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 April 30, 2013 to shareholders of record as of April 18, 2013. The ex-dividend date is April 16, 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.

Portfolio statistics as of March 31, 20131       Top ten corporate bonds,

including coupon and maturity

Percentage of total portfolio assets SquareTwo Financial Corp., 11.625%, 04/01/2017 1.4% International Lease Finance Corp., 7.125%, 09/01/2018 1.2% NRG Energy, Inc. 8.500%, 06/15/2019 1.1% Ally Financial, Inc. 8.000%, 03/15/2020 1.1% DISH DBS Corp., 7.875%, 09/01/2019 1.1% MGM Resorts International, 10.000%, 11/01/2016 1.0% CIT Group, Inc., 5.500%, 02/15/2019 0.9% Nova Chemicals Corp., 8.625%, 11/01/2019 0.8% Intelsat Luxembourg Ltd., 11.250%, 02/04/2017 0.7% Reynolds Group Issuer, Inc., 7.875%, 08/15/2019 0.7% Top five industries     Percentage of total portfolio assets Energy - exploration & production 8.2% Telecom - integrated/services 5.6% Support services 5.4% Media – cable 4.7% Gaming 4.6%   Credit quality2 Percentage of total portfolio assets Ba/BB and higher 36.7% B/B 44.0% Caa/CCC and lower 15.4% Cash equivalents 3.2% Not Rated 0.7% Total 100.0%   Other characteristics   Net asset value per share3 $2.27 Market price per share3 $2.16 Weighted average life 4.65 yrs Weighted average modified duration4 3.71 yrs Weighted average coupon5 7.48% Leverage6 27.47% Yields3   NAV yield 7.93% Market yield 8.33%

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 if assigned. 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 adjusted net assets. Adjusted net assets equals total assets minus total liabilities, excluding liabilities for borrowed money.