BB40 Genesis Maly.Pf

    GENESIS MALAYSIA MAJU FUND LIMITED
                                        
                              INTERIM ANNOUNCEMENT

The  Directors  of Genesis Malaysia Maju Fund Limited announce results  for  the
period ended 30th June, 2004 as follows:

                                      2004          2003
                                       US$           US$
                                                   
Total net assets                56,401,470    46,738,128
                                                   
Net  assets per Participating        37.07         30.72
Share                                              
                                  
Total  (deficit)  return  per       (0.82)          2.82
Participating Share


Comment

During the period under review, the shares of smaller companies in Malaysia  did
not  perform as well as those of the larger companies. The net asset  value  per
share of the Fund fell 2.2% after expenses from $37.89 to $37.07 while the Kuala
Lumpur  Stock Exchange Index expressed in US dollars gained 3.3% over  the  same
period.

Economic growth in the first half was very robust, averaging 7.8% after the best
quarterly  performance  in  almost four years in the second  quarter,  when  the
economy  expanded  at an annual rate of 8%. Strong external  demand  was  partly
responsible,  driven  in  particular  by demand  for  consumer  electronics  and
communication devices. Domestic demand also helped, as higher disposable  income
and  buoyant  consumer confidence were converted into household consumption  and
stronger private investment.

Abdullah  Badawi took over as Prime Minister in November 2003,  and  his  reform
agenda  has  been a pleasant surprise which, in the long term, should  foster  a
more  productive  economy. Public sector performance, public sector  corruption,
fiscal  restraint  and education are the Prime Minister's targets,  and  already
there are encouraging indications in some of these areas that he is serious.

It  is  not  only in relative but also in absolute terms that smaller  companies
have not performed well so far this year. However, the price action has revealed
some  excellent  value among fundamentally strong companies, and  the  Fund  has
recently  increased its position in some smaller growth situations  that  appear
anomalously  cheap. Against this background the outlook for the Fund,  supported
as it appears to be by strong earnings growth, seems very positive.

                              By Order of the Board

MANAGEMENT INTERNATIONAL (GUERNSEY) LIMITED

22nd October, 2004

                                        
                       GENESIS MALAYSIA MAJU FUND LIMITED
                                        
                        INTERIM ANNOUNCEMENT (continued)

                                                                        APPENDIX
                                                                                
                                        
                                             2004           2003
                                              US$            US$
FINANCIAL HIGHLIGHTS                                    
                                                        
Total net assets                      56,401,470      46,738,128
                                      __________________________   
                                                        
Dividends                              1,063,126         948,501
                                          
                                                        
Deposit interest                             312              24
                                      __________________________                  
Gross income                           1,063,438         948,525
                                          
                                                        
Revenue return for the year              542,665         474,167
                                                        
Capital  (deficit)  return  for  the  (1,788,860)      3,809,506
year                                     
                                                        
Net assets per Participating Share         37.07           30.72
                                       _________________________                 
Total    (deficit)    return     per      (0.82)            2.82
Participating Share
                                       _________________________                 

STATEMENT OF CASH FLOWS                                 
                                                        
Investment income received               638,194         692,542
                                                        
Interest received                             77              39
                                                        
Expenses paid out of revenue            (259,653)       (228,917)
                                          
                                                        
Purchases of investments             (11,622,969)    (10,437,019)
                                        
                                                        
Sales of investments                  11,501,401      12,320,349
                                       
                                                        
Expenses paid out of capital           (381,256)       (269,497)
                                     ___________________________     
                                                        
Net Cash Outflow Inflow               $(124,206)      $2,077,497
                                     ___________________________    
                                        

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