The High Yield Plus Fund, Inc. Declares Monthly Distributions.

NEWARK, N.J. -- The Board of Directors of the High Yield Plus Fund, Inc. (the "Fund") (NYSE: HYP) declared monthly dividends of $0.0250 per share at its September 12, 2006 meeting. A dividend will be payable on October 13, 2006 to stockholders of record on September 29, 2006; the ex-dividend date with respect to such dividend will be September 27, 2006. A dividend will be payable on November 10, 2006 to stockholders of record on October 31, 2006; the ex-dividend date with respect to such dividend will be October 27, 2006. A dividend will be payable on December 8, 2006 to stockholders of record on November 30, 2006; the ex-dividend date with respect to such dividend will be November 28, 2006.

The High Yield Plus Fund, Inc. is a diversified, closed-end management investment company with a primary objective to provide a high level of current income. Capital appreciation is a secondary objective. The Fund will normally invest at least 80% of its assets in high yield debt securities that are rated below investment grade by recognized rating services, or in non-rated securities deemed by the Fund's investment adviser to be of comparable quality. The Fund's investment adviser is Wellington Management Company, LLP, an independent investment management firm. Additional information on the Fund is contained in the Fund's annual report to stockholders for the year ended March 31, 2006. For further information, call toll free at 800-451-6788.