Acquired Fund Common Shares and the Acquired Fund Preferred Shares are substantially similar to the Acquired Fund Common Shares and the Acquired Fund Preferred Shares, respectively. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>The Reorganization, together with related acts necessary to consummate it (&#147;</FONT><B><FONT face=sans-serif>Closing</FONT></B><FONT face=sans-serif>&#148;), will occur on May 29, 2007, or on such date and at such time as the Funds agree (&#147;</FONT><B><FONT face=sans-serif>Effective Time</FONT></B><FONT face=sans-serif>&#148;).</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Each Fund&#146;s Declaration of Trust (&#147;</FONT><B><FONT face=sans-serif>Declaration</FONT></B><FONT face=sans-serif>&#148;) permits it to vary its shareholders&#146; investment therein. Neither Fund has a fixed pool of assets -- each Fund is a managed portfolio of securities, and its investment advisor, John Hancock Advisers, LLC (&#147;</FONT><B><FONT face=sans-serif>Advisor</FONT></B><FONT face=sans-serif>&#148;), has the authority to buy and sell securities for it.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>The Funds have similar, although not identical, investment objectives. Acquiring Fund seeks to provide common shareholders with a high level of current income consistent with modest growth of capital. Acquired Fund seeks to provide common shareholders with a high level of current income, consistent with preservation of capital. Each Fund invests at least 80% of its assets in dividend-paying securities (dividend-</FONT></P>
<P align=left>&nbsp;</P>
<P align=left><SUP><FONT face=sans-serif size=2>3</FONT></SUP><FONT face=sans-serif size=2> The Board has designated the Acquired Fund Preferred Shares as &#147;Auction Rate Preferred Shares&#148; (&#147;</FONT><B><FONT face=sans-serif size=2>Acquired Fund ARPS</FONT></B><FONT face=sans-serif size=2>&#148;).</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=2>4</FONT></SUP><FONT face=sans-serif size=2> The Board of Trustees of the Acquiring Fund has designated its Acquiring Fund Preferred Shares as several series, including &#147;Dutch Auction Rate Transferable Securities, Series E&#148; (&#147;</FONT><B><FONT face=sans-serif size=2>Acquiring Fund DARTS Series E</FONT></B><FONT face=sans-serif size=2>&#148;). The terms of the Acquiring Fund DARTS Series E are substantially the same as those of the Acquired Fund ARPS. </FONT></P>
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<FONT size=2 face="sans-serif">J</FONT><FONT size=2 face="sans-serif">OHN </FONT><FONT size=2 face="sans-serif">H</FONT><FONT size=2 face="sans-serif">ANCOCK </FONT><FONT size=2 face="sans-serif">P</FONT><FONT size=2 face="sans-serif">ATRIOT </FONT><FONT size=2 face="sans-serif">P</FONT><FONT size=2 face="sans-serif">REMIUM </FONT><FONT size=2 face="sans-serif">D</FONT><FONT size=2 face="sans-serif">IVIDEND </FONT><FONT size=2 face="sans-serif">F</FONT><FONT size=2 face="sans-serif">UND </FONT><FONT size=2 face="sans-serif">II</FONT>
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<FONT size=2 face="sans-serif">M</FONT><FONT size=2 face="sans-serif">AY </FONT><FONT size=2 face="sans-serif">29, 2007</FONT>
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<FONT face="sans-serif">paying preferred stocks, in the case of Acquired Fund) and emphasizes investments in securities of companies in the utilities industries, although the minimum and maximum percentages of assets dedicated to these types of
investments may differ. The quality of ratings of each Fund's portfolio investments stipulates that preferred stocks and debt obligations in which the Fund will invest will be investment grade at least "BBB" by S&amp;P or "Baa" by Moody's at the
time of investment or will be preferred stocks of issuers of investment grade senior debt, some of which may have speculative characteristics, or, if not rated, will be of comparable quality as determined by the Advisor. Each Fund will invest in
common stocks of issuers whose senior debt is rated investment grade or, in the case of issuers that have no rated senior debt outstanding, whose senior debt is considered by the Advisor to be of comparable quality.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">Although the investment objective of each Fund is similar, their investment policies and risks differ in certain respects. Acquiring Fund invests at least 80% of its net assets in dividend-paying
preferred and common stocks and normally invests more than 65% of its total assets in securities of companies in the utilities industry. Acquired Fund invests at least 80% of its assets in dividend-paying preferred securities and emphasizes
investments in preferred stocks issued by corporations in the financial services and utilities sectors, as well as regulated industries, but does not invest more than 25% of the value of its total assets in the securities of issuers primarily
engaged in these or any other industries. Acquiring Fund operates so that dividends paid qualify in their entirety for the dividends received deduction under section 243(a)(1), and it does not intend to realize any capital gains.  Acquired Fund is
managed with a view to maximizing the portion of its distributions to holders of Acquired Fund Preferred Shares that, under normal market conditions, qualify for the dividends received deduction under section 243(a)(1).  Both Funds are managed by
the same investment advisory personnel.</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">The Funds&#146; investment objectives and strategies allow both Funds to invest in many of the same issuers. Many of the Funds&#146; investment risks are similar.</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">For the reasons described in the Joint Proxy Statement, the Board duly adopted and approved the Agreement and the Reorganization. Each Fund&#146;s Board of Trustees has determined that
participation in the Reorganization is in each Fund&#146;s best interests and that the interests of the existing shareholders thereof will not be diluted as a result of the Reorganization.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="sans-serif">The Agreement, which specifies that the Funds intend for the Reorganization to qualify as a &#147;reorganization&#148; within the meaning of section 368(a), provides in relevant part for the
following: </FONT></P>

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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REFERRED </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>M</FONT><FONT face=sans-serif size=2>AY </FONT><FONT face=sans-serif size=2>29, 2007</FONT> </TD></TR>
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<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(1) Acquiring Fund&#146;s acquisition of all investments and other assets, including interest accrued on debt instruments as of the Valuation Time, Acquired Fund owns at the Effective Time (collectively &#147;</FONT><B><FONT face=sans-serif>Assets</FONT></B><FONT face=sans-serif>&#148;), in exchange solely for the following:</FONT></P>
<P style="MARGIN-LEFT: 3%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(a) the number of Acquiring Fund Common Shares having an aggregate net asset value equal to the aggregate net asset value of the Acquired Fund Common Shares held by each Shareholder, determined in each case as of the Valuation Time and as provided in paragraph 4(b) and (c) of the Agreement; provided, however, that no fractional Acquiring Fund Common Shares are to be issued except with respect to Acquired Fund Common Shares held in a Dividend Reinvestment Plan account;</FONT></P>
<P style="MARGIN-LEFT: 3%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(b) the number of Acquiring Fund Preferred Shares</FONT><SUP><FONT face=sans-serif>5</FONT></SUP><FONT face=sans-serif> having an aggregate liquidation preference and value equal to the aggregate liquidation preference and value of the Acquired Fund Preferred Shares held by each Shareholder, determined in each case as of the Valuation Time and as provided in paragraph 4(b) and (c) of the Agreement;</FONT></P>
<P style="MARGIN-LEFT: 3%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(c) cash in lieu of any fractional Acquiring Fund Common Shares, subject to the limitation described in paragraph (a) above, which cash will represent the current fair market value of such fractional shares in accordance with paragraph 4(e) of the Agreement; and</FONT></P>
<P style="MARGIN-LEFT: 3%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(d) Acquiring Fund&#146;s assumption of substantially all of the liabilities of Acquired Fund at the Valuation Time (collectively &#147;</FONT><B><FONT face=sans-serif>Liabilities</FONT></B><FONT face=sans-serif>&#148;).</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(2) The distribution of those Acquiring Fund Shares to the Shareholders by Acquiring Fund&#146;s transfer agent&#146;s opening accounts on Acquiring Fund&#146;s share ledger records in the Shareholders&#146; names and crediting each Shareholder&#146;s account with the respective </FONT><I><FONT face=sans-serif>pro rata</FONT></I><FONT face=sans-serif> number</FONT></P>
<P align=left>&nbsp;</P>
<P align=left><SUP><FONT face=sans-serif size=2>5</FONT></SUP><FONT face=sans-serif size=2> The Acquiring Fund Preferred Shares referred to herein will consist of shares of Acquiring Fund DARTS Series E.</FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>M</FONT><FONT face=sans-serif size=2>AY </FONT><FONT face=sans-serif size=2>29, 2007</FONT> </TD></TR>
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<P style="MARGIN-LEFT: 0%" align=left><FONT face=sans-serif>of Acquiring Fund Shares due that Shareholder,</FONT><SUP><FONT face=sans-serif>6</FONT></SUP><FONT face=sans-serif> by class (whereupon all outstanding Acquired Fund Shares, including any represented by certificates, simultaneously will be canceled on Acquired Fund&#146;s share ledger records)</FONT><SUP><FONT face=sans-serif>7</FONT></SUP><FONT face=sans-serif>;</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(3) Acquired Fund&#146;s termination as soon as reasonably practicable after that distribution, but in all events within six months after the Effective Time; and</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(4) Subject to satisfaction of each Fund&#146;s Representation (11) in the third set of Representations below, the </FONT><B><FONT face=sans-serif>Reorganization Expenses</FONT></B><FONT face=sans-serif> (as defined therein) will be borne by the holders of the Acquired Fund Common Shares and the Acquiring Fund Common Shares in proportion to their projected annual expense savings as a result of the Reorganization, with the balance being borne by the Advisor. Notwithstanding the foregoing, expenses will be paid by the party directly incurring them if and to the extent that the payment thereof by another person would result in that party&#146;s disqualification as a </FONT><B><FONT face=sans-serif>RIC </FONT></B><FONT face=sans-serif>(as defined below) or would prevent the Reorganization from qualifying as a tax-free reorganization.</FONT></P>
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     <TD noWrap align=center><U><FONT face=sans-serif>REPRESENTATIONS</FONT></U></TD></TR></TABLE></P>
<P align=left><U><FONT face=sans-serif>Acquired Fund</FONT></U><FONT face=sans-serif> has represented and warranted to us as follows:</FONT></P>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(1)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>For each taxable year of its operation, including the taxable year ending at the Effective Time, Acquired Fund has met and will continue to meet the requirements of Subchapter M of Chapter 1 of Subtitle A of the Code (&#147;</FONT><B><FONT face=sans-serif>Subchapter M</FONT></B><FONT face=sans-serif>&#148;) for qualification as a regulated investment company (&#147;</FONT><B><FONT face=sans-serif>RIC</FONT></B><FONT face=sans-serif>&#148;) and has been and will continue to be eligible to and has computed</FONT> </TD></TR>
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<P>&nbsp;</P>
<P align=left><SUP><FONT face=sans-serif size=2>6</FONT></SUP><FONT face=sans-serif size=2> As noted above, Shareholders will in some cases receive cash in lieu of fractional Acquiring Fund Common Shares.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=2>7</FONT></SUP><FONT face=sans-serif size=2> The Agreement provides that, at the time of the Reorganization, the Acquired Fund Shares will, in effect, be exchanged for Acquiring Fund Shares, certificates for which will not be issued. Accordingly, Shareholders will not be required to and will not make physical delivery of their Acquired Fund Shares, nor will they receive certificates for Acquiring Fund Shares, pursuant to the Reorganization. Acquired Fund Shares nevertheless will be treated as having been exchanged for Acquiring Fund Shares, and the tax consequences to the Shareholders will be unaffected by the absence of Acquiring Fund Share certificates. </FONT><I><FONT face=sans-serif size=2>See</FONT></I><FONT face=sans-serif size=2> discussion under &#147;Analysis,&#148; part V, below.</FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>M</FONT><FONT face=sans-serif size=2>AY </FONT><FONT face=sans-serif size=2>29, 2007</FONT> </TD></TR>
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<P style="MARGIN-LEFT: 5%" align=left><FONT face=sans-serif>and will continue to compute its federal income tax under section 852 and will pay the dividend(s) described in paragraph 3(c) of the Agreement; and Acquired Fund has no earnings and profits accumulated in any taxable year in which the provisions of Subchapter M did not apply to it;</FONT></P>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(2)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>The Funds are in the same line of business, for purposes of Treas. Reg. &#167; 1.368-1(d)(2), and Acquired Fund did not enter into such line of business as part of the plan of reorganization; from the time the Board approved the transactions contemplated by the Agreement (&#147;</FONT><B><FONT face=sans-serif>Approval Time</FONT></B><FONT face=sans-serif>&#148;) through the Effective Time, Acquired Fund has invested and will invest its assets in a manner that ensures its compliance with the Representation in the preceding paragraph; from the date it commenced operations through the Effective Time, Acquired Fund has conducted and will conduct its &#147;historic business&#148; (within the meaning of Treas. Reg. &#167; 1.368-1(d)(2)) in a substantially unchanged manner; and from the Approval Time through the Effective Time, Acquired Fund (a) has not disposed of and/or acquired, and will not dispose of and/or acquire, any assets (i) for the purpose of satisfying Acquir
ing Fund&#146;s investment objective or policies or (ii) for any other reason except in the ordinary course of its business as a RIC, and (b) has not otherwise changed its historic investment policies;</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(3)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>At the Effective Time, (a) at least 33-1/3% of Acquired Fund&#146;s portfolio assets will meet Acquiring Fund&#146;s investment objective, strategies, policies, risks, and restrictions, and (b) Acquired Fund did not and will not alter its portfolio in connection with the Reorganization to meet such 33- 1/3% threshold;</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(4)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquired Fund incurred the Liabilities in the ordinary course of its business;</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(5)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquired Fund is not under the jurisdiction of a court in a &#147;title 11 or similar case&#148; (as defined in section 368(a)(3)(A));</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(6)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>During the five-year period ending at the Effective Time, (a) neither Acquired Fund nor any person &#147;related&#148; (within the meaning of Treas. Reg. <FONT face=sans-serif>&#167; 1.368-1(e)(4), without regard to Treas. Reg. &#167; 1.368-1(e)(4)(i)(A)) to it will have acquired Acquired Fund Shares, either directly or through any transaction, agreement, or arrangement with any other person, with consideration other than Acquiring Fund Shares or Acquired Fund Shares, and (b) no distributions will have been made with respect to Acquired Fund Shares, other than normal, regular dividend distributions made</FONT>&nbsp;</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD width="100%"></TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REFERRED </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>M</FONT><FONT face=sans-serif size=2>AY </FONT><FONT face=sans-serif size=2>29, 2007</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Page 8</FONT> </TD></TR></TABLE><BR>
<P style="MARGIN-LEFT: 5%" align=left><FONT face=sans-serif>pursuant to Acquired Fund&#146;s historic dividend-paying practice and other distributions that qualify for the deduction for dividends paid (within the meaning of section 561) referred to in sections 852(a)(1) and 4982(c)(1)(A);</FONT></P>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(7)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Not more than 25% of the value of Acquired Fund&#146;s total assets (excluding cash, cash items, and U.S. government securities) is invested in the stock and securities of any one issuer, and not more than 50% of the value of such assets is invested in the stock and securities of five or fewer issuers; and</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(8)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquired Fund will terminate in accordance with paragraph 6(b) of the Agreement, which termination will be effected as soon as reasonably practical after the Effective Time, but in all events within six months thereafter.</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=left><U><FONT face=sans-serif>Acquiring Fund</FONT></U><FONT face=sans-serif> has represented and warranted to us as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(1)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>For each taxable year of its operation, including the taxable year that includes the Effective Time, Acquiring Fund has met the requirements of Subchapter M of Chapter 1 of the Code for qualification as a RIC and has been eligible to and has computed its federal income tax under section 852; Acquiring Fund intends to continue to meet all such requirements, and to be eligible to and to compute its federal income tax under section 852, for the next taxable year; and Acquiring Fund has no earnings and profits accumulated in any taxable year in which the provisions of Subchapter M did not apply to it;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(2)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Except for Acquiring Fund&#146;s assumption of the Liabilities and its payment of cash in lieu of certain fractional Acquiring Fund Shares pursuant to paragraph 4(e) of the Agreement, no consideration other than Acquiring Fund Shares will be issued in exchange for the Assets in the Reorganization;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(3)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquiring Fund has no plan or intention to issue additional shares following the Reorganization except for shares issued in the ordinary course of its business as a closed-end investment company having series of auction preferred shares; nor does Acquiring Fund, or any person &#147;related&#148; (within the meaning of Treas. Reg. &#167; 1.368-1(e)(4)) to it, have any plan or intention, in connection with the Reorganization, to acquire -- during the five-year</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REFERRED </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>M</FONT><FONT face=sans-serif size=2>AY </FONT><FONT face=sans-serif size=2>29, 2007</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Page 9</FONT> </TD></TR></TABLE><BR>
<P style="MARGIN-LEFT: 5%" align=left><FONT face=sans-serif>period beginning at the Effective Time, either directly or through any transaction, agreement, or arrangement with any other person -- with consideration other than Acquiring Fund Shares, any Acquiring Fund Shares issued to the Shareholders pursuant to the Reorganization;</FONT></P>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(4)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Following the Reorganization, Acquiring Fund (a) will continue Acquired Fund&#146;s &#147;historic business&#148; (within the meaning of Treas. Reg. &#167; 1.368- 1(d)(2)) and (b) will use a significant portion of Acquired Fund&#146;s &#147;historic business assets&#148; (within the meaning of Treas. Reg. &#167; 1.368-1(d)(3)) in a business; moreover, Acquiring Fund (c) has no plan or intention to sell or otherwise dispose of any of the Assets, except for dispositions made in the ordinary course of that business and dispositions necessary to maintain its status as a RIC, and (d) expects to retain substantially all the Assets in the same form as it receives them in the Reorganization, unless and until subsequent investment circumstances suggest the desirability of change or it becomes necessary to make dispositions thereof to maintain such status;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(5)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquiring Fund is in the same line of business that Acquired Fund was in preceding the Reorganization, for purposes of Treas. Reg. &#167; 1.368- 1(d)(2), and did not enter into such line of business as part of the plan of reorganization; following the Reorganization, Acquiring Fund will continue, and has no intention to change, such line of business; and at the Effective Time, (a) at least 33-1/3% of Acquired Fund&#146;s portfolio assets will meet Acquiring Fund&#146;s investment objective, strategies, policies, risks, and restrictions and (b) Acquiring Fund has no plan or intention to change any of its investment objective, strategies, policies, risks, or restrictions after the Reorganization;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(6)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquiring Fund believes, based on its review of Acquired Fund&#146;s and Acquiring Fund&#146;s respective investment portfolios, that most of Acquired Fund&#146;s assets are consistent with Acquiring Fund&#146;s investment objective and policies and thus can be transferred to and held by Acquiring Fund;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(7)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>There is no plan or intention for Acquiring Fund to be dissolved or merged into another business or statutory trust or a corporation or any &#147;fund&#148; thereof (as defined in section 851(g)(2)) following the Reorganization;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(8)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Immediately after the Reorganization, (a) not more than 25% of the value of Acquiring Fund&#146;s total assets (excluding cash, cash items, and U.S.</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REFERRED </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>M</FONT><FONT face=sans-serif size=2>AY </FONT><FONT face=sans-serif size=2>29, 2007</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Page 10</FONT> </TD></TR></TABLE><BR>
<P style="MARGIN-LEFT: 6%" align=left><FONT face=sans-serif>government securities) will be invested in the stock and securities of any one issuer and (b) not more than 50% of the value of such assets will be invested in the stock and securities of five or fewer issuers; </FONT></P>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(9)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquiring Fund does not directly or indirectly own, nor at the Effective Time will it directly or indirectly own, nor has it directly or indirectly owned at any time during the past five years, any Acquired Fund Shares; and</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(10)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>During the five-year period ending at the Effective Time, neither Acquiring Fund nor any person &#147;related&#148; (within the meaning of Treas. Reg. &#167; 1.368- 1(e)(4)) to it will have acquired Acquired Fund Shares with consideration other than Acquiring Fund Shares.</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=left><U><FONT face=sans-serif>Each Fund</FONT></U><FONT face=sans-serif> has represented and warranted to us as follows:</FONT></P>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(1)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>The fair market value of the Acquiring Fund Shares each Shareholder receives will be approximately equal to the fair market value of the Acquired Fund Shares it constructively surrenders in exchange therefor;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(2)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Its management (a) is unaware of any plan or intention of Shareholders, in connection with the Reorganization, to redeem, sell, or otherwise dispose of (i) any portion of their Acquired Fund Shares before the Reorganization to any person &#147;related&#148; (within the meaning of Treas. Reg. &#167; 1.368-1(e)(4)) to either Fund or (ii) any portion of the Acquiring Fund Shares they receive in the Reorganization to any person &#147;related&#148; (within such meaning) to Acquiring Fund, (b) does not anticipate dispositions of those Acquiring Fund Shares at the time of or soon after the Reorganization to exceed the usual rate and frequency of dispositions of shares of Acquired Fund as a closed- end investment company, (c) expects that the percentage of shareholder interests, if any, that will be disposed of as a result of, or at the time of, the Reorganization to be </FONT><I><FONT face=sans-serif>de minimis</FONT></I><FONT face=sans-serif>, and (d) does not anticipate
 that there will be extraordinary redemptions of Acquiring Fund Shares immediately following the Reorganization;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(3)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>To the best of its management&#146;s knowledge, at the record date for Acquired Fund&#146;s shareholders entitled to vote on approval of the Agreement, there was no plan or intention by its shareholders to redeem, sell, exchange, or otherwise dispose of, in connection with the Reorganization, a number of Acquired Fund Shares (or Acquiring Fund Shares to be received in the Reorganization) that would reduce their</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REFERRED </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>M</FONT><FONT face=sans-serif size=2>AY </FONT><FONT face=sans-serif size=2>29, 2007</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Page 11</FONT> </TD></TR></TABLE><BR>
<P style="MARGIN-LEFT: 5%" align=left><FONT face=sans-serif>ownership of the Acquired Fund Shares (or the equivalent Acquiring Fund Shares) to a number of shares that was less than 50% of the number of the Acquired Fund Shares at such record date;</FONT></P>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(4)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>The Shareholders will pay their own expenses (including fees of personal investment or tax advisers for advice regarding the Reorganization), if any, incurred in connection with the Reorganization;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(5)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>The fair market value of the Assets on a going-concern basis will equal or exceed the Liabilities to be assumed by Acquiring Fund and those to which the Assets are subject;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(6)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>There is no intercompany indebtedness between Acquired Fund and Acquiring Fund that was issued or acquired, or will be settled, at a discount;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(7)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Pursuant to the Reorganization, Acquired Fund will transfer to Acquiring Fund, and Acquiring Fund will acquire, at least 90% of the fair market value of the net assets, and at least 70% of the fair market value of the gross assets, Acquired Fund held immediately before the Reorganization. For the purposes of the foregoing, any amounts Acquired Fund uses to pay its Reorganization expenses and to make redemptions and distributions immediately before the Reorganization (except regular, normal dividend distributions made to conform to its policy of distributing all or substantially all of its income and gains to avoid the obligation to pay federal income tax and/or the excise tax under section 4982) will be included as assets it held immediately before the Reorganization;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(8)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Cash is being paid to Acquired Fund and distributed to Shareholders in lieu of fractional Acquiring Fund Common Shares solely to save Acquiring Fund the expense and inconvenience of issuing and transferring fractional shares, and such cash does not represent separately bargained for consideration in the Reorganization; the total cash consideration that will be paid to Shareholders instead of issuing fractional Acquiring Fund Common Shares will not exceed 1% of the total consideration that will be issued to Shareholders in exchange for their Acquired Fund Common Shares; and the fractional share interests of each Shareholder will be aggregated, and no Shareholder will receive cash in an amount equal to or greater than the value of one full share of Acquired Fund Common Shares except in cases in which a Shareholder holds beneficial interests in Acquired Fund Common Shares through more than one account and such multiple accounts cannot</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REFERRED </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>M</FONT><FONT face=sans-serif size=2>AY </FONT><FONT face=sans-serif size=2>29, 2007</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Page 12</FONT> </TD></TR></TABLE><BR>
<P style="MARGIN-LEFT: 6%" align=left><FONT face=sans-serif>be aggregated, either because the beneficial interest cannot be identified or because it would be improper to do so, and in cases in which the same Shareholder owns Acquired Fund Common Shares in multiple accounts and Acquiring Fund cannot aggregate those accounts through use of their common taxpayer identification number or employee identification number or otherwise (in which case no account will receive more than a fraction of one share in cash);</FONT></P>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(9)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>None of the compensation received by any Shareholder who is an employee of or service provider to Acquired Fund will be separate consideration for, or allocable to, any of the Acquired Fund Shares that Shareholder held; none of the Acquiring Fund Shares any such Shareholder receives will be separate consideration for, or allocable to, any employment agreement, investment advisory agreement, or other service agreement; and the compensation paid to any such Shareholder will be for services actually rendered and will be commensurate with amounts paid to third parties bargaining at arm&#146;s-length for similar services;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(10)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Immediately after the Reorganization, the Shareholders will not own shares constituting &#147;control&#148; (as defined in section 304(c)) of Acquiring Fund;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(11)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Neither Fund will be reimbursed for any expenses incurred by it or on its behalf in connection with the Reorganization unless those expenses are solely and directly related to the Reorganization (determined in accordance with the guidelines set forth in Rev. Rul. 73-54, 1973-1 C.B. 187) (&#147;</FONT><B><FONT face=sans-serif>Reorganization Expenses</FONT></B><FONT face=sans-serif>&#148;); and</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(12)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>The aggregate value of the acquisitions, redemptions, and distributions limited by Acquired Fund&#146;s Representation numbered (6) and Acquiring Fund&#146;s Representations numbered (3) and (10) will not exceed 50% of the value (without giving effect to such acquisitions, redemptions, and distributions) of the proprietary interest in Acquired Fund at the Effective Time.</FONT> </TD></TR>
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<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Based solely on the facts and assumptions described above, and conditioned on the Representations&#146; being true and complete at the Effective Time and the Reorganization&#146;s being consummated in accordance with the Agreement (</FONT><FONT face=sans-serif>without the</FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REFERRED </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>M</FONT><FONT face=sans-serif size=2>AY </FONT><FONT face=sans-serif size=2>29, 2007</FONT> </TD></TR>
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<P align=left><FONT face=sans-serif>waiver or modification of any terms or conditions thereof</FONT><FONT face=sans-serif>), our opinion (as explained more fully in the next section of this letter) is as follows:</FONT></P>
<P style="MARGIN-LEFT: 2%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(1) Acquiring Fund&#146;s acquisition of the Assets in exchange for Acquiring Fund Shares and Acquiring Fund&#146;s assumption of the Liabilities, followed by Acquired Fund&#146;s distribution of those shares to the Shareholders actually or constructively in exchange for their Acquired Fund Shares, will qualify as a &#147;reorganization&#148; (as defined in section 368(a)(1)(C)), and each Fund will be &#147;a party to a reorganization&#148; (within the meaning of section 368(b));</FONT></P>
<P style="MARGIN-LEFT: 2%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(2) Acquired Fund will recognize no gain or loss on the transfer of the Assets to Acquiring Fund in exchange for Acquiring Fund Shares and Acquiring Fund&#146;s assumption of the Liabilities</FONT><SUP><FONT face=sans-serif>8</FONT></SUP><FONT face=sans-serif> or on the subsequent distribution of those shares to the Shareholders in exchange for their Acquired Fund Shares;</FONT></P>
<P style="MARGIN-LEFT: 2%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(3) Acquiring Fund will recognize no gain or loss on its receipt of the Assets in exchange for Acquiring Fund Shares and its assumption of the Liabilities;</FONT></P>
<P style="MARGIN-LEFT: 2%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(4) Acquiring Fund&#146;s basis in each Asset will be the same as Acquired Fund&#146;s basis therein immediately before the Reorganization, and Acquiring Fund&#146;s holding period for each Asset will include Acquired Fund&#146;s holding period therefor (except where Acquiring Fund&#146;s investment activities have the effect of reducing or eliminating an Asset&#146;s holding period);</FONT></P>
<P style="MARGIN-LEFT: 2%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(5) A Shareholder that exchanges all of its Acquired Fund Shares for Acquiring Fund Shares pursuant to the Reorganization will recognize no gain or loss with respect to the exchange; </FONT></P>
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<P align=left><SUP><FONT face=sans-serif size=2>8 </FONT></SUP><FONT face=sans-serif size=2>Notwithstanding anything herein to the contrary, we express no opinion as to the effect of the Reorganization on either Fund or any Shareholder with respect to any Asset as to which any unrealized gain or loss is required to be recognized for federal income tax purposes at the end of a taxable year (or on the termination or transfer thereof) under a mark-to-market system of accounting.</FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>M</FONT><FONT face=sans-serif size=2>AY </FONT><FONT face=sans-serif size=2>29, 2007</FONT> </TD></TR>
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<P style="MARGIN-LEFT: 2%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(6) The payment of cash to a Shareholder in lieu of a fractional Acquiring Fund Common Share will be treated as received by such Shareholder as a distribution in redemption of its interest in such fractional Acquiring Fund Common Share, and the Shareholder will recognize gain or loss with respect thereto equal to the difference between the amount of cash received and the portion of such Shareholder&#146;s basis in its Acquired Fund Common Shares that is allocable to the fractional Acquiring Fund Common Share; and the Shareholder&#146;s gain or loss will be long-term gain or loss if the holding period for such fractional Acquiring Fund Common Share is more than one year as of the date of the exchange; and</FONT></P>
<P style="MARGIN-LEFT: 2%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(7) A Shareholder&#146;s aggregate basis in the Acquiring Fund Shares it receives in the Reorganization will initially be the same as its aggregate basis in the Acquired Fund Shares it actually or constructively surrenders in exchange for the Acquiring Fund Shares; such initial aggregate basis will then be reduced by the amount of such basis allocable to any fractional Acquiring Fund Common Shares for which the Shareholder receives cash in lieu of issuance of such fractional shares; and the Shareholder&#146;s holding period for the Acquiring Fund Shares received in the Reorganization will include the holding period for the surrendered Acquired Fund Shares, provided the Shareholder holds them as capital assets at the Effective Time.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Our opinion is based on, and is conditioned on the continued applicability of, the provisions of the Code and the Regulations, judicial decisions, and rulings and other pronouncements of the Internal Revenue Service (&#147;</FONT><B><FONT face=sans-serif>Service</FONT></B><FONT face=sans-serif>&#148;) in existence on the date hereof. All the foregoing authorities are subject to change or modification that can be applied retroactively and thus also could affect </FONT><FONT face=sans-serif>the conclusions expressed herein</FONT><FONT face=sans-serif>; we assume no responsibility to update our opinion after the date hereof with respect to any such change or modification. </FONT><FONT face=sans-serif>Our opinion represents our best judgment regarding how a court would decide the issues addressed herein and is not binding on the Service or any court. Moreover, our opinion does not provide any assurance that a position taken in reliance thereon wil
l not be challenged by the Service, and </FONT><FONT face=sans-serif>although we believe that our opinion would be sustained by a court if challenged, there can be no assurances to that effect.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Our opinion addresses only the specific federal income tax consequences of the Reorganization set forth above and does not address any other federal, or any state, local, or foreign, tax consequences of the Reorganization or any other action (including any taken in connection therewith). </FONT><FONT face=sans-serif>Our opinion also applies only to the</FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>M</FONT><FONT face=sans-serif size=2>AY </FONT><FONT face=sans-serif size=2>29, 2007</FONT> </TD></TR>
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<P align=left><FONT face=sans-serif>extent each Fund is solvent, and we express no opinion about the tax treatment of the transactions described herein if either Fund is insolvent. Finally, our opinion is solely for the addressees&#146; information and use and may not be relied on for any purpose by any other person without our express written consent.</FONT></P>
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     <TD noWrap><FONT face=sans-serif>Very truly yours,</FONT></TD></TR></TABLE></P>
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     <TD noWrap align=left width="100%"><FONT size=3><U><FONT face=sans-serif size=3>/s/ Kirkpatrick &amp; Lockhart Preston Gates Ellis LLP</FONT></U> </FONT></TD></TR>
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     <TD noWrap align=left width="100%"><FONT size=3><FONT face=sans-serif size=3>Kirkpatrick &amp; Lockhart Preston Gates Ellis LLP</FONT> </FONT></TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>4
<FILENAME>ex12c.htm
<DESCRIPTION>OPINION RE: ACQUISITION OF PATRIOT I
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     <TD noWrap align=center><FONT face=sans-serif>June 25, 2007</FONT></TD></TR></TABLE></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif>John Hancock Patriot Premium Dividend Fund I</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif>601 Congress Street</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif>Boston, Massachusetts 02210</FONT> </TD></TR>
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     <TD width="100%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif>John Hancock Patriot Premium Dividend Fund II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif>601 Congress Street</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif>Boston, Massachusetts 02210</FONT> </TD></TR></TABLE><BR>
<P style="MARGIN-LEFT: 3%" align=left><FONT face=sans-serif>Re: </FONT><U><FONT face=sans-serif>Reorganization to Combine Two Massachusetts Business Trusts</FONT></U></P>
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     <TD noWrap><FONT face=sans-serif>Ladies and Gentleman:</FONT></TD></TR></TABLE></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>John Hancock Patriot Premium Dividend Fund I, a Massachusetts business trust (&#147;</FONT><B><FONT face=sans-serif>Acquired Fund</FONT></B><FONT face=sans-serif>&#148;), and John Hancock Patriot Premium Dividend Fund II, also a Massachusetts business trust (&#147;</FONT><B><FONT face=sans-serif>Acquiring Fund</FONT></B><FONT face=sans-serif>&#148;), have requested our opinion as to certain federal income tax consequences of Acquiring Fund&#146;s proposed acquisition of Acquired Fund. That acquisition is to occur pursuant to an Agreement and Plan of Reorganization entered into by and between Acquired Fund and Acquiring Fund dated as of June 21, 2007 (&#147;</FONT><B><FONT face=sans-serif>Agreement</FONT></B><FONT face=sans-serif>&#148;).</FONT><SUP><FONT face=sans-serif>1 </FONT></SUP><FONT face=sans-serif>Specifically, each Fund has requested our opinion --</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(1) that Acquiring Fund&#146;s acquisition of Acquired Fund&#146;s assets in exchange solely for voting shares of beneficial interest (&#147;</FONT><B><FONT face=sans-serif>shares</FONT></B><FONT face=sans-serif>&#148;) in Acquiring Fund, cash to be distributed in lieu of certain fractional shares, and Acquiring Fund&#146;s assumption of Acquired Fund&#146;s liabilities, followed by Acquired Fund&#146;s distribution of those shares (or cash in lieu of certain fractional shares) </FONT><I><FONT face=sans-serif>pro rata</FONT></I><FONT face=sans-serif> to its shareholders of record determined as of the </FONT><B><FONT face=sans-serif>Effective Time</FONT></B><FONT face=sans-serif> (as herein defined) (&#147;</FONT><B><FONT face=sans-serif>Shareholders</FONT></B><FONT face=sans-serif>&#148;) actually or constructively in exchange for their shares in Acquired Fund (such</FONT></P>
<P align=left>&nbsp;</P>
<P align=left><SUP><FONT face=sans-serif size=2>1 </FONT></SUP><FONT face=sans-serif size=2>Each of Acquired Fund and Acquiring Fund is sometimes referred to herein as a &#147;</FONT><B><FONT face=sans-serif size=2>Fund</FONT></B><FONT face=sans-serif size=2>.&#148;</FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN</FONT> <FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK</FONT> <FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT</FONT> <FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM</FONT> <FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND</FONT> <FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND</FONT> <FONT face=sans-serif size=2>I</FONT></TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN</FONT> <FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK</FONT> <FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT</FONT> <FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM</FONT> <FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND</FONT> <FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND</FONT> <FONT face=sans-serif size=2>II</FONT></TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>UNE</FONT> <FONT face=sans-serif size=2>25, 2007</FONT></TD></TR>
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<P style="MARGIN-LEFT: 2%" align=left><FONT face=sans-serif>transactions collectively referred to herein as the &#147;</FONT><B><FONT face=sans-serif>Reorganization</FONT></B><FONT face=sans-serif>&#148;), will qualify as a &#147;reorganization&#148; (as defined in section 368(a)(1)(C)),</FONT><SUP><FONT face=sans-serif>2</FONT></SUP> <FONT face=sans-serif>and each Fund will be &#147;a party to a reorganization&#148; (within the meaning of section 368(b));</FONT></P>
<P style="MARGIN-LEFT: 2%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(2) that neither the Funds nor the Shareholders will recognize gain or loss on the Reorganization, except that Shareholders will recognize gain or loss in connection their receipt of cash in lieu of fractional shares; and</FONT></P>
<P style="MARGIN-LEFT: 2%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(3) regarding the basis and holding period after the Reorganization of the transferred assets and the shares issued pursuant thereto.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>In rendering this opinion, we have examined (1) the Agreement, (2) the Joint Proxy Statement/Prospectus dated March 12, 2007, regarding the Reorganization (&#147;</FONT><B><FONT face=sans-serif>Joint Proxy Statement</FONT></B><FONT face=sans-serif>&#148;) that was furnished in connection with the solicitation, by the members of Acquired Fund&#146;s Board of Trustees (&#147;</FONT><B><FONT face=sans-serif>Board</FONT></B><FONT face=sans-serif>&#148;) and the Acquiring Fund&#146;s Board of Trustees of proxies for use at the special meetings of each Fund&#146;s shareholders that were held on May 2, 2007, and (3) other documents we have deemed necessary or appropriate for the purposes hereof (collectively, &#147;</FONT><B><FONT face=sans-serif>Documents</FONT></B><FONT face=sans-serif>&#148;). We have assumed, for purposes hereof, the accuracy and completeness of the information contained in all the Documents. As to various matters of fact materia
l to this opinion, we have relied, exclusively and without independent verification (with your permission), on the representations and warranties described below (collectively, &#147;</FONT><B><FONT face=sans-serif>Representations</FONT></B><FONT face=sans-serif>&#148;). W</FONT><FONT face=sans-serif>e have assumed that any Representation made &#147;to the knowledge and belief&#148; (or similar qualification) of any person or party is, and at the Effective Time will be, correct without such qualification. We have also assumed that as to all matters for which a person or entity has represented that such person or entity is not a party to, does not have, or is not aware of any plan, intention, understanding, or agreement, there is no such plan, intention, understanding, or agreement. Finally, we have assumed that the Documents and the Representations present all the material and relevant facts relating to the Reorganization.</FONT></P>
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<P align=left><FONT face=sans-serif size=1><SUP>2</SUP>&nbsp;</FONT> <FONT face=sans-serif size=2>All &#147;section&#148; references are to the Internal Revenue Code of 1986, as amended (&#147;</FONT><B><FONT face=sans-serif size=2>Code</FONT></B><FONT face=sans-serif size=2>&#148;), unless otherwise noted, and all &#147;Treas. Reg. &#167;&#148; references are to the regulations under the Code (&#147;</FONT><B><FONT face=sans-serif size=2>Regulations</FONT></B><FONT face=sans-serif size=2>&#148;).</FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>UNE </FONT><FONT face=sans-serif size=2>25, 2007</FONT> </TD></TR>
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     <TD noWrap align=center><U><FONT face=sans-serif>FACTS</FONT></U></TD></TR></TABLE></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Each Fund is a voluntary association with transferable shares of the type commonly referred to as a &#147;Massachusetts business trust&#148; that is duly organized and validly existing under the laws of The Commonwealth of Massachusetts. Each Fund is duly registered under the 1940 Act as an closed-end management investment company. Each Fund has sold shares to the public.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Acquired Fund has two issued and outstanding classes of shares, consisting of common shares (&#147;</FONT><B><FONT face=sans-serif>Acquired Fund Common Shares</FONT></B><FONT face=sans-serif>&#148;) and preferred shares (&#147;</FONT><B><FONT face=sans-serif>Acquired Fund Preferred Shares</FONT></B><FONT face=sans-serif>&#148; and, together with the Acquired Fund Common Shares, &#147;</FONT><B><FONT face=sans-serif>Acquired Fund Shares</FONT></B><FONT face=sans-serif>&#148;).</FONT><SUP><FONT face=sans-serif>3</FONT></SUP><FONT face=sans-serif> Acquiring Fund also has two issued and outstanding classes of shares, consisting of common shares (&#147;</FONT><B><FONT face=sans-serif>Acquiring Fund Common Shares</FONT></B><FONT face=sans-serif>&#148;) and preferred shares (&#147;</FONT><B><FONT face=sans-serif>Acquiring Fund Preferred Shares</FONT></B><FONT face=sans-serif>&#148; and, together with the Acquiring Fund Common Shares, &#147;</FONT><B>
<FONT face=sans-serif>Acquiring Fund Shares</FONT></B><FONT face=sans-serif>&#148;).</FONT><SUP><FONT face=sans-serif>4</FONT></SUP><FONT face=sans-serif> The Acquired Fund Common Shares and the Acquired Fund Preferred Shares are substantially similar to the Acquired Fund Common Shares and the Acquired Fund Preferred Shares, respectively. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>The Reorganization, together with related acts necessary to consummate it (&#147;</FONT><B><FONT face=sans-serif>Closing</FONT></B><FONT face=sans-serif>&#148;), will occur on June 25, 2007, or on such date and at such time as the Funds agree (&#147;</FONT><B><FONT face=sans-serif>Effective Time</FONT></B><FONT face=sans-serif>&#148;).</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Each Fund&#146;s Declaration of Trust (&#147;</FONT><B><FONT face=sans-serif>Declaration</FONT></B><FONT face=sans-serif>&#148;) permits it to vary its shareholders&#146; investment therein. Neither Fund has a fixed pool of assets -- each Fund is a managed portfolio of securities, and its investment advisor, John Hancock Advisers, LLC (&#147;</FONT><B><FONT face=sans-serif>Advisor</FONT></B><FONT face=sans-serif>&#148;), has the authority to buy and sell securities for it.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>The Funds have similar, although not identical, investment objectives. Both Funds seek to provide common shareholders with a high level of current income consistent with modest growth of capital. Both Funds operate so that dividends paid to</FONT></P>
<P align=left>&nbsp;</P>
<P align=left><SUP><FONT face=sans-serif size=2>3</FONT></SUP><FONT face=sans-serif size=2> The Board has designated the Acquired Fund Preferred Shares as &#147;Dutch Auction Rate Transferable Securities, Series A&#148; (&#147;</FONT><B><FONT face=sans-serif size=2>Acquired Fund DARTS</FONT></B><FONT face=sans-serif size=2>&#148;).</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=2>4</FONT></SUP><FONT face=sans-serif size=2> The Board of Trustees of the Acquiring Fund has designated its Acquiring Fund Preferred Shares as several series, including &#147;Dutch Auction Rate Transferable Securities, Series C&#148; (&#147;</FONT><B><FONT face=sans-serif size=2>Acquiring Fund DARTS Series C</FONT></B><FONT face=sans-serif size=2>&#148;). The terms of the Acquiring Fund DARTS Series C are substantially the same as those of the Acquired Fund DARTS. </FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>UNE </FONT><FONT face=sans-serif size=2>25, 2007</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Page 4</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif>them qualify in their entirety for the dividends received deduction under section 243(a)(1), and neither Fund intends to realize any net capital gains. Each Fund invests at least 80% of its assets in dividend-paying securities and emphasizes investments in securities of companies in the utilities industries, with both Funds normally investing more than 65% of their total assets in securities of companies in that industry. The quality of ratings of each Fund's portfolio investments stipulates that preferred stocks and debt obligations in which the Fund will invest will be investment grade at least "BBB" by S&amp;P or "Baa" by Moody's at the time of investment or will be preferred stocks of issuers of investment grade senior debt, some of which may have speculative characteristics, or, if not rated, will be of comparable quality as determined by the Advisor. Each Fund will invest in common stocks of issuers whose senior debt is rated investment grade or, in the case of issue
rs that have no rated senior debt outstanding, whose senior debt is considered by the Advisor to be of comparable quality. Both Funds are managed by the same investment advisory personnel.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>The Funds&#146; investment objectives and strategies allow both Funds to invest in many of the same issuers. Many of the Funds&#146; investment risks are similar.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>For the reasons described in the Joint Proxy Statement, the Board duly adopted and approved the Agreement and the Reorganization. Each Fund&#146;s Board of Trustees has determined that participation in the Reorganization is in each Fund&#146;s best interests and that the interests of the existing shareholders thereof will not be diluted as a result of the Reorganization.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>The Agreement, which specifies that the Funds intend for the Reorganization to qualify as a &#147;reorganization&#148; within the meaning of section 368(a), provides in relevant part for the following: </FONT></P>
<P style="MARGIN-LEFT: 2%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(1) Acquiring Fund&#146;s acquisition of all investments and other assets, including interest accrued on debt instruments as of the Valuation Time, Acquired Fund owns at the Effective Time (collectively &#147;</FONT><B><FONT face=sans-serif>Assets</FONT></B><FONT face=sans-serif>&#148;), in exchange solely for the following:</FONT></P>
<P style="MARGIN-LEFT: 4%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(a) the number of Acquiring Fund Common Shares having an aggregate net asset value equal to the aggregate net asset value of the Acquired Fund Common Shares held by each Shareholder, determined in each case as of the Valuation Time and as provided in paragraph 4(b) and (c) of the Agreement; provided, however, that no fractional Acquiring Fund Common Shares are to</FONT></P>
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<P style="MARGIN-LEFT: 2%" align=left><FONT face=sans-serif>be issued except with respect to Acquired Fund Common Shares held in a Dividend Reinvestment Plan account;</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(b) the number of Acquiring Fund Preferred Shares</FONT><SUP><FONT face=sans-serif>5</FONT></SUP><FONT face=sans-serif> having an aggregate liquidation preference and value equal to the aggregate liquidation preference and value of the Acquired Fund Preferred Shares held by each Shareholder, determined in each case as of the Valuation Time and as provided in paragraph 4(b) and (c) of the Agreement;</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(c) cash in lieu of any fractional Acquiring Fund Common Shares, subject to the limitation described in paragraph (a) above, which cash will represent the current fair market value of such fractional shares in accordance with paragraph 4(e) of the Agreement; and</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(d) Acquiring Fund&#146;s assumption of substantially all of the liabilities of Acquired Fund at the Valuation Time (collectively &#147;</FONT><B><FONT face=sans-serif>Liabilities</FONT></B><FONT face=sans-serif>&#148;).</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(2) The distribution of those Acquiring Fund Shares to the Shareholders by Acquiring Fund&#146;s transfer agent&#146;s opening accounts on Acquiring Fund&#146;s share ledger records in the Shareholders&#146; names and crediting each Shareholder&#146;s account with the respective </FONT><I><FONT face=sans-serif>pro rata</FONT></I><FONT face=sans-serif> number of Acquiring Fund Shares due that Shareholder,</FONT><SUP><FONT face=sans-serif>6</FONT></SUP><FONT face=sans-serif> by class (whereupon all outstanding Acquired Fund Shares, including any represented by certificates, simultaneously will be canceled on Acquired Fund&#146;s share ledger records)</FONT><SUP><FONT face=sans-serif>7</FONT></SUP><FONT face=sans-serif>;</FONT></P>
<P align=left><FONT face=Arial></FONT>&nbsp;</P>
<P align=left><SUP><FONT face=sans-serif size=2>5</FONT></SUP><FONT face=sans-serif size=2> The Acquiring Fund Preferred Shares referred to herein will consist of shares of Acquiring Fund DARTS Series C.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=2>6</FONT></SUP><FONT face=sans-serif size=2> As noted above, Shareholders will in some cases receive cash in lieu of fractional Acquiring Fund Common Shares.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=2>7</FONT></SUP><FONT face=sans-serif size=2> The Agreement provides that, at the time of the Reorganization, the Acquired Fund Shares will, in effect, be exchanged for Acquiring Fund Shares, certificates for which will not be issued. Accordingly, Shareholders will not be required to and will not make physical delivery of their Acquired Fund Shares, nor will they receive certificates for Acquiring Fund Shares, pursuant to the</FONT></P>
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<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(3) Acquired Fund&#146;s termination as soon as reasonably practicable after that distribution, but in all events within six months after the Effective Time; and</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(4) Subject to satisfaction of each Fund&#146;s Representation (11) in the third set of Representations below, the </FONT><B><FONT face=sans-serif>Reorganization Expenses</FONT></B><FONT face=sans-serif> (as defined therein) will be borne by the holders of the Acquired Fund Common Shares and the Acquiring Fund Common Shares in proportion to their projected annual expense savings as a result of the Reorganization, with the balance being borne by the Advisor. Notwithstanding the foregoing, expenses will be paid by the party directly incurring them if and to the extent that the payment thereof by another person would result in that party&#146;s disqualification as a RIC (as defined below) or would prevent the Reorganization from qualifying as a tax-free reorganization.</FONT></P>
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     <TD noWrap align=center><U><FONT face=sans-serif>REPRESENTATIONS</FONT></U></TD></TR></TABLE></P>
<P align=left><U><FONT face=sans-serif>Acquired Fund</FONT></U><FONT face=sans-serif> has represented and warranted to us as follows:</FONT></P>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(1)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>For each taxable year of its operation, including the taxable year ending at the Effective Time, Acquired Fund has met and will continue to meet the requirements of Subchapter M of Chapter 1 of Subtitle A of the Code (&#147;</FONT><B><FONT face=sans-serif>Subchapter M</FONT></B><FONT face=sans-serif>&#148;) for qualification as a regulated investment company (&#147;</FONT><B><FONT face=sans-serif>RIC</FONT></B><FONT face=sans-serif>&#148;) and has been and will continue to be eligible to and has computed and will continue to compute its federal income tax under section 852 and will pay the dividend(s) described in paragraph 3(c) of the Agreement; and Acquired Fund has no earnings and profits accumulated in any taxable year in which the provisions of Subchapter M did not apply to it;</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(2)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>The Funds are in the same line of business, for purposes of Treas. Reg. &#167; 1.368-1(d)(2), and Acquired Fund did not enter into such line of business as part of the plan of reorganization; from the time the Board approved the transactions contemplated by the Agreement (&#147;</FONT><B><FONT face=sans-serif>Approval Time</FONT></B><FONT face=sans-serif>&#148;) through the Effective Time, Acquired Fund has invested and will invest its assets in a manner that ensures its compliance with the Representation in the</FONT> </TD></TR>
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<P align=left><FONT face=sans-serif size=2>Reorganization. Acquired Fund Shares nevertheless will be treated as having been exchanged for Acquiring Fund Shares, and the tax consequences to the Shareholders will be unaffected by the absence of Acquiring Fund Share certificates. </FONT></P>
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<P style="MARGIN-LEFT: 5%" align=left><FONT face=sans-serif>preceding paragraph; from the date it commenced operations through the Effective Time, Acquired Fund has conducted and will conduct its &#147;historic business&#148; (within the meaning of Treas. Reg. &#167; 1.368 -1(d)(2)) in a substantially unchanged manner; and from the Approval Time through the Effective Time, Acquired Fund (a) has not disposed of and/or acquired, and will not dispose of and/or acquire, any assets (i) for the purpose of satisfying Acquiring Fund&#146;s investment objective or policies or (ii) for any other reason except in the ordinary course of its business as a RIC, and (b) has not otherwise changed its historic investment policies; </FONT></P>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(3)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>At the Effective Time, (a) at least 33-1/3% of Acquired Fund&#146;s portfolio assets will meet Acquiring Fund&#146;s investment objective, strategies, policies, risks, and restrictions, and (b) Acquired Fund did not and will not alter its portfolio in connection with the Reorganization to meet such 33- 1/3% threshold;</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(4)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquired Fund incurred the Liabilities in the ordinary course of its business;</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(5)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquired Fund is not under the jurisdiction of a court in a &#147;title 11 or similar case&#148; (as defined in section 368(a)(3)(A));</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(6)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>During the five-year period ending at the Effective Time, (a) neither Acquired Fund nor any person &#147;related&#148; (within the meaning of Treas. Reg.</FONT> </TD></TR>
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     <TD width="100%"><FONT face=sans-serif>&#167; 1.368-1(e)(4), without regard to Treas. Reg. &#167; 1.368-1(e)(4)(i)(A)) to it will have acquired Acquired Fund Shares, either directly or through any transaction, agreement, or arrangement with any other person, with consideration other than Acquiring Fund Shares or Acquired Fund Shares, and (b) no distributions will have been made with respect to Acquired Fund Shares, other than normal, regular dividend distributions made pursuant to Acquired Fund&#146;s historic dividend-paying practice and other distributions that qualify for the deduction for dividends paid (within the meaning of section 561) referred to in sections 852(a)(1) and 4982(c)(1)(A);</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(7)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Not more than 25% of the value of Acquired Fund&#146;s total assets (excluding cash, cash items, and U.S. government securities) is invested in the stock and securities of any one issuer, and not more than 50% of the value of such assets is invested in the stock and securities of five or fewer issuers; and</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(8)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquired Fund will terminate in accordance with paragraph 6(b) of the Agreement, which termination will be effected as soon as reasonably practical after the Effective Time, but in all events within six months thereafter.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=left><U><FONT face=sans-serif>Acquiring Fund</FONT></U><FONT face=sans-serif> has represented and warranted to us as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(1)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>For each taxable year of its operation, including the taxable year that includes the Effective Time, Acquiring Fund has met the requirements of Subchapter M of Chapter 1 of the Code for qualification as a RIC and has been eligible to and has computed its federal income tax under section 852; Acquiring Fund intends to continue to meet all such requirements, and to be eligible to and to compute its federal income tax under section 852, for the next taxable year; and Acquiring Fund has no earnings and profits accumulated in any taxable year in which the provisions of Subchapter M did not apply to it;</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(2)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Except for Acquiring Fund&#146;s assumption of the Liabilities and its payment of cash in lieu of certain fractional Acquiring Fund Shares pursuant to paragraph 4(e) of the Agreement, no consideration other than Acquiring Fund Shares will be issued in exchange for the Assets in the Reorganization;</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(3)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquiring Fund has no plan or intention to issue additional shares following the Reorganization except for shares issued in the ordinary course of its business as a closed-end investment company having series of auction preferred shares; nor does Acquiring Fund, or any person &#147;related&#148; (within the meaning of Treas. Reg. &#167; 1.368-1(e)(4)) to it, have any plan or intention, in connection with the Reorganization, to acquire -- during the five-year period beginning at the Effective Time, either directly or through any transaction, agreement, or arrangement with any other person -- with consideration other than Acquiring Fund Shares, any Acquiring Fund Shares issued to the Shareholders pursuant to the Reorganization;</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(4)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Following the Reorganization, Acquiring Fund (a) will continue Acquired Fund&#146;s &#147;historic business&#148; (within the meaning of Treas. Reg. &#167; 1.368- 1(d)(2)) and (b) will use a significant portion of Acquired Fund&#146;s &#147;historic business assets&#148; (within the meaning of Treas. Reg. &#167; 1.368-1(d)(3)) in a business; moreover, Acquiring Fund (c) has no plan or intention to sell or otherwise dispose of any of the Assets, except for dispositions made in</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>I</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>UNE </FONT><FONT face=sans-serif size=2>25, 2007</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Page 9</FONT> </TD></TR></TABLE><BR>
<P style="MARGIN-LEFT: 6%" align=left><FONT face=sans-serif>the ordinary course of that business and dispositions necessary to maintain its status as a RIC, and (d) expects to retain substantially all the Assets in the same form as it receives them in the Reorganization, unless and until subsequent investment circumstances suggest the desirability of change or it becomes necessary to make dispositions thereof to maintain such status;</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(5)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquiring Fund is in the same line of business that Acquired Fund was in preceding the Reorganization, for purposes of Treas. Reg. &#167; 1.368- 1(d)(2), and did not enter into such line of business as part of the plan of reorganization; following the Reorganization, Acquiring Fund will continue, and has no intention to change, such line of business; and at the Effective Time, (a) at least 33-1/3% of Acquired Fund&#146;s portfolio assets will meet Acquiring Fund&#146;s investment objective, strategies, policies, risks, and restrictions and (b) Acquiring Fund has no plan or intention to change any of its investment objective, strategies, policies, risks, or restrictions after the Reorganization;</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(6)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquiring Fund believes, based on its review of Acquired Fund&#146;s and Acquiring Fund&#146;s respective investment portfolios, that most of Acquired Fund&#146;s assets are consistent with Acquiring Fund&#146;s investment objective and policies and thus can be transferred to and held by Acquiring Fund;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(7)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>There is no plan or intention for Acquiring Fund to be dissolved or merged into another business or statutory trust or a corporation or any &#147;fund&#148; thereof (as defined in section 851(g)(2)) following the Reorganization;</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(8)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Immediately after the Reorganization, (a) not more than 25% of the value of Acquiring Fund&#146;s total assets (excluding cash, cash items, and U.S. government securities) will be invested in the stock and securities of any one issuer and (b) not more than 50% of the value of such assets will be invested in the stock and securities of five or fewer issuers;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(9)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquiring Fund does not directly or indirectly own, nor at the Effective Time will it directly or indirectly own, nor has it directly or indirectly owned at any time during the past five years, any Acquired Fund Shares; and</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(10)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>During the five-year period ending at the Effective Time, neither Acquiring Fund nor any person &#147;related&#148; (within the meaning of Treas. Reg. &#167; 1.368-</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>I</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>UNE </FONT><FONT face=sans-serif size=2>25, 2007</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Page 10</FONT> </TD></TR></TABLE><BR>
<P style="MARGIN-LEFT: 5%" align=left><FONT face=sans-serif>1(e)(4)) to it will have acquired Acquired Fund Shares with consideration other than Acquiring Fund Shares.</FONT></P>
<P align=left><U><FONT face=sans-serif>Each Fund</FONT></U><FONT face=sans-serif> has represented and warranted to us as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(1)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>The fair market value of the Acquiring Fund Shares each Shareholder receives will be approximately equal to the fair market value of the Acquired Fund Shares it constructively surrenders in exchange therefor;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(2)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Its management (a) is unaware of any plan or intention of Shareholders, in connection with the Reorganization, to redeem, sell, or otherwise dispose of (i) any portion of their Acquired Fund Shares before the Reorganization to any person &#147;related&#148; (within the meaning of Treas. Reg. &#167; 1.368-1(e)(4)) to either Fund or (ii) any portion of the Acquiring Fund Shares they receive in the Reorganization to any person &#147;related&#148; (within such meaning) to Acquiring Fund, (b) does not anticipate dispositions of those Acquiring Fund Shares at the time of or soon after the Reorganization to exceed the usual rate and frequency of dispositions of shares of Acquired Fund as a closed- end investment company, (c) expects that the percentage of shareholder interests, if any, that will be disposed of as a result of, or at the time of, the Reorganization to be </FONT><I><FONT face=sans-serif>de minimis</FONT></I><FONT face=sans-serif>, and (d) does not anticipate
 that there will be extraordinary redemptions of Acquiring Fund Shares immediately following the Reorganization;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(3)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>To the best of its management&#146;s knowledge, at the record date for Acquired Fund&#146;s shareholders entitled to vote on approval of the Agreement, there was no plan or intention by its shareholders to redeem, sell, exchange, or otherwise dispose of, in connection with the Reorganization, a number of Acquired Fund Shares (or Acquiring Fund Shares to be received in the Reorganization) that would reduce their ownership of the Acquired Fund Shares (or the equivalent Acquiring Fund Shares) to a number of shares that was less than 50% of the number of the Acquired Fund Shares at such record date;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(4)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>The Shareholders will pay their own expenses (including fees of personal investment or tax advisers for advice regarding the Reorganization), if any, incurred in connection with the Reorganization;</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>I</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>UNE </FONT><FONT face=sans-serif size=2>25, 2007</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Page 11</FONT> </TD></TR></TABLE><BR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(5)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>The fair market value of the Assets on a going-concern basis will equal or exceed the Liabilities to be assumed by Acquiring Fund and those to which the Assets are subject;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(6)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>There is no intercompany indebtedness between Acquired Fund and Acquiring Fund that was issued or acquired, or will be settled, at a discount;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(7)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Pursuant to the Reorganization, Acquired Fund will transfer to Acquiring Fund, and Acquiring Fund will acquire, at least 90% of the fair market value of the net assets, and at least 70% of the fair market value of the gross assets, Acquired Fund held immediately before the Reorganization. For the purposes of the foregoing, any amounts Acquired Fund uses to pay its Reorganization expenses and to make redemptions and distributions immediately before the Reorganization (except regular, normal dividend distributions made to conform to its policy of distributing all or substantially all of its income and gains to avoid the obligation to pay federal income tax and/or the excise tax under section 4982) will be included as assets it held immediately before the Reorganization;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(8)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Cash is being paid to Acquired Fund and distributed to Shareholders in lieu of fractional Acquiring Fund Common Shares solely to save Acquiring Fund the expense and inconvenience of issuing and transferring fractional shares, and such cash does not represent separately bargained for consideration in the Reorganization; the total cash consideration that will be paid to Shareholders instead of issuing fractional Acquiring Fund Common Shares will not exceed 1% of the total consideration that will be issued to Shareholders in exchange for their Acquired Fund Common Shares; and the fractional share interests of each Shareholder will be aggregated, and no Shareholder will receive cash in an amount equal to or greater than the value of one full share of Acquired Fund Common Shares except in cases in which a Shareholder holds beneficial interests in Acquired Fund Common Shares through more than one account and such multiple accounts cannot be aggregated, either because the
 beneficial interest cannot be identified or because it would be improper to do so, and in cases in which the same Shareholder owns Acquired Fund Common Shares in multiple accounts and Acquiring Fund cannot aggregate those accounts through use of their common taxpayer identification number or employee identification number or otherwise (in which case no account will receive more than a fraction of one share in cash);</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>I</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>UNE </FONT><FONT face=sans-serif size=2>25, 2007</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Page 12</FONT> </TD></TR></TABLE><BR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(9)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>None of the compensation received by any Shareholder who is an employee of or service provider to Acquired Fund will be separate consideration for, or allocable to, any of the Acquired Fund Shares that Shareholder held; none of the Acquiring Fund Shares any such Shareholder receives will be separate consideration for, or allocable to, any employment agreement, investment advisory agreement, or other service agreement; and the compensation paid to any such Shareholder will be for services actually rendered and will be commensurate with amounts paid to third parties bargaining at arm&#146;s-length for similar services;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(10)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Immediately after the Reorganization, the Shareholders will not own shares constituting &#147;control&#148; (as defined in section 304(c)) of Acquiring Fund;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(11)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Neither Fund will be reimbursed for any expenses incurred by it or on its behalf in connection with the Reorganization unless those expenses are solely and directly related to the Reorganization (determined in accordance with the guidelines set forth in Rev. Rul. 73-54, 1973-1 C.B. 187) (&#147;</FONT><B><FONT face=sans-serif>Reorganization Expenses</FONT></B><FONT face=sans-serif>&#148;); and</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(12)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>The aggregate value of the acquisitions, redemptions, and distributions limited by Acquired Fund&#146;s Representation numbered (6) and Acquiring Fund&#146;s Representations numbered (3) and (10) will not exceed 50% of the value (without giving effect to such acquisitions, redemptions, and distributions) of the proprietary interest in Acquired Fund at the Effective Time.</FONT> </TD></TR>
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<P align=center>
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     <TD noWrap align=center><U><FONT face=sans-serif>OPINION</FONT></U></TD></TR></TABLE></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Based solely on the facts and assumptions described above, and conditioned on the Representations&#146; being true and complete at the Effective Time and the Reorganization&#146;s being consummated in accordance with the Agreement (</FONT><FONT face=sans-serif>without the waiver or modification of any terms or conditions thereof</FONT><FONT face=sans-serif>), our opinion (as explained more fully in the next section of this letter) is as follows:</FONT></P>
<P style="MARGIN-LEFT: 2%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(1) Acquiring Fund&#146;s acquisition of the Assets in exchange for Acquiring Fund Shares and Acquiring Fund&#146;s assumption of the Liabilities, followed by Acquired Fund&#146;s distribution of those shares to the Shareholders actually or constructively in exchange for their Acquired Fund Shares, will qualify as a &#147;reorganization&#148; (as defined in section</FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>UNE </FONT><FONT face=sans-serif size=2>25, 2007</FONT> </TD></TR>
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<P align=left><FONT face=sans-serif>368(a)(1)(C)), and each Fund will be &#147;a party to a reorganization&#148; (within the meaning of section 368(b));</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(2) Acquired Fund will recognize no gain or loss on the transfer of the Assets to Acquiring Fund in exchange for Acquiring Fund Shares and Acquiring Fund&#146;s assumption of the Liabilities</FONT><SUP><FONT face=sans-serif>8</FONT></SUP><FONT face=sans-serif> or on the subsequent distribution of those shares to the Shareholders in exchange for their Acquired Fund Shares;</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(3) Acquiring Fund will recognize no gain or loss on its receipt of the Assets in exchange for Acquiring Fund Shares and its assumption of the Liabilities;</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(4) Acquiring Fund&#146;s basis in each Asset will be the same as Acquired Fund&#146;s basis therein immediately before the Reorganization, and Acquiring Fund&#146;s holding period for each Asset will include Acquired Fund&#146;s holding period therefor (except where Acquiring Fund&#146;s investment activities have the effect of reducing or eliminating an Asset&#146;s holding period);</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(5) A Shareholder that exchanges all of its Acquired Fund Shares for Acquiring Fund Shares pursuant to the Reorganization will recognize no gain or loss with respect to the exchange; </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(6) The payment of cash to a Shareholder in lieu of a fractional Acquiring Fund Common Share will be treated as received by such Shareholder as a distribution in redemption of its interest in such fractional Acquiring Fund Common Share, and the Shareholder will recognize gain or loss with respect thereto equal to the difference between the amount of cash received and the portion of such Shareholder&#146;s basis in its Acquired Fund Common Shares that is allocable to the fractional Acquiring Fund Common Share; and the Shareholder&#146;s gain or loss will be long-term gain</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=2>8 </FONT></SUP><FONT face=sans-serif size=2>Notwithstanding anything herein to the contrary, we express no opinion as to the effect of the Reorganization on either Fund or any Shareholder with respect to any Asset as to which any unrealized gain or loss is required to be recognized for federal income tax purposes at the end of a taxable year (or on the termination or transfer thereof) under a mark-to-market system of accounting.</FONT></P>
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<P style="MARGIN-LEFT: 2%" align=left><FONT face=sans-serif>or loss if the holding period for such fractional Acquiring Fund Common Share is more than one year as of the date of the exchange; and</FONT></P>
<P style="MARGIN-LEFT: 2%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(7) A Shareholder&#146;s aggregate basis in the Acquiring Fund Shares it receives in the Reorganization will initially be the same as its aggregate basis in the Acquired Fund Shares it actually or constructively surrenders in exchange for the Acquiring Fund Shares; such initial aggregate basis will then be reduced by the amount of such basis allocable to any fractional Acquiring Fund Common Shares for which the Shareholder receives cash in lieu of issuance of such fractional shares; and the Shareholder&#146;s holding period for the Acquiring Fund Shares received in the Reorganization will include the holding period for the surrendered Acquired Fund Shares, provided the Shareholder holds them as capital assets at the Effective Time.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Our opinion is based on, and is conditioned on the continued applicability of, the provisions of the Code and the Regulations, judicial decisions, and rulings and other pronouncements of the Internal Revenue Service (&#147;</FONT><B><FONT face=sans-serif>Service</FONT></B><FONT face=sans-serif>&#148;) in existence on the date hereof. All the foregoing authorities are subject to change or modification that can be applied retroactively and thus also could affect </FONT><FONT face=sans-serif>the conclusions expressed herein</FONT><FONT face=sans-serif>; we assume no responsibility to update our opinion after the date hereof with respect to any such change or modification. </FONT><FONT face=sans-serif>Our opinion represents our best judgment regarding how a court would decide the issues addressed herein and is not binding on the Service or any court. Moreover, our opinion does not provide any assurance that a position taken in reliance thereon wil
l not be challenged by the Service, and </FONT><FONT face=sans-serif>although we believe that our opinion would be sustained by a court if challenged, there can be no assurances to that effect.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Our opinion addresses only the specific federal income tax consequences of the Reorganization set forth above and does not address any other federal, or any state, local, or foreign, tax consequences of the Reorganization or any other action (including any taken in connection therewith). </FONT><FONT face=sans-serif>Our opinion also applies only to the extent each Fund is solvent, and we express no opinion about the tax treatment of the transactions described herein if either Fund is insolvent. Finally, our opinion is solely for the addressees&#146; information and use and may not be relied on for any purpose by any other person without our express written consent.</FONT></P>
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     <TD noWrap><FONT face=sans-serif>Very truly yours,</FONT></TD></TR></TABLE></P>
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     <TD noWrap align=left width="100%"><U><FONT face=sans-serif size=2>/s/ Kirkpatrick &amp; Lockhart Preston Gates Ellis LLP</FONT></U> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Kirkpatrick &amp; Lockhart Preston Gates Ellis LLP</FONT> </TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>5
<FILENAME>ex12d.htm
<DESCRIPTION>OPINION RE: ACQUISITION OF PATRIOT SELECT
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     <TD noWrap align=center><FONT face=sans-serif>October 10, 2007</FONT></TD></TR></TABLE></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif>John Hancock Patriot Select Dividend Trust</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif>601 Congress Street</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif>Boston, Massachusetts 02210</FONT> </TD></TR>
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     <TD width="100%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif>John Hancock Patriot Premium Dividend Fund II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif>601 Congress Street</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif>Boston, Massachusetts 02210</FONT> </TD></TR></TABLE><BR>
<P style="MARGIN-LEFT: 2%"><FONT face=sans-serif>Re: </FONT><U><FONT face=sans-serif>Reorganization to Combine Two Massachusetts Business Trusts</FONT></U></P>
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     <TD noWrap><FONT face=sans-serif>Ladies and Gentleman:</FONT></TD></TR></TABLE></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>John Hancock Patriot Select Dividend Trust, a Massachusetts business trust (&#147;</FONT><B><FONT face=sans-serif>Acquired Fund</FONT></B><FONT face=sans-serif>&#148;), and John Hancock Patriot Premium Dividend Fund II, also a Massachusetts business trust (&#147;</FONT><B><FONT face=sans-serif>Acquiring Fund</FONT></B><FONT face=sans-serif>&#148;), have requested our opinion as to certain federal income tax consequences of Acquiring Fund&#146;s proposed acquisition of Acquired Fund. That acquisition is to occur pursuant to an Agreement and Plan of Reorganization entered into by and between Acquired Fund and Acquiring Fund dated as of October 9, 2007 (&#147;</FONT><B><FONT face=sans-serif>Agreement</FONT></B><FONT face=sans-serif>&#148;).</FONT><SUP><FONT face=sans-serif>1</FONT></SUP><FONT face=sans-serif> Specifically, each Fund has requested our opinion --</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(1) that Acquiring Fund&#146;s acquisition of Acquired Fund&#146;s assets in exchange solely for voting shares of beneficial interest (&#147;</FONT><B><FONT face=sans-serif>shares</FONT></B><FONT face=sans-serif>&#148;) in Acquiring Fund, cash to be distributed in lieu of certain fractional shares, and Acquiring Fund&#146;s assumption of Acquired Fund&#146;s liabilities, followed by Acquired Fund&#146;s distribution of those shares (or cash in lieu of certain fractional shares) </FONT><I><FONT face=sans-serif>pro rata</FONT></I><FONT face=sans-serif> to its shareholders of record determined as of the </FONT><B><FONT face=sans-serif>Effective Time</FONT></B><FONT face=sans-serif> (as herein defined) (&#147;</FONT><B><FONT face=sans-serif>Shareholders</FONT></B><FONT face=sans-serif>&#148;) actually or constructively in exchange for their shares in Acquired Fund (such</FONT></P>
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<P align=left><SUP><FONT face=sans-serif size=2>1 </FONT></SUP><FONT face=sans-serif size=2>Each of Acquired Fund and Acquiring Fund is sometimes referred to herein as a &#147;</FONT><B><FONT face=sans-serif size=2>Fund</FONT></B><FONT face=sans-serif size=2>.&#148;</FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>S</FONT><FONT face=sans-serif size=2>ELECT </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>T</FONT><FONT face=sans-serif size=2>RUST</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>O</FONT><FONT face=sans-serif size=2>CTOBER </FONT><FONT face=sans-serif size=2>10, 2007</FONT> </TD></TR>
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<P style="MARGIN-LEFT: 3%" align=left><FONT face=sans-serif>transactions collectively referred to herein as the &#147;</FONT><B><FONT face=sans-serif>Reorganization</FONT></B><FONT face=sans-serif>&#148;), will qualify as a &#147;reorganization&#148; (as defined in section 368(a)(1)(C)),</FONT><SUP><FONT face=sans-serif>2</FONT></SUP><FONT face=sans-serif> and each Fund will be &#147;a party to a reorganization&#148; (within the meaning of section 368(b));</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(2) that neither the Funds nor the Shareholders will recognize gain or loss on the Reorganization, except that Shareholders will recognize gain or loss in connection their receipt of cash in lieu of fractional shares; and</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(3) regarding the basis and holding period after the Reorganization of the transferred assets and the shares issued pursuant thereto.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>In rendering this opinion, we have examined (1) the Agreement, (2) the Joint Proxy Statement/Prospectus dated March 12, 2007, regarding the Reorganization (&#147;</FONT><B><FONT face=sans-serif>Joint Proxy Statement</FONT></B><FONT face=sans-serif>&#148;) that was furnished in connection with the solicitation, by the members of Acquired Fund&#146;s Board of Trustees (&#147;</FONT><B><FONT face=sans-serif>Board</FONT></B><FONT face=sans-serif>&#148;) and the Acquiring Fund&#146;s Board of Trustees of proxies for use at the special meetings of each Fund&#146;s shareholders that were held on April 23, 2007, and (3) other documents we have deemed necessary or appropriate for the purposes hereof (collectively, &#147;</FONT><B><FONT face=sans-serif>Documents</FONT></B><FONT face=sans-serif>&#148;). We have assumed, for purposes hereof, the accuracy and completeness of the information contained in all the Documents. As to various matters of fact mate
rial to this opinion, we have relied, exclusively and without independent verification (with your permission), on the representations and warranties described below (collectively, &#147;</FONT><B><FONT face=sans-serif>Representations</FONT></B><FONT face=sans-serif>&#148;). W</FONT><FONT face=sans-serif>e have assumed that any Representation made &#147;to the knowledge and belief&#148; (or similar qualification) of any person or party is, and at the Effective Time will be, correct without such qualification. We have also assumed that as to all matters for which a person or entity has represented that such person or entity is not a party to, does not have, or is not aware of any plan, intention, understanding, or agreement, there is no such plan, intention, understanding, or agreement. Finally, we have assumed that the Documents and the Representations present all the material and relevant facts relating to the Reorganization.</FONT></P>
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<P align=left><FONT face=sans-serif size=1>2 </FONT><FONT face=sans-serif size=2>All &#147;section&#148; references are to the Internal Revenue Code of 1986, as amended (&#147;</FONT><B><FONT face=sans-serif size=2>Code</FONT></B><FONT face=sans-serif size=2>&#148;), unless otherwise noted, and all &#147;Treas. Reg. &#167;&#148; references are to the regulations under the Code (&#147;</FONT><B><FONT face=sans-serif size=2>Regulations</FONT></B><FONT face=sans-serif size=2>&#148;).</FONT></P>
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<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Each Fund is a voluntary association with transferable shares of the type commonly referred to as a &#147;Massachusetts business trust&#148; that is duly organized and validly existing under the laws of The Commonwealth of Massachusetts. Each Fund is duly registered under the 1940 Act as a closed-end management investment company. Each Fund has sold shares to the public.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Acquired Fund has two issued and outstanding classes of shares, consisting of common shares (&#147;</FONT><B><FONT face=sans-serif>Acquired Fund Common Shares</FONT></B><FONT face=sans-serif>&#148;) and preferred shares (&#147;</FONT><B><FONT face=sans-serif>Acquired Fund Preferred Shares</FONT></B><FONT face=sans-serif>&#148; and, together with the Acquired Fund Common Shares, &#147;</FONT><B><FONT face=sans-serif>Acquired Fund Shares</FONT></B><FONT face=sans-serif>&#148;).</FONT><SUP><FONT face=sans-serif>3</FONT></SUP><FONT face=sans-serif> Acquiring Fund also has two issued and outstanding classes of shares, consisting of common shares (&#147;</FONT><B><FONT face=sans-serif>Acquiring Fund Common Shares</FONT></B><FONT face=sans-serif>&#148;) and preferred shares (&#147;</FONT><B><FONT face=sans-serif>Acquiring Fund Preferred Shares</FONT></B><FONT face=sans-serif>&#148; and, together with the Acquiring Fund Common Shares, &#147;</FONT><B>
<FONT face=sans-serif>Acquiring Fund Shares</FONT></B><FONT face=sans-serif>&#148;).</FONT><SUP><FONT face=sans-serif>4</FONT></SUP><FONT face=sans-serif> The Acquired Fund Common Shares and the Acquired Fund Preferred Shares are substantially similar to the Acquired Fund Common Shares and the Acquired Fund Preferred Shares, respectively. </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>The Reorganization, together with related acts necessary to consummate it (&#147;</FONT><B><FONT face=sans-serif>Closing</FONT></B><FONT face=sans-serif>&#148;), will occur on October 10, 2007, or on such date and at such time as the Funds agree (&#147;</FONT><B><FONT face=sans-serif>Effective Time</FONT></B><FONT face=sans-serif>&#148;).</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Each Fund&#146;s Declaration of Trust (&#147;</FONT><B><FONT face=sans-serif>Declaration</FONT></B><FONT face=sans-serif>&#148;) permits it to vary its shareholders&#146; investment therein. Neither Fund has a fixed pool of assets; rather each Fund is a managed portfolio of securities and its investment advisor, John Hancock Advisers, LLC (&#147;</FONT><B><FONT face=sans-serif>Advisor</FONT></B><FONT face=sans-serif>&#148;), has the authority to buy and sell securities for it.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>The Funds have substantially similar investment objectives. Each Fund seeks to provide common shareholders with a high level of current income consistent with modest growth of capital. Each Fund invests at least 80% of its assets in dividend-</FONT></P>
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<P align=left><SUP><FONT face=sans-serif size=2>3</FONT></SUP><FONT face=sans-serif size=2> The Board has designated the Acquired Fund Preferred Shares as &#147;Auction Market Preferred Shares&#148; (&#147;</FONT><B><FONT face=sans-serif size=2>Acquired Fund AMPS</FONT></B><FONT face=sans-serif size=2>&#148;).</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=2>4</FONT></SUP><FONT face=sans-serif size=2> The Board of Trustees of the Acquiring Fund has designated its Acquiring Fund Preferred Shares as several series, including &#147;Dutch Auction Rate Transferable Securities, Series D&#148; (&#147;</FONT><B><FONT face=sans-serif size=2>Acquiring Fund DARTS Series D</FONT></B><FONT face=sans-serif size=2>&#148;). The terms of the Acquiring Fund DARTS Series D are substantially the same as those of the Acquired Fund AMPS. </FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>O</FONT><FONT face=sans-serif size=2>CTOBER </FONT><FONT face=sans-serif size=2>10, 2007</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Page 4</FONT> </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif>paying securities and emphasizes investments in securities of companies in the utilities industries. The quality of ratings of each Fund's portfolio investments stipulates that preferred stocks and debt obligations in which the Fund will invest will be investment grade at least "BBB" by S&amp;P or "Baa" by Moody's at the time of investment or will be preferred stocks of issuers of investment grade senior debt, some of which may have speculative characteristics, or, if not rated, will be of comparable quality as determined by the Advisor. Each Fund will invest in common stocks of issuers whose senior debt is rated investment grade or, in the case of issuers that have no rated senior debt outstanding, whose senior debt is considered by the Advisor to be of comparable quality.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>The Funds&#146; their investment policies and risks are also similar. Each Fund invests at least 80% of its net assets in dividend-paying preferred and common stocks and normally invests more than 65% of its total assets in securities of companies in the utilities industry. The Funds&#146; investment objectives and strategies allow both Funds to invest in many of the same issuers. Many of the Funds&#146; investment risks are similar. Both Funds are managed by the same investment advisory personnel.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>For the reasons described in the Joint Proxy Statement, the Board duly adopted and approved the Agreement and the Reorganization. Each Fund&#146;s Board of Trustees has determined that participation in the Reorganization is in each Fund&#146;s best interests and that the interests of the existing shareholders thereof will not be diluted as a result of the Reorganization.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>The Agreement, which specifies that the Funds intend for the Reorganization to qualify as a &#147;reorganization&#148; within the meaning of section 368(a), provides in relevant part for the following: </FONT></P>
<P style="MARGIN-LEFT: 2%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(1) Acquiring Fund&#146;s acquisition of all investments and other assets, including interest accrued on debt instruments as of the Valuation Time, Acquired Fund owns at the Effective Time (collectively &#147;</FONT><B><FONT face=sans-serif>Assets</FONT></B><FONT face=sans-serif>&#148;), in exchange solely for the following:</FONT></P>
<P style="MARGIN-LEFT: 2%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(a) the number of Acquiring Fund Common Shares having an aggregate net asset value equal to the aggregate net asset value of the Acquired Fund Common Shares held by each Shareholder, determined in each case as of the Valuation Time and as provided in paragraph 4(b) and (c) of the Agreement; provided, however, that no fractional Acquiring Fund Common Shares are to</FONT></P>
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<P style="MARGIN-LEFT: 3%" align=left><FONT face=sans-serif>be issued except with respect to Acquired Fund Common Shares held in a Dividend Reinvestment Plan account;</FONT></P>
<P style="MARGIN-LEFT: 3%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(b) the number of Acquiring Fund Preferred Shares</FONT><SUP><FONT face=sans-serif>5</FONT></SUP><FONT face=sans-serif> having an aggregate liquidation preference and value equal to the aggregate liquidation preference and value of the Acquired Fund Preferred Shares held by each Shareholder, determined in each case as of the Valuation Time and as provided in paragraph 4(b) and (c) of the Agreement;</FONT></P>
<P style="MARGIN-LEFT: 3%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(c) cash in lieu of any fractional Acquiring Fund Common Shares, subject to the limitation described in paragraph (a) above, which cash will represent the current fair market value of such fractional shares in accordance with paragraph 4(e) of the Agreement; and</FONT></P>
<P style="MARGIN-LEFT: 3%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(d) Acquiring Fund&#146;s assumption of substantially all of the liabilities of Acquired Fund at the Valuation Time (collectively &#147;</FONT><B><FONT face=sans-serif>Liabilities</FONT></B><FONT face=sans-serif>&#148;).</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(2) The distribution of those Acquiring Fund Shares to the Shareholders by Acquiring Fund&#146;s transfer agent&#146;s opening accounts on Acquiring Fund&#146;s share ledger records in the Shareholders&#146; names and crediting each Shareholder&#146;s account with the respective </FONT><I><FONT face=sans-serif>pro rata</FONT></I><FONT face=sans-serif> number of Acquiring Fund Shares due that Shareholder,</FONT><SUP><FONT face=sans-serif>6</FONT></SUP><FONT face=sans-serif> by class (whereupon all outstanding Acquired Fund Shares, including any represented by certificates, simultaneously will be canceled on Acquired Fund&#146;s share ledger records)</FONT><SUP><FONT face=sans-serif>7</FONT></SUP><FONT face=sans-serif>;</FONT></P>
<P align=left>&nbsp;</P>
<P align=left><SUP><FONT face=sans-serif size=2>5</FONT></SUP><FONT face=sans-serif size=2> The Acquiring Fund Preferred Shares referred to herein will consist of shares of Acquiring Fund DARTS Series D.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=2>6</FONT></SUP><FONT face=sans-serif size=2> As noted above, Shareholders will in some cases receive cash in lieu of fractional Acquiring Fund Common Shares.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=2>7</FONT></SUP><FONT face=sans-serif size=2> The Agreement provides that, at the time of the Reorganization, the Acquired Fund Shares will, in effect, be exchanged for Acquiring Fund Shares, certificates for which will not be issued. Accordingly, Shareholders will not be required to and will not make physical delivery of their Acquired Fund Shares, nor will they receive certificates for Acquiring Fund Shares, pursuant to the</FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>O</FONT><FONT face=sans-serif size=2>CTOBER </FONT><FONT face=sans-serif size=2>10, 2007</FONT> </TD></TR>
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<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(3) Acquired Fund&#146;s termination as soon as reasonably practicable after that distribution, but in all events within six months after the Effective Time; and</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(4) Subject to satisfaction of each Fund&#146;s Representation (11) in the third set of Representations below, the </FONT><B><FONT face=sans-serif>Reorganization Expenses</FONT></B><FONT face=sans-serif> (as defined therein) will be borne by the holders of the Acquired Fund Common Shares and the Acquiring Fund Common Shares in proportion to their projected annual expense savings as a result of the Reorganization, with the balance being borne by the Advisor. Notwithstanding the foregoing, expenses will be paid by the party directly incurring them if and to the extent that the payment thereof by another person would result in that party&#146;s disqualification as a </FONT><B><FONT face=sans-serif>RIC </FONT></B><FONT face=sans-serif>(as defined below) or would prevent the Reorganization from qualifying as a tax-free reorganization.</FONT></P>
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     <TD noWrap align=center><U><FONT face=sans-serif>REPRESENTATIONS</FONT></U></TD></TR></TABLE></P>
<P align=left><U><FONT face=sans-serif>Acquired Fund</FONT></U><FONT face=sans-serif> has represented and warranted to us as follows:</FONT></P>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(1)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>For each taxable year of its operation, including the taxable year ending at the Effective Time, Acquired Fund has met and will continue to meet the requirements of Subchapter M of Chapter 1 of Subtitle A of the Code (&#147;</FONT><B><FONT face=sans-serif>Subchapter M</FONT></B><FONT face=sans-serif>&#148;) for qualification as a regulated investment company (&#147;</FONT><B><FONT face=sans-serif>RIC</FONT></B><FONT face=sans-serif>&#148;) and has been and will continue to be eligible to and has computed and will continue to compute its federal income tax under section 852 and will pay the dividend(s) described in paragraph 3(c) of the Agreement; and Acquired Fund has no earnings and profits accumulated in any taxable year in which the provisions of Subchapter M did not apply to it;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(2)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>The Funds are in the same line of business, for purposes of Treas. Reg. &#167; 1.368-1(d)(2), and Acquired Fund did not enter into such line of business as part of the plan of reorganization; from the time the Board approved the transactions contemplated by the Agreement (&#147;</FONT><B><FONT face=sans-serif>Approval Time</FONT></B><FONT face=sans-serif>&#148;) through the Effective Time, Acquired Fund has invested and will invest its assets in a manner that ensures its compliance with the Representation in the</FONT> </TD></TR>
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<P align=left><FONT face=sans-serif size=2>Reorganization. Acquired Fund Shares nevertheless will be treated as having been exchanged for Acquiring Fund Shares, and the tax consequences to the Shareholders will be unaffected by the absence of Acquiring Fund Share certificates. </FONT><I><FONT face=sans-serif size=2>See</FONT></I><FONT face=sans-serif size=2> discussion under &#147;Analysis,&#148; part V, below.</FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>O</FONT><FONT face=sans-serif size=2>CTOBER </FONT><FONT face=sans-serif size=2>10, 2007</FONT> </TD></TR>
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<P style="MARGIN-LEFT: 5%" align=left><FONT face=sans-serif>preceding paragraph; from the date it commenced operations through the Effective Time, Acquired Fund has conducted and will conduct its &#147;historic business&#148; (within the meaning of Treas. Reg. &#167; 1.368 -1(d)(2)) in a substantially unchanged manner; and from the Approval Time through the Effective Time, Acquired Fund (a) has not disposed of and/or acquired, and will not dispose of and/or acquire, any assets (i) for the purpose of satisfying Acquiring Fund&#146;s investment objective or policies or (ii) for any other reason except in the ordinary course of its business as a RIC, and (b) has not otherwise changed its historic investment policies; </FONT></P>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(3)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>At the Effective Time, (a) at least 33-1/3% of Acquired Fund&#146;s portfolio assets will meet Acquiring Fund&#146;s investment objective, strategies, policies, risks, and restrictions, and (b) Acquired Fund did not and will not alter its portfolio in connection with the Reorganization to meet such 33- 1/3% threshold;</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(4)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquired Fund incurred the Liabilities in the ordinary course of its business;</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(5)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquired Fund is not under the jurisdiction of a court in a &#147;title 11 or similar case&#148; (as defined in section 368(a)(3)(A));</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(6)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>During the five-year period ending at the Effective Time, (a) neither Acquired Fund nor any person &#147;related&#148; (within the meaning of Treas. Reg.</FONT> </TD></TR>
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     <TD width="100%"><FONT face=sans-serif>&#167; 1.368-1(e)(4), without regard to Treas. Reg. &#167; 1.368-1(e)(4)(i)(A)) to it will have acquired Acquired Fund Shares, either directly or through any transaction, agreement, or arrangement with any other person, with consideration other than Acquiring Fund Shares or Acquired Fund Shares, and (b) no distributions will have been made with respect to Acquired Fund Shares, other than normal, regular dividend distributions made pursuant to Acquired Fund&#146;s historic dividend-paying practice and other distributions that qualify for the deduction for dividends paid (within the meaning of section 561) referred to in sections 852(a)(1) and 4982(c)(1)(A);</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(7)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Not more than 25% of the value of Acquired Fund&#146;s total assets (excluding cash, cash items, and U.S. government securities) is invested in the stock and securities of any one issuer, and not more than 50% of the value of such assets is invested in the stock and securities of five or fewer issuers; and</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>O</FONT><FONT face=sans-serif size=2>CTOBER </FONT><FONT face=sans-serif size=2>10, 2007</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(8)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquired Fund will terminate in accordance with paragraph 6(b) of the Agreement, which termination will be effected as soon as reasonably practical after the Effective Time, but in all events within six months thereafter.</FONT> </TD></TR>
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<P align=left><U><FONT face=sans-serif>Acquiring Fund</FONT></U><FONT face=sans-serif> has represented and warranted to us as follows:</FONT></P>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(1)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>For each taxable year of its operation, including the taxable year that includes the Effective Time, Acquiring Fund has met the requirements of Subchapter M of Chapter 1 of the Code for qualification as a RIC and has been eligible to and has computed its federal income tax under section 852; Acquiring Fund intends to continue to meet all such requirements, and to be eligible to and to compute its federal income tax under section 852, for the next taxable year; and Acquiring Fund has no earnings and profits accumulated in any taxable year in which the provisions of Subchapter M did not apply to it;</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(2)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Except for Acquiring Fund&#146;s assumption of the Liabilities and its payment of cash in lieu of certain fractional Acquiring Fund Shares pursuant to paragraph 4(e) of the Agreement, no consideration other than Acquiring Fund Shares will be issued in exchange for the Assets in the Reorganization;</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(3)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquiring Fund has no plan or intention to issue additional shares following the Reorganization except for shares issued in the ordinary course of its business as a closed-end investment company having series of auction preferred shares; nor does Acquiring Fund, or any person &#147;related&#148; (within the meaning of Treas. Reg. &#167; 1.368-1(e)(4)) to it, have any plan or intention, in connection with the Reorganization, to acquire -- during the five-year period beginning at the Effective Time, either directly or through any transaction, agreement, or arrangement with any other person -- with consideration other than Acquiring Fund Shares, any Acquiring Fund Shares issued to the Shareholders pursuant to the Reorganization;</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(4)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Following the Reorganization, Acquiring Fund (a) will continue Acquired Fund&#146;s &#147;historic business&#148; (within the meaning of Treas. Reg. &#167; 1.368- 1(d)(2)) and (b) will use a significant portion of Acquired Fund&#146;s &#147;historic business assets&#148; (within the meaning of Treas. Reg. &#167; 1.368-1(d)(3)) in a business; moreover, Acquiring Fund (c) has no plan or intention to sell or otherwise dispose of any of the Assets, except for dispositions made in</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>O</FONT><FONT face=sans-serif size=2>CTOBER </FONT><FONT face=sans-serif size=2>10, 2007</FONT> </TD></TR>
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<P style="MARGIN-LEFT: 5%" align=left><FONT face=sans-serif>the ordinary course of that business and dispositions necessary to maintain its status as a RIC, and (d) expects to retain substantially all the Assets in the same form as it receives them in the Reorganization, unless and until subsequent investment circumstances suggest the desirability of change or it becomes necessary to make dispositions thereof to maintain such status;</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(5)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquiring Fund is in the same line of business that Acquired Fund was in preceding the Reorganization, for purposes of Treas. Reg. &#167; 1.368- 1(d)(2), and did not enter into such line of business as part of the plan of reorganization; following the Reorganization, Acquiring Fund will continue, and has no intention to change, such line of business; and at the Effective Time, (a) at least 33-1/3% of Acquired Fund&#146;s portfolio assets will meet Acquiring Fund&#146;s investment objective, strategies, policies, risks, and restrictions and (b) Acquiring Fund has no plan or intention to change any of its investment objective, strategies, policies, risks, or restrictions after the Reorganization;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(6)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquiring Fund believes, based on its review of Acquired Fund&#146;s and Acquiring Fund&#146;s respective investment portfolios, that most of Acquired Fund&#146;s assets are consistent with Acquiring Fund&#146;s investment objective and policies and thus can be transferred to and held by Acquiring Fund;</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(7)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>There is no plan or intention for Acquiring Fund to be dissolved or merged into another business or statutory trust or a corporation or any &#147;fund&#148; thereof (as defined in section 851(g)(2)) following the Reorganization;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><FONT face=sans-serif>(8)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Immediately after the Reorganization, (a) not more than 25% of the value of Acquiring Fund&#146;s total assets (excluding cash, cash items, and U.S. government securities) will be invested in the stock and securities of any one issuer and (b) not more than 50% of the value of such assets will be invested in the stock and securities of five or fewer issuers;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(9)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Acquiring Fund does not directly or indirectly own, nor at the Effective Time will it directly or indirectly own, nor has it directly or indirectly owned at any time during the past five years, any Acquired Fund Shares; and</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(10)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>During the five-year period ending at the Effective Time, neither Acquiring Fund nor any person &#147;related&#148; (within the meaning of Treas. Reg. &#167; 1.368-</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>O</FONT><FONT face=sans-serif size=2>CTOBER </FONT><FONT face=sans-serif size=2>10, 2007</FONT> </TD></TR>
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<P style="MARGIN-LEFT: 4%" align=left><FONT face=sans-serif>1(e)(4)) to it will have acquired Acquired Fund Shares with consideration other than Acquiring Fund Shares.</FONT></P>
<P align=left><U><FONT face=sans-serif>Each Fund</FONT></U><FONT face=sans-serif> has represented and warranted to us as follows:</FONT></P>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(1)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>The fair market value of the Acquiring Fund Shares each Shareholder receives will be approximately equal to the fair market value of the Acquired Fund Shares it constructively surrenders in exchange therefor;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(2)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Its management (a) is unaware of any plan or intention of Shareholders, in connection with the Reorganization, to redeem, sell, or otherwise dispose of (i) any portion of their Acquired Fund Shares before the Reorganization to any person &#147;related&#148; (within the meaning of Treas. Reg. &#167; 1.368-1(e)(4)) to either Fund or (ii) any portion of the Acquiring Fund Shares they receive in the Reorganization to any person &#147;related&#148; (within such meaning) to Acquiring Fund, (b) does not anticipate dispositions of those Acquiring Fund Shares at the time of or soon after the Reorganization to exceed the usual rate and frequency of dispositions of shares of Acquired Fund as a closed- end investment company, (c) expects that the percentage of shareholder interests, if any, that will be disposed of as a result of, or at the time of, the Reorganization to be </FONT><I><FONT face=sans-serif>de minimis</FONT></I><FONT face=sans-serif>, and (d) does not anticipate
 that there will be extraordinary redemptions of Acquiring Fund Shares immediately following the Reorganization;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(3)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>To the best of its management&#146;s knowledge, at the record date for Acquired Fund&#146;s shareholders entitled to vote on approval of the Agreement, there was no plan or intention by its shareholders to redeem, sell, exchange, or otherwise dispose of, in connection with the Reorganization, a number of Acquired Fund Shares (or Acquiring Fund Shares to be received in the Reorganization) that would reduce their ownership of the Acquired Fund Shares (or the equivalent Acquiring Fund Shares) to a number of shares that was less than 50% of the number of the Acquired Fund Shares at such record date;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(4)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>The Shareholders will pay their own expenses (including fees of personal investment or tax advisers for advice regarding the Reorganization), if any, incurred in connection with the Reorganization;</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>O</FONT><FONT face=sans-serif size=2>CTOBER </FONT><FONT face=sans-serif size=2>10, 2007</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>Page 11</FONT> </TD></TR></TABLE><BR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(5)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>The fair market value of the Assets on a going-concern basis will equal or exceed the Liabilities to be assumed by Acquiring Fund and those to which the Assets are subject;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(6)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>There is no intercompany indebtedness between Acquired Fund and Acquiring Fund that was issued or acquired, or will be settled, at a discount;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(7)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Pursuant to the Reorganization, Acquired Fund will transfer to Acquiring Fund, and Acquiring Fund will acquire, at least 90% of the fair market value of the net assets, and at least 70% of the fair market value of the gross assets, Acquired Fund held immediately before the Reorganization. For the purposes of the foregoing, any amounts Acquired Fund uses to pay its Reorganization expenses and to make redemptions and distributions immediately before the Reorganization (except regular, normal dividend distributions made to conform to its policy of distributing all or substantially all of its income and gains to avoid the obligation to pay federal income tax and/or the excise tax under section 4982) will be included as assets it held immediately before the Reorganization;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(8)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Cash is being paid to Acquired Fund and distributed to Shareholders in lieu of fractional Acquiring Fund Common Shares solely to save Acquiring Fund the expense and inconvenience of issuing and transferring fractional shares, and such cash does not represent separately bargained for consideration in the Reorganization; the total cash consideration that will be paid to Shareholders instead of issuing fractional Acquiring Fund Common Shares will not exceed 1% of the total consideration that will be issued to Shareholders in exchange for their Acquired Fund Common Shares; and the fractional share interests of each Shareholder will be aggregated, and no Shareholder will receive cash in an amount equal to or greater than the value of one full share of Acquired Fund Common Shares except in cases in which a Shareholder holds beneficial interests in Acquired Fund Common Shares through more than one account and such multiple accounts cannot be aggregated, either because the
 beneficial interest cannot be identified or because it would be improper to do so, and in cases in which the same Shareholder owns Acquired Fund Common Shares in multiple accounts and Acquiring Fund cannot aggregate those accounts through use of their common taxpayer identification number or employee identification number or otherwise (in which case no account will receive more than a fraction of one share in cash);</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>O</FONT><FONT face=sans-serif size=2>CTOBER </FONT><FONT face=sans-serif size=2>10, 2007</FONT> </TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(9)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>None of the compensation received by any Shareholder who is an employee of or service provider to Acquired Fund will be separate consideration for, or allocable to, any of the Acquired Fund Shares that Shareholder held; none of the Acquiring Fund Shares any such Shareholder receives will be separate consideration for, or allocable to, any employment agreement, investment advisory agreement, or other service agreement; and the compensation paid to any such Shareholder will be for services actually rendered and will be commensurate with amounts paid to third parties bargaining at arm&#146;s-length for similar services;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(10)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Immediately after the Reorganization, the Shareholders will not own shares constituting &#147;control&#148; (as defined in section 304(c)) of Acquiring Fund;</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(11)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>Neither Fund will be reimbursed for any expenses incurred by it or on its behalf in connection with the Reorganization unless those expenses are solely and directly related to the Reorganization (determined in accordance with the guidelines set forth in Rev. Rul. 73-54, 1973-1 C.B. 187) (&#147;</FONT><B><FONT face=sans-serif>Reorganization Expenses</FONT></B><FONT face=sans-serif>&#148;); and</FONT> </TD></TR>
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     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD vAlign=top noWrap><FONT face=sans-serif>(12)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=sans-serif>The aggregate value of the acquisitions, redemptions, and distributions limited by Acquired Fund&#146;s Representation numbered (6) and Acquiring Fund&#146;s Representations numbered (3) and (10) will not exceed 50% of the value (without giving effect to such acquisitions, redemptions, and distributions) of the proprietary interest in Acquired Fund at the Effective Time.</FONT> </TD></TR>
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     <TD noWrap align=center><U><FONT face=sans-serif>OPINION</FONT></U></TD></TR></TABLE></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Based solely on the facts and assumptions described above, and conditioned on the Representations&#146; being true and complete at the Effective Time and the Reorganization&#146;s being consummated in accordance with the Agreement (</FONT><FONT face=sans-serif>without the waiver or modification of any terms or conditions thereof</FONT><FONT face=sans-serif>), our opinion (as explained more fully in the next section of this letter) is as follows:</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(1) Acquiring Fund&#146;s acquisition of the Assets in exchange for Acquiring Fund Shares and Acquiring Fund&#146;s assumption of the Liabilities, followed by Acquired Fund&#146;s distribution of those shares to the Shareholders actually or constructively in exchange for their Acquired Fund Shares, will qualify as a &#147;reorganization&#148; (as defined in section</FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>O</FONT><FONT face=sans-serif size=2>CTOBER </FONT><FONT face=sans-serif size=2>10, 2007</FONT> </TD></TR>
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<P align=left><FONT face=sans-serif>368(a)(1)(C)), and each Fund will be &#147;a party to a reorganization&#148; (within the meaning of section 368(b));</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(2) Acquired Fund will recognize no gain or loss on the transfer of the Assets to Acquiring Fund in exchange for Acquiring Fund Shares and Acquiring Fund&#146;s assumption of the Liabilities</FONT><SUP><FONT face=sans-serif>8</FONT></SUP><FONT face=sans-serif> or on the subsequent distribution of those shares to the Shareholders in exchange for their Acquired Fund Shares;</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(3) Acquiring Fund will recognize no gain or loss on its receipt of the Assets in exchange for Acquiring Fund Shares and its assumption of the Liabilities;</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(4) Acquiring Fund&#146;s basis in each Asset will be the same as Acquired Fund&#146;s basis therein immediately before the Reorganization, and Acquiring Fund&#146;s holding period for each Asset will include Acquired Fund&#146;s holding period therefor (except where Acquiring Fund&#146;s investment activities have the effect of reducing or eliminating an Asset&#146;s holding period);</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(5) A Shareholder that exchanges all of its Acquired Fund Shares for Acquiring Fund Shares pursuant to the Reorganization will recognize no gain or loss with respect to the exchange; </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(6) The payment of cash to a Shareholder in lieu of a fractional Acquiring Fund Common Share will be treated as received by such Shareholder as a distribution in redemption of its interest in such fractional Acquiring Fund Common Share, and the Shareholder will recognize gain or loss with respect thereto equal to the difference between the amount of cash received and the portion of such Shareholder&#146;s basis in its Acquired Fund Common Shares that is allocable to the fractional Acquiring Fund Common Share; and the Shareholder&#146;s gain or loss will be long-term gain</FONT></P>
<P align=left>&nbsp;</P>
<P align=left><SUP><FONT face=sans-serif size=2>8 </FONT></SUP><FONT face=sans-serif size=2>Notwithstanding anything herein to the contrary, we express no opinion as to the effect of the Reorganization on either Fund or any Shareholder with respect to any Asset as to which any unrealized gain or loss is required to be recognized for federal income tax purposes at the end of a taxable year (or on the termination or transfer thereof) under a mark-to-market system of accounting.</FONT></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>O</FONT><FONT face=sans-serif size=2>CTOBER </FONT><FONT face=sans-serif size=2>10, 2007</FONT> </TD></TR>
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<P style="MARGIN-LEFT: 3%" align=left><FONT face=sans-serif>or loss if the holding period for such fractional Acquiring Fund Common Share is more than one year as of the date of the exchange; and</FONT></P>
<P style="MARGIN-LEFT: 3%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>(7) A Shareholder&#146;s aggregate basis in the Acquiring Fund Shares it receives in the Reorganization will initially be the same as its aggregate basis in the Acquired Fund Shares it actually or constructively surrenders in exchange for the Acquiring Fund Shares; such initial aggregate basis will then be reduced by the amount of such basis allocable to any fractional Acquiring Fund Common Shares for which the Shareholder receives cash in lieu of issuance of such fractional shares; and the Shareholder&#146;s holding period for the Acquiring Fund Shares received in the Reorganization will include the holding period for the surrendered Acquired Fund Shares, provided the Shareholder holds them as capital assets at the Effective Time.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Our opinion is based on, and is conditioned on the continued applicability of, the provisions of the Code and the Regulations, judicial decisions, and rulings and other pronouncements of the Internal Revenue Service (&#147;</FONT><B><FONT face=sans-serif>Service</FONT></B><FONT face=sans-serif>&#148;) in existence on the date hereof. All the foregoing authorities are subject to change or modification that can be applied retroactively and thus also could affect </FONT><FONT face=sans-serif>the conclusions expressed herein</FONT><FONT face=sans-serif>; we assume no responsibility to update our opinion after the date hereof with respect to any such change or modification. </FONT><FONT face=sans-serif>Our opinion represents our best judgment regarding how a court would decide the issues addressed herein and is not binding on the Service or any court. Moreover, our opinion does not provide any assurance that a position taken in reliance thereon wil
l not be challenged by the Service, and </FONT><FONT face=sans-serif>although we believe that our opinion would be sustained by a court if challenged, there can be no assurances to that effect.</FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=sans-serif>Our opinion addresses only the specific federal income tax consequences of the Reorganization set forth above and does not address any other federal, or any state, local, or foreign, tax consequences of the Reorganization or any other action (including any taken in connection therewith). </FONT><FONT face=sans-serif>Our opinion also applies only to the extent each Fund is solvent, and we express no opinion about the tax treatment of the transactions described herein if either Fund is insolvent. Finally, our opinion is solely for the addressees&#146; information and use and may not be relied on for any purpose by any other person without our express written consent.</FONT></P>
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     <TD noWrap><FONT face=sans-serif>Very truly yours,</FONT></TD></TR></TABLE></P>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>S</FONT><FONT face=sans-serif size=2>ELECT </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>T</FONT><FONT face=sans-serif size=2>RUST</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>J</FONT><FONT face=sans-serif size=2>OHN </FONT><FONT face=sans-serif size=2>H</FONT><FONT face=sans-serif size=2>ANCOCK </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>ATRIOT </FONT><FONT face=sans-serif size=2>P</FONT><FONT face=sans-serif size=2>REMIUM </FONT><FONT face=sans-serif size=2>D</FONT><FONT face=sans-serif size=2>IVIDEND </FONT><FONT face=sans-serif size=2>F</FONT><FONT face=sans-serif size=2>UND </FONT><FONT face=sans-serif size=2>II</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT face=sans-serif size=2>O</FONT><FONT face=sans-serif size=2>CTOBER </FONT><FONT face=sans-serif size=2>10, 2007</FONT> </TD></TR>
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     <TD noWrap align=left width="100%"><FONT size=3><U><FONT face=sans-serif size=3>/s/ Kirkpatrick &amp; Lockhart Preston Gates Ellis LLP</FONT></U> </FONT></TD></TR>
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     <TD noWrap align=left width="100%"><FONT size=3><FONT face=sans-serif size=3>Kirkpatrick &amp; Lockhart Preston Gates Ellis LLP</FONT> </FONT></TD></TR></TABLE><BR>
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