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 $0.0135 per share. The amount of this dividend more closely reflects the current earnings for the Fund. Previously, the Fund had been paying a monthly dividend of $0.0145 per share. The dividend is payable on August 29, 2014 to shareholders of record as of August 21, 2014. The ex-dividend date is August 19, 2014.

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 July 31, 2014*

Net Asset Value per share                     $2 .27 Market Price per share                     $2 .06 NAV Yield                     7 .14% Market Yield                     7 .86%

* 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.

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.

©UBS 2014. All rights reserved.

The key symbol and UBS are among the registered and unregistered trademarks of UBS.

UBS Global Asset ManagementClosed-End Funds Desk: 888-793-8637ubs.com