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 December 1, 2006 meeting. A dividend will be payable on January 12, 2007 to stockholders of record on December 29, 2006; the ex-dividend date with respect to such dividend will be December 27, 2006. A dividend will be payable on February 9, 2007 to stockholders of record on January 31, 2007; the ex-dividend date with respect to such dividend will be January 29, 2007. A dividend will be payable on March 9, 2007 to stockholders of record on February 28, 2007; the ex-dividend date with respect to such dividend will be February 26, 2007.

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.