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 $0.0400 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. 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:* -0- *T Net Asset Value $4.84 Market Price $5.08 ---------------------------------------------------------------------- NAV Yield 9.92% Market Yield 9.45% ---------------------------------------------------------------------- *T * 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.