Regular Meeting of Shareholders

June 25, 2008

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RICHARD M. SCHULZEFounder and

ChairmanDirector since 1966

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• Election of Directors• Ratification of Appointment of

Deloitte & Touche LLP• Approve 2008 Employee

Stock Purchase Plan• Approve Amendment to

Restated Articles of Incorporation

• Management Report• Q&A Session

Agenda

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Class 1 Directors for Election

Bradbury H. AndersonVice Chairman and CEO

Director since 1986

Kathy J. Higgins VictorDirector since 1999

Allen U. LenzmeierVice Chairman

Director since 2001

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Class 1 Directors for Election

Rogelio M. RobolledoDirector since 2006

Frank D. TrestmanDirector since 1984

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G. Mike MikanDirector since 2008

Ratification of Class 2 Director

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Director Voting Results

0%

25%

50%

75%

100%

Anderson HigginsVictor

Lenzmeier Rebolledo Trestman Mikan

For Withheld

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Auditor Voting Results

0.8%0.1%

99.1%

For Against Abstain

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ESPP Voting Results

96%

3% 1%

For Against Abstain

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Amendment to Articles Voting Results

1%

21%

78%

For Against Abstain

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Management Report

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Brad AndersonVice Chairman and

Chief Executive Officer

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Safe Harbor

Best Buy’s Forward-Looking and Cautionary Statements:

This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the U.S. Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that reflect Best Buy 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: failure to receive necessary approvals for the transaction; failure to achieve anticipated benefits of the transaction; and integration challenges relating to the new venture. Other factors include 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, Best Buy’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 risks, uncertainties and other matters can be found in Best Buy’s annual report and other reports filed from time to time with the U.S. Securities and Exchange Commission, including, but not limited to, Best Buy’s Annual Report on Form 10-K filed with the SEC on April 30, 2008. 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.

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Customer Centricity

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Jim MuehlbauerExecutive Vice President – Finance

and Chief Financial Officer

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Revenue Growth

History of Strong Growth

Diluted EPS1

1 Pro-forma adjusted for FAS 123 expense

~15% CAGR

$20.9$24.5

$27.4$30.8

$35.9$40.0

FY03 FY04 FY05 FY06 FY07 FY08

($ in billions)

$1.11$1.44

$1.75$2.27

$2.79$3.12

FY03 FY04 FY05 FY06 FY07 FY08

23% CAGR

+18%+17%

+12%+12%

+17%+11%

+4%+30%

+22%+30%

+23%+12%

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History of High Returns

ROIC1

1Fiscal years 2003 thru 2005 have not been adjusted for FAS 123 expense

FY08 Results

+4Pts

16%

19%20%

22%21%

20%

FY03 FY04 FY05 FY06 FY07 FY08

• Milestone of $40B in revenue

• Comparable store sales gain of 2.9%

• 12% EPS growth

• Strong strategic indicators

• U.S. market share: 21%

• Canada market share: >35%

• Employee turnover: ~60%

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Fiscal 2009

First Quarter:• Revenue of $9.0 billion• Comparable store sales

gain of 3.7%• EPS of $0.43, increased

10% vs. prior year’s quarter• 599 Best Buy Mobile stores

converted; balance of U.S. chain completed by 12/08

• Increased market share 1.5 points (est.), fueled by notebooks, mobile phones, flat-panel TVs, video gaming, appliances

FY09 Guidance:• Revenue of $43 billion to

$44 billion• Comparable store sales

gain of 1% to 3%• 30-40 bps of operating

income de-leverage driven by growth investments

• EPS of $3.25 to $3.40, an increase of 7%, before impact of European new venture & postponed share repurchase activity

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Investing For Returns and Future Growth

CoreBusiness

GrowthOpportunities

Direct Shareholder

Returns

Two-Year History

• New stores

• 217 new North American stores

• BestBuy.com

• Home Theater Experience

• Apple Store in Store

• Acquisitions/Ventures• Pacific Sales

• Five Star

• Speakeasy

• Best Buy Mobile

• CPW/BBY Venture

• New Countries

• $4.1B of share repurchases

• Dividend increases• FY07 25% increase

• FY08 30% increase

• FY09 8% increase

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21

Bob WillettChief Executive Officer – Best

Buy International and Chief Information Officer

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Canada China

Mexico

Europe

Turkey

Our International Portfolio Growth Approach

2323

CPW is Europe’s largest independent mobile phone retailer and is the leading independent retailer in most of the markets in which it operates

March 2008 Estimated Store Count and Market Share

UK824 Stores / 20% Market Share

Ireland 69 Stores / 20% Market Share

Portugal171 Stores / 18% Market Share

Spain432 Stores / 10% Market Share France

335 Stores / 10% Market Share

Belgium84 Stores / 15% Market Share

Netherlands 190 Stores /10% Market Share

Germany210 Stores / 5% Market Share

Sweden 96 Stores / 10% Market Share

CPW’s Retail Presence

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Best Buy’s Strategy – Own the Home

The Living Room The Bedroom

The Home Office The KitchenService

The Car

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Billing &Insurance

Broadband and Fixed Line

Wireless & MVNO

CPW’s Strategy – Connections

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Billing &Insurance

Wireless & MVNO

Broadband and Fixed Line

The Living Room The Bedroom

The Home Office The Kitchen

Service

Data

Voice

Movies

TV Music

Games

The Car WirelessNetwork

Together we create a “Connected World”

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28

Brian DunnPresident and Chief Operating

Officer

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Our Brands and Partners

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Our Brands and Partners

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Past, Present and Future

FY03 FY08 FY13

$20 Billion

$40 Billion

$80 Billion

Growth Goal: Double in Five Years

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Your Questions