HYF Managed High Yield Plus Fund, Inc.

Managed High Yield Plus Fund Inc. (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 amount of the dividend more closely reflects the current earnings of the Fund. Previously, the Fund had been paying a monthly dividend from net investment income of $0.0450 per share. The dividend is payable on October 31, 2006 to shareholders of record as of October 19, 2006. The ex-dividend date is October 17, 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. Portfolio statistics as of September 30, 20061 � Top ten holdings, including coupon and maturity Percentage of total portfolio assets Levi Strauss & Co., 12.250% 12/15/12 1.9% Wheeling Island Gaming, 10.125% 12/15/09 1.6� Sungard Data Systems, 10.250% 08/15/15 1.5� American Cellular Corp, 10.000% 08/01/11 1.5� Mission Energy Holding Co., 13.500% 07/15/08 1.4� Bluewater Finance Ltd., 10.250% 02/15/12 1.4� Sheridan Acquisition Corp, 10.250% 08/15/11 1.3� Insight Midwest, 10.500% 11/01/10 1.3� Omnova Solutions, Inc., 11.250% 06/01/10 1.3� Sbarro Inc., 11.000% 06/01/10 1.3� Total 14.5% � Yields2 � NAV yield 10.0% Market yield 9.1% � Top five sectors � Gaming 8.7% Chemicals 8.5� Printing & Publishing 6.6� Telecommunications 6.5� Non-Food & Drug Retailers 5.7� Total 36.0% � Credit quality3 � Ba/BB and higher 6.1� B/B 70.3� Caa/CCC and lower 21.9� Not rated 0.7� Equity/preferred 0.1� Cash and cash equivalents 0.9� Total 100.0% � Other characteristics � Net asset value2 $4.79� Market price2 $5.30� Weighted average maturity 5.7 yrs Weighted average duration 2.9 yrs Weighted average coupon 10.3% Estimated accumulated undistributednet investment income $217 thousand Leverage4 31.9% 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 reflect the middle rating from three major rating agencies, S&P, Moody�s and Fitch. Standard & Poor's ("S&P") is a division of The McGraw-Hill Companies, Inc. 4 As a percentage of gross assets. Leverage may vary. Managed High Yield Plus Fund Inc. (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 amount of the dividend more closely reflects the current earnings of the Fund. Previously, the Fund had been paying a monthly dividend from net investment income of $0.0450 per share. The dividend is payable on October 31, 2006 to shareholders of record as of October 19, 2006. The ex-dividend date is October 17, 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 Portfolio statistics as of September 30, 2006(1) Top ten holdings, including coupon and maturity Percentage of total portfolio assets ------------------------------------------------ -------------------- Levi Strauss & Co., 12.250% 12/15/12 1.9% Wheeling Island Gaming, 10.125% 12/15/09 1.6 Sungard Data Systems, 10.250% 08/15/15 1.5 American Cellular Corp, 10.000% 08/01/11 1.5 Mission Energy Holding Co., 13.500% 07/15/08 1.4 Bluewater Finance Ltd., 10.250% 02/15/12 1.4 Sheridan Acquisition Corp, 10.250% 08/15/11 1.3 Insight Midwest, 10.500% 11/01/10 1.3 Omnova Solutions, Inc., 11.250% 06/01/10 1.3 Sbarro Inc., 11.000% 06/01/10 1.3 ------------------------------------------------ -------------------- Total 14.5% Yields(2) ------------------------------------------------ -------------------- NAV yield 10.0% Market yield 9.1% Top five sectors ------------------------------------------------ -------------------- Gaming 8.7% Chemicals 8.5 Printing & Publishing 6.6 Telecommunications 6.5 Non-Food & Drug Retailers 5.7 ------------------------------------------------ -------------------- Total 36.0% Credit quality(3) ------------------------------------------------ -------------------- Ba/BB and higher 6.1 B/B 70.3 Caa/CCC and lower 21.9 Not rated 0.7 Equity/preferred 0.1 Cash and cash equivalents 0.9 ------------------------------------------------ -------------------- Total 100.0% Other characteristics ------------------------------------------------ -------------------- Net asset value(2) $4.79 Market price(2) $5.30 Weighted average maturity 5.7 yrs Weighted average duration 2.9 yrs Weighted average coupon 10.3% Estimated accumulated undistributed $217 thousand net investment income Leverage(4) 31.9% *T (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 reflect the middle rating from three major rating agencies, S&P, Moody's and Fitch. Standard & Poor's ("S&P") is a division of The McGraw-Hill Companies, Inc. (4) As a percentage of gross assets. Leverage may vary.