Preliminary Results Financial year to 30 April 2013 INTRODUCTION

• Very strong year of progress

• Group underlying and LfL sales up 4%

• Finished the year strongly • UK & Ireland LfL +13% in Q4 • Northern Europe +14% in Q4

• Material share gains

• Significant steps taken in resolving ’s position

• Ended the year with net cash - ahead of schedule

Financial Year to 30 April 2013 vs Financial Year to 28 April 2012 For definitions see appendix

2 20 June 2013 Preliminary Results 2012/13 UK & IRELAND

• Total sales up 7% • Operating profit up 39% to £113m • Strong market share gains • Increased value for customers • Advocacy ratings remain high • New customer initiatives • New customer journeys • Pay & Collect • White goods repairs • Showhows • 9pm next day delivery • Multi-award winning websites • Good progress on store portfolio rationalisation • Targeting 380-400 stores

Financial Year to 30 April 2013 vs Financial Year to 28 April 2012 For definitions see appendix

3 20 June 2013 Preliminary Results 2012/13 UK & IRELAND MARKET SHARE

Overall market Comet share winners

30% 21% 22% 25% Mass Merchants Argos & Supermarkets

20%

41% 12% 15% Single Channel Other specialists Amazon & Others 10%

4% 5% Others

0%

63% 37% SERVICE LED LIMITED OR NO SERVICE

Source: Retail estimates

4 20 June 2013 Preliminary Results 2012/13 PRICING POSITION REMAINS STRONG

125% Cheaper Cheaper than 120%

115% CurrysPCWorld

110%

105%

100% More expensive than

95%

90% CurrysPCWorld

85%

80%

Competitor 1 Competitor 2 Competitor 3 Competitor 4

Source: Competitor Price Index

5 20 June 2013 Preliminary Results 2012/13 ADVOCACY REMAINS HIGH

Very likely to recommend % 78% 75% 75% 75% 76% 74% 74% 73% 73% 71% 71% 72% 72% 71% 72% 71% 69% 70% 68% 67% 67% 67% 65% 63% 60% 57%

53% 53% 50% 48% 46% 43% 44%

Source: Dixons Retail customer exit surveys UK&I only

6 20 June 2013 Preliminary Results 2012/13 NORTHERN EUROPE

• Strong growth in all markets with full year LfLs up 12% • Highest ever achieved profitability at £120.5m • Operating margin of 4.2% • New customer initiatives • Happy or Not • Knowhow • Reserve & Collect • New management team embedded

Financial Year to 30 April 2013 vs Financial Year to 28 April 2012 For definitions see appendix

7 20 June 2013 Preliminary Results 2012/13 SOUTHERN EUROPE • Total sales down 4% • LfLs down 8% • Operating loss of £24m

GREECE • Robust performance in a difficult market • Strong cost controls • Improved profitability y-on-y • 3 store in store trial with Carrefour/Marinopoulos

Financial Year to 30 April 2013 vs Financial Year to 28 April 2012 For definitions see appendix

8 20 June 2013 Preliminary Results 2012/13 SOUTHERN EUROPE CONT’D ITALY • Significant improvement in profitability • Excellent cost control • Market likely to consolidate • Recent high profile awards

TURKEY • Very fragmented market • Race for share growth • Good store estate of 14 stores and 18 franchise stores • Market consolidation likely

Financial Year to 30 April 2013 vs Financial Year to 28 April 2012 For definitions see appendix

9 20 June 2013 Preliminary Results 2012/13 PIXMANIA

• Poor performance in difficult markets • Significant actions taken during the year • Day to day control • Restructured operations • Exited 12 countries • Non-core ranges exited • Headcount reductions • Sales agreed of Webhallen and PLS • Exploring strategic opportunities

Financial Year to 30 April 2013 vs Financial Year to 28 April 2012 For definitions see appendix

10 20 June 2013 Preliminary Results 2012/13 YEAR AHEAD • Resolve strategic positions in Italy, Turkey and of PIXmania • Knowhow services • Roll out in Nordics • New added value services • Digital downloads • Customer journeys • Refrigeration • Roll out overseas • Future stores • Exciting new High street format • New superstore format in Aylesbury • Continue to deliver improving returns

Financial Year to 30 April 2013 vs Financial Year to 28 April 2012 For definitions see appendix

11 20 June 2013 Preliminary Results 2012/13 STRATEGIC PRIORITIES

SUSTAINABLE BUSINESS MODEL

RESOLVE STRATEGICALLY WEAK POSITIONS

DEVELOPMENT OF GROUP BENEFITS

FUTURE OPPORTUNITIES

12 20 June 2013 Preliminary Results 2012/13 Financial review FINANCIAL SUMMARY

• Underlying profit before tax of £94.5 million • Group gross margins down 0.7% • Predominantly product mix • £45 million cost reduction achieved • Year 1 of £90 million 2 year programme • Positive free cash flow of £173.2 million, before restructuring items • Net cash of £42.1 million • RCF extended to June 2015 • Reducing to £200 million by August 2013.

Financial Year to 30 April 2013 vs Financial Year to 28 April 2012 For definitions see appendix

14 20 June 2013 Preliminary Results 2012/13 UNDERLYING PROFIT BEFORE TAX

£ Million 250

24.4

200 31.3 120.5 16.9 150 25.2 136.0 41.5 100 94.5 113.3 50

0 UK & Northern Southern Pixmania Central Property EBIT Net finance Underlying Ireland Europe Europe costs PBT

Financial Year to 30 April 2013 vs Financial Year to 28 April 2012 For definitions see appendix

15 20 June 2013 Preliminary Results 2012/13 UNDERLYING PROFIT BEFORE TAX

UK & Ireland Northern Europe £m £m £m £m 4,100 120 3,500 125

110 120 3,900 3,000 100 115 3,700 90 2,500 110 80 3,500 2,000 105 70 3,300 100 60 1,500

95 50 3,100 1,000

40 90 2,900 500 30 85

2,700 20 0 80 2010/11 2011/12 2012/13 2010/11 2011/12 2012/13 Operating profit (RH scale) Sales (LH scale) Operating profit (RH scale) Sales (LH scale)

Financial Year to 30 April 2013 vs Financial Year to 28 April 2012 For definitions see appendix

16 20 June 2013 Preliminary Results 2012/13 NON UNDERLYING ITEMS

£ million 12/13 11/12

Underlying profit before tax 94.5 82.1 Business exited/to be exited (7.7) (8.5) Business impairment (79.4) (196.0) Net restructuring charges (89.4) (16.3) Amortisation of acquired intangibles (4.2) (4.5) Jönköping disposal - 37.2 Other items (10.2) (4.3) Loss on sale of Equanet (9.6) - Net fair value remeasurement (1.9) (2.8) Net Pension Interest (7.4) (5.7) Total net non-underlying charges (209.8) (200.9) Total (loss) / profit before tax (115.3) (118.8)

Financial Year to 30 April 2013 vs Financial Year to 28 April 2012 For definitions see appendix

17 20 June 2013 Preliminary Results 2012/13 POSITIVE FREE CASH FLOW • Strongly cash generative • Closing net funds £42.1 million (net debt £104.0 million last year) • including £110.2 million restricted funds £ million 12/13 11/12

Underlying profit before tax 94.5 82.1 Businesses exited/to be exited (7.7) (8.5) Depreciation & amortisation 134.0 138.8 Working capital 94.6 15.8 Taxation (11.8) (26.8) Capital expenditure (92.4) (101.5) Property Disposal Proceeds - 70.2 Historical currency hedges (62.6) - Other 24.6 4.0 Free Cash Flow before restructuring items 173.2 174.1 Net restructuring (19.8) (43.8) Free Cash Flow 153.4 130.3 Financial Year to 30 April 2013 vs Financial Year to 28 April 2012 For definitions see appendix

18 20 June 2013 Preliminary Results 2012/13 SUMMARY • Improving profitability in our multi-channel businesses • UK & Ireland and Northern Europe growing profits substantially • Improved performances in Italy and Greece • Restructured PIXmania

• Delivered £45 million of cost reductions • Further £45 million targeted in year ahead

• Generated £153m of free cash

• Net cash position for first time in 5 years

• Focused on our strategic priorities

• Drive towards improving return on capital employed

• Cautious about the consumer outlook

Financial Year to 30 April 2013 vs Financial Year to 28 April 2012 For definitions see appendix

19 20 June 2013 Preliminary Results 2012/13 Appendices

Appendices

1. Group LFL Sales Trends

2. Group Store Numbers and Space Trends

3. Shares in issue

4. Notes and definitions

21 20 June 2013 Preliminary Results 2012/13 1. GROUP LIKE FOR LIKE SALES TREND

12/13 12/13 12/13 11/12 11/12 11/12 10/11 10/11 10/11 FY H2 H1 FY H2 H1 FY H2 H1 UK & Ireland 7% 10% 3% (4%) 0% (8%) (4%) (7%) 1% Northern Europe 12% 12% 11% 6% 6% 5% 5% 8% 1% Southern Europe* (8%) (6%) (9%) (8%) (10%) (5%) (6%) (6%) (5%) PIXmania* (24%) (31%) (9%) (10%) (7%) (16%) (1%) (4%) 3%

Total Group (Underlying) * 4% 5% 3% (3%) (1%) (5%) (2%) (4%) 1%

* Note: Southern Europe 10/11 restated to exclude PC City Spain. Pixmania H1 12/13 restated to exclude businesses exited/to be exited.

22 20 June 2013 Preliminary Results 2012/13 2. GROUP - STORES & SPACE TOTAL

Store numbers 12/13 12/13 11/12 11/12 10/11 10/11 FY H1 FY H1 FY H1 UK & Ireland 552 563 596 614 650 661 Northern Europe 319 312 312 309 304 293 Southern Europe 273 272 276 281 281 268 Businesses exited/to be exited 10 28 27 24 58 56 Total Group 1,154 1,175 1,211 1,228 1,293 1,278

Space 000 sq ft 12/13 12/13 11/12 11/12 10/11 10/11 FY H1 FY H1 FY H1 UK & Ireland 7,755 7,877 7,986 8,019 8,194 7,964 Northern Europe 5,084 5,014 5,035 4,885 4,750 4,698 Southern Europe 3,704 3,749 3,858 3,838 3,895 3,693 Businesses exited/to be exited 14 45 43 36 448 442 Total Group 16,557 16,685 16,922 16,778 17,287 16,797

* Note: Comparatives restated to show all stores under UK & Ireland

23 20 June 2013 Preliminary Results 2012/13 3. SHARES IN ISSUE

Number of shares 12/13 11/12 10/11 FY FY FY

Number of shares in issue 3,629.7m 3,610.4m 3,610.4m

Weighted average number 3,616.5m 3,608.7m 3,606.6m of shares for basic eps

Weighted average number 3,696.4m 3,620.2m 3,618.9m of shares for diluted eps

24 20 June 2013 Preliminary Results 2012/13 NOTES & DEFINITIONS

1. Underlying results are defined as excluding trading results from businesses exited / to be exited, the amortisation of acquired intangibles, net restructuring and business impairment charges and other one off non-recurring items, profit on sale of investments, net fair value remeasurements of financial instruments and, where applicable, discontinued operations. Businesses exited/ to be exited include the operations of PC City in Spain, Equanet, Webhallen, PLS and PIXmania closed stores. 2. Like for like sales are calculated based on underlying store and internet sales using constant exchange rates. New stores are included where they have been open for a full financial year both at the beginning and end of the financial period. Closed stores are excluded for any period of closure. Customer support agreement sales are excluded from all UK like for like calculations. 3. UK & Ireland comprises , CurrysDigital, PC World, combined 2-in-1 Currys and PC World, Harrods concession, DSGi Business, Knowhow , Dixons Travel, Dixons.co.uk as well as the operations in Ireland. Like for like sales exclude DSGi Business. 4. Northern Europe comprises the Elkjøp Group, and Electroworld in the Czech Republic and Slovakia. 5. Southern Europe comprises Greece (), Italy (UniEuro and, PC City store in store), and in Turkey.

CAUTIONARY STATEMENT Certain statements made in this announcement are forward looking. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from any expected future events or results referred to in these forward looking statements. Unless otherwise required by applicable laws, regulations or accounting standards, we do not undertake any obligation to update or revise any forward looking statements, whether as a result of new information, future developments or otherwise.

25 20 June 2013 Preliminary Results 2012/13