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 $0.0180 per share. The amount of this dividend more closely reflects the current earnings of the Fund. Previously, the Fund had been paying a monthly dividend of $0.0225 per share. The dividend is payable on March 31, 2009 to shareholders of record as of March 26, 2009. The ex-dividend date is March 24, 2009. 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 February 27, 2009:*

� Net Asset Value $1.32 Market Price $1.11 � NAV Yield 16.36 % Market Yield 19.46 %

* 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.

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