MW TOPS Limited (the "Company")
13 August 2009

Conversion Between Classes, Cancellation of Shares & Admission of New
Shares

Conversion requests

The table below summarises the aggregate number of shares of each
class in relation to which the Company has received requests to
convert such shares into shares of another class with effect from 31
July 2009 (the "Conversion Calculation Date").


From Euro Shares to Sterling Shares : 72,496
From Sterling Shares to Euro Shares : 70,000
From Euro to USD Shares             : 26,613
From USD to Euro Shares             : 35,000


Conversion ratios

The net asset values per share of each class as at the Conversion
Calculation Date were as follows:

�9.78 in the case of Euro Shares
£9.89 in the case of Sterling Shares
$9.65 in the case of US$ Shares

The spot currency conversion rates as at the Conversion Calculation
Date were as follows:
�1:£ 0.8552, �1: US$ 1.4178, £1: �1.1693, £1: US$1.6579, US$1:
�0.7053, US$1:£0.6032

On the basis of the above, the conversion ratios were as follows:

0.6959 Euro Shares for every one US$ Share
0.8457 Sterling Shares for every one Euro Share
0.5886 Sterling Share for every one US$ Share
1.4370 US$ Shares for every one Euro Share
1.6991 US$ Shares for every one Sterling Share
1.1825 Euro Shares for every one Sterling Share

Results of conversion

With effect from 14 August 2009, the issued share capital of the
Company will be as follows:

Euro Shares:     6,178,479
Sterling Shares: 6,909,242
US$ Shares:      1,545,873


Admission of new shares

Application has been made for 8,020 Euro Shares and 3,239 US$ Shares
to be listed on London Stock Exchange. It is expected that such
listing will become effective and that dealings in such shares will
commence on 14 August 2009.

Enquiries to:
Anson Fund Managers Limited
Secretary
Tel: +44 (0) 1481 722 260

This announcement is for information purposes only and is not an
offer to invest. The Company is registered with the Dutch Authority
for the Financial Markets as a collective investment scheme which may
offer participations in The Netherlands pursuant to article 2:66 of
the Financial Markets Supervision Act (Wet op het financieel
toezicht).  All investments are subject to risk.  Past performance is
no guarantee of future returns.  Prospective investors are advised to
seek expert legal, financial, tax and other professional advice
before making any investment decision.  The value of investments may
fluctuate.  Results achieved in the past are no guarantee of future
results.

E&OE - in transmission

END OF ANNOUNCEMENT

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