Managed High Yield Plus Fund Inc.—Dividend Declaration and Updated Price & Yield Information

Business Wire, June 9, 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 June 30, 2008 to shareholders of record as of June 19, 2008. The ex-dividend date is June 17, 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.

Characteristics as of May 31, 2008:*

Net Asset Value  <
$3.69
Market Price     <
$3.60
NAV Yield        <
13.01%
Market Yield     <
13.33%

* 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.