Annual General Meeting presentations

27 October 2020



Company Announcements Office
ASX Limited


Annual General Meeting presentations

In accordance with the Listing Rules, enclosed are the presentations of the Chair, Chief
Executive Officer and Chief Financial Officer, which will be delivered today at the
Michael Hill International Limited 2020 Annual General Meeting.

This announcement is authorised for release by the Company Secretary.

- ENDS -

For further information: Emily Bird
Company Secretary
0424 306 535
company.secretary@michaelhill.com.au




























Michael Hill International Limited ABN 25 610 937 598
7 Smallwood Place, Murarrie, QLD 4172

CHAIR’S ADDRESS
Today I’d like to give you an overview of how we view the year that’s closed. Following that Daniel and
Andrew will give more detail on our 2020 results, our current and future focus and a trading update for
the recent quarter.
2020 was extraordinary. We started the year strongly, delivering key initiatives in our transformation
journey while posting solid sales growth. As Christmas approached tragic bush fires affected our
Australian communities along with a prolonged drought and floods. The COVID-19 pandemic then
ignited a health and economic crisis that’s profoundly impacted the way we all live, work and shop. It
would be hard to imagine a more challenging and diverse set of circumstances.
Our financial results, which Daniel and Andrew will talk to in detail, have been severely impacted by the
pandemic. To keep our people and customers safe, we closed our stores across all markets for between
5 to 13 weeks. This was unprecedented.
While the effect of the pandemic on how we do business is material, we have responded decisively and
adapted quickly. A range of digitally focussed initiatives were accelerated, such as virtual selling, and
remote working, enabling Michael Hill to keep connected with customers and team members, and
respond to their changing needs. We reopened our retail network, when it was safe and possible to do
so, and have implemented best in class health protocols like screened customer entry with temperature
checks in COVID-19 hot spots, such as we are currently experiencing in Canada. The business continues
to be impacted by the pandemic, some impacts are out of our control, like the mandated reclosures of
stores across Melbourne and Auckland. Daniel and Andrew will go into more detail around how
COVID-19 is affecting the business.
Throughout the year, what has shone through, is our people, who I want the thank. We have asked a lot
from them and they’ve responded brilliantly. Seeing them operate, often remotely, across all levels of
the organisation, calmly dealing with rapidly unfolding events made me incredibly proud. The Michael
Hill team has acted with determination, resilience and agility, while showing they cared. Our culture has
never been stronger.
I would also like to acknowledge our suppliers, landlords and other partners who supported and
collaborated with us. These are critical relationships for Michael Hill. Assistance from our partners
continues to help us successfully navigate the pandemic.
And as mentioned last year, given culture has always been important to us, we were very disappointed
to discover the misapplication in Australia of the General Retail Industry Award. The company has
largely remediated existing team member payments. However, during the COVID-19 closure period, the
remediation program for former team members was paused, noting that interest will be paid on all
amounts owing until this program of work is completed.
Talking to strategy. The pandemic has dramatically changed customer behaviour, and accelerated the
digital transformation of the retail industry. This has reinforced the board’s confidence in our strategic
plan. COVID-19 has demonstrated the importance of continuing to enhance our omni channel
capabilities so customers can shop in whatever way best suits them. We will take market share by
delivering the best possible customer experience across all channels. We sustained focus on executing
our strategy throughout the year, delivering significant evolution of the group. We will emerge from the
crisis a stronger, leaner, more relevant business.
Moving on to Board matters. I’d like to thank the directors for their wise counsel, judgement and
commitment over the year which saw us meeting on a high frequency basis as the pandemic took hold.
Individually and collectively the directors played an integral role in successfully navigating a sometimes
rapidly changing environment.
We are delighted to endorse Jacquie Naylor’s proposed election as a director today. Jacquie has rich
experience in retail, fashion, and omnichannel. Jacquie’s demonstrated to us her retail and strategic
insights are a valuable and complimentary addition to the Board.

As shareholders, you will be interested in Michael Hill’s position on dividends. Given the uncertain
economic environment, and our desire to maintain a resilient balance sheet to withstand stress, the
Board decided to not declare an end of FY20 dividend, as well as defer payment of the FY20 interim
dividend. Our goal is to restore a regular pattern of dividend payments as quickly as financial
performance allows.
In closing, and on behalf of the Board, I would like to thank all members of the Michael Hill team, as well
as our customers, partners and shareholders for their contributions and ongoing support.
I now invite CEO, Daniel Bracken to address the meeting and discuss the 2020 operational performance,
as well as current and future focus.
CHIEF EXECUTIVE OFFICER’S ADDRESS
Thank you, Emma. Good morning and thank you for joining us today. Together with Andrew we will
review the 2020 financial results and strategic and operational achievements. We will also provide you
with some insights into key strategic initiatives for the year ahead, and an update on our first quarter
trading.
As I reflect on the 2020 financial year, it was certainly a year of two halves. Following on from the
positive sales momentum achieved across FY19, the business delivered consecutive quarters of sales
growth in all markets to finish the first half with +6.3% comparative sales. As we entered the second
half, we started to see the benefits from our disciplined “rhythm of the business” approach coupled
with our strategies gaining traction, as the business shifted its focus to a balance of both sales and
margin.
The business continued to leverage the brand’s deep heritage as we celebrated our 40th birthday in
August. The roll-out of various digital capabilities accelerated our journey of evolving into a modern,
differentiated, omni-channel jewellery brand.
Prior to the COVID-19 store closures at the end of March, the business was successfully delivering both
sales and margin growth, and was tracking to achieve increased year-on-year EBIT.
Undoubtedly, the 2020 financial year will always be remembered for the COVID-19 global pandemic.
The impact of COVID-19 was beyond anything we have ever experienced. The global economic and
health consequences are having a profound and far reaching impact. As the pandemic advanced, and as
selling jewellery is an intimate close quarter process, we had no choice but to temporarily close all our
stores to keep our people and customers safe. The closures lasted between five and thirteen weeks,
depending on region and country. Similar to many speciality retailers our business was severely
impacted, resulting in an estimated revenue loss of at least $80m for FY20Q4.
I am particularly proud of all our people. Never before have we asked so much from them. Despite
incredible uncertainly, for themselves and their families, they have, and continue to, respond with
resilience, determination and professionalism.
Throughout the year, the company maintained a laser sharp focus on delivering new initiatives to
modernise Michael Hill. We successfully embedded the new retail operating model, launched our new
loyalty program, trialled laboratory-created diamonds, along with a raft of digital developments as we
continued to improve the strategic foundations of the business.
Our continued focus on costs resonated across the business as the reality of COVID-19 store closures
impacted the entire business. As a direct consequence, we implemented a number of measures to
preserve cash, negotiated deferred vendor payment terms, tax payment deferrals and rental
abatements. The business cancelled all discretionary spend, paused most of our planned capital
expenditure and operated with a much leaner global support office.
A number of initiatives had already been delivered prior to COVID-19, such as a reinvigorated retail
structure, consolidation of our repair network in all countries, and improved terms with some of our
credit providers.

Pleasingly, our long-awaited loyalty program was soft-launched digitally in October last year, and
already has more than 260,000 members. This gives us the ability to capture customer data for future
engagement. And as a result of the successful member pricing aspect of the program, we are
experiencing higher transaction values and improved gross margins.
As our customers turned to online shopping channels due to COVID-19 store closures, we launched
several digital initiatives capitalising on the increased website traffic. These involved an enhanced
website with improved customer experience; checkout process and navigation functions; direct selling
through social media and digital catalogues; and a number of virtual applications into our ecosystem,
including a virtual selling platform, virtual appointments and virtual try ons.
As a result the Company experienced a surge in sales from our digital business, resulting in record digital
sales of $24.7m which represented a milestone 5% of total sales, up from 2.8% of total sales in FY19.
We have made great progress in how we are organised and how we operate our retail business.
During the year, we trialled our new store incentive scheme. Those trials demonstrated increased
performance across many aspects of our business, most notably higher margins. I’m pleased to say that
the new scheme has now been rolled across all stores in the network, and is delivering strong results.
We also launched our “Sparkle” customer satisfaction program during the year, and this is starting to
provide great feedback and insights to our teams.
The new Retail Operating Model is firmly embedded in the business, and we have significantly ramped
up our focus on in-store execution and visual merchandising standards.
As we complete what can only be described as an extraordinary year, we have emerged as a stronger,
leaner and more professional business. I’m incredibly proud of the strategic progress we made during
2020 across costs, loyalty, digital, retail fundamentals and company culture, which I believe have
Michael Hill well positioned to navigate both the opportunities, and the potential market disruptions
ahead.
Prior to speaking about FY21, I will pass over to Andrew to review our FY20 financial results, after which
I will walk you through our key focus areas for FY21 as well as provide a first quarter update.
CHIEF FINANCIAL OFFICER’S ADDRESS
Thank you, Daniel. As Daniel has described, this was a year of two halves, as we saw positive same store
sales growth momentum continue for half one, and also through to the end of February 2020.
This followed an underlying EBIT for FY20H1 of $31.6m, as we started to see the benefits of our
initiatives gaining traction, along with a continued focus on costs and retail disciplines.
Headline sales and profits were directly impacted by the COVID-19 pandemic, which resulted in all
stores across all three markets closing for varying periods from late March.
As a result of the temporary store closures, the Company reported revenue of $492.1m compared to
$569.4m in FY19, and an underlying trading EBIT of $25.7m compared to $34.6m in FY19.
Even with the loss of Quarter 4 trading days, active inventory management saw inventory levels finish
the year in line with prior year end.
Disciplined cash management also saw a net cash position at year end, though with additional rental
accruals owing of circa $13m.
Other aspects to call out for FY20 performance include:
• On an adjusted same store sales basis, the group achieved positive 2.7% growth in sales
• Australian adjusted same store sales were flat for the year, with New Zealand and Canadian
adjusted same store sales both up over 2%

• We delivered record digital sales for the year of $24.7m, up 54.7% against prior year, and
representing a milestone 5% of total sales
• Our focus on reimagining branded collections saw them represent a record 37.3% of total sales
• Group gross margin declined for the year from 62% to 60.6%, predominantly impacted by FX.
Turning now to the impact of COVID-19 on store trading days in each market. From late March 2020, the
COVID-19 pandemic saw stores closed in Australia for a period of five to ten weeks, in New Zealand for
eight to nine weeks and in Canada for periods of ten to thirteen weeks – meaning some Canadian stores
were effectively closed for a quarter of the year.
In accordance with government regulations and with robust safety protocols embedded:
• Australian stores reopened progressively from mid-May
• New Zealand stores opened in two tranches later in May and
• Canadian stores opened progressively from the Western to Eastern provinces commencing in
June, through to the final stores opening in early July.
In aggregate, the global store closures saw an estimated 80 million dollars of lost revenue for the
financial year.
Turning now to Group results. Group Revenue decreased by 13.6% to $492.1m, largely due to the
COVID-19 store closures.
As part of our decisive store portfolio management, one Michael Hill store was opened and seventeen
under-performing stores were closed leaving 290 stores in the global network at year end.
I will now hand back to Daniel to outline the key strategic initiatives for FY21 as well as an update on the
first quarter performance.
CHIEF EXECUTIVE OFFICER’S ADDRESS
Thank you, Andrew for your commentary on the FY20 financial results, and in particular your insights on
the impact COVID-19 had on our store network.
As mentioned earlier, I’m going to take you through some of the main strategic initiatives for this year,
which will be the key drivers of growth in sales and margin for the business.
Starting with Omni-Channel.
We will be leveraging the deployment of our cloud-based ERP platform and we now have the
opportunity to embark on multiple digital and physical initiatives to meet the demands of a modern-day
customer.
• We will roll-out “click and collect”; “click and reserve” and “ship from store” capabilities
• Bespoke customisable product will be enabled through our digital platforms
• We will develop “drop ship” capabilities, linking key vendors directly to our customers
• AND we are already underway with testing new marketplace opportunities.
Moving on to Digital. Building on the successes of FY20, further enhancements to our websites will be
delivered to improve customer engagement, conversion and transactions
• We will embark of the next phase of the Brilliance loyalty program
• Our Marketing investments will continue to pivot towards more efficient digital channels
• AND I’m excited to reveal that during the first quarter we launched a new business
» A new pure play digital brand called MEDLEY, an aspirational and attainable on-trend
jewellery offer
» You can do your own research (and shopping if you would like) at medleyjewellery.com.au
» Medley offers us a real opportunity to expand into the high margin demi-fine category,
attracting a new customer demographic in an agile and capital light manner.

And next, Retail Fundamentals. We will further leverage our loyalty program to drive segmentation and
personalisation with a focus on growing repeat purchasing customers and lifting margins.
• The new Retail Incentive Scheme will continue to be a key driver for increasing profitable sales
and reinvigorating retail store culture, with further enhancements planned for the scheme
• Additionally, an increased focus on space planning to optimise store productivity and efficiencies
And onto the opportunities in our Canadian business
With a new leadership structure now in place and focused on delivering retail fundamentals, we are
confident that the team can continue to increase productivity levels as demonstrated in H1.
• The management of our in-house Credit Program has been identified as an opportunity to
increase margins and sales, through new partnerships
• While the evolution of our Canadian Supply Chain was previously identified as a sizeable
commercial opportunity, this was placed on hold due to the pandemic. Re-engagement around
this initiative is now well underway
• And additionally, we are exploring new capital light growth channels in the Canadian market.
And now to touch on product. We have implemented a new structure, a new operating model and
calendar, AND new leadership are now in place within the Merchandise function, and this will deliver
positive impacts across FY21.
• Range and assortment optimisation continue to present huge opportunities across stock-turns,
purchasing, and margins, and with the new ERP platform now in place we will begin to deliver
positive commercial outcomes
• Our Branded Collection strategy continues to gain share at higher margins, and the broader roll-
out of Lab Created Diamonds will deliver increased margin and conversion.
And finally, an absolute focus on cost disciplines and capital management are forming part of the
Michael Hill culture.
• Optimising our inventory, improving stock turns and leveraging our vendor relationships are a
priority
• As highlighted by Andrew earlier, our store network will continue to be a major focus for
management
• With an increased focus on store data capabilities and the implementation of dynamic rostering,
we believe that a sizable prize exists within our largest operating expense
• While Michael Hill navigates the impacts of the global pandemic, and the ongoing potential of
store closures, as recently mandated in Victoria and Auckland, the business has started FY21
positively.
• Pleasingly, gross margin improvement has continued as our investments in strategic initiatives
gather momentum.
• Additionally, the Company has identified a number of growth and margin opportunities to
strengthen our business, across product, digital and a true omni-channel offering.
• I am also incredibly excited about the launch of our new pure play digital brand – Medley.
Turning now to the FY21Q1 trading update.
We recently announced our first quarter trading update for FY21, with group same store sales up 7.3%
against the first quarter of FY20, maintaining a focus on growth strategies to support both sales and
margin.
Gross profit outpaced sales growth, with margin growth in all markets and channels of 100 to 200 basis
points.
We are pleased with these results, and cautiously optimistic in these uncertain times, that these results
give us a strong foundation as we enter the all-important Christmas trading period.

For the quarter, online sales were up 129% against FY20Q1, with digital initiatives delivering increased
sales and margin across all markets and providing a favourable impact on group margin mix. For the
quarter, digital channels represented 5.3% of total sales.
Branded collections represented 43.3% of total product sales for the quarter compared with 37.3% in
FY20, reinforcing our strategy to emphasise unique Michael Hill product with improved product margins.
Membership in our Brilliance by Michael Hill loyalty program now exceeds 260,000. Membership was
approximately 145,000 at the end of FY20.
Our diligent management of capital expenditure, working capital, inventory levels and a sustained,
deliberate focus on cost of doing business helped to maintain a healthy net cash position at quarter end.
I am particularly pleased with our first quarter results from both a sales and margin perspective.
Over the past 18 months, the business has focussed on top line sales growth and recovery of market
share as we restored sales momentum. As previously reported, our emphasis has since shifted to
balance both sales and margin growth, underpinned by our strategic initiatives. It is encouraging to see
these strategies flowing through to our results, particularly in relation to margin growth.
After what can only be described as a historic and challenging year, I would like to personally thank our
loyal customers, our dedicated team members, the Executive team and Board members for their
resilience and unwavering support.
And importantly thank you to you, our shareholders, for your continued support of Michael Hill.

AGM presentation
27 October 2020

Important notice and 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
Jewellery from our
KnotsCollection

Emma Hill
Chair
Sir Michael Hill
Founder
Gary
Smith
Independent NED
Chair, Audit & Risk
Management
Committee
Rob Fyfe
Independent NED
Chair, People
Development &
Remuneration Committee
Janine Allis
Independent NED
3
Jacquie Naylor
Independent NED

Daniel Bracken, CEOAndrew Lowe, CFOAlison de Groot, Ernst & Young
4

Questions
5
Jewellery from our
Mark Hill Collection

Voting
6
Rings from the Fenix Created Diamonds
for Michael Hill Collection

Chair’s address
Emma Hill
From left: Grand Arpeggio and Grand Aria from our Sir Michael Hill Designer Bridal
Collection, and a three stone ring from our EvermoreCollection

Rings from our
Southern Star Collection
CEO presentation
FY20 performance overview

•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%
•Prior to COVID-19, the business was tracking to achieve increased
year-on-year EBIT, with same store sales +5.7% for the first eight
months
•At the end of March, all Michael Hill stores were temporarily closed
as the company prepared to navigate a global pandemic
•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 performance overview
Strong retail fundamentals embedded within a
disciplined framework providing a robust platform to
enable a true omni-channel customer experience
Model wears jewellery
from our Knots
Collection
9

FY20 strategy execution
•Unwavering focus on costs
•Optimisedretail 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
Model wears pendants from
our Spirits BayCollection
10

FY20 strategy execution
•Loyalty
•Online roll-out in October 2019
•Over 260,000 members
•Delivering higher ATV and gross margin
•Member pricing attracting new customers and
increasing gross margins
•Building customer insights and segmentation customer
ability
Model wears pendants from
our Spirits BayCollection
11

FY20 strategy execution
•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
Model wears pendants from
our Spirits BayCollection
12

FY20 strategy execution
•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
Model wears pendants from
our Spirits BayCollection
13

CFO presentation
FY20 results
Rings from the Fenix Created Diamonds
for Michael Hill Collection

FY20 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
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 31 of the 2020 annual 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.
15

FY20 key performance results
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
31 of the 2020 annual report for a detailed explanation.
2
Same store sales reflect sales through store and online channels on a comparable trading day basis and a proportional allocationof Professional Care Plan (PCP) revenue, and are unaudited.
6.3%
GROUP SAME STORE
SALES
60.6%
GROUP
G ROSSMARGI N
FY19: 62.0%
17
STORES
CLOSED
37.3%
BRANDED
COLLECTION
SALES
FY19: 32.5%
2
+2.7%
GROUP
SAME STORE SALES
2
GROWTH
+0.1%
AUSTRALIA
SAME STORE
SALES
2
GROWTH
+2.4%
NEW ZEALAND
SAME
STORE SALES
2
GROWTH
+2.3%
CANADA
SAME
STORE SALES
2
GROWTH
$24.7m
DIGITAL SALES
+54.7%
FY19: $16.0m
$25.7m
UNDERLYING TRADING
1
EBIT
FY19: $34.6m
1
STORE
OPENED
16

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
17

Group results
•Group revenue decreased by 13.6%, largely due to COVID-19 store closures
•Estimated impact of COVID-19 store closure period ~$80m of revenue
•Same store sales
2
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 AU1.5 cents per share deferred
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
To t a l storesopen290306
18
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
31 of the 2020 annual report for a detailed explanation.
2
Same store sales reflect sales through store and online channels on a comparable trading day basis and a proportional allocation of Professional Care Plan (PCP) revenue, and are unaudited.

CEO presentation
FY21 key initiatives – emphasis on
Growth and Margin
Rings from our Evermore Collection

Emphasis on
Growth and Margin
•Omni-Channel Opportunities
•click and collect, click and reserve, ship from
store, contactless collection, drop ship with key
vendors
•Expand online marketplace opportunities
•Personal in-store and online jeweller appointments
•Bespoke customisable product –digital ring
builder
Model wears jewellery
from our Inifinitas
Collection
20

Emphasis on
Growth and Margin
•Digital-First
•Leverage our loyalty program, Brilliance by Michael Hill
•Enhance site user experience and navigation
•Roll-out: virtual selling globally; new payment
platforms; customer-centric delivery capabilities
•Continue 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
Model wears jewellery
from our Inifinitas
Collection
21

Emphasis on
Growth and Margin
•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
Model wears jewellery
from our Inifinitas
Collection
22

Emphasis on
Growth and Margin
•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
•Explore new capital light growth channels, both
digital and physical
Model wears jewellery
from our Inifinitas
Collection
23

Emphasis on
Growth and Margin
•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 margin mix
•Continue to enhance higher margin product offerings
(eglaboratory created diamonds) and Branded
Collections
•Further develop strategic vendor partnerships driving
improved margins and inventory outcomes
Model wears jewellery
from our Inifinitas
Collection
24

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
Model wears jewellery
from our Inifinitas
Collection
25

FY21Q1 update
•Strong same store sales growth in all markets
and channels. Same store sales for the quarter
were up 7.3%, against FY20Q1
•Strong same store sales growth in
all markets and channels
Q1 same store sales
(percentage variance to prior year)
26
Same store sales reflect sales through store and online channels on a comparable trading day basis and a proportional allocationof Professional Care
Plan (PCP) revenue, and are unaudited.

FY21Q1 update
•Increased margin and gross profit –margin
growth in all markets and channels of 100 to
200 bpsfor the quarter, against FY20Q1, with
gross profit growth outpacing sales
•Strong same store sales growth in all
markets and channels
•Increased margin and gross profit
27

FY21Q1 update
•Sustained growth in digital sales. Online sales
represented 5.3% of total sales, up 129%
against FY20Q1, with digital initiatives delivering
increased sales and margin across all markets
and providing a favourable impact on group
margin mix
•Strong same store sales growth in all
markets and channels
•Increased margin and gross profit
•Sustained growth in digital sales
Digital sales - % of total revenue
28

FY21Q1 update
•Branded collection sales growth. Branded
collections represented 43.3% of total
product sales
•Strong same store sales growth in all
markets and channels
•Increased margin and gross profit
•Sustained growth in digital sales
•Branded collection sales growth
Branded collections - % of total sales
29
19

FY21Q1 update
•Brilliance by Michael Hill loyalty program.
Membership now exceeds 260,000, an 80.9%
lift from June 2020 year end
•Strong same store sales growth in all
markets and channels
•Increased margin and gross profit
•Sustained growth in digital sales
•Branded collection sales growth
•Brilliance by Michael Hill loyalty
program
Loyalty members by quarter
30

FY21Q1 update
•Robust balance sheet and disciplined cost focus.
Diligent management of capital expenditure,
working capital, inventory and a sustained,
deliberate focus on CODB helped to maintain a
healthy net cash position at quarter end
•Strong same store sales growth in all
markets and channels
•Increased margin and gross profit
•Sustained growth in digital sales
•Branded collection sales growth
•Brilliance by Michael Hill loyalty
program
•Robust balance sheet and
disciplined cost focus
31

Questions
Bridal sets from our
Evermore Collection

Business of the Annual
General Meeting
Ring from our Solitaire by Michael Hill Collection

Financial statements and reports
•Audited financial statements
•Directors’ report
•Auditor’s report.
34
Jewellery from our
Spirits Bay Collection

FORAGAINSTOPENABSTAINEXCLUDED
NO. OF
SHARES
70,968,566238,599390,983244,000167,711,166
% OF
ELIGIBLE
VOTES
99.12%0.33%0.55%--
% OF ALL
SECURITIES
18.30%0.06%0.10%0.06%43.24%
Resolution 1: Remuneration report
To consider and if thought fit, pass the following advisory resolution:
“That the Remuneration Report for the year ended 28 June 2020 (as set out
in the Directors’ Report) is adopted.”
35
Bridal set from our
Evermore Collection
Pendants from our
EverlightCollection

Resolution 2: Election of Jacqueline
Naylor as a director
To consider and if thought fit, pass the following resolution as an ordinary resolution:
“That Ms Jacqueline Naylor (appointed as a director of the Company on 15
July 2020) who retires in accordance with ASX Listing Rule 14.4 and Rule
36.2 of the Company’s Constitution and, being eligible, offers herself for
election, be elected as a director of the Company.”
36
Pendants from our
WillowCollection
Rings from our
WhitefireCollection
FORAGAINSTOPENABSTAINEXCLUDED
NO. OF
SHARES
238,979,285182,046390,9831,000-
% OF
ELIGIBLE
VOTES
99.75%0.08%0.17%--
% OF ALL
SECURITIES
61.62%0.05%0.10%0.00%0.00%

Resolution 3: Re-election of Rob Fyfe as a
director
To consider and if thought fit, pass the following resolution as an ordinary resolution:
“That Mr Robert Fyfe who retires by rotation in accordance with ASX Listing
Rule 14.4 and Rule 38.6 of the Company’s Constitution and, being eligible,
offers himself for election, be elected as a director of the Company.”
37
FORAGAINSTOPENABSTAINEXCLUDED
NO. OF
SHARES
235,717,8793,386,962383,83364,640-
% OF
ELIGIBLE
VOTES
98.43%1.41%0.16%--
% OF ALL
SECURITIES
60.78%0.87%0.10%0.02%0.00%

Resolution 4: Amendments to the
Constitution
To consider and if thought fit, pass the following resolution as a special resolution:
“That in accordance with section 136(2) of the Corporations Act, the
Company’s Constitution be amended as set out in the Explanatory Notes
with immediate effect.”
38
Ring from our Solitaire by Michael Hill Collection
Rings from our
Evermore Collection
FORAGAINSTOPENABSTAINEXCLUDED
NO. OF
SHARES
238,527,488130,300390,983504,543-
% OF
ELIGIBLE
VOTES
99.78%0.05%0.17%--
% OF ALL
SECURITIES
61.50%0.03%0.10%0.13%0.00%

Thank you