Interim Management Statement

    Interim Management Statement

GENESIS MALAYSIA MAJU FUND LIMITED (the "Company")

Interim Management Statement - 1st July 2008 to 17th November 2008 (unaudited)

17th November 2008

This statement has been prepared to provide additional information to Shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any party
for any purpose other than as stated above.

Genesis Malaysia Maju Fund Limited was incorporated with limited liability in Guernsey under the Companies Laws on 24
January 1990 with registered number 21934 as a closed-ended investment company which has the ability to issue additional
shares. The Fund's shares are listed on the London Stock Exchange. 

Investment Objective

The investment objective of the Company is to seek long-term capital growth by investment in a professionally managed
portfolio consisting primarily of securities (principally equity securities) in small to medium sized companies in
Malaysia. 

The Company has appointed Genesis Asset Managers, LLP to act as Investment Manager with responsibility for providing
advice on the Company's investment portfolio, in accordance with the Company's investment objective and policy, subject
to the overall supervision of the directors.

Performance Summary

All emerging market returns were sharply negative in the third quarter of 2008, and falls in October were even more
drastic. The Kuala Lumpur Composite Index fell 33.1% in the four-month period, despite concerted action on a global
basis to support the world economy. 

In this environment the Fund's Net Asset Value per Share fell from US$57.63 at the beginning of the financial year on
1st July to US$33.60 at the 31st October; a decline of 41.7% over the last four months.

Market Update

Malaysia's economy is small, export-oriented and one of the more open economies in the region in terms of trade to GDP,
and has therefore seen a fast transmission between the global financial squeeze and real activity levels. Hence Malaysia
saw the second-sharpest fall in third quarter earnings in Asia (and lower growth in 2009 seems inevitable) but the
country is a few months ahead of the rest of Asia in terms of activity (which in Malaysia slowed sharply after the March
general election) and it would be a mistake to think that Malaysian companies are fundamentally weaker than companies
elsewhere in Asia. 

In fact Malaysia entered the credit squeeze from a relatively strong position in that the corporate sector deleveraged
after 1997 and has been reluctant to borrow much since then. Similarly the banking system is relatively robust, having
seen steadily shrinking credit to GDP since 1998 - quite the opposite to some developing economies that find themselves
under pressure now that overseas money is scarce. With local banks among the most liquid in the world, good Malaysian
businesses should still be able to find ringgit funding; the issue for the exporters is the shortage of dollar-based
export credit for the time being. 

Share prices of the larger cap stocks have fallen less than many emerging market shares (it helps that Malaysia was not
a hedge fund favourite in recent months), but the smaller sized names have suffered along with the rest of the world. It
is among these stocks that the real bargains are to be found; current valuation levels allow us to be optimistic about
future expected returns from the Fund's holdings.


For further information contact:

HSBC Securities Services (Guernsey) Limited 
as Company Secretary

Miss Alison Bilham
Direct Tel: [phone] 
Fax: [phone]
Email: [e-mail]


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