Managed High Yield Plus Fund Inc. - Dividend Declaration and Updated Price & Yield Information

Business Wire, August 8, 2005

NEW YORK -- Managed High Yield Plus Fund Inc. (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 $0.0475 per share. The dividend is payable on August 31, 2005 to shareholders of record as of August 18, 2005. The ex-dividend date is August 16, 2005. 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, 2005: *
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Net Asset Value                                                 $5.02
Market Price                                                    $5.28
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NAV Yield                                                        11.4%
Market Yield                                                     10.8%
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* 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.