MAY Malaysia Fund (The)

Each of the Morgan Stanley closed-end funds listed below (the �Funds�) today declared the following dividends. EX-DATE � RECORD DATE � PAYABLE DATE 12/17/08 12/19/08 01/07/09 � � � � � � � � � Name of Closed-EndManagement Investment Company � Ticker � Per Share of Net Investment Income � Per Share of Short-term Capital Gain � Per Share of Long-term Capital Gain Morgan Stanley Asia-Pacific Fund, Inc. � APF � $0.0000 � $0.0000 � $1.1033 Morgan Stanley Emerging Markets Debt Fund, Inc. � MSD � $0.3973 (Quarterly) � $0.0000 � $0.0000 Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. � EDD � $0.5000 (Quarterly) � $0.0000 � $0.00000 Morgan Stanley Emerging Markets Fund, Inc. � MSF � $0.0000 � $0.0000 � $1.1773 Morgan Stanley Global Opportunity Bond Fund, Inc. � MGB � $0.1841 (Quarterly) � $0.0000 � $0.0000 Morgan Stanley High Yield Fund, Inc. � MSY � $0.0968 (Monthly) � $0.0000 � $0.0000 Morgan Stanley India Investment Fund, Inc. � IIF � $0.0000 � $0.0000 � $1.7756 The Latin American Discovery Fund, Inc. � LDF � $0.1091 � $0.0000 � $2.8721 The Malaysia Fund, Inc. � MAY � $0.6151 � $0.0000 � $0.3977 The amount of dividends paid by each fund may vary from time to time. Past amounts of dividends are no guarantee of future dividend payment amounts. The final determination of the source and tax characteristics of all distributions in 2008 will be made after the end of the year. Investing involves risk and it is possible to lose money on any investment in the funds. Morgan Stanley Investment Management, together with its investment advisory affiliates, has nearly 1,000 investment professionals around the world and approximately $570 billion in assets under management or supervision as of August 31, 2008. By leveraging its global �community of boutiques� structure and the strength of Morgan Stanley, 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 600 offices in 35 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.