Managed High Yield Plus Fund Inc. – Updated Monthly Dividend Information

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, announced the declaration of a monthly dividend on August 13, 2012. Based on information available at that time, a press release issued on that date stated that the Fund estimated that the August monthly dividend may be comprised primarily of net investment income but might also include a small portion characterized as return of capital.

Given the Fund’s more recent investment experience, the Fund now estimates that the August monthly dividend is comprised solely of net investment income, without a return of capital component.

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 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.

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