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 June 29, 2007 to shareholders of record as of June 21, 2007. The ex-dividend date is June 19, 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 May 31, 2007:* Net Asset Value $4.91� Market Price $5.14� NAV Yield 9.78% Market Yield 9.34% * 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.