Managed High Yield Plus Fund Inc. — Distribution Declaration

Business Wire, May 10, 1999

NEW YORK--(BUSINESS WIRE)--May 10, 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 May 28, 1999 to shareholders of record as of May 24, 1999. The ex-dividend date is May 20, 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 (% of total assets) as of April 30, 1999: -0-

Credit Quality                      Top Ten Holdings
-----------------------------       -------------------------------
BB & Higher            23.31        Westpoint Stevens         2.34
B                      56.89        Verio                     1.71
CCC & Lower             4.55        NTL Inc.                  1.65
Non-Rated              11.96        Northeast Optic Network   1.64
Cash                    2.85        Viatel Preferred          1.63
Equity/Preferred        0.44        Hyperion                  1.50
-----------------------------       EchoStar                  1.50
Total                 100.00        Samsung Electronics       1.33
                                    Orion Refining            1.27
Top Five Sectors                    RCN Corporation           1.27
-----------------------------       -------------------------------
Communications (fixed) 14.81        Weighted Avg Maturity     7.62Yrs
Cable                  10.81        Weighted Avg Price      $87.84
Technology              8.03
Service                 7.60
General Industrial      7.47
-----------------------------

Net Leverage           26.04