HYF Managed High Yield Plus Fund, Inc.

Managed High Yield Plus Fund Inc. (NYSE: HYF), a closed-end management investment company seeking high income, and secondarily, capital appreciation, primarily through investments in lower-rated, income-producing debt and related equity securities, today announced its performance for the third quarter and fiscal year-to-date ended February 29, 2008. For the third quarter ended February 29, 2008, the Fund's earnings from net investment income were $7,583,602, equal to $0.12 per share. Total net realized and unrealized losses from investment activities were $(35,654,875), equal to $(0.58) per share, for the same period. This compares to earnings from net investment income of $8,000,962, equal to $0.13 per share, and total net realized and unrealized gains from investment activities of $7,859,584, equal to $0.13 per share, for the third quarter ended February 28, 2007. For the nine months ended February 29, 2008, the Fund's earnings from net investment income were $22,627,522, equal to $0.37 per share. Total net realized and unrealized losses from investment activities were $(82,239,222), equal to $(1.35) per share, for the same period. This compares to earnings from net investment income of $23,850,177, equal to $0.39 per share, and total net realized and unrealized gains from investment activities of $6,790,444, equal to $0.11 per share, for the nine months ended February 28, 2007. On February 29, 2008, net assets of the Fund were $218,350,488. The net asset value per share was $3.57, based on 61,118,730 shares outstanding, which represents a decrease of 27.73% from the net asset value per share of $4.94 ($300,474,125 applicable to 60,790,573 shares outstanding) on February 28, 2007.