9 Months sales to 31 March 2011

Michael Hill International Limited
9 months trading update to 31 March 2011

Note that these figures represent 8 months accounting adjusted sales results plus March preliminary sales figures prior to final accounting adjustments and are unaudited.

The following figures are in NZ Dollars Last Year This Year % Var

Australia same stores 223,192,255 244,421,993 9.5%
NZ same stores 74,121,017 76,746,599 3.5%
Canada same stores 26,841,525 30,463,436 13.5%
United States same stores 7,111,461 8,067,765 13.4%
Total same stores $331,266,258 $359,699,793 8.6%

Australia all stores 227,064,708 250,864,742 10.5%
NZ all stores 74,137,362 77,599,169 4.7%
Canada all stores 29,374,783 35,853,456 22.1%
United States all stores 11,166,031 8,014,888 (28.2)% *
Total all stores $341,742,884 $372,332,254 9.0%

*There were 17 stores trading in the US last year compared to 9 stores this year due to the closure of 8 stores in June 2010

Exchange rates used for the 9 months:
Australia 0.81 0.77
Canada 0.77 0.76
USA 0.72 0.75

The following figures are in local currency Last Year This Year % Var

Australia same stores AUD 180,236,828 188,958,843 4.8%
NZ same stores NZD 74,121,017 76,746,599 3.5%
Canada same stores CAD 20,627,400 23,222,660 12.6%
United States same stores USD 5,098,048 6,060,553 18.9%

Australia all stores AUD 183,354,597 193,885,293 5.7%
NZ all stores NZD 74,137,362 77,599,169 4.7%
Canada all stores CAD 22,578,336 27,325,535 21.0%
United States all stores USD 8,005,234 6,021,447 (24.8)% *

*There were 17 stores trading in the US last year compared to 9 stores this year due to the closure of 8 stores in June 2010

Comments
Sales in the third quarter held up well with “same store” growth of 5.7% for the quarter giving the Group a “same store” sales improvement of 8.6% for the 9 months despite negative impacts of the natural disasters in Queensland, Australia and Christchurch, NZ during the quarter. The directors are especially pleased to see continued same store sales growth in Canada and the United States.

Sir Michael. Hill 13/04/11
Chairman

All enquiries should be made to Mike Parsell CEO phone +61 403 246655