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Managed High Yield Plus Fund Inc. Announces Election of New Director by Board and Extension of Waiver Reducing Management Fee

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^{Published in Business and Finance on Friday, July 30th 2010 at 14:16 GMT by Market Wire}  

NEW YORK--([ BUSINESS WIRE ])--Managed High Yield Plus Fund Inc. (NYSE: HYF) (the aFunda) announced that the Funda™s Board of Directors (the aBoarda) elected Barry M. Mandinach to serve as a Class I director. Mr. Mandinach is currently a managing director of UBS Global Asset Management (US) Inc. and UBS Global Asset Management (Americas) Inc. (collectively, aUBS Global AMa"Americas regiona). He is the Head of Institutional & Wholesale Business (US) and Chief Marketing Officer (US) for UBS Global AMa"Americas region. Mr. Mandinach has been with UBS Global AM a" Americas region or its predecessors since 2001.

The Fund also announced the extension of the voluntary fee waiver arrangement with UBS Global Asset Management (Americas) Inc. (aUBS Global AMa), the Funda™s investment manager and administrator. Pursuant to its management and administration contract with UBS Global AM (the "Management Contract"), the Fund pays UBS Global AM an investment management and administration fee, accrued weekly and paid monthly, at the annual rate of 0.70% of the Fund's average weekly total assets minus liabilities other than the aggregate indebtedness constituting leverage. For the period from August 1, 2009, through July 31, 2010, UBS Global AM had voluntarily agreed to waive a portion of the fee it received under the Management Contract so as not to exceed the annual rate of 0.55% of the Fund's average weekly total assets minus liabilities other than the aggregate indebtedness constituting leverage. Effective August 1, 2010, UBS Global AM has agreed to extend this voluntary fee waiver through July 31, 2011.