Managed High Yield Plus Fund Inc. (the "Fund") (NYSE: HYF), 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 that the Fund’s Board of Directors has declared a dividend of $0.0150 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 $0.0156 per share. The dividend is payable on August 31, 2012 to shareholders of record as of August 23, 2012. The ex-dividend date is August 21, 2012. Based on information available at this time, the Fund estimates that the current monthly dividend may be comprised primarily of net investment income but may also include a small portion characterized as return of capital. Further information regarding the estimated sources of the current monthly dividend will be provided around month-end; however, information provided will be an estimate and subject to change based on the Fund’s investment experience during the remainder of its fiscal year. To the extent that the Fund’s taxable income in any fiscal year exceeds the aggregate amount distributed, the Fund may make an additional distribution in the amount of that excess near the end of the calendar year. To the extent that the aggregate amount distributed by the Fund exceeds its current and accumulated undistributed earnings and profits, the amount of that excess would constitute a return of capital for tax purposes. A return of capital may occur, for example, when some or all of the money that shareholders invested in the Fund is deemed to be paid back to shareholders. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” From time to time, the Fund may issue a notice and/or press release containing an estimate of the source characteristics of its monthly dividends. The amounts and sources reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to retroactive changes based on tax regulations. The actual sources of the Fund’s monthly dividends may be net investment income, return of capital or a combination of the foregoing. The Fund sends shareholders a Form 1099-DIV (or a financial intermediary should provide an investor with similar information) for the calendar year that will tell shareholders how to report these dividends for federal income tax purposes.