The High Yield Plus Fund, Inc. Final Dividend

The Board of Directors of the High Yield Plus Fund, Inc. (NYSE: HYP)(the “Fund”), approved a final dividend of $0.033 per share, to be payable on June 10, 2009 in cash. Stockholders participating in the Fund’s Dividend Reinvestment Plan (the “Plan”) will have their dividend reinvested in shares of the Fund in accordance with the provisions of the Plan. This dividend is payable to stockholders of record on June 4, 2009; the ex-dividend date with respect to such dividend will be June 2, 2009. This final dividend is being declared in connection with the reorganization of the Fund into the Dryden High Yield Fund, Inc., which is expected to occur as of the close of business on the New York Stock Exchange on Friday, June 19, 2009, subject to customary closing conditions.

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.