Best Buy Promotes Mike Norona to President of Financial Services

Business Wire, July 25, 2007

Norona to guide domestic and international financial services programs

MINNEAPOLIS -- Best Buy Co., Inc. (NYSE:BBY), has promoted Mike Norona to the newly created position of president of financial services. In his expanded role, which encompasses oversight of domestic and international programs, Norona will guide the company's financial services strategy to build deeper customer relationships by developing financial solutions that evolve with customers' changing needs. Norona will continue to report to Darren Jackson, executive vice president and chief financial officer for Best Buy.

"Mike has consistently demonstrated the ability to create value for our company and stakeholders by collaborating with people across the company, leveraging partnership alliances and unleashing the talents of his people," said Jackson. "To meet the growing needs of our customers, end-to-end, we see a great opportunity to transform financial services from a capability to a customer-focused, emerging business. I have full confidence that Mike's leadership in building and managing the innovative financial services programs that will be a part of this will truly help deepen our customer relationships and meet our strategic growth goals."

Norona has spent his 19-year career in various finance roles with Best Buy, the first 14 of which were with Future Shop, a Best Buy subsidiary in Canada. He has held finance officer roles in both Canada and the U.S. and has extensive knowledge and expertise in retail financial services. Throughout his tenure at Best Buy, Norona has been involved in several large initiatives, including its transformation into a more efficient, customer-centric business. During the transformation, Norona was the finance lead in establishing the company's seven-year strategic relationship with Accenture for IT consulting and outsourcing services. Norona also helped lead the company's efficient enterprise initiative, which focused on helping Best Buy improve its cost structure, return on investment capital and speed to delivering new finance capabilities. Most recently, Norona was vice president of financial services.

Norona has a bachelor's degree in commerce (accounting) from the University of British Columbia and a professional accounting designation (CGA). He currently sits on the MasterCard and First Data advisory committees, is a member of the Certified General Accountants of Canada, and a former board member of the World Wide Retail Exchange.

Norona is married and has two sons, ages two and eight.

About Best Buy Co., Inc.

Best Buy Co., Inc. (NYSE:BBY) operates a global portfolio of brands with a commitment to growth and innovation. Our employees strive to provide customers around the world with superior experiences by responding to their unique needs and aspirations. We sell consumer electronics, home-office products, entertainment software, appliances and related services through nearly 1,200 retail stores across the United States, throughout Canada and in China. Our multi-channel operations include: Best Buy (BestBuy.com, BestBuy.ca and BestBuy.com.cn), Future Shop (FutureShop.ca), Geek Squad (GeekSquad.com and GeekSquad.ca), Pacific Sales Kitchen and Bath Centers (PacificSales.com), Magnolia Audio Video (Magnoliaav.com), Jiangsu Five Star Appliance Co. (Five-Star.cn) and Speakeasy (Speakeasy.net). Best Buy supports the communities in which its employees work and live through volunteerism and grants that benefit children and education.