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 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.