SSH Notice

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest or both
Sections 23 and 24, Securities Markets Act 1988

Relevant event being disclosed: change in nature of relevant interest
Date of relevant event: 9 March 2011
To: NZX
And: Michael Hill International Limited
Date this disclosure made: 9 March 2011
Date last disclosure made: 18 February 2011
Substantial security holder(s) giving disclosure
Name(s): Leslie Wayne Peters, Peters MacGregor Capital Management Pty Ltd
Contact details: Cardy Man
c/- Peters MacGregor Capital Management Pty Ltd
+61 7 3832 5622
cm@petersmacgregor.com

Summary of substantial holding to which disclosure relates
Class of listed voting securities: Ordinary shares in Michael Hill International Limited (MHI)
Summary for: Leslie Wayne Peters, Peters MacGregor Capital Management Pty Ltd
For this disclosure:
(a) total number held in class: 40,466,500
(b) total in class: 383,053,190
(c) total percentage held in class: 10.56%
For last disclosure:
(a) total number held in class: 45,974,500
(b) total in class: 383,053,190
(c) total percentage held in class: 12.00%

Details of transactions and events giving rise to relevant event
Details of the transaction or other events requiring disclosure under the instructions to this
form: Sale of shares into the partial takeover offer by Durante Holdings.

Details of relevant interests in substantial holding after relevant event
Details for: Leslie Wayne Peters, Peters MacGregor Capital Management Pty Ltd
Nature of relevant interest(s): Beneficial owner of securities.
(a) number held in class: 40,466,500
(b) percentage held in class: 10.56%
(c) current registered holder(s) of securities: Leslie Wayne Peters and Peters MacGregor
Capital Management Pty Ltd via qualified powers to exercise control of rights to vote and of
acquisition or disposal of these securities.
(d) registered holder(s) of securities once transfers registered: n/a

Additional information
Addresses of substantial security holders: PO Box 107, Spring Hill, QLD 4004, Australia.
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, Leslie Wayne Peters, 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.

L W Peters