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 fourth quarter and fiscal year ended May 31, 2008. For the fourth quarter ended May 31, 2008, the Fund's earnings from net investment income were $6,695,998, equal to $0.11 per share. Total net realized and unrealized gains from investment activities were $7,708,999, equal to $0.13 per share, for the same period. This compares to earnings from net investment income of $8,104,676, equal to $0.13 per share, and total net realized and unrealized losses from investment activities of $(2,710,428), equal to $(0.04) per share, for the fourth quarter ended May 31, 2007. For the fiscal year ended May 31, 2008, the Fund's earnings from net investment income were $29,323,520, equal to $0.48 per share. Total net realized and unrealized losses from investment activities were $(74,530,223), equal to $(1.22) per share, for the same period. This compares to earnings from net investment income of $31,954,853, equal to $0.53 per share, and total net realized and unrealized gains from investment activities of $4,080,016, equal to $0.06 per share, for the fiscal year ended May 31, 2007. On May 31, 2008, net assets of the Fund were $225,897,627. The net asset value per share was $3.69, based on 61,215,751 shares outstanding, which represents a decrease of 24.85% from the net asset value per share of $4.91 ($299,336,075 applicable to 60,947,819 shares outstanding) on May 31, 2007.