New York, October 10, 2005  -- Managed High Yield Plus Fund Inc. (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 $0.0475 per share. The dividend is payable on October 31, 2005 to shareholders of record as of October 20, 2005. The ex-dividend date is October 18, 2005. 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 (% of total portfolio assets) as of September 30,
2005:*

Credit Quality                    Top Ten Holdings
----------------------------------------------------------------------
Ba/BB & Higher             3.5%   Qwest Services Corp.            1.8%
B/B                       61.6    Levi Strauss & Co.              1.6
Caa/CCC & Lower           32.6    Mediacom Broadband LLC          1.5
Not Rated                  1.3    Dynegy Holdings, Inc.           1.4
Equity/Preferred           0.2    Terra Capital, Inc.             1.4
Cash & Cash Equivalents    0.8    Crown Euro Holdings SA          1.4
----------------------------------Jacobs Entertainment,
Total                    100.0%    Inc.                           1.3
                                  Houghton Mifflin Co.            1.2
Top Five Sectors                  Wheeling Island Gaming          1.2
----------------------------------Resolution Performance
Telecommunications         8.1%    Products LLC                   1.2
                                  ------------------------------------
Chemicals                  7.5    Total                          14.0%
Gaming                     6.4
Healthcare                 6.3    Characteristics
Containers                 5.4    ------------------------------------
----------------------------------Net Asset Value**             $4.89
Total                     33.7%   Market Price**                $5.22
                                  Leverage***                    32.4%
Yields**                          Estimated Accumulated
---------------------------------- Undistributed Net
NAV Yield                 11.7%    Investment Income     $588 thousand
Market Yield              10.9%   Weighted Average
                                   Maturity                    5.6 yrs
                                  Weighted Average
                                   Duration                    2.8 yrs
                                  Weighted Average Coupon        10.4%
----------------------------------------------------------------------

* The Fund is actively managed, and its portfolio composition will vary over time.

** 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.

*** As a percentage of total assets. Leverage may vary.