Investor Presentation

FY20 RESULTS

DISCLAIMER
Certain statements in this announcement constitute forward-looking statements. Forward-looking statements are statements
(other than statements of historical fact) relating to future events and the anticipated or planned financial and operational
performance of Michael Hill International Limited and its related bodies corporate (the Company). The words “targets,”
“believes,” “expects,” “aims,” “intends,” “plans,” “seeks,” “will,” “may,” “might,” “anticipates,” “would,” “could,” “should,” “continues,”
“estimates” or similar expressions or the negatives thereof, identify certain of these forward-looking statements. Other forward-
looking statements can be identified in the context in which the statements are made. Forward-looking statements include,
among other things, statements addressing matters such as the Company’s future results of operations; financial condition;
working capital, cash flows and capital expenditures; and business strategy, plans and objectives for future operations and
events, including those relating to ongoing operational and strategic reviews, expansion into new markets, future product
launches, points of sale and production facilities.
Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, such
forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the
Company’s actual results, performance, operations or achievements or industry results, to differ materially from any future
results, performance, operations or achievements expressed or implied by such forward-looking statements.
Such risks, uncertainties and other important factors include, among others: global and local economic conditions; changes in
market trends and end-consumer preferences; fluctuations in the prices of raw materials, currency exchange rates, and interest
rates; the Company’s plans or objectives for future operations or products, including the ability to introduce new jewelleryand
non-jewelleryproducts; the ability to expand in existing and new markets and risks associated with doing business globally and,
in particular, in emerging markets; competition from local, national and international companies in the markets in which the
Company operates; the protection and strengthening of the Company’s intellectual property rights, including patents and
trademarks; the future adequacy of the Company’s current warehousing, logistics and information technology operations;
changes in laws and regulations or any interpretation thereof, applicable to the Company’s business; increases to the Company’s
effective tax rate or other harm to the Company’s business as a result of governmental review of the Company’s transfer pricing
policies, conflicting taxation claims or changes in tax laws; and other factors referenced to in this presentation.
Should one or more of these risks or uncertainties materialise, or should any underlying assumptions prove to be incorrect, the
Company’s actual financial condition, cash flows or results of operations could differ materially from that described herein as
anticipated, believed, estimated or expected. Accordingly, you are cautioned not to place undue reliance on any forward-looking
statements. Accordingly, you are cautioned not to place undue reliance on any forward-looking statements, particularly in light
of the current economic climate and the significant volatility, uncertainty and disruption caused by the COVID-19 pandemic.
The Company does not intend, and do not assume any obligation, to update any forward-looking statements contained herein,
except as may be required by law. All subsequent written and oral forward-looking statements attributable to us or to persons
acting on the Company’s behalf are expressly qualified in their entirety by the cautionary statements referred to above and
contained elsewhere in this presentation.
2

CEO and CFO FY20 Update
•FY20 Performance Overview
•FY20 Strategy Execution
•FY20 Financial Summary
•Financial Snapshot
•Key Performance Results
•Impact of COVID-19: Store Trading Days
•FY20 Financial Results
•Group Results
•Retail Segment Results
•Digital Growth
•Strategy Update –Emphasis on Growth and Margin
•Appendices
3
Michael Hill International Limited

FY20 Performance Overview
4
Strong retail fundamentals embedded within a disciplined framework providing a
robust platform to enable a true omni-channel customer experience
•Building on strong heritage foundations -evolving into a modern,
differentiated, omni-channel jewellery brand
•Strong sales performance across the first three quarters and taking market
share, Q1: +11.9%; Q2: +4.0%; Q3 (9wks): +3.1%
•The business was tracking to achieve increased year-on-year EBIT prior to
COVID-19, with same store sales at +5.7% for the first eight months and
FY20H1 underlying EBIT of $31.6m
•At the end of March, all Michael Hill stores were temporarily closed as the
company prepared to navigate a global pandemic -estimated impact on
revenue of at least $80m to June year end
•Stores progressively reopened through May and June in all markets
•FY20 was a year of strategic foundations, with the launch of many key
initiatives including a new retail operating model, our first foray into loyalty,
trialling laboratory grown diamonds and a raft of digital developments

FY20 Strategy Execution
5
Unwavering Focus on Costs
•Optimised retail and support office structures
•Decisive cash preservation and cost
management throughout COVID-19 store
closure period and beyond
•Consolidation of repairer network, delivering
lower costs and improved customer experience
•Improved relationships and commercial terms
with suppliers
•Significant progress on credit partnerships
Loyalty
•Online roll-out in October 2019
•To date over 200,000 members
•Delivering higher ATV and gross margin
•Member pricing attracting new customers and
increasing gross margins
•Building customer insights and segmentation
customer ability
Digital-Explosion
•Enhanced website with improved customer
experience, checkout process and navigation
•Launch of virtual appointments, virtual sales
and virtual “try ons”
•Direct selling from social media platforms and
digital catalogues
•Delivering 54.7% growth in FY20, digital now
represents 5% of sales (FY19: 2.8%)
•Digital sales increased by greater than 200%
during COVID-19 store closure period
Retail Fundamentals
•Launch of new retail incentive scheme
delivering positive early results and improved
gross margins
•Deployed customer satisfaction program (NPS)
•Completion of our cloud enabled ERP platform
to optimise inventory and store profiling
•New Operating model embedded across
Merchandise, Marketing, Digital and Retail
Operations
•Increased emphasis on in-store execution

FY20H1 Financial Snapshot
•Positive same store sales growth momentum continued
throughout the year until COVID-19:
oFY20Q1: AU +6.3%, NZ +9.8%, CA +13.4%
oFY20Q2: AU +1.4%, NZ +4.8%, CA +1.0%
oFY20Q3 9wks: AU +1.8%, NZ +3.5%, CA -1.0%
•FY20H1 underlying EBIT growth of 6.9% to $31.6m,
driven by increasedrevenue and reduction in costs
•FY20H2 EBIT eroded by COVID-19 store closures
•Continued focus on costs and retail disciplines delivering
results
•Active inventory management program continues
•Disciplined cash management
•AASB 16 Leases was adopted on 1 July 2019 –see
AppendixA
6
FY20FY19Change
Revenue$492.1m$569.5m-13.6%
Underlying
Trading
1
EBIT
$25.7m$34.6m-25.8%
Full Year
Dividend
1.5c
*
4.0c-2.5c
Inventory$178.7m$179.5m-$0.8m
Net
Cash/(Debt)
$0.5m
**
($24.8m)+$25.3m
1
Underlying Trading EBIT is statutory EBIT adjusted for employee restructure costs,
direct incremental expenses relating to COVID-19, and certain non-cash items on a
pre-AASB 16 Leases basis. Please refer to page 8 of the Directors’ Report for a detailed
explanation.
*
Payment of AU1.5c FY20 interim dividend has been deferred.
**
Excludes rental accruals of $13.1m at financial year end.
FY20 Financial Snapshot

7
1
Underlying Trading EBIT (non-IFRS and unaudited) is statutory EBIT adjusted for employee restructure costs, direct incremental expenses relating to COVID-19, and
certain non-cash items on a pre-AASB 16 Leasesbasis. Please refer to page 8 of the Directors’ Report for a detailed explanation.
2
Adjusted same store sales reflect sales through store and online channels on a comparable trading day basis and are non-IFRS andunaudited .
6.3%
G RO U P SA ME STORE
SA L E S
60.6%
GROUP
GRO S SM A RGIN
FY19: 62.0%
17
S TO R E S
C LO S E D
37.3%
B R A N D E D
C O L L E C T I O N S A L E S
FY19: 3 2 . 5 %
FY20 Key Performance Results
+2.7%
GROUP
ADJUSTED
2
SAME STORE SALES
GROWTH
+0.1%
AUSTRALIA
ADJUSTED
2
SAME
STORE SALES
GROWTH
+2.4%
NEW ZEALAND
ADJUSTED
2
SAME
STORE SALES
GROWTH
+2.3%
CANADA
ADJUSTED
2
SAME
STORE SALES
GROWTH
$24.7m
D I G I TA L S A L E S
+ 5 4 . 7 %
FY19: $ 1 6 . 0 m
$25.7m
UNDERLYING TRADING
1
EBIT
FY19: $34.6m
1
S TO R E
O P E N E D

FY20H1 Financial Snapshot
8
Impact of COVID-19: Store Trading Days
•COVID-19 store closure periods:
•AU: from 24 March for 5 to 10 weeks
•NZ: from 24 March for 8 to 9 weeks
•CA: from 20 March for 10 to 13 weeks
•Australia progressively opened from May,
with the store closure period representing
~15% of the year
•NZ stores opened in two tranches on 16 May
and 23 May, with the store closure period
representing ~16% of the year
•Canadian stores opened from Western to
Eastern provinces over a five week period
commencing in June, with the store closure
period representing ~23% of the year
•Refer Appendix B for CY19 v FY19 earnings
comparison

9
•Group revenuedecreased by 13.6%, largely due to COVID-19 store closures
•Estimated impact of COVID-19 store closure period ~$80m of revenue
•Adjusted
2
same store sales up 2.7%
•Digital sales increased by 54.7% to a record $24.7m (FY19: $16.0m)
•Gross margin decline largely attributable to foreign currency headwinds
•No final dividend; interim dividend of AU1.5cents per sharedeferred
For theyear endedAUD28-Jun-2030-Jun-19Change
Revenue492.1m569.5m
-13.6%
Grossprofit298.2m353.0m
-15.5%
Underlying Trading
1
EBIT25.7m34.6m
-25.8%
Underlying Trading
1
EBITas a % ofrevenue5.2%6.1%
-90bps
StatutoryEBIT14.1m21.1m
-33.3%
Statutory EBIT as a % ofrevenue2.9%3.7%
-80bps
Gross profit as a % ofrevenue60.6%62.0%
-140bps
Total storesopen290306
Group Results
Group Results

10
For the year endedAUD28-Jun-2030-Jun-19Change
Revenue266.6m313.6m-15.0%
Gross profit161.0m194.1m-17.0%
EBIT**27.4m32.9m-16.7%
EBIT as a % of revenue10.3%10.5%-20bps
Gross profit as a % of revenue60.4%61.9%-150bps
Total stores open155168
R E TA I L SEG M E N T
•Revenue declined by 15.0%,largely due to temporary COVID-19 store closures and the
permanent closure of 13 under-performing stores
•Estimated impact of COVID-19 store closure period ~$40m of revenue
•Adjusted
2
same store sales marginally improved by 0.1%
•Digital sales increased to a record $14.5m (FY19: $11.0m)
Michael Hill Australia
** Pre-AASB 16Leases

11
R E TA I L SE G M E N T
•Revenue declined by 11.1%,largely due to temporary COVID-19 store closures
•Estimated impact of COVID-19 store closure period ~$16m of revenue
•Adjusted
2
samestore sales increased by 2.4%
•Digital sales increased to $3.6m (FY19: $2.3m)
•New Zealand remains the most profitable market
For theyearendedNZD28-Jun-2030-Jun-19Change
Revenue106.7m120.1m-11.1%
Gross profit63.6m73.0m-12.8%
EBIT**21.1m24.1m-12.7%
EBIT as a % of revenue19.7%20.1%-40bps
Gross profit as a % of revenue59.6%60.8%-120bps
Total stores open4952
Michael Hill New Zealand
** Pre-AASB 16Leases

12
R E TA I L SE G M E N T
•Revenue declined by 16.8%,largely due to temporary COVID-19 store closures
•Estimated impact of COVID-19 store closure period ~$24m of revenue
•Adjusted
2
same store sales increased by 2.3%
•Digital sales increased by 125% to $6.0m (FY19: $2.7m)
•Canada remains acore profit growth opportunity
For theyearendedCAD28-Jun-2030-Jun-19Change
Revenue110.8m133.1m-16.8%
Gross profit64.0m80.7m-20.7%
EBIT**(2.4m)9.8m-124.6%
EBIT as a % of revenue(2.2%)7.4%-960bps
Gross profit as a % of revenue57.8%60.6%-280bps
Total stores open8686
Michael Hill Canada
** Pre-AASB 16Leases

FY20H1 Financial Snapshot
•FY20Q4 delivered a surge in digital sales as customers
embraced online shopping channels, with all digital sales now
representing 5.0% of total sales (FY19: 2.8%)
•The Company delivered a number of key digital initiatives to
meet our customers’ evolving needs:
oVirtual Appointments
oVirtual Selling
oMichael Hill Connected
oShoppableCatalogue
oProactive Chat
oShoppableInstagram Feed
oWeChat Mini
•In conjunction with the initial online launch of our loyalty
program, Brilliance, in October, our digital platform has seen
a 50% lift in conversion rate during the year
13
Digital Growth
The above graph represents Michael Hill website sales only and excludes Emma & Roe product.

14
Strategy Update -Emphasis on Growth and Margin

15
Strategy Update -Emphasis on Growth and Margin
Omni-Channel Opportunities
•Roll-out of “click and collect” and “click and reserve”
•Develop “ship from store” capabilities
•Expand marketplace sales opportunities (Iconic, WeChat)
•Personal in-store and online jeweller appointments, and contactless collection capability
•“Drop ship” capabilities with key vendor partnerships
•Bespoke customisable product –digital “ring builder”
Digital-First
•Leverage our loyalty program, Brilliance,for targeted sales strategies and increased margins
•Continual enhancements of site user experience and navigation
•Roll-outs of: virtual selling globally; new payment platforms; customer-centric delivery capabilities
•Continue to pivot marketing investments into more efficient digital channels
•Launch new pure play digital brand in Australia -medleyjewellery.com.au -an aspirational and
attainable on-trend jewellery offering
Building on Retail Fundamentals
•Leverage loyalty program data to drive segmentation and personalisation to grow repeat
purchasing customers and lift margins
•Embed new retail incentive scheme, increasing profitable sales and reinvigorating retail store
culture
•Customer satisfaction program driving greater insights and operational opportunities
•Space planning initiative to optimise store capacities and layouts, creating enhanced customer
experience and sales

16
Strategy Update -Emphasis on Growth and Margin
Cost Conscious Culture
•Disciplined fiscal mindset as a pillar of company culture
•Implement global supply chain strategy to deliver significant operational efficiencies and cost
benefits
•Maintain cash preservation focus, while continuing to optimise inventory levels
•Prioritised capital management program
•Optimisation of store network continues, in conjunction with omni-channel strategy
•Labour efficiencies from new dynamic rostering and improved store data capabilities
Product Evolution
•Optimised merchandise structure with enhanced capabilities
•Range and assortment rationalisation strategy aligned to refreshed product newness calendar and
higher inventory turns
•Leverage new ERP platform: right product, right store, on time, and a focus on marginmix
•Continue to enhance higher margin product offerings (eglaboratory created diamonds) and
Branded Collections
•Further develop strategic vendor partnerships driving improved margins and inventory outcomes
Canadian New Frontiers
•New retail leadership structure delivering on retail fundamentals
•Canadian productivity remains a genuine near term opportunity with ~ 8% increase in FY20H1
•Execute Canadian third party supply chain solution to accelerate store replenishment and support
omni-channel initiatives
•Reset and commercialise Canadian credit solution and potential credit book divestment
•Explore new capital light growth channels, both digital and physical

17
medleyjewellery.com.au
Born and led by the team at Michael Hill, Medley’s core purpose is to inspire true confidence
and effortless style, backed by its aspirational and attainable on-trend jewellery offering

Questions and Answers

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Key Points:
-Adopted modified retrospective approach from
1 July 2019. No restatement of prior year
comparatives required
-Lease rental expenses have been replaced by
depreciation on right-of-useasset and interest
on lease liability
-No impact on:
-Cash earnings andcashflow
-Debt covenants and facility headroom
-Note 2 in the full year consolidated financial
statementsprovides detailed information on
the adoption.
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Appendix A: AASB 16 Leases Impact
(AUD million)
FY20
Stat
Impact of
AASB 16
FY20
pre-AASB 16
FY19
pre-AASB 16
Change
pre-AASB 16
Revenue492.1492.1569.5(13.6)%
Cost of sales(193.9)(193.9)(216.5)(10.4)%
Gross profit298.2298.2353.0(15.5)%
Employee benefits expense(149.2)(149.2)(163.2)(8.6)%
Occupancy costs(14.4)(42.5)(56.9)(60.6)(6.0)%
Marketing expenses(28.9)(28.9)(33.7)(14.3)%
Selling expenses(18.7)(18.7)(24.7)(24.1)%
Other income/(expenses)(17.3)(17.3)(30.3)(43.0)%
EBITDA69.7(42.5)27.240.5(32.9)%
Depreciation and amortisation
expenses
(55.6)37.0(18.6)(19.4)(3.8)%
EBIT14.1(5.6)8.521.1(59.6)%
Finance expenses(9.6)7.6(2.0)(2.3)(14.7)%
Profit before tax4.52.16.618.8(65.1)%
Income tax expense(1.4)0.0(1.4)(2.3)(38.3)%
Net profit after tax3.12.15.116.5(68.9)%

FY20H1 Financial Snapshot
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Appendix B: Earnings Comparison
Estimated revenue impact due to COVID-19 store closures for each jurisdiction:
•Australia ~$40m
•New Zealand ~$16m
•Canada ~$24m
FY20H1FY19H2Calendar
Year 2019
FY19Variance
CY19 v
FY19
Revenue$329.6m$254.1m$583.7m$569.5m+2.5%
Gross Profit$203.4m$150.5m$353.9m$353.0m+0.3%
Underlying EBIT$31.6m$5.0m$36.6m$34.6m+5.8%
To assist analysts and investors in understanding a very complexyear
Table: Comparison of FY19 to Calendar Year 2019