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

NEWARK, N.J. -- The Board of Directors of The High Yield Plus Fund, Inc. (the "Fund") (NYSE: HYP) today declared three monthly dividends of $0.0275 per share. A dividend will be payable on January 13, 2006 to stockholders of record on December 30, 2005; the ex-dividend date with respect to such dividend will be December 28, 2005. A dividend will be payable on February 10, 2006 to stockholders of record on January 31, 2006; the ex-dividend date with respect to such dividend will be January 27, 2006. A dividend will be payable on March 10, 2006 to stockholders of record on February 28, 2006; the ex-dividend date with respect to such dividend will be February 24, 2006. The $0.0025 per share reduction in the monthly dividend amount is primarily attributed to an increase in the interest costs on the Fund's borrowings that is not offset by higher interest rates on portfolio securities.

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. The Fund seeks to achieve this objective through investment of at least 80% of its investable assets in publicly or privately offered high yield debt securities rated in the medium to lower categories by recognized rating services or nonrated securities of comparable quality. As a secondary investment objective, the Fund will seek capital appreciation, but only when consistent with its primary objective. The Fund's investment adviser is Wellington Management Company, LLP, an independent investment management firm. For further information on the Fund, call toll free at 800-451-6788.