Managed High Yield Plus Fund Inc. – Reports Earnings

Managed High Yield Plus Fund Inc. (NYSE:HYF) (the “Fund”), a closed-end management investment company seeking high income, and secondarily, capital appreciation, primarily through investments in lower-rated, income-producing debt and related equity securities, today announced its performance for the third quarter and fiscal year-to-date ended February 28, 2014.

For the third quarter ended February 28, 2014, the Fund's earnings from net investment income were $2,766,785 equal to $0.04 per share. Total net realized and unrealized gains from investment activities were $3,632,976, equal to $0.06 per share, for the same period. This compares to earnings from net investment income of $2,839,546, equal to $0.05 per share, and total net realized and unrealized gains from investment activities of $2,480,666, equal to $0.04 per share, for the third quarter ended February 28, 2013.

For the nine months ended February 28, 2014, the Fund's earnings from net investment income were $8,257,086, equal to $0.13 per share. Total net realized and unrealized gains from investment activities were $2,527,026, equal to $0.04 per share, for the same period. This compares to earnings from net investment income of $8,541,911, equal to $0.14 per share, and total net realized and unrealized gains from investment activities of $9,206,746, equal to $0.15 per share, for the nine months ended February 28, 2013.

On February 28, 2014, net assets of the Fund were $143,923,504. The net asset value per share was $2.32, based on 62,153,062 shares outstanding, which represents an increase of 2.65% from the net asset value per share of $2.26 ($140,500,829 applicable to 62,153,062 shares outstanding) on February 28, 2013.

Any performance information reflects the deduction of the Fund’s fees and expenses, as indicated in its shareholder reports, such as management fees, custody fees, exchange listing fees, etc. It does not reflect any transaction charges that a shareholder may incur when (s)he buys or sells shares (e.g., a shareholder’s brokerage commissions).

Investing in the Fund entails specific risks, such as interest rate risk, the greater credit risks inherent in investing primarily in lower-rated, higher-yielding bonds as well as the increased risk of using leverage (that is, borrowing money to invest in additional portfolio securities). Further detailed information regarding the Fund, including a discussion of principal objectives, principal investment strategies and principal risks, may be found in the fund overview located at http://www.ubs.com/closedendfundsinfo. You may also request copies of the fund overview by calling the Closed-End Funds Desk at 888-793 8637.

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