Managed High Yield Plus Fund Inc. -- Dividend Declaration and Portfolio Statistics

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 July 31, 2006
to shareholders of record as of July 20, 2006. The ex-dividend date is
July 18, 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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Portfolio statistics as of June 30, 2006:(1)

Top ten holdings, including coupon and maturity  Percentage of total
                                                  portfolio assets
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Levi Strauss & Co., 12.250% 12/15/12                     1.9%
Wheeling Island Gaming, 10.125% 12/15/09                 1.6
Mediacom Broadband LLC, 11.000% 07/15/13                 1.6
American Cellular Corp, 10.000% 08/01/11                 1.5
Mission Energy Holding Co., 13.500% 07/15/08             1.4
Terra Capital, Inc., 12.875% 10/15/08                    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
Bluewater Finance Ltd., 10.250% 02/15/12                 1.3
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Total                                                   14.6%
Yields(2)
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NAV yield                                               11.4%
Market yield                                            11.4%


Portfolio statistics as of June 30, 2006, continued(1)



Top five sectors                                 Percentage of total
                                                  portfolio assets
----------------------------------------------------------------------
Gaming                                                   8.6%
Chemicals                                                8.2
Printing & Publishing                                    6.8
Telecommunications                                       6.2
Building Materials                                       5.2
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Total                                                   35.0%
Credit quality(3)
----------------------------------------------------------------------
Ba/BB and higher                                         5.0%
B/B                                                     69.8
Caa/CCC and lower                                       22.8
Not rated                                                0.7
Equity/preferred                                         0.2
Cash and cash equivalents                                1.5
----------------------------------------------------------------------
Total                                                  100.0%
Other characteristics
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Net asset value(2)                                     $4.73
Market price(2)                                        $4.75
Weighted average maturity                                5.9 yrs
Weighted average duration                                3.0 yrs
Weighted average coupon                                 10.2%
Estimated accumulated undistributed                     $732 thousand
net investment income
Leverage(4)                                             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.

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