William Blair Growth Stock Conference

Presentation by Best Buy Co., Inc. (NYSE: BBY)

June 18, 2008

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Jim MuehlbauerExecutive Vice President –

Finance and CFO

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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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$17.7$20.9

$24.5$27.4

$30.8

$35.9$40.0

FY02 FY03 FY04 FY05 FY06 FY07 FY08

Best Buy - A History of Growth

Annual Revenue (U.S. $ in Billions)

15%

CAGR

5

$1.07 $1.11$1.44

$1.75$2.27

$2.79$3.12

FY02 FY03 FY04 FY05 FY06 FY07 FY08

Diluted EPS

FY02 through FY05 have been adjusted for FAS 123 expense. All years are adjusted for stock splits.

20%

CAGR

Steady Earnings Expansion

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Fiscal 2009

First Quarter:• EPS of $0.43 vs. $0.39 in last

year’s quarter• Comparable store sales gain

of 3.7%• 599 Best Buy Mobile stores

converted, balance of US chain completed by Dec.

• Estimated market share rose 1.5 points, fueled by notebooks, mobile phones, flat-panel TVs, video gaming, appliances

FY09 Guidance:• EPS of $3.25 to $3.40, an

increase of 7%, before impact of European Venture & Lower Share Repurchase

• 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

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The Industry is expected to Grow

Our Best and Under-Served

Customers Want More…

Market Size Growth

New Categories

New Business ModelsShare Gain

BBY plans to Grow with Our

Current Businesses

We plan to Grow Within/Outside

the Brand…

Growth Runways

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Growth

Unique Customer Insights

Capabilities, Scale &

Networks

Engaged Employees

Growth

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Growth

Unique Customer Insights

Capabilities, Scale &

Networks

Engaged Employees

#1 Share

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Growth

Unique Customer Insights

Capabilities, Scale &

Networks

Engaged Employees

4X Comps

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Growth

Unique Customer Insights

Capabilities, Scale &

Networks

Engaged Employees

Store #22 15% Q1 comp

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Portfolio of Growth Options

Unique Customer Insights

Capabilities, Scale &

Networks

Engaged Employees

Unique Customer Insights

Capabilities, Scale &

Networks

Engaged Employees

Unique Customer Insights

Capabilities, Scale &

Networks

Engaged Employees

Unique Customer Insights

Capabilities, Scale &

Networks

Engaged Employees

Unique Customer Insights

Capabilities, Scale &

Networks

Engaged Employees

Unique Customer Insights

Capabilities, Scale &

Networks

Engaged Employees

Unique Customer Insights

Capabilities, Scale &

Networks

Engaged Employees

Unique Customer Insights

Capabilities, Scale &

Networks

Engaged Employees

Unique Customer Insights

Capabilities, Scale &

Networks

Engaged Employees

Unique Customer Insights

Capabilities, Scale &

Networks

Engaged Employees

Unique Customer Insights

Capabilities, Scale &

Networks

Engaged Employees

Unique Customer Insights

Capabilities, Scale &

Networks

Engaged Employees

Unique Customer Insights

Capabilities, Scale &

Networks

Engaged Employees

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Kevin LaydenChief Operating Officer – Best

Buy International

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FY09 Q1 Update - International

• Total international revenue increased 26%– Canada comparable store sales gain of 4.3%– China comparable store sales gain of 6.3%

• Gross margin rate increased 40 bps• SG&A rate increased as continued improvements

in Canada were more than offset by growth investments in new countries

• Operating profit breakeven vs. a loss of $4 million in the prior year quarter– Funding international growth investments with

strong profit growth in Canada

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Impact of New Venture With CPW

• Provides access to estimated $175 billion European CE market– Faster– Lower risk

• Outstanding cultural fit– Customer focus– Shared vision of growth in mobility

• Combination of mobile phone, computing expertise

• CPW deal expected to close on or about June 30, 2008

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Objectives of New Venture

• Continue to grow CPW’s existing retail business through physical expansion in its existing European markets, and accelerating its current evolution towards mobile and fixed line connectivity

• Build a significant market share in consumer electronics retailing in Europe, through the roll-out of Best Buy stores, services and Web sites in selected markets, beginning in calendar 2009

• Bring to Best Buy’s core North American operations CPW’s expertise in sourcing mobility products, bundling services and operating smaller stores

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Growth

Unique Customer Insights

Capabilities, Scale &

Networks

Engaged Employees

35% Share

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Revenues

Earnings

* Analysts’ Consensus Estimate ‐ $2.14 EPS FY ‘02

FY 92 93 94 95 96 97 98 99 00 01* 02*

18,800

9301,620

3,007

5,080

7,215 7,7588,338

10,065

12,494

395395

347347

216216

8282

(6)(6)5858

414120201010

4646

15,300

460*460*

Best Buy Domestic Revenues and Earnings($ in Millions ‐ US)

FY02FY01FY00FY99FY98FY97FY96FY95FY94FY93FY92

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Canadian Key Metrics

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

FY02 FY03 FY04 FY05 FY06 FY07

EXPENSES

OPERATING PROFIT

$50

$100

$150

$200

$250

$300

$0

2.5% .5% 1.2% 2.0% 3.6% 5.0%

New Country Start‐up Investments

Time:

SalesOperating Profit

Operating Income % of Sales

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Strategies - International

A balance of optimization, growth initiatives

Launch their greenfield entry strategy

Measured growth as we learn about Chinese consumers and our brands

Plan launch of greenfieldentry strategy in early fiscal 2010

Nation FY09 Priorities

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Strategies - International

CPW / BBY Mobile –Leverage our existing agreement and new venture

Global Sourcing and Private Label Expansion

Invest in infrastructure to support Global expansion

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~$175 B

~$160 B

~$80 B

~$17 B

CPW Retail Business Venture < 3% Share

BBY ~ 21% Share

Dual Brand ~ 1% Share

Dual Brand ~ 35% Share

CE Market

Our Global Opportunity

Source: Verdict, Mintel, Euromonitor, OC&C analysis, and internal data

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Your Questions