The Malaysia Fund, Inc. (NYSE: MAY) (the “Fund”) announced today that its Board of Directors has approved a change in the Fund’s benchmark to the FTSE Bursa Malaysia KLCI Total Return Index. The FTSE Bursa Malaysia KLCI (formerly the Kuala Lumpur Stock Exchange Composite (KLSE) Index), which had historically been used by the Fund as its benchmark, is a price only index, which does not include the reinvestment of dividends in its calculation of index performance.

The FTSE Bursa Malaysia KLCI Total Return Index is a free-float adjusted and liquidity-screened index comprised of the largest 30 companies listed on the Main Board of the Bursa Malaysia by full market capitalization that meet the eligibility requirements of the FTSE Bursa Malaysia Ground Rules. The FTSE Bursa Malaysia KLCI Total Return Index measures the total return on the underlying constituents, combining both capital performance and reinvested gross dividend income. The index is calculated in USD.

The Fund continues to maintain a share repurchase program (the “Program”) for purposes of enhancing stockholder value and reducing the discount at which the Fund’s shares trade from their net asset value. Since the inception of the Program on July 15, 2002, the Fund has repurchased 8.9 percent of its shares. The Fund expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes will further the accomplishment of the foregoing objectives of the Program, subject to review by the Board of Directors. On a monthly basis, the Fund intends to make available on its public website information regarding the Fund’s repurchase activity.

In addition, Morgan Stanley Investment Management Inc. (“MSIM”), the investment adviser to the Fund, announced that James Cheng, a portfolio manager of the Fund, will retire effective December 31, 2012. Munib Madni, a Managing Director of Morgan Stanley Investment Management Company, the sub-adviser to the Fund, and Ruchir Sharma, a Managing Director of MSIM, will continue to be jointly and primarily responsible for the day-to-day management of the Fund’s portfolio upon Mr. Cheng’s retirement.

The change in benchmark as well as the change in portfolio management team does not affect the investment objective of the Fund, nor the way in which the Fund’s portfolio is managed.

On March 23, 2012, the Fund announced that the Board adopted a proposal to liquidate the Fund, subject to stockholder approval of the plan of liquidation and dissolution (the “Plan”) adopted by the Board. The Board plans to submit the proposal to stockholders to approve the Plan at the Fund’s annual meeting of stockholders.

The Board of Directors has also approved the creation of a committee of independent Directors to consider a range of issues unique to closed-end funds.

The Fund is a diversified, closed-end management investment company that seeks long-term capital appreciation through investment in equity securities of Malaysian companies. The Fund’s shares are listed on the New York Stock Exchange under the symbol “MAY.”

Morgan Stanley Investment Management, together with its investment advisory affiliates, has approximately 620 investment professionals around the world and $304 billion in assets under management or supervision as of March 31, 2012. MSIM strives to provide outstanding long-term investment performance, service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide.

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,300 offices in 43 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state.

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