Managed High Yield Plus Fund Inc. — Distribution Declaration

Business Wire, April 5, 1999

NEW YORK--(BUSINESS WIRE)--April 5, 1999--Managed High Yield Plus Fund Inc. (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 $0.1250 per share. The dividend is payable on April 30, 1999 to shareholders of record as of April 19, 1999. The ex-dividend date is April 15, 1999. The Managed High Yield Plus Fund Inc. seeks high income and, secondarily, capital appreciation, mainly through investments in lower-rated, income producing debt and related equity securities.

Portfolio Statistics -- percent of total assets as of March 31, 1999: -0-

Credit Quality                                        Top Ten Holdings
-------------------------------   ------------------------------------
BB & Higher              23.31    Westpoint Stevens               2.43
B                        58.35    Verio                           1.77
CCC & Lower               4.54    NTL Inc.                        1.71
Non-Rated                10.33    Northeast Optic Network         1.68
Cash                      3.05    EchoStar                        1.55
Equity/Preferred          0.42    Hyperion                        1.54
Total                   100.00    Samsung Electronics             1.36
-------------------------------   Orion Refining                  1.32
                                  United International Holdings   1.29
Top Five Sectors                  Ampex                           1.28
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Communications (fixed)   14.42
Cable                    10.68
General Industrial        9.22    Weighted Avg Maturity       7.68 Yrs
Technology                7.48    Weighted Avg Price            $87.01
Service                   6.75
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Leverage                 25.15