HYF Managed High Yield Plus Fund, Inc.

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 April 30, 2008 to shareholders of record as of April 24, 2008. The ex-dividend date is April 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. Portfolio statistics as of March 31, 20081 � � Top ten holdings, including coupon and maturity � Percentage of total portfolio assets Xerox Capital Trust I, 8.000% 02/01/27 2.2% Sungard Data Systems, Inc., 10.250% 08/15/15 2.0% Ford Motor Credit Co., 9.750% 09/15/10 2.0% Residential Capital LLC, 3.490% 06/09/08 2.0% Hawker Beechcraft Acquisition Co., 8.875% 04/01/15 1.9% Harland Clarke Holdings, 9.500% 05/15/15 1.9% Bowater Canada Finance, 7.950% 11/15/11 1.7% Citizens Communications Co., 9.000% 08/15/31 1.7% Stone Container Finance, 7.375% 07/15/14 1.7% Jacobs Entertainment, Inc., 9.750% 06/15/14 � 1.6% Total 18.7% � Yields2 � � NAV yield 13.79% Market yield 14.63% � Top five sectors � � Paper/forest products 10.6% Building materials 8.2% Gaming 7.5% Media-broadcast/outdoor 5.3% Media-publishing � 4.3% Total 35.9% � Credit quality3 � � Ba/BB and higher 7.5% B/B 66.9% Caa/CCC and lower 24.3% Equity/preferred 0.2% Cash equivalents � 1.1% Total 100.0% � Other characteristics � � Net asset value2 $3.48 Market price2 $3.28 Weighted average maturity 6.4 yrs Weighted average modified duration 3.9 yrs Weighted average coupon 9.2% Estimated accumulated undistributednet investment income $2.9 million Leverage4 32.7% 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.