Managed High Yield Plus Funds Inc. - Continuation Of Waivers Reducing Management Fees

Managed High Yield Plus Fund Inc. (the "Fund") (NYSE: HYF) is 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.

The Fund today announced the extension of the voluntary fee waiver arrangement with UBS Global Asset Management (Americas) Inc. (“UBS Global AM”), the Fund’s investment manager and administrator. Pursuant to its management and administration contract with UBS Global AM (the "Management Contract"), the Fund pays UBS Global AM an investment management and administration fee, accrued weekly and paid monthly, at the annual rate of 0.70% of the Fund's average weekly total assets minus liabilities other than the aggregate indebtedness constituting leverage. For the period from August 1, 2009, through July 31, 2012, UBS Global AM had voluntarily agreed to waive a portion of the fee it received under the Management Contract, so as not to exceed the annual rate of 0.55% of the Fund's average weekly total assets minus liabilities other than the aggregate indebtedness constituting leverage. Effective August 1, 2012, UBS Global AM has agreed to extend this voluntary fee waiver through July 31, 2013.

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