HYF Managed High Yield Plus Fund, Inc.

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 $0.0450 per share. The dividend is payable on September 29, 2006 to shareholders of record as of September 21, 2006. The ex-dividend date is September 19, 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. -0- *T Characteristics as of August 31, 2006:* ------------------------------------------------- Net Asset Value $4.74 Market Price $5.09 ------------------------------------------------- NAV Yield 11.39% Market Yield 10.61% ------------------------------------------------- * 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. *T