New York, October 24, 2005  -- Global High Income Dollar Fund Inc. (the "Fund") (GHI) announced today that the Fund's Board of Directors has approved the terms of a non-transferable rights offering of additional common stock of the Fund (the "Offer").

The rights offering would only commence upon the Securities and Exchange Commission's determination to make the Fund's registration statement effective and is subject to cancellation in the event that there is no longer a premium between the Fund's market price and net asset value ("NAV") or due to other adverse market conditions. Although Fund shares have traded at a premium for some time, shares of closed-end funds frequently trade at a discount to NAV. The price of the Fund's shares is determined by market factors, many of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above NAV.

The Fund would issue to each shareholder of record as of November 11, 2005 (the "Record Date"), one non-transferable right for each whole share of common stock held, rounded up to the nearest number of rights divisible by three. In order to be a Record Date shareholder, investors must purchase shares of the Fund by November 8, 2005. The rights would entitle holders to subscribe for additional shares of the Fund's common stock at a discount to market price. Holders would be able to purchase one share of common stock for every three rights held. The Offer would be made only by means of a prospectus to be distributed to Record Date shareholders on or about November 18, 2005.

Important Dates:          Record Date               November 11, 2005          Expiration Date           December 20, 2005

The subscription price would not be determined until the expiration of the Offer, December 20, 2005 (the "Expiration Date"), unless extended. The subscription price (the "Subscription Price") would be calculated as the greater of (i) the Fund's NAV per share on the Expiration Date or (ii) 95% of the volume weighted average share price of a share on the New York Stock Exchange on the Expiration Date and the four preceding business days.

Record Date shareholders who exercise all rights issued to them would be entitled to subscribe for additional shares at the Subscription Price pursuant to an over-subscription privilege. The Fund may, at its discretion, issue up to an additional 25% of the shares in the Offer to honor over-subscription requests if sufficient shares are not available to honor all over-subscriptions.

Shareholders who have questions regarding the Offer should contact the Information Agent for the Offer, The Altman Group Inc., Warren Antler at 1-800-780-7438, 212-400-2605 or wantler@altmangroup.com.

The Fund's investment adviser is UBS Global Asset Management (US) Inc., and Fund shares are traded on the New York Stock Exchange under the symbol "GHI." The Fund's primary investment objective is to achieve a high level of current income. The Fund's secondary investment objective is to seek capital appreciation. There can be no assurance that these objectives will be met.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund. This information would be found in the Fund's final rights offering prospectus which would be on file with the SEC when the offering commences. An investor should carefully read the Fund's final prospectus before investing.