Managed High Yield Plus Fund Inc. -- Dividend Declaration and Updated Price & Yield Information

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 $0.0450 per share. The dividend is payable on June 30, 2006
to shareholders of record as of June 22, 2006. The ex-dividend date is
June 20, 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.
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Characteristics as of May 31, 2006:*

Net Asset Value                                      $4.82
Market Price                                         $4.78
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NAV Yield                                            11.20%
Market Yield                                         11.30%
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* 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.
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