Notice pursuant to Listing Rule 7.12.1 (Issue of Options)

19 September 2011

New Zealand Exchange Limited
Level 2, NZX Centre
11 Cable Street
Wellington 6011

Notice pursuant to Listing Rule 7.12.1
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 acquire ordinary shares in the Company (‘Options’).
ISIN: N/a
Number of securities issued: 750,000 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 $1.16 being a price which was 30% above the VWAP market price of the Company’s ordinary shares in the 20 business days following the announcement on 19 August 2011 of the Company’s results for the year to 30 June 2011 to NZX

Whether payment in cash: N/a
Any amount paid up (if not in full): N/a
Percentage of total class issued: 11.27%
Reason for the issue: The Options were issued to a director and officers of the Company on certain terms and conditions as a component of their remuneration packages.
Specific authority for the issue: Board resolutions and shareholder approval pursuant to the Listing Rules.
Terms or details of the issue The Options can be exercised in the period between the date that the Company’s annual results for the year ending 30 June 2016 are announced and 30 September 2021.

Total number of securities of the
class in existence after issue 6,650,000 Options
Date of issue: 16 September 2011

Yours faithfully

W. K. Butler
Company Secretary