Managed High Yield Plus Fund Inc.—Dividend Declaration, Fund Commentary, 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 $0.0180 per share. The dividend is payable on December 31, 2009 to shareholders of record as of December 24, 2009. The ex-dividend date is December 22, 2009. 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.

Fund Commentary for the month of November 2009 from UBS Global Asset Management (Americas) Inc. (“UBS Global AM”), the Fund’s investment advisor:

US dollar-denominated high yield securities posted positive returns for the ninth consecutive month in November. During that month, the Merrill Lynch US High Yield Cash Pay Constrained Index (the "Index") gained 0.98%. The Index ended November with a spread over Treasury securities of 757 basis points, (7.57%), which represented a modest widening during the month. (Spread is the difference between the yield paid on US Treasury bonds and higher-risk securities.)

In November, the distressed and CCC-rated sectors outperformed their higher rated counterparts, as the CCC segment of the Index returned 1.97% and distressed bonds returned 2.02%. Spread-sensitive sectors, including homebuilding, paper, broadcasting and automotives outperformed, while a number of defensive sectors, such as telecommunications, electric utilities, banks and insurance underperformed.

On a net asset value return basis, the Fund modestly lagged the Index during the month. This was mainly due to our overweight in the gaming sector and underweight in the telecommunications sector. However, these negatives were somewhat mitigated by our underweights to the financials and insurance sectors.

Our outlook for the high yield market remains unchanged. We are looking for spreads to continue to grind tighter over the medium term, albeit with some volatility as the market finds its equilibrium. With the Federal Reserve Board set to keep short-term interest rates low for an extended period, an improving economy and a positive refinancing environment should also lead to lower defaults. Given our outlook, we are looking to increase active risk to longer duration bonds from higher quality issuers operating in more cyclical industries.

Disclaimers Regarding Fund Commentary - The Fund Commentary is intended to assist shareholders in understanding how the Fund performed during the month noted. Views and opinions were current as of the date of this press release. They are not guarantees of performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and the Fund and UBS Global AM reserve the right to change views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund’s future investment intent.

Characteristics as of November 30, 2009:*

        
      
      
        
          Net Asset Value per share
        
        
           
        
        
           
        
        
          $2.05
        
        
        
      
      
        
          Market Price per share
        
        
           
        
        
           
        
        
          $1.89
        
        
           
        
      
      
        
          NAV Yield
        
        
        
        
        
        
          10.54
        
        
          %
        
      
      
        
          Market Yield
        
        
           
        
        
           
        
        
          11.43
        
        
          %
        
      
    
    
      
        
          *
        
        
          

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.