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 $0.0200 per share. The dividend is payable on May 31, 2011 to shareholders of record as of May 19, 2011. The ex-dividend date is May 17, 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 April 29, 2011*

        
      
      
        
        
        
           
        
        
           
        
        
           
        
        
        
      
      
        
          Net Asset Value per share
        
        
        
        
        
        
        
        
          $2.27
        
      
      
        
          Market Price per share
        
        
           
        
        
           
        
        
           
        
        
          $2.37
        
      
      
        
          NAV Yield
        
        
        
        
        
        
        
        
          10.57%
        
      
      
        
          Market Yield
        
        
           
        
        
           
        
        
           
        
        
          10.13%
        
      
    
    

* 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.