Managed High Yield Plus Fund Inc. Announces Preliminary Results of Special Meeting of Shareholders

Managed High Yield Plus Fund Inc. (the "Fund") (NYSE: HYF) today announced the results of its special meeting of shareholders (the "Special Meeting"), subject to a final tabulation and certification of the votes by the inspectors of election.

On April 21, 2016, the Fund’s shareholders were asked to consider and vote upon a proposal to liquidate and dissolve the Fund pursuant to a Plan of Liquidation (the “Liquidation Proposal”). The preliminary results indicate that the Liquidation Proposal received greater than the required vote of a majority of the votes entitled to be cast at the meeting. Approximately 52% of the Fund’s shares voted “FOR” the Liquidation Proposal according to the preliminary vote tally.

As a result, the Fund will no longer seek to attain its investment objective, and will proceed to convert all portfolio securities of the Fund to cash or cash equivalents and to determine and pay (or set aside) the amount of all known or reasonably ascertainable claims and obligations of the Fund pursuant to (and in order to start implementing) the Plan of Liquidation. The Fund will separately announce final voting results of the Special Meeting by press release along with further information regarding the upcoming liquidation and dissolution of the Fund after this information is available, expected within a week or so.

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