NZX and media release

28 February 2011

Durante Holdings declares partial offer for Michael Hill International unconditional

Durante Holdings Pty Limited (Durante) is pleased to announce that its partial takeover offer to purchase 10.03 million shares in Michael Hill International Limited (MHI) has met all the requirements of the Offer and is now unconditional.

As of today at 10.30am, acceptances have been received for 12,136,449 shares. As a result of acceptances exceeding the number of shares sought, scaling will be undertaken in accordance with the Offer document.

The Offer closes today Monday, 28 February 2011. Shareholders who wish to accept the Offer should complete and send their acceptance forms as early as possible to ensure they are received before the end of the day. Payment for all shares accepted will be made no later than 4 March 2011.

ENDS