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Managed High Yield Plus Fund Inc. a" Dividend Declaration and Updated Price and Yield Information

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^{Published in Business and Finance on Monday, August 9th 2010 at 16:30 GMT by Market Wire}  

NEW YORK--([ BUSINESS WIRE ])--Managed High Yield Plus Fund Inc. (the "Fund") (NYSE: HYF), a closed-end management investment company, today announced that the Funda™s Board of Directors has declared a dividend from net investment income of $0.0200 per share. The amount of this dividend more closely reflects the Fund's current net investment income as well as a portion of the retained earnings that has accumulated in the Fund over a period of time. (There has been an accumulation of excess net investment income not yet paid out over the current fiscal year that is available to be distributed; this increased distribution may continue over the next several months if current conditions and portfolio investment experience continue.) Previously, the Fund had been paying a monthly dividend of $0.0195 per share.

The dividend is payable on August 31, 2010 to shareholders of record as of August 19, 2010. The ex-dividend date is August 17, 2010. 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.

Characteristics as of July 31, 2010*

* Net asset value (NAV), market price and yields will fluctuate. NAV yield is calculated by multiplying the current montha™s dividend by 12 and dividing by the month-end net asset value. Market yield is calculated by multiplying the current montha™s dividend by 12 and dividing by the month-end market price.