MQY Malaysia EQ.

    COMPANY ANNOUNCEMENT                              

19th August 2002

Malaysia Equity Fund Limited

Cancellation of Listing

The Board of Directors (the "Directors") of the Malaysia Equity Fund Limited
("Fund") wishes to announce that the Directors have resolved to apply to the
London Stock Exchange for cancellation of the listing of the Fund from the
official list, as the Fund is currently liquidating its assets. The expected
date of such cancellation will occur 20 days after the date of this
announcement.

Enquiries:

PricewaterhouseCoopers (Cayman Islands)

Ben Rivard

Phone: +1-345-914-8695

Daiwa SB Investments (HK)

Catherine Cheng

Phone: +852-2848-4964



END

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