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

Business Wire, Nov 6, 2006

NEW YORK -- Managed High Yield Plus Fund Inc. (the "Fund") (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 $0.0400 per share. The dividend is payable on November 30, 2006 to shareholders of record as of November 16, 2006. The ex-dividend date is November 14, 2006. 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 October 31, 2006:*

Net Asset Value  $4.84
Market Price     $5.08
NAV Yield        9.92%
Market Yield     9.45%

* 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.