Managed High Yield Plus Fund Inc. -- Dividend declaration and updated price and 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 August 31,
2006 to shareholders of record as of August 24, 2006. The ex-dividend
date is August 22, 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 July 31, 2006:(1)
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Net Asset Value                            $4.74
Market Price                               $4.88
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NAV Yield                                  11.39%
Market Yield                               11.07%
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(1) 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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