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 $0.0156 per share. The amount of this dividend more closely reflects the current earnings for the Fund. Previously, the Fund had been paying a monthly dividend of $0.0175 per share. The dividend is payable on March 30, 2012 to shareholders of record as of March 22, 2012. The ex-dividend date is March 20, 2012.

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, 2012*

    
      
        
          Net Asset Value per share
        
        
           
        
        
           
        
        
           
        
        
          $2.16
        
      
      
        
          Market Price per share
        
        
        
        
        
        
        
        
          $2.25
        
      
      
        
          NAV Yield
        
        
        
        
        
        
        
        
          8.67%
        
      
      
        
          Market Yield
        
        
        
        
        
        
        
        
          8.32%
        
      
    
    

* 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.