Managed High Yield Plus Fund Announces Dividend Declaration and
Updated Price & Yield Information
UBS Global Asset Management


New York, December 10, 2007—Managed High Yield Plus Fund Inc. (the "Fund") (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 $0.0400 per share. The dividend is payable on December 31, 2007 to shareholders of record as of December 20, 2007. The ex-dividend date is December 18, 2007. 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 November 30, 2007:*

Net Asset Value    $4.15 Market Price         $3.93

NAV Yield          11.57% Market Yield      12.21%

* 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.


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