The Malaysia Fund, Inc. (NYSE: MAY) (the “Fund”) announced that the Board of Directors of the Fund 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 Fund plans to sell its assets, discharge its liabilities and distribute the net proceeds to stockholders.

The Board plans to submit a proposal to stockholders to approve the Plan at the Fund’s annual meeting of stockholders (the “Meeting”) to be held in June 2012. If the proposal is approved by stockholders, the Fund will commence the orderly liquidation of its assets in accordance with the Plan. Following the liquidation of the Fund’s assets, the Fund will pay one or more liquidating distributions to stockholders of record.

Any solicitation of proxies by the Fund in connection with the Meeting will be made only pursuant to separate proxy materials filed with the U.S. Securities and Exchange Commission (the “SEC”) under applicable federal securities laws. Because the proxy materials will contain important information, including a more detailed description of the Plan, stockholders are urged to read them carefully when they become available. The Fund and the Board may be deemed to be participants in the solicitation of proxies from stockholders in connection with the Meeting. The Fund plans to file a proxy statement with the SEC in connection with the solicitation of proxies for the Meeting. Information regarding the names of the Fund’s Directors will be set forth in the Fund’s proxy statement relating to the 2012 annual meeting of stockholders, which may be obtained free of charge at the SEC’s website at www.sec.gov. Additional information regarding the interests of such potential participants will be included in the proxy statement and other relevant documents to be filed with the SEC in connection with the Meeting.

Promptly after filing its definitive proxy statement for the Meeting with the SEC, the Fund will mail the definitive proxy statement and a proxy card to each stockholder entitled to vote at the Meeting. We urge stockholders to read the proxy statement (including any supplements thereto) and any other relevant documents that the Fund will file with the SEC when they become available because they will contain important information. Stockholders will be able to obtain, free of charge, copies of the proxy statement and any other documents filed by the Fund with the SEC in connection with the Meeting at the SEC’s website at www.sec.gov, by calling 1-800-231-2608 or by writing to the Fund at 522 Fifth Avenue, New York, New York 10036.

The Fund is a closed-end, U.S.-registered management investment company and seeks long-term capital appreciation through investment primarily in equity securities of Malaysian companies. The Fund is advised by Morgan Stanley Investment Management Inc.

Morgan Stanley Investment Management, together with its investment advisory affiliates, has 620 investment professionals around the world and approximately $287 billion in assets under management or supervision as of December 31, 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 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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