I suspect whopping big "currency exchange" devaluation, but check www.webflyer.com and its converter to see what might work. And there are restriction and limitations as well. An onerous and not very productive task. It might be easier to use the points to purchase some flight or service you want without going through the trouble of exchanges.

Trusted FT members, with >90 days and >90 productive posts, can see the otherwise hidden Coupon Connection, where some exchanges can be explored - but the moderators are sticklers who will see any sudden burst of posts as a "CC run" and can reset one's post count to "0" or / and mask an overeager member from the forum. Patience and participation can be the skills that open doors...