Notice of Issue of Options - Listing Rule 7.12.1

Market Information Services
NZX
8 July 2011
Listing Rule 7.12.1 - Notice of Issue of Options to Employee pursuant to Employee Option Plan
In accordance with Listing Rule 7.12.1 Michael Hill International Limited (the “Company”) advises of the relevant details of the unlisted options to acquire ordinary shares it has issued today.
Class of security: Unlisted Options to subscribe for Ordinary Shares in the Company (‘Options’)
ISIN: N/a
Number of securities issued: 150,000 Options
Nominal value and issue price: There is no nominal value for the Options
No consideration is payable for the issue of the Options
The Options have an Exercise Price of $1.15 being a price which was 30% above the volume weighted average market price of the Company’s ordinary Shares in the 20 Business Days prior to 27 April, 2011.
Whether payment in cash: N/a
Any amount paid up (if not in full): N/a
Percentage of total class issued: The Options would represent 0.04 % of the Ordinary Shares on issue in the Company if exercised
Reason for the issue: The Options were issued as a part of the remuneration package of the employee pursuant to the Company’s employee option plan.

Specific authority for the issue: Resolution of the Board dated 8 July 2011 pursuant to Clause 3.1 of the Company’s Constitution and Listing Rule 7.3.6
Terms or details of the issue The Options can be exercised in the period 27 April 2016 to 27 April 2021 (subject to the attainment of the Exercise Price).
Total number of securities 5,900,000 Options
of the class in existence after issue

Date of issue: 8 July 2011

Yours faithfully

W. K. Butler
Company Secretary