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Best Buy Co., Inc.

Regular Meeting of ShareholdersJune 21, 2006

Richfield, Minnesota

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RICHARD M. SCHULZEFounder and ChairmanDirector since 1966

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• Election of Class 1 Directors

• Ratification of Appointment of Deloitte & Touche LLP

• Management Presentation

• Q&A Session

Agenda

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James C. WetherbeDirector since 1993

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BRAD ANDERSONVice Chairman and

Chief Executive OfficerDirector since 1986

Directors for Election

FRANK D. TRESTMANDirector since 1984

KATHY J. HIGGINS VICTORDirector since 1999

ALLEN U. LENZMEIERVice Chairman

Director since 2001

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Director Voting Results

Higgins Victor Trestman

0%20%40%60%80%

100%

Anderson Lenzmeier

For Withheld

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Auditor Voting Results

99%

0.50% 0.50%

For Against Abstain

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Best Buy Co., Inc.

Management PresentationJune 21, 2006

Richfield, MN

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Cautionary Statement Pursuant to the Private Securities Litigation Reform Act of 1995

This presentation may contain forward-looking statements, which are subject to risk and uncertainty. A variety of factorscould cause our actual results to differ materially from the anticipated results expressed in such forward-looking statements, including, among other things, factors listed in our Current Report on Form 10-K filed with the SEC on 5/10/06. That 10-K describes additional factors that could cause actual results to differ materially from those contemplated by the forward-looking statements made in this presentation.

Safe Harbor

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BRAD ANDERSONVice Chairman and Chief Executive Officer

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BeforeCustomer Centricity

Fiscal 2006 Fiscal 2007

Our Journey

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Angela Bruhnand

Sarah Zambrano

Richfield, MN Store #281

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SHARI BALLARDExecutive Vice President – Human Resources and Legal

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HonorUnique

Customers

ProvideEnd-to-EndSolutions

Invite Employee

Ideas

Customer Centricity

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Employee Turnover Engagement Scores

Engaged, Energized Employees

4.1 4.1

FY05 FY06

81%69%

FY05 FY06

Source: Gallup survey, using a 5-point scaleAverage annualized employee turnover

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BRIAN DUNNPresident and Chief Operating Officer

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Our Priorities

1. Integrated Customer-Centric Operating Model

2. New Store Growth & Magnolia Home Theater

3. Services4. Best Buy For Business5. International6. Capabilities for End-To-

End Solutions

ProvideEnd-to-End Solutions

InviteEmployee

Ideas

HonorUnique

Customers

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DARREN JACKSONExecutive Vice President – Finance and Chief Financial Officer

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• 30-percent earnings growth in fiscal 2006

• Revenue exceeded $30B, net earnings exceeded $1B

• N. America market share hit 22%

• Expanding into new markets – services, small businesses, international

$30.8$27.4

$24.5$20.9

$17.7

FY02 FY03 FY04 FY05 FY06

($ in billions)

15% Compounded growthRevenue Growth

History of Growth

$2.27

$1.75$1.44

$1.11$1.07

FY02 FY03 FY04 FY05 FY06

25% Compounded growthEPS1

1Prior year results are shown on a comparable basis. A reconciliation to GAAP results is available on the company’s website.

FY02 FY03 FY04 FY05 FY06

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Superior Returns

2%8%

25%

42%

58%

22%17%

-1%

5-Year 3-Year 1-Year CYTD

S&P BBY

Equity Returns

18.7%20.0%

21.7%

FY04 FY05 FY06

Return on Invested Capital

• Compounded Annual Growth Rates, including the reinvestment of dividends, through February 25, 2006

• CYTD represents calendar-year 2006 stock returns through 6/20/06

• Please see the company’s fiscal 2006 annual report for a reconciliation of Return on Invested Capital

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Fiscal 2007 UpdateAnnual Guidance

• Revenue of $34 to $35 Billion

• Comparable Store sales Gain of 3% to 5%

• Earnings per diluted Share of $2.65 to $2.80, An Increase of Approximately 20%

• Up to 90 New stores in North America

Revenue ($ inbillions)

Diluted EPS

FY06FY07

$6.1$7.0

$0.34

$0.47

First Quarter

• Net Earnings Growth of 38% • SG&A Rate Improvement of

110 Basis Points• Revenue of $7B, comparable

Store Sales up 4.9%

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HonorUnique

Customers

Our Growth Strategy

New Market Growth

Operating Income

NorthAmericanCE Market

$120$50

$80

$100 $350

Services

SmallBusinesses

China

PotentialMarket

Best Buy Canada

Supply Chain

IT

New Stores,

CustomerCentricity,Services

5.3%

7.0%

Fiscal 2006 Goal

Capabilities

Bottom-LineProfitability

Top-LineGrowth

ProvideEnd-to-End Solutions

InviteEmployee

Ideas

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