Investor Presentation

FY21 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
jewellery and non-jewellery products; 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.

CEO and CFO FY21 Update
•FY21 Overview
•FY21 Financial Results
•Group Results
•Key Performance Results
•Retail Segment Results
•Strategy Update –Emphasis on Growth and Margin
•Outlook
•Appendices
3
Michael Hill International Limited

FY21 Overview
4
•Outstanding year – all metrics up
•Significant disruption from the global pandemic:
•Lengthy lockdowns in Canada and Victoria
•Resilience of key Indian supply chain
•Impacts on our people and customers
•Transformative agenda delivering both strong sales
growth and margin expansion:
•Digital-first, sales +53%
•Retail fundamentals (ATV , IPS , conversion )
•Loyalty – over 800,000 members
•Omni-channel roll-out
•Demonstrated strength in team and brand
•Eight consecutive quarters of positive same store sales
growth
(excluding FY20Q4)

FY20H1 Financial Snapshot
•Revenue growth in all markets
•Gross profit up $50.7m
•Delivered significant increase to NPAT and
EBIT
•Strong balance sheet with a healthy net cash
position
•Targeted inventory levels delivered
•Unwavering focus on costs across the
business
•Active management of global store network
•Final dividend of AU3.0 cents per share
5
FY21FY20Change
Revenue
Same store sales
$556.5m$492.1m+13.1%
+8.6%
Gross Profit$348.9m$298.2m+17.0%
EBIT $72.4m$14.1m+414%
EBIT -% of revenue13.0%2.9%+1,010bps
NPAT $45.3m$3.1m+1,382%
Total Dividends
AU4.5cAU1.5c+AU3.0c
Inventory
$171.2m
$178.7m-$7.5m
Net Cash
$72.4m
$0.5m+$71.9m
Store Network285290-5
FY21 Group Results

6
6.3%
GROUP SAME STORE
SALES
62.7%
GROUP
GROSS MARGIN
FY20: 60.6%
1
STORE
OPENED
42.1%
BRANDED
COLLECTION SALES
FY20: 37.3%
FY21 Key Performance Results
+8.6%
GROUP
SAME STORE
SALES GROWTH
+13.0%
AUSTRALIA
SAME STORE
SALES GROWTH
+7.1%
NEW ZEALAND
SAME STORE
SALES GROWTH
+6.8%
CANADA
SAME STORE
SALES GROWTH
$34.8m
DIGITAL SALES
+53.4%
+35.3%
WEBSITE TRAFFIC
18.6m USERS
6
STORES
CLOSED
$56.6m
COMPARABLE EBIT
FY20: loss $5.2m

•Australia – Gross margin outperformed FY19 & FY20
•New Zealand – EBIT and gross margin strongest in the past four years
•Canada – Increased revenue and gross margin despite extended
temporary store closures
•Segment gross margins up by 180 bps to 350 bps
7
Australia(AUD)New Zealand (NZD)Canada (CAD)
FY21FY20ChangeFY21FY20ChangeFY21FY20Change
Revenue312.3m266.6m+17.1%127.1m106.7m+19.1%118.4m110.8m+6.9%
Gross profit194.1m161.0m+20.6%78.8m63.6m+23.8%72.6m64.0m+13.5%
Gross margin62.2%60.4%+180 bps62.0%59.6%+240 bps61.3%57.8%+350 bps
Segment EBIT*62.9m27.4m+129.4%35.5m21.1m+68.3%15.1m-2.4mN/A
EBIT as a % of
revenue
20.1%10.3%+980 bps27.9%19.7%+820 bps12.7%-2.2%+1,490 bps
Store network150155
-5
4949-8686-
Michael Hill Segment Results
* Pre-AASB16Leases

Strategy Update - Emphasis on Growth and Margin
Brand
Modern, differentiated, omni-channel jewellery brand
Digital
Digital-first
Retail
Fundamentals
Elevated productivity & customer experience
Omni-channel
Customer-led & channel agnostic
Loyalty
Uniquely Michael Hill
Cost Conscious
Culture
Unwavering focus on costs
Product Evolution
Your love for jewellery rewarded
8

9
Brand Update
Modern, differentiated, omni-channel
jewellery brand
Elevated brand messaging
Reducing discount-led campaigns
“Made in Australia”
Increasing ATV
Customer segmentation and
personalisation

10
Digital
Digital-first
Over $34.8m in sales (+53%)
Highest profit margin channel
Traffic , conversion
Refreshed navigation and website
Website users increased by 35.3%
FY21 traffic over 18.5m users
Launch of Medley
Continual growth underpinned by
omni-channel
Conversion rate optimisation

11
Retail Fundamentals
Elevated productivity &
customer experience
Eight quarters of SSS growth
Roster optimisation
Visual excellence and increased training
Store refurbishments with improved
layout and design
Increased focus on retail metrics

12
Omni-channel
Customer-led &
channel agnostic
“Ship from store”
“Click and reserve”
“Virtual selling”
Digital appointments
“Click and collect”
Marketplace strategy
Benefits of “ship from store”
•Improved inventory utilisation
•Reduced costs
•More efficient
•Better customer experience

13
Loyalty
Your love for jewellery rewarded
Significantly more profitable customer
•More sales, more often
•Higher margin, higher ATV
Now over 800,000 members
Predictive analytics, powered by AI
Targeted communication, bias for action
Members spend more than non-members

14
Product Evolution
Uniquely Michael Hill
Regular product newness
Growth in branded collections
Lower inventory holdings
Focus on craftsmanship
Sustainability emphasis

15
Cost Conscious Culture
Unwavering focus on costs
Controlled working capital
Strong net cash position
Reduced supply chain costs
Optimised inventory holdings
3PL Canadian distribution facility

16
Outlook
•Strong SSS in first seven weeks of FY22:
•Eastern Canada reopened in early July and has
been delivering impressive trading results
•The Company delivered same store sales
growth of +17%
•Australia: +9%
•New Zealand: +15%
•Canada: +24%
•However, renewed disruption in the short term:
•Australia has already experienced 2,637 lost
store trading days
•Total store sales were down 2%
•Estimated impact on EBIT ~$5m
•Actively exploring new growth opportunities

Appendix

18
Impacts of COVID-19: Lost Store Trading Days
•The group lost
10,447 store trading
days in FY21:
•AU – 3,458 days
•CA – 6,525 days
•NZ – 464 days

19
Appendix A: AASB16 Leases Impact
(AUD million)
FY21
Stat
Impact of
AASB16
FY21
pre-AASB16
FY20
pre-AASB16
Change
pre-AASB16
Revenue556.5556.5492.1+13.1%
Cost of sales-207.6-207.6-193.9+7.1%
Gross profit348.9348.9298.2+17.0%
Employee benefits expense-147.6-147.6-149.2-1.1%
Occupancy costs-15.138.8-53.9-56.9-5.3%
Marketing expenses-28.3-28.3-28.9-2.1%
Selling expenses-18.0-18.0-18.7-3.7%
Other income/(expenses)-16.2-16.2-17.3-6.4%
EBITDA123.738.884.927.2+212.1%
Depreciation and amortisation
expenses
-51.3-34.6-16.7-18.6-10.2%
EBIT72.44.268.28.5+702.4%
Finance expenses-7.6-6.7-0.9-2.0-55.0%
Profit before tax64.8-2.567.36.6+919.7%