Managed High Yield Plus Fund Inc. – Dividend Declaration and Updated Price and Yield Information

Managed High Yield Plus Fund Inc. (the "Fund") (NYSE: HYF), a closed-end management investment company, today announced that the Fund’s Board of Directors has declared a dividend from net investment income of $0.0175 per share. The amount of this dividend more closely reflects the current earnings for the Fund. Previously, the Fund had been paying a monthly dividend of $0.0200 per share.

The dividend is payable on August 31, 2011 to shareholders of record as of August 18, 2011. The ex-dividend date is August 16, 2011. Managed High Yield Plus Fund Inc. seeks high income and, secondarily, capital appreciation, primarily through investments in lower-rated, income producing debt and related equity securities.

Characteristics as of July 29, 2011*

        
      
      
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
      
      
        
          Net Asset Value per share
        
        
           
        
        
           
        
        
           
        
        
          $
        
        
          2.21
        
        
        
      
      
        
          Market Price per share
        
        
           
        
        
           
        
        
           
        
        
          $
        
        
          2.26
        
        
           
        
      
      
        
          NAV Yield
        
        
        
        
        
        
        
        
        
        
          9.50
        
        
          %
        
      
      
        
          Market Yield
        
        
           
        
        
           
        
        
           
        
        
           
        
        
          9.29
        
        
          %
        
      
    
    

*Net asset value (NAV), market price and yields will fluctuate. NAV yield is calculated by multiplying the current month’s dividend by 12 and dividing by the month-end net asset value. Market yield is calculated by multiplying the current month’s dividend by 12 and dividing by the month-end market price.