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 and fiscal year-to-date ended February 28, 2009.

For the third quarter ended February 28, 2009, the Fund's earnings from net investment income were $3,512,083, equal to $0.06 per share. Total net realized and unrealized losses from investment activities were $(14,270,687), equal to $(0.23) per share, for the same period. This compares to earnings from net investment income of $7,583,602, equal to $0.12 per share, and total net realized and unrealized losses from investment activities of $(35,654,875), equal to $(0.58) per share, for the third quarter ended February 29, 2008.

For the nine months ended February 28, 2009, the Fund's earnings from net investment income were $16,222,752, equal to $0.26 per share. Total net realized and unrealized losses from investment activities were $(143,461,357), equal to $(2.34) per share, for the same period. This compares to earnings from net investment income of $22,627,522, equal to $0.37 per share, and total net realized and unrealized losses from investment activities of $(82,239,222), equal to $(1.35) per share, for the nine months ended February 29, 2008.

On February 28, 2009, net assets of the Fund were $80,843,808. The net asset value per share was $1.32, based on 61,308,650 shares outstanding, which represents a decrease of 63.03% from the net asset value per share of $3.57 ($218,350,488 applicable to 61,118,730 shares outstanding) on February 29, 2008.