8-K

UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 26, 2010

BEST BUY CO., INC.

(Exact name of registrant as specified in its charter)

Minnesota	1-9595	41-0907483
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

7601 Penn Avenue South
Richfield, Minnesota	55423
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (612) 291-1000

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 7.01    Regulation FD Disclosure

On April 26, 2010, Carphone Warehouse Group plc (“CPW”) released its trading statement for its fiscal fourth quarter ended April 3, 2010.  In the news release, CPW reported the fiscal fourth quarter highlights, fiscal 2010 annual highlights and fiscal 2011 strategic and financial goals for Best Buy Europe, a venture between Best Buy Co., Inc. (“Best Buy” or the “registrant”) and CPW, which is owned 50% by the registrant.  Figures for Best Buy Europe are presented by CPW in accordance with International Financial Reporting Standards and do not reflect accounting principles generally accepted in the United States of America (“US GAAP”) or include purchase accounting applied by the registrant. As such, the figures presented by CPW for Best Buy Europe do not necessarily reflect the results that will be reported by the registrant in its consolidated statements of earnings. The registrant will report the results of Best Buy Europe in accordance with US GAAP for the 13 weeks ended April 3, 2010, within its fiscal 2011 first-quarter results as Best Buy Europe is consolidated on a two-month reporting lag.

The news release issued by CPW on April 26, 2010, is furnished as Exhibit No. 99.1 to this Current Report on Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to liability of that Section, unless the registrant specifically incorporates it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934.

In addition, on April 26, 2010, representatives of CPW held an investor presentation, which was webcast to discuss CPW’s financial and operating results, including the results of Best Buy Europe, as well as fiscal 2011 guidance. The registrant is furnishing, as Exhibit 99.2 to this Current Report on Form 8-K, the slide presentation used for the April 26, 2010, webcast. The slide presentation is furnished pursuant to Item 7.01 of this Current Report on Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, unless the registrant specifically incorporates it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934.

By furnishing the slide presentation, the registrant makes no admission as to the materiality of the information included in the slide presentation. The registrant undertakes no duty or obligation to publicly update or to revise the information included in the slide presentation, although it may do so from time to time as its management believes is warranted. Any such updating may be made through the filing of other reports or documents with the U.S. Securities and Exchange Commission (the “SEC”), through news releases or through other public disclosure.

Some of the matters discussed in this Current Report on Form 8-K (including Exhibits 99.1 and 99.2) constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements other than those made solely with respect to historical fact and are based on the intent, belief or current expectations of CPW, the registrant and/or its management.  The registrant’s business and operations are subject to a variety of risks and uncertainties that might cause actual results to differ materially from those projected by any forward-looking statements. Factors that could cause such differences include, but are not limited to, those risk factors set forth in the registrant’s filings with the SEC.

ITEM 9.01    Exhibits

(d) The following exhibits are furnished as exhibits to this report.

Number	Description
99.1	News release issued by Carphone Warehouse Group plc dated April 26, 2010
99.2	Slide presentation used for webcast of Carphone Warehouse Group plc dated April 26, 2010

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		BEST BUY CO., INC.
		(Registrant)
Date: April 26, 2010	By:	/s/ SUSAN S. GRAFTON
		Susan S. Grafton
		Vice President, Controller and Chief
		Accounting Officer

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EX-99.1

Exhibit 99.1

Monday 26 April 2010

For immediate release

Carphone Warehouse Group plc

Fourth quarter trading update

·Group Headline EPS c.8-8.4p to March 2010 (2009: 4.0p) with Q4 outperformance in Best Buy Mobile US

·Group share of Best Buy Europe’s net income to March 2010 c.£47m, ahead of recently upgraded £40m-£45m guidance range

·Best Buy Mobile US profit share c.£46m (2009: £8m), well ahead of initial guidance

·Best Buy Europe operating free cash inflow pre-‘Big Box’ of c. £170m vs £80m outflow last year

Carphone Warehouse is today giving its annual strategy update and financial guidance for the year to March 2011. The company is also providing indicative financials for the full year to March 2010 since, following the recent demerger, there will not be a preliminary results announcement this year. A full set of audited results will be posted on the company website in July.

Q4 2010 highlights

·Carphone Warehouse Europe like-for-like revenue +3.0% (constant currency)

·Carphone Warehouse Europe connections -2.9% (calendar adjusted)

·Best Buy Mobile US connections +34.2%

FY 2010 highlights (indicative)

·Carphone Warehouse Europe EBIT £114m (2009: £97m) with year-on-year margin improvement

·Best Buy Mobile US profit share £46m (2009: £8m)

·Best Buy UK (‘Big Box’) EBIT loss of £21m (2009: loss of £7m)

·Virgin Mobile France customer base 1.7m (2009: 1.1m) with Tele2 integration progressing well

Guidance for the year to March 2011

·Carphone Warehouse Europe like-for-like revenue growth 0-3%

·Carphone Warehouse Europe EBIT growth 15-20% with continued margin improvement

·Best Buy Mobile US connections and profit share growth 15-20%

·Best Buy Europe operating free cash flow before ‘Big Box’ £170m-£180m

·‘Big Box’ operating loss £40m-£45m with further capex of £35m-£40m

·Group share of Best Buy Europe post-tax profit £47m-£50m

·Group share of Virgin Mobile France post-tax Headline profit c.£5m

·Group EPS year-on-year +40-45%

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Charles Dunstone, Chairman, said:

“We have ended 2010 with another strong performance and given our third upgrade in six months. Best Buy Mobile US is out-performing even our expectations. Carphone Warehouse Europe continues to trade strongly with like-for-like revenue up 3.0% in the fourth quarter. Our full year results are ahead of expectations and our operating free cash flow is well ahead and represents a transformational improvement on the prior year.

“The demerger is now successfully completed, and we are moving into our next phase of growth. Our vision of the ‘Connected World’ resonates with customers, as do our principles of impartial advice and knowledgeable service. This Friday, we open our first UK Best Buy ‘Big Box’ store; Best Buy Mobile continues to show good potential in the US; Carphone Warehouse Europe continues to roll out its ‘Wireless World’ format; and Virgin Mobile France is now moving into profit.

“The macro environment will undoubtedly present challenges but we are well positioned in each of our businesses and we are targeting 40% to 45% EPS growth for our 2011 financial year with further strong cash generation in both of our joint ventures.”

Fourth quarter trading

Carphone Warehouse Europe

Overall connections were down 2.9% from 2.94m to 2.86m (or down 5.2% without adjusting for the comparable calendar quarter) reflecting the strong pre-pay driven comparative (connections in Q4 2009 +12%). However the quality of connections continues to improve with smartphone penetration driving an increase in revenue per connection. Quarter four like-for-like revenue growth on a constant currency basis was up 3.0% (up 1.8% at actual currency).

Best Buy Mobile US

Best Buy Mobile is performing strongly, demonstrating the appeal of its differentiated offer to US consumers. It delivered another impressive quarter with total connections up 34.2% to 1.43m (2009:1.07m).

Virgin Mobile France

Virgin Mobile France’s customer base is now 1.7m with net growth of 30,000 in the quarter. The business’ scale and efficiency enabled it to achieve both profitability and positive cash flow in this quarter. We continue to be on track to meet our medium term target of 2m customers. The Tele2 business has been migrated onto Virgin Mobile network terms and head office integration is well underway.

Indicative full year financials

Group

Group revenue and opex are in-line with expectations whilst EPS of c.8-8.4p (2009: 4.0p) is substantially ahead of guidance given at the start of the year and in January, reflecting the strong out-performance in Best Buy Europe. The Group had £100m of cash at March 2010 following demerger.

Best Buy Europe

Carphone Warehouse Europe delivered 18% EBIT growth to £114m (2009: £97m) reflecting good smart phone sales, strengthened gross margins and cost savings resulting from the reorganisation programme undertaken in the first half of 2009.

2

Best Buy Mobile US has had a transformational year and contributed £46m to Best Buy Europe’s EBIT, up from £8m last year, reflecting strong top line growth and operational leverage.

Opex investment in Best Buy UK (‘Big Box’) was £21m, broadly in-line with guidance.

The Group’s share of Best Buy Europe’s net income was c.£47m (2009: £28m), after interest of c.£16m (2009: £12m) and taxation of c.£28m (2009: £29m).

Operating free cash flow before ‘Big Box’ investment was c.£170m, reflecting reduced capex and much improved working capital. Best Buy Europe ended the year with net funds of £60m compared to net debt of £47m at March 2009.

Virgin Mobile France

The Group’s share of Virgin Mobile France (47.5% stake) was a £9m loss. Following the acquisition of Tele2 in December the synergies from this combination are beginning to have a meaningful impact on cash flow and profit contribution.

Outlook and guidance for the year to March 2011

As part of our presentation to analysts and investors today, we will be giving updated financial guidance for the coming year.  The key elements of this guidance are set out below.

Best Buy Europe

We anticipate a like-for-like revenue performance of +0-3% from the Carphone Warehouse Europe business, with gross margins continuing to strengthen. Space growth is expected to be 0-1%, with a flat to slightly lower overall store count offset by continued investment in our new, larger store format (over 100 ‘Wireless World’ stores by March 2011). We expect a further decline in revenue from Germany as the business continues to migrate from a service provision model to a more typical retail model.

At the EBIT level we expect 15-20% growth at Carphone Warehouse Europe, 15-20% growth in Best Buy Mobile profit share and a loss of £40m-£45m for Best Buy UK (‘Big Box’).

We expect the interest charge to be similar to the year to March 2010, and the effective tax rate to be 24-25%.

Reflecting the increased investment in launching Best Buy ‘Big Box’ stores and the cost of the debt facilities, we expect the overall post-tax share of profits from Best Buy Europe to be in the £47m - £50m range.

We expect Carphone Warehouse Europe and Best Buy Mobile US to generate operating free cash flow of approximately £170m-£180m, reflecting capex of £70m-£80m and working capital absorption of £20m-£30m. In addition to operating cash costs, Best Buy Europe plans to invest a further £35m-£40m in ‘Big Box’ capex in 2010-11. Working capital absorption in the ‘Big Box’ business is expected to be minimal.

Virgin Mobile France

Proforma annualised revenue for FY 2010, including Tele2, was c.€350m. We expect this to grow by 10-15% in FY 2011. The target EBIT margin for FY 2011 is 5% to 6% with a year-end run-rate of closer to 10%, both pre amortisation of acquisition intangibles arising on the Tele2 deal. We expect the group share of Virgin Mobile France post-tax Headline profit to be c.£5m.

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PLC costs

We expect an increase of £2m-3m in PLC costs from c.£6m in FY 2010 reflecting the move from a share of ‘old’ Carphone Warehouse PLC infrastructure to a standalone PLC position. We expect that PLC cash costs will be substantially covered by rental income and interest income.

Dividend policy

As previously indicated, the Group does not expect to pay dividends in the short-term, as it is anticipated that cash generated by its principal investments will be reinvested to drive further growth.

Presentation

There is a presentation for investors and analysts on Group strategy and guidance for the coming year at The Hilton Dartford Bridge Hotel, DA2 6QF, starting at 9.30am this morning.  The dial-ins are:
UK: +44 (0)20 7806 1950
USA: +1 212 444 0412
Confirmation Code: 3917348#

Replay Details (1 week):
UK: +44 (0)20 7111 1244
USA: +1 347 366 9565
Confirmation Code: 3917348#

The event will be audio webcast live at www.cpwplc.com.

Next announcement

The Group will publish its Q1 trading update on 28 July 2010.

For further information

For analyst and institutional enquiries

Roger Taylor, CEO	07715 170 090
Nigel Langstaff, CFO	07802 210 248
Kate Ferry, IR Director	07748 933 206
For media enquiries
Shane Conway, Corporate PR Manager	07932 199 659
Anthony Carlisle (Citigate Dewe Rogerson)	07973 611 888
	020 7638 9571

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Best Buy Europe

Like-for-like revenue

	13 weeks to 3 April 2010
	Constant currency		Actual currency
Revenue	3.0	%	1.8	%

Connections (000s)

	13 weeks to 3 April 2010				52 weeks to 3 April 2010
	2010	2009	% change		2010	2009	% change
Carphone Warehouse Europe
- against comparable period*	2,861	2,945	(2.9	)%	12,496	12,469	0.2	%
- against reported 52 weeks	2,861	3,019	(5.2	)%	12,496	12,463	0.3	%
Best Buy Mobile US	1,430	1,066	34.2	%	5,505	4,224	30.3	%

*2008-09 was a 53 week period for Carphone Warehouse Europe; the comparable calendar results are weeks 2 to 53 rather than weeks 1 to 52

Store numbers

	As at 3 April 2010
	2010	2009	% change
Carphone Warehouse Europe
Own stores	2,224	2,240	(0.7	)%
Franchises	206	219	(5.9	)%
Total stores	2,430	2,459	(1.2	)%
Best Buy Mobile US
SWAS (store within a store)	1,070	1,023	4.6	%
SAS (standalone store)	77	39	97.4	%
Total stores	1,147	1,062	8.0	%

Virgin Mobile France

Customer base (000s)

	As at 31 March 2010
	2010	2009*	% change
Total base	1,715	1,114	53.9	%

*2009 excluded Tele2 customer base

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EX-99.2

Exhibit 99.2

Carphone Warehouse Group plc Analysts’ Day 26 April 2010

Agenda Overview Strategy update Financial update and 2011 guidance Charles Dunstone Roger Taylor Nigel Langstaff

Charles Dunstone, Chairman Overview

An encouraging end to a successful year.... Financial Highlights: - Third upgrade in six months - Best Buy Europe profit ahead of expectations (primarily due to Best Buy Mobile US, profit share £46m) - Cash generation ahead (BBE operating free cash inflow pre ‘Big Box’ c.£170m vs £80m outflow last yr) - Virgin Mobile customer numbers 1.7m Q4 Highlights: - CPW LFLs +3% - Best Buy Mobile connections growth +34% - Virgin Mobile generating profits and cash

.....and well positioned for the year ahead CPW – smartphone / wireless world roll-out Best Buy Mobile US – brand traction / market share gains Best Buy “Big Box” – launches this week in the UK Virgin Mobile – leveraging scale following Tele2 acquisition

“Best Buy” comes to the UK

Roger Taylor, CEO CPW plc Strategy Update

Carphone Warehouse Group plc CPW plc Group Structure Best Buy Europe 50% Virgin Mobile France 47.5% CPW Property 100% Cash £100m ‘Big Box’ 1st store to open this week c.1,100 stores in US c.2,400 stores across Western Europe

Carphone Warehouse......smartphones driving growth Source: Gartner Dataquest, Forecast: Mobile Devices Estimated 83% of mobile phones will be smartphones by 2013 4% 7% 5% 5% 5% 6% 7% 6% 4% 4% 3% 5% 7% 14% 22% 32% 36% 40% 15% 19% 31% 55% 70% 76% 81% 87% 86% 87% 92% 43% 41% 33% 17% 3% 3% 1% 9% 1% 8% 12% 5% 5% 5% 4% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Basic phone Enhanced Phones Smartphones - entry level Smartphones - fully featured

What increasing smartphone penetration means for CPW Smartphones higher value per connection (average revenue per connection increasing, driving positive LFLs), Q4 LFL 3% Geek attachment: 44% on smartphones (vs 35% on non-smartphones) Accessories attachment: 36% on smartphones (vs 14% on non-smartphones) FY 2011 anticipate up to 65% CPW/TPH postpay volume from smartphones 0 10 20 30 40 50 60 70 80 90 100 Q1 Q2 Q3 Q4 2009/2010 (UK) % Smartphone Non-Smartphone

“Wireless World”: confident that format working...... Currently 29 in UK, 7 in Spain >100 by April 2011 Success story for: Our People Our Customer The Store Environment Our Proposition The Geek Squad Service The Financials ......roll-out to drive further growth Stretching the brand to incorporate all things connected

 Trialling new formats to extend wireless world concept to smaller stores Current Store Portfolio: >1000 sq ft 250 700 – 1000 sq ft 400 <700 sq ft 1,780 2,430

We can do ‘multi product wireless store’ in small format ...... ......as seen in Alicante

Hardware Connections Content Services Accessories Smartphones Netbooks Laptops Tablet/slate The Connected World

UK in good shape... but...work to do in Europe Some key changes in the business.... Operational efficiencies Commercial alignment with networks Customer focus (0% commission 100% impartial) .....are really starting to have an impact: Q4 UK LFL c.6% Continued market share gains (especially in smartphones) Improvement in NPS Delivery of Geek Squad

The CPW business in the year ahead Economic environment remains tough but we still expect LFL growth Emphasis on quality of connections rather than quantity Margins more robust Continued focus on costs and improving net operating margin Overall profit growth of 15% to 20% Strong cash conversion

Best Buy Mobile US 77 stand alone stores (SAS) and 1,070 stores within store (SWAS) as at March 2011 Opportunity to roll out significantly more SAS stores in FY11 and beyond With no other significant independent mobile specialists in the US there is good growth potential

Best Buy Mobile US: exceeded all expectations Q4 connections 1.43m (Jan – March 2010), up 34% yoy BBM U.S. market share at the end of Fiscal 2010 was approximately 4-5% (of U.S. handsets sold). Our current data suggests that there are approximately 130-140 million handsets sold per year in the U.S. Target market share of 10%+ in less than 5 years, which includes both SAS and SWAS concepts. Source: Company - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 000s

BBM US: tipping point around brand awareness Market share over last 4 years 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 2006 Q1 2006 Q2 2006 Q3 2006 Q4 2007 Q1 2007 Q2 2007 Q3 2007 Q4 2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 Postpay Prepay Draw Rate by Category 3.3 2.7 6.2 4.3 4.0 6.7 5.6 6.1 5.9 7.5 7.9 Overall handset Postpay Prepay Smartphone 2007 2008 2009 Best Buy Mobile Promoter Score — SWAS BBY Promoter — SAS BBY Promoter* Oct FY08 Dec FY08 Feb FY08 Apr FY09 Jun FY09 Aug FY09 Oct FY09 Dec FY09 Feb FY09 Apr FY10 June FY10 Aug FY10 Oct FY10 Dec FY10 Feb FY10 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0

 The Perfect Partnership.... Smart provisioning systems Selling complex product Customer focused Operational experience (CPW brought time to effect a subscription down from 45 minutes to 10 minutes) Simplification of proposition Network relationships Creativity / innovation Customer centricity Strong global brand Established in non CPW territories Significant footfall Leverage with consumer electronic suppliers Strong operating processes Employee focused Capable of fast and efficient roll out Big Box expertise .....now driving significant returns: £46m in FY10 and 15-20% growth in FY11

The Best Buy “Big Box” launch 8-10 “Big Box” stores opened by March 2011 30,000 to 45,000 sq.ft First five: Thurrock, Essex Hedge End, Southampton Aintree, Liverpool Merry Hill, West Midlands Croydon, Surrey Online platform launched in Autumn 2010 c.£70 - £80m cash investment in 2010 / 2011: £35m - £40m capex; c.£40 - £45m P&L

Best Buy Key Initiatives: why are we so different? Uniquely positioned to deliver the connected world: ability to deliver complex solutions for customers Quality of staff and investment in training: every ‘blue shirt’ receives nine weeks upfront training and continuous development programmes Category ownership: authority in all categories presented Walk out working: Buy any laptop, camera or mobile phone and Best Buy will offer to set up and personalise the product so it’s ready to use before you leave the store Geek Squad: the 24-hour technology support service Flexible multi channel approach Best Buy: The World’s Best.....here to succeed!

Virgin Mobile France Standing start in 2006 to Number 4 in the French market, with 1.7 million customers, following the acquisition of Tele2 in December 2009 (consolidating its position as France’s largest MVNO) 60% of base post-pay customers Targeting 2 million customers FY 09 FY 10 Virgin customer base Quarterly revenue 0 10 20 30 40 50 60 70 80 90 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenue (€'m) 500 1,000 1,500 2,000 2,500 2006 2007 2008 2009 2010 2011 2012 2013

Virgin Mobile France: a valuable brand Strong brand awareness: recent market research indicated 33 per cent spontaneous brand awareness and 93 per cent prompted brand awareness Reputation for innovation: introducing unlimited texts and more recently “all you can eat” packages to the French market Outstanding customer service: 85 per cent customers “satisfied” and 92 per cent, stating that they would recommend Virgin Mobile France (all based on Maxiphone surveys conducted during first quarter 2010) One of the widest MVNO distribution platforms in France: sold from 2,500 retail outlets and 40000 outlets for top-ups Commercial relationships: Long standing commercial relationship with Orange (customer base significant to Orange enabling competitive wholesale rates)

Virgin Mobile France: developing the brand TDF deal signed last week: Mobile TV services will be included in all postpaid offers 14 channels will be available in all postpaid offers Premium offers will include 2 channels

Virgin Mobile France strategic objectives Full integration of Tele2 - migration to orange on Virgin terms complete - head office integration well underway - migration of billing and CRM by end 2010 Strong growth in customer base - targeting 2m by 2012 / 2013 - 100K - 150K net adds FY 2011 Targeting sector average EBIT margins - 10% 2011/2012 Strong operating free cash flow

Carphone Property Acton Preston £m Book value of Freeholders 66 Current rental income 5.6 Market value at 8% yield 70 Market value at 6% yield 93 Long leases Strong covenants Further development opportunities

Nigel Langstaff, CFO Financial update and 2011 guidance

2009-10 – indicative group financials EPS growth substantially ahead of guidance at start of year, reflecting strong out-performance in Best Buy Europe 2008-09 2009-10 (£m) indicative only (£m) Revenue 5 5 Opex (5) (6) Post-tax P&L from JVs - Best Buy Europe 28 47 - Virgin Mobile France (8) (9) Net Interest and tax (2) (1) PAT 18 37 EPS* 4.0 8.2

2009-10 – indicative Best Buy Europe financials 18% growth from CPW Europe Transformational year for Best Buy Mobile Best Buy Europe OFCF before Big Box investment c.£170m, reflecting reduced capex and much improved working capital 2008-09 2009-10 (£m) indicative only (£m) - CPW Europe 97 114 - Best Buy Mobile US 8 46 - Big Box (Best Buy UK) (7) (21) EBIT 98 139 - Interest (12) (16) EBT 86 123 - Tax (29) (28) PAT 57 95 Best Buy Europe cash flow - operating free cash flow pre-Big Box (80) 171 - net (debt) funds at March

2010-11 guidance - Best Buy Europe PBT Guiding for Group share of post-tax profits of £47m-£50m Growth in CPW Europe and Best Buy Mobile funding further investment in Big Box 2009-10 2010-11 indicative only  (£m) (£m) - CPW Europe 114 + 15% to 20% - Best Buy Mobile US 46 + 15% to 20% - Big Box (Best Buy UK) (21) (40) to (45) - Interest (16) Similar - Tax 23% 24% to 25%

CPW Europe Space up 0-1% LFL revenue growth of 0 to 3% (at constant currency) Connections 0-5% down, but ARPC up GM% expected to strengthen further Annualised cost savings from 2009 reorganisation programme Continued decline on German service provider revenue, as business migrates to retail model, resulting in reduced contribution 2010-11 guidance - Best Buy Europe PBT 2009-10 2010-11 Indicative only (£m) (£m) - CPW Europe 114 + 15% to 20% - Best Buy Mobile US 46 + 15% to 20% - Big Box (Best Buy UK) (21) (40) to (45) - Interest (16) Similar - Tax 23% 24% to 25%

Best Buy Mobile US Connections and profit share growth 15-20% Increased contribution from existing sites partially offset by investment in SAS and online operations 2010-11 guidance - Best Buy Europe PBT 2009-10 2010-11 Indicative only (£m) (£m) - CPW Europe 114 + 15% to 20% - Best Buy Mobile US 46 + 15% to 20% - Big Box (Best Buy UK) (21) (40) to (45) - Interest (16) Similar - Tax 23% 24% to 25%

Best Buy UK (‘Big Box’) Support costs, IT, pre-trading losses Depreciation and amortisation of £7m to £8m 2010-11 guidance - Best Buy Europe PBT 2009-10 2010-11 Indicative only (£m) (£m) - CPW Europe 114 + 15% to 20% - Best Buy Mobile US 46 + 15% to 20% - Big Box (Best Buy UK) (21) (40) to (45) - Interest (16) Similar - Tax 23% 24% to 25%

Interest Annualised impact of standalone facilities Non-utilisation fees Amortisation of facility fees Impact of working capital requirements at peak trading periods Tax Continued mix of profits in lower tax jurisdictions 2010-11 guidance - Best Buy Europe PBT 2009-10 2010-11 Indicative only (£m) (£m) - CPW Europe 114 + 15% to 20% - Best Buy Mobile US 46 + 15% to 20% - Big Box (Best Buy UK) (21) (40) to (45) - Interest (16) Similar - Tax 23% 24% to 25%

CPW Europe Capex investment in store refurbs and operational efficiency Working capital in line with FY10 Best Buy UK Capex on new stores Development of online platform and further development of IT systems 2010-11 guidance - Best Buy Europe cash flow 2009-10 2010-11 Indicative only (£m) (£m) CPW Europe / Best Buy Mobile US EBITDA 254 + c.10% Capex (55) (70) to (80) Working capital (28) (20) to (30) Operating FCF 171 170 to 180 Big Box (Best Buy UK) EBITDA (21) (32) to (37) Capex (23) (35) to (40) Working capital - Minimal Operating FCF (44) (70) to (80)

 Annualised revenue following Tele2 acquisition of c €350m, growing by 10-15% in 2010-11 Target EBIT margin of 5% to 6%, with run-rate by end of year closer to 10% Capex investment of c €10m to “in-house” billing platform Minimal working capital No tax in the short to medium term due to availability of losses 2010-11 guidance – Virgin Mobile France

 Rental income and interest income expected to cover cash opex EPS up by 40-45% Before investment in Best Buy UK, EPS of c.15p 2010-11 guidance – Group EPS 2009-10 2010-11 Indicative only (£m) (£m) Revenue 5 Similar Opex (6) (2) to (3) higher Post-tax P&L from JVs - Best Buy Europe 47 47 to 50 - Virgin Mobile France (9) c.5 Net interest and tax (1) +ve 1 to 2 PAT 37 + 40-45% EPS 8.2 + 40-45% 2010-11 guidance – Group EPS

2010-11 reporting calendar Q1 trading Q2 trading / Interims Q3 trading Q4 trading / guidance update Prelims 28 July 2010 5 November 2010 January 2011 April 2011 June 2011 CPW Europe CPW Europe CPW Europe CPW Europe Stores Stores Stores Stores Connections Connections Connections Connections Revenue Revenue Revenue Revenue LFL revenue LFL revenue LFL revenue LFL revenue Best Buy Mobile US Best Buy Mobile US Best Buy Mobile US Best Buy Mobile US Stores Stores Stores Stores Connections Connections Connections Connections Big Box (Best Buy UK) Big Box (Best Buy UK) Big Box (Best Buy UK) Big Box (Best Buy UK) Stores Stores Stores Stores Revenue Revenue Revenue Revenue Best Buy Europe Best Buy Europe Best Buy Europe P&L Guidance P&L Cash flow Cash flow Virgin Mobile France Virgin Mobile France Virgin Mobile France Vi rgin Mobile France Virgin Mobile France Base Base Base Base P&L Revenue Revenue Revenue Revenue Cash flow P&L Guidance Cash flow Other Other P&L P&L Cash flow Cash flow EPS

Q&A