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

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



MW TOPS Limited (the "Company")

11 July 2008

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
June 2008 (the "Conversion Calculation Date").

- From US$ Shares to EUR Shares           : 0
- From US$ Shares to £ Shares                : 0
- From EUR Shares to £ Shares               : 0
- From EUR Shares to US$ Shares           : 38,827
- From £ Shares to US$ Shares                : 0
- From £ Shares to EUR Shares               : 0

Conversion ratios

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

€10.83 in the case of Euro Shares
£10.96 in the case of Sterling Shares
$10.88 in the case of US$ Shares
The spot currency conversion rates as at the Conversion Calculation
Date were as follows:
€1:£0.7917, €1:US$1.5755, £1: €1.2631, £1:US$1.9900, US$1: €0.6347,
US$1:£0.5025
On the basis of the above, the conversion ratios are as follows:
0.6376 Euro Shares for every one US$ Share
0.7823 Sterling Shares for every one Euro Share
0.4988 Sterling Share for every one US$ Share
1.5682 US$ Shares for every one Euro Share
2.0046 US$ Shares for every one Sterling Share
1.2782 Euro Shares for every one Sterling Share
Cancellation

During the period 11 June to the 10 July the company cancelled the
following shares:

Euro Shares:           686,644
Sterling Shares:       881,800
US$ Shares:            152,530

Results of conversion and cancellation

With effect from 11 July 2008, the issued share capital of the
Company will be as follows (subject to any further shares being
cancelled during the period 11 July to the 14 July):
Euro Shares:           63,370,023
Sterling Shares:       34,072,754
US$ Shares:            21,898,911

Admission of new shares

Application has been made for 60,890 US$ Shares to be listed on NYSE
Euronext and the London Stock Exchange.  It is expected that such
listing will become effective and that dealings in such shares will
commence on 14 July 2008.


Enquiries to:
Anson Fund Managers Limited
Secretary
Tel: [phone]


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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