Managed High Yield Plus Fund Inc. — Distribution Declaration

Business Wire, March 8, 1999

NEW YORK--(BUSINESS WIRE)--March 8, 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 March 31, 1999 to shareholders of record as of March 22, 1999. The ex-dividend date is March 18, 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 net assets as of February 28, 1999: -0-

Credit Quality                                        Top Ten Holdings
-------------------------------   ------------------------------------
BB & Higher              24.11    Westpoint Stevens               2.41
B                        57.20    NTL Inc.                        1.69
CCC & Lower               6.21    Verio                           1.67
Non-Rated                 9.27    Northeast Optic Network         1.59
Cash                      2.83    GulfMark Offshore               1.50
Equity/Preferred          0.38    EchoStar                        1.48
Total                   100.00    Hyperion                        1.46
-------------------------------   Samsung Electronics             1.31
                                  Ampex                           1.27
Top Five Sectors                  United International Holdings   1.24
-------------------------------   ------------------------------------
Communications (fixed)   13.58
General Industrial       10.10
Cable                     7.85    Weighted Avg Maturity       7.86 Yrs
Technology                6.47    Weighted Avg Price            $87.08
Service                   6.47
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Leverage                 26.54