Managed High Yield Plus Fund Inc. — Dividend Declaration and Portfolio Statistics

Business Wire, July 14, 2008

NEW YORK -- Managed High Yield Plus Fund Inc. (the "Fund") (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 $0.0400 per share. The dividend is payable on July 31, 2008 to shareholders of record as of July 24, 2008. The ex-dividend date is July 22, 2008. Managed High Yield Plus Fund Inc. seeks high income and, secondarily, capital appreciation, primarily through investments in lower-rated, income producing debt and related equity securities.

[TABLE OMITTED]
[TABLE OMITTED]

1 The Fund is actively managed, and its portfolio composition will vary over time.

2 Net asset value (NAV), market price and yields will fluctuate. NAV yield is calculated by multiplying the current month's dividend by 12 and dividing by the month-end net asset value. Market yield is calculated by multiplying the current month's dividend by 12 and dividing by the month-end market price.

3 Credit quality ratings are from Moody's, unless that rating is unavailable. If so, the default credit quality rating will be from Standard & Poor's; if that is unavailable, an internal rating from UBS will be used. Standard & Poor's ("S&P") is a division of The McGraw-Hill Companies, Inc.

4 As a percentage of total assets. Leverage may vary.