The Malaysia Fund, Inc. Announces Results of Measurement Period Under Discount Management Program

The Malaysia Fund, Inc. (NYSE: MAY) (the “Fund”) announced the results of its measurement period under its previously announced discount management program (the “Program”). Pursuant to the Program, the Fund’s Board of Directors approved up to four consecutive semi-annual tender offers, each to purchase up to 5% of the Fund’s outstanding shares of common stock for cash at a price equal to 98% of its net asset value (“NAV”) per share if the Fund’s shares trade at an average discount of at least 10% over a 12-week period. For the 12-week measurement period ended September 30, 2011, shares of the Fund traded at an average daily discount to NAV of 10.06%. The Fund will therefore conduct a tender offer in accordance with the terms of the Program.

The timing of the Fund’s tender offer will be announced as soon as practicable. Additional terms and conditions of the Fund’s tender offer will be set forth in its offering materials, which will be distributed to its stockholders. If more than 5% of the Fund’s outstanding shares are tendered, the Fund will purchase its shares from tendering stockholders on a pro rata basis at a price of 98% of the Fund’s NAV per share.

This announcement is not a recommendation, an offer to purchase or a solicitation to sell any securities of the Fund. The Fund’s tender offer will be made only by an Offer Notice, a related Letter of Transmittal and other documents, which will be filed with the Securities and Exchange Commission. Stockholders of the Fund should read the Offer Notice, tender offer statement and related exhibits when those documents are filed and become available, as they will contain important information about the tender offer. These and other filed documents will be available to investors for free both at the website of the Securities and Exchange Commission and from the Fund.

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 640 investment professionals around the world and approximately $296 billion in assets under management or supervision as of June 30, 2011. 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 42 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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