2008-10-16 02:40:02 -

- Managed High Yield Plus Fund Inc. (NYSE: HYF) (the "Fund"), 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 its performance for the first quarter ended August 31, 2008.

For the first quarter ended August 31, 2008, the Fund's earnings from net

investment income were $6,869,579, equal to $0.11 per share. Total net realized and unrealized losses from investment activities were $(27,736,627), equal to $(0.45) per share, for the same period. This compares to earnings from net investment income of $7,512,086, equal to $0.12 per share, and total net realized and unrealized losses from investment activities of $(32,452,212), equal to $(0.53) per share, for the first quarter ended August 31, 2007.

On August 31, 2008, net assets of the Fund were $197,684,689. The net asset value per share was $3.23, based on 61,215,751 shares outstanding, which represents a decrease of 26.26% from the net asset value per share of $4.38 ($267,443,612 applicable to 61,027,380 shares outstanding) on August 31, 2007.

UBS Global Asset Management Closed-End Funds Desk
888-793 8637