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 Shu-Yang Tan, CFA, has assumed day-to-day portfolio management responsibilities for the Fund, effective October 17, 2008. He replaces Tom Haag, formerly Senior Portfolio Manager - US High Yield at UBS Global Asset Management (Americas) Inc. (�UBS Global AM�), which serves as the Fund�s investment manager and administrator. Mr. Haag has left UBS Global AM to pursue other opportunities. Mr. Tan, who most recently has served as the Head of High Yield Research at UBS Global AM, is a long-standing member of the team that has been involved in the management of the Fund. Mr. Tan has spent 13 of his 21 years in the investment advisory field at UBS Global AM, and had previously served as the portfolio manager for the Fund. Jennifer Haidu, CFA, Senior Credit Analyst on the team with 12 years of investment industry experience, replaces Mr. Tan as Head of High Yield Research at UBS Global AM. In her previous role, Ms. Haidu was responsible for analysis on the chemicals, paper, and packaging industries. Both Ms. Haidu and Mr. Tan have many years of experience in the high yield area. The Fund seeks high income and, secondarily, capital appreciation, primarily through investments in lower-rated, income producing debt and related equity securities.