Best Buy Renews Relationship with HSBC

Best Buy Co., Inc. (NYSE:BBY) today said that it has extended its strategic alliance with HSBC Finance Corporation’s card and retail services business, the financial services company responsible for managing Best Buy’s U.S. private label credit card and Reward Zone® MasterCard® programs. Terms of the multi-year agreement were not disclosed. "Continuing our relationship with HSBC means that our customers will continue to benefit from innovative, tailored and flexible financing options that help them bring the entertainment and technological experiences they desire to the places they live, work and play,” said Mike Norona, president of Best Buy Financial Services. "HSBC is a valued strategic partner for Best Buy. Their core capabilities, cultural fit and global presence are aligned and integrated with our future growth plans.” Best Buy’s relationship with HSBC began 15 years ago with the launch of the Best Buy-branded credit card for its U.S. customers. In 2006, the company introduced the Best Buy Reward Zone® program MasterCard® credit card, which rewards loyal Best Buy customers by providing automatic enrollment to the company’s popular Reward Zone program. The card enables consumers to accelerate the rate at which rewards are earned. "We are proud of the relationship we’ve built with Best Buy and its customers over the past 15 years,” said Joe Hoff, managing director, retail services, for HSBC. "It is built on collaboration, trust and a commitment to driving positive outcomes for Best Buy and its customers. We look forward to building on those successes as the card programs continue to grow.” "Our relationship with HSBC allows us to develop financial solutions that evolve with the changing needs of our customers,” added Norona. "We want to continue to add value to our customers’ experiences with Best Buy. By renewing our relationship with HSBC, we can enhance and grow our existing programs knowing that a solid foundation is in place for the development of new financial products and services to address our customers’ unmet needs.” Forward-Looking and Cautionary Statements: This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that reflect management’s current views and estimates regarding future market conditions, company performance and financial results, business prospects, new strategies, the competitive environment and other events. You can identify these statements by the fact that they use words such as "anticipate,” "believe,” "estimate,” "expect,” "intend,” "project,” "plan,” "outlook,” and other words and terms of similar meaning. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: general economic conditions, acquisitions and development of new businesses, divestitures, product availability, sales volumes, pricing actions and promotional activities of competitors, profit margins, weather, changes in law or regulations, foreign currency fluctuation, availability of suitable real estate locations, the company’s ability to react to a disaster recovery situation, and the impact of labor markets and new product introductions on overall profitability. A further list and description of these risks, uncertainties and other matters can be found in the company’s annual report and other reports filed from time to time with the Securities and Exchange Commission, including, but not limited to, Best Buy’s Annual Report on Form 10-K filed with the SEC on May 2, 2007. Best Buy cautions that the foregoing list of important factors is not complete and assumes no obligation to update any forward-looking statement that it may make. About Best Buy Co., Inc. Best Buy Co., Inc. (NYSE:BBY) operates a global portfolio of brands with a commitment to growth and innovation. Our employees strive to provide customers around the world with superior experiences by responding to their unique needs and aspirations. We sell consumer electronics, home-office products, entertainment software, appliances and related services through approximately 1,200 retail stores across the United States, throughout Canada and in China. Our multi-channel operations include: Best Buy (BestBuy.com, BestBuy.ca and BestBuy.com.cn), Future Shop (FutureShop.ca), Geek Squad (GeekSquad.com and GeekSquad.ca), Pacific Sales Kitchen and Bath Centers (PacificSales.com), Magnolia Audio Video (Magnoliaav.com), Jiangsu Five Star Appliance Co. (Five-Star.cn) and Speakeasy (Speakeasy.net). Best Buy supports the communities in which its employees work and live through volunteerism and grants that benefit children and education. About HSBC Finance Corporation HSBC Finance Corporation is a subsidiary of HSBC North America Holdings Inc., one of the top 10 financial organizations in the United States with assets totaling more than $300 billion. HSBC Finance Corporation’s subsidiaries provide real estate secured loans, auto loans, general purpose credit cards, private label credit cards, personal non-credit card loans, taxpayer financial services and specialty insurance products.