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 $0.0330 per share. The dividend is payable on October 31, 2008 to shareholders of record as of October 23, 2008. The ex-dividend date is October 21, 2008. The amount of this dividend more closely reflects the current earnings of the Fund. Previously, the Fund had been paying a monthly dividend of $0.0400 per share of common stock. 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 September 30, 20081 � � Top ten holdings, including coupon and maturity � Percentage of total portfolio assets Xerox Capital Trust I, 8.000% 02/01/27 2.3% Harland Clarke Holdings, 9.500% 05/15/15 2.3% Hawker Beechcraft Acquisition Co., 8.875% 04/01/15 2.2% Sheridan Acquisition Corp., 10.250% 08/15/11 2.0% Mobile Services/Storage Group, 9.750% 08/01/14 2.0% Stone Container Finance, 7.375% 07/15/14 2.0% Community Health Systems, 8.875% 07/15/15 1.9% Cellu Tissue Holdings, Inc., 9.750% 03/15/10 1.9% Citizens Communications , 9.000% 08/15/31 1.9% Jacobs Entertainment, Inc., 9.750% 06/15/14 � 1.9% Total 20.4% � Yields2 � � NAV yield 14.30% Market yield 17.60% Portfolio statistics as of September 30, 2008, continued1 � Top five sectors � Percentage of total portfolio assets Gaming 10.7% Paper/forest products 9.0% Building materials 8.7% Business services/office equipment 4.6% Packaging & containers � 4.5% Total 37.5% � Credit quality3 � � Ba/BB and higher 6.0% B/B 66.6% Caa/CCC and lower 26.8% Equity/preferred 0.5% Cash equivalents � 0.1% Total 100.0% � Other characteristics � � Net asset value2 $2.77 Market price2 $2.25 Weighted average maturity 5.9 yrs Weighted average modified duration 3.4 yrs Weighted average coupon 9.2% Estimated accumulated undistributednet investment income $1.6 million Leverage4 33.5% 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.