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 July 31, 2007 to shareholders of record as of July 19, 2007. The ex-dividend date is July 17, 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. Portfolio statistics as of June 30, 20071 � Top ten holdings, including coupon and maturity � Percentage of total portfolioassets Bluewater Finance Ltd., 10.250% 02/15/12 2.0% Clarke American Corp., 9.500% 05/15/15 1.8 Ford Motor Credit Co. LLC, 9.750% 09/15/10 1.8 Univision Communication Inc., 9.750% 03/15/15 1.8 Realogy Corp., 12.375% 04/15/15 1.8 Bowater Canada Finance, 7.950% 11/15/11 1.8 Abitibi Consolidated Inc., 8.550% 08/01/10 1.8 Levi Strauss & Co., 12.250% 12/15/12 1.7 Sungard Data Systems Inc., 10.250% 08/15/15 1.6 Freescale Semiconductor, 10.125% 12/15/16 � 1.6 Total 17.7% � Yields2 � � NAV yield 10.08% Market yield 9.88% Portfolio statistics as of June 30, 2007, continued1 � Top five sectors � Percentage of total portfolioassets Paper/forest products 10.0% Gaming 8.4 Media-publishing 5.4 Consumer services 5.3 Building materials � 5.2 Total 34.3% � Credit quality3 � � Ba/BB and higher 6.6% B/B 66.6 Caa/CCC and lower 23.6 Not rated 1.6 Equity/preferred 0.3 Cash and cash equivalents � 1.3 Total 100.0% � Other characteristics � � Net asset value2 $4.76 Market price2 $4.86 Weighted average maturity 6.6 yrs Weighted average modified duration 4.4 yrs Weighted average coupon 9.7% Estimated accumulated undistributednet investment income $2.4 million Leverage4 31.3% 1 The Fund is actively managed, and its portfolio composition will vary over time. 2 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. 3 Credit quality ratings are from Moody�s, unless that rating is unavailable. If so, the default credit quality rating will be from Standard & Poor's; if that is unavailable, an internal rating from UBS will be used. Standard & Poor's ("S&P") is a division of The McGraw-Hill Companies, Inc. 4 As a percentage of gross assets. Leverage may vary.