SSH (Nicholas Bagnall)

Disclosure of ceasing to have substantial holding
Section 22, Securities Markets Act 1988

To: NZX Limited
And: Michael Hill International Limited
Date this disclosure made: 7 March 2011
Date last disclosure made: 9 April 2010
Substantial security holder(s) giving disclosure
Name(s): Nicholas Bagnall
Contact details: Kym Nijsse +64 4 918 7067 Kym.nijsse@acc.co.nz
Date on which substantial security holder(s) ceased to have substantial holding: 4 March 2011
Summary of substantial holding to which disclosure relates
Class of listed voting securities: Ordinary Shares
Summary for: Nicholas Bagnall
For last disclosure,—
(a) Total number held in class: 19,840,057
(b) Total in class: 382,468,900
(c) Total percentage held in class: 5.187%
For current holdings after ceasing to have substantial holding
(a) Total number held in class: 18,032,496
(b) Total in class: 382,468,900
(c) Total percentage held in class: 4.715%
Details of relevant interests in substantial holding after relevant event
Details for:
Nature of relevant interest(s): Nicholas Bagnall
Beneficial owner of securities under s 5 (1) (b) of the Securities Markets Act
No relevant agreement document needs to be attached under regulation 11.
For that relevant interest,—
(a) Number held in class: 10,000
(b) Percentage held in class: 0.003%
(c) Current registered holder(s) of securities: 10,000 shares held by Nicholas Bagnall either directly or indirectly
(d) Registered holder(s) of securities once transfers registered: n/a
Details for: Accident Compensation Corporation (“ACC”)
Nature of relevant interest(s):
Qualified powers to exercise control of rights to vote and of acquisition or disposal of some or all of the securities, of which the ACC is the beneficial owner under s 5(1)(c)and 5 (1)(d) of the Securities Markets Act. Further to regulation 11(2)(b), the material terms of this arrangement are that powers are subject to ACC investment policies and the decisions of the ACC Investment Committee.
For that relevant interest,
(a) Number held in class: 18,022,496
(b) Percentage held in class: 4.712%
(c) Current registered holder(s) of securities: 18,022,496 shares held by ACC via New Zealand Central Securities Depository Limited (NZCSD)
(d) Registered holder(s) of securities once transfers registered: n/a
Details of transactions and events giving rise to person ceasing to have substantial holding
Details of the transactions or other events requiring disclosure under the instructions to this form:
Sale by ACC of 1,666,648 shares to the offer by Durante Holdings
Additional information
Nicholas Bagnall is an employee and portfolio manager for ACC. Under current ACC investment policies, he has the discretion to exercise control over some or all the rights to vote and acquisition or disposal of some or all of the securities of which ACC is the beneficial owner

Address(es) of substantial security holder(s): ACC : 81-83 Molesworth Street, Wellington
Name of any other person believed to have given, or believed to be required to give, a disclosure under the Act in relation to the securities to which this disclosure relates: n/a

Declaration
I, Nicholas Bagnall, declare that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made.