Managed High Yield Plus Fund Inc. Announces Update on Liquidation & Cessation of Monthly Dividend Pending Final Liquidating D...

Managed High Yield Plus Fund Inc. (the "Fund") (NYSE:HYF), a closed-end management investment company, today announced that it has successfully de-leveraged and fully paid back the bank line of credit that had been used to leverage its investment portfolio. The Fund continues to make significant progress converting remaining portfolio securities to cash or cash equivalents, and determining and paying (or setting aside) the amount of all known or reasonably ascertainable claims and obligations of the Fund in connection with the Fund's liquidation which was approved by its shareholders last month.

The Fund has had a past practice of declaring and paying monthly dividends from that month's net investment income. As the Fund has de-leveraged and is in the process of liquidating its assets, it is not projecting receipt of sufficient net investment income during May to make a regular monthly distribution. In addition, certain tax complexities could arise, such as an increased probability that all or a portion of any such distribution might constitute a return of capital, if the Fund were to make a May dividend payment. As a result, the Fund will not be making a regular monthly dividend payment from net investment income in May. Instead, any net investment income earned in May will be included as part of the final liquidating distribution to shareholders. The payment date of the final liquidating distribution to shareholders will be announced in a future press release but is likely to be no later than June 29, 2016.

As previously communicated in an April 27, 2016, press release, pursuant to the Plan of Liquidation, the Board of Directors of the Fund has established a “Cessation Date” of June 22, 2016, on which the books of the Fund will be closed with respect to shareholders. Effective the business day following the Cessation Date, the Fund’s common shares will not be transferable, and it is anticipated that trading in Fund shares on the New York Stock Exchange will cease. The Cessation Date may be extended if necessary or appropriate in connection with the orderly liquidation of the Fund or to protect the interests of Fund shareholders. All shareholders as of the close of business on the Cessation Date are entitled to receive a liquidating distribution. Additional details regarding the liquidation will be provided by a separate communication closer to the distribution date.

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