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")

13 November 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 31
October 2008 (the "Conversion Calculation Date").


From US$ Shares to EUR Shares     : 0
From US$ Shares to £ Shares       : 0
From EUR Shares to £ Shares       : 1,115,111
From EUR Shares to US$ Shares     : 221,000
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:

€8.98 in the case of Euro Shares
£9.10 in the case of Sterling Shares
$8.88 in the case of US$ Shares

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

€1:£0.7848, €1: US$1.2681, £1: €1.274, £1: US$1.6158, US$1: €0.7886
US$1:£0.6189

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

0.7798 Euro Shares for every one US$ Share
0.7745 Sterling Shares for every one Euro Share
0.6039 Sterling Share for every one US$ Share
1.2824 US$ Shares for every one Euro Share
1.6559 US$ Shares for every one Sterling Share
1.2912 Euro Shares for every one Sterling Share

Cancellation

During the period 9 October to the 12 November the company cancelled
the following shares:

Euro Shares:           123,899
Sterling Shares:       23,964
US$ Shares:            65,245

Results of conversion and cancellation

With effect from 14 November 2008, the issued share capital of the
Company will be as follows (subject to any further shares being
cancelled during the period 13 November to the 14 November):

Euro Shares:           47,050,041
Sterling Shares:       23,332,683
US$ Shares:            38,637,863

Admission of new shares

Application has been made for 863,597 Sterling Shares & 283,406 US$
Shares to be listed on NYSE Euronext. It is expected that such
listing will become effective and that dealings in such shares will
commence on 14 November 2008.

Application has been made for  863,597 Sterling Shares & 283,406 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 November 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

---END OF MESSAGE---


This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.