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 third quarter and fiscal year-to-date ended February 28, 2007. For the third quarter ended February 28, 2007, the Fund's earnings from net investment income were $8,000,962, equal to $0.13 per share. Total net realized and unrealized gains from investment activities were $7,859,584, equal to $0.13 per share, for the same period. This compares to earnings from net investment income of $8,303,916, equal to $0.14 per share, and total net realized and unrealized gains from investment activities of $3,152,276, equal to $0.05 per share, for the third quarter ended February 28, 2006. For the nine months ended February 28, 2007, the Fund's earnings from net investment income were $23,850,177, equal to $0.39 per share. Total net realized and unrealized gains from investment activities were $6,790,444, equal to $0.11 per share, for the same period. This compares to earnings from net investment income of $26,076,151, equal to $0.43 per share, and total net realized and unrealized losses from investment activities of $(5,534,883) equal to $(0.09) per share, for the nine months ended February 28, 2006. On February 28, 2007, net assets of the Fund were $300,474,125. The net asset value per share was $4.94, based on 60,790,573 shares outstanding, which represents an increase of 3.13% from the net asset value per share of $4.79 ($288,699,513 applicable to 60,333,153 shares outstanding) on February 28, 2006.