MW TOPS Limited (the "Company")

13 October 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 30
September 2009 (the "Conversion Calculation Date").

From Euro Shares to Sterling Shares: 140,000

Conversion ratios

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

�10.31 in the case of Euro Shares

£10.43 in the case of Sterling Shares

$10.17 in the case of US$ Shares

The spot currency conversion rates as at the Conversion Calculation
Date were as follows:

�1:£ 0.9139, �1: US$ 1.4617, £1: �1.0942, £1: US$1.5994, US$1:
�0.6841, US$1:£0.6252

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

0.6748  Euro Shares for every one US$ Share

1.1069  Euro Shares for every one Sterling Share

0.9034  Sterling Shares for every one Euro Share

0.6096  Sterling Share for every one US$ Share

1.4819  US$ Shares for every one Euro Share

1.6403  US$ Shares for every one Sterling Share
Results of conversion

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


Euro Shares      5,538,426
Sterling Shares: 7,427,271
US$ Shares:      1,618,575


Admission of new shares

Application has been made for 126,473 Sterling 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
October 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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