Managed High Yield Plus Fund Inc. — Portfolio Manager Change

  
    
  
  
    
      Managed High Yield Plus Fund Inc. (the "Fund") (NYSE: HYF), a closed-end 
      management investment company, today announced that Shu-Yang Tan, CFA, 
      has assumed day-to-day portfolio management responsibilities for the 
      Fund, effective October 17, 2008. He replaces Tom Haag, formerly Senior 
      Portfolio Manager - US High Yield at UBS Global Asset Management 
      (Americas) Inc. (“UBS Global AM”), 
      which serves as the Fund’s investment manager 
      and administrator. Mr. Haag has left UBS Global AM to pursue other 
      opportunities.
    
    
      Mr. Tan, who most recently has served as the Head of High Yield Research 
      at UBS Global AM, is a long-standing member of the team that has been 
      involved in the management of the Fund. Mr. Tan has spent 13 of his 21 
      years in the investment advisory field at UBS Global AM, and had 
      previously served as the portfolio manager for the Fund.
    
    
      Jennifer Haidu, CFA, Senior Credit Analyst on the team with 12 years of 
      investment industry experience, replaces Mr. Tan as Head of High Yield 
      Research at UBS Global AM. In her previous role, Ms. Haidu was 
      responsible for analysis on the chemicals, paper, and packaging 
      industries. Both Ms. Haidu and Mr. Tan have many years of experience in 
      the high yield area.
    
    
      The Fund seeks high income and, secondarily, capital appreciation, 
      primarily through investments in lower-rated, income producing debt and 
      related equity securities.