Investor Presentation

FY22 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,
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 does 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 FY22 Update
•FY22 Performance Overview
•FY22 Financial Results
•Group Results
•Key Performance Insights
•Segment Results
•Current Trading Update
•Strategy Update –Emphasis on Growth
•Appendices
3
Michael Hill International Limited

FY22 Performance Overview
4
•Record sales, gross margin and profit, despite significant
disruption during H1, losing ~15% of trading across AU & NZ
•Revenue up 7%
•Gross profit up 10%
•Comparable EBIT up 11%
•Profit growth outpaced sales growth, with continued gross
margin expansion driven by strategic initiative across:
•Product evolution
•Retail fundamentals
•Digital acceleration
•Loyalty penetration, ~80% of sales from members
•Brand elevation and reduction in promotions
•Successfully shifted from transformation to growth
•High performance team throughout the business, with
energy and passion that underpins our growth agenda
•Twelve consecutive quarters of positive same store sales
growth
(excluding FY20Q4)

FY20H1 Financial Snapshot
•Revenue and same store sales growth
•Gross profit up $36m
•Further gross margin expansion
•Comparable EBIT up 11%
•Strong cash position enhanced
•Consistently delivering targeted inventory levels
•Unwavering focus on costs across the business
•Final dividend of AU4.0 cents per share
5
FY22FY21Change
Revenue
Same store sales
$595.2m$556.5m+7.0%
+8.0%
Gross Profit$384.8m$348.9m+10.3%
Gross Margin 64.7%62.7%+200 bps
Comparable EBIT $62.9m$56.6m+11.1%
Inventory
$181.5m
$171.2m+$10.3m
Cash$95.8m$72.4m+$23.4m
Total DividendAU7.5cAU4.5c+66.7%
EPS 12.03c10.57c+13.8%
Store Network280285-5
FY22 Group Results

FY20H1 Financial Snapshot
6
Key Performance Insights

7
Australia (AUD)New Zealand (NZD)Canada (CAD)
FY22FY21ChangeFY22FY21ChangeFY22FY21Change
Revenue303.4m312.2m-2.8%125.1m127.1m-1.6%159.7m118.4m+34.8%
Gross profit196.6m193.9m+1.4%79.3m78.8m+0.7%103.6m72.6m+42.6%
Gross margin64.8%62.1%+270 bps63.4%62.0%+140 bps64.9%61.3%+360 bps
Segment Comparable
EBIT
51.8m54.3m-4.8%30.1m35.1m-14.2%28.8m12.3m+133.6%
Comparable EBIT as a
% of revenue
17.1%17.4%-30 bps24.1%27.6%-350 bps18.0%10.4%+760 bps
Lost store trading
days
7,551
14%
3,458
6%
4,0932,241
13%
464
3%
1,777228
1%
6,525
21%
-6,297
Store network147150
-3
4849-18586-1
Segment Results
•Significant lost trading days impacting segment results for Australia and New Zealand
•Reset of cost base post-COVID for leasing, wages and marketing
•Canadian productivity lifting to Australia and New Zealand levels

8
Current Trading Update
In the first eight weeks of FY23, the Company
has delivered strong early performance across
sales and gross margin:
•In comparison to FY22, Group all store
sales were up +18.5%
•In comparison to FY21, a more
meaningful reflection of FY23
performance, Group all store sales were
up +13.4% (total stores FY23: 280 vs
FY21: 289)
•Gross margin remains strong

Strategy Update - Emphasis on Growth
Brand & Loyalty
Modern, differentiated, omni-channel jewellery brand
with loyal customers
New Territories &
Services
New markets, new channels & new service propositions
Retail
Fundamentals
Elevated productivity & customer experience
Digital &
Omni-channel
Omni-first, digital-led & channel agnostic
House of diamonds
Product Evolution
9
“the jeweller that cares”
Sustainability
Cost Conscious
Culture
Unwavering focus on costs

Marking the moments that create
the story of our lives
Elevated brand messaging
Focus on craftmanship, quality & sustainability
Emotive storytelling brand-led campaigns
Relentless focus on creative & visual excellence
House of diamonds
Aspirational media placements
Increasing ATV demonstrates brand
elevation, up 15% over three years
10
Elevating Brand

Over 1.4 million loyalty members
Increased focus on customer
segmentation and personalisation
Targeted AI and data insights
Loyalty members are more valuable
- ATV 83% higher
- GP% 192 bps higher
Loyalty members now represent ~80%
of sales
11
Brillianceby Michael Hill
Your love for jewellery rewarded

12
Digital & Omni-Channel
Omni-first, digital-led
& channel agnostic
Traffic conversion sales
Successful launch of click & collect
and ship-from-store globally
Highest margin channel
Omni-channel now represents
more than 40% of digital sales

13
Stores & Customer Experience
Elevating productivity & retail execution
Same store sales up 8%
Twelve quarters of SSS growth
Significant investment in store network
with more than 40 stores updated
Rejuvenated global leadership structure
Elevated instore customer experience
Retail metrics improved across the board
Dynamic rostering driving more
productive labour

House of Diamonds
Elevated quality & craftmanship
Customer-led ranging
Australian artisanal workshop
Emphasis on sustainability & LGD
Product mix driving margin expansion
Product newness critical to brand
elevation
14
Product Evolution

15
New Territories & Services
Digital marketplace strategy progressed
with more partners being considered
International shipping to all countries, live
pre-Christmas
Dual language digital expansion into
Quebec this year
Significant progress of new digital eco-
system to drive incremental revenue
streams
Pureplay brand Medley delivers $1m sales
in first full year

16
Sustainability: “the jeweller that cares”
Michael Hill’s ESG vision is to transform how we source & manufacture our products, impact our planet and improve people's lives.
We aim to move our business and influence the broader jewellery industry toward a more sustainable, innovative & responsible future.
Product
100% of our products will be sustainable,
responsible or circular
Planet
We will nurture nature and reduce our
negative impacts to net zero
TRANSPARENCY
By 2030
100% use of certified
sustainable or
responsibly sourced
natural diamonds,
coloured gemstones
and cultured pearls
CHAMPION
INNOVATION
By 2024
We will pioneer an
innovation hub to
champion and
integrate jewellery
circularity, product
innovation and
Laboratory created
diamonds
ZERO CARBON
OPERATIONS
By 2025
Achieve net zero
carbon operations
(scopes 1 & 2)
NATURE
POSITIVE
From 2025
Contributing to the
restoration and
conservation of the
natural environment
in our key markets
ELIMINATE
WASTE
By 2027
We will send zero
waste to landfill
and eliminate
single use plastic
from our
packaging
METAL
STEWARDSHIP
By 2025
100% of Michael Hill’s
silver and gold
products will be made
from certified
recycled, responsibly
sourced, local or
artisanal sources
People
We will improve the lives of people
across our value chain
RESPONSIBLE
SUPPLIERS
By 2030
100% of all suppliers
meet our expectations
on their social and
environmental impacts
EMPOWERING
WOMEN
By 2030
Deliver initiatives and
develop partnerships
focused on
empowering and
supporting
over 100,000 women
GREAT PLACE
TO WORK
Michael Hill will
maintain a leading
workforce
engagement score of
greater than 80%

17
Capital Management Framework
Dividend Policy
50% - 75% adjusted NPAT
Current intention to deliver at
the higher end of the range
Organic Growth
~$25m to $30m annual spend
Organic
+
Investment
New markets & channels via
digital platforms
New Service propositions via
digital eco-systems
Capital
Investment
Opportunities
Share buy-back
Continue to pursue acquisition
opportunities across the
jewellery sector
4.0c
1.5c
4.5c
7.5c
FY23 total dividend for the year of AU7.5 cps,
representing ~67% of adjusted annual NPAT, and at the
higher end of the target range of 50% to 75%
Launching an on-market share buy-back of up to 5% of
issued capital, funded from existing cash reserves
Cash reserves retained for deployment into new organic
growth and acquisition opportunities

Appendices

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Appendix A: Bridge from Comparable EBIT to Statutory EBIT
(AUD million)FY22FY21
Comparable EBIT62.956.6
Impact of AASB16 Leases13.44.2
Impact of IFRIC SaaS-related guidance-6.0-5.7
Government grants received (AU, NZ, CA)2.914.6
Canadian credit book revaluation-3.0
Statutory EBIT73.266.7
Calculated as follows:

20
Appendix B: AASB16 Leases & SaaS Impact
(AUD million)
FY22
Stat
Impact of
AASB16 & SaaS
FY22
pre-adjustments
FY21
pre-adjustments
Change
pre-adjustments
Revenue595.2595.2556.5+7.0%
Cost of sales-210.4-210.4-207.6+1.4%
Gross profit384.8384.8348.9+10.3%
Employee benefits expense-155.3-2.5-152.8-147.6+3.5%
Occupancy costs-9.546.8-56.3-53.7+4.8%
Marketing expenses-41.2-41.2-28.3+45.4%
Selling expenses-17.7-17.7-18.0-1.6%
Other income/(expenses)-36.0-2.2-33.8-16.4-105.2%
EBITDA125.142.183.084.9-2.1%
Depreciation and amortisation
expenses
-51.9-34.6-17.3-16.7+4.2%
EBIT73.27.565.768.2-3.6%
Finance expenses-7.5-6.7-0.8-0.9-
Profit before tax65.70.864.967.3-3.5%