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

Business Wire, March 12, 2007

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 March 30, 2007 to shareholders of record as of March 22, 2007. The ex-dividend date is March 20, 2007. 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 February 28, 2007:*  >  >


                                           >  >


Net Asset Value                            >  >
$
4.94
Market Price                               >  >
$
5.11
NAV Yield                                  >  >

9.72%
Market Yield                               >  >

9.39%

* 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.