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 
      $0.0400 per share. The dividend is payable on March 31, 2008 to 
      shareholders of record as of March 20, 2008. The ex-dividend date is 
      March 18, 2008. 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 29, 2008:*
    
    
      
        
          Net Asset Value
        
        
           
        
        
           
        
        
           
        
        
          $3.57
        
      
      
        
          Market Price
        
        
           
        
        
           
        
        
           
        
        
          $3.54
        
      
      
        
          NAV Yield
        
        
        
        
        
        
        
        
          13.45%
        
      
      
        
          Market Yield
        
        
           
        
        
           
        
        
           
        
        
          13.56%
        
      
    
    
      * 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.