TIDMTOPE 
 
MW TOPS Limited (the "Company") 
 
12 March 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 27 
February 2009 (the "Conversion Calculation Date"). 
 
 
From US$ Shares to EUR Shares       : 0 
From US$ Shares to GBP Shares         : 128,177 
From EUR Shares to GBP Shares         : 321,869 
From EUR Shares to US$ Shares       : 0 
From GBP Shares to US$ Shares         : 0 
From GBP 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: 
 
EUR9.03 in the case of Euro Shares 
 
GBP9.14 in the case of Sterling Shares 
 
$8.92 in the case of US$ Shares 
 
The spot currency conversion rates as at the Conversion Calculation 
Date were as follows: 
 
EUR1:GBP0.8910, EUR1: US$1.2701, GBP1: EUR1.1223, GBP1: US$1.4255, US$1: EUR0.7873, 
US$1:GBP0.7015 
 
On the basis of the above, the conversion ratios are as follows: 
 
0.7777  Euro Shares for every one US$ Share 
 
0.8803 Sterling Shares for every one Euro Share 
 
0.6846  Sterling Share for every one US$ Share 
 
1.2858  US$ Shares for every one Euro Share 
 
1.4606 US$ Shares for every one Sterling Share 
 
1.136 Euro Shares for every one Sterling Share 
 
 
Results of conversion 
 
With effect from 13 March 2009, the issued share capital of the 
Company will be as follows: 
 
 
Euro Shares:     7,213,607 
Sterling Shares: 7,124,901 
US$ Shares:      1,651,297 
 
 
 
Admission of new shares 
 
Application has been made for 371,085 Sterling 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 13 March 2009. 
 
Application has been made for 371,085 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 13 March 
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 
 
=--END OF MESSAGE--- 
 
 
 
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement. 
 

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