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 March 11, 2009 meeting. A dividend will be payable on April 10, 2009 to stockholders of record on March 31, 2009; the ex-dividend date with respect to such dividend will be March 27, 2009. A dividend will be payable on May 8, 2009 to stockholders of record on April 30, 2009; the ex-dividend date with respect to such dividend will be April 28, 2009. A dividend will be payable on June 10, 2009 to stockholders of record on June 4, 2009; the ex-dividend date with respect to such dividend will be June 2, 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 semi-annual report to stockholders for the six months ended September 30, 2008. For further information, call toll free at 800-451-6788.

High Yield Plus Fund, Inc. (NYSE:HYP)
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