Managed High Yield Plus Fund Inc. – Reports Earnings

Managed High Yield Plus Fund Inc. (NYSE: HYF) (the “Fund”), a closed-end management investment company seeking high income, and secondarily, capital appreciation, primarily through investments in lower-rated, income-producing debt and related equity securities, today announced its performance for the third quarter ended February 29, 2012.

For the third quarter ended February 29, 2012, the Fund's earnings from net investment income were $3,102,049 equal to $0.05 per share. Total net realized and unrealized gains from investment activities were $10,167,372, equal to $0.16 per share, for the same period. This compares to earnings from net investment income of $3,586,359, equal to $0.06 per share, and total net realized and unrealized gains from investment activities of $5,778,583, equal to $0.09 per share, for the third quarter ended February 28, 2011.

For the nine months ended February 29, 2012, the Fund's earnings from net investment income were $9,399,322, equal to $0.15 per share. Total net realized and unrealized loss from investment activities were $(5,471,426), equal to $(0.09) per share, for the same period. This compares to earnings from net investment income of $10,826,191, equal to $0.18 per share, and total net realized and unrealized gains from investment activities of $12,216,306, equal to $0.20 per share, for the nine months ended February 28, 2011.

On February 29, 2012, net assets of the Fund were $133,844,089. The net asset value per share was $2.16, based on 62,105,316 shares outstanding, which represents a decrease of 4.85% from the net asset value per share of $2.27 ($139,924,332 applicable to 61,757,872 shares outstanding) on February 28, 2011.