HYP High Yield Plus Fund, Inc.

The Board of Directors of the High Yield Plus Fund, Inc. (the �Fund�) (NYSE: HYP) declared monthly dividends of $0.025 per share at its November 7, 2008 meeting. A dividend will be payable on January 9, 2009 to stockholders of record on December 31, 2008; the ex-dividend date with respect to such dividend will be December 29, 2008. A dividend will be payable on February 13, 2009 to stockholders of record on January 30, 2009; the ex-dividend date with respect to such dividend will be January 28, 2009. A dividend will be payable on March 13, 2009 to stockholders of record on February 27, 2009; the ex-dividend date with respect to such dividend will be February 25, 2009. 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 non-rated 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. Additional information on the Fund is contained in the Fund�s annual report to stockholders for the twelve months ended March 31, 2008. For further information, call toll free at 800-451-6788.