Managed High Yield Plus Fund Inc.—Dividend Declaration and Portfolio Statistics

  
    
  
  
    
      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 $0.0330 per share. The 
      dividend is payable on October 31, 2008 to shareholders of record as of 
      October 23, 2008. The ex-dividend date is October 21, 2008. The amount 
      of this dividend more closely reflects the current earnings of the Fund. 
      Previously, the Fund had been paying a monthly dividend of $0.0400 per 
      share of common stock. 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.
    
    
      
        
          Portfolio statistics as of September 30, 20081
        
        
           
        
        
        
      
      
        
        
        
        
        
           
        
      
      
        
          Top ten holdings, including coupon and maturity
        
        
           
        
        
          Percentage of total portfolio assets
        
      
      
        
          Xerox Capital Trust I, 8.000% 02/01/27
        
        
        
        
          2.3%
        
      
      
        
          Harland Clarke Holdings, 9.500% 05/15/15
        
        
        
        
          2.3%
        
      
      
        
          Hawker Beechcraft Acquisition Co., 8.875% 04/01/15
        
        
        
        
          2.2%
        
      
      
        
          Sheridan Acquisition Corp., 10.250% 08/15/11
        
        
        
        
          2.0%
        
      
      
        
          Mobile Services/Storage Group, 9.750% 08/01/14
        
        
        
        
          2.0%
        
      
      
        
          Stone Container Finance, 7.375% 07/15/14
        
        
        
        
          2.0%
        
      
      
        
          Community Health Systems, 8.875% 07/15/15
        
        
        
        
          1.9%
        
      
      
        
          Cellu Tissue Holdings, Inc., 9.750% 03/15/10
        
        
        
        
          1.9%
        
      
      
        
          Citizens Communications , 9.000% 08/15/31
        
        
        
        
          1.9%
        
      
      
        
          Jacobs Entertainment, Inc., 9.750% 06/15/14
        
        
           
        
        
          1.9%
        
      
      
        
          Total
        
        
        
        
          20.4%
        
      
      
        
        
        
        
        
           
        
      
      
        
          Yields2
        
        
           
        
        
           
        
      
      
        
          NAV yield
        
        
        
        
          14.30%
        
      
      
        
          Market yield
        
        
        
        
          17.60%
        
      
    
    
      
        
          Portfolio statistics as of September 30, 2008, continued1
        
        
           
        
        
        
      
      
        
          Top five sectors
        
        
           
        
        
          Percentage of total portfolio assets
        
      
      
        
          Gaming
        
        
        
        
          10.7%
        
      
      
        
          Paper/forest products
        
        
        
        
          9.0%
        
      
      
        
          Building materials
        
        
        
        
          8.7%
        
      
      
        
          Business services/office equipment
        
        
        
        
          4.6%
        
      
      
        
          Packaging & containers
        
        
           
        
        
          4.5%
        
      
      
        
          Total
        
        
        
        
          37.5%
        
      
      
        
        
        
        
        
           
        
      
      
        
          Credit quality3
        
        
           
        
        
           
        
      
      
        
          Ba/BB and higher
        
        
        
        
          6.0%
        
      
      
        
          B/B
        
        
        
        
          66.6%
        
      
      
        
          Caa/CCC and lower
        
        
        
        
          26.8%
        
      
      
        
          
            Equity/preferred
          
        
        
        
        
          
            0.5%
          
        
      
      
        
          
            Cash equivalents
          
        
        
           
        
        
          
            0.1%
          
        
      
      
        
          Total
        
        
        
        
          100.0%
        
      
      
        
        
        
        
        
           
        
      
      
        
          Other characteristics
        
        
           
        
        
           
        
      
      
        
          Net asset value2
        
        
        
        
          $2.77
        
      
      
        
          Market price2
        
        
        
        
          $2.25
        
      
      
        
          Weighted average maturity
        
        
        
        
          5.9 yrs
        
      
      
        
          Weighted average modified duration
        
        
        
        
          3.4 yrs
        
      
      
        
          Weighted average coupon
        
        
        
        
          9.2%
        
      
      
        
          Estimated accumulated undistributednet investment income
        
        
        
        
          $1.6 million
        
      
      
        
          Leverage4
        
        
        
        
          33.5%
        
      
    
    
      1 The Fund is actively managed, and its 
      portfolio composition will vary over time.
    
    
      2 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.
    
    
      3 Credit quality ratings are from Moody’s, 
      unless that rating is unavailable. If so, the default credit quality 
      rating will be from Standard & Poor's; if that is unavailable, an 
      internal rating from UBS will be used. Standard & Poor's ("S&P") is a 
      division of The McGraw-Hill Companies, Inc.
    
    
      4 As a percentage of total assets. Leverage may 
      vary.