Best Buy

BEST BUY CO., INC. 9MAR201115254356

Time: Place: 7601 Penn Avenue South Richfield, Minnesota 55423

NOTICE OF 2011 REGULAR MEETING OF SHAREHOLDERS

9:30 a.m., Central Time, on Tuesday, June 21, 2011 Best Buy Corporate Campus — Theater 7601 Penn Avenue South Richfield, Minnesota 55423 Internet: Items of Business: Attend the Regular Meeting of Shareholders online, including submitting questions, at www.proxyvote.com or www.virtualshareholdermeeting.com/bby. 1. 2. To elect six Class 2 directors to serve on our Board of Directors for a term of two years. To ratify the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending March 3, 2012. 3. To approve an amendment and restatement of our Amended and Restated By-Laws to remove the maximum for the number of directors serving on the Board of Directors and to authorize the Board of Directors to determine the number of directors serving from time to time. 4. To approve amendments to the Best Buy Co., Inc. 2004 Omnibus Stock and Incentive Plan, as amended. 5. 6. 7. To approve the Executive Short-Term Incentive Plan. To conduct an advisory vote on our executive compensation. To conduct an advisory vote on the frequency of shareholder advisory votes on our executive compensation. 8. To vote on a shareholder proposal regarding declassification of our Board of Directors, if properly presented at the meeting. 9. Record Date: Proxy Voting: To transact such other business as may properly come before the meeting.

You may vote if you were a shareholder of record of Best Buy Co., Inc. as of the close of business on Monday, April 25, 2011. Your vote is important. You may vote via proxy: 1. 2. 3. By visiting www.proxyvote.com on the Internet; By calling (within the U.S. or Canada) toll-free at 1-800-690-6903; or By signing and returning the enclosed proxy card.

Regardless of whether you expect to attend the meeting in person, please vote your shares in one of the three...