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 $0.0150 per share. The dividend is payable on May 31, 2013 to shareholders of record as of May 23, 2013. The ex-dividend date is May 21, 2013.

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 April 30, 2013*

  Net Asset Value per share $2.31 Market Price per share $2.20 NAV Yield 7.79% Market Yield 8.18%

* 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.