Managed High Yield Plus Fund Inc. --
Dividend Declaration and Updated Price and Yield Information
UBS Global Asset Management


New York, August 14, 2006 -- 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 $0.0450 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.

Characteristics as of July 31, 2006:(1) ------------------------------------------------- Net Asset Value                            $4.74 Market Price                               $4.88 ------------------------------------------------- NAV Yield                                  11.39% Market Yield                               11.07% ------------------------------------------------- (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.