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 
      $0.0400 per share. The dividend is payable on April 30, 2007 to 
      shareholders of record as of April 19, 2007. The ex-dividend date is 
      April 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 March 31, 20071
        
        
        
      
      
        
          Top ten bonds, including coupon and maturity
        
        
          Percentage of total portfolio assets
        
      
      
        
          Ford Motor Credit Corp, 9.750% 09/15/10
        
        
          1.7%
        
      
      
        
          Levi Strauss & Co., 12.250% 12/15/12
        
        
          1.7 
        
      
      
        
          Sungard Data Systems, 10.250% 08/15/15
        
        
          1.6 
        
      
      
        
          Bowater Inc., 7.950% 11/15/11
        
        
          1.6 
        
      
      
        
          Wheeling Island Gaming, 10.125% 12/15/09
        
        
          1.5 
        
      
      
        
          ArvinMeritor Inc., 8.125% 09/15/15
        
        
          1.5 
        
      
      
        
          Jacobs Entertainment Inc., 9.750% 06/15/14
        
        
          1.5 
        
      
      
        
          Bluewater Finance Ltd., 10.250% 02/15/12
        
        
          1.4 
        
      
      
        
          CMP Susquehanna Corp, 9.875% 05/15/14
        
        
          1.4 
        
      
      
        
          Verso Paper Holdings LLC, 11.375% 08/01/16
        
        
          1.4 
        
      
      
        
          Total
        
        
          15.3%
        
      
      
        
        
        
           
        
      
      
        
          Yields2
        
        
           
        
      
      
        
          NAV yield
        
        
          9.8%
        
      
      
        
          Market yield
        
        
          9.4%
        
      
    
    
      
        
          Portfolio statistics as of March 31, 2007, continued1
        
        
        
      
      
        
          Top five industries3
        
        
          Percentage of total portfolio assets
        
      
      
        
          Paper/Forest Products
        
        
          8.9%
        
      
      
        
          Gaming
        
        
          8.1 
        
      
      
        
          Building Materials
        
        
          5.9 
        
      
      
        
          Media-Publishing
        
        
          5.8 
        
      
      
        
          Chemicals
        
        
          5.8 
        
      
      
        
          Total
        
        
          34.5%
        
      
      
        
        
        
           
        
      
      
        
          Other characteristics
        
        
           
        
      
      
        
          Net asset value2
        
        
          $4.88 
        
      
      
        
          Market price2
        
        
          $5.09 
        
      
      
        
          Weighted average maturity
        
        
          6.2 years
        
      
      
        
          Weighted average modified duration
        
        
          3.0 years
        
      
      
        
          Weighted average coupon
        
        
          10.0%
        
      
      
        
          Estimated accumulated undistributednet investment income
        
        
          $1.6 million
        
      
      
        
          Leverage4
        
        
          31.1%
        
      
    
    
      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 Effective March 31, 2007, the Fund’s 
      industry categorizations for portfolio holdings have been changed. The 
      Fund’s advisor views the categorization 
      changes as being minor; however, prior portfolio statistics information 
      may not be as comparable to current or future portfolio statistics as 
      might have otherwise been the case.
    
    
      4 As a percentage of total assets. Leverage may 
      vary.