SSH: MHI: SSH (Fisher Funds Management Limited)

12 Apr 2010 3:04 pm

MHI 12/04/2010 SSH

REL: 1504 HRS Michael Hill International Limited

SSH: MHI: SSH (Fisher Funds Management Limited)

Disclosure of ceasing to have substantial holding Section 25, Securities Markets Act 1988 To: NZX And: Michael Hill International Ltd Date this disclosure made: 12 April 2010 Date last disclosure made: 24 July 2009 Substantial security holder(s) giving disclosure Name(s): Fisher Funds Management Limited Contact details: Carmel Fisher, 09 484 0342, carmel@fisherfunds.co.nz Date on which substantial security holder(s) ceased to have substantial holding: 9 April 2010 Summary of previous substantial holding to which disclosure relates Class of listed voting securities: Ordinary Shares Summary for: Fisher Funds Management Limited For last disclosure,-- (a) total number held in class: 20,878,551 (b) total in class: 382,468,900 (c) total percentage held in class: 5.46% For current holding after ceasing to have substantial holding: (a) total number held in class: 12,478,551 (b) total in class: 382,468,900 (c) total percentage held in class: 3.26% Details of transactions and events giving rise to person ceasing to have substantial holding Details of the transactions or other events requiring disclosure under the instructions to this form: Date of change Nature of change Consideration given in relation to change Class and number of securities affected Other party, if known 08/10/2009 On Market Purchases -$28080.00 39,000 Ordinary Shares N/A 24/07/2009 to 9/04/2010 On Market Sales $5729184.00 -8,439,000 Ordinary Shares N/A

Additional information Nature of connection between substantial security holders: N/A Address(es) of substantial security holder(s): Fisher Funds Management Limited, Level 2, 95 Hurstmere Road, Takapuna, Auckland Name of any other person believed to have given, or believed to be required to give, a disclosure under the Act in relation to the securities to which this disclosure relates: N/A Declaration

I, Glenn Ashwell, declare that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made. End CA:00193636 For:MHI Type:SSH Time:2010-04-12:15:04:38

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