YieldPlus Income Fund - Rights Offering Fully Subscribed



    TORONTO, March 27 /CNW/ - YieldPlus Income Fund (the "Fund") (TSX: YP.UN)
is pleased to announce that under the offering of Rights to its unitholders it
has raised gross proceeds of $113,116,132 (12,228,771 Units), being the
maximum permitted under the offering. Unitholders of record on February 22,
2008 received one Right for each YieldPlus Unit held. Three Rights entitled
the holder to purchase one YieldPlus Unit at a price of $9.25 until 4:00 p.m.
(Toronto time) on March 25, 2008. The Rights Offering was significantly
oversubscribed.
    The directors and officers of the Manager exercised all their Rights to
acquire Units under the Basic Subscription Privilege.
    The net proceeds of the Rights Offering will be invested by the Fund in
accordance with its investment objectives. The Fund's investment objectives
are to (i) pay monthly distributions to Unitholders, (ii) return to
Unitholders upon the termination of the Fund at least the original
subscription price of the Units, and (iii) enhance long-term total return
through capital appreciation of the Portfolio. The Fund diligently selects and
actively manages a diversified portfolio comprised primarily of high yielding
equity securities of issuers operating in various industries and geographic
regions. On an annualized basis, the current distribution rate of $1.20 per
Unit represents a cash-on-cash yield of approximately 11.2% based on a Unit
market price of $10.68 as at March 26, 2008. As at December 31, 2007, the Fund
generated annualized returns of 6.6% for the past year, 11.7% for three years
and 15.1% since inception (assuming the reinvestment of distributions).

    Certain statements in this press release may constitute forward-looking
information, including statements regarding use of proceeds, cash-on-cash
yield and expected future distributions. Forward-looking statements are
subject to various risks and uncertainties that could cause estimates to
differ materially from the expectations expressed, including the risk that the
per Unit distributions may decrease below the amount used in calculating the
cash-on-cash yield, which could occur for various reasons beyond the control
of the Fund such as a decrease in the distributions paid by the issuers of
securities included in the Fund's portfolio or a change in general economic
conditions. The forward-looking information contained in this press release
constitutes the Fund's current estimate, as of the date of this press release,
with respect to the matters covered hereby. Investors and others should not
assume that any forward-looking statement contained in this press release
represents the Fund's estimate as of any date other than the date of this
press release.





For further information:

For further information: or to obtain a copy of the prospectus, please
visit our website at www.middlefield.com or contact Nancy Tham, Senior
Vice-President, at (416) 847-5349 or toll-free at 1-888-890-1868

Organization Profile

YIELDPLUS Income Fund

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