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 $0.0180 per share. The dividend is payable on July 31, 2009 to shareholders of record as of July 23, 2009. The ex-dividend date is July 21, 2009. 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.

Fund Commentary for the month of June 2009 from UBS Global Asset Management (Americas) Inc. (�UBS Global AM�), the Fund�s investment advisor:

The market for US dollar-denominated high yield securities showed modest gains during June, gaining�2.24% during the month, as measured by the Merrill Lynch US High Yield Cash Pay Constrained Index, the �Index.� The Index ended the month with a spread over Treasury securities of 1073 basis points (i.e., 10.73%), which represented a tightening of 80�basis points (i.e.,�0.80�%) for the month. (Spread is the difference between the yield paid on US Treasury bonds and higher-risk securities.)

As�in the past few months, distressed and CCC-rated issues outperformed, gaining 5.8% and 6.5% for the month, while B and BB-rated issues�gained 3.4% and 2.3%, respectively, as measured by the Index. The financials sector also continued to outperform as more clarity developed around the banking sector�s return to health. Industries generally considered to be less-risky, including healthcare and telecommunications, underperformed the market.

In June, the Fund�underperformed the Index�due�largely to an underweight to�both CCC-rated issues and the�financials sector, as well as an overweight to the gaming and telecommunications sectors.

We recognize that there has been recent spread tightening, and we understand that it may continue in the short-term if high yield credit remains a more preferred asset class. However, we believe the trend in high yield spreads could reverse if the market refocuses on what remains a challenging economic environment for many high yield companies.�In our view, considerable default risk remains, and if consensus default rates materialize, high yield returns could be negatively impacted.

Disclaimers Regarding Fund Commentary - The Fund Commentary is intended to assist shareholders in understanding how the Fund performed during the month noted. Views and opinions were current as of the date of this press release. They are not guarantees of performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and the Fund and UBS Global AM reserve the right to change views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund�s future investment intent.

Portfolio statistics as of June 30, 20091 � � Top ten holdings, including coupon and maturity � � Percentage of total portfolio assets Cellu Tissue Holdings, Inc., 9.750% 03/15/10 3.8% Jacobs Entertainment, Inc., 9.750% 06/15/14 3.0% Coleman Cable, Inc., 9.875% 10/01/12 3.0% Sungard Data Systems, Inc., 10.250% 08/15/15 2.8% Citizens Communications, 9.000% 08/15/31 2.5% Stanadyne Corp., 10.000% 08/15/14 2.4% Cellu Tissue Holdings, Inc., 11.500% 06/01/14 2.3% Pokagon Gaming Authority, 10.375% 06/15/14 2.2% Mobile Services/Storage Group, 9.750% 08/01/14 2.2% Exopack Holding Corp., 11.250% 02/01/14 � � 2.2% Total 26.4% � Top five industries Gaming 12.9% Buildings Materials 7.8% Paper/forest products 7.5% Healthcare 5.7% Media-non cable � � 5.4% Total 39.3%

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Credit quality2 Ba/BB and higher 16.3% B/B 55.9% Caa/CCC and lower 26.6% Equity/preferred 0.5% Cash equivalents � � 0.7% Total 100.0% � Other characteristics Net asset value per share3 $1.72 Market price per share3 $1.57 Weighted average maturity 6.3 Yrs Weighted average modified duration4 3.7 Yrs Weighted average coupon5 8.4% � �

Leverage6

20.6%

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Portfolio statistics as of June 30, 2009, concluded1

� Yields3 � � � NAV yield 12.56% Market yield 13.76% �

1 The Fund is actively managed, and its portfolio composition will vary over time.

2 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 Global AM will be used. Standard & Poor's ("S&P") is a division of The McGraw-Hill Companies, Inc.

3 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.

4 Modified duration is the change in the price of a security, expressed in years, expected in response to each 1% change in the yield to maturity of the portfolio's holdings.

5 Weighted by par.

6 As a percentage of total assets. Leverage may vary.