Managed High Yield Plus Fund Inc.— Dividend Declaration and Updated Price & 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 amount of this dividend more closely reflects the current earnings of the Fund. Previously, the Fund had been paying a monthly dividend of $0.0225 per share. The dividend is payable on March 31, 2009 to shareholders of record as of March 26, 2009. The ex-dividend date is March 24, 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.

Characteristics as of February 27, 2009:*

        
      
      
        
        
        
           
        
      
      
        
          Net Asset Value
        
        
          $1.32
        
        
        
      
      
        
          Market Price
        
        
          $1.11
        
        
           
        
      
      
        
          NAV Yield
        
        
          16.36
        
        
          %
        
      
      
        
          Market Yield
        
        
          19.46
        
        
          %
        
      
    
    

* 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.