HYF Managed High Yield Plus Fund, Inc.

Managed High Yield Plus Fund Inc. (NYSE: HYF), a closed-end management investment company seeking high income, and secondarily, capital appreciation, primarily through investments in lower-rated, income-producing debt and related equity securities, today announced its performance for the second quarter and fiscal year-to-date ended November 30, 2006. For the second quarter ended November 30, 2006, the Fund's earnings from net investment income were $7,930,143, equal to $0.13 per share. Total net realized and unrealized gains from investment activities were $3,167,087, equal to $0.05 per share, for the same period. This compares to earnings from net investment income of $8,851,499, equal to $0.15 per share, and total net realized and unrealized losses from investment activities of $(18,231,871), equal to $(0.30) per share, for the second quarter ended November 30, 2005. For the six months ended November 30, 2006, the Fund's earnings from net investment income were $15,849,215, equal to $0.26 per share. Total net realized and unrealized losses from investment activities were $(1,069,140), equal to $(0.02) per share, for the same period. This compares to earnings from net investment income of $17,772,235, equal to $0.30 per share, and total net realized and unrealized losses from investment activities of $(8,687,159), equal to $(0.14) per share, for the six months ended November 30, 2005. On November 30, 2006, net assets of the Fund were $291,506,189. The net asset value per share was $4.80, based on 60,708,983 shares outstanding, which represents an increase of 1.27% from the net asset value per share of $4.74 ($285,260,258 applicable to 60,211,772 shares outstanding) on November 30, 2005.