Oppenheimer Consumer Growth and Gaming, Lodging and Leisure Conference

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

July 9, 2008

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Ryan RobinsonSenior Vice President – U.S. Strategic Business Unit CFO

and Treasurer

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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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Best Buy Store Count and Brands

FY09 Q1 Store Count

1,003

184

162

1,349

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Best Buy - A History of Growth

Annual Revenue (U.S. $ in Billions)

14%

CAGR

$20.9$24.5

$27.4$30.8

$35.9$40.0

FY03 FY04 FY05 FY06 FY07 FY08

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Diluted EPS

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

23%

CAGR

Steady Earnings Expansion

$1.11$1.44

$1.75$2.27

$2.79$3.12

FY03 FY04 FY05 FY06 FY07 FY08

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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 accretive European new venture & postponed share repurchase activity*

*As of 6/25/08

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Best Buy Pro-actively Adapts its Product and Service Offerings

2002 2004 2006 2008

Acquire & National Launch

~350 Store-w/in-store

Home Theater Remodels

“ACE” Model Expansion

Notebook Reflow Apple, Dell

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Best Buy Mobile Experience

Before After

• 30 – 40 handsets, limited accessories

• Many versions of labor model, associate time split between several categories

• Limited training

• Transaction processing time >45 minutes

• No consultation area

• 80+ handsets, robust accessory assortment

• Dedicated labor model

• 40 hours of new hire training, additional weekly training time

• Transaction processing time <45 minutes & improving

• Consultation area, more comfortable for customers

2002 2004 2006 2008

599 Store-w/in-storeCPW Talks Begin

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FY09 Q1 Best Buy Mobile Performance

“Converted” “Unconverted”

Wireless Comparable Store Sales

~70% ~20%

Total

50%

U.S. Store Count 599 350 949

Est. Market Share2

FY09 FY08~3.6% ~2.3%

1 Internal data. Connections defined as any activation, handset or broadband card sold2 Source: Telephia Market Metrics and Best Buy internal data. Based on U.S. top 62 markets, end of Q1 data

• Converted Stores are generating 50% MORE connections1 per week than unconverted stores.

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Mike VitelliExecutive Vice President –

Customer Operating Groups

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Evolution of Retailers – From Local to National

“Mom & Pop” Retailer

Customer Care

National Chain

Scale

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Our Strategy is to be Both

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Macro and Local Growth Examples

Macro Growth Local Growth

Davenport, IA

Bellwood, IL

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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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New Business Models

The Industry will Continue

to Grow

Our Best and Under-Served

Customers Want More

Market Size Growth

New CategoriesShare Gain

Build a Sustainable, Scalable Platform & Network …

Enablers

BBY will Continue to

Grow with Our Current

Businesses

Deepen Within and Outside the Brand

International

Bringing the best of Best Buy to New Countries

Growth Runways

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Your Questions