Board of Global High Income Dollar Fund Inc. Authorizes Preliminary Filing for Non-Transferable Rights Offering.

NEW YORK -- Global High Income Dollar Fund Inc. ("Fund") (NYSE: GHI) announced today that its Board of Directors ("Board"), acting on the recommendation of management, has authorized the filing of a preliminary registration statement for a non-transferable rights offering to the Fund's shareholders. The Fund's Board has also authorized the preparation of an additional listing application to be filed with the NYSE and the taking of other actions necessary to effectuate the rights offering. The rights offering would only commence upon subsequent approval by the Fund's Board of Directors and the SEC's determination to make the Fund's registration statement effective. The final terms of the offer would depend on market conditions at the time the rights offering commences. The offer would be made only by means of a prospectus. The commencement of the offer would be announced through the public media and the definitive terms of the offer, including the subscription price, would be included in the prospectus.

Once the offer commences, shareholders of the Fund as of the record date for the offer would receive rights which would allow them to purchase a specified number of additional shares of the Fund at a discount to the Fund's market price.

The Fund's investment adviser is UBS Global Asset Management (US) Inc., and Fund shares are traded on the New York Stock Exchange under the symbol "GHI." The Fund's primary investment objective is to achieve a high level of current income. As a secondary objective, the Fund seeks capital appreciation to the extent consistent with its primary objective. There can be no assurance that these objectives will be met.

The rights and the underlying shares described in the Fund's registration statement may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or a solicitation for an offer to buy these securities, nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the laws of any such State.

Although Fund shares have traded at a premium for some time, shares of closed-end funds frequently trade at a discount to net asset value. The price of the Fund's shares is determined by market factors, many of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value.

This press release and the registration statement to be filed with the SEC may contain certain forward-looking statements regarding future circumstances. These forward-looking statements are based upon the Fund's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in the forward-looking statements including, in particular, the risks and uncertainties described in the Fund's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. The Fund undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date thereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release or in the registration statement does not constitute an admission by the Fund or any other person that the events or circumstances described in such statement are material.